View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Oct. 28, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Trading Symbol	ghc
Entity Registrant Name	GRAHAM HOLDINGS CO
Entity Central Index Key	0000104889
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		964,001
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,649,554

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating Revenues [Abstract]
Education	$ 386,936	$ 481,687	$ 1,207,086	$ 1,505,914
Advertising	86,531	68,898	225,590	205,489
Other	148,171	90,847	419,635	258,344
Total Operating Revenues	621,638	641,432	1,852,311	1,969,747
Operating Costs and Expenses [Abstract]
Operating	293,194	302,029	880,859	922,373
Selling, general and administrative	237,694	285,563	709,344	864,380
Depreciation of property, plant and equipment	16,097	14,460	48,903	62,266
Amortization of intangible assets	6,620	4,512	19,160	13,897
Asset Impairment Charges	0	248,591	0	255,467
Total Operating Costs and Expenses	553,605	855,155	1,658,266	2,118,383
Income (loss) from Operations	68,033	(213,723)	194,045	(148,636)
Equity in (losses) earnings of affiliates, net	(1,008)	95	(895)	(662)
Interest income	740	481	2,052	1,363
Interest expense	(8,614)	(7,830)	(24,533)	(24,679)
Other (expense) income, net	(18,225)	(40,458)	15,871	(29,885)
Income (loss) from Continuing Operations Before Income Taxes	40,926	(261,435)	186,540	(202,499)
Provision (Benefit) for Income Taxes	7,800	(30,500)	54,000	(10,000)
Income (loss) from Continuing Operations	33,126	(230,935)	132,540	(192,499)
Income from Discontinued Operations, Net of Tax	0	379	0	42,170
Net Income (loss)	33,126	(230,556)	132,540	(150,329)
Net Income Attributable to Noncontrolling Interests	0	(287)	(868)	(1,495)
Net Income (loss) Attributable to Graham Holdings Company	33,126	(230,843)	131,672	(151,824)
Redeemable Preferred Stock Dividends	0	0	0	(631)
Net Income (loss) Attributable to Graham Holdings Company Common Stockholders	33,126	(230,843)	131,672	(152,455)
Amounts Attributable to Graham Holdings Company Common Stockholders
Income (loss) from continuing operations	33,126	(231,222)	131,672	(194,625)
Income from discontinued operations, net of tax	0	379	0	42,170
Net Income (loss) Attributable to Graham Holdings Company Common Stockholders	$ 33,126	$ (230,843)	$ 131,672	$ (152,455)
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic income (loss) per common share from continuing operations in dollars per share	$ 5.90	$ (40.32)	$ 23.33	$ (34.18)
Basic income per common share from discontinued operations in dollars per share	0.00	0.07	0.00	7.99
Basic net income (loss) per common share in dollars per share	$ 5.90	$ (40.25)	$ 23.33	$ (26.19)
Basic average number of common shares outstanding in shares	5,544	5,738	5,570	5,721
Diluted income (loss) per common share from continuing operations in dollars per share	$ 5.87	$ (40.32)	$ 23.21	$ (34.18)
Diluted income per common share from discontinued operations in dollars per share	0.00	0.07	0.00	7.99
Diluted net income (loss) per common share in dollars per share	$ 5.87	$ (40.25)	$ 23.21	$ (26.19)
Diluted average number of common shares outstanding in shares	5,574	5,837	5,600	5,811

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 33,126	$ (230,556)	$ 132,540	$ (150,329)
Foreign currency translation adjustments:
Translation adjustments arising during the period	(353)	(10,548)	(1,629)	(17,387)
Adjustment for sales of businesses with foreign operations	0	6,026	0	5,501
Total foreign currency translation adjustments, before tax	(353)	(4,522)	(1,629)	(11,886)
Unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses) for the period, net	12,154	3,836	7,190	(16,497)
Reclassification of realized gain on sale of available-for-sale securities included in net income	0	0	(6,256)	0
Total unrealized gains (losses) on available-for-sale securities, before tax	12,154	3,836	934	(16,497)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	105	68	314	207
Amortization of net actuarial loss (gain) included in net income	289	(5,676)	868	(4,419)
Curtaliment gains included in net income	0	51	0	51
Curtailment and settlement included in distribution to Cable ONE	0	1,403	0	1,403
Total pension and other postretirement plans, before tax	394	(4,154)	1,182	(2,758)
Cash flow hedge gain	49	0	49	179
Other Comprehensive Income (Loss), Before Tax	12,244	(4,840)	536	(30,962)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(5,039)	127	(866)	7,632
Other Comprehensive Income (Loss), Net of Tax	7,205	(4,713)	(330)	(23,330)
Comprehensive Income (Loss)	40,331	(235,269)	132,210	(173,659)
Comprehensive income attributable to noncontrolling interests	0	(287)	(868)	(1,495)
Total Comprehensive Income (Loss) Attributable to Graham Holdings Company	$ 40,331	$ (235,556)	$ 131,342	$ (175,154)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 593,183	$ 754,207
Restricted cash	28,011	20,745
Investments in marketable equity securities and other investments	408,670	379,445
Accounts receivable, net	567,348	572,435
Income taxes receivable	19,920	48,383
Inventories and contracts in progress	35,283	32,068
Other current assets	63,162	53,439
Total Current Assets	1,715,577	1,860,722
Property, Plant and Equipment, Net	225,673	231,123
Investments in Affiliates	64,815	59,229
Goodwill, Net	1,150,446	1,017,513
Indefinite-Lived Intangible Assets, Net	68,780	21,885
Amortized Intangible Assets, Net	114,636	107,191
Prepaid Pension Cost	1,016,908	979,970
Deferred Charges and Other Assets	81,810	75,192
Total Assets	4,438,645	4,352,825
Current Liabilities
Accounts payable and accrued liabilities	406,185	428,014
Deferred revenue	334,577	297,135
Current portion of long-term debt	6,498	0
Dividends declared	6,797	0
Total Current Liabilities	754,057	725,149
Postretirement Benefits Other Than Pensions	35,267	33,947
Accrued Compensation and Related Benefits	194,693	203,280
Other Liabilities	67,458	70,678
Deferred Income Taxes	377,564	403,316
Mandatorily Redeemable Noncontrolling Interest	9,847	0
Long-Term Debt	490,910	399,800
Total Liabilities	1,929,796	1,836,170
Redeemable Noncontrolling Interest	50	25,957
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	360,515	356,887
Retained earnings	5,552,019	5,447,677
Accumulated other comprehensive income (loss), net of tax
Cumulative foreign currency translation adjustment	(6,478)	(4,849)
Unrealized gain on available-for-sale securities	59,060	58,500
Unrealized gain on pensions and other postretirement plans	261,739	261,029
Cash Flow Hedge	29	0
Cost of Class B common stock held in treasury	(3,738,085)	(3,648,546)
Total Equity	2,508,799	2,490,698
Total Liabilities and Equity	$ 4,438,645	$ 4,352,825

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows from Operating Activities
Net Income (Loss)	$ 132,540	$ (150,329)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairment	68,063	403,444
Net pension benefit	(36,714)	(45,081)
Early retirement program expense	0	3,734
Stock-based compensation expense, net	10,319	38,423
(Gain) loss on disposition of businesses, property, plant and equipment, investments and other assets, net	(62,132)	19,634
Foreign exchange loss	33,324	16,191
Write-down of cost method investments	15,161	1,364
Gain on sale of equity affiliate	0	(4,827)
Equity in losses of affiliates, net of distributions	895	853
Benefit for deferred income taxes	(17,281)	(29,152)
Net loss on sale of property, plant and equipment	(34,072)	0
Change in assets and liabilities:
Restricted cash	(7,266)	(449)
Accounts receivable, net	5,980	(20,480)
Accounts payable and accrued liabilities	(38,099)	74,112
Deferred revenue	28,014	(11,880)
Income taxes receivable	27,206	(159,490)
Other assets and other liabilities, net	(16,492)	(21,061)
Other	671	1,101
Net Cash Provided by Operating Activities	144,189	116,107
Cash Flows from Investing Activities
Investments in certain businesses, net of cash acquired	(242,472)	0
Net proceeds from sales of businesses, property, plant and equipment, investments and other assets	36,777	(807)
Proceeds from sales of marketable equity securities	22,837	0
Purchases of property, plant and equipment	(41,373)	(120,018)
Purchases of marketable equity securities	(48,265)	(135,124)
Investments in equity affiliates and cost method investments	(4,550)	(19,038)
Disbursement of loan to affiliate	(7,730)	0
Other	0	60
Net Cash Used in Investing Activities	(284,776)	(274,927)
Cash Flows from Financing Activities
Issuance of borrowings	98,610	550,000
Net cash distributed to Cable ONE in spin-off	0	(94,115)
Common shares repurchased	(90,328)	0
Purchase of noncontrolling interest	(21,000)	0
Dividends paid	(20,532)	(47,006)
Proceeds from exercise of stock options	1,200	11,308
Repayments of borrowings	0	(41,815)
Payments of financing costs	(648)	(9,944)
Other	15,408	5,334
Net Cash Used in Financing Activities	(17,290)	373,762
Effect of Currency Exchange Rate Change	(3,147)	(10,937)
Net (Decrease) Increase in Cash and Cash Equivalents	(161,024)	204,005
Beginning Cash and Cash Equivalents, Including Cash of Discontinued Operations		773,986
Beginning Cash and Cash Equivalents	754,207
Ending Cash and Cash Equivalents	$ 593,183	$ 977,991

Organization, Basis of Presentation and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Recent Accounting Pronouncements	ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS 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 five television broadcasting stations. The Company's other business operations include home health and hospice services and manufacturing. Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and nine months ended September 30, 2016 and 2015 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented. Out of Period Adjustment – In the second quarter of 2016, the Company benefited from a favorable $5.6 million out of period adjustment to the provision for deferred income taxes related to the $248.6 million goodwill impairment at the KHE reporting unit in the third quarter of 2015. With respect to this error, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2016 and 2015 and the related interim periods, based on its consideration of quantitative and qualitative factors. Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. 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. Recently Adopted and Issued Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (FASB) issued comprehensive new guidance that supersedes all existing revenue recognition guidance. In August 2015, the FASB issued an amendment to the guidance that defers the effective date by one year. 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. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016. 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 Condensed 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 Condensed Consolidated Financial Statements. In April 2015, the FASB issued new guidance that simplifies the presentation of debt issuance costs. The new guidance requires that debt issuance costs be reported in the balance sheet as a direct deduction from the gross amount of debt instead of classified as a deferred asset. The guidance is effective for interim and fiscal years beginning after December 15, 2015. The Company adopted the new guidance retrospectively as of January 1, 2016. Therefore, prior periods have been adjusted to reflect this guidance which resulted in the reclassification of $0.1 million of unamortized debt issuance costs related to the Company's 7.25% unsecured notes from deferred charges and other assets to long-term debt within its Condensed Consolidated Balance Sheet as of December 31, 2015. In January 2016, the FASB issued new guidance that substantially revises the recognition, measurement and presentation of financial assets and financial liabilities. The new guidance, among other things, requires, (i) equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, with some exceptions, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iv) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, and (v) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is not permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements. In February 2016, the FASB issued new guidance that requires, among other things, a lessee to recognize a right-of-use asset representing an entity's right to use the underlying asset for the lease term and a liability for lease payments on its balance sheet, regardless of classification of a lease as operating or financing. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities and account for the lease similar to existing guidance for operating leases today. This new guidance supersedes all prior guidance. The guidance is effective for interim and fiscal years beginning after December 15, 2018. Early adoption is permitted. The standard requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements. In March 2016, the FASB issued new guidance that simplifies the accounting for stock-based compensation. The new guidance (i) requires all excess tax benefits and tax deficiencies to be recognized in the income statement with the tax effects of vested or exercised awards treated as discrete items. Additionally, excess tax benefits will be recognized regardless of whether the benefit reduces taxes payable in the current period, effectively eliminating the APIC pool, (ii) concludes excess tax benefits should be classified as an operating activity in the statement of cash flows, (iii) requires an entity to make an entity-wide accounting policy election to either estimate a forfeiture rate for awards or account for forfeitures as they occur, (iv) changes the threshold for equity classification for cash settlements of awards for withholding requirements to the maximum statutory tax rate in the applicable jurisdiction and (v) concludes cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity in the statement of cash flows. The guidance is effective for interim and fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements.

Discontinued Operations

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Cable ONE Spin-Off. On July 1, 2015 (the “Distribution Date”), the Company completed the spin-off of Cable One, Inc. (Cable ONE) as an independent, publicly traded company. The transaction was structured as a tax-free spin-off of Cable ONE to the stockholders of the Company as one share of Cable ONE common stock was distributed for every share of Class A and Class B common stock of Graham Holdings outstanding on the June 15, 2015, record date. Cable ONE is now an independent public company trading on the New York Stock Exchange under the symbol “CABO”. After the spin, the Company does not beneficially own any shares of Cable ONE common stock.

The results of operations of Cable ONE are included in the Company’s Condensed Consolidated Statements of Operations as income from discontinued operations, net of tax, for 2015. The Company did not reclassify its Statements of Cash Flows to reflect the various discontinued operations.

Cash flows from Cable ONE for the three and nine months ended September 30, 2015 are combined with the cash flows from operations within each of the categories presented. Cash flows from Cable ONE are as follows:



	Three Months Ended			Nine Months Ended
(in thousands)	September 30, 2015			September 30, 2015
Net Cash (Used in) Provided by Operating Activities	$	(4,468	)	$	111,665
Net Cash Used in Investing Activities	—			(74,416		)

Spin-Off Costs: One-time Spin-Off transaction and financing and related costs of $7.4 million in 2015 are included in discontinued operations, net of tax.

Other 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 of 2015 that resulted in a pre-tax loss of $0.7 million. The results of operations of the schools in China are included in the Company’s Condensed Consolidated Statements of Operations as income from discontinued operations, net of tax, for 2015.

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



	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2015		September 30, 2015
Operating revenues	$	—	$	397,404
Operating costs and expenses	1,662		(325,379		)
Operating income	1,662		72,025
Non-operating expense	—		(1,288		)
Income from discontinued operations	1,662		70,737
Provision for income taxes	1,283		27,783
Net Income from Discontinued Operations	379		42,954
Loss on sale of discontinued operations	—		(732		)
Provision for income taxes on disposition of discontinued operations	—		52
Income from Discontinued Operations, Net of Tax	$	379	$	42,170

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

+ Details

Investments

9 Months Ended

Sep. 30, 2016

Investments [Abstract]

Investments

INVESTMENTS

As of September 30, 2016 and December 31, 2015, the Company had commercial paper and money market investments of $372.2 million and $433.0 million, respectively, that are classified as cash, cash equivalents and restricted cash in the Company's Condensed Consolidated Balance Sheets.

Investments in marketable equity securities comprised the following:



	As of
	September 30, 2016			December 31, 2015
(in thousands)	September 30, 2016			December 31, 2015
Total cost	$	284,343		$	253,062
Gross unrealized gains	107,145			97,741
Gross unrealized losses	(8,711		)	(240		)
Total Fair Value	$	382,777		$	350,563

The Company settled on $48.3 million of marketable equity securities purchases during the first nine months of 2016, of which $47.9 million was purchased in the first nine months. There were $135.6 million of new investments in marketable equity securities during the first nine months of 2015.

The total proceeds from the sales of marketable equity securities for the first nine months of 2016 were $22.8 million, with realized gains of $6.3 million. There were no sales of marketable equity securities in the first nine months of 2015.

