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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Jul. 31, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-06714
Entity Registrant Name	GRAHAM HOLDINGS CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0182885
Entity Address, Address Line One	1300 North 17th Street
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	703
Local Phone Number	345-6300
Title of 12(b) Security	Class B Common Stock, par value $1.00 per share
Trading Symbol	GHC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000104889
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		964,001
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,148,198

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Operating Revenues	$ 652,871	$ 737,602	$ 1,385,128	$ 1,429,801
Operating Costs and Expenses [Abstract]
Operating	433,767	481,154	931,194	932,509
Selling, general and administrative	164,476	171,028	343,951	345,286
Depreciation of property, plant and equipment	22,913	13,884	39,617	27,407
Amortization of intangible assets	14,327	12,880	28,492	25,940
Impairment of goodwill and other long-lived assets	11,511	693	27,912	693
Total Operating Costs and Expenses	646,994	679,639	1,371,166	1,331,835
Income from Operations	5,877	57,963	13,962	97,966
Equity in earnings (losses) of affiliates, net	1,182	1,467	(365)	3,146
Interest income	954	1,579	2,105	3,279
Interest expense	(7,377)	(8,386)	(15,055)	(15,811)
Non-operating pension and postretirement benefit income, net	12,136	12,253	30,539	32,181
Gain (loss) on marketable equity securities, net	39,890	7,791	(60,503)	31,857
Other income, net	8,100	1,228	10,788	30,579
Income (Loss) Before Income Taxes	60,762	73,895	(18,529)	183,197
Provision for (Benefit from) Income Taxes	41,900	16,700	(3,500)	44,300
Net Income (Loss)	18,862	57,195	(15,029)	138,897
Net (Income) Loss Attributable to Noncontrolling Interests	(8)	(114)	638	(68)
Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders	$ 18,854	$ 57,081	$ (14,391)	$ 138,829
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income (loss) per common share in dollars per share	$ 3.61	$ 10.74	$ (2.77)	$ 26.12
Basic average number of common shares outstanding in shares	5,196	5,285	5,235	5,285
Diluted net income (loss) per common share in dollars per share	$ 3.60	$ 10.65	$ (2.77)	$ 25.91
Diluted average number of common shares outstanding in shares	5,201	5,329	5,235	5,328

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ 18,862	$ 57,195	$ (15,029)	$ 138,897
Foreign currency translation adjustments:
Translation adjustments arising during the period	16,405	(11,104)	(20,971)	(1,071)
Pension and other postretirement plans:
Amortization of net prior service cost (credit) included in net income (loss)	668	(931)	1,339	(2,278)
Amortization of net actuarial loss (gain) included in net income (loss)	390	(475)	610	(1,023)
Total pension and other postretirement plans, before tax	1,058	(1,406)	1,949	(3,301)
Cash flow hedges (loss) gain	(143)	40	(1,721)	(427)
Other Comprehensive Income (Loss), Before Tax	17,320	(12,470)	(20,743)	(4,799)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(252)	375	(132)	994
Other Comprehensive Income (Loss), Net of Tax	17,068	(12,095)	(20,875)	(3,805)
Comprehensive Income (Loss)	35,930	45,100	(35,904)	135,092
Comprehensive (income) loss attributable to noncontrolling interests	(8)	(114)	638	(68)
Total Comprehensive Income (Loss) Attributable to Graham Holdings Company	$ 35,922	$ 44,986	$ (35,266)	$ 135,024

