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(9,879)

(9,330)

(8,557)

(8,820)

(8,838)

(9,221)

(9,048)

(8,960)

(36,586)

(36,067)

(35,944)

Income from Continuing Operations Before Income Taxes

387,346

64,526

268,114

133,273

(14,920)

8,110

(12,858)

(4,083)

853,259

(23,751)

(5,456)

524,258

141,619

453,261

207,973

74,293

84,312

78,606

37,619

1,327,111

274,830

124,692

Income from Continuing Operations

191,900

58,200

78,600

77,400

24,100

29,900

31,700

15,800

406,100

101,500

73,400

332,358

83,419

374,661

130,573

50,193

54,412

46,906

21,819

921,011

173,330

51,292

Income from Discontinued Operations, Net of Tax

2,308

(6,980)

375,189

1,732

106,335

(23,988)

(1,772)

(16,560)

372,249

64,015

80,895

Net Income

334,666

76,439

749,850

132,305

156,528

30,424

45,134

5,259

1,293,260

237,345

132,187

Net Loss (Income) Attributable to Noncontrolling Interests

(256)

121

499

219

(55)

(75)

(253)

(97)

583

(480)

(74)

Net Income Attributable to Graham Holdings Company

334,410

76,560

750,349

132,524

156,473

30,349

44,881

5,162

1,293,843

236,865

132,113

Redeemable Preferred Stock Dividends

(209)

(212)

(426)

(205)

(206)

(444)

(847)

(855)

(895)

Net Income Attributable to Graham Holdings Company Common Stockholders

334,410

76,351

750,137

132,098

156,473

30,144

44,675

4,718

1,292,996

236,010

131,218

Amounts Attributable to Graham Holdings Company Common Stockholders

Income from continuing operations

332,102

83,331

374,948

130,366

50,138

54,132

46,447

21,278

920,747

171,995

50,323

Income from Discontinued Operations, Net of Tax

2,308

(6,980)

375,189

1,732

106,335

(23,988)

(1,772)

(16,560)

372,249

64,015

80,895

Net income attributable to Graham Holdings Company common stockholders

$ 334,410

$ 76,351

$ 750,137

$ 132,098

$ 156,473

$ 30,144

$ 44,675

$ 4,718

$ 1,292,996

$ 236,010

$ 131,218

Per Share Information Attributable to Graham Holdings Company Common Stockholders

Basic income per common share from continuing operations in dollars per share

$ 57.31

$ 14.38

$ 50.39

$ 17.62

$ 6.79

$ 7.29

$ 6.26

$ 2.87

$ 139.44

$ 23.39

$ 6.40

Basic income per common share from discontinued operations in dollars per share

0.40

(1.20)

50.41

0.23

14.41

(3.22)

(0.24)

(2.23)

56.37

8.71

10.99

Basic net income per common share in dollars per share

$ 57.71

$ 13.18

$ 100.80

$ 17.85

$ 21.20

$ 4.07

$ 6.02

$ 0.64

$ 195.81

$ 32.10

$ 17.39

Basic average number of common shares outstanding in shares

5,678

5,671

7,284

7,275

7,266

7,231

7,229

7,227

6,470

7,238

7,360

Diluted income per common share from continuing operations in dollars per share

$ 57.01

$ 14.32

$ 50.22

$ 17.56

$ 6.77

$ 7.28

$ 6.26

$ 2.87

$ 138.88

$ 23.36

$ 6.40

Diluted income per common share from discontinued operations in dollars per share

0.40

(1.20)

50.26

0.23

14.37

(3.23)

(0.24)

(2.23)

56.15

8.69

10.99

Diluted net income per common share in dollars per share

$ 57.41

$ 13.12

$ 100.48

$ 17.79

$ 21.14

$ 4.05

$ 6.02

$ 0.64

$ 195.03

$ 32.05

$ 17.39

Diluted average number of common shares outstanding in shares

5,770

5,757

7,363

7,352

7,347

7,337

7,283

7,266

6,559

7,333

7,404

[1]

Other revenue and operating expenses of $29.9 million from the third quarter of 2013 have been revised to correctly present revenue on a net basis for certain third quarter contracts that were previously reported on a gross basis. The amounts did not impact net income, and the Company concluded that the amounts were not material to the Company’s consolidated financial statements.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,293,260	$ 237,345	$ 132,187
Foreign currency translation adjustments:
Translation adjustments arising during the year	(16,061)	(1,059)	5,622
Adjustment for sales of businesses with foreign operations	(404)	0	(888)
Total foreign currency translation adjustments	(16,465)	(1,059)	4,734
Unrealized gains on available-for-sale securities:
Unrealized gains for the year	62,719	95,629	33,098
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income	(265,274)	9,554	17,226
Total unrealized gains (losses) on available-for-sale securities	(202,555)	105,183	50,324
Pension and other postretirement plans:
Actuarial (loss) gain	(149,482)	762,806	82,470
Prior service cost	(1,600)	0	0
Amortization of net actuarial (gain) loss included in net income	(29,412)	3,096	9,368
Amortization of net prior service credit included in net income	(407)	(1,383)	(1,859)
Curtailments and settlements	8	(124,051)	0
Other adjustments	0	0	(745)
Total pension and other postretirement plans	(180,893)	640,468	89,234
Cash flow hedge gain (loss)	867	520	(1,581)
Other Comprehensive (Loss) Income, Before Tax	(399,046)	745,112	142,711
Income tax benefit (expense) related to items of other comprehensive (loss) income	153,032	(298,472)	(55,186)
Other Comprehensive (Loss) Income, Net of Tax	(246,014)	446,640	87,525
Comprehensive Income	1,047,246	683,985	219,712
Comprehensive loss (income) attributable to noncontrolling interests	583	(503)	(103)
Total Comprehensive Income Attributable to Graham Holdings Company	$ 1,047,829	$ 683,482	$ 219,609

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Current Assets
Cash and cash equivalents	$ 772,751	$ 569,719
Restricted cash	24,898	83,769
Investments in marketable equity securities and other investments	226,752	522,318
Accounts receivable, net	571,357	428,653
Income taxes receivable	0	17,991
Deferred income taxes	934	0
Inventories and contracts in progress	11,309	2,924
Other current assets	81,462	77,013
Current assets of discontinued operations (includes $1,235 of cash)	1,240	0
Total Current Assets	1,690,703	1,702,387
Property, Plant and Equipment, Net	860,829	927,542
Investments in Affiliates	19,811	15,754
Goodwill, Net	1,348,710	1,288,622
Indefinite-Lived Intangible Assets, Net	516,753	541,278
Amortized Intangible Assets, Net	96,947	39,588
Prepaid Pension Cost	1,152,488	1,245,505
Deferred Charges and Other Assets	65,258	50,370
Noncurrent assets of discontinued operations	820	0
Total Assets	5,752,319	5,811,046
Current Liabilities
Accounts payable and accrued liabilities	464,342	505,699
Income taxes payable	128,895	0
Deferred income taxes	0	58,411
Deferred revenue	410,146	366,831
Short-term borrowings	46,375	3,168
Current liabilities of discontinued operations	1,034	0
Total Current Liabilities	1,050,792	934,109
Postretirement Benefits Other Than Pensions	37,962	36,219
Accrued Compensation and Related Benefits	244,082	211,526
Other Liabilities	91,789	86,000
Deferred Income Taxes	754,960	778,735
Long-Term Debt	399,545	447,608
Total Liabilities	2,579,130	2,494,197
Commitments and Contingencies
Redeemable Noncontrolling Interest	21,904	5,896
Redeemable Preferred Stock, Series A, $1 par value, with a redemption and liquidation value of $1,000 per share; 23,000 shares authorized; 10,510 and 10,665 shares issued and outstanding	10,510	10,665
Preferred Stock, $1 par value; 977,000 shares authorized, none issued	0	0
Common Stockholders’ Equity
Capital in excess of par value	303,789	288,129
Retained earnings	6,008,506	4,782,777
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	8,548	25,013
Unrealized gain on available-for-sale securities	52,130	173,663
Unrealized gain on pensions and other postretirement plans	392,910	501,446
Cash flow hedge	(108)	(628)
Cost of 14,201,211 and 12,612,876 shares of Class B common stock held in treasury	(3,645,476)	(2,490,333)
Total Common Stockholders’ Equity	3,140,299	3,300,067
Noncontrolling interests	476	221
Total Equity	3,140,775	3,300,288
Total Liabilities and Equity	5,752,319	5,811,046
Class A Common Stock [Member]
Common Stockholders’ Equity
Common stock	975	1,169
Accumulated other comprehensive income, net of taxes
Total Equity	975	1,169
Class B Common Stock [Member]
Common Stockholders’ Equity
Common stock	19,025	18,831
Accumulated other comprehensive income, net of taxes
Total Equity	$ 19,025	$ 18,831

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Redeemable Preferred Stock, par value per share	$ 1	$ 1
Redeemable Preferred Stock, redemption value per share	1,000	1,000
Redeemable Preferred Stock, liquidation value per share	$ 1,000	$ 1,000
Redeemable Preferred Stock, shares authorized	23,000	23,000
Redeemable Preferred Stock, shares issued	10,510	10,665
Redeemable Preferred Stock, shares outstanding	10,510	10,665
Preferred Stock, par value per share	$ 1	$ 1
Preferred Stock, shares authorized	977,000	977,000
Preferred Stock, shares issued	0	0
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 1,235
Class A Common Stock [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	7,000,000	7,000,000
Common Stock, shares issued	974,823	1,169,073
Common Stock, shares outstanding	974,823	1,169,073
Class B Common Stock [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	40,000,000	40,000,000
Common Stock, shares issued	19,025,177	18,830,927
Common Stock, shares outstanding	4,823,966	6,218,051
Treasury Stock	14,201,211	12,612,876

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows from Operating Activities
Net Income	$ 1,293,260	$ 237,345	$ 132,187
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	205,284	251,262	269,992
Amortization of intangible assets	19,097	13,598	21,444
Goodwill and other long-lived asset impairment charges	25,076	3,250	111,593
Net pension (benefit) expense	(69,406)	1,927	16,044
Early retirement program expense	8,374	22,700	8,508
Stock-based compensation expense, net	17,577	25,163	14,662
Foreign exchange loss (gain)	11,129	13,382	(3,132)
Net gain on sales and disposition of businesses	(351,133)	(157,449)	(23,759)
Net (gain) loss on dispositions, sales or write-downs of marketable equity securities and cost method investments	(263,595)	11,325	10,925
Gain on sale of an equity affiliate	396,553	0	0
Equity in (earnings) losses of affiliates, including impairment charges, net of distributions	(96,517)	1,661	(1,148)
Provision (benefit) for deferred income taxes	49,143	11,595	(64,383)
Net (gain) loss on sales of property, plant and equipment	(119,399)	4,746	1,896
Net gain on sale of intangible assets	(75,249)	0	0
Change in assets and liabilities:
Decrease (increase) in restricted cash	58,871	(55,231)	(3,251)
Increase in accounts receivable, net	(96,844)	(81,989)	(14,846)
(Increase) decrease in inventories	(2,413)	851	(1,871)
(Decrease) increase in accounts payable and accrued liabilities	(39,199)	20,290	(27,531)
Increase (decrease) in deferred revenue	37,291	(3,434)	24,482
Increase in income taxes payable and (increase) in income taxes receivable	146,692	(18,352)	11,936
Decrease (increase) in other assets and other liabilities, net	8,791	3,491	(2,116)
Other	2,093	4,097	2,275
Net Cash Provided by Operating Activities	372,370	310,228	483,907
Cash Flows from Investing Activities
Net proceeds from sales of businesses, property, plant and equipment and other assets	644,342	248,105	76,863
Investments in commercial paper	(249,795)	0	0
Proceeds from maturities of commercial paper	249,795	0	0
Purchases of property, plant and equipment	(237,292)	(206,457)	(224,688)
Investments in certain businesses, net of cash acquired	(206,035)	(20,027)	(40,339)
Net distribution from equity affiliate	93,481	0	0
Purchases of marketable equity securities and other investments	(60,281)	(28,073)	(48,031)
Other	(5,200)	(1,313)	1,459
Net Cash Used in Investing Activities	229,015	(7,765)	(234,736)
Cash Flows from Financing Activities
Common shares repurchased, including the Berkshire Exchange transaction	(327,718)	(4,196)	(103,196)
Dividends paid	(68,114)	(863)	(147,327)
Proceeds from exercise of stock options	7,462	5,682	0
(Repayment) issuance of borrowings	(1,538)	(240,121)	130,450
Other	1,292	(3,932)	(1,772)
Net Cash Used in Financing Activities	(388,616)	(243,430)	(121,845)
Effect of Currency Exchange Rate Change	(8,502)	(1,745)	4,006
Net Increase in Cash and Cash Equivalents	204,267	57,288	131,332
Cash and Cash Equivalents at Beginning of Year	569,719	512,431	381,099
Cash and Cash Equivalents at End of Year	772,751	569,719	512,431
Cash and Cash Equivalents at End of Year, Including Cash of Discontinued Operations	773,986
Cash paid during the year for:
Income taxes	188,000	144,500	50,531
Interest	$ 35,000	$ 35,500	$ 35,500

Consolidated Statements of Changes in Common Shareholders' Equity - USD ($) $ in Thousands	Total	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Cumulative Foreign Currency Translation Adjustment [Member]	Unrealized Gain on Available- for- Sale Securities [Member]	Unrealized Gain (Loss) on Pensions and Other Postretirement Plans [Member]	Cash Flow Hedge [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Class A Common Stock [Member]	Class B Common Stock [Member]
As of at Dec. 31, 2011		$ 252,767	$ 4,561,989	$ 21,338	$ 80,358	$ 63,625	$ 8	$ (2,398,189)	$ 0	$ 1,229	$ 18,771
Net income for the year	$ 132,187		132,187
Acquisitions and noncontrolling interest									191
Net income attributable to noncontrolling interest	(74)		(51)						51
Net loss (income) attributable to redeemable noncontrolling interests			(23)
Distribution to noncontrolling interests									(52)
Dividends paid on common stock			(146,432)
Dividends paid on redeemable preferred stock	(895)		(895)
Repurchase of Class B common stock								(103,196)
Issuance of Class B common stock, net of restricted stock award forfeitures		(27,423)						27,038
Amortization of unearned stock compensation and stock option expense		14,662
Change in foreign currency translation adjustment (net of tax)	4,734			4,734
Change in unrealized gain on available-for-sale securities (net of taxes)	30,195				30,195
Adjustment for pensions and other postretirement plans (net of taxes)	53,544					53,544
Conversion of Class A common stock to Class B common stock										(10)	10
Taxes arising from employee stock plans		740
Cash flow hedge							(948)
As of at Dec. 31, 2012		240,746	4,546,775	26,072	110,553	117,169	(940)	(2,474,347)	190	1,219	18,781
Net income for the year	237,345		237,345
Acquisitions and noncontrolling interest		3,932
Net income attributable to noncontrolling interest	(480)		(479)						479
Net loss (income) attributable to redeemable noncontrolling interests			(1)
Distribution to noncontrolling interests									(448)
Dividends paid on redeemable preferred stock	(855)		(863)
Repurchase of Class B common stock								(17,709)
Issuance of Class B common stock, net of restricted stock award forfeitures		(4,271)						1,723
Amortization of unearned stock compensation and stock option expense		46,908
Change in foreign currency translation adjustment (net of tax)				(1,059)
Change in unrealized gain on available-for-sale securities (net of taxes)	63,110				63,110
Adjustment for pensions and other postretirement plans (net of taxes)	384,277					384,277
Conversion of Class A common stock to Class B common stock										(50)	50
Taxes arising from employee stock plans		814
Cash flow hedge							312
As of at Dec. 31, 2013	3,300,288	288,129	4,782,777	25,013	173,663	501,446	(628)	(2,490,333)	221	1,169	18,831
Net income for the year	1,293,260		1,293,260
Net income attributable to noncontrolling interest	583		(497)						497
Net loss (income) attributable to redeemable noncontrolling interests			1,080
Distribution to noncontrolling interests									(242)
Dividends paid on common stock			(67,267)
Dividends paid on redeemable preferred stock	(847)		(847)
Repurchase of Class B common stock								(1,165,427)
Issuance of Class B common stock, net of restricted stock award forfeitures		(3,186)						10,284
Amortization of unearned stock compensation and stock option expense		18,291
Change in foreign currency translation adjustment (net of tax)	(16,465)			(16,465)
Change in unrealized gain on available-for-sale securities (net of taxes)	(121,533)				(121,533)
Adjustment for pensions and other postretirement plans (net of taxes)	(108,536)					(108,536)
Conversion of Class A common stock to Class B common stock										(194)	194
Taxes arising from employee stock plans		555
Cash flow hedge							520
As of at Dec. 31, 2014	$ 3,140,775	$ 303,789	$ 6,008,506	$ 8,548	$ 52,130	$ 392,910	$ (108)	$ (3,645,476)	$ 476	$ 975	$ 19,025

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	ORGANIZATION AND NATURE OF OPERATIONS Graham Holdings Company (the Company), is a diversified education and media company. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States. The Company’s media operations comprise the ownership and operation of cable systems and television broadcasting (through the ownership and operation of five television broadcast stations). On June 30, 2014, the Company completed the exchange of WPLG, its Miami-based television station (see Note 7). The operating results of WPLG have been presented in income from discontinued operations, net of tax, for all periods presented. In November 2014, the Company announced that the Board of Directors authorized management to proceed with plans for the complete legal and structural separation of Cable ONE, Inc., a wholly-owned subsidiary, from the Company. Following the proposed transaction, Cable ONE will be an independent, publicly traded company. The Company intends to complete the proposed transaction later in 2015. The proposed transaction will be structured as a tax-free spin-off of Cable ONE to the stockholders of the Company. The transaction is contingent on the satisfaction of a number of conditions, including completion of the review process by the Securities and Exchange Commission of required filings under applicable securities regulations, other applicable regulatory approvals and the final approval of transaction terms by the Company’s Board of Directors. On February 12, 2015, Kaplan entered into a Purchase and Sale Agreement with Education Corporation of America (ECA) to sell substantially all of the assets of its KHE Campuses business, consisting of 38 nationally accredited ground campuses and certain related assets, in exchange for a preferred equity interest in ECA. The transaction is contingent upon certain regulatory and accrediting agency approvals and is expected to close in the second or third quarter of 2015. Education—Kaplan, Inc. provides an extensive range of educational services for students and professionals. Kaplan’s various businesses comprise three categories: Higher Education (KHE), Test Preparation (KTP) and Kaplan International. Media—The Company’s diversified media operations comprise cable operations, television broadcasting, several websites and print publications, and a marketing solutions provider. Cable. Cable ONE provides cable services that include video, high-speed data and voice service in the midwestern, western and southern states of the United States. Television broadcasting. The Company owns five VHF television stations located in Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; and Jacksonville, FL. Other than the Company’s Jacksonville station, WJXT, the Company’s television stations are affiliated with one of the major national networks. Other—The Company’s other business operations include home health and hospice services and manufacturing.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Revision of Prior Period Amounts. During the preparation of the 2014 financial statements, the Company concluded that its Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012, that were previously included in the Company’s annual reports, should be revised to correct the impact of accounts payable and accrued expenses related to capital expenditures. The Company revised its Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012 to properly eliminate noncash capital expenditures. The result of this correction for the year ended December 31, 2013, was a decrease in net cash used in investing activities of $17.6 million, with an offsetting decrease recorded to net cash provided by operating activities during the same period. The result of this correction for the year ended December 31, 2012, was an increase in net cash used in investing activities of $6.7 million, with an offsetting increase recorded to net cash provided by operating activities during the same period.

Management has concluded that this error is not material to the previously issued Consolidated Financial Statements, and, as a result, the Company has revised the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012. There was no impact on the previously reported total cash and cash equivalents, Consolidated Balance Sheets or Consolidated Statements of Operations.

As detailed below, these revisions impacted the following consolidated cash flow items:



	Year Ended December 31, 2013								Year Ended December 31, 2012
	As								As
	Previously					As			Previously					As
(in thousands)	Reported			Revision		Revised			Reported			Revision		Revised
Cash Flows from Operating Activities
Increase (Decrease) in Accounts Payable and Accrued Liabilities	$	37,926		(17,636	)	$	20,290		$	(34,224	)	6,693		$	(27,531	)
Net Cash Provided by Operating Activities	327,864			(17,636	)	310,228			477,214			6,693		483,907

Cash Flows from Investing Activities
Purchases of Property, Plant and Equipment	(224,093		)	17,636		(206,457		)	(217,995		)	(6,693	)	(224,688		)
Net Cash Used in Investing Activities	(25,401		)	17,636		(7,765		)	(228,043		)	(6,693	)	(234,736		)

Reclassifications. Certain amounts in previously issued financial statements have been reclassified to conform with the 2014 presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.

Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date.

Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less.

Restricted Cash. Restricted cash represents amounts held for students that were received from U.S. Federal and state governments under various aid grant and loan programs, such as Title IV of the U.S. Federal Higher Education Act of 1965 (Higher Education Act), as amended, that the Company is required to maintain pursuant to U.S. Department of Education (ED) and other regulations. Federal regulations stipulate that the Company has a fiduciary responsibility to segregate Federal funds from all other funds to ensure the funds are only used for the benefit of eligible students. The regulations further indicate that funds received under Federal aid programs are held in trust for the intended student beneficiary and the ED, and as trustee of these funds, the Company may not use the funds for any other purpose until the funds are applied to eligible student charges, which occurs within three days of the receipt of the funds. Restricted cash also includes (i) certain funds that the Company may be required to return if a student who receives Title IV program funds withdraws from a program and (ii) funds required to be held by non-U.S. higher education institutions for prepaid tuition.

Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to trade accounts receivable.

Allowance for Doubtful Accounts. Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for doubtful accounts following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency.

Investments in Marketable Equity Securities. The Company’s investments in marketable equity securities are classified as available-for-sale and, therefore, are recorded at fair value in the Consolidated Financial Statements, with the change in fair value during the period excluded from earnings and recorded net of income taxes as a separate component of other comprehensive income. If the fair value of a marketable equity security declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold or reclassified out of other comprehensive income.

Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of the interest rate hedge is determined based on a number of observable inputs, including time to maturity and market interest rates.

Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or realizable values and are based on the first-in, first-out (FIFO) method.

Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases.

The cable division capitalizes costs associated with the construction of cable transmission and distribution facilities and new cable service installations. Costs include all direct labor and materials, as well as certain indirect costs. The cost of subsequent disconnects and reconnects are expensed as they are incurred.

Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered to not be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose.

Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from franchise agreements at its cable division, as the Company expects its cable franchise agreements to provide the Company with substantial benefit for a period that extends beyond the foreseeable horizon, and the Company’s cable division historically has obtained renewals and extensions of such agreements for nominal costs and without any material modifications to the agreements. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 10 years.

The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. In reviewing the carrying value of indefinite-lived intangible assets at the cable division, the Company aggregates its cable systems on a regional basis. The Company initially assesses qualitative factors to determine if it is necessary to perform the two-step goodwill impairment review or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill for impairment using the two-step process and the indefinite-lived intangible assets using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company reviews the carrying value of goodwill and indefinite-lived intangible assets utilizing a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s and indefinite-lived intangible asset’s estimated fair value. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges.

Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. The Company considers whether the fair values of any of its equity method investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value.

Cost Method Investments. The Company uses the cost method of accounting for its minority investments in nonpublic companies where it does not have significant influence over the operations and management of the investee. Investments are recorded at the lower of cost or fair value as estimated by management. Charges recorded to write down cost method investments to their estimated fair value and gross realized gains or losses upon the sale of cost method investments are included in other (expense) income, net, in the Company’s Consolidated Financial Statements. Fair value estimates are based on a review of the investees’ product development activities, historical financial results and projected discounted cash flows.

Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, the fees are fixed or determinable, the product or service has been delivered and collectability is reasonably assured. The Company considers the terms of each arrangement to determine the appropriate accounting treatment.

Education revenues. Tuition revenue is recognized ratably over the period of instruction as services are delivered to students, net of any refunds, corporate discounts, scholarships and employee tuition discounts. At KTP and International divisions, estimates of average student course length are developed for each course, and these estimates are evaluated on an ongoing basis and adjusted as necessary. Online access revenue is recognized ratably over the period of access. Course material revenue is recognized over the same period as the tuition or online access, if related, or when the products are delivered, if not related. Other revenues, such as student support services, are recognized when the services are provided.

KHE, through the Kaplan Commitment program, provides first-time students with a risk-free trial period. Under the program, KHE monitors academic progress and conducts assessments to help determine whether students are likely to be successful in their chosen course of study. Students who withdraw or are subject to dismissal during the risk-free trial period do not incur any significant financial obligation. The Company does not recognize revenues related to coursework until the students complete the risk-free period and decide to continue with their studies, at which time the fees become fixed or determinable.

KHE’s refund policy may permit students who do not complete a course to be eligible for a refund for the portion of the course they did not attend. The amount of the refund differs by school, program and state, as some states require different policies. Refunds generally result in a reduction in deferred revenue during the period that a student drops or withdraws from a class because the associated tuition revenue is recognized daily over the period of instruction as the services are delivered.

Cable revenues. Cable revenues are primarily derived from subscriber fees for video, high-speed data and voice services, and from advertising. Cable subscriber revenue is recognized monthly, as services are delivered. Advertising revenue is recognized when the commercials or programs are aired.

Television broadcasting revenues. Advertising revenues are recognized, net of agency commissions, when the underlying advertisement is broadcast. Retransmission revenues are recognized over the term of the agreement based on monthly subscriber counts and contractual rates.

Revenue presentation. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company acts as a principal or an agent in the transaction. In certain cases, the Company is considered the agent, and the Company records revenue equal to the net amount retained when the fee is earned. In these cases, costs incurred with third-party suppliers are excluded from the Company’s revenue. The Company assesses whether it or the third-party supplier is the primary obligor and evaluates the terms of its customer arrangements as part of this assessment. In addition, the Company considers other key indicators such as latitude in establishing price, inventory risk, nature of services performed, discretion in supplier selection and credit risk.

Deferred revenue. Amounts received from customers in advance of revenue recognition are deferred as liabilities. Deferred revenue to be earned after one year is included in other noncurrent liabilities in the Company’s Consolidated Financial Statements.

Leases. The Company leases substantially all of its educational facilities and enters into various other lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or capital lease. Additionally, many of the Company’s lease agreements contain renewal options, tenant improvement allowances, rent holidays and/or rent escalation clauses. When such items are included in a lease agreement, the Company records a deferred rent asset or liability in the Consolidated Financial Statements and records these items in rent expense evenly over the terms of the lease.

The Company is also required to make additional payments under operating lease terms for taxes, insurance and other operating expenses incurred during the operating lease period; such items are expensed as incurred. Rental deposits are included as other assets in the Consolidated Financial Statements for lease agreements that require payments in advance or deposits held for security that are refundable, less any damages, at the end of the respective lease.

Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Substantially all of the Company’s employees are covered by these plans. The Company also provides health care and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements.

The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans.

Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee health care and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided.

Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made.

Foreign Currency Translation. Income and expense accounts of the Company’s non-United States operations where the local currency is the functional currency are translated into United States (U.S.) dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations.

Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award.

Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method.

Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, the change in unrealized gains (losses) on investments in marketable equity securities, net changes in cash flow hedge and pension and other postretirement plan adjustments.

Discontinued Operations. A business is classified as a discontinued operation when (i) the operations and cash flows of the business can be clearly distinguished and have been or will be eliminated from the Company’s ongoing operations; (ii) the business has either been disposed of or is classified as held for sale; and (iii) the Company will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations (as well as the gain or loss on the disposal) are aggregated and separately presented in the Company’s Consolidated Statements of Operations, net of income taxes.

Recently Adopted and Issued Accounting Pronouncements. In April 2014, the Financial Accounting Standards Board (FASB) issued new guidance that modifies the requirements for reporting discontinued operations. The new guidance requires the reporting of the disposal of an entity or component of an entity as discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the entity’s operations and financial results. The new guidance also expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. This guidance is effective for interim and fiscal years beginning after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for issuance. The impact of the guidance on the Company’s Consolidated Financial Statements will depend on its future disposal activity.

In May 2014, the FASB issued comprehensive new guidance that supersedes all existing revenue recognition guidance. The new guidance requires revenue to be recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The new guidance also significantly expands the disclosure requirements for revenue recognition. This guidance is effective for interim and fiscal years beginning after December 15, 2016. Early adoption is not permitted. The standard permits two implementation approaches, one requiring retrospective application of the new guidance with a restatement of prior years and one requiring prospective application of the new guidance with disclosure of results under the old guidance. The Company is in the process of evaluating the impact of this new guidance on its Consolidated Financial Statements and believes such evaluation will extend over several future periods because of the significance of the changes to the Company’s policies and business processes.

In August 2014, the FASB issued new guidance that requires management to assess the Company’s ability to continue as a going concern and to provide related disclosures in certain circumstances. This guidance is effective for interim and fiscal years ending after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have an impact on its Consolidated Financial Statements.

Other new pronouncements issued but not effective until after December 31, 2014, are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operation, Additional Disclosures [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. An additional school in China was sold by Kaplan in January 2015. These sales resulted in a pre-tax loss of $3.1 million.

On June 30, 2014, the Company and Berkshire Hathaway Inc. completed a transaction, as described in Note 7, in which Berkshire acquired a wholly-owned subsidiary of the Company that included, among other things, WPLG, a Miami-based television station; a $375.0 million gain from the WPLG sale was recorded in the second quarter of 2014.

On October 1, 2013, the Company completed the sale of its newspaper publishing businesses for $250.0 million. The publishing businesses sold include The Washington Post, Express, The Gazette Newspapers, Southern Maryland Newspapers, Greater Washington Publishing, Fairfax County Times, El Tiempo Latino and related websites (Publishing Subsidiaries). A pre-tax gain of $157.5 million was recorded on the sale (after-tax gain of $100.0 million) in the fourth quarter of 2013.

In March 2013, the Company sold The Herald. Kaplan sold Kidum in August 2012, EduNeering in April 2012 and Kaplan Learning Technologies (KLT) in February 2012. In addition, the Company divested its interest in Avenue100 Media Solutions in July 2012.

The sale of The Herald resulted in a pre-tax loss of $0.1 million that was recorded in the first quarter of 2013.

The sale of KLT resulted in a pre-tax loss of $3.1 million, which was recorded in the first quarter of 2012. The sale of EduNeering resulted in a pre-tax gain of $29.5 million, which was recorded in the second quarter of 2012. The sale of Kidum resulted in a pre-tax gain of $3.6 million, which was recorded in the third quarter of 2012.

In connection with each of the sales of the Company’s stock in EduNeering and KLT, in the first quarter of 2012, the Company recorded $23.2 million of income tax benefits related to the excess of the outside stock tax basis over the net book value of the net assets disposed.

In connection with the disposal of Avenue100 Media Solutions, Inc., the Company recorded a pre-tax loss of $5.7 million in the third quarter of 2012. An income tax benefit of $44.5 million was also recorded in the third quarter of 2012 as the Company determined that Avenue100 Media Solutions, Inc. had no value. The income tax benefit was due to the Company’s tax basis in the stock of Avenue100 exceeding its net book value as a result of goodwill and other intangible asset impairment charges recorded in prior years, for which no tax benefit was previously recorded.

The results of operations of the schools in China, WPLG, the Publishing Subsidiaries, The Herald, Kidum, Avenue100, Kaplan EduNeering and KLT for 2014, 2013 and 2012, where applicable, are included in the Company’s Consolidated Statements of Operations as Income (Loss) from Discontinued Operations, Net of Tax. All corresponding prior period operating results presented in the Company’s Consolidated Financial Statements and the accompanying notes have been reclassified to reflect the discontinued operations presented. The Company did not reclassify its Consolidated Statements of Cash Flows or prior year Consolidated Balance Sheet to reflect the discontinued operations.

In the first quarter of 2014, an after-tax adjustment of $3.0 million was made to reduce the $100.0 million after-tax gain on the sale of the Publishing Subsidiaries previously reported in the fourth quarter of 2013, as a result of changes in estimates related to liabilities retained as part of the sale.

The summarized income (loss) from discontinued operations, net of tax, is presented below:



	Year Ended December 31
(in thousands)	2014			2013			2012
Operating revenues	$	46,980		$	462,658		$	679,640
Operating costs and expenses	(37,257		)	(519,162		)	(690,963		)
Gain (loss) from discontinued operations	9,723			(56,504		)	(11,323		)
Provision (benefit) for income taxes	4,408			(20,559		)	(3,868		)
Net Gain (Loss) from Discontinued Operations	5,315			(35,945		)	(7,455		)
Gain on sales and disposition of discontinued operations	351,133			157,449			23,759
(Benefit) provision for income taxes on sales and disposition of discontinued operations	(15,801		)	57,489			(64,591		)
Income from Discontinued Operations, Net of Tax	$	372,249		$	64,015		$	80,895

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]

Investments

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Investments

INVESTMENTS

Commercial Paper and Money Market Investments. As of December 31, 2014 and 2013, the Company had commercial paper and money market investments of $594.3 million and $431.8 million, respectively, that are classified as cash, cash equivalents and restricted cash in the Company’s Consolidated Balance Sheets.

Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following:



	As of December 31
(in thousands)	2014		2013
Total cost	$	106,909	$	197,718
Net unrealized gains	86,884		289,438
Total Fair Value	$	193,793	$	487,156

At December 31, 2013, the Company owned 2,214 shares of Berkshire Hathaway Inc. (Berkshire) Class A common stock and 424,250 shares of Berkshire Class B common stock. The Company’s ownership of Berkshire accounted for $444.2 million, or 91%, of the total fair value of the Company’s investments in marketable equity securities at December 31, 2013. Berkshire is a holding company owning subsidiaries engaged in a number of diverse business activities. Berkshire also owned approximately 23% of the common stock of the Company. At December 31, 2013, the unrealized gain related to the Company’s Berkshire stock investment totaled $286.9 million. On June 30, 2014, the Company completed a transaction with Berkshire, as described in Note 7, that included the exchange of 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by the Company; a $266.7 million gain was recorded.

The Company invested $49.9 million, $15.0 million and $45.0 million in marketable equity securities during 2014, 2013 and 2012, respectively. In the first quarter of 2014, the Company recorded a $0.5 million write-down of the Company’s investment in Corinthian Colleges, Inc., a publicly traded company. In the second quarter of 2014, the Company sold its remaining investment in Corinthian Colleges, Inc. During 2014, the proceeds from the sale of these marketable securities were $5.8 million and net realized losses were $2.6 million. During 2013 and 2012, proceeds from sales of marketable equity securities were $3.6 million and $2.0 million, respectively, and net realized gains on such sales were $0.9 million and $0.5 million, respectively.

At the end of 2013 and 2012, the Company’s investment in Strayer Education, Inc. had been in an unrealized loss position for about six months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss, the reason for the decline in value, the potential recovery period and the Company’s ability and intent to hold the investment. Based on this evaluation, the Company concluded that the unrealized loss was other-than-temporary and recorded a $10.4 million and an $18.0 million write-down of the investment in 2013 and 2012, respectively.

Investments in Affiliates. On April 1, 2014, the Company received a gross cash distribution of $95.0 million from Classified Ventures’ sale of apartments.com. In connection with this sale, the Company recorded a pre-tax gain of $90.9 million in the second quarter of 2014. On September 30, 2014, the Company held a 16.5% interest in Classified Ventures. On October 1, 2014, the Company and the remaining partners completed the sale of their entire stakes in Classified Ventures. Total proceeds to the Company, net of transaction costs, were $408.5 million, of which $16.5 million will be held in escrow until October 1, 2015. The Company recorded a pre-tax gain of $396.6 million in connection with the sale in the fourth quarter of 2014.

At December 31, 2014, the Company held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois and interests in several other affiliates.

During the fourth quarter of 2012, the Company sold its 49% interest in the common stock of Bowater Mersey Paper Company Limited for a nominal amount; no loss was recorded as the investment had previously been written down to zero.