As of September 30, 2016, the Company held an approximate 20% interest in HomeHero and interests in several other affiliates; Residential Healthcare (Residential) held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois and a 40% interest in the joint venture formed between Residential and a Michigan hospital; and Celtic Healthcare (Celtic) held a 40% interest in the joint venture formed between Celtic Healthcare and Allegheny Health Network (AHN) (see Note 4).

Acquisitions and Dispositions of Businesses

9 Months Ended

Sep. 30, 2016

Acqusitions and Dispositions [Abstract]

Acquisitions and Dispositions of Businesses

ACQUISITIONS AND DISPOSITIONS OF BUSINESSES

Acquisitions. In May 2016, Graham Media Group entered into an agreement to acquire two television stations for $60 million in cash and the assumption of certain pension obligations. The acquisition is subject to approval by the Federal Communications Commission, other regulatory approvals and the satisfaction of closing conditions.

In the first nine months of 2016, the Company acquired three businesses included in its education division and one business in other businesses totaling $254.8 million. In September 2016, Dekko acquired a 100% interest in Electri-Cable Assemblies (ECA), a Shelton, CT based manufacturer of power, data and electrical solutions for the office furniture industry. This acquisition is included in other businesses. In January and February 2016, Kaplan acquired a 100% interest in Mander Portman Woodward, a leading provider of high-quality, bespoke education to UK and international students in London, Cambridge and Birmingham; and a 100% interest in Osborne Books, an educational publisher of learning resources for accounting qualifications in the UK. These acquisitions are included in Kaplan International.

In the first nine months of 2015, the Company did not make any acquisitions. On November 13, 2015, the Company acquired a 100% interest in Group Dekko, a Garrett, IN-based manufacturer of electrical solutions for applications across three business lines: workspace power solutions, architectural lighting, and electrical components and assemblies, which is included in other businesses. On December 22, 2015, Kaplan acquired a 100% interest in SmartPros, a provider of accredited professional education and training, primarily in accountancy, which is included in Higher Education.

Acquisition-related costs were expensed as incurred and were not significant. The aggregate purchase price of the 2016 acquisitions was allocated as follows on a preliminary basis:



	Weighted Average Life	Purchase Price Allocation
(in thousands)	Weighted Average Life	Purchase Price Allocation
Cash and cash equivalents		$	10,587
Accounts receivable		8,415
Inventory		971
Other current assets		1,420
Property, plant and equipment		3,940
Goodwill		181,228
Indefinite-lived intangible assets
Trade names and trademarks		53,110
Amortized intangible assets
Student and customer relationships	6 years	22,292
Trade names and trademarks	6 years	2,425
Noncompete agreements	2 years	350
Other	7 years	2,200
	6 years	27,267
Current liabilities		(20,714		)
Noncurrent liabilities		(11,378		)
		$	254,846

The fair values recorded were based upon preliminary valuations and the estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period (up to one year from the acquisition date). The recording of deferred tax assets or liabilities, and the final amount of residual goodwill are not yet finalized. The Company expects to deduct $20.3 million of goodwill for income tax purposes from these four acquisitions.

The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The Company’s Condensed Consolidated Statements of Operations include aggregate revenues and operating loss for the companies acquired in 2016 of $6.1 million and $2.2 million, respectively, for the third quarter of 2016. The revenue and operating income were $31.4 million and $6.7 million, respectively, for the first nine months of 2016. The following unaudited pro forma financial information presents the Company’s results as if the acquisitions had occurred at the beginning of 2015. The unaudited pro forma information also includes the 2015 acquisitions as if they occurred at the beginning of 2014:



	Three Months Ended September 30					Nine Months Ended September 30
(in thousands)	2016		2015			2016		2015
Operating revenues	$	626,223	$	696,570		$	1,869,174	$	2,147,273
Net income (loss)	32,400		(229,831		)	135,478		(138,545		)

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.

In the third quarter of 2016, the Company recorded adjustments to the deferred taxes included in the preliminary accounting of Dekko and SmartPros acquired in the fourth quarter of 2015. These adjustments resulted in a $20.2 million decrease to goodwill.

Spin-Off. On July 1, 2015, the Company completed the spin-off of Cable ONE, by way of a distribution of all the issued and outstanding shares of Cable ONE common stock, on a pro rata basis, to the Company's stockholders (see Note 2).

Sale of Businesses. In January 2016, Kaplan completed the sale of Colloquy, which was included in Kaplan Corporate and Other.

On September 3, 2015, Kaplan completed the sale of 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 a vocational school company. KHE Campuses schools that were closed or were in the process of closing were not included in the sale transaction.

The revenue and operating losses related to schools that were sold as part of the KHEC Campuses sale are as follows:



	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
(in thousands)	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
Revenue	$	43,121	$	167,244
Operating income (loss)	629		(6,672		)

In the second quarter of 2015, Kaplan also recorded a $6.9 million long-lived assets impairment charge in connection with the KHE Campuses business, of which $4.7 million was an unfavorable out of period expense adjustment related to the first quarter of 2015 (this amount is included in the above table). With respect to this error, the Company has concluded that it was not material to the Company’s financial position or results of operations for the first or second quarter of 2015, based on its consideration of quantitative and qualitative factors.

In the third quarter of 2015, Kaplan sold Franklyn Scholar, which was part of Kaplan International. In the second quarter of 2015, the Company sold The Root, a component of Slate, and Kaplan sold two small businesses, Structuralia, which was part of Kaplan International, and Fire and EMS Training, which was part of Kaplan Higher Education. As a result of these sales, the Company reported gains in other non-operating income (see Note 10). 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.

Other. In June 2016, Residential and a Michigan hospital formed a joint venture to provide home health services to patients in western Michigan. In connection with this transaction, Residential contributed its western Michigan home health operations to the joint venture and then sold 60% of the newly formed venture to its Michigan hospital partner. Although Residential manages the operations of the joint venture, Residential holds a 40% interest in the joint venture, so the operating results of the joint venture are not consolidated and the pro rata operating results are included in the Company's equity in earnings of affiliates.

In June 2016, the Company purchased the outstanding 20% redeemable noncontrolling interest in Residential. At that time, the Company recorded an increase to redeemable noncontrolling interest of $3.4 million, with a corresponding decrease to capital in excess of par value, to reflect the redemption value of the redeemable noncontrolling interest at $24.0 million. Following this transaction, Celtic and Residential combined their business operations to form Graham Healthcare Group (GHG). The redeemable noncontrolling interest shareholders in Celtic exchanged their 20% interest in Celtic for a 10% mandatorily redeemable noncontrolling interest in the combined entity and the Company recorded a $4.1 million net increase to the mandatorily redeemable noncontrolling interest to reflect the estimated fair value of the mandatorily redeemable noncontrolling interest. The minority shareholders have an option to put their shares to the Company starting in 2020, and are required to put a percentage of their shares in 2022 and 2024, with the remaining shares required to be put by the minority shareholders in 2026. The redemption value is based on an EBITDA multiple, adjusted for working capital and other items, computed annually, with no limit on the amount payable. The Company now owns 90% of GHG. Because the noncontrolling interest is now mandatorily redeemable by the Company by 2026, it is reported as a noncurrent liability at September 30, 2016.

In January 2015, Celtic and AHN closed on the formation of a joint venture to combine each other’s home health and hospice assets in the western Pennsylvania region. Although Celtic manages the operations of the joint venture, Celtic holds a 40% interest in the joint venture, so the operating results of the joint venture are not consolidated and the pro rata operating results are included in the Company’s equity in earnings of affiliates.

The Company’s income from continuing operations excludes Cable ONE and the sold Kaplan China school, which have been reclassified to discontinued operations, net of tax (see Note 2).

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

In the third quarter of 2015, as a result of continued declines in student enrollments at KHE and the challenging industry operating environment, the Company performed an interim impairment review of its goodwill and long-lived assets at the KHE reporting unit. The KHE reporting unit failed the step one goodwill impairment test. As a result of the step two analysis, the Company recorded a $248.6 million goodwill impairment charge. The Company estimated the fair value of the KHE reporting unit utilizing a discounted cash flow model, supported by a market approach. A substantial portion of the impairment charge is due to the amount of unrecognized intangible assets identified in the step two analysis.

Amortization of intangible assets for the three months ended September 30, 2016 and 2015 was $6.6 million and $4.5 million, respectively. Amortization of intangible assets for the nine months ended September 30, 2016 and 2015 was $19.2 million and $13.9 million, respectively. Amortization of intangible assets is estimated to be approximately $7 million for the remainder of 2016, $24 million in 2017, $22 million in 2018, $19 million in 2019, $18 million in 2020 and $25 million thereafter.

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



(in thousands)	Education			Television Broadcasting		Other Businesses			Total
Balance as of December 31, 2015
Goodwill	$	1,006,096		$	168,345	$	202,814		$	1,377,255
Accumulated impairment losses	(350,850		)	—		(8,892		)	(359,742		)
	655,246			168,345		193,922			1,017,513
Measurement period adjustments	(2,781		)	—		(16,930		)	(19,711		)
Acquisitions	160,894			—		20,334			181,228
Dispositions	—			—		(2,800		)	(2,800		)
Foreign currency exchange rate changes	(25,784		)	—		—			(25,784		)
Balance as of September 30, 2016
Goodwill	1,138,425			168,345		200,608			1,507,378
Accumulated impairment losses	(350,850		)	—		(6,082		)	(356,932		)
	$	787,575		$	168,345	$	194,526		$	1,150,446

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
Balance as of December 31, 2015
Goodwill	$	392,457		$	166,098		$	447,541		$	1,006,096
Accumulated impairment losses	(248,591		)	(102,259		)	—			(350,850		)
	143,866			63,839			447,541			655,246
Measurement period adjustments	(2,781		)	—			—			(2,781		)
Acquisitions	—			—			160,894			160,894
Foreign currency exchange rate changes	104			—			(25,888		)	(25,784		)
Balance as of September 30, 2016
Goodwill	389,780			166,098			582,547			1,138,425
Accumulated impairment losses	(248,591		)	(102,259		)	—			(350,850		)
	$	141,189		$	63,839		$	582,547		$	787,575

Other intangible assets consist of the following:



		As of September 30, 2016						As of December 31, 2015
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Student and customer relationships	2–10 years	$	130,264	$	51,902	$	78,362	$	108,806	$	40,280	$	68,526
Trade names and trademarks	2–10 years	55,705		27,929		27,776		53,848		23,941		29,907
Databases and technology	3–5 years	4,617		4,304		313		4,617		4,114		503
Noncompete agreements	2–5 years	1,731		1,273		458		1,381		1,012		369
Other	1–8 years (1)	12,031		4,304		7,727		10,095		2,209		7,886
		$	204,348	$	89,712	$	114,636	$	178,747	$	71,556	$	107,191
Indefinite-Lived Intangible Assets
Trade names and trademarks		$	67,946					$	21,051
Licensure and accreditation		834						834
		$	68,780					$	21,885

____________


(1)	The Company's other amortized intangible assets’ maximum useful life was 7 years as of December 31, 2015.

- Definition

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.

+ References + Details

Debt

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt

DEBT

The Company’s borrowings consist of the following:



	As of
	September 30, 2016			December 31, 2015
(in thousands)	September 30, 2016			December 31, 2015
7.25% unsecured notes due February 1, 2019 ⁽¹⁾	$	398,938		$	398,596
UK Credit facility ⁽²⁾	96,984			—
Other indebtedness	1,486			1,204
Total Debt	$	497,408		$	399,800
Less: current portion	(6,498		)	—
Total Long-Term Debt	$	490,910		$	399,800

____________


(1)	The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2016 and December 31, 2015, respectively.


(2)	The carrying value is net of $0.6 million of unamortized debt issuance costs as of September 30, 2016.

The Company’s other indebtedness at September 30, 2016 is at interest rates from 2% and 6% and matures from 2019 to 2025.

On June 29, 2015, the Company entered into a credit agreement (the Credit Agreement) providing for a U.S. $200 million five-year revolving credit facility (the Facility). The Company may draw on the Facility for general corporate purposes. The Facility will expire on July 1, 2020, unless the Company and the banks agree to extend the term. The Credit Agreement contains terms and conditions, including remedies in the event of a default by the Company, typical of facilities of this type. As of September 30, 2016, the Company is in compliance with all financial covenants.

On July 14, 2016, Kaplan entered into a Facility Agreement (the Kaplan Credit Agreement) among Kaplan International Holdings Limited, as borrower, the lenders party thereto, HSBC BANK PLC as Facility Agent, and other agents party thereto. The Kaplan Credit Agreement provides for a four-year credit facility in an aggregate principal amount of £75.0 million. Borrowings bear interest at a rate per annum of LIBOR plus an applicable interest rate margin between 1.25% and 1.75%, in each case determined on a quarterly basis by reference to a pricing grid based upon the Company's total leverage ratio. The credit facility requires that 6.66% of the outstanding aggregate amount of the loan be repaid on the first three anniversaries of funding, with the remaining balance due on July 1, 2020.

On July 25, 2016, Kaplan borrowed £75 million under the Kaplan Credit Agreement. On the same date, Kaplan entered into an interest rate swap agreement with a total notional value of £75 million and a maturity date of July 1, 2020. The interest rate swap agreement will pay Kaplan variable interest on the £75 million notional amount at the three-month LIBOR, and Kaplan will pay the counterparties a fixed rate of 0.51%, effectively resulting in a total fixed interest rate of 2.01% on the outstanding borrowings at the current applicable margin of 1.50%. The interest rate swap agreement was entered into to convert the variable rate British pound borrowing under the Kaplan Credit Agreement into a fixed rate borrowing. The Company provided a guarantee on any borrowings under the Kaplan Credit Agreement. Based on the terms of the interest rate swap agreement and the underlying borrowing, the interest rate swap agreement was determined to be effective, and thus qualifies as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehensive income on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows.

During the three months ended September 30, 2016 and 2015, the Company had average borrowings outstanding of approximately $473.7 million and $404.1 million, respectively, at average annual interest rates of approximately 6.2% and 7.2%, respectively. During the three months ended September 30, 2016 and 2015, the Company incurred net interest expense of $7.9 million and $7.3 million, respectively.

During the nine months ended September 30, 2016 and 2015, the Company had average borrowings outstanding of approximately $429.4 million and $435.8 million, respectively, at average annual interest rates of approximately 6.9% and 7.0%, respectively. During the nine months ended September 30, 2016 and 2015, the Company incurred net interest expense of $22.5 million and $23.3 million, respectively.

At September 30, 2016, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $436.3 million, compared with the carrying amount of $398.9 million. At December 31, 2015, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $436.6 million, compared with the carrying amount of $398.6 million. The carrying value of the Company’s other unsecured debt at September 30, 2016 approximates fair value.

Fair Value Measurements

9 Months Ended

Sep. 30, 2016

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 September 30, 2016
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments ⁽¹⁾	$	—	$	281,386	$	—	$	281,386
Commercial paper ⁽²⁾	90,835		—		—		90,835
Marketable equity securities ⁽³⁾	382,777		—		—		382,777
Other current investments ⁽⁴⁾	9,746		16,147		—		25,893
Interest rate swap ⁽⁵⁾	—		51		—		51
Total Financial Assets	$	483,358	$	297,584	$	—	$	780,942
Liabilities
Deferred compensation plan liabilities ⁽⁶⁾	$	—	$	45,431	$	—	$	45,431
Mandatorily redeemable noncontrolling interest ⁽⁷⁾	—		—		9,847		9,847
Total Financial Liabilities	$	—	$	45,431	$	9,847	$	55,278



	As of December 31, 2015
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments ⁽¹⁾	$	—	$	433,040	$	433,040
Marketable equity securities ⁽³⁾	350,563		—		350,563
Other current investments ⁽⁴⁾	12,822		16,060		28,882
Total Financial Assets	$	363,385	$	449,100	$	812,485
Liabilities
Deferred compensation plan liabilities ⁽⁶⁾	$	—	$	48,055	$	48,055

____________


(1)	The Company’s money market investments are included in cash, cash equivalents and restricted cash and the value considers the liquidity of the counterparty.