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 260,247	$ 200,165
Restricted cash	16,043	13,879
Investments in marketable equity securities and other investments	444,742	599,967
Accounts receivable, net	452,231	624,216
Inventories and contracts in progress	121,490	120,834
Prepaid expenses	75,857	92,289
Income taxes receivable	36,848	10,735
Other current assets	939	1,400
Total Current Assets	1,408,397	1,663,485
Property, Plant and Equipment, Net	376,681	384,670
Lease Right-of-Use Assets	481,589	526,417
Investments in Affiliates	156,677	162,249
Goodwill, Net	1,440,379	1,388,279
Indefinite-Lived Intangible Assets	115,913	140,197
Amortized Intangible Assets, Net	231,887	233,481
Prepaid Pension Cost	1,315,174	1,292,350
Deferred Income Taxes	4,666	11,629
Deferred Charges and Other Assets (includes $2,784 and $0 of restricted cash)	140,954	128,479
Total Assets	5,672,317	5,931,236
Current Liabilities
Accounts payable and accrued liabilities	433,672	507,701
Deferred revenue	280,321	355,156
Income taxes payable	3,029	4,121
Current portion of lease liabilities	87,652	92,714
Current portion of long-term debt	5,858	82,179
Dividends declared	7,572	0
Total Current Liabilities	818,104	1,041,871
Accrued Compensation and Related Benefits	189,084	193,836
Other Liabilities	75,552	27,223
Deferred Income Taxes	405,955	427,372
Mandatorily Redeemable Noncontrolling Interest	829	829
Lease Liabilities	451,874	477,004
Long-Term Debt	505,672	430,650
Total Liabilities	2,447,070	2,598,785
Redeemable Noncontrolling Interest	11,831	5,655
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	384,804	381,669
Retained earnings	6,497,166	6,534,427
Accumulated other comprehensive income, net of tax
Cumulative foreign currency translation adjustment	(42,859)	(21,888)
Unrealized gain on pensions and other postretirement plans	327,344	325,921
Cash flow hedges	(2,065)	(738)
Cost of Class B common stock held in treasury	(3,977,722)	(3,920,152)
Total Common Stockholders' Equity	3,206,668	3,319,239
Noncontrolling Interest	6,748	7,557
Total Equity	3,213,416	3,326,796
Total Liabilities and Equity	$ 5,672,317	$ 5,931,236

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Restricted Cash, Noncurrent	$ 2,784	$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Net (Loss) Income	$ (15,029,000)	$ 138,897,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairments	96,021,000	54,040,000
Amortization of lease right-of-use asset	50,954,000	40,871,000
Net pension benefit and special separation benefit expense	(21,409,000)	(19,763,000)
Loss (gain) on marketable equity securities and cost method investments, net	60,509,000	(33,268,000)
Gain on disposition of businesses, property, plant and equipment and investments, net	(5,444,000)	(28,981,000)
Provision for doubtful trade receivables	7,241,000	109,000
Stock-based compensation expense, net	3,135,000	3,227,000
Foreign exchange gain	(3,220,000)	(623,000)
Write-down of cost method investments	2,577,000	0
Equity in losses (earnings) of affiliates, net of distributions	4,263,000	(396,000)
(Benefit from) provision for deferred income taxes	(1,349,000)	13,481,000
Change in operating assets and liabilities:
Accounts receivable, net	164,314,000	27,072,000
Inventories	2,840,000	(21,878,000)
Accounts payable and accrued liabilities	(99,496,000)	(56,125,000)
Deferred revenue	(69,105,000)	(66,542,000)
Income taxes receivable	(6,434,000)	6,778,000
Other assets and other liabilities, net	(46,081,000)	(74,251,000)
Other	(359,000)	677,000
Net Cash Provided by (Used in) Operating Activities	121,351,000	(16,675,000)
Cash Flows from Investing Activities
Investments in certain businesses, net of cash acquired	(20,080,000)	(84,071,000)
Purchases of property, plant and equipment	(40,209,000)	(52,703,000)
Net proceeds from disposition of businesses, property, plant and equipment and investments	862,000	53,414,000
Investments in equity affiliates, cost method and other investments	(8,011,000)	(24,342,000)
Proceeds from sales of marketable equity securities	93,775,000	17,162,000
Purchases of marketable equity securities	0	(7,499,000)
Loan to related party	0	(3,500,000)
Return of investment in equity affiliates	314,000	638,000
Net Cash Provided by (Used in) Investing Activities	26,651,000	(100,901,000)
Cash Flows from Financing Activities
Issuance of borrowings	76,984,000	30,000,000
Repayments of borrowings	(75,206,000)	(1,006,000)
Common shares repurchased	(62,905,000)	0
Net (payments) proceeds from vehicle floor plan payable	(11,063,000)	24,618,000
Dividends paid	(15,289,000)	(14,779,000)
Issuance of noncontrolling interest	0	6,000,000
Proceeds from exercise of stock options	5,335,000	0
Deferred payments of acquisition	(5,010,000)	0
Proceeds from (repayments of) bank overdrafts	9,135,000	(3,933,000)
Other	0	(583,000)
Net Cash (Used in) Provided by Financing Activities	(78,019,000)	40,317,000
Effect Of Currency Exchange Rate Change	(4,953,000)	778,000
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	65,030,000	(76,481,000)
Beginning Cash and Cash Equivalents and Restricted Cash	214,044,000	264,115,000
Ending Cash and Cash Equivalents and Restricted Cash	$ 279,074,000	$ 187,634,000