Accounts Receivable, Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2014

Accounts Receivable Accounts Payable And Accrued Liabilities

ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts receivable consist of the following:



	As of December 31
(in thousands)	2014		2013
Trade accounts receivable, less estimated returns, doubtful accounts and allowances
of $32,598 and $33,384	$	538,532	$	407,234
Other receivables	32,825		21,419
	$	571,357	$	428,653

The changes in allowance for doubtful accounts and returns and allowance for advertising rate adjustments and discounts were as follows:



(in thousands)	Balance at Beginning of Period		Additions – Charged to Costs and Expenses		Deductions			Balance at End of Period
2014
Allowance for doubtful accounts and returns	$	33,834	$	47,356	$	(48,592	)	$	32,598

2013
Allowance for doubtful accounts and returns	$	33,612	$	57,245	$	(57,023	)	$	33,834
Allowance for advertising rate adjustments and discounts	1,850		—		(1,850		)	—
	$	35,462	$	57,245	$	(58,873	)	$	33,834
2012
Allowance for doubtful accounts and returns	$	48,199	$	55,605	$	(70,192	)	$	33,612
Allowance for advertising rate adjustments and discounts	2,026		15,088		(15,264		)	1,850
	$	50,225	$	70,693	$	(85,456	)	$	35,462

Accounts payable and accrued liabilities consist of the following:



	As of December 31
(in thousands)	2014		2013
Accounts payable and accrued liabilities	$	303,111	$	343,620
Accrued compensation and related benefits	161,231		162,079
	$	464,342	$	505,699

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:



	As of December 31
(in thousands)	2014			2013
Land	$	18,052		$	32,618
Buildings	157,250			299,652
Machinery, equipment and fixtures	2,357,264			2,289,966
Leasehold improvements	214,119			294,548
Construction in progress	71,156			94,615
	2,817,841			3,011,399
Less accumulated depreciation	(1,957,012		)	(2,083,857		)
	$	860,829		$	927,542

Depreciation expense was $203.6 million, $229.4 million and $240.1 million in 2014, 2013 and 2012, respectively.

Acquisitions, Dispositions and Exchanges

12 Months Ended

Dec. 31, 2014

Acquisitions And Dispositions [Abstract]

Acquisitions, Dispositions and Exchanges

ACQUISITIONS, DISPOSITIONS AND EXCHANGES

Acquisitions. The Company completed business acquisitions totaling approximately $210.2 million in 2014; $23.8 million in 2013; and $55.6 million in 2012. The assets and liabilities of the companies acquired have been recorded at their estimated fair values at the date of acquisition.

During 2014, the Company acquired nine businesses. On April 1, 2014, Celtic Healthcare acquired VNA-TIP Healthcare, a provider of home health and hospice services in Missouri and Illinois. On May 30, 2014, the Company completed its acquisition of Joyce/Dayton Corp., a Dayton, OH-based manufacturer of screw jacks and other linear motion systems. On July 3, 2014, the Company completed its acquisition of an 80% interest in Residential Healthcare Group, Inc., the parent company of Residential Home Health and Residential Hospice, providers of skilled home health care and hospice services in Michigan and Illinois. Residential Healthcare Group, Inc. has a 40% ownership interest in Residential Home Health Illinois and a 42.5% ownership interest in Residential Hospice Illinois, which are accounted for as investments in affiliates. The fair value of the redeemable noncontrolling interest in Residential Healthcare Group, Inc. was $17.1 million at the acquisition date, determined using a market approach. The minority shareholders have an option to put their shares to the Company starting in 2017, and the Company has an option to buy the shares of some minority shareholders in 2020 and those of the remaining minority shareholders in 2024. The operating results of these businesses are included in other businesses. The Company also acquired three small businesses in its education division, one small business in its broadcasting division and two small businesses in other businesses.

Acquisition-related costs were expensed as incurred and were not significant. The aggregate purchase price of these 2014 acquisitions was allocated as follows (on a preliminary basis for Residential Healthcare Group):



	Weighted Average Life	Purchase Price Allocation
(in thousands)	Weighted Average Life	Purchase Price Allocation
Cash and cash equivalents		$	4,143
Accounts receivable		15,912
Other current assets		6,724
Property, plant and equipment		12,834
Investments in affiliates		8,556
Goodwill		128,919
Indefinite-lived intangible assets
Trade name		11,900
Other		151
		12,051
Amortized intangible assets
Noncompete agreements	3 years	430
Student and customer relationships	6 years	51,532
Databases and technology	3 years	150
Trade names and trademarks	8 years	20,254
Other	3 years	1,400
	7 years	73,766
Other noncurrent assets		1,215
Current liabilities		(17,180		)
Noncurrent liabilities		(19,654		)
Redeemable noncontrolling interest		(17,108		)
		$	210,178

The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The Company's Consolidated Statements of Operations include aggregate revenues and operating losses for the companies acquired in 2014 of $81.0 million and $7.1 million, respectively, for 2014. The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2013:



	Year Ended December 31
(in thousands)	2014		2013
Operating revenues	$	3,595,121	$	3,547,856
Net income	$	1,292,421	$	227,556

These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had these entities been part of the Company during the periods presented and are not necessarily indicative of the Company’s consolidated results of operations in future periods.

During 2013, the Company acquired six businesses. On August 1, 2013, the Company completed its acquisition of Forney Corporation, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. The operating results for Forney are included in other businesses. The Company also acquired four small businesses in other businesses and one small business in its education division. In the second quarter of 2013, Kaplan purchased the remaining 15% noncontrolling interest in Kaplan China; this additional interest was accounted for as an equity transaction. The purchase price allocations mostly comprised goodwill, other intangible assets and current assets.

During 2012, the Company completed five business acquisitions. In November 2012, the Company completed its acquisition of a controlling interest in Celtic Healthcare, Inc. (Celtic), a provider of home health care and hospice services in the northeastern and mid-Atlantic regions. The operating results of Celtic are included in other businesses. The fair value of the noncontrolling interest in Celtic was $5.9 million at the acquisition date, determined using a market approach. The minority shareholder has an option to put their shares to the Company from 2018 to 2022, and the Company has an option to buy the shares of the minority shareholder in 2022. The Company also acquired three small businesses in its education division and one small business in other businesses. The purchase price allocations mostly comprised goodwill and other intangible assets.

Dispositions. In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. In January 2015, Kaplan completed the sale of an additional school in China.

On October 1, 2013, the Company completed the sale of its Publishing Subsidiaries that together conducted most of the Company’s publishing business and related services, including publishing The Washington Post, Express, The Gazette Newspapers, Southern Maryland Newspapers, Greater Washington Publishing, Fairfax County Times, El Tiempo Latino and related websites. In March 2013, the Company completed the sale of The Herald, a daily and Sunday newspaper headquartered in Everett, WA.

The Company divested its interest in Avenue100 Media Solutions in July 2012, which was previously reported in other businesses. Kaplan completed the sales of Kidum in August 2012, EduNeering in April 2012 and KLT in February 2012.

On February 12, 2015, Kaplan entered into a Purchase and Sale Agreement with ECA to sell substantially all of the assets of its KHE Campuses business, consisting of 38 nationally accredited ground campuses and certain related assets, in exchange for a preferred equity interest in ECA. The transaction is contingent upon certain regulatory and accrediting agency approvals and is expected to close in the second or third quarter of 2015. The Company expects to report a pre-tax loss on the transaction that is not material to the Company’s overall financial position.

Exchanges. On June 30, 2014, the Company and Berkshire Hathaway Inc. completed a previously announced transaction in which Berkshire acquired a wholly-owned subsidiary of the Company that included, among other things, WPLG, a Miami-based television station, 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by Graham Holdings and $327.7 million in cash, in exchange for 1,620,190 shares of Graham Holdings Class B common stock owned by Berkshire Hathaway (Berkshire exchange transaction). As a result, income from continuing operations for the second quarter of 2014 includes a $266.7 million gain from the sale of the Berkshire Hathaway shares, and income from discontinued operations for the second quarter of 2014 includes a $375.0 million gain from the WPLG exchange.

The pre-tax gain of $266.7 million related to the disposition of the Berkshire shares was not subject to income tax as the Berkshire exchange transaction qualifies as a tax-free distribution. The lower effective tax rate for income from continuing operations for 2014 of 30.6% primarily resulted from this tax-free transaction.

As discussed above, this exchange transaction includes significant noncash investing and financing activities. On the date of exchange, the fair value of the Berkshire Class A and B shares was $400.3 million, and the fair value of WPLG was determined to be $438.0 million. In total, the Company recorded an increase in treasury stock of $1,165.4 million in the second quarter of 2014 in connection with the Berkshire exchange transaction.

The Company’s income from continuing operations excludes results from the businesses described in dispositions and exchanges above, which have been reclassified to discontinued operations (see Note 3).

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

In 2014, as a result of regulatory changes impacting Kaplan’s operations in China, Kaplan recorded an intangible asset impairment charge of $7.8 million, reported in discontinued operations. The Company estimated the fair value of the student and customer relationships using an income approach. In addition, Kaplan recorded intangible asset impairment charges of $1.8 million related to a KTP business, $1.1 million related to one of the Kaplan International businesses and $0.7 million related to KHE. The fair value of these intangible assets were estimated using an income approach. One of the businesses in the other businesses segment recorded an intangible asset impairment charge of $0.1 million.

In 2013, as a result of operating losses and restructuring activities at one of the Kaplan International businesses, Kaplan recorded an intangible and other long-lived assets impairment charge of $3.3 million. The Company estimated the fair value of the student and customer relationships and database and technology intangible assets using the excess earnings method, and the fair value of the trade name and trademarks using the relief from royalty method.

As part of the Company’s annual impairment review in 2012, the KTP reporting unit failed the step one goodwill impairment test, and, therefore, a step two analysis was performed. As a result of the step two analysis, the Company recorded a goodwill and other long-lived asset impairment charge of $111.6 million. The Company estimated the fair value utilizing a discounted cash flow model, supported by a market approach. The impairment charge was the result of a slowdown in enrollment growth at KTP, operating losses for the preceding three years and other factors. A substantial portion of the impairment charge was due to the amount of unrecognized intangible assets identified in the step two analysis.

Amortization of intangible assets for the years ended December 31, 2014, 2013 and 2012, was $18.4 million, $12.1 million and $19.5 million, respectively. Amortization of intangible assets is estimated to be approximately $19 million in 2015, $18 million in 2016, $14 million in 2017, $13 million in 2018, $12 million in 2019 and $21 million thereafter.

In July 2014, the cable division sold wireless spectrum licenses that were purchased in 2006; a pre-tax non-operating gain of $75.2 million was recorded in the third quarter of 2014 in connection with these sales.

The changes in the carrying amount of goodwill, by segment, were as follows:



(in thousands)	Education			Cable		Newspaper Publishing			Television Broadcasting			Other Businesses			Total
As of December 31, 2012
Goodwill	$	1,097,058		$	85,488	$	81,183		$	203,165		$	19,052		$	1,485,946
Accumulated impairment losses	(102,259		)	—		(65,772		)	—			—			(168,031		)
	994,799			85,488		15,411			203,165			19,052			1,317,915
Reallocation, net	—			—		(1,809		)	—			1,809			—
Acquisitions	—			—		—			—			7,934			7,934
Dispositions	—			—		(13,602		)	—			—			(13,602		)
Foreign currency exchange rate changes	(23,625		)	—		—			—			—			(23,625		)
As of December 31, 2013
Goodwill	1,073,433			85,488		—			203,165			34,877			1,396,963
Accumulated impairment losses	(102,259		)	—		—			—			(6,082		)	(108,341		)
	971,174			85,488		—			203,165			28,795			1,288,622
Acquisitions	14,963			—		—			2,841			111,115			128,919
Dispositions	(2,422		)	—		—			(37,661		)	—			(40,083		)
Reclassification to discontinued operations	(810		)	—		—			—			—			(810		)
Foreign currency exchange rate changes	(27,938		)	—		—			—			—			(27,938		)
As of December 31, 2014
Goodwill	1,057,226			85,488		—			168,345			145,992			1,457,051
Accumulated impairment losses	(102,259		)	—		—			—			(6,082		)	(108,341		)
	$	954,967		$	85,488	$	—		$	168,345		$	139,910		$	1,348,710

The changes in carrying amount of goodwill at the Company’s education division were as follows:



(in thousands)	Higher Education			Test Preparation			Kaplan International			Total
As of December 31, 2012
Goodwill	$	409,184		$	152,187		$	535,687		$	1,097,058
Accumulated impairment losses	—			(102,259		)	—			(102,259		)
	409,184			49,928			535,687			994,799
Foreign currency exchange rate changes	(168		)	—			(23,457		)	(23,625		)
As of December 31, 2013
Goodwill	409,016			152,187			512,230			1,073,433
Accumulated impairment losses	—			(102,259		)	—			(102,259		)
	409,016			49,928			512,230			971,174
Acquisitions	1,052			13,911			—			14,963
Dispositions	—			—			(2,422		)	(2,422		)
Reclassification to discontinued operations	—			—			(810		)	(810		)
Foreign currency exchange rate changes	(184		)	—			(27,754		)	(27,938		)
As of December 31, 2014
Goodwill	409,884			166,098			481,244			1,057,226
Accumulated impairment losses	—			(102,259		)	—			(102,259		)
	$	409,884		$	63,839		$	481,244		$	954,967

Other intangible assets consist of the following:



		As of December 31, 2014						As of December 31, 2013
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Noncompete agreements	2–5 years	$	2,500	$	1,590	$	910	$	13,540	$	12,622	$	918
Student and customer relationships	2–10 years	104,685		47,539		57,146		72,050		45,718		26,332
Databases and technology	3–5 years	10,501		8,827		1,674		10,790		6,991		3,799
Trade names and trademarks	2–10 years	55,452		19,724		35,728		22,327		16,052		6,275
Other	1–25 years	8,969		7,480		1,489		9,836		7,572		2,264
		$	182,107	$	85,160	$	96,947	$	128,543	$	88,955	$	39,588
Indefinite-Lived Intangible Assets
Franchise agreements		$	496,321					$	496,321
Wireless licenses		—						22,150
Licensure and accreditation		6,781						7,171
Other		13,651						15,636
		$	516,753					$	541,278

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income from continuing operations before income taxes consists of the following:



	Year Ended December 31
(in thousands)	2014		2013		2012
U.S.	$	1,274,509	$	261,137	$	108,233
Non-U.S.	52,602		13,693		16,459
	$	1,327,111	$	274,830	$	124,692

The provision for income taxes on income from continuing operations consists of the following:



(in thousands)	Current		Deferred			Total
Year Ended December 31, 2014
U.S. Federal	$	294,965	$	44,860		$	339,825
State and Local	35,432		23,671			59,103
Non-U.S.	10,485		(3,313		)	7,172
	$	340,882	$	65,218		$	406,100
Year Ended December 31, 2013
U.S. Federal	$	70,152	$	22,438		$	92,590
State and Local	10,273		(9,808		)	465
Non-U.S.	10,015		(1,570		)	8,445
	$	90,440	$	11,060		$	101,500
Year Ended December 31, 2012
U.S. Federal	$	101,804	$	(48,685	)	$	53,119
State and Local	13,509		(5,135		)	8,374
Non-U.S.	12,604		(697		)	11,907
	$	127,917	$	(54,517	)	$	73,400

The provision for income taxes on continuing operations is less than the amount of income tax determined by applying the U.S. Federal statutory rate of 35% to income from continuing operations before taxes as a result of the following:



	Year Ended December 31
(in thousands)	2014			2013			2012
U.S. Federal taxes at statutory rate	$	464,489		$	96,191		$	43,642
State and local taxes, net of U.S. Federal tax	35,242			2,941			8,887
Valuation allowances against state tax benefits, net of U.S. Federal tax	3,175			(2,638		)	(3,443		)
Tax-free stock transactions	(91,540		)	—			—
Tax provided on non-U.S. subsidiary earnings and distributions at more (less) than the
expected U.S. Federal statutory tax rate	2,186			767			(6,950		)
Valuation allowances against non-U.S. income tax benefits	(2,477		)	7,233			15,966
Goodwill impairment	—			—			12,776
U.S. Federal Manufacturing Deduction tax benefits	(6,789		)	(4,397		)	(2,393		)
Other, net	1,814			1,403			4,915
Provision for Income Taxes	$	406,100		$	101,500		$	73,400

During 2014, 2013 and 2012, in addition to the income tax provision for continuing operations presented above, the Company also recorded tax expense or benefits on discontinued operations. Income (losses) from discontinued operations and net gains on sales and dispositions of discontinued operations have been reclassified from previously reported income from operations and reported separately as income from discontinued operations, net of tax. A tax benefit of $11.4 million, tax expense of $36.9 million, and a tax benefit of $68.5 million with respect to discontinued operations were recorded in 2014, 2013 and 2012, respectively.

Deferred income taxes consist of the following:



	As of December 31
(in thousands)	2014			2013
Accrued postretirement benefits	$	16,785		$	15,408
Other benefit obligations	122,241			101,923
Accounts receivable	17,925			24,911
State income tax loss carryforwards	26,077			30,036
U.S. Federal income tax loss carryforwards	2,368			2,613
U.S. Federal foreign income tax credit carryforwards	837			8,265
Non-U.S. income tax loss carryforwards	30,460			32,600
Other	50,134			61,753
Deferred Tax Assets	266,827			277,509
Valuation allowances	(73,656		)	(72,767		)
Deferred Tax Assets, Net	$	193,171		$	204,742
Property, plant and equipment	139,765			134,627
Prepaid pension cost	463,714			497,727
Unrealized gain on available-for-sale securities	34,764			115,785
Goodwill and other intangible assets	308,954			293,749
Deferred Tax Liabilities	$	947,197		$	1,041,888
Deferred Income Tax Liabilities, Net	$	754,026		$	837,146

The Company has $494.1 million of state income tax net operating loss carryforwards available to offset future state taxable income. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:



(in millions)
2015	$	4.7
2016	6.1
2017	3.7
2018	10.8
2019	4.8
2020 and after	464.0
Total	$	494.1

The Company has recorded at December 31, 2014, $26.1 million in deferred state income tax assets, net of U.S. Federal income tax, with respect to these state income tax loss carryforwards. The Company has established a full valuation allowance, reducing the net recorded amount of deferred tax assets with respect to state tax loss carryforwards, since the Company has determined that it is more likely than not that the state tax losses may not be fully utilized in the future to reduce state taxable income.

The Company has $6.7 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:



(in millions)
2015	$	0.7
2016	0.7
2017	0.7
2018	0.7
2019	0.7
2020 and after	3.2
Total	$	6.7

The Company has established at December 31, 2014, $2.4 million in U.S. Federal deferred tax assets with respect to these U.S. Federal income tax loss carryforwards.

For U.S. Federal income tax purposes, the Company has $0.8 million of foreign tax credits available to be credited against future U.S. Federal income tax liabilities. These U.S. Federal foreign tax credits are expected to be fully utilized in the future; if unutilized, these foreign tax credits will expire in 2023. The Company has established at December 31, 2014, $0.8 million of U.S. Federal deferred tax assets with respect to these U.S. Federal foreign tax credit carryforwards.

The Company has $104.3 million of non-U.S. income tax loss carryforwards, as a result of operating losses and prior stock acquisitions that are available to offset future non-U.S. taxable income and has recorded, with respect to these losses, $30.5 million in non-U.S. deferred income tax assets. The Company has established $29.2 million in valuation allowances against the deferred tax assets recorded for the portion of non-U.S. tax losses that may not be fully utilized to reduce future non-U.S. taxable income. The $104.3 million of non-U.S. income tax loss carryforwards consist of $96.1 million in losses that may be carried forward indefinitely; $1.6 million of losses that, if unutilized, will expire in varying amounts through 2019; and $6.6 million of losses that, if unutilized, will start to expire after 2019.

Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:



(in thousands)	Balance at Beginning of Period		Tax Expense and Revaluation			Deductions	Balance at End of Period
Year ended
December 31, 2014	$	72,767	$	889		—	$	73,656
December 31, 2013	$	78,109	$	(5,342	)	—	$	72,767
December 31, 2012	$	59,179	$	18,930		—	$	78,109

The Company has established $38.8 million in valuation allowances against deferred state tax assets recognized, net of U.S. Federal tax. As stated above, approximately $26.1 million of the valuation allowances, net of U.S. Federal income tax, relate to state income tax loss carryforwards. The Company has established valuation allowances against state income tax assets recognized, without considering potentially offsetting deferred tax liabilities established with respect to prepaid pension cost and goodwill. Prepaid pension cost and goodwill have not been considered a source of future taxable income for realizing deferred tax assets recognized since these temporary differences are not likely to reverse in the foreseeable future. The valuation allowances established against state income tax assets are recorded at the parent company and the education division and may increase or decrease within the next 12 months, based on operating results or the market value of investment holdings. As a result, the Company is unable to estimate the potential tax impact, given the uncertain operating and market environment. The Company will be monitoring future operating results and projected future operating results on a quarterly basis to determine whether the valuation allowances provided against deferred state tax assets should be increased or decreased, as future circumstances warrant.

The Company has not established valuation allowances against any U.S. Federal deferred tax assets.

The Company has established $34.9 million in valuation allowances against non-U.S. deferred tax assets, and, as stated above, $29.2 million of the non-U.S. valuation allowances relate to non-U.S. income tax loss carryforwards.

Deferred U.S. Federal and state income taxes are recorded with respect to undistributed earnings of investments in non-U.S. subsidiaries to the extent taxable dividend income would be recognized if such earnings were distributed. Deferred income taxes recorded with respect to undistributed earnings of investments in non-U.S. subsidiaries are recorded net of foreign tax credits with respect to such undistributed earnings estimated to be creditable against future U.S. Federal tax liabilities. At December 31, 2014 and 2013, net U.S. Federal and state deferred income tax liabilities of about $10.6 million and $7.7 million, respectively, were recorded with respect to undistributed earnings of investments in non-U.S. subsidiaries based on the year-end position.

Deferred U.S. Federal and state income taxes have not been recorded for the full book value and tax basis differences related to investments in non-U.S. subsidiaries because such investments are expected to be indefinitely held. The book value exceeded the tax basis of investments in non-U.S. subsidiaries by approximately $57.9 million and $66.8 million at December 31, 2014 and 2013, respectively; these differences would result in approximately $1.4 million and $5.9 million of net additional U.S. Federal and state deferred tax liabilities, net of foreign tax credits related to undistributed earnings and estimated to be creditable against future U.S. Federal tax liabilities, at December 31, 2014 and 2013, respectively. If investments in non-U.S. subsidiaries were held for sale instead of expected to be held indefinitely, additional U.S. Federal and state deferred tax liabilities would be required to be recorded, and such deferred tax liabilities, if recorded, may exceed the above estimates.

The Company does not currently anticipate that within the next 12 months there will be any events requiring the establishment of any valuation allowances against U.S. Federal net deferred tax assets. The valuation allowances established against non-U.S. deferred tax assets are recorded at the education division, as this is the only division with significant non-U.S operating activities, and these are largely related to the education division’s operations in Australia. These valuation allowances may increase or decrease within the next 12 months, based on operating results. As a result, the Company is unable to estimate the potential tax impact, given the uncertain operating environment. The Company will be monitoring future education division operating results and projected future operating results on a quarterly basis to determine whether the valuation allowances provided against non-U.S. deferred tax assets should be increased or decreased, as future circumstances warrant.

The Company recorded a $10.5 million U.S. Federal income tax receivable at December 31, 2013, with respect to capital loss and foreign tax credit carrybacks to the 2010 tax year. The Company files income tax returns with the U.S. Federal government and in various state, local and non-U.S. governmental jurisdictions, with the consolidated U.S. Federal tax return filing considered the only major tax jurisdiction. The statute of limitations has expired on all consolidated U.S. Federal corporate income tax returns filed through 2009. The Internal Revenue Service is currently examining the 2010 carryback claim discussed above, and the IRS has indicated they may examine subsequent tax years once the examination of the carryback claim is completed.

The Company endeavors to comply with tax laws and regulations where it does business, but cannot guarantee that, if challenged, the Company’s interpretation of all relevant tax laws and regulations will prevail and that all tax benefits recorded in the financial statements will ultimately be recognized in full.

The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods:



	Year Ended December 31
(in thousands)	2014		2013		2012
Beginning unrecognized tax benefits	$	—	$	—	$	—
Increases related to current year tax positions	7,000		—		—
Increases related to prior year tax positions	—		—		—
Decreases related to prior year tax positions	—		—		—
Decreases related to settlement with tax authorities	—		—		—
Decreases due to lapse of applicable statutes of limitations	—		—		—
Ending unrecognized tax benefits	$	7,000	$	—	$	—

The unrecognized tax benefits mainly relate to state income tax filing positions applicable to the 2014 tax period. In making these determinations, the Company presumes that taxing authorities pursuing examinations of the Company’s compliance with tax law filing requirements will have full knowledge of all relevant information, and, if necessary, the Company will pursue resolution of disputed tax positions by appeals or litigation.

Although the Company cannot predict the timing of resolution with tax authorities, the Company estimates that no portion of unrecognized tax benefits will be reduced in the next 12 months due to settlement with the tax authorities. The Company expects that a $7.0 million state tax benefit, net of $2.4 million federal tax expense, will reduce the effective tax rate in the future if recognized.

The Company classifies interest and penalties related to uncertain tax positions as a component of interest and other expenses, respectively. As of December 31, 2014, 2013 and 2012, the Company has not accrued any penalties or interest related to the unrecognized tax benefits.

Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

DEBT

The Company’s borrowings consist of the following:



	As of December 31
(in thousands)	2014			2013
7.25% unsecured notes due February 1, 2019	$	398,308		$	397,893
AUD Revolving credit borrowing	40,927			44,625
Other indebtedness	6,685			8,258
Total Debt	445,920			450,776
Less: current portion	(46,375		)	(3,168		)
Total Long-Term Debt	$	399,545		$	447,608

The Company did not borrow funds under its USD revolving credit facility in 2014 or 2013. On December 20, 2012, the Company borrowed $240 million under its revolving credit facility at an interest rate of 1.5107%; this was fully repaid on January 11, 2013. The Company’s other indebtedness at December 31, 2014, is at interest rates of 0% to 6% and matures between 2015 and 2017. The Company’s other indebtedness at December 31, 2013, is at interest rates of 0% to 6% and matures between 2014 and 2017.

In January 2009, the Company issued $400 million in unsecured ten-year fixed-rate notes due February 1, 2019 (the Notes). The Notes have a coupon rate of 7.25% per annum, payable semiannually on February 1 and August 1. Under the terms of the Notes, unless the Company has exercised its right to redeem the Notes, the Company is required to offer to repurchase the Notes in cash at 101% of the principal amount, plus accrued and unpaid interest, upon the occurrence of both a Change of Control and Below Investment Grade Rating Events as described in the Prospectus Supplement of January 27, 2009.

On June 17, 2011, the Company entered into a credit agreement (the Credit Agreement) providing for a U.S. $450 million, AUD 50 million four-year revolving credit facility (the Facility) with each of the lenders party thereto, JPMorgan Chase Bank, N.A. as Administrative Agent, and J.P. Morgan Australia Limited as Australian Sub-Agent. The Facility consists of two tranches: (a) U.S. $450 million and (b) AUD 50 million (subject, at the Company’s option, to conversion of the unused Australian dollar commitments into U.S. dollar commitments at a specified exchange rate). The Credit Agreement provides for an option to increase the total U.S. dollar commitments up to an aggregate amount of U.S. $700 million. The Company is required to pay a facility fee on a quarterly basis, based on the Company’s long-term debt ratings, of between 0.08% and 0.20% of the amount of the Facility. Any borrowings are made on an unsecured basis and bear interest at (a) for U.S. dollar borrowings, at the Company’s option, either (i) a fluctuating interest rate equal to the highest of JPMorgan’s prime rate, 0.5% above the Federal funds rate or the one-month eurodollar rate plus 1%, or (ii) the eurodollar rate for the applicable interest period; or (b) for Australian dollar borrowings, the bank bill rate, in each case plus an applicable margin that depends on the Company’s long-term debt ratings. The Facility will expire on June 17, 2015, unless the Company and the banks agree to extend the term. Any outstanding borrowings must be repaid on or prior to the final termination date. The Credit Agreement contains terms and conditions, including remedies in the event of a default by the Company, typical of facilities of this type and, among other things, requires the Company to maintain at least $1.5 billion of consolidated stockholders’ equity.

On September 7, 2011, the Company borrowed AUD 50 million under its revolving credit facility. On the same date, the Company entered into interest rate swap agreements with a total notional value of AUD 50 million and a maturity date of March 7, 2015. These interest rate swap agreements will pay the Company variable interest on the AUD 50 million notional amount at the three-month bank bill rate, and the Company will pay the counterparties a fixed rate of 4.5275%. These interest rate swap agreements were entered into to convert the variable rate Australian dollar borrowing under the revolving credit facility into a fixed-rate borrowing. Based on the terms of the interest rate swap agreements and the underlying borrowing, these interest rate swap agreements were determined to be effective and thus qualify as a cash flow hedge. As such, any changes in the fair value of these interest rate swaps are recorded in other comprehensive income on the accompanying condensed consolidated balance sheets until earnings are affected by the variability of cash flows.

During 2014 and 2013, the Company had average borrowings outstanding of approximately $450.9 million and $471.4 million, respectively, at average annual interest rates of approximately 7.0% and 6.7%, respectively. The Company incurred net interest expense of $34.5 million, $33.8 million and $32.6 million during 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $450.3 million and $475.2 million, respectively, compared with the carrying amount of $398.3 million and $397.9 million. The carrying value of the Company’s other unsecured debt at December 31, 2014, approximates fair value.

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:



	As of December 31, 2014
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments (1)	$	—	$	368,131	$	368,131
Commercial paper (2)	226,197		—		226,197
Marketable equity securities (3)	193,793		—		193,793
Other current investments (4)	11,788		21,171		32,959
Total Financial Assets	$	431,778	$	389,302	$	821,080
Liabilities
Deferred compensation plan liabilities (5)	$	—	$	70,661	$	70,661
7.25% unsecured notes (6)	—		450,344		450,344
AUD revolving credit borrowing (6)	—		40,927		40,927
Interest rate swap (7)	—		179		179
Total Financial Liabilities	$	—	$	562,111	$	562,111



	As of December 31, 2013
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments (1)	$	—	$	431,836	$	431,836
Marketable equity securities (3)	487,156		—		487,156
Other current investments (4)	11,826		23,336		35,162
Total Financial Assets	$	498,982	$	455,172	$	954,154
Liabilities
Deferred compensation plan liabilities (5)	$	—	$	67,603	$	67,603
7.25% unsecured notes (6)	—		475,224		475,224
AUD revolving credit borrowing (6)	—		44,625		44,625
Interest rate swap (7)	—		1,047		1,047
Total Financial Liabilities	$	—	$	588,499	$	588,499

____________


(1)	The Company’s money market investments are included in cash, cash equivalents and restricted cash.


(2)	The Company’s commercial paper investments with original maturities of 90 days or less are included in cash and cash equivalents.


(3)	The Company’s investments in marketable equity securities are classified as available-for-sale.


(4)	Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits.

(5)

Includes Graham Holdings Company’s Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company’s Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income.


(6)	See Note 10 for carrying amount of these notes and borrowing.


(7)	Included in Other liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.

For the year ended December 31, 2014, the Company recorded an intangible and other long-lived assets impairment charge of $25.1 million, of which $7.8 million is reported in discontinued operations (see Notes 2 and 8). For the year ended December 31, 2013, the Company recorded an intangible and other long-lived assets impairment charge of $3.3 million (see Notes 2 and 8). The remeasurement of the goodwill and other long-lived assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Capital Stock, Stock Awards, and Stock Options [Abstract]

Redeemable Preferred Stock	12 Months Ended
Redeemable Preferred Stock	Dec. 31, 2014
Temporary Equity [Abstract]
Redeemable Preferred Stock	REDEEMABLE PREFERRED STOCK The Series A preferred stock has a par value of $1.00 per share and a liquidation preference of $1,000 per share; it is redeemable by the Company at any time on or after October 1, 2015, at a redemption price of $1,000 per share. In addition, the holders of such stock have a right to require the Company to purchase their shares at the redemption price during an annual 60-day election period. Dividends on the Series A preferred stock are payable four times a year at the annual rate of $80.00 per share and in preference to any dividends on the Company’s common stock. The Series A preferred stock is not convertible into any other security of the Company, and the holders thereof have no voting rights except with respect to any proposed changes in the preferences and special rights of such stock.

Capital Stock, Stock Awards, and Stock Options

12 Months Ended

Dec. 31, 2014

Capital Stock, Stock Awards And Stock Options

CAPITAL STOCK, STOCK AWARDS AND STOCK OPTIONS

Capital Stock. Each share of Class A common stock and Class B common stock participates equally in dividends. The Class B stock has limited voting rights and as a class has the right to elect 30% of the Board of Directors; the Class A stock has unlimited voting rights, including the right to elect a majority of the Board of Directors. In 2014 and 2013, the Company’s Class A shareholders converted 194,250, or 17%, and 50,310, or 4%, respectively, of the Class A shares of the Company to an equal number of Class B shares. The conversions had no impact on the voting rights of the Class A and Class B common stock.

As part of the exchange transaction with Berkshire Hathaway, the Company acquired 1,620,190 shares of its Class B common stock at a cost of approximately $1,165.4 million in 2014. During 2013 and 2012, the Company purchased a total of 33,024 and 301,231 shares, respectively, of its Class B common stock at a cost of approximately $17.7 million and $103.2 million, respectively. In September 2011, the Board of Directors increased the authorization to repurchase a total of 750,000 shares of Class B common stock. The Company did not announce a ceiling price or a time limit for the purchases. The authorization included 43,573 shares that remained under the previous authorization. At December 31, 2014, the Company had remaining authorization from the Board of Directors to purchase up to 159,219 shares of Class B common stock.

Stock Awards. In 2001, the Company adopted an incentive compensation plan, which, among other provisions, authorizes the awarding of Class B common stock to key employees. Stock awards made under this incentive compensation plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s employment terminates before the end of a specified period of service to the Company. Some of the awards are also subject to performance conditions and will be forfeited and revert to Company ownership if the conditions are not met. At December 31, 2014, there were 37,825 shares reserved for issuance under this incentive compensation plan, which were all subject to awards outstanding.

In 2012, the Company adopted a new incentive compensation plan (the 2012 Plan), which, among other provisions, authorizes the awarding of Class B common stock to key employees in the form of stock awards, stock options and other awards involving the actual transfer of shares. All stock awards, stock options and other awards involving the actual transfer of shares issued subsequent to the adoption of this plan are covered under this new incentive compensation plan. Stock awards made under the 2012 Plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s employment terminates before the end of a specified period of service to the Company. Some of the awards are also subject to performance conditions and will be forfeited and revert to Company ownership if the conditions are not met. At December 31, 2014, there were 460,726 shares reserved for issuance under the 2012 incentive compensation plan. Of this number, 149,286 shares were subject to stock awards and stock options outstanding and 311,440 shares were available for future awards.

Activity related to stock awards under these incentive compensation plans was as follows:



	Year Ended December 31
	2014				2013				2012
	Number of Shares		Average Grant-Date Fair Value		Number of Shares		Average Grant-Date Fair Value		Number of Shares		Average Grant-Date Fair Value
Beginning of year, unvested	114,479		$	424.65	207,917		$	350.21	77,319		$	424.45
Awarded	21,114		683.44		70,165		562.29		145,348		321.56
Vested	(11,098	)	523.95		(71,585	)	515.09		(7,134	)	499.06
Forfeited	(7,384	)	396.91		(92,018	)	300.86		(7,616	)	417.79
End of Year, Unvested	117,111		463.64		114,479		424.65		207,917		350.21

In connection with the sale of the Publishing Subsidiaries in 2013, the Company modified the terms of 86,824 share awards affecting 102 employees. The modification resulted in the acceleration of the vesting period for 45,374 share awards, the elimination of a market condition and vesting terms of 15,000 share awards, and the forfeiture of 26,450 share awards; the effect of which are reflected in the above activity. The Company also offered some employees with 26,124 share awards the option to settle their awards in cash resulting in a modification of these awards from equity awards to liability awards. The Company paid employees $13.1 million for the settlement of these liability awards. The Company recorded incremental stock compensation expense, net of forfeitures, amounting to $19.9 million, which is included in income from discontinued operations, net of tax, in the consolidated statement of operations for 2013.

For the share awards outstanding at December 31, 2014, the aforementioned restriction will lapse in 2015 for 31,825 shares, in 2016 for 20,425 shares, in 2017 for 46,996 shares and in 2018 for 17,865 shares. Also, in early 2015, the Company issued stock awards of 23,475 shares. Stock-based compensation costs resulting from Company stock awards were $15.4 million, $35.2 million and $11.4 million in 2014, 2013 and 2012, respectively.

As of December 31, 2014, there was $26.0 million of total unrecognized compensation expense related to these awards. That cost is expected to be recognized on a straight-line basis over a weighted average period of 1.6 years.

Stock Options. The Company’s 2003 employee stock option plan reserves 1,900,000 shares of the Company’s Class B common stock for options to be granted under the plan. The purchase price of the shares covered by an option cannot be less than the fair value on the grant date. Options generally vest over four years and have a maximum term of ten years. At December 31, 2014, there were 81,694 shares reserved for issuance under this stock option plan, which were all subject to options outstanding.

Stock options granted under the 2012 Plan cannot be less than the fair value on the grant date, generally vest over four years and have a maximum term of ten years. In 2014, a grant was issued which vests over six years.