(2)	The Company's commercial paper investments with original maturities of three months 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. 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.


(5)	Included in Deferred charges and other assets. The fair value 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.

(6)

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.


(7)	The fair value of the mandatorily redeemable noncontrolling interest is based on an EBITDA multiple, adjusted for working capital and other items, which approximates fair value.

In the third quarter of 2016, the Company recorded an impairment charge of $15.0 million to its preferred equity interest in a vocational school company due to a decline in business conditions. The measurement of the preferred equity interest 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 Company used a discounted cash flow model to determine the estimated fair value of the preferred equity interest and made estimates and assumptions regarding future cash flows, discount rates, long-term growth rates and market values to determine the estimated fair value.

In the third quarter of 2015, the Company recorded a goodwill impairment charge of $248.6 million. In the second quarter of 2015, the Company recorded a long-lived asset impairment charge of $6.9 million. The remeasurements of the goodwill and other long-lived assets are classified as Level 3 fair value assessments due to the significance of unobservable inputs developed in the determination of the fair values. The Company used a discounted cash flow model to determine the estimated fair value of the reporting unit. A market value approach was also utilized to supplement the discounted cash flow model. The Company made estimates and assumptions regarding future cash flows, discount rates, long-term growth rates and market values to determine the reporting unit’s estimated fair value.

- Definition

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.

+ References + Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company's effective tax rate for the first nine months of 2016 was 28.9%. In the third quarter of 2016, $19.3 million of the valuation allowance recorded on Australian net deferred tax assets was released, as the Company determined that it was more likely than not that the benefit of the net deferred tax assets would be realized, based on improved operating results that have recently generated positive ordinary income. Also in the third quarter of 2016, $11.0 million in deferred tax assets were written off in connection with the Company’s designation of certain intercompany loans as long-term investments. In the second quarter of 2016, the Company benefited from a favorable $5.6 million out of period deferred tax adjustment related to the KHE goodwill impairment recorded in the third quarter of 2015. The Company's effective tax rate on the loss for continuing operations for the first nine months of 2015 was 4.9%, as a large portion of the goodwill impairment charge and the goodwill included in the loss on the KHE Campuses sale are permanent differences.

Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

EARNINGS (LOSS) 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 the 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 (loss) from continuing operations and share data used in the basic and diluted earnings (loss) per share computations using the two-class method:



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except per share amounts)	2016			2015			2016			2015
Numerator:
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to Graham Holdings Company common stockholders	$	33,126		$	(231,222	)	$	131,672		$	(194,625	)
Less: Dividends paid-common stock outstanding and unvested restricted shares	(6,796		)	(6,736		)	(27,329		)	(53,090		)
Undistributed earnings (loss)	26,330			(237,958		)	104,343			(247,715		)
Percent allocated to common stockholders⁽¹⁾	98.70		%	100.00		%	98.70		%	100.00		%
	25,987			(237,958		)	102,987			(247,715		)
Add: Dividends paid-common stock outstanding	6,708			6,621			26,976			52,180
Numerator for basic earnings (loss) per share	$	32,695		$	(231,337	)	$	129,963		$	(195,535	)
Add: Additional undistributed earnings due to dilutive stock options	2			—			7			—
Numerator for diluted earnings (loss) per share	$	32,697		$	(231,337	)	$	129,970		$	(195,535	)
Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding	5,544			5,738			5,570			5,721
Add: Effect of dilutive stock options	30			—			30			—
Denominator for diluted earnings (loss) per share	5,574			5,738			5,600			5,721
Graham Holdings Company Common Stockholders:
Basic earnings (loss) per share from continuing operations	$	5.90		$	(40.32	)	$	23.33		$	(34.18	)
Diluted earnings (loss) per share from continuing operations	$	5.87		$	(40.32	)	$	23.21		$	(34.18	)

____________


(1)	Percent of undistributed losses allocated to common stockholders is 100% in the third quarter and first nine months of 2015 as participating securities are not contractually obligated to share in losses.

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



	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2016	2015	2016	2015
Weighted average restricted stock	42	50	40	53
Weighted average stock options	—	49	—	37

The diluted earnings per share amounts for the three and nine months ended September 30, 2016 exclude the effects of 102,000 stock options outstanding as their inclusion would have been antidilutive due to a market condition. The diluted loss per share amounts for the three and nine months ended September 30, 2015 exclude the effects of 77,258 stock options outstanding as their inclusion would have been antidilutive due to a market condition. The diluted earnings per share amounts for the three and nine months ended September 30, 2016 exclude the effects of 6,100 restricted stock awards as their inclusion would have been antidilutive due to a performance condition. The diluted loss per share amounts for the three and nine months ended September 30, 2015 exclude the effects of 5,050 restricted stock awards, as their inclusion would have been antidilutive due to a performance condition.

In the three and nine months ended September 30, 2016, the Company declared dividends totaling $1.21 and $4.84, respectively. In the three and nine months ended September 30, 2015, the Company declared regular dividends totaling $1.15 and $9.10, respectively.

Pension and Postretirement Plans

9 Months Ended

Sep. 30, 2016

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Postretirement Plans

PENSION AND POSTRETIREMENT PLANS

Cable ONE Spin-Off. On July 1, 2015, as part of the spin-off, Cable ONE assumed the liability related to their employees participating in the Company's Supplemental Executive Retirement Plan (SERP). The Company also eliminated the accrual of pension benefits for all Cable ONE employees related to their future service. As a result of the spin-off of Cable ONE, the Company remeasured the accumulated and projected benefit obligation of the pension plan and SERP as of July 1, 2015, and recorded curtailment and settlement gains. The new measurement basis was used for the recognition of the SERP cost recorded in the third quarter of 2015 and the pension benefit recorded for the first two months of the third quarter of 2015. The curtailment gain on the spin-off of Cable ONE is included in income from discontinued operations, net of tax. The settlement gain on the spin-off of Cable ONE is included in the SERP liability distributed to Cable ONE (see Note 2).

KHE Campuses Sale. On September 3, 2015, the Company eliminated the accrual of pension benefits for almost all of the KHE Campus employees related to their future service. As a result, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of September 3, 2015, and the Company recorded a curtailment gain in the third quarter of 2015. The new measurement basis was used for the recognition of the Company's pension benefit beginning in September 2015. The curtailment gain on the sale of the KHE Campuses is included in the loss on the sale of the KHE Campuses and reported in Other (expense) income, net on the Condensed Consolidated Statement of Operations.

Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans, including a portion included in discontinued operations, consists of the following components:



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Service cost	$	5,040		$	6,090		$	15,422		$	20,593
Interest cost	12,845			13,516			38,763			39,077
Expected return on assets	(30,348		)	(33,673		)	(91,122		)	(96,771		)
Amortization of prior service cost	74			79			223			241
Recognized actuarial gain	—			(6,057		)	—			(6,057		)
Net Periodic Benefit	(12,389		)	(20,045		)	(36,714		)	(42,917		)
Curtailment gains	—			(3,267		)	—			(3,267		)
Early retirement programs and special separation benefit expense	—			3,734			—			3,734
Total Benefit	$	(12,389	)	$	(19,578	)	$	(36,714	)	$	(42,450	)

For the three and nine months ended September 30, 2015, the net periodic benefit for the Company's pension plans, as reported above, includes benefits of $0.1 million and costs of $1.9 million, respectively, reported in discontinued operations. The curtailment gain of $2.2 million related to the Cable spin-off is also included in discontinued operations for the three and nine months ended September 30, 2015. The curtailment gain of $1.1 million related to the sale of the KHE Campuses business is included in Other (expense) income, net.

In the third quarter of 2015, the Company recorded $3.7 million related to a Separation Incentive Program for certain Kaplan employees, which was funded from the assets of the Company's pension plan.

The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP), including a portion included in discontinued operations, consists of the following components:



	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2016		2015		2016		2015
Service cost	$	246	$	464	$	738	$	1,482
Interest cost	1,096		1,140		3,288		3,410
Amortization of prior service cost	114		115		342		343
Recognized actuarial loss	665		630		1,995		2,385
Net Periodic Cost	$	2,121	$	2,349	$	6,363	$	7,620

For the nine months ended September 30, 2015, the net periodic cost for the Company's SERP, as reported above, includes costs of $0.2 million reported in discontinued operations.

Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of a U.S. stock index fund, 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 plan were allocated as follows:



	As of
	September 30, 2016		December 31, 2015
	September 30, 2016		December 31, 2015
U.S. equities	78	%	62	%
U.S. fixed income	15	%	13	%
International equities	7	%	25	%
	100	%	100	%

Beginning in the second quarter of 2016, the Company started managing approximately 44% of the pension assets internally, of which the majority is invested in a U.S. stock index fund with the remaining investments in Berkshire Hathaway stock and short-term fixed income securities. The remaining 56% of plan assets are still managed by two investment companies. The goal for the investments is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both investment 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 from the Plan administrator. As of September 30, 2016, the investment managers can invest no more than 23% of the assets they manage in specified international exchanges, at the time the investment is made, and no less than 10% of the assets could be invested in fixed-income securities.

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 September 30, 2016. 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 September 30, 2016, the pension plan held investments in one common stock and one U.S. stock index fund that exceeded 10% of total plan assets, valued at $915.2 million, or 45% of total plan assets. At December 31, 2015, the pension plan held common stock in two investments that exceeded 10% of total plan assets, valued at $562.6 million, or 25% of total plan assets. At December 31, 2015, the pension plan held investments in one foreign country that exceeded 10% of total plan assets, valued at $332.4 million, or 15% of total plan assets.

Other Postretirement Plans. The total cost arising from the Company’s other postretirement plans consists of the following components:



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Service cost	$	346		$	333		$	1,039		$	999
Interest cost	308			325			923			974
Amortization of prior service credit	(83		)	(126		)	(251		)	(377		)
Recognized actuarial gain	(376		)	(249		)	(1,127		)	(747		)
Net Periodic Cost	$	195		$	283		$	584		$	849

Other Non-Operating Income

9 Months Ended

Sep. 30, 2016

Other Nonoperating Income (Expense) [Abstract]

Other Non-Operating (Expense) Income

OTHER NON-OPERATING (EXPENSE) INCOME

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



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Gain on sale of land	$	—		$	—		$	34,072		$	—
Foreign currency loss, net	(3,797		)	(12,972		)	(33,324		)	(16,191		)
Gain (loss) on sales of businesses	—			(26,253		)	18,931			(23,335		)
Loss on write-downs of cost method investments	(15,000		)	(1,114		)	(15,161		)	(1,364		)
Gain on sales of marketable equity securities (see Note 3)	—			—			6,256			—
Gain on formation of joint ventures	—			—			3,232			5,972
Additional gain on sale of Classified Ventures	—			—			—			4,827
Other, net	572			(119		)	1,865			206
Total Other Non-Operating (Expense) Income	$	(18,225	)	$	(40,458	)	$	15,871		$	(29,885	)

In the third quarter of 2016, the Company recorded an impairment of $15.0 million to the preferred equity interest in a vocational school company.

In the second quarter of 2016, the Company sold the remaining portion of the Robinson Terminal real estate retained from the sale of the Publishing Subsidiaries, for a gain of $34.1 million.

In June 2016, Residential contributed assets to a joint venture entered into with a Michigan hospital in exchange for a 40% equity interest and other assets, resulting in a $3.2 million gain (see Note 4). The Company used an income and market approach to value the equity interest. The measurement of the equity interest in the joint venture is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value.

In the first quarter of 2016, Kaplan sold Colloquy, which was a part of Kaplan corporate and other, for a gain of $18.9 million.

In the third quarter of 2015, Kaplan sold the KHEC Campuses business, and Franklyn Scholar, which was part of Kaplan International, for a loss of $26.3 million.

In the second quarter of 2015, the Company sold The Root and Kaplan sold two small businesses for a total gain of $2.9 million.

In the second quarter of 2015, the Company benefited from a $4.8 million favorable out of period adjustment to the gain on the sale of Classified Ventures related to the fourth quarter of 2014. With respect to this error, the Company has concluded that it was not material to the Company's financial position or results of operations for 2015 and the related interim periods, based on its consideration of quantitative and qualitative factors.

In January 2015, Celtic contributed assets to a joint venture entered into with AHN in exchange for a 40% equity interest, resulting in the Company recording a $6.0 million gain (see Note 4). The Company used an income and market approach to value the equity interest. The measurement of the equity interest in the joint venture is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2016

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

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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



	Three Months Ended September 30
	2016									2015
	Before-Tax			Income			After-Tax			Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount			Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(353	)	$	—		$	(353	)	$	(10,548	)	$	—		$	(10,548	)
Adjustment for sales of businesses with foreign operations	—			—			—			6,026			—			6,026
	(353		)	—			(353		)	(4,522		)	—			(4,522		)
Unrealized gains on available-for-sale securities:
Unrealized gains for the period, net	12,154			(4,862		)	7,292			3,836			(1,535		)	2,301

Pension and other postretirement plans:
Amortization of net prior service cost included in net income	105			(41		)	64			68			(27		)	41
Amortization of net actuarial loss (gain) included in net income	289			(116		)	173			(5,676		)	2,271			(3,405		)
Curtailment gains included in net income	—			—			—			51			(21		)	30
Curtailment and settlement included in distribution to Cable ONE	—			—			—			1,403			(561		)	842
	394			(157		)	237			(4,154		)	1,662			(2,492		)
Cash flow hedge:
Gain for the period	49			(20		)	29			—			—			—
Other Comprehensive Income (Loss)	$	12,244		$	(5,039	)	$	7,205		$	(4,840	)	$	127		$	(4,713	)



	Nine Months Ended September 30
	2016									2015
	Before-Tax			Income			After-Tax			Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount			Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(1,629	)	$	—		$	(1,629	)	$	(17,387	)	$	—		$	(17,387	)
Adjustment for sales of businesses with foreign operations	—			—			—			5,501			—			5,501
	(1,629		)	—			(1,629		)	(11,886		)	—			(11,886		)
Unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses) for the period, net	7,190			(2,876		)	4,314			(16,497		)	6,599			(9,898		)
Reclassification of realized gain on sale of available-for-sale securities included in net income	(6,256		)	2,502			(3,754		)	—			—			—
	934			(374		)	560			(16,497		)	6,599			(9,898		)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	314			(125		)	189			207			(82		)	125
Amortization of net actuarial loss (gain) included in net income	868			(347		)	521			(4,419		)	1,768			(2,651		)
Curtailment gains included in net income	—			—			—			51			(21		)	30
Curtailment and settlement included in distribution to Cable ONE	—			—			—			1,403			(561		)	842
	1,182			(472		)	710			(2,758		)	1,104			(1,654		)
Cash flow hedge:
Gain for the period	49			(20		)	29			179			(71		)	108
Other Comprehensive Income (Loss)	$	536		$	(866	)	$	(330	)	$	(30,962	)	$	7,632		$	(23,330	)

The accumulated balances related to each component of other comprehensive income (loss) 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
Balance as of December 31, 2015	$	(4,849	)	$	58,500		$	261,029	$	—		$	314,680
Other comprehensive (loss) income before reclassifications	(1,629		)	4,314			—		31			2,716
Net amount reclassified from accumulated other comprehensive income	—			(3,754		)	710		(2		)	(3,046		)
Other comprehensive (loss) income, net of tax	(1,629		)	560			710		29			(330		)
Balance as of September 30, 2016	$	(6,478	)	$	59,060		$	261,739	$	29		$	314,350

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



	Three Months Ended September 30						Nine Months Ended September 30						Affected Line Item in the Condensed Consolidated Statement of Operations
	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Foreign Currency Translation Adjustments:
Adjustment for sales of businesses with foreign operations	$	—		$	6,026		$	—		$	5,501		Other (expense) income, net
Unrealized Gains on Available-for-sale Securities:
Realized gain for the period	—			—			(6,256		)	—			Other (expense) income, net
	—			—			2,502			—			Provision (Benefit) for Income Taxes
	—			—			(3,754		)	—			Net of Tax
Pension and Other Postretirement Plans:
Amortization of net prior service cost	105			68			314			207			(1)
Amortization of net actuarial loss (gain)	289			(5,676		)	868			(4,419		)	(1)
Curtailment gains	—			51			—			51			(1)
	394			(5,557		)	1,182			(4,161		)	Before tax
	(157		)	2,223			(472		)	1,665			Provision (Benefit) for Income Taxes
	237			(3,334		)	710			(2,496		)	Net of Tax
Cash Flow Hedge
	(3		)	—			(3		)	132			Interest expense
	1			—			1			(53		)	Provision (Benefit) for Income Taxes
	(2		)	—			(2		)	79			Net of Tax
Total reclassification for the period	$	235		$	2,692		$	(3,046	)	$	3,084		Net of Tax

____________


(1)	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 10).