Condensed Consolidated Statements of Changes in Common Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
As of at Dec. 31, 2018	$ 2,916,782	$ 20,000	$ 378,837	$ 6,236,125	$ 203,829	$ (3,922,009)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the period	81,702			81,702
Issuance of noncontrolling interest	6,000						6,000
Net loss (income) attributable to noncontrolling interest	0			62			(62)
Net income attributable to redeemable noncontrolling interests	(16)			(16)
Change in redemption value of redeemable noncontrolling interest	(54)		(54)
Dividends on common stock	(14,779)			(14,779)
Issuance of Class B common stock, net of restricted stock awards and forfeitures	(28)		(3,783)			3,755
Amortization of unearned stock compensation and stock option expense	1,639		1,639
Other comprehensive (loss) income, net of income taxes	8,290				8,290
Purchase of redeemable noncontrolling interest	0
As of at Mar. 31, 2019	2,999,536	20,000	376,639	6,303,094	212,119	(3,918,254)	5,938
As of at Dec. 31, 2018	4,346
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	16
Change in redemption value of redeemable noncontrolling interests	54
Purchase of redeemable noncontrolling interest	(550)
As of at Mar. 31, 2019	3,866
As of at Dec. 31, 2018	2,916,782	20,000	378,837	6,236,125	203,829	(3,922,009)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the period	138,897
Other comprehensive (loss) income, net of income taxes	(3,805)
As of at Jun. 30, 2019	3,038,854	20,000	378,255	6,352,787	200,024	(3,918,254)	6,042
As of at Dec. 31, 2018	4,346
As of at Jun. 30, 2019	3,876
As of at Mar. 31, 2019	2,999,536	20,000	376,639	6,303,094	212,119	(3,918,254)	5,938
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the period	57,195			57,195
Net loss (income) attributable to noncontrolling interest	0			(104)			104
Net income attributable to redeemable noncontrolling interests	(10)			(10)
Dividends on common stock	(7,388)			(7,388)
Amortization of unearned stock compensation and stock option expense	1,616		1,616
Other comprehensive (loss) income, net of income taxes	(12,095)				(12,095)
As of at Jun. 30, 2019	3,038,854	20,000	378,255	6,352,787	200,024	(3,918,254)	6,042
As of at Mar. 31, 2019	3,866
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	10
As of at Jun. 30, 2019	3,876
As of at Dec. 31, 2019	3,326,796	20,000	381,669	6,534,427	303,295	(3,920,152)	7,557
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the period	(33,891)			(33,891)
Net loss (income) attributable to noncontrolling interest	0			772			(772)
Net income attributable to redeemable noncontrolling interests	(126)			(126)
Dividends on common stock	(15,289)			(15,289)
Repurchase of Class B Common Stock	(33,610)					(33,610)
Issuance of Class B common stock, net of restricted stock awards and forfeitures	5,335					5,335
Amortization of unearned stock compensation and stock option expense	1,568		1,568
Other comprehensive (loss) income, net of income taxes	(37,943)				(37,943)
As of at Mar. 31, 2020	3,212,840	20,000	383,237	6,485,893	265,352	(3,948,427)	6,785
As of at Dec. 31, 2019	5,655
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	126
As of at Mar. 31, 2020	5,781
As of at Dec. 31, 2019	3,326,796	20,000	381,669	6,534,427	303,295	(3,920,152)	7,557
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the period	(15,029)
Other comprehensive (loss) income, net of income taxes	(20,875)
As of at Jun. 30, 2020	3,213,416	20,000	384,804	6,497,166	282,420	(3,977,722)	6,748
As of at Dec. 31, 2019	5,655
As of at Jun. 30, 2020	11,831
As of at Mar. 31, 2020	3,212,840	20,000	383,237	6,485,893	265,352	(3,948,427)	6,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income for the period	18,862			18,862
Net loss (income) attributable to noncontrolling interest	0			37			(37)
Acquisition of redeemable noncontrolling interest	0
Net income attributable to redeemable noncontrolling interests	(45)			(45)
Dividends on common stock	(7,581)			(7,581)
Repurchase of Class B Common Stock	(29,295)					(29,295)
Amortization of unearned stock compensation and stock option expense	1,567		1,567
Other comprehensive (loss) income, net of income taxes	17,068				17,068
As of at Jun. 30, 2020	3,213,416	$ 20,000	$ 384,804	$ 6,497,166	$ 282,420	$ (3,977,722)	$ 6,748
As of at Mar. 31, 2020	5,781
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	45
Acquisition of redeemable noncontrolling interest	6,005
As of at Jun. 30, 2020	$ 11,831