Activity related to options outstanding was as follows:



	Year Ended December 31
	2014				2013				2012
	Number of Shares		Average Option Price		Number of Shares		Average Option Price		Number of Shares		Average Option Price
Beginning of year	121,694		$	469.76	125,694		$	478.32	129,044		$	494.95
Granted	55,000		1,070.43		15,000		373.03		7,500		378.00
Exercised	(19,125	)	409.44		(14,500	)	391.83		—		—
Expired or forfeited	(5,875	)	791.81		(4,500	)	637.53		(10,850	)	605.82
End of Year	151,694		682.68		121,694		469.76		125,694		478.32

In connection with the sale of the Publishing Subsidiaries in 2013, the Company modified the terms of 4,500 stock options affecting six employees. The modification resulted in the acceleration of the vesting period for 4,250 stock options and the forfeiture of 250 stock options. The Company recorded incremental stock option expense amounting to $0.8 million, which is included in income from discontinued operations, net of tax, in the consolidated statement of operations in 2013.

Of the shares covered by options outstanding at the end of 2014, 70,194 are now exercisable; 27,208 will become exercisable in 2015; 14,708 will become exercisable in 2016; 13,334 will become exercisable in 2017; 9,583 will become exercisable in 2018; 8,333 will become exercisable in 2019; and 8,334 will become exercisable in 2020. For 2014, 2013 and 2012, the Company recorded expense of $2.7 million, $3.5 million and $2.9 million related to stock options, respectively. Information related to stock options outstanding and exercisable at December 31, 2014, is as follows:



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Shares Outstanding at 12/31/2014	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Shares Exercisable at 12/31/2014	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price
$369–396	32,000	6.8	$	383.37	18,000	5.8	$	390.58
419–439	10,694	4.5	423.05		10,694	4.5	423.05
503	50,000	6.2	502.58		37,500	6.2	502.58
652–663	7,000	7.4	659.65		2,000	3.4	651.91
730	2,000	1.9	729.67		2,000	1.9	729.67
1,111	50,000	9.8	1,111.20		—	—	—
	151,694	7.4	682.68		70,194	5.6	427.47

At December 31, 2014, the intrinsic value for all options outstanding, exercisable and unvested was $39.8 million, $27.5 million and $12.3 million, respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The market value of the Company’s stock was $863.71 at December 31, 2014. At December 31, 2014, there were 81,500 unvested options related to this plan with an average exercise price of $863.72 and a weighted average remaining contractual term of 8.9 years. At December 31, 2013, there were 48,500 unvested options with an average exercise price of $442.02 and a weighted average remaining contractual term of 7.9 years.

As of December 31, 2014, total unrecognized stock-based compensation expense related to stock options was $10.5 million, which is expected to be recognized on a straight-line basis over a weighted average period of approximately 5.2 years. There were 19,125 options exercised during 2014. The total intrinsic value of options exercised during 2014 was $6.7 million; a tax benefit from these stock option exercises of $2.7 million was realized. There were 14,500 options exercised during 2013. The total intrinsic value of options exercised during 2013 was $3.2 million; a tax benefit from these stock option exercises of $1.3 million was realized. No options were exercised during 2012.

During 2014, the Company granted 50,000 options at an exercise price above the fair market value of its common stock at the date of grant. All other options granted during 2014 were at an exercise price equal to the fair market value of the Company’s common stock at the date of grant. All options granted during 2013 and 2012 were at an exercise price equal to the fair market value of the Company’s common stock at the date of grant. The weighted average grant-date fair value of options granted during 2014, 2013 and 2012 was $178.95, $91.74 and $91.71, respectively. Also, in early 2015, an additional 5,000 stock options were granted.

The fair value of options at date of grant was estimated using the Black-Scholes method utilizing the following assumptions:



	2014	2013	2012
Expected life (years)	7–8	7	7
Interest rate	2.15%–2.45%	1.31%	1.04%–1.27%
Volatility	30.75%–32.10%	31.80%	31.71%–31.80%
Dividend yield	1.30%–1.54%	2.63%	2.54%–2.60%

The Company also maintains a stock option plan at Kaplan. Under the provisions of this plan, options are issued with an exercise price equal to the estimated fair value of Kaplan’s common stock, and options vest ratably over the number of years specified (generally four to five years) at the time of the grant. Upon exercise, an option holder may receive Kaplan shares or cash equal to the difference between the exercise price and the then fair value.

At December 31, 2014, a Kaplan senior manager holds 7,206 Kaplan restricted shares. The fair value of Kaplan’s common stock is determined by the Company’s compensation committee of the Board of Directors, and in January 2015, the committee set the fair value price at $1,180 per share. During 2013, 5,000 options were awarded to a Kaplan senior manager at a price of $973 per share that vest over a four-year period. No options were awarded during 2014 and 2012; no options were exercised during 2014, 2013 or 2012; and there were 5,000 options outstanding at December 31, 2014. Additionally, in January 2015, an additional 2,500 stock options were awarded.

Kaplan recorded stock compensation expense of $0.9 million and $2.9 million in 2014 and 2013, and a stock compensation credit of $1.1 million in 2012, respectively. At December 31, 2014, the Company’s accrual balance related to Kaplan stock-based compensation totaled $10.8 million. There were no payouts in 2014, 2013 or 2012.

Earnings Per Share. The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator.

The following reflects the Company’s income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method:



	Year Ended December 31
(in thousands, except per share amounts)	2014			2013			2012
Numerator:
Numerator for basic earnings per share:
Income from continuing operations attributable to Graham Holdings Company common stockholders	$	920,747		$	171,995		$	50,323
Less: Dividends paid–common stock outstanding and unvested restricted shares	(67,267		)	—			(146,432		)
Undistributed earnings (losses)	853,480			171,995			(96,109		)
Percent allocated to common stockholders ⁽¹⁾	97.98		%	98.45		%	100.00		%
	836,246			169,329			(96,109		)
Add: Dividends paid–common stock outstanding	66,012			—			143,175
Numerator for basic earnings per share	902,258			169,329			47,066
Add: Additional undistributed earnings due to dilutive stock options	79			5			—
Numerator for diluted earnings per share	$	902,337		$	169,334		$	47,066
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	6,470			7,238			7,360
Add: Effect of dilutive stock options	27			12			—
Denominator for diluted earnings per share	6,497			7,250			7,360
Graham Holdings Company Common Stockholders:
Basic earnings per share from continuing operations	$	139.44		$	23.39		$	6.40
Diluted earnings per share from continuing operations	$	138.88		$	23.36		$	6.40

____________


(1)	Percent of undistributed losses allocated to common stockholders is 100% in 2012 as participating securities are not contractually obligated to share in losses.

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:



	Year Ended December 31
(in thousands)	2014	2013	2012
Weighted average restricted stock	62	83	44

The 2014, 2013 and 2012 diluted earnings per share amounts exclude the effects of 52,000, 10,000 and 124,694 stock options outstanding, respectively, as their inclusion would have been antidilutive. The 2014, 2013 and 2012 diluted earnings per share amounts also exclude the effects of 5,175, 5,500 and 52,200 restricted stock awards, respectively, as their inclusion would have been antidilutive.

In 2014 and 2012, the Company declared regular dividends totaling $10.20 and $9.80 per share, respectively. In December 2012, the Company declared and paid an accelerated cash dividend totaling $9.80 per share, in lieu of regular quarterly dividends that the Company otherwise would have declared and paid in calendar year 2013.

Pension and Postretirement Plans

12 Months Ended

Dec. 31, 2014

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Postretirement Plans

PENSIONS AND OTHER POSTRETIREMENT PLANS

The Company maintains various pension and incentive savings plans and contributed to multiemployer plans on behalf of certain union-represented employee groups. Most of the Company’s employees are covered by these plans. The Company also provides health care and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements.

The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans.

Sale of Publishing Subsidiaries. On October 1, 2013, as part of the sale of the Publishing Subsidiaries, the Purchaser assumed the liabilities related to active employees of the Company’s defined benefit pension plan, Supplemental Executive Retirement Plan (SERP) and other postretirement plans. In addition to the assumed liabilities, the Company transferred pension plan assets of $318 million in accordance with the terms of the sale. As a result of the sale of the Publishing Subsidiaries, the Company remeasured the accumulated and projected benefit obligation of the pension, SERP and other postretirement plans as of October 1, 2013, and recorded curtailment and settlement gains (losses). The new measurement basis was used for the recognition of the pension and other postretirement plan cost (credit) recorded in the fourth quarter of 2013. The curtailment and settlement gains (losses) are included in the gain on the sale of the Publishing Subsidiaries, which is included in income from discontinued operations, net of tax. The Company excluded the historical pension expense for retirees from the reclassification of the Publishing Subsidiaries’ results to discontinued operations, since the associated assets and liabilities were retained by the Company.

Defined Benefit Plans. The Company’s defined benefit pension plans consist of various pension plans and a SERP offered to certain executives of the Company.

In the first quarter of 2014, the Company recorded $4.5 million related to a Separation Incentive Program for certain Corporate employees, which is being funded from the assets of the Company’s pension plan. In the third quarter of 2014, the Company recorded $3.9 million related to a Voluntary Retirement Incentive Program (VRIP) for certain Corporate employees, which is being funded from the assets of the Company’s pension plan. In addition, the Company recorded a $2.4 million SERP charge related to the VRIP for certain Corporate employees.

In February 2013, the Company offered a VRIP to certain employees of The Washington Post newspaper and recorded early retirement expense of $20.4 million. In addition, The Washington Post newspaper recorded $2.3 million in special separation benefits for a group of employees in the first quarter of 2013. The expense for these programs is funded from the assets of the Company’s pension plans.

In 2012, the Company offered a VRIP to certain employees of The Washington Post newspaper and recorded early retirement expense of $7.5 million. In addition, the Company offered a VRIP to certain employees of Post–Newsweek Media and recorded early retirement expense of $1.0 million. The early retirement program expense for these programs is funded from the assets of the Company’s pension plans.

The 2013 and 2012 early retirement program and special separation benefit expenses are included in income from discontinued operations, net of tax.

Effective August 1, 2012, the Company’s defined benefit pension plan was amended to provide most of the current participants with a new cash balance benefit. The cash balance benefit is funded from the assets of the Company’s pension plans. As a result of this benefit, the Company’s matching contribution for its 401(k) Savings Plans was reduced.

The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:



	Pension Plans
	As of December 31
(in thousands)	2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	1,126,344		$	1,466,322
Service cost	27,792			46,115
Interest cost	51,825			55,821
Amendments	8,374			22,700
Actuarial loss (gain)	172,548			(156,385		)
Benefits paid	(69,854		)	(81,162		)
Curtailment	—			(55,690		)
Settlement	451			(171,377		)
Benefit Obligation at End of Year	$	1,317,480		$	1,126,344
Change in Plan Assets
Fair value of assets at beginning of year	$	2,371,849		$	2,071,145
Actual return on plan assets	167,154			699,518
Benefits paid	(69,854		)	(81,162		)
Settlement	819			(317,652		)
Fair Value of Assets at End of Year	$	2,469,968		$	2,371,849
Funded Status	$	1,152,488		$	1,245,505



	SERP
	As of December 31
(in thousands)	2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	91,169		$	104,062
Service cost	1,493			1,612
Interest cost	4,397			4,148
Amendments	4,022			—
Actuarial loss (gain)	19,168			(9,180		)
Benefits paid	(4,166		)	(4,101		)
Curtailment	—			(2,059		)
Settlement	—			(3,313		)
Benefit Obligation at End of Year	$	116,083		$	91,169
Change in Plan Assets
Fair value of assets at beginning of year	$	—		$	—
Employer contributions and other	4,166			4,101
Benefits paid	(4,166		)	(4,101		)
Fair Value of Assets at End of Year	$	—		$	—
Funded Status	$	(116,083	)	$	(91,169	)

The accumulated benefit obligation for the Company’s pension plans at December 31, 2014 and 2013, was $1,281.5 million and $1,091.1 million, respectively. The accumulated benefit obligation for the Company’s SERP at December 31, 2014 and 2013, was $114.1 million and $89.3 million, respectively. The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:



	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2014		2013		2014			2013
Noncurrent asset	$	1,152,488	$	1,245,505	$	—		$	—
Current liability	—		—		(6,275		)	(4,251		)
Noncurrent liability	—		—		(109,808		)	(86,918		)
Recognized Asset (Liability)	$	1,152,488	$	1,245,505	$	(116,083	)	$	(91,169	)

Key assumptions utilized for determining the benefit obligation are as follows:



	Pension Plans				SERP
	As of December 31				As of December 31
	2014		2013		2014		2013
Discount rate	4.0	%	4.8	%	4.0	%	4.8	%
Rate of compensation increase	4.0	%	4.0	%	4.0	%	4.0	%

The Company made no contributions to its pension plans in 2014, 2013 and 2012, and the Company does not expect to make any contributions in 2015. The Company made contributions to its SERP of $4.2 million and $4.1 million for the years ended December 31, 2014 and 2013, respectively. As the plan is unfunded, the Company makes contributions to the SERP based on actual benefit payments.

At December 31, 2014, future estimated benefit payments, excluding charges for early retirement programs, are as follows:



(in thousands)	Pension Plans		SERP
2015	$	87,271	$	6,399
2016	$	80,239	$	5,875
2017	$	78,592	$	5,964
2018	$	77,576	$	6,257
2019	$	78,589	$	6,719
2020–2024	$	398,372	$	34,875

The total cost (benefit) arising from the Company’s defined benefit pension plans, including the portion included in discontinued operations, consists of the following components:



	Pension Plans
	Year Ended December 31
(in thousands)	2014			2013			2012
Service cost	$	27,792		$	46,115		$	40,344
Interest cost	51,825			55,821			59,124
Expected return on assets	(120,472		)	(105,574		)	(96,132		)
Amortization of prior service cost	329			2,809			3,695
Recognized actuarial (gain) loss	(28,880		)	2,756			9,013
Net Periodic (Benefit) Cost for the Year	(69,406		)	1,927			16,044
Curtailment	—			(43,930		)	—
Settlement	—			39,995			—
Early retirement programs and special separation benefit expense	8,374			22,700			8,508
Total (Benefit) Cost for the Year	$	(61,032	)	$	20,692		$	24,552
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	125,866		$	(750,328	)	$	(79,405	)
Amortization of prior service cost	(329		)	(2,809		)	(3,695		)
Recognized net actuarial gain (loss)	28,880			(2,756		)	(9,013		)
Curtailment and settlement	(368		)	94,520			—
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	154,049		$	(661,373	)	$	(92,113	)
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	$	93,017		$	(640,681	)	$	(67,561	)



	SERP
	Year Ended December 31
(in thousands)	2014			2013			2012
Service cost	$	1,493		$	1,612		$	1,467
Interest cost	4,397			4,148			4,241
Amortization of prior service cost	47			55			54
Recognized actuarial loss	1,544			2,481			1,833
Net Periodic Cost for the Year	7,481			8,296			7,595
Special separation benefit expense	2,422			—			—
Settlement	—			(2,575		)	—
Total Cost for the Year	$	9,903		$	5,721		$	7,595
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	19,168		$	(9,180	)	$	8,428
Current year prior service cost	1,600			—			—
Amortization of prior service cost	(47		)	(55		)	(54		)
Recognized net actuarial loss	(1,544		)	(2,481		)	(1,833		)
Curtailment and settlement	—			(2,798		)	—
Other adjustments	—			—			745
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	19,177		$	(14,514	)	$	7,286
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)	$	29,080		$	(8,793	)	$	14,881

The net periodic cost (benefit) for the Company’s pension plans, as reported above, includes pension cost of $0.2 million, $18.9 million and $24.6 million reported in discontinued operations for 2014, 2013 and 2012, respectively. The net periodic cost for the Company’s SERP, as reported above, includes cost of $0.2 million, $1.0 million and $0.9 million reported in discontinued operations for 2014, 2013 and 2012, respectively. The early retirement programs and special separation benefit expenses are also included in discontinued operations for 2013 and 2012. The 2013 curtailments and settlements are included in the gain on sale of Publishing Subsidiaries, which is also reported in discontinued operations.

The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost:



	Pension Plans						SERP
	Year Ended December 31						Year Ended December 31
	2014		2013		2012		2014		2013		2012
Discount rate	4.8	%	4.0	%	4.7	%	4.8	%	4.0	%	4.7	%
Expected return on plan assets	6.5	%	6.5	%	6.5	%	—		—		—
Rate of compensation increase	4.0	%	4.0	%	4.0	%	4.0	%	4.0	%	4.0	%

Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans:



	Pension Plans						SERP
	As of December 31						As of December 31
(in thousands)	2014			2013			2014			2013
Unrecognized actuarial (gain) loss	$	(685,895	)	$	(840,273	)	$	36,890		$	19,266
Unrecognized prior service cost	1,033			1,362			1,689			136
Gross Amount	(684,862		)	(838,911		)	38,579			19,402
Deferred tax liability (asset)	273,945			335,564			(15,432		)	(7,761		)
Net Amount	$	(410,917	)	$	(503,347	)	$	23,147		$	11,641

During 2015, the Company expects to recognize the following amortization components of net periodic cost for the defined benefit plans:



	2015
(in thousands)	Pension Plans		SERP
Actuarial loss recognition	$	—	$	3,449
Prior service cost recognition	$	324	$	457

Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of a relatively small number of stocks and high-quality fixed-income securities that are held by a third-party trustee. The assets of the Company’s pension plans were allocated as follows:



	As of December 31
	2014		2013
U.S. equities	59	%	58	%
U.S. fixed income	13	%	12	%
International equities	28	%	30	%
	100	%	100	%

Essentially all of the assets are actively managed by two investment companies. The goal of the investment managers is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both of these managers may invest in a combination of equity and fixed-income securities and cash. The managers are not permitted to invest in securities of the Company or in alternative investments. The investment managers cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway or more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval by the Plan administrator. As of December 31, 2014, the managers can invest no more than 24% of the assets in international stocks, at the time the investment is made, and no less than 10% of the assets could be invested in fixed-income securities. None of the assets is managed internally by the Company.

In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks.

The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of December 31, 2014. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At December 31, 2014, the pension plan held common stock in two investments that exceeded 10% of total plan assets, valued at $730.6 million, or 30% of total plan assets. At December 31, 2013, the pension plan held common stock in one investment that exceeded 10% of total plan assets, valued at $382.1 million, or 16% of total plan assets. At December 31, 2014 and 2013, the pension plan held investments in one foreign country that exceeded 10% of total plan assets. These investments were valued at $468.0 million and $398.9 million at December 31, 2014 and 2013, respectively, or approximately 19% and 17%, respectively, of total plan assets.

The Company’s pension plan assets measured at fair value on a recurring basis were as follows:



	As of December 31, 2014
(in thousands)	Level 1		Level 2		Total
Cash equivalents and other short-term investments	$	275,963	$	141,083	$	417,046
Equity securities
U.S. equities	1,454,011		—		1,454,011
International equities	691,505		—		691,505
Total Investments	$	2,421,479	$	141,083	$	2,562,562
Payable for settlement of investments purchased					(92,594		)
Total					$	2,469,968



	As of December 31, 2013
(in thousands)	Level 1		Level 2		Total
Cash equivalents and other short-term investments	$	196,757	$	84,706	$	281,463
Equity securities
U.S. equities	1,383,738		—		1,383,738
International equities	699,649		—		699,649
Fixed-income securities
Corporate debt securities	—		5,147		5,147
Total Investments	$	2,280,144	$	89,853	$	2,369,997
Receivables					1,852
Total					$	2,371,849

Cash equivalents and other short-term investments. These investments are primarily held in U.S. Treasury securities and registered money market funds. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the valuation hierarchy.

U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.

International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.

Corporate debt securities. These investments consist of fixed-income securities issued by U.S. corporations and are valued using a bid evaluation process, with bid data provided by independent pricing sources. These investments are classified as Level 2 in the valuation hierarchy.

Other fixed income. These investments consist of fixed-income securities issued by the U.S. Treasury and in private placements and are valued using a quoted market price or bid evaluation process, with bid data provided by independent pricing sources. These investments are classified as Level 1 or Level 2 in the valuation hierarchy.

Other Postretirement Plans. The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans:



	Postretirement Plans
	As of December 31
(in thousands)	2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	40,014		$	63,868
Service cost	1,500			2,488
Interest cost	1,448			1,848
Actuarial loss (gain)	4,448			(3,298		)
Curtailment	(932		)	(21,221		)
Benefits paid, net of Medicare subsidy	(4,521		)	(3,671		)
Benefit Obligation at End of Year	$	41,957		$	40,014
Change in Plan Assets
Fair value of assets at beginning of year	$	—		$	—
Employer contributions	4,521			3,671
Benefits paid, net of Medicare subsidy	(4,521		)	(3,671		)
Fair Value of Assets at End of Year	$	—		$	—
Funded Status	$	(41,957	)	$	(40,014	)

The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows:



	Postretirement Plans
	As of December 31
(in thousands)	2014			2013
Current liability	$	(3,995	)	$	(3,795	)
Noncurrent liability	(37,962		)	(36,219		)
Recognized Liability	$	(41,957	)	$	(40,014	)

The discount rates utilized for determining the benefit obligation at December 31, 2014 and 2013, for the postretirement plans were 3.25% and 3.80%, respectively. The assumed health care cost trend rate used in measuring the postretirement benefit obligation at December 31, 2014, was 7.50% for pre-age 65, decreasing to 5.0% in the year 2025 and thereafter. The assumed health care cost trend rate used in measuring the postretirement benefit obligation at December 31, 2014, was 14.9% for the post-age 65 Medicare Advantage Prescription Drug (MA-PD) plan, decreasing to 5.0% in the year 2021 and thereafter, and was 6.50% for the post-age 65 non MA-PD plan, decreasing to 5.0% in the year 2021 and thereafter.

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A change of one percentage point in the assumed health care cost trend rates would have the following effects:



	1%		1%
(in thousands)	Increase		Decrease
Benefit obligation at end of year	$	2,478	$	(2,255	)
Service cost plus interest cost	$	257	$	(227	)

The Company made contributions to its postretirement benefit plans of $4.5 million and $3.7 million for the years ended December 31, 2014 and 2013, respectively. As the plans are unfunded, the Company makes contributions to its postretirement plans based on actual benefit payments.

At December 31, 2014, future estimated benefit payments are as follows:



(in thousands)	Postretirement Plans
2015	$	3,995
2016	$	4,061
2017	$	4,078
2018	$	3,946
2019	$	3,882
2020–2024	$	18,112

The total (benefit) cost arising from the Company’s other postretirement plans consists of the following components:



	Postretirement Plans
	Year Ended December 31
(in thousands)	2014			2013			2012
Service cost	$	1,500		$	2,488		$	3,113
Interest cost	1,448			1,848			2,735
Amortization of prior service credit	(783		)	(4,247		)	(5,608		)
Recognized actuarial gain	(2,076		)	(2,141		)	(1,478		)
Net Periodic Cost (Benefit)	89			(2,052		)	(1,238		)
Curtailment	(1,292		)	(41,623		)	438
Settlement	—			(11,927		)	—
Total Benefit for the Year	$	(1,203	)	$	(55,602	)	$	(800	)
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	4,448		$	(3,298	)	$	(11,493	)
Amortization of prior service credit	783			4,247			5,608
Recognized actuarial gain	2,076			2,141			1,478
Curtailment and settlement	360			32,329			—
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	7,667		$	35,419		$	(4,407	)
Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effect)	$	6,464		$	(20,183	)	$	(5,207	)

The net periodic cost (benefit), as reported above, includes a benefit of $2.9 million included in discontinued operations in each year for 2013 and 2012. The Company recorded a curtailment gain of $1.3 million in the fourth quarter of 2014 in connection with the exchange of WPLG, and the Separation Incentive Program and VRIP offered to certain Corporate employees. As part of the sale of The Herald, changes were made with respect to its postretirement medical plan, resulting in a $3.5 million settlement gain that is included in discontinued operations, net of tax, for 2013. The remaining 2013 curtailment and settlement gains are included in the gain on sale of Publishing Subsidiaries, which is also reported in discontinued operations. In 2012, the Company offered a VRPI to certain employees of The Washington Post newspaper and recorded early retirement expense of $0.4 million, which is included in discontinued operations.

The costs for the Company’s postretirement plans are actuarially determined. The discount rates utilized to determine periodic cost for the years ended December 31, 2014, 2013 and 2012, were 3.80%, 3.30% and 3.90%, respectively. AOCI included the following components of unrecognized net periodic benefit for the postretirement plans:



	As of December 31
(in thousands)	2014			2013
Unrecognized actuarial gain	$	(7,404	)	$	(13,928	)
Unrecognized prior service credit	(1,163		)	(2,306		)
Gross Amount	(8,567		)	(16,234		)
Deferred tax liability	3,427			6,494
Net Amount	$	(5,140	)	$	(9,740	)

During 2015, the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans:



(in thousands)	2015
Actuarial gain recognition	$	(996	)
Prior service credit recognition	$	(502	)

Multiemployer Pension Plans. In 2014, the Company contributed to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covered certain union-represented employees.

In March 2013, the Company recorded a $0.4 million charge as The Herald unilaterally withdrew from the Western Conference Teamsters Pension Trust Fund as a result of the sale of its business. In 2012, The Herald notified the GCIU Employer’s Trust Fund of its unilateral withdrawal from the Plan effective November 30, 2012, and recorded a $0.9 million charge based on an estimate of the withdrawal liability.

The Company’s total contributions to all multiemployer pension plans amounted to $0.1 million in 2014, $0.1 million in 2013 and $0.2 million in 2012.

Savings Plans. The Company recorded expense associated with retirement benefits provided under incentive savings plans (primarily 401(k) plans) of approximately $9.2 million in 2014, $8.7 million in 2013 and $12.2 million in 2012.

Other Non-Operating Income (Expense)

12 Months Ended

Dec. 31, 2014

Other Nonoperating Income (Expense) [Abstract]

Other Non-Operating Income

OTHER NON-OPERATING INCOME (EXPENSE)

A summary of non-operating income (expense) is as follows:



	Year Ended December 31
(in thousands)	2014			2013			2012
Gain on sale of Classified Ventures	$	396,553		$	—		$	—
Gain on Berkshire marketable equity securities exchange	266,733			—			—
Gain on sale of headquarters building	127,670			—			—
Gain on sale of intangible assets	75,249			—			—
Foreign currency (losses) gains, net	(11,129		)	(13,382		)	3,132
(Losses) gain on sales or write-down of marketable equity securities	(3,044		)	(9,559		)	(17,564		)
(Losses) gains on sales or write-downs of cost method investments, net	(94		)	(1,761		)	6,639
Other, net	1,321			951			2,337
Total Other Non-Operating Income (Expense)	$	853,259		$	(23,751	)	$	(5,456	)

On October 1, 2014, the Company and the remaining partners completed the sale of their entire stakes in Classified Ventures. Total proceeds to the Company, net of transaction costs, were $408.5 million, of which $16.5 million will be held in escrow until October 1, 2015. The Company recorded a pre-tax gain of $396.6 million on the sale of its interest in Classified Ventures in the fourth quarter of 2014.

In July 2014, the cable division sold wireless spectrum licenses for $98.8 million; a pre-tax gain of $75.2 million was reported in the third quarter of 2014 in connection with these sales. The licenses had been purchased in the 2006 AWS Auction.

On June 30, 2014, the Company completed a transaction with Berkshire Hathaway, as described in Note 7, that included the exchange of 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by the Company; a $266.7 million gain was recorded.

On March 27, 2014, the Company completed the sale of its headquarters building for $158 million. In connection with the sale, the Company recorded a $127.7 million pre-tax gain.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The other comprehensive (loss) income consists of the following components:



	Year Ended December 31, 2014
	Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(16,061	)	$	—		$	(16,061	)
Adjustment for sales of businesses with foreign operations	(404		)	—			(404		)
	(16,465		)	—			(16,465		)
Unrealized gains on available-for-sale securities:
Unrealized gains for the year	62,719			(25,088		)	37,631
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income	(265,274		)	106,110			(159,164		)
	(202,555		)	81,022			(121,533		)
Pension and other postretirement plans:
Actuarial loss	(149,482		)	59,792			(89,690		)
Prior service cost	(1,600		)	640			(960		)
Amortization of net actuarial gain included in net income	(29,412		)	11,765			(17,647		)
Amortization of net prior service credit included in net income	(407		)	163			(244		)
Curtailments and settlements	8			(3		)	5
	(180,893		)	72,357			(108,536		)
Cash flow hedge:
Gain for the year	867			(347		)	520
Other Comprehensive Loss	$	(399,046	)	$	153,032		$	(246,014	)



	Year Ended December 31, 2013
	Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(1,059	)	$	—		$	(1,059	)
Unrealized gains on available-for-sale securities:
Unrealized gains for the year	95,629			(38,251		)	57,378
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income	9,554			(3,822		)	5,732
	105,183			(42,073		)	63,110
Pension and other postretirement plans:
Actuarial gain	762,806			(305,123		)	457,683
Amortization of net actuarial loss included in net income	3,096			(1,238		)	1,858
Amortization of net prior service credit included in net income	(1,383		)	553			(830		)
Curtailments and settlements	(124,051		)	49,617			(74,434		)
	640,468			(256,191		)	384,277
Cash flow hedge:
Gain for the year	520			(208		)	312
Other Comprehensive Income	$	745,112		$	(298,472	)	$	446,640



	Year Ended December 31, 2012
	Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	5,622		$	—		$	5,622
Adjustment for sales of businesses with foreign operations	(888		)	—			(888		)
	4,734			—			4,734
Unrealized gains on available-for-sale securities:
Unrealized gains for the year	33,098			(13,239		)	19,859
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income	17,226			(6,890		)	10,336
	50,324			(20,129		)	30,195
Pension and other postretirement plans:
Actuarial gain	82,470			(32,987		)	49,483
Amortization of net actuarial loss included in net income	9,368			(3,746		)	5,622
Amortization of net prior service credit included in net income	(1,859		)	744			(1,115		)
Other adjustments	(745		)	299			(446		)
	89,234			(35,690		)	53,544
Cash flow hedge:
Loss for the year	(1,581		)	633			(948		)
Other Comprehensive Income	$	142,711		$	(55,186	)	$	87,525

The accumulated balances related to each component of other comprehensive (loss) income are as follows:



(in thousands, net of taxes)	Cumulative Foreign Currency Translation Adjustment			Unrealized Gain on Available-for- Sale Securities			Unrealized Gain on Pensions and Other Postretirement Plans			Cash Flow Hedge			Accumulated Other Comprehensive Income
As of December 31, 2012	$	26,072		$	110,553		$	117,169		$	(940	)	$	252,854
Other comprehensive income (loss) before reclassifications	(1,059		)	57,378			383,249			(178		)	439,390
Net amount reclassified from accumulated other comprehensive income	—			5,732			1,028			490			7,250
Net other comprehensive income (loss)	(1,059		)	63,110			384,277			312			446,640
As of December 31, 2013	25,013			173,663			501,446			(628		)	699,494
Other comprehensive (loss) income before reclassifications	(16,061		)	37,631			(90,645		)	12			(69,063		)
Net amount reclassified from accumulated other comprehensive income	(404		)	(159,164		)	(17,891		)	508			(176,951		)
Net other comprehensive (loss) income	(16,465		)	(121,533		)	(108,536		)	520			(246,014		)
As of December 31, 2014	$	8,548		$	52,130		$	392,910		$	(108	)	$	453,480

The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows:



	Year Ended December 31									Affected Line Item in the Consolidated Statement of Operations
(in thousands)	2014			2013			2012
Foreign Currency Translation Adjustments:
Adjustment for sales of businesses with foreign operations	$	(404	)	$	—		$	(888	)	Income from discontinued operations, net of tax
Unrealized Gains on Available-for-Sale Securities:
Realized (gain) loss for the year	(265,274		)	9,554			17,226			Other expense, net
	106,110			(3,822		)	(6,890		)	(1)
	(159,164		)	5,732			10,336			Net of tax
Pension and Other Postretirement Plans:
Amortization of net actuarial (gain) loss	(29,412		)	3,096			9,368			(2)
Amortization of net prior service credit	(407		)	(1,383		)	(1,859		)	(2)
	(29,819		)	1,713			7,509			Before tax
	11,928			(685		)	(3,002		)	Income taxes
	(17,891		)	1,028			4,507			Net of tax
Cash Flow Hedge
	847			816			306			Interest expense
	(339		)	(326		)	(122		)	Provision for income taxes
	508			490			184			Net of tax
Total reclassification for the year	$	(176,951	)	$	7,250		$	14,139		Net of tax

____________

(1)

Benefits of $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the year ended December 31, 2014. The remaining $107.3 million for the year relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 7). The amounts for 2013 and 2012 were recorded in Provision for Income Taxes.


(2)	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 14).

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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Leases And Other Commitments [Abstract]

Leases and Other Commitments

12 Months Ended

Dec. 31, 2014

Leases and Other Commitments

LEASES AND OTHER COMMITMENTS

The Company leases real property under operating agreements. Many of the leases contain renewal options and escalation clauses that require payments of additional rent to the extent of increases in the related operating costs.

At December 31, 2014, future minimum rental payments under noncancelable operating leases approximate the following:



(in thousands)
2015	$	122,527
2016	115,772
2017	101,638
2018	83,628
2019	66,966
Thereafter	347,329
	$	837,860

____________

Includes a Kaplan lease signed January 31, 2015 with a total obligation of $16.5 million.

Minimum payments have not been reduced by minimum sublease rentals of $94.2 million due in the future under noncancelable subleases, including $61.5 million related to a Kaplan sublease signed February 5, 2015.

Rent expense under operating leases, including a portion reported in discontinued operations, was approximately $105.5 million, $118.5 million and $127.2 million in 2014, 2013 and 2012, respectively. Sublease income was approximately $5.4 million, $5.4 million and $4.4 million in 2014, 2013 and 2012, respectively.