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation and Legal Matters. The Company and its subsidiaries are involved in various legal proceedings that arise in the ordinary course of its business. 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. Certain Kaplan subsidiaries are subject to two 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). In August 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. In October 2012, the court entered summary judgment in favor of the Company as to the sole remaining employment claim in the Diaz complaint. In July 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 in February 2015. In March 2015, the court issued a decision affirming the lower court's dismissal of all of Gillespie's claims and three of the four Diaz claims but reversing and remanding on one remaining claim alleging that incentive compensation for admissions representatives was improperly based on enrollment counts. Kaplan filed an answer to Diaz's amended complaint in September 2015 and a renewed motion to dismiss, and a hearing was held in December 2015. In March 2016, the Court denied the motion to dismiss and discovery is ongoing in the case. In February 2016, Gillespie filed a new motion with the District Court alleging that the Court improperly refused to consider a motion to vacate while the case was on appeal; Kaplan filed an opposition to this motion that was denied by the Court. ED Program Reviews. ED has undertaken program reviews at various KHE locations. Currently, there are five open program reviews, four of which are at campuses that were formerly a part of the KHE Campuses business, including the ED’s final reports on the program reviews at KHE’s Broomall, PA, and Pittsburgh, PA, locations. Kaplan retains responsibility for any financial obligation resulting from the ED program reviews at the KHE Campuses business. On February 23, 2015, the ED began a review of Kaplan University. The review 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. On December 17, 2015, Kaplan University received a notice from the ED that it had been placed on provisional certification status until September 30, 2018, in connection with the open and ongoing ED program review. The ED has not notified Kaplan University of any negative findings. However, at this time, Kaplan cannot predict the outcome of this review, when it will be completed or any liability or other limitations that the ED may place on Kaplan University as a result of this review. During the period of provisional certification, Kaplan University must obtain prior ED approval to open a new location, add an educational program, acquire another school or make any other significant change. In March and April 2015, the ED conducted a program review of the nationally accredited San Antonio (Ingram) and Hammond (Indiana) KHE campuses. These campuses were subsequently a part of the sale of the nationally accredited campuses to a vocational school company. Kaplan retains liability for any deficiency findings relating to pre-sale conduct. On July 20, 2016, the vocational school company received the Preliminary Program Review Report for the two reviews from the ED. The Report highlighted a number of required policy changes and requires the vocational school company to conduct a full review of student files over a two year period to help the Department determine if the school properly reported enrollment status for certain students to the National Student Loan Data System. Failure to properly report status could result in students receiving funds for which they were not entitled. Kaplan will work with the vocational school company on these reviews; however, until they are completed, Kaplan cannot predict the final outcome or potential liability associated with 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. Accreditation Review. In the second quarter of 2016, the Higher Learning Commission (HLC), Kaplan University's accreditor, conducted an on-site review as part of Kaplan University's regularly scheduled reaffirmation of accreditation. In August 2016, the HLC reaffirmed the Kaplan University accreditation for a ten-year term through the 2025-2026 academic year.

Business Segments

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company has four reportable segments: Kaplan Higher Education, Kaplan Test Preparation, Kaplan International and television broadcasting.

The following table summarizes financial information related to each of the Company's business segments:



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Operating Revenues
Education	$	386,936		$	481,746		$	1,207,225		$	1,505,973
Television broadcasting	112,389			89,693			300,927			264,010
Other businesses	122,313			70,052			344,298			199,823
Corporate office	—			—			—			—
Intersegment elimination	—			(59		)	(139		)	(59		)
	$	621,638		$	641,432		$	1,852,311		$	1,969,747
Income (Loss) from Operations
Education	$	16,333		$	(242,777	)	$	63,713		$	(249,778	)
Television broadcasting	59,159			40,526			144,594			121,102
Other businesses	(10,801		)	(3,059		)	(21,593		)	(10,382		)
Corporate office	3,342			(8,413		)	7,331			(9,578		)
	$	68,033		$	(213,723	)	$	194,045		$	(148,636	)
Equity in (Losses) Earnings of Affiliates, Net	(1,008		)	95			(895		)	(662		)
Interest Expense, Net	(7,874		)	(7,349		)	(22,481		)	(23,316		)
Other (Expense) Income, Net	(18,225		)	(40,458		)	15,871			(29,885		)
Income (Loss) from Continuing Operations Before Income Taxes	$	40,926		$	(261,435	)	$	186,540		$	(202,499	)
Depreciation of Property, Plant and Equipment
Education	$	9,977		$	10,637		$	31,322		$	51,145
Television broadcasting	2,540			2,237			7,367			6,471
Other businesses	3,289			1,335			9,389			3,891
Corporate office	291			251			825			759
	$	16,097		$	14,460		$	48,903		$	62,266
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets
Education	$	1,773		$	249,930		$	5,158		$	259,780
Television broadcasting	63			63			189			189
Other businesses	4,784			3,110			13,813			9,395
Corporate office	—			—			—			—
	$	6,620		$	253,103		$	19,160		$	269,364
Net Pension (Credit) Expense
Education	$	2,838		$	7,525		$	8,965		$	15,419
Television broadcasting	428			425			1,285			1,207
Other businesses	279			328			839			707
Corporate office	(15,934		)	(24,533		)	(47,803		)	(58,410		)
	$	(12,389	)	$	(16,255	)	$	(36,714	)	$	(41,077	)

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



	As of
(in thousands)	September 30, 2016		December 31, 2015
Identifiable Assets
Education	$	1,383,555	$	1,454,520
Television broadcasting	336,396		312,243
Other businesses	743,376		712,161
Corporate office	510,818		484,139
	$	2,974,145	$	2,963,063
Investments in Marketable Equity Securities	382,777		350,563
Investments in Affiliates	64,815		59,229
Prepaid Pension Cost	1,016,908		979,970
Total Assets	$	4,438,645	$	4,352,825

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



	Three Months Ended						Nine Months Ended
	September 30						September 30
(in thousands)	2016			2015			2016			2015
Operating Revenues
Higher education	$	148,602		$	203,529		$	472,131		$	681,814
Test preparation	78,291			83,706			224,102			233,313
Kaplan international	160,456			192,702			512,068			585,486
Kaplan corporate and other	47			1,905			190			5,723
Intersegment elimination	(460		)	(96		)	(1,266		)	(363		)
	$	386,936		$	481,746		$	1,207,225		$	1,505,973
Income (Loss) from Operations
Higher education	$	11,494		$	3,153		$	50,037		$	28,510
Test preparation	8,588			13,620			13,314			16,365
Kaplan international	1,561			8,295			22,937			33,585
Kaplan corporate and other	(5,310		)	(267,882		)	(22,526		)	(328,333		)
Intersegment elimination	—			37			(49		)	95
	$	16,333		$	(242,777	)	$	63,713		$	(249,778	)
Depreciation of Property, Plant and Equipment
Higher education	$	4,157		$	4,066		$	12,325		$	13,688
Test preparation	1,441			2,052			4,837			7,205
Kaplan international	4,360			4,277			13,739			14,004
Kaplan corporate and other	19			242			421			16,248
	$	9,977		$	10,637		$	31,322		$	51,145
Amortization of Intangible Assets	$	1,773		$	1,339		$	5,158		$	4,313
Impairment of Goodwill and Other Long-lived Assets	$	—		$	248,591		$	—		$	255,467
Pension Expense
Higher education	$	1,905		$	3,964		$	5,715		$	9,028
Test preparation	768			775			2,304			2,325
Kaplan international	67			114			201			326
Kaplan corporate and other	98			2,672			745			3,740
	$	2,838		$	7,525		$	8,965		$	15,419

In the third quarter of 2015, a favorable $3.0 million out of period revenue adjustment was included at the test preparation segment that related to prior periods from 2011 through the second quarter of 2015. With respect to this error, the Company has concluded that it was not material to the Company's financial position or results of operations for 2015 and prior years and the related interim periods, based on its consideration of quantitative and qualitative factors.

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



	As of
(in thousands)	September 30, 2016		December 31, 2015
Identifiable assets
Higher education	$	227,203	$	447,282
Test preparation	139,975		134,535
Kaplan international	980,911		826,475
Kaplan corporate and other	35,466		46,228
	$	1,383,555	$	1,454,520

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and nine months ended September 30, 2016 and 2015 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented.
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements	Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. 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.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted and Issued Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (FASB) issued comprehensive new guidance that supersedes all existing revenue recognition guidance. In August 2015, the FASB issued an amendment to the guidance that defers the effective date by one year. 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. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016. 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 Condensed 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 Condensed Consolidated Financial Statements. In April 2015, the FASB issued new guidance that simplifies the presentation of debt issuance costs. The new guidance requires that debt issuance costs be reported in the balance sheet as a direct deduction from the gross amount of debt instead of classified as a deferred asset. The guidance is effective for interim and fiscal years beginning after December 15, 2015. The Company adopted the new guidance retrospectively as of January 1, 2016. Therefore, prior periods have been adjusted to reflect this guidance which resulted in the reclassification of $0.1 million of unamortized debt issuance costs related to the Company's 7.25% unsecured notes from deferred charges and other assets to long-term debt within its Condensed Consolidated Balance Sheet as of December 31, 2015. In January 2016, the FASB issued new guidance that substantially revises the recognition, measurement and presentation of financial assets and financial liabilities. The new guidance, among other things, requires, (i) equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, with some exceptions, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iv) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, and (v) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is not permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements. In February 2016, the FASB issued new guidance that requires, among other things, a lessee to recognize a right-of-use asset representing an entity's right to use the underlying asset for the lease term and a liability for lease payments on its balance sheet, regardless of classification of a lease as operating or financing. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities and account for the lease similar to existing guidance for operating leases today. This new guidance supersedes all prior guidance. The guidance is effective for interim and fiscal years beginning after December 15, 2018. Early adoption is permitted. The standard requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements. In March 2016, the FASB issued new guidance that simplifies the accounting for stock-based compensation. The new guidance (i) requires all excess tax benefits and tax deficiencies to be recognized in the income statement with the tax effects of vested or exercised awards treated as discrete items. Additionally, excess tax benefits will be recognized regardless of whether the benefit reduces taxes payable in the current period, effectively eliminating the APIC pool, (ii) concludes excess tax benefits should be classified as an operating activity in the statement of cash flows, (iii) requires an entity to make an entity-wide accounting policy election to either estimate a forfeiture rate for awards or account for forfeitures as they occur, (iv) changes the threshold for equity classification for cash settlements of awards for withholding requirements to the maximum statutory tax rate in the applicable jurisdiction and (v) concludes cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity in the statement of cash flows. The guidance is effective for interim and fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements.

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2016

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Summarized Discontinued Operations Information

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



	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2015		September 30, 2015
Operating revenues	$	—	$	397,404
Operating costs and expenses	1,662		(325,379		)
Operating income	1,662		72,025
Non-operating expense	—		(1,288		)
Income from discontinued operations	1,662		70,737
Provision for income taxes	1,283		27,783
Net Income from Discontinued Operations	379		42,954
Loss on sale of discontinued operations	—		(732		)
Provision for income taxes on disposition of discontinued operations	—		52
Income from Discontinued Operations, Net of Tax	$	379	$	42,170

Cable Spin-Off [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operations Cash Flows

Cash flows from Cable ONE are as follows:



	Three Months Ended			Nine Months Ended
(in thousands)	September 30, 2015			September 30, 2015
Net Cash (Used in) Provided by Operating Activities	$	(4,468	)	$	111,665
Net Cash Used in Investing Activities	—			(74,416		)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments [Abstract]

Investments in Marketable Equity Securities

Investments in marketable equity securities comprised the following:



	As of
	September 30, 2016			December 31, 2015
(in thousands)	September 30, 2016			December 31, 2015
Total cost	$	284,343		$	253,062
Gross unrealized gains	107,145			97,741
Gross unrealized losses	(8,711		)	(240		)
Total Fair Value	$	382,777		$	350,563

Acquisitions and Dispositions of Businesses (Tables)

9 Months Ended

Sep. 30, 2016

Acqusitions and Dispositions [Abstract]

Schedule of assets acquired and liabilities assumed

Acquisition-related costs were expensed as incurred and were not significant. The aggregate purchase price of the 2016 acquisitions was allocated as follows on a preliminary basis:



	Weighted Average Life	Purchase Price Allocation
(in thousands)	Weighted Average Life	Purchase Price Allocation
Cash and cash equivalents		$	10,587
Accounts receivable		8,415
Inventory		971
Other current assets		1,420
Property, plant and equipment		3,940
Goodwill		181,228
Indefinite-lived intangible assets
Trade names and trademarks		53,110
Amortized intangible assets
Student and customer relationships	6 years	22,292
Trade names and trademarks	6 years	2,425
Noncompete agreements	2 years	350
Other	7 years	2,200
	6 years	27,267
Current liabilities		(20,714		)
Noncurrent liabilities		(11,378		)
		$	254,846

Acquisition Pro Forma Financial Information [Table Text Block]

The following unaudited pro forma financial information presents the Company’s results as if the acquisitions had occurred at the beginning of 2015. The unaudited pro forma information also includes the 2015 acquisitions as if they occurred at the beginning of 2014:



	Three Months Ended September 30					Nine Months Ended September 30
(in thousands)	2016		2015			2016		2015
Operating revenues	$	626,223	$	696,570		$	1,869,174	$	2,147,273
Net income (loss)	32,400		(229,831		)	135,478		(138,545		)

Information related to Disposal Group

The revenue and operating losses related to schools that were sold as part of the KHEC Campuses sale are as follows:



	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
(in thousands)	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
Revenue	$	43,121	$	167,244
Operating income (loss)	629		(6,672		)

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2016

Changes in Carrying Amount of Goodwill

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



(in thousands)	Education			Television Broadcasting		Other Businesses			Total
Balance as of December 31, 2015
Goodwill	$	1,006,096		$	168,345	$	202,814		$	1,377,255
Accumulated impairment losses	(350,850		)	—		(8,892		)	(359,742		)
	655,246			168,345		193,922			1,017,513
Measurement period adjustments	(2,781		)	—		(16,930		)	(19,711		)
Acquisitions	160,894			—		20,334			181,228
Dispositions	—			—		(2,800		)	(2,800		)
Foreign currency exchange rate changes	(25,784		)	—		—			(25,784		)
Balance as of September 30, 2016
Goodwill	1,138,425			168,345		200,608			1,507,378
Accumulated impairment losses	(350,850		)	—		(6,082		)	(356,932		)
	$	787,575		$	168,345	$	194,526		$	1,150,446

Other Intangible Assets

Other intangible assets consist of the following:



		As of September 30, 2016						As of December 31, 2015
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Student and customer relationships	2–10 years	$	130,264	$	51,902	$	78,362	$	108,806	$	40,280	$	68,526
Trade names and trademarks	2–10 years	55,705		27,929		27,776		53,848		23,941		29,907
Databases and technology	3–5 years	4,617		4,304		313		4,617		4,114		503
Noncompete agreements	2–5 years	1,731		1,273		458		1,381		1,012		369
Other	1–8 years (1)	12,031		4,304		7,727		10,095		2,209		7,886
		$	204,348	$	89,712	$	114,636	$	178,747	$	71,556	$	107,191
Indefinite-Lived Intangible Assets
Trade names and trademarks		$	67,946					$	21,051
Licensure and accreditation		834						834
		$	68,780					$	21,885

____________


(1)	The Company's other amortized intangible assets’ maximum useful life was 7 years as of December 31, 2015.