Organization, Consolidation and Presentation of Financial Statements	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure	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 seven television broadcasting stations, several websites and print publications, and a marketing solutions provider. The Company’s other business operations include manufacturing, automotive dealerships, restaurants and entertainment venues, custom framing services and home health and hospice services. 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 six months ended June 30, 2020 and 2019 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, 2019. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. 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. The Company assessed certain accounting matters that generally require consideration of forecasted financial information, in context with the information reasonably available to the Company and the unknown future impacts of the novel coronavirus (COVID-19) pandemic as of June 30, 2020 and through the date of this filing. The accounting matters assessed included, but were not limited to, the Company’s carrying value of goodwill and other long-lived assets, allowance for doubtful accounts, inventory valuation and related reserves, fair value of financial assets, valuation allowances for tax assets and revenue recognition. Other than the goodwill, indefinite-lived asset and other long-lived asset impairment charges (see Notes 6, 8 and 16), there were no other impacts to the Company’s condensed consolidated financial statements as of and for the six months ended June 30, 2020 resulting from our assessments. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s condensed consolidated financial statements in future reporting periods. Reclassifications – Certain amounts in previously issued condensed consolidated financial statements have been reclassified to conform with the presentation for the period ended June 30, 2020. This includes the reclassification of $22.6 million and $48.5 million from operating to selling, general and administrative in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019, respectively. Recently Adopted and Issued Accounting Pronouncements – In June 2016, the FASB issued new guidance that requires financial assets measured at amortized cost, including accounts receivable, to be measured using the current expected credit losses model (CECL). CECL requires current expected credit losses to be measured upon the initial recognition of a financial asset by considering all available relevant information, including information about past events, current conditions and reasonable and supportable forecasts of future economic conditions. The standard was adopted by the Company in the first quarter of 2020 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions of Businesses

6 Months Ended

Jun. 30, 2020

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions of Businesses

ACQUISITIONS AND DISPOSITIONS OF BUSINESSES

Acquisitions. During 2020, the Company acquired three businesses: two in education, and one in other businesses for $96.8 million in cash and contingent consideration. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

In the first three months of 2020, Kaplan acquired two small businesses; one in its professional (U.S.) division and one in its international division.

In May 2020, the Company acquired an additional interest in Framebridge, Inc. for cash and contingent consideration that resulted in the Company obtaining control of the investee. Following the acquisition, the Company owns 93.4% of Framebridge. The Company previously accounted for Framebridge under the equity method, and included it in Investments in Affiliates on the Condensed Consolidated Balance Sheet (see Note 3). The contingent consideration is primarily based on Framebridge achieving revenue milestones within a specific time period. The fair value of the contingent consideration at the acquisition date was $50.6 million, determined using a monte carlo simulation. The fair value of the redeemable noncontrolling interest in Framebridge was $6.0 million as of the acquisition date, determined using a market approach. The minority shareholder has an option to put 20% of the minority shares annually starting in 2024. The acquisition is expected to provide benefits in the future by diversifying the Company’s business operations and is included in other businesses.