The Company’s broadcast subsidiaries are parties to certain agreements that commit them to purchase programming to be produced in future years. At December 31, 2014, such commitments amounted to approximately $21.0 million. If such programs are not produced, the Company’s commitment would expire without obligation.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation and Legal Matters. The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, invasion of privacy; trademark, copyright and patent infringement; U.S. False Claims Act (False Claims Act) violations; violations of applicable wage and hour laws; and statutory or common law claims involving current and former students and employees. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial condition, results of operations or cash flows. Also, based on currently available information, management is of the opinion that the exposure to future material losses from existing legal proceedings is not reasonably possible, or that future material losses in excess of the amounts accrued are not reasonably possible. On February 6, 2008, a purported class-action lawsuit was filed in the U.S. District Court for the Central District of California by purchasers of BAR/BRI bar review courses, from July 2006 onward, alleging antitrust claims against Kaplan and West Publishing Corporation, BAR/BRI’s former owner. On April 10, 2008, the court granted defendants’ motion to dismiss, a decision that was reversed by the Ninth Circuit Court of Appeals on November 7, 2011. The Ninth Circuit also referred the matter to a mediator for the purpose of exploring a settlement. In the fourth quarter of 2012, the parties reached a comprehensive agreement to settle the matter. The settlement was approved by the District Court in September 2013 and will be administered following the resolution of appeals relating to attorney fees. On or about January 17, 2008, an Assistant U.S. Attorney in the Civil Division of the U.S. Attorney’s Office for the Eastern District of Pennsylvania contacted KHE’s Broomall campus and made inquiries about the Surgical Technology program, including the program’s eligibility for Title IV U.S. Federal financial aid, the program’s student loan defaults, licensing and accreditation. Kaplan responded to the information requests and fully cooperated with the inquiry. The ED also conducted a program review at the Broomall campus, and Kaplan likewise cooperated with the program review. On July 22, 2011, the U.S. Attorney’s Office for the Eastern District of Pennsylvania announced that it had entered into a comprehensive settlement agreement with Kaplan that resolved the U.S. Attorney’s inquiry, provided for the conclusion of the ED’s program review and also settled a previously sealed U.S. Federal False Claims Act (False Claims Act) complaint that had been filed by a former employee of the CHI-Broomall campus. The total amount of all required payments by Broomall under the agreements was $1.6 million. Pursuant to the comprehensive settlement agreement, the U.S. Attorney inquiry has been closed, the False Claims Act complaint (United States of America ex rel. David Goodstein v. Kaplan, Inc. et al.) was dismissed with prejudice and the ED will issue a final program review determination. At this time, Kaplan cannot predict the contents of the pending final program review determination or the ultimate impact the proceedings may have on the Broomall campus or the KHE business generally. During 2014, certain Kaplan subsidiaries were subject to two other unsealed cases filed by former employees that include, among other allegations, claims under the False Claims Act relating to eligibility for Title IV funding. The U.S. Government declined to intervene in all cases, and, as previously reported, court decisions either dismissed the cases in their entirety or narrowed the scope of their allegations. The two cases are captioned: United States of America ex rel. Carlos Urquilla-Diaz et al. v. Kaplan University et al. (unsealed March 25, 2008) and United States of America ex rel. Charles Jajdelski v. Kaplan Higher Education Corp. et al. (unsealed January 6, 2009). On August 17, 2011, the U.S. District Court for the Southern District of Florida issued a series of rulings in the Diaz case, which included three separate complaints: Diaz, Wilcox and Gillespie. The court dismissed the Wilcox complaint in its entirety; dismissed all False Claims Act allegations in the Diaz complaint, leaving only an individual employment claim; and dismissed in part the Gillespie complaint, thereby limiting the scope and time frame of its False Claims Act allegations regarding compliance with the U.S. Federal Rehabilitation Act. On October 31, 2012, the court entered summary judgment in favor of the Company as to the sole remaining employment claim in the Diaz complaint. On July 16, 2013, the court likewise entered summary judgment in favor of the Company on all remaining claims in the Gillespie complaint. Diaz and Gillespie each appealed to the U.S. Court of Appeals for the Eleventh Judicial Court. Arguments on both appeals were heard on February 3, 2015. On July 7, 2011, the U.S. District Court for the District of Nevada dismissed the Jajdelski complaint in its entirety and entered a final judgment in favor of Kaplan. On February 13, 2013, the U.S. Circuit Court for the Ninth Judicial Circuit affirmed the dismissal in part and reversed the dismissal on one allegation under the False Claims Act relating to eligibility for Title IV funding based on claims of false attendance. The surviving claim was remanded to the District Court, where Kaplan has moved for summary judgment. In January 2013, a former employee of KTP filed a sealed False Claims Act alleging that there were instructors at the San Antonio campuses of Kaplan College who did not meet Texas’ qualification requirements. The case, captioned United States of America ex rel. Leslie Coleman v. Kaplan, Inc. et al., was unsealed on December 23, 2014, in connection with the parties entering into a settlement agreement pursuant to which Kaplan paid approximately $1.3 million, of which approximately $1.1 million was paid in the form of partial refunds to 289 former students. The settlement agreement stated that “[d]uring its investigation of the Relator’s False Claims Act allegations, the United States did not encounter evidence of harm to Kaplan students.” On December 22, 2014, a former student representative filed a purported class and collective action lawsuit in the U.S. District Court for the Northern District of Illinois, in which she asserts claims under the Illinois Minimum Wage Law and the Fair Labor Standards Act (Sharon Freeman v. Kaplan, Inc.). The plaintiff alleges that she and other law students who were student representatives, on their respective law school campuses, of Kaplan’s bar exam preparation business should have been classified as employees and paid minimum wage. The Company cannot predict the outcome of this inquiry. On October 21, 2010, KHE received a subpoena from the office of the Florida Attorney General (FL AG). The subpoena sought information pertaining to the online and on-campus schools operated by KHE in and outside of Florida. In June 2014, Kaplan entered into an Assurance of Voluntary Compliance (AVC) with the FL AG on behalf of Kaplan University, Kaplan Higher Education Campuses and Kaplan, Inc. This agreement closes the FL AG investigation. The AVC required Kaplan to pay $200,000 in “investigation costs,” provide certain tuition credits for students who previously dropped from a program and wish to return, and comply with certain industry best practices. In addition, Kaplan agreed to keep the Kaplan Commitment in place for Florida students until such time as Kaplan can prove that the program resulted in savings to Florida students of at least $350,000. This condition was satisfied at the end of 2014. On December 21, 2010, the U.S. Equal Employment Opportunity Commission (EEOC) filed suit against Kaplan Higher Education Corporation in the U.S. District Court for the Northern District of Ohio alleging racial bias by Kaplan in requesting credit scores of job applicants seeking financial positions. In March 2011, the court granted in part the Company’s motion to dismiss the complaint. On January 28, 2013, the court entered summary judgment in favor of Kaplan Higher Education Corporation and against the EEOC, terminating the case in its entirety. The EEOC appealed the judgment to the U.S. Court of Appeals for the Sixth Judicial Circuit, and briefing on that appeal was completed in November 2013. On April 9, 2014, the Court of Appeals affirmed the lower court’s judgment in favor of the Company. On February 7, 2011, KHE received a Civil Investigative Demand from the Office of the Attorney General of the State of Illinois. The demand primarily sought information pertaining to Kaplan University’s online students who are residents of Illinois. KHE has cooperated with the Illinois Attorney General and provided the requested information. Although KHE may receive further requests for information from the Illinois Attorney General, there has been no such further correspondence to date. The Company cannot predict the outcome of this inquiry. On April 30, 2011, KHE received a Civil Investigative Demand from the Office of the Attorney General of the State of Massachusetts. The demand primarily sought information pertaining to KHE’s nationally accredited campuses in Massachusetts known as the Charlestown and Kenmore Square campuses. The Charlestown campus closed in 2013 and the Kenmore Square campus closed in 2012. Kaplan Higher Education Corporation has cooperated with the Massachusetts Attorney General and provided the requested information, as well as additional information requested in 2012 and 2013. In October 2014, the Attorney General's office sent Kaplan a “notice of intention to file” a lawsuit letter under section 93A of the Massachusetts consumer fraud statute. The letter outlined 12 allegations against the Charlestown and Kenmore Square campuses. The Company cannot predict the outcome of this inquiry or any potential litigation. On July 20, 2011, KHE received a subpoena from the Office of the Attorney General of the State of Delaware. The demand primarily sought information pertaining to Kaplan University’s online students and Kaplan Higher Education Campuses’ students who are residents of Delaware. Kaplan Higher Education Corporation has cooperated with the Delaware Attorney General and provided the information requested in the subpoena. Although KHE may receive further requests for information from the Delaware Attorney General, there has been no such further correspondence to date. The Company cannot predict the outcome of this inquiry. Student Financial Aid. The Company’s education division derives the majority of its revenues from U.S. Federal financial aid received by its students under Title IV programs administered by the ED pursuant to the Higher Education Act, as amended. To maintain eligibility to participate in Title IV programs, a school must comply with extensive statutory and regulatory requirements relating to its financial aid management, educational programs, financial strength, administrative capability, compensation practices, facilities, recruiting practices and various other matters. In addition, the school must be licensed, or otherwise legally authorized, to offer postsecondary educational programs by the appropriate governmental body in the state or states in which it is physically located or is otherwise subject to state authorization requirements, be accredited by an accrediting agency recognized by the ED and be certified to participate in the Title IV programs by the ED. Schools are required periodically to apply for renewal of their authorization, accreditation or certification with the applicable state governmental bodies, accrediting agencies and the ED. In accordance with ED regulations, some KHE schools operate individually while others are combined into groups of two or more schools for the purpose of determining compliance with certain Title IV requirements, and each school or school group is assigned its own identification number, known as an OPEID number. As a result, as of the end of 2014 the schools in KHE have a total of 25 OPEID numbers. Failure to comply with the requirements of the Higher Education Act or related regulations could result in the restriction or loss of the ability to participate in Title IV programs and subject the Company to financial penalties and refunds. No assurance can be given that the Kaplan schools, or individual programs within schools, will maintain their Title IV eligibility, accreditation and state authorization in the future or that the ED might not successfully assert that one or more of such schools have previously failed to comply with Title IV requirements. Financial aid and assistance programs are subject to political and governmental budgetary considerations. There is no assurance that such funding will be maintained at current levels. Extensive and complex regulations in the U.S. govern all of the government financial assistance programs in which students participate. For the years ended December 31, 2014, 2013 and 2012, approximately $806 million, $819 million and $882 million, respectively, of the Company’s education division revenue was derived from financial aid received by students under Title IV programs. Management believes that the Company’s education division schools that participate in Title IV programs are in material compliance with standards set forth in the Higher Education Act and related regulations. ED Program Reviews. The ED has undertaken program reviews at various KHE locations. Currently, there are four pending program reviews, including the ED’s final reports on the program reviews at KHE’s Broomall, PA, and Pittsburgh, PA, locations. On January 22, 2015, the ED announced that it will conduct a program review of Kaplan University, beginning on February 23, 2015. On February 19, 2015 the ED notified KHE that it will conduct a program review at KHE’s San Antonio, TX location, beginning in March 2015. The reviews will assess Kaplan’s administration of its Title IV, HEA programs and will initially focus on the 2013 to 2014 and 2014 to 2015 award years. Kaplan cannot at this time predict the outcome of this review, when it will be completed or any liability or limitations that the ED may place on Kaplan University or KHE San Antonio as a result of these reviews. The Company does not expect the open program reviews to have a material impact on KHE; however, the results of open program reviews and their impact on Kaplan’s operations are uncertain. The 90/10 Rule. Under regulations referred to as the 90/10 rule, a KHE school would lose its eligibility to participate in Title IV programs for a period of at least two fiscal years if the institution derives more than 90% of its receipts from Title IV programs, as calculated on a cash basis in accordance with the Higher Education Act and applicable ED regulations, in each of two consecutive fiscal years. An institution with Title IV receipts exceeding 90% for a single fiscal year would be placed on provisional certification and may be subject to other enforcement measures. The 90/10 rule calculations are performed for each OPEID unit. The largest OPEID reporting unit in KHE in terms of revenue is Kaplan University, which accounted for approximately 73% of the Title IV funds received by the division in 2014. In 2014, Kaplan University derived less than 81% of its receipts from the Title IV programs, and other OPEID units derived between 65% and 91% of their receipts from Title IV programs. Kaplan’s Cleveland ground campus is the only OPEID that received more than 90% of its receipts in 2014 from Title IV programs, which was due in part to the announced closure of the school. Kaplan expects that all courses in progress at the Cleveland location will be completed by the end of the first quarter of 2015, at which time all operations at the campus will cease. In 2013, Kaplan University derived less than 81% of its receipts from Title IV programs, and other OPEID units derived between 69% and 89% of their receipts from Title IV programs. A majority of KHE students are enrolled in certificate and associate’s degree programs. Revenue from certificate and associate’s degree programs is composed of a higher percentage of Title IV funds than is the case for revenue from KHE’s bachelor’s and other degree programs. KHE is taking various measures to reduce the percentage of its receipts attributable to Title IV funds, including modifying student payment options; emphasizing direct-pay and employer-paid education programs; encouraging students to evaluate carefully the amount of their Title IV borrowing; eliminating some programs; cash-matching; and developing and offering additional non-Title IV-eligible certificate preparation, professional development and continuing education programs. Kaplan has taken steps to ensure that revenue from programs acquired by a KHE campus is eligible to be counted in that campus’ 90/10 calculation. However, there can be no guarantee that the ED will not challenge the inclusion of revenue from any acquired program in KHE’s 90/10 calculations or will not issue an interpretation of the 90/10 rule that would exclude such revenue from the calculation. Absent the adoption of the changes mentioned above, and if current trends continue, management estimates that in 2015, three of the KHE Campuses’ OPEID units, representing approximately 2.6% of KHE’s 2014 revenues, could have a 90/10 ratio over 90%. As noted above, Kaplan is taking steps to address compliance with the 90/10 rule; however, there can be no guarantee that these measures will be adequate to prevent the 90/10 ratio at some or all schools from exceeding 90% in the future.

Business Segments

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Basis of Presentation. The Company’s organizational structure is based on a number of factors that management uses to evaluate, view and run its business operations, which include, but are not limited to, customers, the nature of products and services and use of resources. The business segments disclosed in the Consolidated Financial Statements are based on this organizational structure and information reviewed by the Company’s management to evaluate the business segment results. The Company has six reportable segments: KHE, KTP, Kaplan International, cable, television broadcasting and other businesses.

The Company evaluates segment performance based on operating income before amortization of intangible assets and impairment of goodwill and other long-lived assets. The accounting policies at the segments are the same as described in Note 2. In computing income from operations by segment, the effects of equity in earnings (losses) of affiliates, interest income, interest expense, other non-operating income and expense items and income taxes are not included. Intersegment sales are not material.

Identifiable assets by segment are those assets used in the Company’s operations in each business segment. The Prepaid Pension cost is not included in identifiable assets by segment. Investments in marketable equity securities are discussed in Note 4.

Education. Education products and services are provided by Kaplan, Inc. KHE includes Kaplan’s postsecondary education businesses, made up of fixed-facility colleges, as well as online postsecondary and career programs. KHE also includes the domestic professional training businesses. KTP includes Kaplan’s standardized test preparation programs. Kaplan International includes professional training and postsecondary education businesses outside the United States, as well as English-language programs.

In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. An additional school in China was sold in January 2015. Kaplan sold Kidum in August 2012, EduNeering in April 2012 and KLT in February 2012; therefore, the education division’s operating results exclude these businesses.

In recent years, Kaplan has formulated and implemented restructuring plans at its various businesses that have resulted in significant costs in the past three years, with the objective of establishing lower cost levels in future periods. Across all Kaplan businesses, restructuring costs of $16.8 million, $36.4 million and $45.2 million were recorded in 2014, 2013 and 2012, respectively, as follows:



	Year Ended December 31
(in thousands)	2014		2013		2012
Accelerated depreciation	$	2,062	$	16,856	$	17,230
Lease obligation losses	1,750		9,351		9,794
Severance	5,075		6,289		14,349
Accelerated amortization of intangible assets	—		—		2,595
Software asset write-offs	7,689		—		—
Other	230		3,862		1,274
	$	16,806	$	36,358	$	45,242

KHE incurred restructuring costs of $6.5 million, $19.5 million and $23.4 million in 2014, 2013 and 2012, respectively, primarily from accelerated depreciation and severance and lease obligations. These costs were incurred in connection with a plan announced in September 2012 for KHE to close or consolidate operations at 13 ground campuses, additional plans announced in 2014 to close five more campuses, along with plans to consolidate facilities and reduce its workforce.

In February 2015, Kaplan entered a Purchase and Sale Agreement with ECA to sell substantially all of the assets of its KHE Campuses business. The transaction is contingent upon certain regulatory and accrediting agency approvals and is expected to close in the second or third quarter of 2015. In addition, in the fourth quarter of 2014, Kaplan recorded a $13.6 million other long-lived asset impairment charge in connection with its KHE Campuses business.

Kaplan International incurred restructuring costs of $0.2 million, $5.8 million and $16.4 million in 2014, 2013 and 2012, respectively. These restructuring costs were largely in Australia and included lease obligations, accelerated depreciation and severance charges.

Total accrued restructuring costs at Kaplan were $12.7 million and $17.6 million at the end of each of 2014 and 2013, respectively.

In the second quarter of 2012, Kaplan International results benefited from a favorable $3.9 million out-of-period expense adjustment related to certain items in 2011 and 2010. With respect to this out-of-period expense adjustment, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2014, 2013 and 2012 and the related interim periods, based on its consideration of quantitative and qualitative factors.

Cable. Cable operations consist of cable systems offering video, data, voice and other services to subscribers in midwestern, western and southern states. The principal source of revenue is monthly subscription fees charged for services.

In November 2014, the Company announced a plan for the complete legal and structural separation of Cable ONE, Inc. from the Company (See Note 1).

Television Broadcasting. Television broadcasting operations are conducted through five VHF television stations serving the Detroit, Houston, San Antonio, Orlando and Jacksonville television markets. All stations are network-affiliated (except for WJXT in Jacksonville), with revenues derived primarily from sales of advertising time.

In June 2014, the Company completed the sale of WPLG, a television station serving the Miami market. WPLG results are included in discontinued operations, net of tax, for all periods presented. The television broadcasting segment operating results have been reclassified to reflect this change.

Other Businesses. Other businesses includes the operating results of The Slate Group and Foreign Policy Group, which publish online and print magazines and websites; SocialCode, a marketing solutions provider helping companies with marketing on social-media platforms; Celtic, a provider of home health and hospice services; Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications, acquired by the Company in August 2013; and Trove, a digital innovation team that builds products and technologies in the news space. In April 2014, Celtic acquired the assets of VNA-TIP Healthcare of Bridgeton, MO. On May 30, 2014, the Company acquired Joyce/Dayton Corp., a Dayton, OH-based manufacturer of screw jacks and other linear motion systems and on July 3, 2014, the Company acquired a majority interest in Residential Healthcare Group, Inc. (Residential), the parent company of Residential Home Health and Residential Hospice, leading providers of skilled home health care and hospice services in Michigan and Illinois.

Corporate Office. Corporate office includes the expenses of the Company’s corporate office, a net pension credit and certain continuing obligations related to prior business dispositions.

Geographical Information. The Company’s non-U.S. revenues in 2014, 2013 and 2012 totaled approximately $712 million, $658 million and $632 million, respectively, primarily from Kaplan’s operations outside the U.S. The Company’s long-lived assets in non-U.S. countries (excluding goodwill and other intangible assets), totaled approximately $58 million and $66 million at December 31, 2014 and 2013, respectively.

Company information broken down by operating segment and education division:



	Year Ended December 31
(in thousands)	2014			2013			2012
Operating Revenues
Education	$	2,160,417		$	2,163,734		$	2,184,532
Cable	798,134			807,309			787,117
Television broadcasting	363,836			308,306			328,396
Other businesses	212,907			128,803			72,837
Corporate office	—			—			—
Intersegment elimination	(128		)	(241		)	(296		)
	$	3,535,166		$	3,407,911		$	3,372,586
Income (Loss) from Operations
Education	$	65,463		$	50,989		$	(106,424	)
Cable	178,722			169,735			154,581
Television broadcasting	187,833			145,192			162,131
Other businesses	(21,086		)	(23,468		)	(33,010		)
Corporate office	(3,000		)	(23,279		)	(28,665		)
	$	407,932		$	319,169		$	148,613
Equity in Earnings of Affiliates, Net	100,370			13,215			14,086
Interest Expense, Net	(34,450		)	(33,803		)	(32,551		)
Other Income (Expense), Net	853,259			(23,751		)	(5,456		)
Income from Continuing Operations before Income Taxes	$	1,327,111		$	274,830		$	124,692
Depreciation of Property, Plant and Equipment
Education	$	61,737		$	89,622		$	101,009
Cable	128,733			128,184			129,107
Television broadcasting	8,409			8,746			9,253
Other businesses	3,931			2,177			770
Corporate office	836			626			—
	$	203,646		$	229,355		$	240,139
Amortization of Intangible Assets and Impairment of Goodwill and
Other Long-Lived Assets
Education	$	24,941		$	11,753		$	127,876
Cable	181			220			211
Television broadcasting	32			—			—
Other businesses	10,516			3,416			3,016
Corporate office	—			—			—
	$	35,670		$	15,389		$	131,103
Net Pension (Credit) Expense
Education	$	15,418		$	16,538		$	11,584
Cable	3,585			3,708			2,540
Television broadcasting	1,355			3,961			5,046
Other businesses	748			610			169
Corporate office	(82,301		)	(41,836		)	(27,871		)
	$	(61,195	)	$	(17,019	)	$	(8,532	)
Capital Expenditures
Education	$	33,528		$	45,421		$	51,105
Cable	165,787			160,246			150,525
Television broadcasting	11,295			12,131			6,122
Other businesses	5,110			2,005			1,451
Corporate office	7,074			309			—
	$	222,794		$	220,112		$	209,203

Asset information for the Company’s business segments is as follows:



	As of December 31
(in thousands)	2014		2013
Identifiable Assets
Education	$	1,781,543	$	1,921,037
Cable	1,253,764		1,215,320
Television broadcasting	305,426		383,251
Other businesses	518,807		171,539
Corporate office	524,627		371,484
	$	4,384,167	$	4,062,631
Investments in Marketable Equity Securities	193,793		487,156
Investments in Affiliates	19,811		15,754
Prepaid Pension Cost	1,152,488		1,245,505
Assets of Discontinued Operations	2,060		—
Total Assets	$	5,752,319	$	5,811,046

The Company’s education division comprises the following operating segments:



	Year Ended December 31
(in thousands)	2014			2013			2012
Operating Revenues
Higher education	$	1,010,058		$	1,080,908		$	1,149,407
Test preparation	304,662			293,201			284,252
Kaplan international	840,915			783,588			741,826
Kaplan corporate and other	6,094			7,990			15,039
Intersegment elimination	(1,312		)	(1,953		)	(5,992		)
	$	2,160,417		$	2,163,734		$	2,184,532
Income (Loss) from Operations
Higher education	$	83,069		$	71,584		$	27,245
Test preparation	(4,730		)	4,118			(10,799		)
Kaplan international	69,153			51,653			47,120
Kaplan corporate and other	(82,034		)	(76,701		)	(171,036		)
Intersegment elimination	5			335			1,046
	$	65,463		$	50,989		$	(106,424	)
Depreciation of Property, Plant and Equipment
Higher education	$	29,187		$	43,892		$	58,514
Test preparation	12,547			19,194			19,718
Kaplan international	19,297			16,154			20,975
Kaplan corporate and other	706			10,382			1,802
	$	61,737		$	89,622		$	101,009
Amortization of Intangible Assets	$	7,738		$	8,503		$	16,283
Impairment of Goodwill and Other Long-Lived Assets	$	17,203		$	3,250		$	111,593
Pension Expense
Higher education	$	10,514		$	11,714		$	7,943
Test preparation	2,888			2,674			2,007
Kaplan international	356			363			189
Kaplan corporate and other	1,660			1,787			1,445
	$	15,418		$	16,538		$	11,584
Capital Expenditures
Higher education	$	11,551		$	10,879		$	26,406
Test preparation	1,143			7,008			8,211
Kaplan international	20,802			27,472			16,728
Kaplan corporate and other	32			62			(240		)
	$	33,528		$	45,421		$	51,105

Asset information for the Company’s education division is as follows:



	As of December 31
(in thousands)	2014		2013
Identifiable Assets
Higher education	$	749,421	$	859,208
Test preparation	167,055		173,435
Kaplan international	838,148		864,507
Kaplan corporate and other	26,919		23,887
	$	1,781,543	$	1,921,037

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Operating Results and Comprehensive Income (Unaudited)

12 Months Ended

Dec. 31, 2014

Summary of Quarterly Operating Results and Comprehensive Income (Unaudited)

SUMMARY OF QUARTERLY OPERATING RESULTS AND COMPREHENSIVE INCOME (UNAUDITED)

Quarterly results of operations and comprehensive income for the year ended December 31, 2014, is as follows:



(in thousands, except per share amounts)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Operating Revenues
Education	$	522,154		$	542,964		$	543,918		$	551,381
Subscriber	191,128			187,723			183,161			184,035
Advertising	78,247			82,475			81,583			101,271
Other	45,012			61,249			90,209			88,656
	836,541			874,411			898,871			925,343
Operating Costs and Expenses
Operating	376,463			395,627			398,922			391,348
Selling, general and administrative	325,275			322,240			358,189			319,854
Depreciation of property, plant and equipment	53,217			51,989			53,074			45,366
Amortization of intangible assets	2,717			2,995			7,405			5,251
Impairment of intangible and other long-lived assets	—			—			—			17,302
	757,672			772,851			817,590			779,121
Income from Operations	78,869			101,560			81,281			146,222
Equity in earnings of affiliates, net	4,052			91,503			4,613			202
Interest income	599			641			529			367
Interest expense	(8,820		)	(8,557		)	(9,330		)	(9,879		)
Other income, net	133,273			268,114			64,526			387,346
Income from Continuing Operations Before Income Taxes	207,973			453,261			141,619			524,258
Provision for Income Taxes	77,400			78,600			58,200			191,900
Income from Continuing Operations	130,573			374,661			83,419			332,358
Income (Loss) from Discontinued Operations, Net of Tax	1,732			375,189			(6,980		)	2,308
Net Income	132,305			749,850			76,439			334,666
Net Loss (Income) Attributable to Noncontrolling Interests	219			499			121			(256		)
Net Income Attributable to Graham Holdings Company	132,524			750,349			76,560			334,410
Redeemable Preferred Stock Dividends	(426		)	(212		)	(209		)	—
Net Income Attributable to Graham Holdings Company Common Stockholders	$	132,098		$	750,137		$	76,351		$	334,410

Amounts Attributable to Graham Holdings Company Common Stockholders
Income from continuing operations	$	130,366		$	374,948		$	83,331		$	332,102
Income (loss) from discontinued operations, net of tax	1,732			375,189			(6,980		)	2,308
Net income attributable to Graham Holdings Company common stockholders	$	132,098		$	750,137		$	76,351		$	334,410

Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic income per common share from continuing operations	$	17.62		$	50.39		$	14.38		$	57.31
Basic income (loss) per common share from discontinued operations	0.23			50.41			(1.20		)	0.40
Basic net income per common share	$	17.85		$	100.80		$	13.18		$	57.71

Diluted income per common share from continuing operations	$	17.56		$	50.22		$	14.32		$	57.01
Diluted income (loss) per common share from discontinued operations	0.23			50.26			(1.20		)	0.40
Diluted net income per common share	$	17.79		$	100.48		$	13.12		$	57.41
Basic average number of common shares outstanding	7,275			7,284			5,671			5,678
Diluted average number of common shares outstanding	7,352			7,363			5,757			5,770
2014 Quarterly comprehensive income	$	146,115		$	593,463		$	68,246		$	240,005

The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding and the reduction in shares outstanding as a result of the Berkshire exchange transaction that closed on June 30, 2014.

Quarterly results of operations and comprehensive income for the year ended December 31, 2013, is as follows:



(in thousands, except per share amount)	First Quarter			Second Quarter			Third Quarter ⁽¹⁾			Fourth Quarter
Operating Revenues
Education	$	524,639		$	544,878		$	543,599		$	550,618
Subscriber	186,790			192,273			190,302			186,297
Advertising	69,122			79,898			73,549			87,692
Other	36,865			50,103			48,651			42,635
	817,416			867,152			856,101			867,242
Operating Costs and Expenses
Operating	374,516			392,500			393,010			372,471
Selling, general and administrative	333,894			318,731			327,062			331,814
Depreciation of property, plant and equipment	58,910			56,849			54,672			58,924
Amortization of intangible assets	3,362			2,950			2,468			3,359
Impairment of intangibles and other long-lived assets	—			—			—			3,250
	770,682			771,030			777,212			769,818
Income from Operations	46,734			96,122			78,889			97,424
Equity in earnings of affiliates, net	3,418			3,868			5,892			37
Interest income	510			522			642			590
Interest expense	(8,960		)	(9,048		)	(9,221		)	(8,838		)
Other (expense) income, net	(4,083		)	(12,858		)	8,110			(14,920		)
Income from Continuing Operations Before Income Taxes	37,619			78,606			84,312			74,293
Provision for Income Taxes	15,800			31,700			29,900			24,100
Income from Continuing Operations	21,819			46,906			54,412			50,193
(Loss) Income from Discontinued Operations, Net of Tax	(16,560		)	(1,772		)	(23,988		)	106,335
Net Income	5,259			45,134			30,424			156,528
Net Income Attributable to Noncontrolling Interests	(97		)	(253		)	(75		)	(55		)
Net Income Attributable to Graham Holdings Company	5,162			44,881			30,349			156,473
Redeemable Preferred Stock Dividends	(444		)	(206		)	(205		)	—
Net Income Attributable to Graham Holdings Company Common Stockholders	$	4,718		$	44,675		$	30,144		$	156,473

Amounts Attributable to Graham Holdings Company Common Stockholders
Income from continuing operations	$	21,278		$	46,447		$	54,132		$	50,138
(Loss) income from discontinued operations, net of tax	(16,560		)	(1,772		)	(23,988		)	106,335
Net income attributable to Graham Holdings Company common stockholders	$	4,718		$	44,675		$	30,144		$	156,473

Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic income per common share from continuing operations	$	2.87		$	6.26		$	7.29		$	6.79
Basic (loss) income per common share from discontinued operations	(2.23		)	(0.24		)	(3.22		)	14.41
Basic net income per common share	$	0.64		$	6.02		$	4.07		$	21.20

Diluted income per common share from continuing operations	$	2.87		$	6.26		$	7.28		$	6.77
Diluted (loss) income per common share from discontinued operations	(2.23		)	(0.24		)	(3.23		)	14.37
Diluted net income per common share	$	0.64		$	6.02		$	4.05		$	21.14
Basic average number of common shares outstanding	7,227			7,229			7,231			7,266
Diluted average number of common shares outstanding	7,266			7,283			7,337			7,347
2013 Quarterly comprehensive income	$	29,129		$	61,125		$	37,533		$	555,695

________________

⁽¹⁾ Other revenue and operating expenses of $29.9 million from the third quarter of 2013 have been revised to correctly present revenue on a net basis for certain third quarter contracts that were previously reported on a gross basis. The amounts did not impact net income, and the Company concluded that the amounts were not material to the Company’s consolidated financial statements.

The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding.

Quarterly impact from certain items in 2014 and 2013 (after-tax and diluted EPS amounts):



		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2014
Ÿ	Charges of $20.2 million in connection with early retirement program expense and related charges, restructuring charges and software asset write-offs at the education division and corporate office ($2.9 million, $6.7 million, $8.7 million and $1.9 million in the first, second, third and fourth quarters, respectively)	$	(0.39	)	$	(0.90	)	$	(1.50	)	$	(0.33	)
Ÿ	Intangible and other long-lived assets impairment charge of $11.2 million at Kaplan and other businesses										$	(1.92	)
Ÿ	Gain of $249.8 million from the sale of Classified Ventures										$	42.89
Ÿ	Gain of $58.2 million from the Classified Ventures' sale of apartments.com				$	7.80
Ÿ	Gain of $266.7 million from the Berkshire exchange transaction				$	35.73
Ÿ	Gain of $81.8 million on the sale of the corporate headquarters building	$	11.13
Ÿ	Gain of $48.2 million from the sale of wireless licenses at the cable division							$	8.29
Ÿ	Losses, net, of $7.1 million for non-operating unrealized foreign currency (losses) gains ($3.2 million gain, $1.9 million gain, $6.8 million loss and $5.5 million loss in the first, second, third and fourth quarters, respectively)	$	0.44		$	0.25		$	(1.16	)	$	(0.94	)



2013
Ÿ	Charges of $25.3 million in connection with severance and restructuring at the education division ($6.1 million, $3.9 million, $3.1 million and $12.2 million in the first, second, third and fourth quarters, respectively)	$	(0.85	)	$	(0.54	)	$	(0.42	)	$	(1.66	)
Ÿ	Intangible and other long-lived assets impairment charge of $3.2 million at Kaplan										$	(0.44	)
Ÿ	Write-down of marketable equity security of $6.7 million										$	(0.91	)
Ÿ	Losses, net, of $8.6 million for non-operating unrealized foreign currency (losses) gains ($3.0 million loss, $8.1 million loss, $5.0 million gain and $2.6 million loss in the first, second, third and fourth quarters, respectively)	$	(0.41	)	$	(1.11	)	$	0.69		$	(0.35	)

Summary of Significant Accounting Policies (Policy)	12 Months Ended
Summary of Significant Accounting Policies (Policy)	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications. Certain amounts in previously issued financial statements have been reclassified to conform with the 2014 presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.
Business Combinations	Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date.
Cash and Cash Equivalents	Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less.
Restricted Cash	Restricted Cash. Restricted cash represents amounts held for students that were received from U.S. Federal and state governments under various aid grant and loan programs, such as Title IV of the U.S. Federal Higher Education Act of 1965 (Higher Education Act), as amended, that the Company is required to maintain pursuant to U.S. Department of Education (ED) and other regulations. Federal regulations stipulate that the Company has a fiduciary responsibility to segregate Federal funds from all other funds to ensure the funds are only used for the benefit of eligible students. The regulations further indicate that funds received under Federal aid programs are held in trust for the intended student beneficiary and the ED, and as trustee of these funds, the Company may not use the funds for any other purpose until the funds are applied to eligible student charges, which occurs within three days of the receipt of the funds. Restricted cash also includes (i) certain funds that the Company may be required to return if a student who receives Title IV program funds withdraws from a program and (ii) funds required to be held by non-U.S. higher education institutions for prepaid tuition.
Concentration of Credit Risk	Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to trade accounts receivable.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts. Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for doubtful accounts following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency.
Investments in Marketable Equity Securities	Investments in Marketable Equity Securities. The Company’s investments in marketable equity securities are classified as available-for-sale and, therefore, are recorded at fair value in the Consolidated Financial Statements, with the change in fair value during the period excluded from earnings and recorded net of income taxes as a separate component of other comprehensive income. If the fair value of a marketable equity security declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold or reclassified out of other comprehensive income.
Fair Value Measurements	Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of the interest rate hedge is determined based on a number of observable inputs, including time to maturity and market interest rates.
Inventories and Contracts in Progress	Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or realizable values and are based on the first-in, first-out (FIFO) method.
Property, Plant and Equipment	Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases. The cable division capitalizes costs associated with the construction of cable transmission and distribution facilities and new cable service installations. Costs include all direct labor and materials, as well as certain indirect costs. The cost of subsequent disconnects and reconnects are expensed as they are incurred.
Evaluation of Long-Lived Assets	Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered to not be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from franchise agreements at its cable division, as the Company expects its cable franchise agreements to provide the Company with substantial benefit for a period that extends beyond the foreseeable horizon, and the Company’s cable division historically has obtained renewals and extensions of such agreements for nominal costs and without any material modifications to the agreements. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 10 years. The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. In reviewing the carrying value of indefinite-lived intangible assets at the cable division, the Company aggregates its cable systems on a regional basis. The Company initially assesses qualitative factors to determine if it is necessary to perform the two-step goodwill impairment review or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill for impairment using the two-step process and the indefinite-lived intangible assets using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company reviews the carrying value of goodwill and indefinite-lived intangible assets utilizing a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s and indefinite-lived intangible asset’s estimated fair value. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges.
Investments in Affiliates	Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. The Company considers whether the fair values of any of its equity method investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value.
Cost Method Investments	Cost Method Investments. The Company uses the cost method of accounting for its minority investments in nonpublic companies where it does not have significant influence over the operations and management of the investee. Investments are recorded at the lower of cost or fair value as estimated by management. Charges recorded to write down cost method investments to their estimated fair value and gross realized gains or losses upon the sale of cost method investments are included in other (expense) income, net, in the Company’s Consolidated Financial Statements. Fair value estimates are based on a review of the investees’ product development activities, historical financial results and projected discounted cash flows.
Revenue Recognition	Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, the fees are fixed or determinable, the product or service has been delivered and collectability is reasonably assured. The Company considers the terms of each arrangement to determine the appropriate accounting treatment. Education revenues. Tuition revenue is recognized ratably over the period of instruction as services are delivered to students, net of any refunds, corporate discounts, scholarships and employee tuition discounts. At KTP and International divisions, estimates of average student course length are developed for each course, and these estimates are evaluated on an ongoing basis and adjusted as necessary. Online access revenue is recognized ratably over the period of access. Course material revenue is recognized over the same period as the tuition or online access, if related, or when the products are delivered, if not related. Other revenues, such as student support services, are recognized when the services are provided. KHE, through the Kaplan Commitment program, provides first-time students with a risk-free trial period. Under the program, KHE monitors academic progress and conducts assessments to help determine whether students are likely to be successful in their chosen course of study. Students who withdraw or are subject to dismissal during the risk-free trial period do not incur any significant financial obligation. The Company does not recognize revenues related to coursework until the students complete the risk-free period and decide to continue with their studies, at which time the fees become fixed or determinable. KHE’s refund policy may permit students who do not complete a course to be eligible for a refund for the portion of the course they did not attend. The amount of the refund differs by school, program and state, as some states require different policies. Refunds generally result in a reduction in deferred revenue during the period that a student drops or withdraws from a class because the associated tuition revenue is recognized daily over the period of instruction as the services are delivered. Cable revenues. Cable revenues are primarily derived from subscriber fees for video, high-speed data and voice services, and from advertising. Cable subscriber revenue is recognized monthly, as services are delivered. Advertising revenue is recognized when the commercials or programs are aired. Television broadcasting revenues. Advertising revenues are recognized, net of agency commissions, when the underlying advertisement is broadcast. Retransmission revenues are recognized over the term of the agreement based on monthly subscriber counts and contractual rates. Revenue presentation. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company acts as a principal or an agent in the transaction. In certain cases, the Company is considered the agent, and the Company records revenue equal to the net amount retained when the fee is earned. In these cases, costs incurred with third-party suppliers are excluded from the Company’s revenue. The Company assesses whether it or the third-party supplier is the primary obligor and evaluates the terms of its customer arrangements as part of this assessment. In addition, the Company considers other key indicators such as latitude in establishing price, inventory risk, nature of services performed, discretion in supplier selection and credit risk. Deferred revenue. Amounts received from customers in advance of revenue recognition are deferred as liabilities. Deferred revenue to be earned after one year is included in other noncurrent liabilities in the Company’s Consolidated Financial Statements.
Leases	Leases. The Company leases substantially all of its educational facilities and enters into various other lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or capital lease. Additionally, many of the Company’s lease agreements contain renewal options, tenant improvement allowances, rent holidays and/or rent escalation clauses. When such items are included in a lease agreement, the Company records a deferred rent asset or liability in the Consolidated Financial Statements and records these items in rent expense evenly over the terms of the lease. The Company is also required to make additional payments under operating lease terms for taxes, insurance and other operating expenses incurred during the operating lease period; such items are expensed as incurred. Rental deposits are included as other assets in the Consolidated Financial Statements for lease agreements that require payments in advance or deposits held for security that are refundable, less any damages, at the end of the respective lease.
Pensions and Other Postretirement Benefits	Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Substantially all of the Company’s employees are covered by these plans. The Company also provides health care and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans.
Self-Insurance	Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee health care and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided.
Income Taxes	Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made.
Foreign Currency Translation	Foreign Currency Translation. Income and expense accounts of the Company’s non-United States operations where the local currency is the functional currency are translated into United States (U.S.) dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations.
Equity-Based Compensation	Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award.
Earnings Per Share	Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method.
Comprehensive Income	Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, the change in unrealized gains (losses) on investments in marketable equity securities, net changes in cash flow hedge and pension and other postretirement plan adjustments.
Discontinued Operations	Discontinued Operations. A business is classified as a discontinued operation when (i) the operations and cash flows of the business can be clearly distinguished and have been or will be eliminated from the Company’s ongoing operations; (ii) the business has either been disposed of or is classified as held for sale; and (iii) the Company will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations (as well as the gain or loss on the disposal) are aggregated and separately presented in the Company’s Consolidated Statements of Operations, net of income taxes.
Recently Adopted and Issued Accounting Pronouncemets	Recently Adopted and Issued Accounting Pronouncements. In April 2014, the Financial Accounting Standards Board (FASB) issued new guidance that modifies the requirements for reporting discontinued operations. The new guidance requires the reporting of the disposal of an entity or component of an entity as discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the entity’s operations and financial results. The new guidance also expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. This guidance is effective for interim and fiscal years beginning after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for issuance. The impact of the guidance on the Company’s Consolidated Financial Statements will depend on its future disposal activity. In May 2014, the FASB issued comprehensive new guidance that supersedes all existing revenue recognition guidance. The new guidance requires revenue to be recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The new guidance also significantly expands the disclosure requirements for revenue recognition. This guidance is effective for interim and fiscal years beginning after December 15, 2016. Early adoption is not permitted. The standard permits two implementation approaches, one requiring retrospective application of the new guidance with a restatement of prior years and one requiring prospective application of the new guidance with disclosure of results under the old guidance. The Company is in the process of evaluating the impact of this new guidance on its Consolidated Financial Statements and believes such evaluation will extend over several future periods because of the significance of the changes to the Company’s policies and business processes. In August 2014, the FASB issued new guidance that requires management to assess the Company’s ability to continue as a going concern and to provide related disclosures in certain circumstances. This guidance is effective for interim and fiscal years ending after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have an impact on its Consolidated Financial Statements. Other new pronouncements issued but not effective until after December 31, 2014, are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Revision of Prior Period Amounts [Abstract]