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
Balance as of December 31, 2015
Goodwill	$	392,457		$	166,098		$	447,541		$	1,006,096
Accumulated impairment losses	(248,591		)	(102,259		)	—			(350,850		)
	143,866			63,839			447,541			655,246
Measurement period adjustments	(2,781		)	—			—			(2,781		)
Acquisitions	—			—			160,894			160,894
Foreign currency exchange rate changes	104			—			(25,888		)	(25,784		)
Balance as of September 30, 2016
Goodwill	389,780			166,098			582,547			1,138,425
Accumulated impairment losses	(248,591		)	(102,259		)	—			(350,850		)
	$	141,189		$	63,839		$	582,547		$	787,575

Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Components of Debt

The Company’s borrowings consist of the following:



	As of
	September 30, 2016			December 31, 2015
(in thousands)	September 30, 2016			December 31, 2015
7.25% unsecured notes due February 1, 2019 ⁽¹⁾	$	398,938		$	398,596
UK Credit facility ⁽²⁾	96,984			—
Other indebtedness	1,486			1,204
Total Debt	$	497,408		$	399,800
Less: current portion	(6,498		)	—
Total Long-Term Debt	$	490,910		$	399,800

____________


(1)	The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2016 and December 31, 2015, respectively.


(2)	The carrying value is net of $0.6 million of unamortized debt issuance costs as of September 30, 2016.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

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

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



	As of September 30, 2016
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments ⁽¹⁾	$	—	$	281,386	$	—	$	281,386
Commercial paper ⁽²⁾	90,835		—		—		90,835
Marketable equity securities ⁽³⁾	382,777		—		—		382,777
Other current investments ⁽⁴⁾	9,746		16,147		—		25,893
Interest rate swap ⁽⁵⁾	—		51		—		51
Total Financial Assets	$	483,358	$	297,584	$	—	$	780,942
Liabilities
Deferred compensation plan liabilities ⁽⁶⁾	$	—	$	45,431	$	—	$	45,431
Mandatorily redeemable noncontrolling interest ⁽⁷⁾	—		—		9,847		9,847
Total Financial Liabilities	$	—	$	45,431	$	9,847	$	55,278



	As of December 31, 2015
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments ⁽¹⁾	$	—	$	433,040	$	433,040
Marketable equity securities ⁽³⁾	350,563		—		350,563
Other current investments ⁽⁴⁾	12,822		16,060		28,882
Total Financial Assets	$	363,385	$	449,100	$	812,485
Liabilities
Deferred compensation plan liabilities ⁽⁶⁾	$	—	$	48,055	$	48,055

____________


(1)	The Company’s money market investments are included in cash, cash equivalents and restricted cash and the value considers the liquidity of the counterparty.


(2)	The Company's commercial paper investments with original maturities of three months 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. 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.


(5)	Included in Deferred charges and other assets. The fair value 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.

(6)


(7)	The fair value of the mandatorily redeemable noncontrolling interest is based on an EBITDA multiple, adjusted for working capital and other items, which approximates fair value.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

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

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



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands, except per share amounts)	2016			2015			2016			2015
Numerator:
Numerator for basic earnings per share:
Income (loss) from continuing operations attributable to Graham Holdings Company common stockholders	$	33,126		$	(231,222	)	$	131,672		$	(194,625	)
Less: Dividends paid-common stock outstanding and unvested restricted shares	(6,796		)	(6,736		)	(27,329		)	(53,090		)
Undistributed earnings (loss)	26,330			(237,958		)	104,343			(247,715		)
Percent allocated to common stockholders⁽¹⁾	98.70		%	100.00		%	98.70		%	100.00		%
	25,987			(237,958		)	102,987			(247,715		)
Add: Dividends paid-common stock outstanding	6,708			6,621			26,976			52,180
Numerator for basic earnings (loss) per share	$	32,695		$	(231,337	)	$	129,963		$	(195,535	)
Add: Additional undistributed earnings due to dilutive stock options	2			—			7			—
Numerator for diluted earnings (loss) per share	$	32,697		$	(231,337	)	$	129,970		$	(195,535	)
Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding	5,544			5,738			5,570			5,721
Add: Effect of dilutive stock options	30			—			30			—
Denominator for diluted earnings (loss) per share	5,574			5,738			5,600			5,721
Graham Holdings Company Common Stockholders:
Basic earnings (loss) per share from continuing operations	$	5.90		$	(40.32	)	$	23.33		$	(34.18	)
Diluted earnings (loss) per share from continuing operations	$	5.87		$	(40.32	)	$	23.21		$	(34.18	)

____________


(1)	Percent of undistributed losses allocated to common stockholders is 100% in the third quarter and first nine months of 2015 as participating securities are not contractually obligated to share in losses.

Antidilutive Weighted Average Restricted Stock and Options

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



	Three Months Ended September 30		Nine Months Ended September 30
(in thousands)	2016	2015	2016	2015
Weighted average restricted stock	42	50	40	53
Weighted average stock options	—	49	—	37

Pension and Postretirement Plans (Tables)

9 Months Ended

Sep. 30, 2016

Defined Benefit Pension Plan [Member]

Schedule of Net Benefit Costs

Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans, including a portion included in discontinued operations, consists of the following components:



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Service cost	$	5,040		$	6,090		$	15,422		$	20,593
Interest cost	12,845			13,516			38,763			39,077
Expected return on assets	(30,348		)	(33,673		)	(91,122		)	(96,771		)
Amortization of prior service cost	74			79			223			241
Recognized actuarial gain	—			(6,057		)	—			(6,057		)
Net Periodic Benefit	(12,389		)	(20,045		)	(36,714		)	(42,917		)
Curtailment gains	—			(3,267		)	—			(3,267		)
Early retirement programs and special separation benefit expense	—			3,734			—			3,734
Total Benefit	$	(12,389	)	$	(19,578	)	$	(36,714	)	$	(42,450	)

Schedule of Allocation of Plan Assets

The assets of the Company’s pension plan were allocated as follows:



	As of
	September 30, 2016		December 31, 2015
	September 30, 2016		December 31, 2015
U.S. equities	78	%	62	%
U.S. fixed income	15	%	13	%
International equities	7	%	25	%
	100	%	100	%

Supplemental Executive Retirement Plan (SERP) [Member]

Schedule of Net Benefit Costs

The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP), including a portion included in discontinued operations, consists of the following components:



	Three Months Ended September 30				Nine Months Ended September 30
(in thousands)	2016		2015		2016		2015
Service cost	$	246	$	464	$	738	$	1,482
Interest cost	1,096		1,140		3,288		3,410
Amortization of prior service cost	114		115		342		343
Recognized actuarial loss	665		630		1,995		2,385
Net Periodic Cost	$	2,121	$	2,349	$	6,363	$	7,620

Other Postretirement Benefit Plan, Defined Benefit [Member]

Schedule of Net Benefit Costs

Other Postretirement Plans. The total cost arising from the Company’s other postretirement plans consists of the following components:



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Service cost	$	346		$	333		$	1,039		$	999
Interest cost	308			325			923			974
Amortization of prior service credit	(83		)	(126		)	(251		)	(377		)
Recognized actuarial gain	(376		)	(249		)	(1,127		)	(747		)
Net Periodic Cost	$	195		$	283		$	584		$	849

Other Non-Operating Income (Tables)

9 Months Ended

Sep. 30, 2016

Other Nonoperating Income (Expense) [Abstract]

Summary of Other Non-Operating (Expense) Income

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



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Gain on sale of land	$	—		$	—		$	34,072		$	—
Foreign currency loss, net	(3,797		)	(12,972		)	(33,324		)	(16,191		)
Gain (loss) on sales of businesses	—			(26,253		)	18,931			(23,335		)
Loss on write-downs of cost method investments	(15,000		)	(1,114		)	(15,161		)	(1,364		)
Gain on sales of marketable equity securities (see Note 3)	—			—			6,256			—
Gain on formation of joint ventures	—			—			3,232			5,972
Additional gain on sale of Classified Ventures	—			—			—			4,827
Other, net	572			(119		)	1,865			206
Total Other Non-Operating (Expense) Income	$	(18,225	)	$	(40,458	)	$	15,871		$	(29,885	)

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2016

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

Summary of Other Comprehensive (Loss) Income

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



	Three Months Ended September 30
	2016									2015
	Before-Tax			Income			After-Tax			Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount			Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(353	)	$	—		$	(353	)	$	(10,548	)	$	—		$	(10,548	)
Adjustment for sales of businesses with foreign operations	—			—			—			6,026			—			6,026
	(353		)	—			(353		)	(4,522		)	—			(4,522		)
Unrealized gains on available-for-sale securities:
Unrealized gains for the period, net	12,154			(4,862		)	7,292			3,836			(1,535		)	2,301

Pension and other postretirement plans:
Amortization of net prior service cost included in net income	105			(41		)	64			68			(27		)	41
Amortization of net actuarial loss (gain) included in net income	289			(116		)	173			(5,676		)	2,271			(3,405		)
Curtailment gains included in net income	—			—			—			51			(21		)	30
Curtailment and settlement included in distribution to Cable ONE	—			—			—			1,403			(561		)	842
	394			(157		)	237			(4,154		)	1,662			(2,492		)
Cash flow hedge:
Gain for the period	49			(20		)	29			—			—			—
Other Comprehensive Income (Loss)	$	12,244		$	(5,039	)	$	7,205		$	(4,840	)	$	127		$	(4,713	)



	Nine Months Ended September 30
	2016									2015
	Before-Tax			Income			After-Tax			Before-Tax			Income			After-Tax
(in thousands)	Amount			Tax			Amount			Amount			Tax			Amount
Foreign currency translation adjustments:
Translation adjustments arising during the period	$	(1,629	)	$	—		$	(1,629	)	$	(17,387	)	$	—		$	(17,387	)
Adjustment for sales of businesses with foreign operations	—			—			—			5,501			—			5,501
	(1,629		)	—			(1,629		)	(11,886		)	—			(11,886		)
Unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses) for the period, net	7,190			(2,876		)	4,314			(16,497		)	6,599			(9,898		)
Reclassification of realized gain on sale of available-for-sale securities included in net income	(6,256		)	2,502			(3,754		)	—			—			—
	934			(374		)	560			(16,497		)	6,599			(9,898		)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	314			(125		)	189			207			(82		)	125
Amortization of net actuarial loss (gain) included in net income	868			(347		)	521			(4,419		)	1,768			(2,651		)
Curtailment gains included in net income	—			—			—			51			(21		)	30
Curtailment and settlement included in distribution to Cable ONE	—			—			—			1,403			(561		)	842
	1,182			(472		)	710			(2,758		)	1,104			(1,654		)
Cash flow hedge:
Gain for the period	49			(20		)	29			179			(71		)	108
Other Comprehensive Income (Loss)	$	536		$	(866	)	$	(330	)	$	(30,962	)	$	7,632		$	(23,330	)

Summary of Changes in Accumulated Other Comprehensive (Loss) Income

The accumulated balances related to each component of other comprehensive income (loss) 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
Balance as of December 31, 2015	$	(4,849	)	$	58,500		$	261,029	$	—		$	314,680
Other comprehensive (loss) income before reclassifications	(1,629		)	4,314			—		31			2,716
Net amount reclassified from accumulated other comprehensive income	—			(3,754		)	710		(2		)	(3,046		)
Other comprehensive (loss) income, net of tax	(1,629		)	560			710		29			(330		)
Balance as of September 30, 2016	$	(6,478	)	$	59,060		$	261,739	$	29		$	314,350

Summary of Amounts and Line Items of reclassifications Out of Accumulated Other Comprehensive (Loss) Income

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



	Three Months Ended September 30						Nine Months Ended September 30						Affected Line Item in the Condensed Consolidated Statement of Operations
	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Foreign Currency Translation Adjustments:
Adjustment for sales of businesses with foreign operations	$	—		$	6,026		$	—		$	5,501		Other (expense) income, net
Unrealized Gains on Available-for-sale Securities:
Realized gain for the period	—			—			(6,256		)	—			Other (expense) income, net
	—			—			2,502			—			Provision (Benefit) for Income Taxes
	—			—			(3,754		)	—			Net of Tax
Pension and Other Postretirement Plans:
Amortization of net prior service cost	105			68			314			207			(1)
Amortization of net actuarial loss (gain)	289			(5,676		)	868			(4,419		)	(1)
Curtailment gains	—			51			—			51			(1)
	394			(5,557		)	1,182			(4,161		)	Before tax
	(157		)	2,223			(472		)	1,665			Provision (Benefit) for Income Taxes
	237			(3,334		)	710			(2,496		)	Net of Tax
Cash Flow Hedge
	(3		)	—			(3		)	132			Interest expense
	1			—			1			(53		)	Provision (Benefit) for Income Taxes
	(2		)	—			(2		)	79			Net of Tax
Total reclassification for the period	$	235		$	2,692		$	(3,046	)	$	3,084		Net of Tax

____________


(1)	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 10).

- Definition

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.