During 2019, the Company acquired eight businesses, one in education, three in healthcare, one in manufacturing, and three in other businesses for $211.8 million in cash and contingent consideration and the assumption of $25.8 million in floor plan payables. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

On January 31, 2019, the Company acquired an interest in two automotive dealerships for cash and the assumption of floor plan payables (see Note 5). In connection with the acquisition, the automotive subsidiary of the Company borrowed $30 million to finance the acquisition and entered into an interest rate swap to fix the interest rate on the debt at 4.7% per annum (see Note 7). The Company has a 90% interest in the automotive subsidiary. The Company also entered into a management services agreement with an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. Mr. Ourisman and his team operate and manage the dealerships. The Company paid a fee of $2.3 million for the year ended December 31, 2019 in connection with the management services provided under this agreement. In addition, the Company advanced $3.5 million to the minority shareholder, an entity controlled by Mr. Ourisman, at an interest rate of 6% per annum. The minority shareholder has the option to acquire up to an additional 10% interest in the automotive subsidiary. The acquisition is expected to provide benefits in the future by diversifying the Company’s business operations and is included in other businesses.

In July 2019, Graham Healthcare Group (GHG) acquired a 100% interest in a small business which is expected to provide certain strategic benefits in the future and is included in healthcare. On July 11, 2019, Kaplan acquired a 100% interest in Heverald, the owner of ESL Education, Europe’s largest language-travel agency and Alpadia, a chain of German and French language schools and junior summer camps. The acquisition is expected to provide synergies within Kaplan’s International English business and is included in Kaplan’s international division.

On July 31, 2019, the Company announced the closing of its acquisition of Clyde’s Restaurant Group (CRG). CRG owns and operates 12 restaurants and entertainment venues in the Washington, DC metropolitan area, including Old Ebbitt Grill and The Hamilton. In connection with the acquisition, the Company entered into several leases with an entity affiliated with some of CRG’s senior managers. The acquisition is expected to provide benefits in the future by diversifying the Company’s business operations and is included in other businesses.

In September 2019, Joyce/Dayton Corp. acquired the assets of a small business. The acquisition is expected to complement current product offerings and is included in manufacturing.

On December 1, 2019, GHG acquired 75% of the preferred shares of CSI Pharmacy Holding Company, LLC, (CSI). In connection with the acquisition, CSI entered into an $11.25 million Term Loan (see Note 7) to finance the acquisition. CSI is a specialty and home infusion pharmacy which provides intravenous immunoglobulin therapies to patients. The minority shareholders may put up to 50% of their preferred shares to GHG and the first put period begins in 2022. A second put period for another tranche of preferred shares begins in 2024. The fair value of the redeemable noncontrolling interest in CSI was $1.7 million at the acquisition date, determined using an income approach. The acquisition is expected to expand the product offerings of the healthcare division.

Acquisition-related costs for acquisitions that closed during the first six months of 2020 were $1.1 million and were expensed as incurred. The aggregate purchase price of the 2020 and 2019 acquisitions was allocated as follows (2020 on a preliminary basis), based on acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Six Months Ended		Year Ended
(in thousands)	June 30, 2020		December 31, 2019
Accounts receivable	$	745	$	6,762
Inventory	3,496		34,134
Property, plant and equipment	3,346		56,391
Lease right-of-use assets	6,556		98,505
Goodwill	76,920		84,669
Indefinite-lived intangible assets	—		46,900
Amortized intangible assets	14,589		21,291
Other assets	1,054		8,308
Deferred income taxes	13,476		(2,703)
Floor plan payables	—		(25,755)

Other liabilities	(15,451)		(42,555)

Current and noncurrent lease liabilities	(6,601)		(99,131)
Redeemable noncontrolling interest	(6,005)		(1,715)
Noncontrolling interest	—		(1,154)
Aggregate purchase price, net of cash acquired	$	92,125	$	183,947

The 2020 fair values recorded were based upon preliminary valuations and the estimates and assumptions used in such valuations are subject to change within the measurement period (up to one year from the acquisition date). The 2019 values above reflect a measurement period adjustment related to the lease right-of-use assets, current and noncurrent lease liabilities and the finalization of working capital. The recording of deferred tax assets or liabilities, working capital and the final amount of residual goodwill and other intangibles are not yet finalized. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded due to these acquisitions is attributable to the assembled workforces of the acquired companies and expected synergies. The Company expects to deduct $3.2 million and $70.7 million of goodwill for income tax purposes for the acquisitions completed in 2020 and 2019, respectively.