Schedule of Prior Period Adjustments [Table Text Block]

As detailed below, these revisions impacted the following consolidated cash flow items:



	Year Ended December 31, 2013								Year Ended December 31, 2012
	As								As
	Previously					As			Previously					As
(in thousands)	Reported			Revision		Revised			Reported			Revision		Revised
Cash Flows from Operating Activities
Increase (Decrease) in Accounts Payable and Accrued Liabilities	$	37,926		(17,636	)	$	20,290		$	(34,224	)	6,693		$	(27,531	)
Net Cash Provided by Operating Activities	327,864			(17,636	)	310,228			477,214			6,693		483,907

Cash Flows from Investing Activities
Purchases of Property, Plant and Equipment	(224,093		)	17,636		(206,457		)	(217,995		)	(6,693	)	(224,688		)
Net Cash Used in Investing Activities	(25,401		)	17,636		(7,765		)	(228,043		)	(6,693	)	(234,736		)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operation, Additional Disclosures [Abstract]

Summarized Income (Loss) from Discontinued Operations, Net Of Tax

The summarized income (loss) from discontinued operations, net of tax, is presented below:



	Year Ended December 31
(in thousands)	2014			2013			2012
Operating revenues	$	46,980		$	462,658		$	679,640
Operating costs and expenses	(37,257		)	(519,162		)	(690,963		)
Gain (loss) from discontinued operations	9,723			(56,504		)	(11,323		)
Provision (benefit) for income taxes	4,408			(20,559		)	(3,868		)
Net Gain (Loss) from Discontinued Operations	5,315			(35,945		)	(7,455		)
Gain on sales and disposition of discontinued operations	351,133			157,449			23,759
(Benefit) provision for income taxes on sales and disposition of discontinued operations	(15,801		)	57,489			(64,591		)
Income from Discontinued Operations, Net of Tax	$	372,249		$	64,015		$	80,895

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

Investments in Marketable Equity Securities

Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Investments in marketable equity securities consist of the following:



	As of December 31
(in thousands)	2014		2013
Total cost	$	106,909	$	197,718
Net unrealized gains	86,884		289,438
Total Fair Value	$	193,793	$	487,156

Accounts Receivable, Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:



	As of December 31
(in thousands)	2014		2013
Trade accounts receivable, less estimated returns, doubtful accounts and allowances
of $32,598 and $33,384	$	538,532	$	407,234
Other receivables	32,825		21,419
	$	571,357	$	428,653

Schedule of Changes in Allowance for Doubtful Accounts and Returns and Allowance for Advertising Rate Adjustments and Discounts

The changes in allowance for doubtful accounts and returns and allowance for advertising rate adjustments and discounts were as follows:



(in thousands)	Balance at Beginning of Period		Additions – Charged to Costs and Expenses		Deductions			Balance at End of Period
2014
Allowance for doubtful accounts and returns	$	33,834	$	47,356	$	(48,592	)	$	32,598

2013
Allowance for doubtful accounts and returns	$	33,612	$	57,245	$	(57,023	)	$	33,834
Allowance for advertising rate adjustments and discounts	1,850		—		(1,850		)	—
	$	35,462	$	57,245	$	(58,873	)	$	33,834
2012
Allowance for doubtful accounts and returns	$	48,199	$	55,605	$	(70,192	)	$	33,612
Allowance for advertising rate adjustments and discounts	2,026		15,088		(15,264		)	1,850
	$	50,225	$	70,693	$	(85,456	)	$	35,462

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of the following:



	As of December 31
(in thousands)	2014		2013
Accounts payable and accrued liabilities	$	303,111	$	343,620
Accrued compensation and related benefits	161,231		162,079
	$	464,342	$	505,699

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:



	As of December 31
(in thousands)	2014			2013
Land	$	18,052		$	32,618
Buildings	157,250			299,652
Machinery, equipment and fixtures	2,357,264			2,289,966
Leasehold improvements	214,119			294,548
Construction in progress	71,156			94,615
	2,817,841			3,011,399
Less accumulated depreciation	(1,957,012		)	(2,083,857		)
	$	860,829		$	927,542

Acquisitions, Dispositions and Exchanges Acqusitions, Dispositions and Exchanges (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions, Dispositions and Exchanges [Abstract]

Schedule of assets acquired and liabilities assumed [Table Text Block]

The aggregate purchase price of these 2014 acquisitions was allocated as follows (on a preliminary basis for Residential Healthcare Group):



	Weighted Average Life	Purchase Price Allocation
(in thousands)	Weighted Average Life	Purchase Price Allocation
Cash and cash equivalents		$	4,143
Accounts receivable		15,912
Other current assets		6,724
Property, plant and equipment		12,834
Investments in affiliates		8,556
Goodwill		128,919
Indefinite-lived intangible assets
Trade name		11,900
Other		151
		12,051
Amortized intangible assets
Noncompete agreements	3 years	430
Student and customer relationships	6 years	51,532
Databases and technology	3 years	150
Trade names and trademarks	8 years	20,254
Other	3 years	1,400
	7 years	73,766
Other noncurrent assets		1,215
Current liabilities		(17,180		)
Noncurrent liabilities		(19,654		)
Redeemable noncontrolling interest		(17,108		)
		$	210,178

Acqusition Pro Forma Financial Information [Table Text Block]

The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2013:



	Year Ended December 31
(in thousands)	2014		2013
Operating revenues	$	3,595,121	$	3,547,856
Net income	$	1,292,421	$	227,556

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill, by segment, were as follows:



(in thousands)	Education			Cable		Newspaper Publishing			Television Broadcasting			Other Businesses			Total
As of December 31, 2012
Goodwill	$	1,097,058		$	85,488	$	81,183		$	203,165		$	19,052		$	1,485,946
Accumulated impairment losses	(102,259		)	—		(65,772		)	—			—			(168,031		)
	994,799			85,488		15,411			203,165			19,052			1,317,915
Reallocation, net	—			—		(1,809		)	—			1,809			—
Acquisitions	—			—		—			—			7,934			7,934
Dispositions	—			—		(13,602		)	—			—			(13,602		)
Foreign currency exchange rate changes	(23,625		)	—		—			—			—			(23,625		)
As of December 31, 2013
Goodwill	1,073,433			85,488		—			203,165			34,877			1,396,963
Accumulated impairment losses	(102,259		)	—		—			—			(6,082		)	(108,341		)
	971,174			85,488		—			203,165			28,795			1,288,622
Acquisitions	14,963			—		—			2,841			111,115			128,919
Dispositions	(2,422		)	—		—			(37,661		)	—			(40,083		)
Reclassification to discontinued operations	(810		)	—		—			—			—			(810		)
Foreign currency exchange rate changes	(27,938		)	—		—			—			—			(27,938		)
As of December 31, 2014
Goodwill	1,057,226			85,488		—			168,345			145,992			1,457,051
Accumulated impairment losses	(102,259		)	—		—			—			(6,082		)	(108,341		)
	$	954,967		$	85,488	$	—		$	168,345		$	139,910		$	1,348,710

Other Intangible Assets

Other intangible assets consist of the following:



		As of December 31, 2014						As of December 31, 2013
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Noncompete agreements	2–5 years	$	2,500	$	1,590	$	910	$	13,540	$	12,622	$	918
Student and customer relationships	2–10 years	104,685		47,539		57,146		72,050		45,718		26,332
Databases and technology	3–5 years	10,501		8,827		1,674		10,790		6,991		3,799
Trade names and trademarks	2–10 years	55,452		19,724		35,728		22,327		16,052		6,275
Other	1–25 years	8,969		7,480		1,489		9,836		7,572		2,264
		$	182,107	$	85,160	$	96,947	$	128,543	$	88,955	$	39,588
Indefinite-Lived Intangible Assets
Franchise agreements		$	496,321					$	496,321
Wireless licenses		—						22,150
Licensure and accreditation		6,781						7,171
Other		13,651						15,636
		$	516,753					$	541,278

Education [Member]

Changes in Carrying Amount of Goodwill

The changes in carrying amount of goodwill at the Company’s education division were as follows:



(in thousands)	Higher Education			Test Preparation			Kaplan International			Total
As of December 31, 2012
Goodwill	$	409,184		$	152,187		$	535,687		$	1,097,058
Accumulated impairment losses	—			(102,259		)	—			(102,259		)
	409,184			49,928			535,687			994,799
Foreign currency exchange rate changes	(168		)	—			(23,457		)	(23,625		)
As of December 31, 2013
Goodwill	409,016			152,187			512,230			1,073,433
Accumulated impairment losses	—			(102,259		)	—			(102,259		)
	409,016			49,928			512,230			971,174
Acquisitions	1,052			13,911			—			14,963
Dispositions	—			—			(2,422		)	(2,422		)
Reclassification to discontinued operations	—			—			(810		)	(810		)
Foreign currency exchange rate changes	(184		)	—			(27,754		)	(27,938		)
As of December 31, 2014
Goodwill	409,884			166,098			481,244			1,057,226
Accumulated impairment losses	—			(102,259		)	—			(102,259		)
	$	409,884		$	63,839		$	481,244		$	954,967

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income From Continuing Operations Before Income Taxes, Domestic and Foreign

Income from continuing operations before income taxes consists of the following:



	Year Ended December 31
(in thousands)	2014		2013		2012
U.S.	$	1,274,509	$	261,137	$	108,233
Non-U.S.	52,602		13,693		16,459
	$	1,327,111	$	274,830	$	124,692

Schedule of Provision for Income Taxes on Income From Continuing Operations

The provision for income taxes on income from continuing operations consists of the following:



(in thousands)	Current		Deferred			Total
Year Ended December 31, 2014
U.S. Federal	$	294,965	$	44,860		$	339,825
State and Local	35,432		23,671			59,103
Non-U.S.	10,485		(3,313		)	7,172
	$	340,882	$	65,218		$	406,100
Year Ended December 31, 2013
U.S. Federal	$	70,152	$	22,438		$	92,590
State and Local	10,273		(9,808		)	465
Non-U.S.	10,015		(1,570		)	8,445
	$	90,440	$	11,060		$	101,500
Year Ended December 31, 2012
U.S. Federal	$	101,804	$	(48,685	)	$	53,119
State and Local	13,509		(5,135		)	8,374
Non-U.S.	12,604		(697		)	11,907
	$	127,917	$	(54,517	)	$	73,400

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31
(in thousands)	2014			2013			2012
U.S. Federal taxes at statutory rate	$	464,489		$	96,191		$	43,642
State and local taxes, net of U.S. Federal tax	35,242			2,941			8,887
Valuation allowances against state tax benefits, net of U.S. Federal tax	3,175			(2,638		)	(3,443		)
Tax-free stock transactions	(91,540		)	—			—
Tax provided on non-U.S. subsidiary earnings and distributions at more (less) than the
expected U.S. Federal statutory tax rate	2,186			767			(6,950		)
Valuation allowances against non-U.S. income tax benefits	(2,477		)	7,233			15,966
Goodwill impairment	—			—			12,776
U.S. Federal Manufacturing Deduction tax benefits	(6,789		)	(4,397		)	(2,393		)
Other, net	1,814			1,403			4,915
Provision for Income Taxes	$	406,100		$	101,500		$	73,400

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:



	As of December 31
(in thousands)	2014			2013
Accrued postretirement benefits	$	16,785		$	15,408
Other benefit obligations	122,241			101,923
Accounts receivable	17,925			24,911
State income tax loss carryforwards	26,077			30,036
U.S. Federal income tax loss carryforwards	2,368			2,613
U.S. Federal foreign income tax credit carryforwards	837			8,265
Non-U.S. income tax loss carryforwards	30,460			32,600
Other	50,134			61,753
Deferred Tax Assets	266,827			277,509
Valuation allowances	(73,656		)	(72,767		)
Deferred Tax Assets, Net	$	193,171		$	204,742
Property, plant and equipment	139,765			134,627
Prepaid pension cost	463,714			497,727
Unrealized gain on available-for-sale securities	34,764			115,785
Goodwill and other intangible assets	308,954			293,749
Deferred Tax Liabilities	$	947,197		$	1,041,888
Deferred Income Tax Liabilities, Net	$	754,026		$	837,146

Schedule of Changes in Deferred Tax Valuation Allowance

Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:



(in thousands)	Balance at Beginning of Period		Tax Expense and Revaluation			Deductions	Balance at End of Period
Year ended
December 31, 2014	$	72,767	$	889		—	$	73,656
December 31, 2013	$	78,109	$	(5,342	)	—	$	72,767
December 31, 2012	$	59,179	$	18,930		—	$	78,109

Schedule of Unrecognized Tax Benefits Roll Forward

The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods:



	Year Ended December 31
(in thousands)	2014		2013		2012
Beginning unrecognized tax benefits	$	—	$	—	$	—
Increases related to current year tax positions	7,000		—		—
Increases related to prior year tax positions	—		—		—
Decreases related to prior year tax positions	—		—		—
Decreases related to settlement with tax authorities	—		—		—
Decreases due to lapse of applicable statutes of limitations	—		—		—
Ending unrecognized tax benefits	$	7,000	$	—	$	—

State [Member]

Schedule of Income Tax Loss Carryforwards



(in millions)
2015	$	4.7
2016	6.1
2017	3.7
2018	10.8
2019	4.8
2020 and after	464.0
Total	$	494.1

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards



(in millions)
2015	$	0.7
2016	0.7
2017	0.7
2018	0.7
2019	0.7
2020 and after	3.2
Total	$	6.7

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Components of Debt

The Company’s borrowings consist of the following:



	As of December 31
(in thousands)	2014			2013
7.25% unsecured notes due February 1, 2019	$	398,308		$	397,893
AUD Revolving credit borrowing	40,927			44,625
Other indebtedness	6,685			8,258
Total Debt	445,920			450,776
Less: current portion	(46,375		)	(3,168		)
Total Long-Term Debt	$	399,545		$	447,608

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Summary of Fair Value, Assets and Liabilities Measured on Recurring Basis

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:



	As of December 31, 2014
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments (1)	$	—	$	368,131	$	368,131
Commercial paper (2)	226,197		—		226,197
Marketable equity securities (3)	193,793		—		193,793
Other current investments (4)	11,788		21,171		32,959
Total Financial Assets	$	431,778	$	389,302	$	821,080
Liabilities
Deferred compensation plan liabilities (5)	$	—	$	70,661	$	70,661
7.25% unsecured notes (6)	—		450,344		450,344
AUD revolving credit borrowing (6)	—		40,927		40,927
Interest rate swap (7)	—		179		179
Total Financial Liabilities	$	—	$	562,111	$	562,111



	As of December 31, 2013
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments (1)	$	—	$	431,836	$	431,836
Marketable equity securities (3)	487,156		—		487,156
Other current investments (4)	11,826		23,336		35,162
Total Financial Assets	$	498,982	$	455,172	$	954,154
Liabilities
Deferred compensation plan liabilities (5)	$	—	$	67,603	$	67,603
7.25% unsecured notes (6)	—		475,224		475,224
AUD revolving credit borrowing (6)	—		44,625		44,625
Interest rate swap (7)	—		1,047		1,047
Total Financial Liabilities	$	—	$	588,499	$	588,499

____________


(1)	The Company’s money market investments are included in cash, cash equivalents and restricted cash.


(2)	The Company’s commercial paper investments with original maturities of 90 days or less are included in cash and cash equivalents.


(3)	The Company’s investments in marketable equity securities are classified as available-for-sale.


(4)	Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits.

(5)


(6)	See Note 10 for carrying amount of these notes and borrowing.


(7)	Included in Other liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.

Capital Stock, Stock Awards and Stock Options (Tables)

12 Months Ended

Dec. 31, 2014

Capital Stock, Stock Awards, and Stock Options [Abstract]

Activity Related to Stock Awards

Activity related to stock awards under these incentive compensation plans was as follows:



	Year Ended December 31
	2014				2013				2012
	Number of Shares		Average Grant-Date Fair Value		Number of Shares		Average Grant-Date Fair Value		Number of Shares		Average Grant-Date Fair Value
Beginning of year, unvested	114,479		$	424.65	207,917		$	350.21	77,319		$	424.45
Awarded	21,114		683.44		70,165		562.29		145,348		321.56
Vested	(11,098	)	523.95		(71,585	)	515.09		(7,134	)	499.06
Forfeited	(7,384	)	396.91		(92,018	)	300.86		(7,616	)	417.79
End of Year, Unvested	117,111		463.64		114,479		424.65		207,917		350.21

Activity Related to Stock Options

Activity related to options outstanding was as follows:



	Year Ended December 31
	2014				2013				2012
	Number of Shares		Average Option Price		Number of Shares		Average Option Price		Number of Shares		Average Option Price
Beginning of year	121,694		$	469.76	125,694		$	478.32	129,044		$	494.95
Granted	55,000		1,070.43		15,000		373.03		7,500		378.00
Exercised	(19,125	)	409.44		(14,500	)	391.83		—		—
Expired or forfeited	(5,875	)	791.81		(4,500	)	637.53		(10,850	)	605.82
End of Year	151,694		682.68		121,694		469.76		125,694		478.32

Information related to stock options outstanding and exercisable at December 31, 2014, is as follows:



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Shares Outstanding at 12/31/2014	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price		Shares Exercisable at 12/31/2014	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price
$369–396	32,000	6.8	$	383.37	18,000	5.8	$	390.58
419–439	10,694	4.5	423.05		10,694	4.5	423.05
503	50,000	6.2	502.58		37,500	6.2	502.58
652–663	7,000	7.4	659.65		2,000	3.4	651.91
730	2,000	1.9	729.67		2,000	1.9	729.67
1,111	50,000	9.8	1,111.20		—	—	—
	151,694	7.4	682.68		70,194	5.6	427.47

Fair Value of Options Assumptions

The fair value of options at date of grant was estimated using the Black-Scholes method utilizing the following assumptions:



	2014	2013	2012
Expected life (years)	7–8	7	7
Interest rate	2.15%–2.45%	1.31%	1.04%–1.27%
Volatility	30.75%–32.10%	31.80%	31.71%–31.80%
Dividend yield	1.30%–1.54%	2.63%	2.54%–2.60%

Summary of Earnings Per Share from Continuing Operations, Basic and Diluted

The following reflects the Company’s income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method:



	Year Ended December 31
(in thousands, except per share amounts)	2014			2013			2012
Numerator:
Numerator for basic earnings per share:
Income from continuing operations attributable to Graham Holdings Company common stockholders	$	920,747		$	171,995		$	50,323
Less: Dividends paid–common stock outstanding and unvested restricted shares	(67,267		)	—			(146,432		)
Undistributed earnings (losses)	853,480			171,995			(96,109		)
Percent allocated to common stockholders ⁽¹⁾	97.98		%	98.45		%	100.00		%
	836,246			169,329			(96,109		)
Add: Dividends paid–common stock outstanding	66,012			—			143,175
Numerator for basic earnings per share	902,258			169,329			47,066
Add: Additional undistributed earnings due to dilutive stock options	79			5			—
Numerator for diluted earnings per share	$	902,337		$	169,334		$	47,066
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	6,470			7,238			7,360
Add: Effect of dilutive stock options	27			12			—
Denominator for diluted earnings per share	6,497			7,250			7,360
Graham Holdings Company Common Stockholders:
Basic earnings per share from continuing operations	$	139.44		$	23.39		$	6.40
Diluted earnings per share from continuing operations	$	138.88		$	23.36		$	6.40

____________


(1)	Percent of undistributed losses allocated to common stockholders is 100% in 2012 as participating securities are not contractually obligated to share in losses.

Antidilutive Weighted Average Restricted Stock [Table Text Block]

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:



	Year Ended December 31
(in thousands)	2014	2013	2012
Weighted average restricted stock	62	83	44

Pension and Postretirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Plans [Member]

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:



	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2014		2013		2014			2013
Noncurrent asset	$	1,152,488	$	1,245,505	$	—		$	—
Current liability	—		—		(6,275		)	(4,251		)
Noncurrent liability	—		—		(109,808		)	(86,918		)
Recognized Asset (Liability)	$	1,152,488	$	1,245,505	$	(116,083	)	$	(91,169	)

Schedule of Estimated Benefit Payments

At December 31, 2014, future estimated benefit payments, excluding charges for early retirement programs, are as follows:



(in thousands)	Pension Plans		SERP
2015	$	87,271	$	6,399
2016	$	80,239	$	5,875
2017	$	78,592	$	5,964
2018	$	77,576	$	6,257
2019	$	78,589	$	6,719
2020–2024	$	398,372	$	34,875

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans:



	Pension Plans						SERP
	As of December 31						As of December 31
(in thousands)	2014			2013			2014			2013
Unrecognized actuarial (gain) loss	$	(685,895	)	$	(840,273	)	$	36,890		$	19,266
Unrecognized prior service cost	1,033			1,362			1,689			136
Gross Amount	(684,862		)	(838,911		)	38,579			19,402
Deferred tax liability (asset)	273,945			335,564			(15,432		)	(7,761		)
Net Amount	$	(410,917	)	$	(503,347	)	$	23,147		$	11,641

Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss)

During 2015, the Company expects to recognize the following amortization components of net periodic cost for the defined benefit plans:



	2015
(in thousands)	Pension Plans		SERP
Actuarial loss recognition	$	—	$	3,449
Prior service cost recognition	$	324	$	457

Defined Benefit Plans [Member] | Periodic Cost [Member]

Schedule of Assumptions Used

The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost:



	Pension Plans						SERP
	Year Ended December 31						Year Ended December 31
	2014		2013		2012		2014		2013		2012
Discount rate	4.8	%	4.0	%	4.7	%	4.8	%	4.0	%	4.7	%
Expected return on plan assets	6.5	%	6.5	%	6.5	%	—		—		—
Rate of compensation increase	4.0	%	4.0	%	4.0	%	4.0	%	4.0	%	4.0	%

Defined Benefit Plans [Member] | Benefit Obligation [Member]

Schedule of Assumptions Used

Key assumptions utilized for determining the benefit obligation are as follows:



	Pension Plans				SERP
	As of December 31				As of December 31
	2014		2013		2014		2013
Discount rate	4.0	%	4.8	%	4.0	%	4.8	%
Rate of compensation increase	4.0	%	4.0	%	4.0	%	4.0	%

Pension Plans [Member]

Schedule of Obligation, Asset and Funding Information

The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:



	Pension Plans
	As of December 31
(in thousands)	2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	1,126,344		$	1,466,322
Service cost	27,792			46,115
Interest cost	51,825			55,821
Amendments	8,374			22,700
Actuarial loss (gain)	172,548			(156,385		)
Benefits paid	(69,854		)	(81,162		)
Curtailment	—			(55,690		)
Settlement	451			(171,377		)
Benefit Obligation at End of Year	$	1,317,480		$	1,126,344
Change in Plan Assets
Fair value of assets at beginning of year	$	2,371,849		$	2,071,145
Actual return on plan assets	167,154			699,518
Benefits paid	(69,854		)	(81,162		)
Settlement	819			(317,652		)
Fair Value of Assets at End of Year	$	2,469,968		$	2,371,849
Funded Status	$	1,152,488		$	1,245,505

Schedule of Net (Benefit) Costs

The total cost (benefit) arising from the Company’s defined benefit pension plans, including the portion included in discontinued operations, consists of the following components:



	Pension Plans
	Year Ended December 31
(in thousands)	2014			2013			2012
Service cost	$	27,792		$	46,115		$	40,344
Interest cost	51,825			55,821			59,124
Expected return on assets	(120,472		)	(105,574		)	(96,132		)
Amortization of prior service cost	329			2,809			3,695
Recognized actuarial (gain) loss	(28,880		)	2,756			9,013
Net Periodic (Benefit) Cost for the Year	(69,406		)	1,927			16,044
Curtailment	—			(43,930		)	—
Settlement	—			39,995			—
Early retirement programs and special separation benefit expense	8,374			22,700			8,508
Total (Benefit) Cost for the Year	$	(61,032	)	$	20,692		$	24,552
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	125,866		$	(750,328	)	$	(79,405	)
Amortization of prior service cost	(329		)	(2,809		)	(3,695		)
Recognized net actuarial gain (loss)	28,880			(2,756		)	(9,013		)
Curtailment and settlement	(368		)	94,520			—
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	154,049		$	(661,373	)	$	(92,113	)
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	$	93,017		$	(640,681	)	$	(67,561	)

Allocation of the Assets of the Company's Pension Plans

he assets of the Company’s pension plans were allocated as follows:



	As of December 31
	2014		2013
U.S. equities	59	%	58	%
U.S. fixed income	13	%	12	%
International equities	28	%	30	%
	100	%	100	%

Schedule of Fair Value of Assets Measured on Recurring Basis

The Company’s pension plan assets measured at fair value on a recurring basis were as follows:



	As of December 31, 2014
(in thousands)	Level 1		Level 2		Total
Cash equivalents and other short-term investments	$	275,963	$	141,083	$	417,046
Equity securities
U.S. equities	1,454,011		—		1,454,011
International equities	691,505		—		691,505
Total Investments	$	2,421,479	$	141,083	$	2,562,562
Payable for settlement of investments purchased					(92,594		)
Total					$	2,469,968



	As of December 31, 2013
(in thousands)	Level 1		Level 2		Total
Cash equivalents and other short-term investments	$	196,757	$	84,706	$	281,463
Equity securities
U.S. equities	1,383,738		—		1,383,738
International equities	699,649		—		699,649
Fixed-income securities
Corporate debt securities	—		5,147		5,147
Total Investments	$	2,280,144	$	89,853	$	2,369,997
Receivables					1,852
Total					$	2,371,849

Supplemental Executive Retirement Plan (SERP) [Member]

Schedule of Obligation, Asset and Funding Information



	SERP
	As of December 31
(in thousands)	2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	91,169		$	104,062
Service cost	1,493			1,612
Interest cost	4,397			4,148
Amendments	4,022			—
Actuarial loss (gain)	19,168			(9,180		)
Benefits paid	(4,166		)	(4,101		)
Curtailment	—			(2,059		)
Settlement	—			(3,313		)
Benefit Obligation at End of Year	$	116,083		$	91,169
Change in Plan Assets
Fair value of assets at beginning of year	$	—		$	—
Employer contributions and other	4,166			4,101
Benefits paid	(4,166		)	(4,101		)
Fair Value of Assets at End of Year	$	—		$	—
Funded Status	$	(116,083	)	$	(91,169	)

Schedule of Net (Benefit) Costs



	SERP
	Year Ended December 31
(in thousands)	2014			2013			2012
Service cost	$	1,493		$	1,612		$	1,467
Interest cost	4,397			4,148			4,241
Amortization of prior service cost	47			55			54
Recognized actuarial loss	1,544			2,481			1,833
Net Periodic Cost for the Year	7,481			8,296			7,595
Special separation benefit expense	2,422			—			—
Settlement	—			(2,575		)	—
Total Cost for the Year	$	9,903		$	5,721		$	7,595
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	19,168		$	(9,180	)	$	8,428
Current year prior service cost	1,600			—			—
Amortization of prior service cost	(47		)	(55		)	(54		)
Recognized net actuarial loss	(1,544		)	(2,481		)	(1,833		)
Curtailment and settlement	—			(2,798		)	—
Other adjustments	—			—			745
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	19,177		$	(14,514	)	$	7,286
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)	$	29,080		$	(8,793	)	$	14,881

Other Postretirement Plans [Member]

Schedule of Obligation, Asset and Funding Information

The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans:



	Postretirement Plans
	As of December 31
(in thousands)	2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	40,014		$	63,868
Service cost	1,500			2,488
Interest cost	1,448			1,848
Actuarial loss (gain)	4,448			(3,298		)
Curtailment	(932		)	(21,221		)
Benefits paid, net of Medicare subsidy	(4,521		)	(3,671		)
Benefit Obligation at End of Year	$	41,957		$	40,014
Change in Plan Assets
Fair value of assets at beginning of year	$	—		$	—
Employer contributions	4,521			3,671
Benefits paid, net of Medicare subsidy	(4,521		)	(3,671		)
Fair Value of Assets at End of Year	$	—		$	—
Funded Status	$	(41,957	)	$	(40,014	)

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows:



	Postretirement Plans
	As of December 31
(in thousands)	2014			2013
Current liability	$	(3,995	)	$	(3,795	)
Noncurrent liability	(37,962		)	(36,219		)
Recognized Liability	$	(41,957	)	$	(40,014	)

Schedule of Estimated Benefit Payments

At December 31, 2014, future estimated benefit payments are as follows:



(in thousands)	Postretirement Plans
2015	$	3,995
2016	$	4,061
2017	$	4,078
2018	$	3,946
2019	$	3,882
2020–2024	$	18,112

Schedule of Net (Benefit) Costs

The total (benefit) cost arising from the Company’s other postretirement plans consists of the following components:



	Postretirement Plans
	Year Ended December 31
(in thousands)	2014			2013			2012
Service cost	$	1,500		$	2,488		$	3,113
Interest cost	1,448			1,848			2,735
Amortization of prior service credit	(783		)	(4,247		)	(5,608		)
Recognized actuarial gain	(2,076		)	(2,141		)	(1,478		)
Net Periodic Cost (Benefit)	89			(2,052		)	(1,238		)
Curtailment	(1,292		)	(41,623		)	438
Settlement	—			(11,927		)	—
Total Benefit for the Year	$	(1,203	)	$	(55,602	)	$	(800	)
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	4,448		$	(3,298	)	$	(11,493	)
Amortization of prior service credit	783			4,247			5,608
Recognized actuarial gain	2,076			2,141			1,478
Curtailment and settlement	360			32,329			—
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	7,667		$	35,419		$	(4,407	)
Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effect)	$	6,464		$	(20,183	)	$	(5,207	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

AOCI included the following components of unrecognized net periodic benefit for the postretirement plans:



	As of December 31
(in thousands)	2014			2013
Unrecognized actuarial gain	$	(7,404	)	$	(13,928	)
Unrecognized prior service credit	(1,163		)	(2,306		)
Gross Amount	(8,567		)	(16,234		)
Deferred tax liability	3,427			6,494
Net Amount	$	(5,140	)	$	(9,740	)

Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss)

During 2015, the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans:



(in thousands)	2015
Actuarial gain recognition	$	(996	)
Prior service credit recognition	$	(502	)

Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A change of one percentage point in the assumed health care cost trend rates would have the following effects:



	1%		1%
(in thousands)	Increase		Decrease
Benefit obligation at end of year	$	2,478	$	(2,255	)
Service cost plus interest cost	$	257	$	(227	)

Other Non-Operating Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2014

Other Nonoperating Income (Expense) [Abstract]

Summary of Other Non-Operating Income (Expense)

A summary of non-operating income (expense) is as follows:



	Year Ended December 31
(in thousands)	2014			2013			2012
Gain on sale of Classified Ventures	$	396,553		$	—		$	—
Gain on Berkshire marketable equity securities exchange	266,733			—			—
Gain on sale of headquarters building	127,670			—			—
Gain on sale of intangible assets	75,249			—			—
Foreign currency (losses) gains, net	(11,129		)	(13,382		)	3,132
(Losses) gain on sales or write-down of marketable equity securities	(3,044		)	(9,559		)	(17,564		)
(Losses) gains on sales or write-downs of cost method investments, net	(94		)	(1,761		)	6,639
Other, net	1,321			951			2,337
Total Other Non-Operating Income (Expense)	$	853,259		$	(23,751	)	$	(5,456	)

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Other Comprehensive Income (Loss)

The other comprehensive (loss) income consists of the following components:



	Year Ended December 31, 2014
	Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(16,061	)	$	—		$	(16,061	)
Adjustment for sales of businesses with foreign operations	(404		)	—			(404		)
	(16,465		)	—			(16,465		)
Unrealized gains on available-for-sale securities:
Unrealized gains for the year	62,719			(25,088		)	37,631
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income	(265,274		)	106,110			(159,164		)
	(202,555		)	81,022			(121,533		)
Pension and other postretirement plans:
Actuarial loss	(149,482		)	59,792			(89,690		)
Prior service cost	(1,600		)	640			(960		)
Amortization of net actuarial gain included in net income	(29,412		)	11,765			(17,647		)
Amortization of net prior service credit included in net income	(407		)	163			(244		)
Curtailments and settlements	8			(3		)	5
	(180,893		)	72,357			(108,536		)
Cash flow hedge:
Gain for the year	867			(347		)	520
Other Comprehensive Loss	$	(399,046	)	$	153,032		$	(246,014	)



	Year Ended December 31, 2013
	Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(1,059	)	$	—		$	(1,059	)
Unrealized gains on available-for-sale securities:
Unrealized gains for the year	95,629			(38,251		)	57,378
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income	9,554			(3,822		)	5,732
	105,183			(42,073		)	63,110
Pension and other postretirement plans:
Actuarial gain	762,806			(305,123		)	457,683
Amortization of net actuarial loss included in net income	3,096			(1,238		)	1,858
Amortization of net prior service credit included in net income	(1,383		)	553			(830		)
Curtailments and settlements	(124,051		)	49,617			(74,434		)
	640,468			(256,191		)	384,277
Cash flow hedge:
Gain for the year	520			(208		)	312
Other Comprehensive Income	$	745,112		$	(298,472	)	$	446,640



	Year Ended December 31, 2012
	Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	5,622		$	—		$	5,622
Adjustment for sales of businesses with foreign operations	(888		)	—			(888		)
	4,734			—			4,734
Unrealized gains on available-for-sale securities:
Unrealized gains for the year	33,098			(13,239		)	19,859
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income	17,226			(6,890		)	10,336
	50,324			(20,129		)	30,195
Pension and other postretirement plans:
Actuarial gain	82,470			(32,987		)	49,483
Amortization of net actuarial loss included in net income	9,368			(3,746		)	5,622
Amortization of net prior service credit included in net income	(1,859		)	744			(1,115		)
Other adjustments	(745		)	299			(446		)
	89,234			(35,690		)	53,544
Cash flow hedge:
Loss for the year	(1,581		)	633			(948		)
Other Comprehensive Income	$	142,711		$	(55,186	)	$	87,525

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The accumulated balances related to each component of other comprehensive (loss) income are as follows:



(in thousands, net of taxes)	Cumulative Foreign Currency Translation Adjustment			Unrealized Gain on Available-for- Sale Securities			Unrealized Gain on Pensions and Other Postretirement Plans			Cash Flow Hedge			Accumulated Other Comprehensive Income
As of December 31, 2012	$	26,072		$	110,553		$	117,169		$	(940	)	$	252,854
Other comprehensive income (loss) before reclassifications	(1,059		)	57,378			383,249			(178		)	439,390
Net amount reclassified from accumulated other comprehensive income	—			5,732			1,028			490			7,250
Net other comprehensive income (loss)	(1,059		)	63,110			384,277			312			446,640
As of December 31, 2013	25,013			173,663			501,446			(628		)	699,494
Other comprehensive (loss) income before reclassifications	(16,061		)	37,631			(90,645		)	12			(69,063		)
Net amount reclassified from accumulated other comprehensive income	(404		)	(159,164		)	(17,891		)	508			(176,951		)
Net other comprehensive (loss) income	(16,465		)	(121,533		)	(108,536		)	520			(246,014		)
As of December 31, 2014	$	8,548		$	52,130		$	392,910		$	(108	)	$	453,480

Summary of Amounts and Line Items of Reclassifications out of Accumulated Other Comprehensive Income (Loss)

The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows:



	Year Ended December 31									Affected Line Item in the Consolidated Statement of Operations
(in thousands)	2014			2013			2012
Foreign Currency Translation Adjustments:
Adjustment for sales of businesses with foreign operations	$	(404	)	$	—		$	(888	)	Income from discontinued operations, net of tax
Unrealized Gains on Available-for-Sale Securities:
Realized (gain) loss for the year	(265,274		)	9,554			17,226			Other expense, net
	106,110			(3,822		)	(6,890		)	(1)
	(159,164		)	5,732			10,336			Net of tax
Pension and Other Postretirement Plans:
Amortization of net actuarial (gain) loss	(29,412		)	3,096			9,368			(2)
Amortization of net prior service credit	(407		)	(1,383		)	(1,859		)	(2)
	(29,819		)	1,713			7,509			Before tax
	11,928			(685		)	(3,002		)	Income taxes
	(17,891		)	1,028			4,507			Net of tax
Cash Flow Hedge
	847			816			306			Interest expense
	(339		)	(326		)	(122		)	Provision for income taxes
	508			490			184			Net of tax
Total reclassification for the year	$	(176,951	)	$	7,250		$	14,139		Net of tax

____________

(1)


(2)	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 14).