+ References + Details

Business Segments (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The following table summarizes financial information related to each of the Company's business segments:



	Three Months Ended September 30						Nine Months Ended September 30
(in thousands)	2016			2015			2016			2015
Operating Revenues
Education	$	386,936		$	481,746		$	1,207,225		$	1,505,973
Television broadcasting	112,389			89,693			300,927			264,010
Other businesses	122,313			70,052			344,298			199,823
Corporate office	—			—			—			—
Intersegment elimination	—			(59		)	(139		)	(59		)
	$	621,638		$	641,432		$	1,852,311		$	1,969,747
Income (Loss) from Operations
Education	$	16,333		$	(242,777	)	$	63,713		$	(249,778	)
Television broadcasting	59,159			40,526			144,594			121,102
Other businesses	(10,801		)	(3,059		)	(21,593		)	(10,382		)
Corporate office	3,342			(8,413		)	7,331			(9,578		)
	$	68,033		$	(213,723	)	$	194,045		$	(148,636	)
Equity in (Losses) Earnings of Affiliates, Net	(1,008		)	95			(895		)	(662		)
Interest Expense, Net	(7,874		)	(7,349		)	(22,481		)	(23,316		)
Other (Expense) Income, Net	(18,225		)	(40,458		)	15,871			(29,885		)
Income (Loss) from Continuing Operations Before Income Taxes	$	40,926		$	(261,435	)	$	186,540		$	(202,499	)
Depreciation of Property, Plant and Equipment
Education	$	9,977		$	10,637		$	31,322		$	51,145
Television broadcasting	2,540			2,237			7,367			6,471
Other businesses	3,289			1,335			9,389			3,891
Corporate office	291			251			825			759
	$	16,097		$	14,460		$	48,903		$	62,266
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets
Education	$	1,773		$	249,930		$	5,158		$	259,780
Television broadcasting	63			63			189			189
Other businesses	4,784			3,110			13,813			9,395
Corporate office	—			—			—			—
	$	6,620		$	253,103		$	19,160		$	269,364
Net Pension (Credit) Expense
Education	$	2,838		$	7,525		$	8,965		$	15,419
Television broadcasting	428			425			1,285			1,207
Other businesses	279			328			839			707
Corporate office	(15,934		)	(24,533		)	(47,803		)	(58,410		)
	$	(12,389	)	$	(16,255	)	$	(36,714	)	$	(41,077	)

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



	As of
(in thousands)	September 30, 2016		December 31, 2015
Identifiable Assets
Education	$	1,383,555	$	1,454,520
Television broadcasting	336,396		312,243
Other businesses	743,376		712,161
Corporate office	510,818		484,139
	$	2,974,145	$	2,963,063
Investments in Marketable Equity Securities	382,777		350,563
Investments in Affiliates	64,815		59,229
Prepaid Pension Cost	1,016,908		979,970
Total Assets	$	4,438,645	$	4,352,825

Education [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

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



	Three Months Ended						Nine Months Ended
	September 30						September 30
(in thousands)	2016			2015			2016			2015
Operating Revenues
Higher education	$	148,602		$	203,529		$	472,131		$	681,814
Test preparation	78,291			83,706			224,102			233,313
Kaplan international	160,456			192,702			512,068			585,486
Kaplan corporate and other	47			1,905			190			5,723
Intersegment elimination	(460		)	(96		)	(1,266		)	(363		)
	$	386,936		$	481,746		$	1,207,225		$	1,505,973
Income (Loss) from Operations
Higher education	$	11,494		$	3,153		$	50,037		$	28,510
Test preparation	8,588			13,620			13,314			16,365
Kaplan international	1,561			8,295			22,937			33,585
Kaplan corporate and other	(5,310		)	(267,882		)	(22,526		)	(328,333		)
Intersegment elimination	—			37			(49		)	95
	$	16,333		$	(242,777	)	$	63,713		$	(249,778	)
Depreciation of Property, Plant and Equipment
Higher education	$	4,157		$	4,066		$	12,325		$	13,688
Test preparation	1,441			2,052			4,837			7,205
Kaplan international	4,360			4,277			13,739			14,004
Kaplan corporate and other	19			242			421			16,248
	$	9,977		$	10,637		$	31,322		$	51,145
Amortization of Intangible Assets	$	1,773		$	1,339		$	5,158		$	4,313
Impairment of Goodwill and Other Long-lived Assets	$	—		$	248,591		$	—		$	255,467
Pension Expense
Higher education	$	1,905		$	3,964		$	5,715		$	9,028
Test preparation	768			775			2,304			2,325
Kaplan international	67			114			201			326
Kaplan corporate and other	98			2,672			745			3,740
	$	2,838		$	7,525		$	8,965		$	15,419

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



	As of
(in thousands)	September 30, 2016		December 31, 2015
Identifiable assets
Higher education	$	227,203	$	447,282
Test preparation	139,975		134,535
Kaplan international	980,911		826,475
Kaplan corporate and other	35,466		46,228
	$	1,383,555	$	1,454,520

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Sep. 30, 2016 TelevisionStation
Percentage of ownership indicating control for consolidation purposes				more than 50%
Impairment of goodwill		$ 248.6
Television Broadcasting [Member]
Number of television broadcast stations \| TelevisionStation				5
Education [Member]
Immaterial Error Correction Amount			$ 4.7
Education [Member] \| Higher Education [Member]
Impairment of goodwill		$ 248.6
Q3 2015 [Member] \| Education [Member] \| Higher Education [Member]
Immaterial Error Correction Amount	$ 5.6

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements) (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
7.25% Unsecured Notes due February 1, 2019 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs	$ 0.1	$ 0.1
Debt Instrument, Interest Rate, Stated Percentage	7.25%	7.25%
Deferred Charges and Other Assets [Member] \| Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs		$ (0.1)
Long-term Debt [Member] \| Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs		$ 0.1

Discontinued Operations (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 31, 2015 USD ($) school	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 school	Sep. 30, 2016 USD ($)	Sep. 30, 2015 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			$ 0			$ 732
Kaplan International [Member] \| Kaplan China [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	$ (700)
Defined Benefit Pension Plan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Curtailment gain		$ 0	3,267		$ 0	3,267
Discontinued Operations [Member] \| Defined Benefit Pension Plan [Member] \| Cable Spin-Off [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Curtailment gain			$ 2,200			$ 2,200
Kaplan International [Member] \| Education [Member] \| Kaplan China [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of schools sold \| school	1			3
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] \| Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Spin-off Costs					$ 7,400

Discontinued Operations (Cash Flows from Discontinued Operations) (Details 1) - Cable Spin-Off [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Cash (Used in) Provided by Operating Activities, Discontinued Operations	$ (4,468)	$ 111,665
Net Cash Used in Investing Activities, Discontinued Operations	$ 0	$ (74,416)

Discontinued Operations (Summarized Income (Loss) from Discontinued Operations, Net Of Tax) (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Operating revenues		$ 0		$ 397,404
Operating costs and expenses		1,662		(325,379)
Operating income		1,662		72,025
Non-operating expense		0		(1,288)
Income from discontinued operations		1,662		70,737
Provision for income taxes		1,283		27,783
Net Income from Discontinued Operations		379		42,954
Loss on sale of discontinued operations		0		(732)
Provision for income taxes on disposition of discontinued operations		0		52
Income from Discontinued Operations, Net of Tax	$ 0	$ 379	$ 0	$ 42,170

Investments (Narrative) (Details) - USD ($)	9 Months Ended
Investments (Narrative) (Details) - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Dec. 31, 2015	Jan. 31, 2015
Schedule of Investments [Line Items]
Commercial paper and money market investments	$ 372,200,000			$ 433,000,000
Marketable equity securities	382,777,000			$ 350,563,000
Cash paid for new marketable equity securities	48,265,000	$ 135,124,000
Marketable equity securities purchased	47,900,000	135,600,000
Gain on sales of marketable equity securities	6,300,000
Proceeds from sales of marketable equity securities	$ 22,800,000	$ 0
HomeHero [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
Residential Home Health Illinois [Member] \| Residential Healthcare Group Inc [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Residential Hospice Illinois [Member] \| Residential Healthcare Group Inc [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	42.50%
Residential and a Michigan hospital joint venture [Member] \| Residential Healthcare Group Inc [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%		40.00%
Celtic Healthcare Allegheny Health Network Joint Venture [Member] \| Celtic Healthcare [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%				40.00%

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Investments [Abstract]
Total cost	$ 284,343	$ 253,062
Gross unrealized gains	107,145	97,741
Gross unrealized losses	(8,711)	(240)
Total Fair Value	$ 382,777	$ 350,563

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2016 USD ($) TelevisionStation	Sep. 30, 2016 USD ($)	Sep. 30, 2016 USD ($) business	Sep. 30, 2015 business	Feb. 29, 2016	Jan. 31, 2016	Dec. 22, 2015	Nov. 13, 2015 business
Business Acquisition [Line Items]
Number of businesses acquired \| business			4	0
Acqusition purchase price			$ 254,800
Revenues of acquired companies since acquisition date		$ 6,100	31,400
Operating income of acquired companies since acquisition date		(2,200)	6,700
Adjustment to goodwill		$ 20,200	$ 19,711
Other Businesses [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business			1
Adjustment to goodwill			$ 16,930
Education [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business			3
Adjustment to goodwill			$ 2,781
Education [Member] \| Test Preparation [Member]
Business Acquisition [Line Items]
Adjustment to goodwill			0
Education [Member] \| Higher Education [Member]
Business Acquisition [Line Items]
Adjustment to goodwill			2,781
Education [Member] \| Kaplan International [Member]
Business Acquisition [Line Items]
Adjustment to goodwill			0
Television Broadcasting [Member]
Business Acquisition [Line Items]
Number of television stations included in agreement to acquire \| TelevisionStation	2
Payments to acquire businesses per agreement	$ 60,000
Adjustment to goodwill			$ 0
Mander Portman Woodward [Member] \| Education [Member]
Business Acquisition [Line Items]
Percentage of interest acquired						100.00%
Osborne Books [Member] \| Education [Member]
Business Acquisition [Line Items]
Percentage of interest acquired					100.00%
Group Dekko [Member]
Business Acquisition [Line Items]
Percentage of interest acquired								100.00%
Number of Business Lines \| business								3
Electri-Cable Assemblies [Member] \| Other Businesses [Member]
Business Acquisition [Line Items]
Percentage of interest acquired		100.00%	100.00%
SmartPros [Member] \| Education [Member]
Business Acquisition [Line Items]
Percentage of interest acquired							100.00%
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Goodwill expected to be deductible for income tax purposes		$ 20,300	$ 20,300

Acquisitions and Dispositions of Businesses (Dispositions) (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended				9 Months Ended
	Jun. 30, 2016 USD ($)	Jan. 31, 2015 school	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($) business	Sep. 30, 2014 school	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 03, 2015 campus
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on formation of joint ventures			$ 0	$ 0			$ 3,232	$ 5,972
Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets					$ 6,900
Unfavorable out of period expense adjustment					$ (4,700)
Number of businesses disposed \| business					2
KHE Campuses [Member] \| Education [Member] \| Higher Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of nationally accredited ground campuses sold \| campus									38
Kaplan China [Member] \| Education [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				3
Celtic Healthcare Inc [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest exchanged	20.00%
Celtic Healthcare Inc [Member] \| Celtic Healthcare Allegheny Health Network Joint Venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage		40.00%	40.00%				40.00%
Residential Healthcare [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest purchased	20.00%
Noncontrolling Interest, Change in Redemption Value	$ 3,400
Redeemable Noncontrolling Interest, Redemption Value	$ 24,000
Residential Healthcare [Member] \| Residential and a Michigan hospital joint venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of joint venture sold	60.00%
Gain on formation of joint ventures	$ 3,200
Equity Method Investment, Ownership Percentage			40.00%				40.00%
Graham Healthcare Group [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling Interest, Change in Redemption Value	$ 4,100
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%
Noncontrolling Interest, Ownership Percentage by Parent			90.00%				90.00%

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 1,150,446	$ 1,017,513
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Cash and cash equivalents	10,587
Accounts receivable	8,415
Inventory	971
Other current assets	1,420
Property, plant and equipment	3,940
Goodwill	181,228
Amortized intangible assets	27,267
Current liabilities	(20,714)
Noncurrent liabilities	(11,378)
Total	$ 254,846
Weighted Average Life (in years)	6 years
Trade Names and Trademarks [Member] \| 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 53,110
Student and Customer Relationships [Member] \| 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 22,292
Weighted Average Life (in years)	6 years
Trade Names and Trademarks [Member] \| 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 2,425
Weighted Average Life (in years)	6 years
Non-compete Agreements [Member] \| 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 350
Weighted Average Life (in years)	2 years
Other Intangible Assets [Member] \| 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 2,200
Weighted Average Life (in years)	7 years

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Acquisitions And Dispositions [Abstract]
Pro Forma Operating revenues	$ 626,223	$ 696,570	$ 1,869,174	$ 2,147,273
Pro Forma Net income (loss)	$ 32,400	$ (229,831)	$ 135,478	$ (138,545)

Acquisitions and Dispositions of Businesses (Significant Component) (Details 3) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Acqusitions and Dispositions [Abstract]
Disposal Group, Not Discontinued Operation, Revenue	$ 43,121	$ 167,244
Disposal Group, Not Discontinued Operation, Operating Income (Loss)	$ 629	$ (6,672)

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) $ in Millions	3 Months Ended
	Sep. 30, 2015 USD ($)
Goodwill [Line Items]
Goodwill impairment	$ 248.6
Education [Member] \| Higher Education [Member]
Goodwill [Line Items]
Goodwill impairment	$ 248.6

Goodwill and Other Intangible Assets (Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amortization of Intangible Assets
Amortization of intangible assets	$ 6,620	$ 4,512	$ 19,160	$ 13,897
Estimated amortization of intangible assets, remainder of 2016	7,000		7,000
Estimated amortization of intangible assets, 2017	24,000		24,000
Estimated amortization of intangible assets, 2018	22,000		22,000
Estimated amortization of intangible assets, 2019	19,000		19,000
Estimated amortization of intangible assets, 2020	18,000		18,000
Estimated amortization of intangible assets, after 2020	$ 25,000		$ 25,000

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 1,377,255
Accumulated impairment losses, beginning balance			(359,742)
Goodwill, net, beginning balance			1,017,513
Measurement period adjustments	$ (20,200)		(19,711)
Acquisitions			181,228
Goodwill impairment		$ 248,600
Dispositions			(2,800)
Foreign currency exchange rate changes			(25,784)
Goodwill, ending balance	1,507,378		1,507,378
Accumulated impairment losses, ending balance	(356,932)		(356,932)
Goodwill, net, ending balance	1,150,446		1,150,446
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			1,006,096
Accumulated impairment losses, beginning balance			(350,850)
Goodwill, net, beginning balance			655,246
Measurement period adjustments			(2,781)
Acquisitions			160,894
Dispositions			0
Foreign currency exchange rate changes			(25,784)
Goodwill, ending balance	1,138,425		1,138,425
Accumulated impairment losses, ending balance	(350,850)		(350,850)
Goodwill, net, ending balance	787,575		787,575
Education [Member] \| Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			392,457
Accumulated impairment losses, beginning balance			(248,591)
Goodwill, net, beginning balance			143,866
Measurement period adjustments			(2,781)
Acquisitions			0
Goodwill impairment		$ 248,600
Foreign currency exchange rate changes			104
Goodwill, ending balance	389,780		389,780
Accumulated impairment losses, ending balance	(248,591)		(248,591)
Goodwill, net, ending balance	141,189		141,189
Education [Member] \| Test Preparation [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			166,098
Accumulated impairment losses, beginning balance			(102,259)
Goodwill, net, beginning balance			63,839
Measurement period adjustments			0
Acquisitions			0
Foreign currency exchange rate changes			0
Goodwill, ending balance	166,098		166,098
Accumulated impairment losses, ending balance	(102,259)		(102,259)
Goodwill, net, ending balance	63,839		63,839
Education [Member] \| Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			447,541
Accumulated impairment losses, beginning balance			0
Goodwill, net, beginning balance			447,541
Measurement period adjustments			0
Acquisitions			160,894
Foreign currency exchange rate changes			(25,888)
Goodwill, ending balance	582,547		582,547
Accumulated impairment losses, ending balance	0		0
Goodwill, net, ending balance	582,547		582,547
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			168,345
Accumulated impairment losses, beginning balance			0
Goodwill, net, beginning balance			168,345
Measurement period adjustments			0
Acquisitions			0
Dispositions			0
Foreign currency exchange rate changes			0
Goodwill, ending balance	168,345		168,345
Accumulated impairment losses, ending balance	0		0
Goodwill, net, ending balance	168,345		168,345
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			202,814
Accumulated impairment losses, beginning balance			(8,892)
Goodwill, net, beginning balance			193,922
Measurement period adjustments			(16,930)
Acquisitions			20,334
Dispositions			(2,800)
Foreign currency exchange rate changes			0
Goodwill, ending balance	200,608		200,608
Accumulated impairment losses, ending balance	(6,082)		(6,082)
Goodwill, net, ending balance	$ 194,526		$ 194,526

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2016

Dec. 31, 2015

Amortized Intangible Assets [Line Items]

Gross Carrying Amount

$ 204,348

$ 178,747

Accumulated Amortization

89,712

71,556

Net Carrying Amount

114,636

107,191

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-Lived Intangible Assets, Net

68,780

21,885

Trade Names and Trademarks [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-Lived Intangible Assets, Net

67,946

21,051

Licensure and Accreditation [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-Lived Intangible Assets, Net

834

Student and Customer Relationships [Member]

Amortized Intangible Assets [Line Items]

Gross Carrying Amount

130,264

108,806

Accumulated Amortization

51,902

40,280

Net Carrying Amount

$ 78,362

$ 68,526

Student and Customer Relationships [Member] | Minimum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

2 years

Student and Customer Relationships [Member] | Maximum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

10 years

Trade Names and Trademarks [Member]

Amortized Intangible Assets [Line Items]

Gross Carrying Amount

$ 55,705

$ 53,848

Accumulated Amortization

27,929

23,941

Net Carrying Amount

$ 27,776

$ 29,907

Trade Names and Trademarks [Member] | Minimum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

2 years

Trade Names and Trademarks [Member] | Maximum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

10 years

Databases and Technology [Member]

Amortized Intangible Assets [Line Items]

Gross Carrying Amount

$ 4,617

Accumulated Amortization

4,304

4,114

Net Carrying Amount

$ 313

$ 503

Databases and Technology [Member] | Minimum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

3 years

Databases and Technology [Member] | Maximum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

5 years

Non-compete Agreements [Member]

Amortized Intangible Assets [Line Items]

Gross Carrying Amount

$ 1,731

$ 1,381

Accumulated Amortization

1,273

1,012

Net Carrying Amount

$ 458

$ 369

Non-compete Agreements [Member] | Minimum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

2 years

Non-compete Agreements [Member] | Maximum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

5 years

Other [Member]

Amortized Intangible Assets [Line Items]

Gross Carrying Amount

$ 12,031

$ 10,095

Accumulated Amortization

4,304

2,209

Net Carrying Amount

$ 7,727

$ 7,886

Other [Member] | Minimum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

^[1]

1 year

Other [Member] | Maximum [Member]

Amortized Intangible Assets [Line Items]

Useful Life

^[1]

8 years

7 years

[1]	The Company's other amortized intangible assets’ maximum useful life was 7 years as of December 31, 2015.