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 for the second quarter of 2020 include aggregate revenues and operating losses for the companies acquired in 2020 of $4.3 million and $2.1 million, respectively. The Company’s Condensed Consolidated Statements of Operations include aggregate revenues and operating losses of $5.0 million and $2.0 million, respectively, for the first six months of 2020. The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2019. The unaudited pro forma information also includes the 2019 acquisitions as if they occurred at the beginning of 2018:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Operating revenues	$	654,001	$	790,145	$	1,392,331	$	1,548,156
Net income (loss)	18,246		49,653		(21,648)		123,822

These pro forma results were based on estimates and assumptions, which the Company believes are reasonable, and include the historical results of operations of the acquired companies and adjustments for depreciation and amortization of identified assets and the effect of pre-acquisition transaction related expenses incurred by the Company and the acquired entities. The pro forma information does not include efficiencies, cost reductions and synergies expected to result from the acquisitions. 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.

Sale of Businesses. In November 2019, Kaplan UK completed the sale of a small business which was included in Kaplan International.

Other Transactions. During 2019, the Company established GHC One as a vehicle to invest in a portfolio of healthcare businesses together with a group of senior managers of GHG. As a holder of preferred units, the Company is obligated to contribute 95% of the capital required for the acquisition of portfolio investments with the remaining 5% of the capital coming from the group of senior managers. The operating agreement of GHC One requires the dissolution of the entity on March 31, 2026, at which time the net assets will be distributed to its members. As a preferred unit holder, the Company will receive an amount up to its contributed capital plus a preferred annual return of 8% (guaranteed return) after the group of senior managers has received a redemption of their 5% interest in net assets (manager return). All distributions in excess of the manager and guaranteed return will be paid to common unit holders, which currently comprise the group of senior managers of GHG. The Company may convert its preferred units to common units at any time after which it will receive 80% of all distributions in excess of the manager return, with the remaining 20% of excess distributions going to the group of senior managers as holders of the other common units.

As of June 30, 2020, the Company held a controlling financial interest in GHC One and therefore includes the assets, liabilities, results of operations and cash flows in its consolidated financial statements. GHC One acquired CSI and another small business during 2019. The Company accounts for the minority ownership of the group of senior managers as a mandatorily redeemable noncontrolling interest.

In March 2019, a Hoover minority shareholder put some shares to the Company, which had a redemption value of $0.6 million. Following the redemption, the Company owns 98% of Hoover.

Investments

6 Months Ended

Jun. 30, 2020

Investments [Abstract]

Investments

INVESTMENTS

Money Market Investments. As of June 30, 2020 and December 31, 2019, the Company had money market investments of $178.5 million and $45.2 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets.

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


	As of
	June 30, 2020		December 31, 2019
(in thousands)
Total cost	$	212,843	$	282,349
Gross unrealized gains	218,965		302,731

Total Fair Value	$	431,808	$	585,080

There were no purchases of marketable equity securities during the first six months of 2020. The Company purchased $7.5 million of marketable equity securities during the first six months of 2019.

During the first six months of 2020, the gross cumulative realized gains from the sales of marketable equity securities were $23.0 million. The total proceeds from such sales were $93.8 million. During the first six months of 2019, the gross cumulative realized gains from the sales of marketable equity securities were $9.7 million. The total proceeds from such sales were $17.2 million.

The net gain (loss) on marketable equity securities comprised the following:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Gain (loss) on marketable equity securities, net	$	39,890	$	7,791	$	(60,503)	$	31,857
Less: Net losses (gains) in earnings from marketable equity securities sold and donated	4,608		2		13,382		(2,980)
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period	$	44,498	$	7,793	$	(47,121)	$	28,877

Investments in Affiliates. As of June 30, 2020, the Company held an approximate 12% interest in Intersection Holdings, LLC, and in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois, a 40% interest in the joint venture formed between GHG and a Michigan hospital, and a 40% interest in the joint venture formed between GHG and Allegheny Health Network (AHN). For the three and six months ended June 30, 2020, the Company recorded $2.2 million and $4.7 million, respectively, in revenue for services provided to the affiliates of GHG. For the three and six months ended June 30, 2019, the Company recorded $2.3 million and $4.6 million, respectively, in revenue for services provided to the affiliates of GHG.