The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation.

Leases And Other Commitments [Abstract]

Leases and Other Commitments (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2014, future minimum rental payments under noncancelable operating leases approximate the following:



(in thousands)
2015	$	122,527
2016	115,772
2017	101,638
2018	83,628
2019	66,966
Thereafter	347,329
	$	837,860

____________

Includes a Kaplan lease signed January 31, 2015 with a total obligation of $16.5 million.

Business Segments (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

Company information broken down by operating segment and education division:



	Year Ended December 31
(in thousands)	2014			2013			2012
Operating Revenues
Education	$	2,160,417		$	2,163,734		$	2,184,532
Cable	798,134			807,309			787,117
Television broadcasting	363,836			308,306			328,396
Other businesses	212,907			128,803			72,837
Corporate office	—			—			—
Intersegment elimination	(128		)	(241		)	(296		)
	$	3,535,166		$	3,407,911		$	3,372,586
Income (Loss) from Operations
Education	$	65,463		$	50,989		$	(106,424	)
Cable	178,722			169,735			154,581
Television broadcasting	187,833			145,192			162,131
Other businesses	(21,086		)	(23,468		)	(33,010		)
Corporate office	(3,000		)	(23,279		)	(28,665		)
	$	407,932		$	319,169		$	148,613
Equity in Earnings of Affiliates, Net	100,370			13,215			14,086
Interest Expense, Net	(34,450		)	(33,803		)	(32,551		)
Other Income (Expense), Net	853,259			(23,751		)	(5,456		)
Income from Continuing Operations before Income Taxes	$	1,327,111		$	274,830		$	124,692
Depreciation of Property, Plant and Equipment
Education	$	61,737		$	89,622		$	101,009
Cable	128,733			128,184			129,107
Television broadcasting	8,409			8,746			9,253
Other businesses	3,931			2,177			770
Corporate office	836			626			—
	$	203,646		$	229,355		$	240,139
Amortization of Intangible Assets and Impairment of Goodwill and
Other Long-Lived Assets
Education	$	24,941		$	11,753		$	127,876
Cable	181			220			211
Television broadcasting	32			—			—
Other businesses	10,516			3,416			3,016
Corporate office	—			—			—
	$	35,670		$	15,389		$	131,103
Net Pension (Credit) Expense
Education	$	15,418		$	16,538		$	11,584
Cable	3,585			3,708			2,540
Television broadcasting	1,355			3,961			5,046
Other businesses	748			610			169
Corporate office	(82,301		)	(41,836		)	(27,871		)
	$	(61,195	)	$	(17,019	)	$	(8,532	)
Capital Expenditures
Education	$	33,528		$	45,421		$	51,105
Cable	165,787			160,246			150,525
Television broadcasting	11,295			12,131			6,122
Other businesses	5,110			2,005			1,451
Corporate office	7,074			309			—
	$	222,794		$	220,112		$	209,203

Asset information for the Company’s business segments is as follows:



	As of December 31
(in thousands)	2014		2013
Identifiable Assets
Education	$	1,781,543	$	1,921,037
Cable	1,253,764		1,215,320
Television broadcasting	305,426		383,251
Other businesses	518,807		171,539
Corporate office	524,627		371,484
	$	4,384,167	$	4,062,631
Investments in Marketable Equity Securities	193,793		487,156
Investments in Affiliates	19,811		15,754
Prepaid Pension Cost	1,152,488		1,245,505
Assets of Discontinued Operations	2,060		—
Total Assets	$	5,752,319	$	5,811,046

Education [Member]

Segment Reporting Information [Line Items]

Schedule of Restructuring Costs

Across all Kaplan businesses, restructuring costs of $16.8 million, $36.4 million and $45.2 million were recorded in 2014, 2013 and 2012, respectively, as follows:



	Year Ended December 31
(in thousands)	2014		2013		2012
Accelerated depreciation	$	2,062	$	16,856	$	17,230
Lease obligation losses	1,750		9,351		9,794
Severance	5,075		6,289		14,349
Accelerated amortization of intangible assets	—		—		2,595
Software asset write-offs	7,689		—		—
Other	230		3,862		1,274
	$	16,806	$	36,358	$	45,242

Summary of Segment Reporting Information, by Operating Segment

The Company’s education division comprises the following operating segments:



	Year Ended December 31
(in thousands)	2014			2013			2012
Operating Revenues
Higher education	$	1,010,058		$	1,080,908		$	1,149,407
Test preparation	304,662			293,201			284,252
Kaplan international	840,915			783,588			741,826
Kaplan corporate and other	6,094			7,990			15,039
Intersegment elimination	(1,312		)	(1,953		)	(5,992		)
	$	2,160,417		$	2,163,734		$	2,184,532
Income (Loss) from Operations
Higher education	$	83,069		$	71,584		$	27,245
Test preparation	(4,730		)	4,118			(10,799		)
Kaplan international	69,153			51,653			47,120
Kaplan corporate and other	(82,034		)	(76,701		)	(171,036		)
Intersegment elimination	5			335			1,046
	$	65,463		$	50,989		$	(106,424	)
Depreciation of Property, Plant and Equipment
Higher education	$	29,187		$	43,892		$	58,514
Test preparation	12,547			19,194			19,718
Kaplan international	19,297			16,154			20,975
Kaplan corporate and other	706			10,382			1,802
	$	61,737		$	89,622		$	101,009
Amortization of Intangible Assets	$	7,738		$	8,503		$	16,283
Impairment of Goodwill and Other Long-Lived Assets	$	17,203		$	3,250		$	111,593
Pension Expense
Higher education	$	10,514		$	11,714		$	7,943
Test preparation	2,888			2,674			2,007
Kaplan international	356			363			189
Kaplan corporate and other	1,660			1,787			1,445
	$	15,418		$	16,538		$	11,584
Capital Expenditures
Higher education	$	11,551		$	10,879		$	26,406
Test preparation	1,143			7,008			8,211
Kaplan international	20,802			27,472			16,728
Kaplan corporate and other	32			62			(240		)
	$	33,528		$	45,421		$	51,105

Asset information for the Company’s education division is as follows:



	As of December 31
(in thousands)	2014		2013
Identifiable Assets
Higher education	$	749,421	$	859,208
Test preparation	167,055		173,435
Kaplan international	838,148		864,507
Kaplan corporate and other	26,919		23,887
	$	1,781,543	$	1,921,037

Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations and Comprehensive Income

Quarterly results of operations and comprehensive income for the year ended December 31, 2014, is as follows:



(in thousands, except per share amounts)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Operating Revenues
Education	$	522,154		$	542,964		$	543,918		$	551,381
Subscriber	191,128			187,723			183,161			184,035
Advertising	78,247			82,475			81,583			101,271
Other	45,012			61,249			90,209			88,656
	836,541			874,411			898,871			925,343
Operating Costs and Expenses
Operating	376,463			395,627			398,922			391,348
Selling, general and administrative	325,275			322,240			358,189			319,854
Depreciation of property, plant and equipment	53,217			51,989			53,074			45,366
Amortization of intangible assets	2,717			2,995			7,405			5,251
Impairment of intangible and other long-lived assets	—			—			—			17,302
	757,672			772,851			817,590			779,121
Income from Operations	78,869			101,560			81,281			146,222
Equity in earnings of affiliates, net	4,052			91,503			4,613			202
Interest income	599			641			529			367
Interest expense	(8,820		)	(8,557		)	(9,330		)	(9,879		)
Other income, net	133,273			268,114			64,526			387,346
Income from Continuing Operations Before Income Taxes	207,973			453,261			141,619			524,258
Provision for Income Taxes	77,400			78,600			58,200			191,900
Income from Continuing Operations	130,573			374,661			83,419			332,358
Income (Loss) from Discontinued Operations, Net of Tax	1,732			375,189			(6,980		)	2,308
Net Income	132,305			749,850			76,439			334,666
Net Loss (Income) Attributable to Noncontrolling Interests	219			499			121			(256		)
Net Income Attributable to Graham Holdings Company	132,524			750,349			76,560			334,410
Redeemable Preferred Stock Dividends	(426		)	(212		)	(209		)	—
Net Income Attributable to Graham Holdings Company Common Stockholders	$	132,098		$	750,137		$	76,351		$	334,410

Amounts Attributable to Graham Holdings Company Common Stockholders
Income from continuing operations	$	130,366		$	374,948		$	83,331		$	332,102
Income (loss) from discontinued operations, net of tax	1,732			375,189			(6,980		)	2,308
Net income attributable to Graham Holdings Company common stockholders	$	132,098		$	750,137		$	76,351		$	334,410

Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic income per common share from continuing operations	$	17.62		$	50.39		$	14.38		$	57.31
Basic income (loss) per common share from discontinued operations	0.23			50.41			(1.20		)	0.40
Basic net income per common share	$	17.85		$	100.80		$	13.18		$	57.71

Diluted income per common share from continuing operations	$	17.56		$	50.22		$	14.32		$	57.01
Diluted income (loss) per common share from discontinued operations	0.23			50.26			(1.20		)	0.40
Diluted net income per common share	$	17.79		$	100.48		$	13.12		$	57.41
Basic average number of common shares outstanding	7,275			7,284			5,671			5,678
Diluted average number of common shares outstanding	7,352			7,363			5,757			5,770
2014 Quarterly comprehensive income	$	146,115		$	593,463		$	68,246		$	240,005

Quarterly results of operations and comprehensive income for the year ended December 31, 2013, is as follows:



(in thousands, except per share amount)	First Quarter			Second Quarter			Third Quarter ⁽¹⁾			Fourth Quarter
Operating Revenues
Education	$	524,639		$	544,878		$	543,599		$	550,618
Subscriber	186,790			192,273			190,302			186,297
Advertising	69,122			79,898			73,549			87,692
Other	36,865			50,103			48,651			42,635
	817,416			867,152			856,101			867,242
Operating Costs and Expenses
Operating	374,516			392,500			393,010			372,471
Selling, general and administrative	333,894			318,731			327,062			331,814
Depreciation of property, plant and equipment	58,910			56,849			54,672			58,924
Amortization of intangible assets	3,362			2,950			2,468			3,359
Impairment of intangibles and other long-lived assets	—			—			—			3,250
	770,682			771,030			777,212			769,818
Income from Operations	46,734			96,122			78,889			97,424
Equity in earnings of affiliates, net	3,418			3,868			5,892			37
Interest income	510			522			642			590
Interest expense	(8,960		)	(9,048		)	(9,221		)	(8,838		)
Other (expense) income, net	(4,083		)	(12,858		)	8,110			(14,920		)
Income from Continuing Operations Before Income Taxes	37,619			78,606			84,312			74,293
Provision for Income Taxes	15,800			31,700			29,900			24,100
Income from Continuing Operations	21,819			46,906			54,412			50,193
(Loss) Income from Discontinued Operations, Net of Tax	(16,560		)	(1,772		)	(23,988		)	106,335
Net Income	5,259			45,134			30,424			156,528
Net Income Attributable to Noncontrolling Interests	(97		)	(253		)	(75		)	(55		)
Net Income Attributable to Graham Holdings Company	5,162			44,881			30,349			156,473
Redeemable Preferred Stock Dividends	(444		)	(206		)	(205		)	—
Net Income Attributable to Graham Holdings Company Common Stockholders	$	4,718		$	44,675		$	30,144		$	156,473

Amounts Attributable to Graham Holdings Company Common Stockholders
Income from continuing operations	$	21,278		$	46,447		$	54,132		$	50,138
(Loss) income from discontinued operations, net of tax	(16,560		)	(1,772		)	(23,988		)	106,335
Net income attributable to Graham Holdings Company common stockholders	$	4,718		$	44,675		$	30,144		$	156,473

Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic income per common share from continuing operations	$	2.87		$	6.26		$	7.29		$	6.79
Basic (loss) income per common share from discontinued operations	(2.23		)	(0.24		)	(3.22		)	14.41
Basic net income per common share	$	0.64		$	6.02		$	4.07		$	21.20

Diluted income per common share from continuing operations	$	2.87		$	6.26		$	7.28		$	6.77
Diluted (loss) income per common share from discontinued operations	(2.23		)	(0.24		)	(3.23		)	14.37
Diluted net income per common share	$	0.64		$	6.02		$	4.05		$	21.14
Basic average number of common shares outstanding	7,227			7,229			7,231			7,266
Diluted average number of common shares outstanding	7,266			7,283			7,337			7,347
2013 Quarterly comprehensive income	$	29,129		$	61,125		$	37,533		$	555,695

________________

The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding.

Schedule Of Quarterly Impact From Certain Items

Quarterly impact from certain items in 2014 and 2013 (after-tax and diluted EPS amounts):



		First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2014
Ÿ	Charges of $20.2 million in connection with early retirement program expense and related charges, restructuring charges and software asset write-offs at the education division and corporate office ($2.9 million, $6.7 million, $8.7 million and $1.9 million in the first, second, third and fourth quarters, respectively)	$	(0.39	)	$	(0.90	)	$	(1.50	)	$	(0.33	)
Ÿ	Intangible and other long-lived assets impairment charge of $11.2 million at Kaplan and other businesses										$	(1.92	)
Ÿ	Gain of $249.8 million from the sale of Classified Ventures										$	42.89
Ÿ	Gain of $58.2 million from the Classified Ventures' sale of apartments.com				$	7.80
Ÿ	Gain of $266.7 million from the Berkshire exchange transaction				$	35.73
Ÿ	Gain of $81.8 million on the sale of the corporate headquarters building	$	11.13
Ÿ	Gain of $48.2 million from the sale of wireless licenses at the cable division							$	8.29
Ÿ	Losses, net, of $7.1 million for non-operating unrealized foreign currency (losses) gains ($3.2 million gain, $1.9 million gain, $6.8 million loss and $5.5 million loss in the first, second, third and fourth quarters, respectively)	$	0.44		$	0.25		$	(1.16	)	$	(0.94	)



2013
Ÿ	Charges of $25.3 million in connection with severance and restructuring at the education division ($6.1 million, $3.9 million, $3.1 million and $12.2 million in the first, second, third and fourth quarters, respectively)	$	(0.85	)	$	(0.54	)	$	(0.42	)	$	(1.66	)
Ÿ	Intangible and other long-lived assets impairment charge of $3.2 million at Kaplan										$	(0.44	)
Ÿ	Write-down of marketable equity security of $6.7 million										$	(0.91	)
Ÿ	Losses, net, of $8.6 million for non-operating unrealized foreign currency (losses) gains ($3.0 million loss, $8.1 million loss, $5.0 million gain and $2.6 million loss in the first, second, third and fourth quarters, respectively)	$	(0.41	)	$	(1.11	)	$	0.69		$	(0.35	)

Organization and Nature of Operations (Narrative) (Details)	Feb. 12, 2015 campus	Dec. 31, 2014 TelevisionStation network Category
Education [Member]
Product Information [Line Items]
Number of education business categories \| Category		3
Television Broadcasting [Member]
Product Information [Line Items]
Number of television broadcast stations owned \| TelevisionStation		5
Number of major national networks each station is affiliated with \| network		1
Subsequent Event [Member] \| Higher Education [Member]
Product Information [Line Items]
Number of nationally accredited ground campuses \| campus	38

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of Significant Accounting Policies [Line Items]
Net Cash Used in Investing Activities	$ 229,015,000	$ (7,765,000)	$ (234,736,000)
Net Cash Provided by Operating Activities	$ 372,370,000	310,228,000	483,907,000
Maximum amount of time between receipt and application of Federal aid funds	3 days
Revision Adjustment [Member]
Summary of Significant Accounting Policies [Line Items]
Net Cash Used in Investing Activities		17,636,000	(6,693,000)
Net Cash Provided by Operating Activities		(17,636,000)	6,693,000
Impact on previously reported cash and cash equivalents, Consolidated Balance Sheets or Consolidated Statement of Operations	$ 0
Previously Reported [Member]
Summary of Significant Accounting Policies [Line Items]
Net Cash Used in Investing Activities		(25,401,000)	(228,043,000)
Net Cash Provided by Operating Activities		$ 327,864,000	$ 477,214,000
Minimum [Member] \| Machinery and Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life (in years)	3 years
Minimum [Member] \| Building [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life (in years)	20 years
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Amortized Intangible Assets, Useful Life (in years)	10 years
Investment maturity length	3 months
Maximum [Member] \| Machinery and Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life (in years)	20 years
Maximum [Member] \| Building [Member]
Summary of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life (in years)	50 years

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Revision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase (decrease) in accounts payable and accrued liabilities	$ (39,199)	$ 20,290	$ (27,531)
Net Cash Provided by Operating Activities	372,370	310,228	483,907
Purchases of property, plant and equipment	(237,292)	(206,457)	(224,688)
Net Cash Used in Investing Activities	$ 229,015	(7,765)	(234,736)
Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase (decrease) in accounts payable and accrued liabilities		37,926	(34,224)
Net Cash Provided by Operating Activities		327,864	477,214
Purchases of property, plant and equipment		(224,093)	(217,995)
Net Cash Used in Investing Activities		(25,401)	(228,043)
Revision Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase (decrease) in accounts payable and accrued liabilities		(17,636)	6,693
Net Cash Provided by Operating Activities		(17,636)	6,693
Purchases of property, plant and equipment		17,636	(6,693)
Net Cash Used in Investing Activities		$ 17,636	$ (6,693)

Discontinued Operations (Narrative) (Details)		1 Months Ended	3 Months Ended							12 Months Ended
Discontinued Operations (Narrative) (Details)	Oct. 01, 2013 USD ($)	Jan. 31, 2015 school	Sep. 30, 2014 school	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition										$ 351,133,000	$ 157,449,000	$ 23,759,000
Provision (benefit) from income taxes										4,408,000	$ (20,559,000)	$ (3,868,000)
Kaplan China [Member] \| Kaplan International [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of schools sold \| school			3
Pre-tax gain (loss) on sale and/or disposition										$ 3,100,000
Sale Of Publishing Subsidiaries [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition	$ 157,500,000
Amount received for all issued and outstanding equity securities	250,000,000
Sale Of Publishing Subsidiaries [Member] \| Previously Reported [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
After-tax gain (loss) on sale and/or disposition	$ 100,000,000
Sale Of Publishing Subsidiaries [Member] \| Adjustment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
After-tax gain (loss) on sale and/or disposition					$ (3,000,000)
Daily Herald [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition						$ 100,000
Sale of Kaplan Learning Technologies [Member] \| Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition									$ 3,100,000
Sale of Kaplan EduNeering [Member] \| Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition								$ 29,500,000
Sale of Kidum [Member] \| Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition							$ 3,600,000
Sales of Kaplan EduNeering and Kaplan Learning Technologies [Member] \| Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision (benefit) from income taxes									$ 23,200,000
Disposition of Avenue 100 Media Solutions Inc. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Value of subsidiary							0
Tax benefit on goodwill and other intangible asset impairment charges							0
Disposition of Avenue 100 Media Solutions Inc. [Member] \| Other Businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition							(5,700,000)
Provision (benefit) from income taxes							$ 44,500,000
Berkshire Exchange Transaction [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
After-tax gain (loss) on sale and/or disposition				$ (375,000,000)
Subsequent Event [Member] \| Kaplan China [Member] \| Kaplan International [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of schools sold \| school		1

Discontinued Operations (Summarized Income (Loss) from Discontinued Operations, Net Of Tax) (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Discontinued Operation, Additional Disclosures [Abstract]
Operating revenues									$ 46,980	$ 462,658	$ 679,640
Operating costs and expenses									(37,257)	(519,162)	(690,963)
Gain (loss) from discontinued operations									9,723	(56,504)	(11,323)
Provision (benefit) for income taxes									4,408	(20,559)	(3,868)
Net Gain (Loss) from Discontinued Operations									5,315	(35,945)	(7,455)
Gain on sales and disposition of discontinued operations									351,133	157,449	23,759
(Benefit) provision for income taxes on sales and disposition of discontinued operations									(15,801)	57,489	(64,591)
Income from Discontinued Operations, Net of Tax	$ 2,308	$ (6,980)	$ 375,189	$ 1,732	$ 106,335	$ (23,988)	$ (1,772)	$ (16,560)	$ 372,249	$ 64,015	$ 80,895

Investments (Narrative) (Details) - USD ($) $ in Thousands			3 Months Ended									12 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Thousands	Oct. 01, 2014	Jun. 30, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 03, 2014	Apr. 01, 2014
Schedule of Investments [Line Items]
Commercial paper and money market investments			$ 594,300				$ 431,800					$ 594,300	$ 431,800
Company's investments in marketable equity securities			193,793				487,156					193,793	487,156
Net unrealized gains			86,884				289,438					86,884	289,438
Gain on Berkshire exchange												266,733	0	$ 0
New investments in marketable equity securities												49,900	15,000	45,000
Proceeds from sales of marketable equity securities													3,600	2,000
(Loss) gain on sales of marketable equity securities													900	500
Pre-tax gain on equity method investment			202	$ 4,613	$ 91,503	$ 4,052	37	$ 5,892	$ 3,868	$ 3,418		100,370	13,215	14,086
Pre-tax gain (loss) on sale of equity method investment												$ 396,553	0	$ 0
Classified Ventures' sale of apartments.com [Member]
Schedule of Investments [Line Items]
Cash distribution from equity method investment																$ 95,000
Pre-tax gain on equity method investment					$ 90,900
Classified Ventures LLC [Member]
Schedule of Investments [Line Items]
Ownership percentage of investment in affiliate				16.50%
Proceeds from sale of equity method investment	$ 408,500
Amount of cash proceeds held in escrow	$ 16,500
Pre-tax gain (loss) on sale of equity method investment			$ 396,600
Residential Home Health Illinois [Member]
Schedule of Investments [Line Items]
Ownership percentage of investment in affiliate			40.00%									40.00%			40.00%
Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Ownership percentage of investment in affiliate			42.50%									42.50%			42.50%
Bowater Mersey Paper Company [Member]
Schedule of Investments [Line Items]
Pre-tax gain (loss) on sale of equity method investment											$ 0
Percentage of equity method investment ownership sold											49.00%			49.00%
Fair value of investment owned											$ 0			$ 0
Berkshire Hathaway Inc [Member]
Schedule of Investments [Line Items]
Company's investments in marketable equity securities							$ 444,200						$ 444,200
Percentage of total fair value of the Company's investments in marketable equity securities							91.00%						91.00%
Percentage of common stock held by investee company							23.00%						23.00%
Net unrealized gains							$ 286,900						$ 286,900
Berkshire Hathaway Inc [Member] \| Class A Common Stock [Member]
Schedule of Investments [Line Items]
Shares held in investee company							2,214						2,214
Berkshire Hathaway Inc [Member] \| Class B Common Stock [Member]
Schedule of Investments [Line Items]
Shares held in investee company							424,250						424,250
Strayer Education Inc. [Member]
Schedule of Investments [Line Items]
Impairment write-down on a marketable equity security													$ 10,400	$ 18,000
Amount of time investment had been in an unrealized loss position													about six months	about six months
Corinthian Colleges, Inc. [Member]
Schedule of Investments [Line Items]
Impairment write-down on a marketable equity security						$ 500
Proceeds from sales of marketable equity securities												$ 5,800
(Loss) gain on sales of marketable equity securities												$ (2,600)
Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member]
Schedule of Investments [Line Items]
Gain on Berkshire exchange		$ 266,700
Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member] \| Class A Common Stock [Member]
Schedule of Investments [Line Items]
Number of Berkshire shares exchanged		2,107			2,107
Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member] \| Class B Common Stock [Member]
Schedule of Investments [Line Items]
Number of Berkshire shares exchanged		1,278			1,278

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Investments [Abstract]
Total cost	$ 106,909	$ 197,718
Net unrealized gains	86,884	289,438
Total Fair Value	$ 193,793	$ 487,156

Accounts Receivable, Accounts Payable and Accrued Liabilities (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Accounts Receivable, Net [Abstract]
Trade accounts receivable, less estimated returns, doubtful accounts and allowances				$ 538,532	$ 407,234
Other receivables				32,825	21,419
Accounts receivable, net				571,357	428,653
Returns, doubtful accounts and allowances	$ 33,834	$ 35,462	$ 50,225	32,598	33,834
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Begining of Period	33,834	35,462	50,225
Additions - Charged to Costs and Expenses		57,245	70,693
Deductions		(58,873)	(85,456)
Balance at End of Period	32,598	33,834	35,462
Accounts payable and accrued liabilities				303,111	343,620
Accrued compensation and related benefits				161,231	162,079
Total accounts payable and accrued liabilities				464,342	505,699
Allowance for doubtful accounts and returns [Member]
Accounts Receivable, Net [Abstract]
Returns, doubtful accounts and allowances	33,834	33,612	48,199	$ 32,598	33,834
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Begining of Period	33,834	33,612	48,199
Additions - Charged to Costs and Expenses	47,356	57,245	55,605
Deductions	(48,592)	(57,023)	(70,192)
Balance at End of Period	32,598	33,834	33,612
Allowance for advertising rate adjustments and discounts [Member]
Accounts Receivable, Net [Abstract]
Returns, doubtful accounts and allowances	0	1,850	2,026		$ 0
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Begining of Period	$ 0	1,850	2,026
Additions - Charged to Costs and Expenses		0	15,088
Deductions		(1,850)	(15,264)
Balance at End of Period		$ 0	$ 1,850

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Land	$ 18,052	$ 32,618
Buildings	157,250	299,652
Machinery, equipment and fixtures	2,357,264	2,289,966
Leasehold improvements	214,119	294,548
Construction in progress	71,156	94,615
Property, plant and equipment, gross	2,817,841	3,011,399
Less accumulated depreciation	(1,957,012)	(2,083,857)
Property, plant and equipment, net	$ 860,829	$ 927,542

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation of property, plant and equipment	$ 45,366	$ 53,074	$ 51,989	$ 53,217	$ 58,924	$ 54,672	$ 56,849	$ 58,910	$ 203,646	$ 229,355	$ 240,139
Impairment of Long-Lived Assets Held-for-use	$ 13,600

Acquisitions, Dispositions and Exchanges (Narrative) (Details) $ in Thousands						1 Months Ended		3 Months Ended			12 Months Ended
	Jul. 03, 2014 USD ($) business	Jun. 30, 2014 USD ($) shares	May 30, 2014 business	Apr. 01, 2014 business	Aug. 01, 2013 business	Jan. 31, 2015 school	Nov. 30, 2012 USD ($) business	Sep. 30, 2014 school	Jun. 30, 2014 USD ($) shares	Jun. 30, 2013	Dec. 31, 2014 USD ($) business shares	Dec. 31, 2013 USD ($) business	Dec. 31, 2012 USD ($) business	Feb. 12, 2015 campus
Business Acquisition [Line Items]
Cost of acquisition											$ 210,200	$ 23,800	$ 55,600
Number of businesses acquired \| business											9	6	5
Revenues of acquired companies since acquisition date											$ 81,000
Operating loss of acquired companies since acquisition date											(7,100)
Gain on Berkshire exchange											$ 266,733	$ 0	$ 0
Effective tax rate											30.60%
Residential Hospice Illinois [Member]
Business Acquisition [Line Items]
Ownership percentage of investment in affiliate	42.50%										42.50%
Residential Home Health Illinois [Member]
Business Acquisition [Line Items]
Ownership percentage of investment in affiliate	40.00%										40.00%
Residential Healthcare Group Inc [Member]
Business Acquisition [Line Items]
Percentage of interest acquired	80.00%
Celtic Healthcare, Inc. [Member]
Business Acquisition [Line Items]
Fair value of the noncontrolling interest							$ 5,900
Education [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business											3	1	3
Higher Education [Member] \| Subsequent Event [Member]
Business Acquisition [Line Items]
Number of nationally accredited ground campuses \| campus														38
Television Broadcasting [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business											1
Other Businesses [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business											2	4	1
Other Businesses [Member] \| Joyce/Dayton Corp [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business			1
Other Businesses [Member] \| Residential Healthcare Group Inc [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business	1
Other Businesses [Member] \| Celtic Healthcare, Inc. [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business							1
Other Businesses [Member] \| VNA-TIP Healthcare [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business				1
Other Businesses [Member] \| Forney Corporation [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business					1
Residential Healthcare Group Inc [Member]
Business Acquisition [Line Items]
Fair value of the noncontrolling interest	$ 17,100
Kaplan China [Member] \| Education [Member]
Business Acquisition [Line Items]
Noncontrolling interest purchased										15.00%
Kaplan China [Member] \| Kaplan International [Member]
Business Acquisition [Line Items]
Number of schools sold \| school								3
Kaplan China [Member] \| Kaplan International [Member] \| Subsequent Event [Member]
Business Acquisition [Line Items]
Number of schools sold \| school						1
Berkshire Exchange Transaction [Member]
Business Acquisition [Line Items]
Amount of cash exchanged to Berkshire		$ 327,700							$ 327,700
After-tax gain (loss) on sale and/or disposition									375,000
Treasury stock increase									1,165,400		$ 1,165,400
Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member]
Business Acquisition [Line Items]
Gain on Berkshire exchange		266,700
Berkshire Exchange Transaction [Member] \| WPLG [Member]
Business Acquisition [Line Items]
Estimated fair value of business exchanged		$ 438,000							$ 438,000
Class A Common Stock [Member] \| Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member]
Business Acquisition [Line Items]
Number of Berkshire shares exchanged \| shares		2,107							2,107
Class B Common Stock [Member] \| Berkshire Exchange Transaction [Member]
Business Acquisition [Line Items]
Number of shares received in Berkshire Hathaway agreement \| shares		1,620,190.00000							1,620,190.00000		1,620,190
Class B Common Stock [Member] \| Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member]
Business Acquisition [Line Items]
Number of Berkshire shares exchanged \| shares		1,278							1,278
Common Class A and B [Member] \| Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member]
Business Acquisition [Line Items]
Fair value of available-for-sale equity securities exchanged		$ 400,300							$ 400,300

Acquisitions, Dispositions and Exchanges Acquisitions, Dispositions and Exchanges (Acquired assets and liabilities assumed) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition [Line Items]
Goodwill	$ 1,348,710	$ 1,288,622	$ 1,317,915
2014 Acquisitions [Member]
Business Acquisition [Line Items]
Cash and cash equivalents	4,143
Accounts receivable	15,912
Other current assets	6,724
Property, plant and equipment	12,834
Investments in Affiliates	8,556
Goodwill	128,919
Indefinite-lived intangible assets	12,051
Amortized intangible assets	73,766
Other noncurrent assets	1,215
Current liabilities	(17,180)
Noncurrent liabilities	(19,654)
Redeemable oncontrolling interest	(17,108)
Total	$ 210,178
Weighted Average Life	7 years
Non-compete Agreements [Member] \| 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 430
Weighted Average Life	3 years
Student and Customer Relationships [Member] \| 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 51,532
Weighted Average Life	6 years
Databases and Technology [Member] \| 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 150
Weighted Average Life	3 years
Trade Names and Trademarks [Member] \| 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 20,254
Weighted Average Life	8 years
Other [Member] \| 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 1,400
Weighted Average Life	3 years
Trade name [Member] \| 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 11,900
Other [Member] \| 2014 Acquisitions [Member]
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 151

Acquisitions, Dispositions and Exchanges Acquisitions, Dispositions and Exchanges (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Acqusitions, Dispositions and Exchanges [Abstract]
Pro Forma Operating revenues	$ 3,595,121	$ 3,547,856
Pro Forma Net income (loss)	$ 1,292,421	$ 227,556

Goodwill and Other Intangible Assets (Narrative) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) business	Dec. 31, 2013 USD ($) business	Dec. 31, 2012 USD ($)
Amortized Intangible Assets [Line Items]
Impairment of intangible and other long-lived assets	$ 17,302	$ 0	$ 0	$ 0	$ 3,250	$ 0	$ 0	$ 0	$ 25,100	$ 3,300
Goodwill and other long-lived asset impairment charges									17,302	3,250	$ 111,593
Indefinite-lived Intangible Assets [Line Items]
Gain on sale of intangible asset									75,249	0	0
Amortization of Intangible Assets
Amortization of intangible assets	5,251	7,405	$ 2,995	$ 2,717	$ 3,359	$ 2,468	$ 2,950	$ 3,362	18,368	$ 12,139	19,510
Estimated amortization of intangible assets, 2015	19,000								19,000
Estimated amortization of intangible assets, 2016	18,000								18,000
Estimated amortization of intangible assets, 2017	14,000								14,000
Estimated amortization of intangible assets, 2018	13,000								13,000
Estimated amortization of intangible assets, 2019	12,000								12,000
Estimated amortization of intangible assets, after 2019	$ 21,000								21,000
Discontinued Operations [Member]
Amortized Intangible Assets [Line Items]
Impairment of intangible and other long-lived assets									7,800
Kaplan International [Member]
Amortized Intangible Assets [Line Items]
Impairment of intangible assets									$ 1,100
Number of businesses that recorded impairment of intangible and other long-lived assets \| business									1	1
Impairment of intangible and other long-lived assets										$ 3,300
Kaplan International [Member] \| Discontinued Operations [Member] \| Kaplan China [Member]
Amortized Intangible Assets [Line Items]
Impairment of intangible assets									$ 7,800
Test Preparation [Member]
Amortized Intangible Assets [Line Items]
Impairment of intangible assets									1,800
Goodwill and other long-lived asset impairment charges											$ 111,600
Higher Education [Member]
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets									$ 700
Other Businesses [Member]
Amortized Intangible Assets [Line Items]
Number of businesses that recorded impairment of intangible and other long-lived assets \| business									1
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets									$ 100
Wireless Licenses [Member] \| Cable [Member]
Indefinite-lived Intangible Assets [Line Items]
Gain on sale of intangible asset		$ 75,200