Debt (Narrative) (Details)

3 Months Ended

9 Months Ended

Jul. 25, 2016

GBP (£)

Jul. 14, 2016

GBP (£)

Jun. 29, 2015

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2015

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2015

USD ($)

Dec. 31, 2015

USD ($)

Debt Instrument [Line Items]

Average borrowings outstanding

$ 473,700,000

$ 404,100,000

$ 429,400,000

$ 435,800,000

Weighted average interest rate of borrowings

6.20%

7.20%

6.90%

7.00%

Net interest expense incurred

$ 7,900,000

$ 7,300,000

$ 22,500,000

$ 23,300,000

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

7.25%

Fair value of debt instrument

$ 436,300,000

$ 436,600,000

Carrying value of debt instrument

^[1]

$ 398,938,000

398,596,000

Other Indebtedness [Member]

Debt Instrument [Line Items]

Debt Instrument, Maturity year, start

Dec. 31, 2019

Debt Instrument, Maturity year, end

Dec. 31, 2025

Other Indebtedness [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

2.00%

Other Indebtedness [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Five-Year Revolving Credit Agreement dated June 29, 2015 [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Current Borrowing Capacity

$ 200,000,000

Debt Instrument, Term

5 years

Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member]

Debt Instrument [Line Items]

Borrowings outstanding

^[2]

$ 96,984,000

$ 0

Education [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Derivative, Fixed Interest Rate

0.51%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

2.01%

Debt Instrument, Basis Spread on Variable Rate

1.50%

Derivative, Notional Amount | £

£ 75,000,000

Education [Member] | Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Current Borrowing Capacity | £

£ 75,000,000

Debt Instrument, Term

4 years

Borrowings outstanding | £

£ 75,000,000

Education [Member] | Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member] | Debt Instrument, Redemption, first anniversary [Member]

Debt Instrument [Line Items]

Debt Instrument Price Percentage Of Outstanding Balance Redeemed

6.66%

Education [Member] | Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member] | Debt Instrument, Redemption, second anniversary [Member]

Debt Instrument [Line Items]

Debt Instrument Price Percentage Of Outstanding Balance Redeemed

6.66%

Education [Member] | Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member] | Debt Instrument, Redemption, third anniversary [Member]

Debt Instrument [Line Items]

Debt Instrument Price Percentage Of Outstanding Balance Redeemed

6.66%

Education [Member] | Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

1.25%

Education [Member] | Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt Instrument, Basis Spread on Variable Rate

1.75%

[1]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2016 and December 31, 2015, respectively.
[2]	The carrying value is net of $0.6 million of unamortized debt issuance costs as of September 30, 2016

Debt (Details 1) - USD ($)
$ in Thousands

Sep. 30, 2016

Dec. 31, 2015

Debt Instrument [Line Items]

Other indebtedness

$ 1,486

$ 1,204

Total Debt

497,408

399,800

Less: current portion

(6,498)

Total Long-Term Debt

490,910

399,800

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

Debt Instrument [Line Items]

Unsecured notes

^[1]

$ 398,938

$ 398,596

Debt Instrument, Interest Rate, Stated Percentage

7.25%

Unamortized debt issuance costs

$ 100

Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member]

Debt Instrument [Line Items]

UK Credit Facility

^[2]

96,984

$ 0

Unamortized debt issuance costs

$ 600

[1]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2016 and December 31, 2015, respectively.
[2]	The carrying value is net of $0.6 million of unamortized debt issuance costs as of September 30, 2016

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on write-downs of cost method investments	$ (15,000)	$ (1,114)		$ (15,161)	$ (1,364)
Impairment of goodwill		$ 248,600
Impairment of long-lived assets			$ 6,900
Vocational School Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on write-downs of cost method investments	$ (15,000)

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

Sep. 30, 2016

Dec. 31, 2015

Assets

Marketable equity securities

$ 382,777

$ 350,563

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

Liabilities

Debt instrument

436,300

436,600

Fair Value, Measurements, Recurring [Member]

Assets

Money market investments

^[1]

281,386

433,040

Commercial paper

^[2]

90,835

Marketable equity securities

^[3]

382,777

350,563

Other current investments

^[4]

25,893

28,882

Interest Rate Swap

^[5]

Total Financial Assets

780,942

812,485

Liabilities

Deferred compensation plan liabilities

^[6]

45,431

48,055

Mandatorily redeemable noncontrolling interest

^[7]

9,847

Total Financial Liabilities

55,278

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

Assets

Money market investments

^[1]

Commercial paper

^[2]

90,835

Marketable equity securities

^[3]

382,777

350,563

Other current investments

^[4]

9,746

12,822

Interest Rate Swap

^[5]

Total Financial Assets

483,358

363,385

Liabilities

Deferred compensation plan liabilities

^[6]

Mandatorily redeemable noncontrolling interest

^[7]

Total Financial Liabilities

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

Assets

Money market investments

^[1]

281,386

433,040

Commercial paper

^[2]

Marketable equity securities

^[3]

Other current investments

^[4]

16,147

16,060

Interest Rate Swap

^[5]

Total Financial Assets

297,584

449,100

Liabilities

Deferred compensation plan liabilities

^[6]

45,431

$ 48,055

Mandatorily redeemable noncontrolling interest

^[7]

Total Financial Liabilities

45,431

Fair Value, Measurements, Recurring [Member] | Level 3 [Member]

Assets

Money market investments

^[1]

Commercial paper

^[2]

Marketable equity securities

^[3]

Other current investments

^[4]

Interest Rate Swap

^[5]

Total Financial Assets

Liabilities

Deferred compensation plan liabilities

^[6]

Mandatorily redeemable noncontrolling interest

^[7]

9,847

Total Financial Liabilities

$ 9,847

[1]	The Company’s money market investments are included in cash, cash equivalents and restricted cash and the value considers the liquidity of the counterparty.
[2]	The Company's commercial paper investments with original maturities of three months 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. 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.
[5]	Included in Deferred charges and other assets. The fair value 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.
[6]	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.
[7]	The fair value of the mandatorily redeemable noncontrolling interest is based on an EBITDA multiple, adjusted for working capital and other items, which approximates fair value.

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016
Income Taxes [Line Items]
Effective income tax rate		28.90%	4.90%
Deferred tax assets written off related to investment in subsidiaries	$ 11.0	$ 11.0
Revision Adjustment [Member]
Income Taxes [Line Items]
Deferred tax assets adjustment related to goodwill				$ 5.6
Australian Taxation Office [Member]
Income Taxes [Line Items]
Change in deferred tax assets valuation allowance	$ 19.3

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
Earnings Per Share (Narrative) (Details) - $ / shares	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 1.21	$ 1.15	$ 4.84	$ 9.10
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	102,000	77,258	102,000	77,258
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	6,100	5,050	6,100	5,050

Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Income (loss) from continuing operations attributable to Graham Holdings Company common stockholders	$ 33,126	$ (231,222)	$ 131,672	$ (194,625)
Less: Dividends paid-common stock outstanding and unvested restricted shares	(6,796)	(6,736)	(27,329)	(53,090)
Undistributed earnings (loss)	$ 26,330	$ (237,958)	$ 104,343	$ (247,715)
Percent allocated to common stockholders	98.70%	100.00%	98.70%	100.00%
Undistributed Earnings (Loss) Allocated To Common Stockholders	$ 25,987	$ (237,958)	$ 102,987	$ (247,715)
Add: Dividends paid-common stock outstanding	6,708	6,621	26,976	52,180
Numerator for basic earnings (loss) per share	32,695	(231,337)	129,963	(195,535)
Add: Additional undistributed earnings due to dilutive stock options	2	0	7	0
Numerator for diluted earnings (loss) per share	$ 32,697	$ (231,337)	$ 129,970	$ (195,535)
Weighted average shares outstanding (shares)	5,544	5,738	5,570	5,721
Denominator for diluted earnings (loss) per share (shares)	5,574	5,738	5,600	5,721
Graham Holdings Company Common Stockholders:
Basic income (loss) per common share from continuing operations in dollars per share	$ 5.90	$ (40.32)	$ 23.33	$ (34.18)
Diluted income (loss) per common share from continuing operations in dollars per share	$ 5.87	$ (40.32)	$ 23.21	$ (34.18)
Stock Option Plan [Member]
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Add: Effect of dilutive stock options (shares)	30	0	30	0

Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended		9 Months Ended
Earnings Per Share (Details 2) - shares shares in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted average restricted stock	42	50	40	53
Weighted average stock options	0	49	0	37

Pension and Postretirement Plans (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2016 USD ($) Investment companies	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) Investment companies	Sep. 30, 2016 USD ($) Investment companies	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) Investment
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)				$ (36,714)	$ (45,081)
Early retirement program expense				0	3,734
Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)	$ (12,389)	$ (20,045)		(36,714)	(42,917)
Curtailment gain	0	3,267		0	3,267
Early retirement program expense	$ 0	3,734		$ 0	3,734
Percent of plan assets managed internally by the company			44.00%
Percent of plan assets managed by investment companies			56.00%
Number of investment companies actively managing plan assets \| companies	2		2	2
Percentage of total plan assets	100.00%		100.00%	100.00%		100.00%
Defined Benefit Pension Plan [Member] \| Sale of KHE Campuses business [Member]
Retirement Benefits Disclosure [Line Items]
Curtailment gain		1,100			1,100
Defined Benefit Pension Plan [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)		100			1,900
Defined Benefit Pension Plan [Member] \| Discontinued Operations [Member] \| Cable Spin-Off [Member]
Retirement Benefits Disclosure [Line Items]
Curtailment gain		2,200			2,200
Defined Benefit Pension Plan [Member] \| Separation Incentive Program [Member] \| Education [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement program expense		3,700
Supplemental Executive Retirement Plan (SERP) [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)	$ 2,121	2,349		$ 6,363	7,620
Supplemental Executive Retirement Plan (SERP) [Member] \| Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)					200
Other Postretirement Plans [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)	195	$ 283		$ 584	$ 849
Berkshire Hathaway Common Stock [Member] \| Defined Benefit Pension Plan [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] \| Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, equity securities				23.00%
Fixed income securities [Member] \| Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, fixed-income securities, range minimum				10.00%
Single Equity Concentration [Member] \| Defined Benefit Pension Plan [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%
Value of investments	$ 915,200		$ 915,200	$ 915,200		$ 562,600
Percentage of total plan assets	45.00%		45.00%	45.00%		25.00%
Single Equity Concentration [Member] \| Equity Securities [Member] \| Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| Investment	1		1	1		2
Single Equity Concentration [Member] \| Equity Funds [Member] \| Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| Investment	1		1	1
Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] \| Defined Benefit Plan Assets Total [Member] \| Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans				10.00%		10.00%
Geographic Concentration [Member] \| Foreign Investments [Member] \| Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Value of investments						$ 332,400
Percentage of total plan assets						15.00%
Number of foreign countries for which the companys pension plan holds investments that exceed 10% of total plan assets \| Investment						1

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit)			$ (36,714)	$ (45,081)
Early retirement programs and special separation benefit expense			0	3,734
Total Cost (Benefit)	$ (12,389)	$ (16,255)	(36,714)	(41,077)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	5,040	6,090	15,422	20,593
Interest cost	12,845	13,516	38,763	39,077
Expected return on assets	(30,348)	(33,673)	(91,122)	(96,771)
Amortization of prior service cost (credit)	74	79	223	241
Recognized actuarial loss (gain)	0	(6,057)	0	(6,057)
Net Periodic Cost (Benefit)	(12,389)	(20,045)	(36,714)	(42,917)
Curtailment gain	0	(3,267)	0	(3,267)
Early retirement programs and special separation benefit expense	0	3,734	0	3,734
Total Cost (Benefit)	(12,389)	(19,578)	(36,714)	(42,450)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	246	464	738	1,482
Interest cost	1,096	1,140	3,288	3,410
Amortization of prior service cost (credit)	114	115	342	343
Recognized actuarial loss (gain)	665	630	1,995	2,385
Net Periodic Cost (Benefit)	2,121	2,349	6,363	7,620
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	346	333	1,039	999
Interest cost	308	325	923	974
Amortization of prior service cost (credit)	(83)	(126)	(251)	(377)
Recognized actuarial loss (gain)	(376)	(249)	(1,127)	(747)
Net Periodic Cost (Benefit)	$ 195	283	$ 584	849
Discontinued Operations [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit)		$ 100		1,900
Discontinued Operations [Member] \| Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit)				$ 200

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Sep. 30, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100.00%	100.00%
U.S. \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	78.00%	62.00%
U.S. \| Fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	15.00%	13.00%
International [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	7.00%	25.00%

Other Non-Operating Income (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended					9 Months Ended
	Jun. 30, 2016 USD ($)	Jan. 31, 2015 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($) business	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)
Schedule of Non-Operating Income (Expense) [Line Items]
Document Fiscal Year Focus								2016
Gain on sale of land			$ 0	$ 34,100		$ 0		$ 34,072	$ 0
Loss on write-downs of cost method investments			(15,000)			(1,114)		(15,161)	(1,364)
Gain (loss) on sales of businesses			0			(26,253)	$ 2,900	18,931	(23,335)
Gain on formation of joint ventures			$ 0			0		$ 3,232	$ 5,972
Celtic Healthcare Inc [Member] \| Celtic Healthcare Allegheny Health Network Joint Venture [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on formation of joint ventures		$ 6,000
Classified Ventures LLC [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Favorable out of period adjustment							$ 4,800
Residential Healthcare [Member] \| Residential and a Michigan hospital joint venture [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Equity Method Investment, Ownership Percentage			40.00%					40.00%
Gain on formation of joint ventures	$ 3,200
Education [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain (loss) on sales of businesses						$ 26,300
Number of businesses disposed \| business							2
Favorable out of period adjustment							$ 4,700
Celtic Healthcare Allegheny Health Network Joint Venture [Member] \| Celtic Healthcare Inc [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Equity Method Investment, Ownership Percentage		40.00%	40.00%					40.00%
Residential and a Michigan hospital joint venture [Member] \| Residential Healthcare [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Equity Method Investment, Ownership Percentage	40.00%		40.00%	40.00%				40.00%
Vocational School Company [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Loss on write-downs of cost method investments			$ (15,000)
Kaplan Corporate and Other [Member] \| Education [Member] \| Colloquy [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain (loss) on sales of businesses					$ 18,900