In the first quarter of 2020, the Company recorded impairment charges of $3.6 million on two of its investments in affiliates as a result of the challenging economic environment for these businesses, of which $2.7 million related to the Company’s investment in Framebridge. The Company records its share of the earnings or losses of its affiliates from their most recent available financial statements. In some instances, the reporting period of the affiliates’ financial statements lags the Company’s financial reporting period, but such lag is never more than three months. It is possible that the Company’s results of operations for the six months ended June 30, 2020 does not capture the impact of the COVID-19 pandemic on the earnings or losses of the affiliates whose financial results are recorded on a lag basis.

The Company had $27.8 million and $25.6 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of June 30, 2020 and December 31, 2019, respectively.

In the second quarter of 2019, the Company made an investment in Framebridge, a custom framing service company based in Washington, DC. The Company accounted for this investment under the equity method, and included it in Investments in Affiliates on the Condensed Consolidated Balance Sheet. In May 2020, the Company made an additional investment in Framebridge (see Note 2) that resulted in the Company obtaining control of the investee. The results of operations, cash flows, assets and liabilities of Framebridge are included in the condensed consolidated financial statements of the Company from the date of the acquisition. Timothy J. O’Shaughnessy, President and Chief Executive Officer of Graham Holdings Company, was a personal investor in Framebridge and served as Chairman of the Board prior to the acquisition of the additional interest. The Company acquired Mr. O’Shaughnessy’s interest under the same terms as the other Framebridge investors.

In February 2019, the Company sold its interest in Gimlet Media. In connection with this sale, the Company recorded a gain of $29.0 million in the first quarter of 2019. The total proceeds from the sale were $33.5 million.

Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with York University. KIHL loaned the joint venture £22 million, which loan is repayable over 25 years at an interest rate of 7% and guaranteed by the University of York. The loan is repayable by December 2041.

Cost Method Investments. The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments, which are recorded at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer. The carrying value of these investments was $38.5 million as of June 30, 2020 and December 31, 2019. During the first six months of 2020, the Company recorded impairment losses of $2.6 million to those equity securities. During the three and six months ended June 30, 2020, the Company recorded gains of $2.6 million to those equity securities based on observable transactions. During the first six months of 2019, the Company recorded gains of $1.4 million to those equity securities based on observable transactions.

Accounts Receivable

6 Months Ended

Jun. 30, 2020

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

Accounts receivable consist of the following:


	As of
	June 30, 2020		December 31, 2019
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $19,424 and $14,276	$	430,642	$	595,321
Other receivables	21,589		28,895
	$	452,231	$	624,216

Credit loss expense was $4.8 million for the three months ended June 30, 2020, and credit loss recovery was $0.1 million for the three months ended June 30, 2019. Credit loss expense was $7.2 million and $0.1 million for the six months ended June 30, 2020 and 2019, respectively.

Inventories, Contracts in Progress and Vehicle Floor Plan Payable

6 Months Ended

Jun. 30, 2020

Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]

Inventories, Contracts in Progress and Vehicle Floor Plan Payable

INVENTORIES, CONTRACTS IN PROGRESS AND VEHICLE FLOOR PLAN PAYABLE

Inventories and contracts in progress consist of the following:


	As of
	June 30, 2020		December 31, 2019
(in thousands)
Raw materials	$	40,287	$	35,119
Work-in-process	9,815		10,775
Finished goods	65,799		70,602
Contracts in progress	5,589		4,338
	$	121,490	$	120,834

The Company finances new and used vehicle inventory through a standardized floor plan facility (the “floor plan facility”) with Truist Bank. The vehicle floor plan facility bears interest at variable rates that are based on LIBOR plus 1.15% per annum. The weighted average interest rate for the floor plan facility was 1.6% and 3.4% for the three months ended June 30, 2020 and 2019, respectively. The weighted average interest rate for the floor plan facility was 2.2% and 3.5% for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the aggregate capacity under the floor plan facility was $50 million, of which $29.1 million had been utilized, and is included in accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheet. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows.