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,396,963	$ 1,485,946
Accumulated impairment losses, beginning balance	(108,341)	(168,031)
Goodwill, net, beginning balance	1,288,622	1,317,915
Reallocation, net		0
Acquisitions	128,919	7,934
Dispositions	(40,083)	(13,602)
Reclassification to discontinued operations	(810)
Foreign currency exchange rate changes and other	(27,938)	(23,625)
Goodwill, ending balance	1,457,051	1,396,963
Accumulated impairment losses, ending balance	(108,341)	(108,341)
Goodwill, net, ending balance	1,348,710	1,288,622
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,073,433	1,097,058
Accumulated impairment losses, beginning balance	(102,259)	(102,259)
Goodwill, net, beginning balance	971,174	994,799
Reallocation, net		0
Acquisitions	14,963	0
Dispositions	(2,422)	0
Reclassification to discontinued operations	(810)
Foreign currency exchange rate changes and other	(27,938)	(23,625)
Goodwill, ending balance	1,057,226	1,073,433
Accumulated impairment losses, ending balance	(102,259)	(102,259)
Goodwill, net, ending balance	954,967	971,174
Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	409,016	409,184
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	409,016	409,184
Acquisitions	1,052
Dispositions	0
Reclassification to discontinued operations	0
Foreign currency exchange rate changes and other	(184)	(168)
Goodwill, ending balance	409,884	409,016
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	409,884	409,016
Test Preparation [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	152,187	152,187
Accumulated impairment losses, beginning balance	(102,259)	(102,259)
Goodwill, net, beginning balance	49,928	49,928
Acquisitions	13,911
Dispositions	0
Reclassification to discontinued operations	0
Foreign currency exchange rate changes and other	0	0
Goodwill, ending balance	166,098	152,187
Accumulated impairment losses, ending balance	(102,259)	(102,259)
Goodwill, net, ending balance	63,839	49,928
Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	512,230	535,687
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	512,230	535,687
Acquisitions	0
Dispositions	(2,422)
Reclassification to discontinued operations	(810)
Foreign currency exchange rate changes and other	(27,754)	(23,457)
Goodwill, ending balance	481,244	512,230
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	481,244	512,230
Cable [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	85,488	85,488
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	85,488	85,488
Reallocation, net		0
Acquisitions	0	0
Dispositions	0	0
Reclassification to discontinued operations	0
Foreign currency exchange rate changes and other	0	0
Goodwill, ending balance	85,488	85,488
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	85,488	85,488
Newspaper Publishing [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	0	81,183
Accumulated impairment losses, beginning balance	0	(65,772)
Goodwill, net, beginning balance	0	15,411
Reallocation, net		(1,809)
Acquisitions	0	0
Dispositions	0	(13,602)
Reclassification to discontinued operations	0
Foreign currency exchange rate changes and other	0	0
Goodwill, ending balance	0	0
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	0	0
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	203,165	203,165
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	203,165	203,165
Reallocation, net		0
Acquisitions	2,841	0
Dispositions	(37,661)	0
Reclassification to discontinued operations	0
Foreign currency exchange rate changes and other	0	0
Goodwill, ending balance	168,345	203,165
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	168,345	203,165
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	34,877	19,052
Accumulated impairment losses, beginning balance	(6,082)	0
Goodwill, net, beginning balance	28,795	19,052
Reallocation, net		1,809
Acquisitions	111,115	7,934
Dispositions	0	0
Reclassification to discontinued operations	0
Foreign currency exchange rate changes and other	0	0
Goodwill, ending balance	145,992	34,877
Accumulated impairment losses, ending balance	(6,082)	(6,082)
Goodwill, net, ending balance	$ 139,910	$ 28,795

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 182,107	$ 128,543
Accumulated Amortization	85,160	88,955
Net Carrying Amount	96,947	39,588
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	516,753	541,278
Non-compete Agreements [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	2,500	13,540
Accumulated Amortization	1,590	12,622
Net Carrying Amount	910	918
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	104,685	72,050
Accumulated Amortization	47,539	45,718
Net Carrying Amount	57,146	26,332
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	10,501	10,790
Accumulated Amortization	8,827	6,991
Net Carrying Amount	1,674	3,799
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	55,452	22,327
Accumulated Amortization	19,724	16,052
Net Carrying Amount	35,728	6,275
Other [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	8,969	9,836
Accumulated Amortization	7,480	7,572
Net Carrying Amount	$ 1,489	$ 2,264
Minimum [Member] \| Non-compete Agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	2 years	2 years
Minimum [Member] \| Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	2 years	2 years
Minimum [Member] \| Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	3 years	3 years
Minimum [Member] \| Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	2 years	2 years
Minimum [Member] \| Other [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	1 year	1 year
Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	10 years
Maximum [Member] \| Non-compete Agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	5 years	5 years
Maximum [Member] \| Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	10 years	10 years
Maximum [Member] \| Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	5 years	5 years
Maximum [Member] \| Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	10 years	10 years
Maximum [Member] \| Other [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	25 years	25 years
Franchise Agreements [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	$ 496,321	$ 496,321
Wireless Licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	0	22,150
Licensure and Accreditation [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	6,781	7,171
Other [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	$ 13,651	$ 15,636

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
Federal statutory income tax rate	35.00%	35.00%	35.00%
Tax (benefits) expenses with respect to losses from discontinued operations	$ (11,400,000)	$ 36,900,000	$ (68,500,000)
Deferred state income tax asset	26,077,000	30,036,000
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards	2,368,000	2,613,000
Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards	837,000	8,265,000
Deferred tax assets with respect to non U.S. income tax loss carryforwards	30,460,000	32,600,000
Valuation Allowance, Amount	73,656,000	72,767,000
Penalties and interest accrued related to the unrecognized tax benefits	0	0	$ 0
State [Member]
Income Taxes [Line Items]
Income tax loss carryforwards to expire	494,100,000
Deferred state income tax asset	26,100,000
Valuation Allowance, Amount	38,800,000
Valuation allowance related to operating loss carryforwards	26,100,000
Unrecognized tax benefit that would impact the effective tax rate	7,000,000
U.S. Federal [Member]
Income Taxes [Line Items]
Income tax loss carryforwards obtained as a result of prior stock acqusitions	6,700,000
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards	2,400,000
Foreign tax credit carryforwards	800,000
Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards	800,000
Valuation Allowance, Amount	0
Federal tax impact of unrecognized tax benefits that would impact the effective tax rate	2,400,000
non-U.S. [Member]
Income Taxes [Line Items]
Tax loss carryforwards as a result of operating losses and prior stock acquisitions	104,300,000
Deferred tax assets with respect to non U.S. income tax loss carryforwards	30,500,000
Valuation allowance against the deferred tax assets recorded for the tax losses carryforward	29,200,000
Tax loss carryforwards from operating losses and prior stock acquisitions that can be carried forward indefinitely	96,100,000
Valuation Allowance, Amount	34,900,000
non-U.S. [Member] \| Through 2019 [Member]
Income Taxes [Line Items]
Tax loss carryforwards subject to expiration	1,600,000
non-U.S. [Member] \| After 2019 [Member]
Income Taxes [Line Items]
Tax loss carryforwards subject to expiration	6,600,000
U.S. Federal and State [Member]
Income Taxes [Line Items]
Deferred income tax liabilities related to undistributed earnings of investments in non-U.S. subsidiaries	10,600,000	7,700,000
Excess of book value over tax basis of investment	57,900,000	66,800,000
Additional deferred tax liabilitites due to excess of book value over tax basis of investment	1,400,000	$ 5,900,000
Capital loss and foreign tax credit carrybacks to 2010 tax year [Member] \| U.S. Federal [Member]
Income Taxes [Line Items]
Income Taxes Receivable	$ 10,500,000

Income Taxes (Income from Operations) (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income (Loss) from Operations before Extraordinary Items [Abstract]
U.S.									$ 1,274,509	$ 261,137	$ 108,233
Non-U.S.									52,602	13,693	16,459
Income from Continuing Operations Before Income Taxes	$ 524,258	$ 141,619	$ 453,261	$ 207,973	$ 74,293	$ 84,312	$ 78,606	$ 37,619	$ 1,327,111	$ 274,830	$ 124,692

Income Taxes (Provision for Income Taxes Components) (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. Federal, Current									$ 294,965	$ 70,152	$ 101,804
State and Local, Current									35,432	10,273	13,509
Non-U.S.									10,485	10,015	12,604
Total income tax, Current									340,882	90,440	127,917
U.S. Federal, Deferred									44,860	22,438	(48,685)
State and Local, Deferred									23,671	(9,808)	(5,135)
Non-U.S.									(3,313)	(1,570)	(697)
Total income tax, Deferred									65,218	11,060	(54,517)
U.S. Federal, Total									339,825	92,590	53,119
State and Local, Total									59,103	465	8,374
Non-U.S.									7,172	8,445	11,907
Total provision for income tax	$ 191,900	$ 58,200	$ 78,600	$ 77,400	$ 24,100	$ 29,900	$ 31,700	$ 15,800	$ 406,100	$ 101,500	$ 73,400

Income Taxes (Income Tax Reconciliation) (Details 3) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
U.S. Federal taxes at statutory rate									$ 464,489	$ 96,191	$ 43,642
State and local taxes, net of U.S. Federal tax									35,242	2,941	8,887
Tax-free stock transactions									(91,540)	0	0
Tax provided on non-U.S. subsidiary earnings and distributions at less than the expected U.S. Federal statutory tax rate									2,186	767	(6,950)
Goodwill impairments									0	0	12,776
U.S. Federal Manufacturing Deducation tax benefits									(6,789)	(4,397)	(2,393)
Other, net									1,814	1,403	4,915
Total provision for income tax	$ 191,900	$ 58,200	$ 78,600	$ 77,400	$ 24,100	$ 29,900	$ 31,700	$ 15,800	406,100	101,500	73,400
State [Member]
Income Taxes [Line Items]
Valuation allowance against tax benefits									3,175	(2,638)	(3,443)
non-U.S. [Member]
Income Taxes [Line Items]
Valuation allowance against tax benefits									$ (2,477)	$ 7,233	$ 15,966

Income Taxes (Deferred Income Taxes Components) (Details 4) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred Income Tax Liabilities [Line Items]
Accrued postretirement benefits	$ 16,785	$ 15,408
Other benefit obligations	122,241	101,923
Accounts receivable	17,925	24,911
State income tax loss carryforwards	26,077	30,036
U.S. Federal income tax loss carryforwards	2,368	2,613
U.S Federal foreign income tax credit carryforwards	837	8,265
Non-U.S. income tax loss carryforwards	30,460	32,600
Other	50,134	61,753
Deferred tax assets	266,827	277,509
Valuation allowance	(73,656)	(72,767)
Deferred tax assets, net	193,171	204,742
Property, plant and equipment	139,765	134,627
Unrealized gain on available-for-sale securities	34,764	115,785
Goodwill and other intangible assets	308,954	293,749
Deferred tax liabilities	947,197	1,041,888
Deferred Income Tax Liabilities, Net	754,026	837,146
Pension Plan, Defined Benefit [Member]
Deferred Income Tax Liabilities [Line Items]
Prepaid pension cost	$ 463,714	$ 497,727

Income Taxes (Operating Loss Carryforwards) (Details 5) $ in Millions	Dec. 31, 2014 USD ($)
State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	$ 494.1
U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	6.7
2015 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	4.7
2015 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	0.7
2016 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	6.1
2016 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	0.7
2017 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	3.7
2017 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	0.7
2018 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	10.8
2018 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	0.7
2019 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	4.8
2019 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	0.7
2020 and after [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	464.0
2020 and after [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	$ 3.2

Income Taxes (Deferred Tax Valluation Allowances) (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Begining of Period	$ 33,834	$ 35,462	$ 50,225
Deductions		(58,873)	(85,456)
Balance at End of Period	32,598	33,834	35,462
Additions Charged to Costs and Expenses		57,245	70,693
Deferred Tax Valuation Allowance [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Begining of Period	72,767	78,109	59,179
Tax Expense and Revaluation	889	(5,342)	18,930
Deductions	0	0	0
Balance at End of Period	$ 73,656	$ 72,767	$ 78,109

Income Taxes Income Taxes (Unrecognized Tax Benefits Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning unrecognized tax benefits	$ 0	$ 0	$ 0
Increases related to current year tax positions	7,000	0	0
Increases related to prior year tax positions	0	0	0
Decrease related to prior year tax positions	0	0	0
Decreases related to settlement with tax authorities	0	0	0
Decreases due to lapse of applicable statute of limitations	0	0	0
Ending unrecognized tax benefits	$ 7,000	$ 0	$ 0

Debt (Narrative) (Details) $ in Thousands, $ in Millions			1 Months Ended	12 Months Ended
Debt (Narrative) (Details) $ in Thousands, $ in Millions	Sep. 07, 2011 USD ($)	Jun. 17, 2011 USD ($)	Jan. 31, 2009 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 20, 2012 USD ($)	Sep. 07, 2011 AUD ($)	Jun. 17, 2011 AUD ($)
Debt Instrument [Line Items]
Average borrowings outstanding				$ 450,900	$ 471,400
Weighted average interest rate of borrowings				7.00%	6.70%
Net interest expense incurred				$ 34,500	$ 33,800	$ 32,600
Carrying value of debt instrument				$ 398,308	$ 397,893
7.25% Unsecured Notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Interest rate of debt instrument			7.25%	7.25%	7.25%
Debt Instrument, Maturity date			Feb. 01, 2019
Face amount of debt issued			$ 400,000
Notes repurchase percentage of principal amount to be eligible for redemption			101.00%
Fair value of debt instrument				$ 450,300	$ 475,200
Carrying value of debt instrument				398,300	397,900
Four-Year Revolving Credit Agreement Dated, June 17, 2011 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 700,000
Minimum fee percentage for line of credit facility		0.08%							0.08%
Maximum fee percentage for line of credit facility		0.20%							0.20%
Line of credit facility, Expiration date		Jun. 17, 2015
Line of credit facility minimum requirement of shareholder's equity		$ 1,500,000
Debt Instrument, Interest Rate Terms		Any borrowings are made on an unsecured basis and bear interest at (a) for U.S. dollar borrowings, at the Company’s option, either (i) a fluctuating interest rate equal to the highest of JPMorgan’s prime rate, 0.50 percent above the Federal funds rate or the one-month eurodollar rate plus 1%, or (ii) the eurodollar rate for the applicable interest period; or (b) for Australian dollar borrowings, the bank bill rate, in each case plus an applicable margin that depends on the Company’s long-term debt ratings.
USD $450 million portion of Revolver [Member]
Debt Instrument [Line Items]
Borrowings outstanding				0	0		$ 240,000
Interest rate of debt instrument							1.5107%
Current borrowing capacity		$ 450,000
AUD $50 million portion of Revolver [Member]
Debt Instrument [Line Items]
Borrowings outstanding				$ 40,927	$ 44,625			$ 50
Current borrowing capacity									$ 50
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Types Of Interest Rate Derivatives Used	interest rate swap
Notional Amount of Cash Flow Hedge Instruments	$ 50,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.5275%							4.5275%
Other Indebtedness [Member]
Debt Instrument [Line Items]
Minimum interest rate				0.00%	0.00%
Maximum interest rate				6.00%	6.00%
Debt Instrument, Maturity year, start				Jan. 01, 2015	Jan. 01, 2014
Debt Instrument, Maturity year, end				Dec. 31, 2017	Dec. 31, 2017

Debt (Details 1) $ in Thousands, $ in Millions	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 20, 2012 USD ($)	Sep. 07, 2011 AUD ($)
Debt Instrument [Line Items]
7.25% unsecured notes due February 1, 2019	$ 398,308	$ 397,893
Other indebtedness	6,685	8,258
Total Debt	445,920	450,776
Less: current portion	(46,375)	(3,168)
Total Long-Term Debt	399,545	447,608
USD [Member]
Debt Instrument [Line Items]
Revolving credit borrowing	0	0	$ 240,000
Interest rate of debt instrument			1.5107%
AUD [Member]
Debt Instrument [Line Items]
Revolving credit borrowing	$ 40,927	$ 44,625		$ 50

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible and other long-lived assets	$ 17,302	$ 0	$ 0	$ 0	$ 3,250	$ 0	$ 0	$ 0	$ 25,100	$ 3,300
Discontinued Operations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible and other long-lived assets									$ 7,800

Fair Value Measurements (Details 1) - USD ($)
$ in Thousands

Dec. 31, 2014

Dec. 31, 2013

Assets

7.25% Unsecured Notes due February 1, 2019 [Member]

$ 193,793

$ 487,156

Fair Value, Measurements, Recurring [Member]

450,300

475,200

Assets

Money market investments

^[1]

368,131

431,836

Commercial paper

^[2]

226,197

Other current investments

^[3]

193,793

487,156

^[4]

32,959

35,162

Total Financial Assets

821,080

954,154

Deferred compensation plan liabilities

^[5]

70,661

67,603

Interest rate swap

^[6]

179

1,047

Total Financial Liabilities

562,111

588,499

Fair Value, Measurements, Recurring [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member]

Fair Value, Measurements, Recurring [Member] | AUD $50 million portion of Revolver [Member]

^[7]

450,344

475,224

AUD revolving credit borrowing

^[7]

40,927

44,625

Level 1 [Member] | Fair Value, Measurements, Recurring [Member]

Assets

Money market investments

^[1]

Commercial paper

^[2]

226,197

Other current investments

^[3]

193,793

487,156

^[4]

11,788

11,826

Total Financial Assets

431,778

498,982

Deferred compensation plan liabilities

^[5]

Interest rate swap

^[6]

Total Financial Liabilities

Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member]

Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | AUD $50 million portion of Revolver [Member]

^[7]

AUD revolving credit borrowing

^[7]

Level 2 [Member] | Fair Value, Measurements, Recurring [Member]

Assets

Money market investments

^[1]

368,131

431,836

Commercial paper

^[2]

Other current investments

^[3]

^[4]

21,171

23,336

Total Financial Assets

389,302

455,172

Deferred compensation plan liabilities

^[5]

70,661

67,603

Interest rate swap

^[6]

179

1,047

Total Financial Liabilities

562,111

588,499

Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member]

Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | AUD $50 million portion of Revolver [Member]

^[7]

450,344

475,224

AUD revolving credit borrowing

^[7]

$ 40,927

$ 44,625

[1]	The Company’s money market investments are included in cash, cash equivalents and restricted cash.
[2]	The Company’s commercial paper investments with original maturities of 90 days or less are included in cash and cash equivalents.
[3]	The Company’s investments in marketable equity securities are classified as available-for-sale.
[4]	Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits.
[5]	Includes Graham Holdings Company’s Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company’s Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income.
[6]	Included in Other liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.
[7]	See Note 10 for carrying amount of these notes and borrowing.

Redeemable Preferred Stock (Details) - $ / shares	12 Months Ended
Redeemable Preferred Stock (Details) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
Temporary Equity [Abstract]
Redeemable Preferred Stock, par value per share	$ 1	$ 1
Redeemable Preferred Stock, liquidation value per share	$ 1,000	1,000
Redeemable by at any time on or after	Oct. 01, 2015
Redeemable Preferred Stock, redemption value per share	$ 1,000	$ 1,000
Preferred stock repurchase election	2 months
Number of times dividends payable in a year per share	four times a year
Dividends payable per share	$ 80

Capital Stock, Stock Awards, and Stock Options (Narrative) (Details)	1 Months Ended		2 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2015 $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Feb. 26, 2015 shares	Jun. 30, 2014 USD ($) shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($) employee $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 $ / shares shares	Sep. 30, 2011 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost of shares repurchased by company \| $					$ 327,718,000	$ 4,196,000	$ 103,196,000
Shares subject to award outstanding		207,917			117,111	114,479	207,917	77,319
Number of shares forfeited due to modification					7,384	92,018	7,616
Awarded, Number of Shares					21,114	70,165	145,348
Shares subject to stock options outstanding		125,694			151,694	121,694	125,694	129,044
Options Outstanding, Weighted Average Remaining Contractual Life					7 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price \| $ / shares		$ 478.32			$ 682.68	$ 469.76	$ 478.32	$ 494.95
Granted, Number of Shares					55,000	15,000	7,500
Exercised, Number of Shares					(19,125)	(14,500)	0
Exercised, Average Option Price (in dollars per share) \| $ / shares					$ 409.44	$ 391.83	$ 0
Dividends declared per common share \| $ / shares					$ 10.20		$ 9.80
Options Exercisable, Weighted Average Remaining Contractual Life					5 years 7 months 6 days
Exercise Price $1,111 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subject to stock options outstanding					50,000
Options Outstanding, Weighted Average Remaining Contractual Life					9 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price \| $ / shares					$ 1,111.20
Options Exercisable, Weighted Average Remaining Contractual Life					0 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares					5,175	5,500	52,200
Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subject to stock options outstanding					5,000
Granted, Number of Shares					0	5,000	0
Exercised, Number of Shares					0	0	0
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares					52,000	10,000	124,694
Senior Manager [Member] \| Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Subsequent Event [Member] \| Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of Shares	2,500
Maximum [Member] \| Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					5 years
Minimum [Member] \| Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Accelerated dividends in lieu of regular quarterly dividends in 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share \| $ / shares		$ 9.80
Education [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrual balance related to stock based compensation \| $					$ 10,800,000
Stock compensation payouts \| $		$ 0			0	$ 0	$ 0
Education [Member] \| Kaplan Stock Option and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based Compensation Expense \| $					$ 900,000	$ 2,900,000	$ (1,100,000)
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of Class A shares to Class B					194,250	50,310
Conversion of stock from Class A to Class B, percentage					17.00%	4.00%
Common Stock, shares outstanding					974,823	1,169,073
Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to elect Board of Directors percentage					30.00%
Shares repurchased by company						33,024	301,231
Cost of shares repurchased by company \| $						$ 17,700,000	$ 103,200,000
Number of shares authorized to be repurchased									750,000
Number of shares authorized to be repurchased remaining under previous authorization									43,573
Authorized shares remaining for repurchase					159,219
Market value of company's stock \| $ / shares					$ 863.71
Common Stock, shares outstanding					4,823,966	6,218,051
Class B Common Stock [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards outstanding, restriction will lapse in 2015					31,825
Share awards outstanding, restriction will lapse in 2016					20,425
Share awards outstanding, restriction will lapse in 2017					46,996
Share awards outstanding, restriction will lapse in 2018					17,865
Stock-based Compensation Expense \| $					$ 15,400,000	$ 35,200,000	11,400,000
Total unrecognized compensation expense \| $					$ 26,000,000
Years over which cost expected to be recognized					1 year 6 months 21 days
Class B Common Stock [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based Compensation Expense \| $					$ 2,700,000	$ 3,500,000	$ 2,900,000
Total unrecognized compensation expense \| $					$ 10,500,000
Years over which cost expected to be recognized					5 years 2 months 12 days
Options outstanding exercisable now					70,194
Options outstanding exercisable in 2015					27,208
Options outstanding exercisable in 2016					14,708
Options outstanding exercisable in 2017					13,334
Options outstanding exercisable in 2018					9,583
Options outstanding exercisable in 2019					8,333
Options outstanding exercisable in 2020					8,334
Intrinsic value of options outstanding \| $					$ 39,800,000
Intrinsic value of options exercisable \| $					27,500,000
Intrinsic value of options unvested \| $					$ 12,300,000
Options unvested, shares					81,500	48,500
Options unvested, average exercise price \| $ / shares					$ 863.72	$ 442.02
Options unvested, weighted average remaining contractual term, years					8 years 10 months 24 days	7 years 10 months 24 days
Intrinsic value of options exercised \| $					$ 6,700,000	$ 3,200,000
Tax benefit from stock option exercises \| $					$ 2,700,000	$ 1,300,000
Weighted average fair value, granted options \| $ / shares					$ 178.95	$ 91.74	$ 91.71
Exercised, Number of Shares					(19,125)	(14,500)	0
Class B Common Stock [Member] \| Employee Stock Option [Member] \| Exercise Price Above Fair Market Value of Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of Shares					50,000
Class B Common Stock [Member] \| Subsequent Event [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded, Number of Shares			23,475
Class B Common Stock [Member] \| Subsequent Event [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Number of Shares			5,000
Class B Common Stock [Member] \| Sale Of Publishing Subsidiaries [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares affected by modification of terms						86,824
Number of employees affected by modification of terms of share awards \| employee						102
Number of share awards with accelerated vesting						45,374
Number of shares modified by the elimination of a market condition and vesting terms						15,000
Number of shares forfeited due to modification						26,450
Number of shares offered to settle in cash due to modification						26,124
Cash paid for the settlement of shares due to modification \| $						$ 13,100,000
Class B Common Stock [Member] \| Sale Of Publishing Subsidiaries [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares affected by modification of terms						4,500
Number of employees affected by modification of terms of share awards \| employee						6
Number of share awards with accelerated vesting						4,250
Number of stock options forfeited due to modification						250
Class B Common Stock [Member] \| Sale Of Publishing Subsidiaries [Member] \| Discontinued Operations [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental stock compensation expense, net of forfeitures, due to modification \| $						$ 19,900,000
Class B Common Stock [Member] \| Sale Of Publishing Subsidiaries [Member] \| Discontinued Operations [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental stock compensation expense, net of forfeitures, due to modification \| $						$ 800,000
Class B Common Stock [Member] \| 2001 Incentive Compensation Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance					37,825
Class B Common Stock [Member] \| 2003 Employee Stock Option Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance					81,694
Shares reserved for options granted under the plan					1,900,000
Class B Common Stock [Member] \| 2003 Employee Stock Option Plan [Member] \| Maximum [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					10 years
Class B Common Stock [Member] \| 2003 Employee Stock Option Plan [Member] \| Minimum [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Class B Common Stock [Member] \| 2012 Incentive Compensation Plan [Member] \| Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance					460,726
Shares subject to award outstanding					149,286
Shares available for future awards					311,440
Class B Common Stock [Member] \| 2012 Incentive Compensation Plan [Member] \| 2014 Option Granted [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					6 years
Class B Common Stock [Member] \| 2012 Incentive Compensation Plan [Member] \| Maximum [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					10 years
Class B Common Stock [Member] \| 2012 Incentive Compensation Plan [Member] \| Minimum [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Kaplan Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of company common stock \| $ / shares						$ 973
Kaplan Restricted Stock [Member] \| Senior Manager [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, shares outstanding					7,206
Kaplan Restricted Stock [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of company common stock \| $ / shares	$ 1,180
Berkshire Exchange Transaction [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of Class B common stock \| $				$ 1,165,400,000	$ 1,165,400,000
Berkshire Exchange Transaction [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received in Berkshire Hathaway agreement				1,620,190.00000	1,620,190

Capital Stock, Stock Awards, and Stock Options (Stock Awards Rollforward) (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning of year, unvested, Number of Shares	114,479	207,917	77,319
Awarded, Number of Shares	21,114	70,165	145,348
Vested, Number of Shares	(11,098)	(71,585)	(7,134)
Forfeited, Number of Shares	(7,384)	(92,018)	(7,616)
End of year, unvested, Number of Shares	117,111	114,479	207,917
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning of year, Average Grant-Date Fair Value (in dollars per share)	$ 424.65	$ 350.21	$ 424.45
Awarded, Average Grant-Date Fair Value (in dollars per share)	683.44	562.29	321.56
Vested, Average Grant-Date Fair Value (in dollars per share)	523.95	515.09	499.06
Forfeited, Average Grant-Date Fair Value (in dollars per share)	396.91	300.86	417.79
End of year, Average Grant-Date Fair Value (in dollars per share)	$ 463.64	$ 424.65	$ 350.21

Capital Stock, Stock Awards, and Stock Options (Stock Options Rollforward) (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning of year, Number of Shares	121,694	125,694	129,044
Granted, Number of Shares	55,000	15,000	7,500
Exercised, Number of Shares	(19,125)	(14,500)	0
Expired or forfeited, Number of Shares	(5,875)	(4,500)	(10,850)
End of year, Number of Shares	151,694	121,694	125,694
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning of year, Average Option Price (in dollars per share)	$ 469.76	$ 478.32	$ 494.95
Granted, Average Option Price (in dollars per share)	1,070.43	373.03	378.00
Exercised, Average Option Price (in dollars per share)	409.44	391.83	0
Expired or forfeited, Average Option Price (in dollars per share)	791.81	637.53	605.82
End of year, Average Option Price (in dollars per share)	$ 682.68	$ 469.76	$ 478.32

Capital Stock, Stock Awards, and Stock Options (Options Outstanding and Exercisable) (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	151,694	121,694	125,694	129,044
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 682.68	$ 469.76	$ 478.32	$ 494.95
Options Exercisable, Shares Exercisable	70,194
Options Exercisable, Weighted Average Remaining Contractual Life	5 years 7 months 6 days
Options Exercisable, Weighted Average Exercise Price	$ 427.47
Exercise Price Range of $369-$396 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	32,000
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 383.37
Options Exercisable, Shares Exercisable	18,000
Options Exercisable, Weighted Average Remaining Contractual Life	5 years 9 months 18 days
Options Exercisable, Weighted Average Exercise Price	$ 390.58
Exercise Price Range of $419-$439 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	10,694
Options Outstanding, Weighted Average Remaining Contractual Life	4 years 6 months
Options Outstanding, Weighted Average Exercise Price	$ 423.05
Options Exercisable, Shares Exercisable	10,694
Options Exercisable, Weighted Average Remaining Contractual Life	4 years 6 months
Options Exercisable, Weighted Average Exercise Price	$ 423.05
Exercise Price $503 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	50,000
Options Outstanding, Weighted Average Remaining Contractual Life	6 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price	$ 502.58
Options Exercisable, Shares Exercisable	37,500
Options Exercisable, Weighted Average Remaining Contractual Life	6 years 2 months 12 days
Options Exercisable, Weighted Average Exercise Price	$ 502.58
Exercise Price $652-$653 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	7,000
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 659.65
Options Exercisable, Shares Exercisable	2,000
Options Exercisable, Weighted Average Remaining Contractual Life	3 years 4 months 24 days
Options Exercisable, Weighted Average Exercise Price	$ 651.91
Exercise Price $730 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	2,000
Options Outstanding, Weighted Average Remaining Contractual Life	1 year 10 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 729.67
Options Exercisable, Shares Exercisable	2,000
Options Exercisable, Weighted Average Remaining Contractual Life	1 year 10 months 24 days
Options Exercisable, Weighted Average Exercise Price	$ 729.67
Exercise Price $1,111 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	50,000
Options Outstanding, Weighted Average Remaining Contractual Life	9 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price	$ 1,111.20
Options Exercisable, Shares Exercisable	0
Options Exercisable, Weighted Average Remaining Contractual Life	0 years
Options Exercisable, Weighted Average Exercise Price	$ 0.00

Capital Stock, Stock Awards, and Stock Options (Fair Value Assumptions) (Details 4)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life		7 years	7 years
Interest rate, minimum	2.15%	1.31%	1.04%
Interest rate, maximum	2.45%		1.27%
Volatility, minimum	30.75%	31.80%	31.71%
Volatility, maximum	32.10%		31.80%
Dividend yield		2.63%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	7 years
Dividend yield	1.30%		2.54%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	8 years
Dividend yield	1.54%		2.60%

Capital Stock, Stock Awards, and Stock Options (Earnings Per Share) (Details 5) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Income from continuing operations attributable to Graham Holdings Company common stockholders	$ 332,102	$ 83,331	$ 374,948	$ 130,366	$ 50,138	$ 54,132	$ 46,447	$ 21,278	$ 920,747	$ 171,995	$ 50,323
Less: Dividends paid–common stock outstanding and unvested restricted shares									(67,267)	0	(146,432)
Undistributed earnings (losses)									$ 853,480	$ 171,995	$ (96,109)
Percent allocated to common stockholders (1)									97.98%	98.45%	100.00%
Undistributed earnings allocated to common stockholders									$ 836,246	$ 169,329	$ (96,109)
Add: Dividends paid–common stock outstanding									66,012	0	143,175
Numerator for basic earnings per share									902,258	169,329	47,066
Add: Additional undistributed earnings due to dilutive stock options									79	5	0
Numerator for diluted earnings per share									$ 902,337	$ 169,334	$ 47,066
Denominator for basic earnings per share (shares)	5,678	5,671	7,284	7,275	7,266	7,231	7,229	7,227	6,470	7,238	7,360
Denominator for diluted earnings per share (shares)									6,497	7,250	7,360
Income Per Share From Continuing Operations To Common Stockholders [Abstract]
Basic earnings per share from continuing operations (in dollars per share)	$ 57.31	$ 14.38	$ 50.39	$ 17.62	$ 6.79	$ 7.29	$ 6.26	$ 2.87	$ 139.44	$ 23.39	$ 6.40
Diluted earnings per share from continuing operations (in dollars per share)	$ 57.01	$ 14.32	$ 50.22	$ 17.56	$ 6.77	$ 7.28	$ 6.26	$ 2.87	$ 138.88	$ 23.36	$ 6.40
Employee Stock Option [Member]
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Add: Effect of dilutive stock options (shares)									27	12	0

Capital Stock, Stock Awards, and Stock Options Capital Stock, Stock Awards, and Stock Options (Antidilutive Shares) (Details 6) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Antidilutive Shares [Abstract]
Weighted average restricted stock	62	83	44

Pension and Postretirement Plans (Narrative) (Details)		1 Months Ended		3 Months Ended				12 Months Ended
Pension and Postretirement Plans (Narrative) (Details)	Oct. 01, 2013 USD ($)	Mar. 31, 2013 USD ($)	Feb. 28, 2013 USD ($)	Dec. 31, 2014 USD ($) campus Investment companies	Sep. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) campus multiemployer_plan Investment companies	Dec. 31, 2013 USD ($) country Investment	Dec. 31, 2012 USD ($)
Retirement Benefits Disclosure [Line Items]
Early retirement program expense								$ 8,374,000	$ 22,700,000	$ 8,508,000
Net Periodic Cost (Benefit) for the Year								(69,406,000)	1,927,000	16,044,000
Expense associated with the retirement benefits provided under incentive savings plans								9,200,000	8,700,000	12,200,000
Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense								8,374,000	22,700,000	8,508,000
Accumulated benefit obligation				$ 1,281,500,000				1,281,500,000	1,091,100,000
Company contributions								0	0	0
Estimated employer contributions in next fiscal year								0
Net Periodic Cost (Benefit) for the Year								$ (69,406,000)	$ 1,927,000	16,044,000
Number of investment companies actively managing plan assets \| companies				2				2
Amount of plan assets managed internally by the company								$ 0
Percentage of total plan assets				100.00%				100.00%	100.00%
Curtailment								$ 0	$ 43,930,000	0
Pension Plans [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit) for the Year								200,000	18,900,000	24,600,000
Pension Plans [Member] \| Sale Of Publishing Subsidiaries [Member]
Retirement Benefits Disclosure [Line Items]
Pension plan assets transferred from plan	$ 318,000,000
Supplemental Executive Retirement Plan (SERP) [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense								2,422,000	0	0
Accumulated benefit obligation				$ 114,100,000				114,100,000	89,300,000
Company contributions								4,166,000	4,101,000
Net Periodic Cost (Benefit) for the Year								7,481,000	8,296,000	7,595,000
Supplemental Executive Retirement Plan (SERP) [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit) for the Year								200,000	1,000,000	900,000
Other Postretirement Plans [Member]
Retirement Benefits Disclosure [Line Items]
Company contributions								4,521,000	3,671,000
Net Periodic Cost (Benefit) for the Year								89,000	(2,052,000)	(1,238,000)
Curtailment								$ 1,292,000	$ 41,623,000	$ (438,000)
Discount rate to determine benefit obligation				3.25%				3.25%	3.80%
Discount rate to determine periodic cost								3.80%	3.30%	3.90%
Other Postretirement Plans [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit) for the Year									$ (2,900,000)	$ (2,900,000)
Other Postretirement Plans [Member] \| Pre-Age 65 [Member]
Retirement Benefits Disclosure [Line Items]
Assumed health care cost trend rate								7.50%
Direction of change for assumed health care cost trend rate								decreasing
Ultimate health care cost trend rate								5.00%
Year that rate reaches ultimate trend rate				2025				2025
Other Postretirement Plans [Member] \| Post-Age 65 MA-PD Plan [Member]
Retirement Benefits Disclosure [Line Items]
Assumed health care cost trend rate								14.90%
Direction of change for assumed health care cost trend rate								decreasing
Ultimate health care cost trend rate								5.00%
Year that rate reaches ultimate trend rate				2021				2021
Other Postretirement Plans [Member] \| Post-Age 65 Non MA-PD Plan [Member]
Retirement Benefits Disclosure [Line Items]
Assumed health care cost trend rate								6.50%
Direction of change for assumed health care cost trend rate								decreasing
Ultimate health care cost trend rate								5.00%
Year that rate reaches ultimate trend rate				2021				2021
Other Postretirement Plans [Member] \| Washington Post Newspaper [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Curtailment										400,000
Other Postretirement Plans [Member] \| Daily Herald [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Curtailment gain									(3,500,000)
Multiemployer Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Number of multiemployer plans contributed to \| multiemployer_plan								1
Contributions to multiemployer pension plans								$ 100,000	$ 100,000	200,000
Multiemployer Pension Plans [Member] \| Daily Herald [Member] \| GCIU Employer's Trust Fund [Member]
Retirement Benefits Disclosure [Line Items]
Multiemployer pension plan withdrawal charge										900,000
Multiemployer Pension Plans [Member] \| Daily Herald [Member] \| Western Conference Teamsters Pension Trust Fund [Member]
Retirement Benefits Disclosure [Line Items]
Multiemployer pension plan withdrawal charge		$ 400,000
Berkshire Hathaway Common Stock [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator								20.00%
Foreign Investments [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, equity securities								24.00%
Single Equity Concentration [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator								10.00%
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| Investment				2				2	1
Value of investments				$ 730,600,000				$ 730,600,000	$ 382,100,000
Percentage of total plan assets				30.00%				30.00%	16.00%
Fixed income securities [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, fixed-income securities, range minimum								10.00%
Geographic Concentration [Member] \| Foreign Investments [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Number of foreign countries for which the companys pension plan holds investments that exceed 10% of total plan assets				1				1	1
Value of investments				$ 468,000,000				$ 468,000,000	$ 398,900,000
Percentage of total plan assets				19.00%				19.00%	17.00%
Defined Benefit Plan Assets Total [Member] \| Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans								10.00%
Special Separation Benefits [Member] \| Pension Plans [Member] \| Washington Post Newspaper [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense							$ 2,300,000
Voluntary Retirement Incentive Program [Member] \| Pension Plans [Member] \| Washington Post Newspaper [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense			$ 20,400,000							7,500,000
Voluntary Retirement Incentive Program [Member] \| Pension Plans [Member] \| Post-Newsweek Media [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense										$ 1,000,000
Corporate Office [Member] \| Separation Incentive Program [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense						$ 4,500,000
Corporate Office [Member] \| Voluntary Retirement Incentive Program [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense					$ 3,900,000
Corporate Office [Member] \| Voluntary Retirement Incentive Program [Member] \| Supplemental Executive Retirement Plan (SERP) [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense					$ 2,400,000
Corporate Office [Member] \| Exchange of WPLG, Separation Incentive Program and VRIP [Member] \| Other Postretirement Plans [Member]
Retirement Benefits Disclosure [Line Items]
Curtailment				$ 1,300,000