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of land	$ 0	$ 34,100	$ 0		$ 34,072	$ 0
Foreign currency loss, net	(3,797)		(12,972)		(33,324)	(16,191)
Gain (loss) on sales of businesses	0		(26,253)	$ 2,900	18,931	(23,335)
Loss on write-downs of cost method investments	(15,000)		(1,114)		(15,161)	(1,364)
Gain on sales of marketable equity securities (see Note 3)	0		0		6,256	0
Gain on formation of joint ventures	0		0		3,232	5,972
Additional gain on sale of Classified Ventures					0	4,827
Other, net	572		(119)		1,865	206
Total Other Non-Operating (Expense) Income	(18,225)		(40,458)		15,871	(29,885)
Classified Ventures LLC [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Additional gain on sale of Classified Ventures	$ 0		0		$ 0	$ 4,827
Education [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain (loss) on sales of businesses			$ 26,300

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before tax

$ 12,244

$ (4,840)

$ 536

$ (30,962)

Other Comprehensive Income (Loss), income tax

(5,039)

127

(866)

7,632

Other Comprehensive Loss, Net of Tax

7,205

(4,713)

(330)

(23,330)

Foreign Currency Translation Adjustment [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, before Tax

(353)

(10,548)

(1,629)

(17,387)

Other Comprehensive Income (Loss) before Reclassifications, Tax

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

(353)

(10,548)

(1,629)

(17,387)

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

6,026

5,501

Reclassification from AOCI, Current Period, Tax

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

6,026

5,501

Other Comprehensive Income (Loss), before tax

(353)

(4,522)

(1,629)

(11,886)

Other Comprehensive Income (Loss), income tax

Other Comprehensive Loss, Net of Tax

(353)

(4,522)

(1,629)

(11,886)

Unrealized Gains (Losses) on Available-for-Sale Securities [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, before Tax

12,154

3,836

7,190

(16,497)

Other Comprehensive Income (Loss) before Reclassifications, Tax

(4,862)

(1,535)

(2,876)

6,599

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

7,292

2,301

4,314

(9,898)

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

(6,256)

Reclassification from AOCI, Current Period, Tax

2,502

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(3,754)

Other Comprehensive Income (Loss), before tax

934

(16,497)

Other Comprehensive Income (Loss), income tax

(374)

6,599

Other Comprehensive Loss, Net of Tax

560

(9,898)

Pension and Other Postretirement Plans [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

394

(5,557)

1,182

(4,161)

Reclassification from AOCI, Current Period, Tax

(157)

2,223

(472)

1,665

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

237

(3,334)

710

(2,496)

Other Comprehensive Income (Loss), before tax

394

(4,154)

1,182

(2,758)

Other Comprehensive Income (Loss), income tax

(157)

1,662

(472)

1,104

Other Comprehensive Loss, Net of Tax

237

(2,492)

710

(1,654)

Net Prior Service Cost [Member]

Other Comprehensive Income (Loss) [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

105

314

207

Reclassification from AOCI, Current Period, Tax

(41)

(27)

(125)

(82)

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

189

125

Net Actuarial Loss [Member]

Other Comprehensive Income (Loss) [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

289

(5,676)

868

(4,419)

Reclassification from AOCI, Current Period, Tax

(116)

2,271

(347)

1,768

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

173

(3,405)

521

(2,651)

Curtailment Gains Included In Net Income [Member]

Other Comprehensive Income (Loss) [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

Reclassification from AOCI, Current Period, Tax

(21)

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

Curtailment And Settlement Included In Distribution [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, before Tax

1,403

Other Comprehensive Income (Loss) before Reclassifications, Tax

(561)

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

842

Cash Flow Hedge [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(2)

Other Comprehensive Income (Loss), before tax

179

Other Comprehensive Income (Loss), income tax

(20)

(71)

Other Comprehensive Loss, Net of Tax

$ 29

$ 0

$ 29

$ 108

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 10).

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance			$ 2,490,698
Other Comprehensive Income (Loss), Net of Tax	$ 7,205	$ (4,713)	(330)	$ (23,330)
Accumulated Other Comprehensive Income, ending balance	2,508,799		2,508,799
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance			314,680
Other comprehensive (loss) income before reclassifications			2,716
Net amount reclassified from accumulated other comprehensive income			(3,046)
Other Comprehensive Income (Loss), Net of Tax			(330)
Accumulated Other Comprehensive Income, ending balance	314,350		314,350
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance			(4,849)
Other comprehensive (loss) income before reclassifications	(353)	(10,548)	(1,629)	(17,387)
Net amount reclassified from accumulated other comprehensive income	0	6,026	0	5,501
Other Comprehensive Income (Loss), Net of Tax	(353)	(4,522)	(1,629)	(11,886)
Accumulated Other Comprehensive Income, ending balance	(6,478)		(6,478)
Unrealized Gain on Available-for-Sale Securities [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance			58,500
Other comprehensive (loss) income before reclassifications	7,292	2,301	4,314	(9,898)
Net amount reclassified from accumulated other comprehensive income			(3,754)	0
Other Comprehensive Income (Loss), Net of Tax			560	(9,898)
Accumulated Other Comprehensive Income, ending balance	59,060		59,060
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance			261,029
Other comprehensive (loss) income before reclassifications			0
Net amount reclassified from accumulated other comprehensive income	237	(3,334)	710	(2,496)
Other Comprehensive Income (Loss), Net of Tax	237	(2,492)	710	(1,654)
Accumulated Other Comprehensive Income, ending balance	261,739		261,739
Cash Flow Hedge [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance			0
Other comprehensive (loss) income before reclassifications			31
Net amount reclassified from accumulated other comprehensive income			(2)
Other Comprehensive Income (Loss), Net of Tax	29	$ 0	29	$ 108
Accumulated Other Comprehensive Income, ending balance	$ 29		$ 29

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

3 Months Ended

9 Months Ended

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

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

Other (expense) income, net

$ 18,225

$ 40,458

$ (15,871)

$ 29,885

Interest expense

8,614

7,830

24,533

24,679

Provision (Benefit) for Income Taxes

7,800

(30,500)

54,000

(10,000)

Income Net of Tax

(33,126)

230,935

(132,540)

192,499

Reclassification out of Accumulated Other Comprehensive Income [Member]

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

Income Net of Tax

235

2,692

(3,046)

3,084

Foreign Currency Translation Adjustment [Member]

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

Reclassifications, before tax

6,026

5,501

Provision (Benefit) for Income Tax

Reclassifications, net of tax

6,026

5,501

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

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

Other (expense) income, net

6,026

5,501

Unrealized Gain on Available-for-Sale Securities [Member]

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

Reclassifications, before tax

(6,256)

Provision (Benefit) for Income Tax

2,502

Reclassifications, net of tax

(3,754)

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

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

Other (expense) income, net

(6,256)

Provision (Benefit) for Income Taxes

2,502

Income Net of Tax

(3,754)

Pension and Other Postretirement Plans [Member]

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

Reclassifications, before tax

394

(5,557)

1,182

(4,161)

Provision (Benefit) for Income Tax

(157)

2,223

(472)

1,665

Reclassifications, net of tax

237

(3,334)

710

(2,496)

Net Prior Service Cost [Member]

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

Reclassifications, before tax

^[1]

105

314

207

Provision (Benefit) for Income Tax

(41)

(27)

(125)

(82)

Reclassifications, net of tax

189

125

Net Actuarial Loss [Member]

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

Reclassifications, before tax

^[1]

289

(5,676)

868

(4,419)

Provision (Benefit) for Income Tax

(116)

2,271

(347)

1,768

Reclassifications, net of tax

173

(3,405)

521

(2,651)

Curtailment Gains Included In Net Income [Member]

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

Reclassifications, before tax

^[1]

Provision (Benefit) for Income Tax

(21)

Reclassifications, net of tax

Cash Flow Hedge [Member]

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

Reclassifications, net of tax

(2)

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

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

Interest expense

(3)

132

Provision (Benefit) for Income Taxes

(53)

Income Net of Tax

$ (2)

$ 0

$ (2)

$ 79

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 10).

Contingencies (Details) report in Thousands		1 Months Ended			9 Months Ended
Contingencies (Details) report in Thousands	Jul. 20, 2016 report	Aug. 31, 2016	Mar. 31, 2015 claim	Aug. 31, 2011 claim Complaint	Sep. 30, 2016 claim Case program_review
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business					0
Title IV participating institutions including Broomall PA and Pittsburgh PA [Member] \| Education [Member] \| Higher Education [Member]
Loss Contingencies [Line Items]
Number of pending program reviews \| program_review					5
Title IV participating institutions including Broomall PA and Pittsburgh PA [Member] \| Education [Member] \| Sale of KHE Campuses business [Member] \| Higher Education [Member]
Loss Contingencies [Line Items]
Number of pending program reviews \| program_review					4
Number Of Preliminary Program Review Reports received \| report	2
Length of program review	2 years
Kaplan University [Member] \| Education [Member] \| Higher Education [Member]
Loss Contingencies [Line Items]
Length of accreditation term reaffirmed		10 years
Diaz Case [Member] \| Education [Member]
Loss Contingencies [Line Items]
Separate complaints included In Diaz Case received rulings \| Complaint				3
Number of allegations not dismissed				1
Diaz Claims [Member] \| Education [Member]
Loss Contingencies [Line Items]
Number of claims affirmed for dismissal by US Court of Appeal			3
Number of claims appealed			4
Number of claims revered and remanded by US Court of Appeal			1
Urquilla-Diaz And Jajdelski Case [Member] \| Education [Member]
Loss Contingencies [Line Items]
Number of unsealed cases filed by former employees under the U.S. Federal False Claims Act \| Case					2

Business Segments (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
Business Segments (Narrative) (Details) $ in Millions	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Sep. 30, 2016 Segment
Business Segments [Line Items]
Number of reportable segments \| Segment			4
Education [Member]
Business Segments [Line Items]
Immaterial Error Correction Amount		$ 4.7
Periods from 2011 to Q2 2015 [Member] \| Test Preparation [Member] \| Reportable Subsegments [Member] \| Education [Member] \| Operating Segments [Member]
Business Segments [Line Items]
Immaterial Error Correction Amount	$ 3.0

Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Operating Revenues	$ 621,638	$ 641,432	$ 1,852,311	$ 1,969,747
Income (Loss) from Operations	68,033	(213,723)	194,045	(148,636)
Equity in (losses) earnings of affiliates, net	(1,008)	95	(895)	(662)
Interest Expense, Net	(7,874)	(7,349)	(22,481)	(23,316)
Other (expense) income, net	(18,225)	(40,458)	15,871	(29,885)
Income (loss) from Continuing Operations Before Income Taxes	40,926	(261,435)	186,540	(202,499)
Depreciation of property, plant and equipment	16,097	14,460	48,903	62,266
Amortization Of Intangible Assets And Impairment Of Goodwill And Other Long-Lived Assets	6,620	253,103	19,160	269,364
Amortization of intangible assets	6,620	4,512	19,160	13,897
Net Pension (Credit) Expense	(12,389)	(16,255)	(36,714)	(41,077)
Identifiable Assets	2,974,145		2,974,145		$ 2,963,063
Investments in Marketable Equity Securities	382,777		382,777		350,563
Investments in Affiliates	64,815		64,815		59,229
Prepaid Pension Cost	1,016,908		1,016,908		979,970
Total Assets	4,438,645		4,438,645		4,352,825
Operating Segments [Member] \| Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	386,936	481,746	1,207,225	1,505,973
Income (Loss) from Operations	16,333	(242,777)	63,713	(249,778)
Depreciation of property, plant and equipment	9,977	10,637	31,322	51,145
Amortization Of Intangible Assets And Impairment Of Goodwill And Other Long-Lived Assets	1,773	249,930	5,158	259,780
Amortization of intangible assets	1,773	1,339	5,158	4,313
Impairment of Goodwill and Other Long-lived Assets	0	248,591	0	255,467
Net Pension (Credit) Expense	2,838	7,525	8,965	15,419
Identifiable Assets	1,383,555		1,383,555		1,454,520
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	148,602	203,529	472,131	681,814
Income (Loss) from Operations	11,494	3,153	50,037	28,510
Depreciation of property, plant and equipment	4,157	4,066	12,325	13,688
Net Pension (Credit) Expense	1,905	3,964	5,715	9,028
Identifiable Assets	227,203		227,203		447,282
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Test Preparation [Member]
Segment Reporting Information [Line Items]
Operating Revenues	78,291	83,706	224,102	233,313
Income (Loss) from Operations	8,588	13,620	13,314	16,365
Depreciation of property, plant and equipment	1,441	2,052	4,837	7,205
Net Pension (Credit) Expense	768	775	2,304	2,325
Identifiable Assets	139,975		139,975		134,535
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	160,456	192,702	512,068	585,486
Income (Loss) from Operations	1,561	8,295	22,937	33,585
Depreciation of property, plant and equipment	4,360	4,277	13,739	14,004
Net Pension (Credit) Expense	67	114	201	326
Identifiable Assets	980,911		980,911		826,475
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	47	1,905	190	5,723
Income (Loss) from Operations	(5,310)	(267,882)	(22,526)	(328,333)
Depreciation of property, plant and equipment	19	242	421	16,248
Net Pension (Credit) Expense	98	2,672	745	3,740
Identifiable Assets	35,466		35,466		46,228
Operating Segments [Member] \| Education [Member] \| Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(460)	(96)	(1,266)	(363)
Income (Loss) from Operations	0	37	(49)	95
Operating Segments [Member] \| Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	112,389	89,693	300,927	264,010
Income (Loss) from Operations	59,159	40,526	144,594	121,102
Depreciation of property, plant and equipment	2,540	2,237	7,367	6,471
Amortization Of Intangible Assets And Impairment Of Goodwill And Other Long-Lived Assets	63	63	189	189
Net Pension (Credit) Expense	428	425	1,285	1,207
Identifiable Assets	336,396		336,396		312,243
Operating Segments [Member] \| Other Segments [Member]
Segment Reporting Information [Line Items]
Operating Revenues	122,313	70,052	344,298	199,823
Income (Loss) from Operations	(10,801)	(3,059)	(21,593)	(10,382)
Depreciation of property, plant and equipment	3,289	1,335	9,389	3,891
Amortization Of Intangible Assets And Impairment Of Goodwill And Other Long-Lived Assets	4,784	3,110	13,813	9,395
Net Pension (Credit) Expense	279	328	839	707
Identifiable Assets	743,376		743,376		712,161
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating Revenues	0	0	0	0
Income (Loss) from Operations	3,342	(8,413)	7,331	(9,578)
Depreciation of property, plant and equipment	291	251	825	759
Amortization Of Intangible Assets And Impairment Of Goodwill And Other Long-Lived Assets	0	0	0	0
Net Pension (Credit) Expense	(15,934)	(24,533)	(47,803)	(58,410)
Identifiable Assets	510,818		510,818		$ 484,139
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ 0	$ (59)	$ (139)	$ (59)