Pension and Postretirement Plans (Obligation, Asset, and Funding Information) (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension Plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at begining of year	$ 1,126,344,000	$ 1,466,322,000
Service cost	27,792,000	46,115,000	$ 40,344,000
Interest cost	51,825,000	55,821,000	59,124,000
Amendments	8,374,000	22,700,000
Actuarial (gain) loss	172,548,000	(156,385,000)
Benefits paid	(69,854,000)	(81,162,000)
Curtailment	0	(55,690,000)
Settlement	451,000	(171,377,000)
Benefit obligation at end of year	1,317,480,000	1,126,344,000	1,466,322,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets at beginning of year	2,371,849,000	2,071,145,000
Actual return on plan assets	167,154,000	699,518,000
Employer contributions and other	0	0	0
Benefits paid	(69,854,000)	(81,162,000)
Settlement	819,000	(317,652,000)
Fair value of assets at end of year	2,469,968,000	2,371,849,000	2,071,145,000
Funded status	1,152,488,000	1,245,505,000
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at begining of year	91,169,000	104,062,000
Service cost	1,493,000	1,612,000	1,467,000
Interest cost	4,397,000	4,148,000	4,241,000
Amendments	4,022,000	0
Actuarial (gain) loss	19,168,000	(9,180,000)
Benefits paid	(4,166,000)	(4,101,000)
Curtailment	0	(2,059,000)
Settlement	0	(3,313,000)
Benefit obligation at end of year	116,083,000	91,169,000	104,062,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets at beginning of year	0	0
Employer contributions and other	4,166,000	4,101,000
Benefits paid	(4,166,000)	(4,101,000)
Fair value of assets at end of year	0	0	0
Funded status	(116,083,000)	(91,169,000)
Other Postretirement Plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at begining of year	40,014,000	63,868,000
Service cost	1,500,000	2,488,000	3,113,000
Interest cost	1,448,000	1,848,000	2,735,000
Actuarial (gain) loss	4,448,000	(3,298,000)
Benefits paid, net of Medicare subsidy	(4,521,000)	(3,671,000)
Curtailment	(932,000)	(21,221,000)
Benefit obligation at end of year	41,957,000	40,014,000	63,868,000
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets at beginning of year	0	0
Employer contributions and other	4,521,000	3,671,000
Benefits paid, net of Medicare subsidy	(4,521,000)	(3,671,000)
Fair value of assets at end of year	0	0	$ 0
Funded status	$ (41,957,000)	$ (40,014,000)

Pension and Postretirement Plans (Consolidated Balance Sheet) (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent asset	$ 1,152,488	$ 1,245,505
Current liability	0	0
Noncurrent liability	0	0
Recognized asset (liability)	1,152,488	1,245,505
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent asset	0	0
Current liability	(6,275)	(4,251)
Noncurrent liability	(109,808)	(86,918)
Recognized asset (liability)	(116,083)	(91,169)
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Current liability	(3,995)	(3,795)
Noncurrent liability	(37,962)	(36,219)
Recognized asset (liability)	$ (41,957)	$ (40,014)

Pension and Postretirement Plans (Key Assumptions - Obligation) (Details 3) - Benefit Obligation [Member]	Dec. 31, 2014	Dec. 31, 2013
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.00%	4.80%
Rate of compensation increase	4.00%	4.00%
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.00%	4.80%
Rate of compensation increase	4.00%	4.00%

Pension and Postretirement Plans (Future Estimated Benefit Payments) (Details 4) $ in Thousands	Dec. 31, 2014 USD ($)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
2015	$ 87,271
2016	80,239
2017	78,592
2018	77,576
2019	78,589
2020-2024	398,372
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
2015	6,399
2016	5,875
2017	5,964
2018	6,257
2019	6,719
2020-2024	34,875
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
2015	3,995
2016	4,061
2017	4,078
2018	3,946
2019	3,882
2020-2024	$ 18,112

Pension and Postretirement Plans (Total Benefit/Cost) (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit) for the Year	$ (69,406)	$ 1,927	$ 16,044
Early retirement programs and special separation benefit expense	8,374	22,700	8,508
Total Cost (Benefit) for the Year	(61,195)	(17,019)	(8,532)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial gain (loss)	149,482	(762,806)	(82,470)
Current year prior service cost	1,600	0	0
Amortization of prior service credit (cost)	407	1,383	1,859
Recognized net actuarial gain (loss)	29,412	(3,096)	(9,368)
Curtailments and settlements	(8)	124,051	0
Other adjustments	0	0	745
Total Recognized in Other Comprehensive Income (Before Tax Effects)	180,893	(640,468)	(89,234)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	27,792	46,115	40,344
Interest cost	51,825	55,821	59,124
Expected return on assets	(120,472)	(105,574)	(96,132)
Amortization of prior service cost (credit)	329	2,809	3,695
Recognized actuarial loss (gain)	(28,880)	2,756	9,013
Net Periodic Cost (Benefit) for the Year	(69,406)	1,927	16,044
Curtailment	0	(43,930)	0
Settlement	0	39,995	0
Early retirement programs and special separation benefit expense	8,374	22,700	8,508
Total Cost (Benefit) for the Year	(61,032)	20,692	24,552
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial gain (loss)	125,866	(750,328)	(79,405)
Amortization of prior service credit (cost)	(329)	(2,809)	(3,695)
Recognized net actuarial gain (loss)	28,880	(2,756)	(9,013)
Curtailments and settlements	(368)	94,520	0
Total Recognized in Other Comprehensive Income (Before Tax Effects)	154,049	(661,373)	(92,113)
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	93,017	(640,681)	(67,561)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,493	1,612	1,467
Interest cost	4,397	4,148	4,241
Amortization of prior service cost (credit)	47	55	54
Recognized actuarial loss (gain)	1,544	2,481	1,833
Net Periodic Cost (Benefit) for the Year	7,481	8,296	7,595
Settlement	0	(2,575)	0
Early retirement programs and special separation benefit expense	2,422	0	0
Total Cost (Benefit) for the Year	9,903	5,721	7,595
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial gain (loss)	19,168	(9,180)	8,428
Current year prior service cost	1,600	0	0
Amortization of prior service credit (cost)	(47)	(55)	(54)
Recognized net actuarial gain (loss)	(1,544)	(2,481)	(1,833)
Curtailments and settlements	0	(2,798)	0
Other adjustments	0	0	745
Total Recognized in Other Comprehensive Income (Before Tax Effects)	19,177	(14,514)	7,286
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	29,080	(8,793)	14,881
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,500	2,488	3,113
Interest cost	1,448	1,848	2,735
Amortization of prior service cost (credit)	(783)	(4,247)	(5,608)
Recognized actuarial loss (gain)	(2,076)	(2,141)	(1,478)
Net Periodic Cost (Benefit) for the Year	89	(2,052)	(1,238)
Curtailment	(1,292)	(41,623)	438
Settlement	0	(11,927)	0
Total Cost (Benefit) for the Year	(1,203)	(55,602)	(800)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial gain (loss)	4,448	(3,298)	(11,493)
Amortization of prior service credit (cost)	783	4,247	5,608
Recognized net actuarial gain (loss)	2,076	2,141	1,478
Curtailments and settlements	360	32,329	0
Total Recognized in Other Comprehensive Income (Before Tax Effects)	7,667	35,419	(4,407)
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	$ 6,464	$ (20,183)	$ (5,207)

Pension and Postretirement Plans (Key Assumptions - Cost) (Details 6) - Periodic Cost [Member]	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.80%	4.00%	4.70%
Expected return on plan assets	6.50%	6.50%	6.50%
Rate of compensation increase	4.00%	4.00%	4.00%
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.80%	4.00%	4.70%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	4.00%	4.00%	4.00%

Pension and Postretirement Plans (Accumulated Other Comprehensive Income) (Details 7) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Net amount	$ (392,910)	$ (501,446)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized actuarial (gain) loss	(685,895)	(840,273)
Unrecognized prior service cost	1,033	1,362
Gross amount	(684,862)	(838,911)
Deferred tax liability (asset)	273,945	335,564
Net amount	(410,917)	(503,347)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized actuarial (gain) loss	36,890	19,266
Unrecognized prior service cost	1,689	136
Gross amount	38,579	19,402
Deferred tax liability (asset)	(15,432)	(7,761)
Net amount	23,147	11,641
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized actuarial (gain) loss	(7,404)	(13,928)
Unrecognized prior service cost	(1,163)	(2,306)
Gross amount	(8,567)	(16,234)
Deferred tax liability (asset)	3,427	6,494
Net amount	$ (5,140)	$ (9,740)

Pension and Postretirement Plans (Future Amortization of Net Periodic Cost) (Details 8) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss recognition	$ 0
Prior service cost recognition	324
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss recognition	3,449
Prior service cost recognition	457
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss recognition	(996)
Prior service cost recognition	$ (502)

Pension and Postretirement Plans (Asset Allocation) (Details 9) - Pension Plans [Member]	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Equity securities	100.00%	100.00%
U.S. equities [Member] \| UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Equity securities	59.00%	58.00%
U.S. Fixed Income [Member] \| UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Equity securities	13.00%	12.00%
International equities [Member] \| International [Member]
Defined Benefit Plan Disclosure [Line Items]
Equity securities	28.00%	30.00%

Pension and Postretirement Plans (Fair Value of Pension Plan Assets) (Details 10) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	$ 2,469,968	$ 2,371,849
Cash equivalents and other short-term investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	417,046	281,463
U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	1,454,011	1,383,738
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	691,505	699,649
Corporate debt securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value		5,147
Total investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	2,562,562	2,369,997
Receivables [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	(92,594)	1,852
Level 1 [Member] \| Cash equivalents and other short-term investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	275,963	196,757
Level 1 [Member] \| U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	1,454,011	1,383,738
Level 1 [Member] \| International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	691,505	699,649
Level 1 [Member] \| Corporate debt securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value		0
Level 1 [Member] \| Total investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	2,421,479	2,280,144
Level 2 [Member] \| Cash equivalents and other short-term investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	141,083	84,706
Level 2 [Member] \| U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	0	0
Level 2 [Member] \| International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	0	0
Level 2 [Member] \| Corporate debt securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value		5,147
Level 2 [Member] \| Total investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets at fair value	$ 141,083	$ 89,853

Pension and Postretirement Plans (Assumed Health Care Cost Trend Rates) (Details 11) - Other Postretirement Benefit Plan [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at end of year, 1% Increase	$ 2,478
Benefit obligation at end of year, 1% Decrease	(2,255)
Service cost plus interest cost, 1% Increase	257
Service cost plus interest cost, 1% Decrease	$ (227)

Other Non-Operating Income (Expense) Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2014	Mar. 27, 2014	Jul. 31, 2014	Sep. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment [Line Items]
Proceeds from sale of headquarters building		$ 158,000
Gain on sale of an equity affiliate						$ 396,553	$ 0	$ 0
Gain on sale of intangible asset						75,249	0	0
Gain on Berkshire exchange						266,733	0	0
Gain (Loss) On Sale of Building					$ 127,700	127,670	0	0
Classified Ventures LLC [Member]
Investment [Line Items]
Gain on sale of an equity affiliate						$ 396,553	$ 0	$ 0
Cable [Member] \| Wireless Licenses [Member]
Investment [Line Items]
Proceeds from Sale of Intangible Assets			$ 98,800
Gain on sale of intangible asset				$ 75,200
Berkshire Exchange Transaction [Member] \| Berkshire Hathaway Inc [Member]
Investment [Line Items]
Gain on Berkshire exchange	$ 266,700
Berkshire Exchange Transaction [Member] \| Class B Common Stock [Member] \| Berkshire Hathaway Inc [Member]
Investment [Line Items]
Number of Berkshire shares exchanged	1,278
Berkshire Exchange Transaction [Member] \| Common Class A [Member] \| Berkshire Hathaway Inc [Member]
Investment [Line Items]
Number of Berkshire shares exchanged	2,107

Other Non-Operating Income (Expense) (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment [Line Items]
Gain on sale of an equity affiliate									$ 396,553	$ 0	$ 0
Gain on Berkshire exchange									266,733	0	0
Marketable Securities, Realized Gain (Loss)									(3,044)	(9,559)	(17,564)
Gain (Loss) On Sale of Building				$ 127,700					127,670	0	0
Gain on sale of intangible asset									75,249	0	0
Foreign currency (losses) gains, net									(11,129)	(13,382)	3,132
Cost-method Investments, Realized Gain (Loss)									(94)	(1,761)	6,639
Other, net									1,321	951	2,337
Other income (expense), net	$ 387,346	$ 64,526	$ 268,114	$ 133,273	$ (14,920)	$ 8,110	$ (12,858)	$ (4,083)	853,259	(23,751)	(5,456)
Classified Ventures LLC [Member]
Investment [Line Items]
Gain on sale of an equity affiliate									$ 396,553	$ 0	$ 0

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Foreign currency translation adjustments:
Translation adjustments arising during the period, before tax	$ (16,061)	$ (1,059)	$ 5,622
Translation adjustments arising during the period, income tax	0	0	0
Translation adjustments arising during the period, after tax	(16,061)	(1,059)	5,622
Adjustment for sales of businesses with foreign operations, before tax	(404)	0	(888)
Adjustment for sales of businesses with foreign operations, income tax	0		0
Adjustment for sales of businesses with foreign operations, after tax	(404)		(888)
Total foreign currency translation adjustments, before tax	(16,465)	(1,059)	4,734
Total foreign currency translation adjustments, income tax	0		0
Total foreign currency translation adjustments, after tax	(16,465)		4,734
Unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses) for the period, before tax	62,719	95,629	33,098
Unrealized gains (losses) for the period, income tax	(25,088)	(38,251)	(13,239)
Unrealized gains (losses) for the period, after tax	37,631	57,378	19,859
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, before tax	(265,274)	9,554	17,226
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, income tax	106,110	(3,822)	(6,890)
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, after tax	(159,164)	5,732	10,336
Total unrealized gains (losses) on available-for-sale securities, before tax	(202,555)	105,183	50,324
Total unrealized gains (losses) on available-for-sale securities, income tax	81,022	(42,073)	(20,129)
Total unrealized gains (losses) on available-for-sale securities, after tax	(121,533)	63,110	30,195
Pension and other postretirement plans:
Actuarial (loss) gain	(149,482)	762,806	82,470
Actuarial (loss) gain, income tax	59,792	(305,123)	(32,987)
Actuarial (loss) gain, after tax	(89,690)	457,683	49,483
Prior service cost, before tax	(1,600)	0	0
Prior service cost, income tax	640
Prior service cost, after tax	(960)
Amortization of net actuarial (gain) loss included in net income, before tax	(29,412)	3,096	9,368
Amortization of net actuarial (gain) loss included in net income, income tax	11,765	(1,238)	(3,746)
Amortization of net actuarial (gain) loss included in net income, after tax	(17,647)	1,858	5,622
Amortization of net prior service credit included in net income	(407)	(1,383)	(1,859)
Amortization of net prior service credit included in net income, income tax	163	553	744
Amortization of net prior service credit included in net income, after tax	(244)	(830)	(1,115)
Curtailment and settlement gain included in net income, before tax	8	(124,051)	0
Curtailment and settlement gain included in net income, income tax	(3)	49,617
Curtailment and settlement gain included in net income, after tax	5	(74,434)
Other Adjustments, before tax	0	0	(745)
Other adjustments, income tax			299
Other adjustments, net of tax			(446)
Total pension and other postretirement plans, before tax	(180,893)	640,468	89,234
Total pension and other postretirement plans, income tax	72,357	(256,191)	(35,690)
Total pension and other postretirement plans, after tax	(108,536)	384,277	53,544
Cash flow hedge:
Gain (loss) for the period, before tax	867	520	(1,581)
Gain (loss) for the period, income tax	(347)	(208)	633
Gain (loss) for the period, after tax	520	312	(948)
Other Comprehensive (Loss) Income, Before Tax	(399,046)	745,112	142,711
Other Comprehensive (Loss) Income, Income Tax	153,032	(298,472)	(55,186)
Other Comprehensive (Loss) Income, Net of Tax	$ (246,014)	$ 446,640	$ 87,525

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	$ 699,494	$ 252,854
Other comprehensive income (loss) before reclassifications	(69,063)	439,390
Net amount reclassified from accumulated other comprehensive income	(176,951)	7,250
Other Comprehensive (Loss) Income, Net of Tax	(246,014)	446,640	$ 87,525
Accumulated Other Comprehensive Income, ending balance	453,480	699,494	252,854
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	25,013	26,072
Other comprehensive income (loss) before reclassifications	(16,061)	(1,059)
Net amount reclassified from accumulated other comprehensive income	(404)	0
Other Comprehensive (Loss) Income, Net of Tax	(16,465)	(1,059)
Accumulated Other Comprehensive Income, ending balance	8,548	25,013	26,072
Unrealized Gain (Losses) on Available- for- Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	173,663	110,553
Other comprehensive income (loss) before reclassifications	37,631	57,378
Net amount reclassified from accumulated other comprehensive income	(159,164)	5,732
Other Comprehensive (Loss) Income, Net of Tax	(121,533)	63,110
Accumulated Other Comprehensive Income, ending balance	52,130	173,663	110,553
Unrealized Gain (Loss) on Pensions and Other Postretirement Plans [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	501,446	117,169
Other comprehensive income (loss) before reclassifications	(90,645)	383,249
Net amount reclassified from accumulated other comprehensive income	(17,891)	1,028
Other Comprehensive (Loss) Income, Net of Tax	(108,536)	384,277
Accumulated Other Comprehensive Income, ending balance	392,910	501,446	117,169
Cash Flow Hedge [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	(628)	(940)
Other comprehensive income (loss) before reclassifications	12	(178)
Net amount reclassified from accumulated other comprehensive income	508	490
Other Comprehensive (Loss) Income, Net of Tax	520	312
Accumulated Other Comprehensive Income, ending balance	$ (108)	$ (628)	$ (940)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Income (loss) from discontinued operations, net of tax

$ (2,308)

$ 6,980

$ (375,189)

$ (1,732)

$ (106,335)

$ 23,988

$ 1,772

$ 16,560

$ (372,249)

$ (64,015)

$ (80,895)

Amortization of net prior service credit included in net income

(387,346)

(64,526)

(268,114)

(133,273)

14,920

(8,110)

12,858

4,083

(853,259)

23,751

5,456

(407)

(1,383)

(1,859)

Amortization of net actuarial (gain) loss included in net income

(29,412)

3,096

9,368

Income from continuing operations before income taxes

9,879

9,330

8,557

8,820

8,838

9,221

9,048

8,960

36,586

36,067

35,944

(524,258)

(141,619)

(453,261)

(207,973)

(74,293)

(84,312)

(78,606)

(37,619)

(1,327,111)

(274,830)

(124,692)

Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income

106,110

(3,822)

(6,890)

191,900

58,200

78,600

77,400

24,100

29,900

31,700

15,800

406,100

101,500

73,400

Reclassification out of Accumulated Other Comprehensive Income [Member]

$ (332,358)

$ (83,419)

$ (374,661)

$ (130,573)

$ (50,193)

$ (54,412)

$ (46,906)

$ (21,819)

(921,011)

(173,330)

(51,292)

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Foreign Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

(176,951)

7,250

14,139

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Income (loss) from discontinued operations, net of tax

(404)

(888)

Unrealized Gain (Losses) on Available- for- Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income

(265,274)

9,554

17,226

^[1]

106,110

(3,822)

(6,890)

1,200

Unrealized Gain (Losses) on Available- for- Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Berkshire Exchange Transaction [Member]

(159,164)

5,732

10,336

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income

107,300

Pension and Other Postretirement Plans [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Amortization of net prior service credit included in net income

^[2]

(407)

(1,383)

(1,859)

Amortization of net actuarial (gain) loss included in net income

^[2]

(29,412)

3,096

9,368

Pension and Other Postretirement Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Income from continuing operations before income taxes

(29,819)

1,713

7,509

11,928

(685)

(3,002)

Cash Flow Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

(17,891)

1,028

4,507

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

847

816

306

(339)

(326)

(122)

Selling, general and administrative

$ 508

$ 490

$ 184

[1]

[2]

These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 14).

Leases and Other Commitments Leases and Other Commitments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 05, 2015
Operating Leased Assets [Line Items]
Future minimum sublease payments due	$ 94.2
Rent expense for operating leases	105.5	$ 118.5	$ 127.2
Sublease rental income	5.4	$ 5.4	$ 4.4
Television Broadcasting [Member]
Operating Leased Assets [Line Items]
Long-term programming purchase commitment	$ 21.0
Subsequent Event [Member] \| Kaplan [Member]
Operating Leased Assets [Line Items]
Future minimum sublease payments due				$ 61.5

Leases and Other Commitments (Details 1) - USD ($) $ in Thousands	Jan. 31, 2015	Dec. 31, 2014
Future minimum lease payments for 2014		$ 122,527
Future minimum lease payments for 2015		115,772
Future minimum lease payments for 2016		101,638
Future minimum lease payments for 2017		83,628
Future minimum lease payments for 2018		66,966
Future minimum lease payments after 2018		347,329
Operating leases, future minimum payments due, total		$ 837,860
Subsequent Event [Member] \| Kaplan [Member]
Operating leases, future minimum payments due, total	$ 16,500

Contingencies (Details)			1 Months Ended		12 Months Ended
Contingencies (Details)	Dec. 23, 2014 USD ($) student	Jul. 22, 2011 USD ($)	Oct. 31, 2014 allegations	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) campus claim OPEIDnumbers Case program_review	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Feb. 13, 2013 allegations	Aug. 17, 2011 claim Complaint
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business \| claim					0
Percentage Of Receipts From Title IV Programs					90.00%
Portion of regulations under 90/10 rule					a KHE school would lose its eligibility to participate in Title IV programs for a period of at least two fiscal years if the institution derives more than 90% of its receipts from Title IV programs, as calculated on a cash basis in accordance with the Higher Education Act and applicable ED regulations, in each of two consecutive fiscal years. An institution with Title IV receipts exceeding 90% for a single fiscal year would be placed on provisional certification and may be subject to other enforcement measures.
Jajdelski case [Member]
Loss Contingencies [Line Items]
Number of allegations not dismissed \| allegations								1
KHE's Broomall, PA location [Member]
Loss Contingencies [Line Items]
Amount payable under agreement		$ 1,600,000
Higher Education [Member]
Loss Contingencies [Line Items]
Number of schools combined into groups for determining Title IV compliance					two or more
Amount of OPEID numbers \| OPEIDnumbers					25
Education division revenue derived from financial aid received by students under Title IV programs					$ 806,000,000	$ 819,000,000	$ 882,000,000
Estimated campus OPEID units over 90/10 ratio \| campus					3
Percentage of revenue of campus OPEID units over 90/10 ratio					2.60%
Kaplan University [Member]
Loss Contingencies [Line Items]
Percentage of Title IV revenue received from largest OPEID reporting unit					73.00%
Kaplan University [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Percentage of receipts derived from Title IV					81.00%	81.00%
Other OPEID units [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Percentage of receipts derived from Title IV					65.00%	69.00%
Other OPEID units [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Percentage of receipts derived from Title IV					91.00%	89.00%
Education [Member] \| AVC related to the FL AG investigation [Member]
Loss Contingencies [Line Items]
Investigation costs				$ 200,000
Minimum amount of Kaplan Commitment savings to lift condition				$ 350,000
Education [Member] \| Urquilla-Diaz And Jajdelski Case [Member]
Loss Contingencies [Line Items]
Number of unsealed cases filed by former employees under the U.S. Federal False Claims Act \| Case					2
Education [Member] \| Diaz Case [Member]
Loss Contingencies [Line Items]
The number of separate complaints included in the Diaz case that received rulings \| Complaint									3
Remaining employment claim in the Diaz complaint \| claim									1
Education [Member] \| Coleman case [Member]
Loss Contingencies [Line Items]
Amount payable under agreement	$ 1,300,000
Education [Member] \| Coleman case [Member] \| Refunds to students [Member]
Loss Contingencies [Line Items]
Amount payable under agreement	$ 1,100,000
Number of former students refunded \| student	289
Higher Education [Member] \| Charlestown And Kenmore Square Campuses [Member]
Loss Contingencies [Line Items]
Number Of Allegations Communicated \| allegations			12
Higher Education [Member] \| Title IV participating institutions including Broomall, PA and Pittsburgh, PA [Member]
Loss Contingencies [Line Items]
Number of pending ED program reviews \| program_review					4

Business Segments (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended									12 Months Ended
Business Segments (Narrative) (Details) $ in Thousands	Jan. 31, 2015 school	Dec. 31, 2014 USD ($) TelevisionStation campus	Sep. 30, 2014 USD ($) school	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Jun. 30, 2012 USD ($)	Dec. 31, 2014 USD ($) TelevisionStation campus Segment	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2012 campus
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment											6
Impairment of Long-Lived Assets Held-for-use		$ 13,600
Prior periods adjustments							$ 29,900
Foreign Revenues		$ 925,343	$ 898,871	$ 874,411	$ 836,541	$ 867,242	$ 856,101	$ 867,152	$ 817,416		$ 3,535,166	$ 3,407,911	$ 3,372,586
Education [Member]
Segment Reporting Information [Line Items]
Number of campuses announced to close or consolidate \| campus		5									5			13
Accrued restructuring costs		$ 12,700				17,600					$ 12,700	17,600
Higher Education [Member]
Segment Reporting Information [Line Items]
Restructuring costs											6,500	19,500	23,400
Kaplan International [Member]
Segment Reporting Information [Line Items]
Restructuring costs											$ 200	5,800	16,400
Kaplan International [Member] \| Related to certain items recorded in 2011 and 2010 [Member]
Segment Reporting Information [Line Items]
Prior periods adjustments										$ 3,900
Kaplan International [Member] \| Kaplan China [Member]
Segment Reporting Information [Line Items]
Number of schools sold \| school			3
Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Number of television broadcast stations owned \| TelevisionStation		5									5
Education [Member]
Segment Reporting Information [Line Items]
Restructuring costs											$ 16,806	36,358	45,242
Non U.S. [Member]
Segment Reporting Information [Line Items]
Foreign Revenues											712,000	658,000	632,000
Foreign assets		$ 58,000				$ 66,000					58,000	66,000
Operating Segments [Member] \| Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Foreign Revenues											363,836	308,306	328,396
Operating Segments [Member] \| Education [Member]
Segment Reporting Information [Line Items]
Foreign Revenues											$ 2,160,417	$ 2,163,734	$ 2,184,532
Subsequent Event [Member] \| Kaplan International [Member] \| Kaplan China [Member]
Segment Reporting Information [Line Items]
Number of schools sold \| school	1

Business Segments (Restructuring Costs) (Details 1) - Education [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation	$ 2,062	$ 16,856	$ 17,230
Lease obligation losses	1,750	9,351	9,794
Severance	5,075	6,289	14,349
Accelerated amortization of intangible assets	0	0	2,595
Software asset write-offs	7,689	0	0
Other	230	3,862	1,274
Total restructuring costs	$ 16,806	$ 36,358	$ 45,242

Business Segments (Information by Operating Segment) (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Total Operating Revenues	$ 925,343	$ 898,871	$ 874,411	$ 836,541	$ 867,242	$ 856,101	$ 867,152	$ 817,416	$ 3,535,166	$ 3,407,911	$ 3,372,586
Income (loss) from operations	146,222	81,281	101,560	78,869	97,424	78,889	96,122	46,734	407,932	319,169	148,613
Equity in earnings of affiliates, net	202	4,613	91,503	4,052	37	5,892	3,868	3,418	100,370	13,215	14,086
Interest expense, net									(34,450)	(33,803)	(32,551)
Other income (expense), net	387,346	64,526	268,114	133,273	(14,920)	8,110	(12,858)	(4,083)	853,259	(23,751)	(5,456)
Income from continuing operations before income taxes	524,258	141,619	453,261	207,973	74,293	84,312	78,606	37,619	1,327,111	274,830	124,692
Depreciation of property, plant and equipment	45,366	53,074	51,989	53,217	58,924	54,672	56,849	58,910	203,646	229,355	240,139
Amortization of intangible assets	5,251	$ 7,405	$ 2,995	$ 2,717	3,359	$ 2,468	$ 2,950	$ 3,362	18,368	12,139	19,510
Amortization of intangible assets and impairment of goodwill and other long-lived assets									35,670	15,389	131,103
Impairment of goodwill and other long-lived assets									17,302	3,250	111,593
Pension (Credit) Expense									(61,195)	(17,019)	(8,532)
Capital expenditures									222,794	220,112	209,203
Identifiable Assets	4,384,167				4,062,631				4,384,167	4,062,631
Investment in Marketable Equity Securities	193,793				487,156				193,793	487,156
Investments in Affiliates	19,811				15,754				19,811	15,754
Prepaid Pension Cost	1,152,488				1,245,505				1,152,488	1,245,505
Assets of discontinued operations	2,060				0				2,060	0
Total Assets	5,752,319				5,811,046				5,752,319	5,811,046
Operating Segments [Member] \| Education [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									2,160,417	2,163,734	2,184,532
Income (loss) from operations									65,463	50,989	(106,424)
Depreciation of property, plant and equipment									61,737	89,622	101,009
Amortization of intangible assets									7,738	8,503	16,283
Amortization of intangible assets and impairment of goodwill and other long-lived assets									24,941	11,753	127,876
Impairment of goodwill and other long-lived assets									17,203	3,250	111,593
Pension (Credit) Expense									15,418	16,538	11,584
Capital expenditures									33,528	45,421	51,105
Identifiable Assets	1,781,543				1,921,037				1,781,543	1,921,037
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Higher Education [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									1,010,058	1,080,908	1,149,407
Income (loss) from operations									83,069	71,584	27,245
Depreciation of property, plant and equipment									29,187	43,892	58,514
Pension (Credit) Expense									10,514	11,714	7,943
Capital expenditures									11,551	10,879	26,406
Identifiable Assets	749,421				859,208				749,421	859,208
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Test Preparation [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									304,662	293,201	284,252
Income (loss) from operations									(4,730)	4,118	(10,799)
Depreciation of property, plant and equipment									12,547	19,194	19,718
Pension (Credit) Expense									2,888	2,674	2,007
Capital expenditures									1,143	7,008	8,211
Identifiable Assets	167,055				173,435				167,055	173,435
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Kaplan International [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									840,915	783,588	741,826
Income (loss) from operations									69,153	51,653	47,120
Depreciation of property, plant and equipment									19,297	16,154	20,975
Pension (Credit) Expense									356	363	189
Capital expenditures									20,802	27,472	16,728
Identifiable Assets	838,148				864,507				838,148	864,507
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									6,094	7,990	15,039
Income (loss) from operations									(82,034)	(76,701)	(171,036)
Depreciation of property, plant and equipment									706	10,382	1,802
Pension (Credit) Expense									1,660	1,787	1,445
Capital expenditures									32	62	(240)
Identifiable Assets	26,919				23,887				26,919	23,887
Operating Segments [Member] \| Education [Member] \| Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									(1,312)	(1,953)	(5,992)
Income (loss) from operations									5	335	1,046
Operating Segments [Member] \| Cable [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									798,134	807,309	787,117
Income (loss) from operations									178,722	169,735	154,581
Depreciation of property, plant and equipment									128,733	128,184	129,107
Amortization of intangible assets and impairment of goodwill and other long-lived assets									181	220	211
Pension (Credit) Expense									3,585	3,708	2,540
Capital expenditures									165,787	160,246	150,525
Identifiable Assets	1,253,764				1,215,320				1,253,764	1,215,320
Operating Segments [Member] \| Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									363,836	308,306	328,396
Income (loss) from operations									187,833	145,192	162,131
Depreciation of property, plant and equipment									8,409	8,746	9,253
Amortization of intangible assets and impairment of goodwill and other long-lived assets									32	0	0
Pension (Credit) Expense									1,355	3,961	5,046
Capital expenditures									11,295	12,131	6,122
Identifiable Assets	305,426				383,251				305,426	383,251
Operating Segments [Member] \| Other Businesses [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									212,907	128,803	72,837
Income (loss) from operations									(21,086)	(23,468)	(33,010)
Depreciation of property, plant and equipment									3,931	2,177	770
Amortization of intangible assets and impairment of goodwill and other long-lived assets									10,516	3,416	3,016
Pension (Credit) Expense									748	610	169
Capital expenditures									5,110	2,005	1,451
Identifiable Assets	518,807				171,539				518,807	171,539
Operating Segments [Member] \| Corporate Office [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									0	0	0
Income (loss) from operations									(3,000)	(23,279)	(28,665)
Depreciation of property, plant and equipment									836	626	0
Amortization of intangible assets and impairment of goodwill and other long-lived assets									0	0	0
Pension (Credit) Expense									(82,301)	(41,836)	(27,871)
Capital expenditures									7,074	309	0
Identifiable Assets	$ 524,627				$ 371,484				524,627	371,484
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Total Operating Revenues									$ (128)	$ (241)	$ (296)

Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Quarterly Results) (Details 1) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Operating Revenues

Education

$ 551,381

$ 543,918

$ 542,964

$ 522,154

$ 550,618

$ 543,599

$ 544,878

$ 524,639

$ 2,160,417

$ 2,163,734

$ 2,184,532

Subscriber

184,035

183,161

187,723

191,128

186,297

190,302

192,273

186,790

746,047

755,662

732,370

Advertising

101,271

81,583

82,475

78,247

87,692

73,549

79,898

69,122

343,576

310,261

337,621

Other

88,656

90,209

61,249

45,012

42,635

48,651

^[1]

50,103

36,865

285,126

178,254

118,063

Total Operating Revenues

925,343

898,871

874,411

836,541

867,242

856,101

867,152

817,416

3,535,166

3,407,911

3,372,586

Operating Costs and Expenses

Operating

391,348

398,922

395,627

376,463

372,471

393,010

^[1]

392,500

374,516

1,562,360

1,532,497

1,535,237

319,854

358,189

322,240

325,275

331,814

327,062

318,731

333,894

1,325,558

1,311,501

1,317,494

Depreciation of property, plant and equipment

45,366

53,074

51,989

53,217

58,924

54,672

56,849

58,910

203,646

229,355

240,139

Amortization of intangible assets

5,251

7,405

2,995

2,717

3,359

2,468

2,950

3,362

18,368

12,139

19,510

Impairment of intangible and other long-lived assets

17,302

3,250

25,100

3,300

Impairment of goodwill and other long-lived assets

17,302

3,250

111,593

Total Operating Costs and Expenses

779,121

817,590

772,851

757,672

769,818

777,212

771,030

770,682

3,127,234

3,088,742

3,223,973

Income from Operations

146,222

81,281

101,560

78,869

97,424

78,889

96,122

46,734

407,932

319,169

148,613

Equity in earnings of affiliates, net

202

4,613

91,503

4,052

5,892

3,868

3,418

100,370

13,215

14,086

Interest income

367

529

641

599

590

642

522

510

2,136

2,264

3,393

(9,879)

(9,330)

(8,557)

(8,820)

(8,838)

(9,221)

(9,048)

(8,960)

(36,586)

(36,067)

(35,944)

Income from Continuing Operations Before Income Taxes

387,346

64,526

268,114

133,273

(14,920)

8,110

(12,858)

(4,083)

853,259

(23,751)

(5,456)

524,258

141,619

453,261

207,973

74,293

84,312

78,606

37,619

1,327,111

274,830

124,692