The floor plan facility is collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and contains a number of covenants, including, among others, covenants restricting the dealership subsidiary with respect to the creation of liens and changes in ownership, officers and key management personnel. The Company was in compliance with all of these restrictive covenants as of June 30, 2020.

The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against operating expense in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended June 30, 2020 and 2019, the Company recognized a reduction in operating expense of $0.5 million and $0.8 million, respectively, related to manufacturer floor plan assistance. For the six months ended June 30, 2020 and 2019, the Company recognized a reduction in operating expense of $0.9 million and $1.2 million, respectively, related to manufacturer floor plan assistance.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

In the first quarter of 2020, as a result of the uncertainty and challenging operating environment created by the COVID-19 pandemic, the Company performed an interim review of the goodwill, indefinite-lived intangibles and other long-lived assets of the CRG and automotive dealership reporting units and asset groups. As a result of the impairment reviews, the Company recorded a $9.7 million goodwill and indefinite-lived intangible asset impairment charge at CRG and a $6.7 million indefinite-lived intangible asset impairment charge at the auto dealerships. The Company estimated the fair value of the reporting units and indefinite-lived intangible assets by utilizing a discounted cash flow model. The carrying value of the CRG reporting unit and the indefinite-lived intangible assets exceeded the estimated fair value, resulting in a goodwill and indefinite-lived intangible asset impairment charge for the amount by which the carrying value exceeded the estimated fair value. CRG and the automotive dealerships are included in other businesses. Additional COVID-19 disruptions could result in future adverse changes in projections for future operating results or other key assumptions, such as projected revenue, profit margin, capital expenditures or cash flows associated with fair value estimates and could lead to additional future impairments, which could be material.

Amortization of intangible assets for the three months ended June 30, 2020 and 2019, was $14.3 million and $12.9 million, respectively. Amortization of intangible assets for the six months ended June 30, 2020 and 2019, was $28.5 million and $25.9 million, respectively. Amortization of intangible assets is estimated to be approximately $28 million for the remainder of 2020, $52 million in 2021, $46 million in 2022, $37 million in 2023, $28 million in 2024 and $41 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows:


(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		SocialCode		Other Businesses		Total
Balance as of December 31, 2019
Goodwill	$	1,140,958	$	190,815	$	234,993	$	98,421	$	15,860	$	53,684	$	1,734,731
Accumulated impairment losses	(331,151)		—		(7,616)		—		—		(7,685)		(346,452)
	809,807		190,815		227,377		98,421		15,860		45,999		1,388,279

Measurement period adjustments	154		—		—		—		—		—		154
Acquisitions	13,022		—		—		—		—		63,898		76,920
Impairment	—		—		—		—		—		(6,878)		(6,878)


Foreign currency exchange rate changes	(18,096)		—		—		—		—		—		(18,096)
Balance as of June 30, 2020
Goodwill	1,136,038		190,815		234,993		98,421		15,860		117,582		1,793,709
Accumulated impairment losses	(331,151)		—		(7,616)		—		—		(14,563)		(353,330)
	$	804,887	$	190,815	$	227,377	$	98,421	$	15,860	$	103,019	$	1,440,379

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


(in thousands)	Kaplan International		Higher Education		Test Preparation		Professional (U.S.)		Total
Balance as of December 31, 2019
Goodwill	$	595,604	$	174,564	$	166,920	$	203,870	$	1,140,958
Accumulated impairment losses	—		(111,324)		(102,259)		(117,568)		(331,151)
	595,604		63,240		64,661		86,302		809,807

Measurement period adjustments	154		—		—		—		154
Acquisitions	9,788		—		—		3,234		13,022



Foreign currency exchange rate changes	(18,013)		—		—		(83)		(18,096)
Balance as of June 30, 2020
Goodwill	587,533		174,564		166,920		207,021		1,136,038
Accumulated impairment losses	—		(111,324)		(102,259)		(117,568)		(331,151)
	$	587,533	$	63,240	$	64,661	$	89,453	$	804,887

Other intangible assets consist of the following:


		As of June 30, 2020										As of December 31, 2019
(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	$	292,300	$	161,020	$	131,280	$	291,626	$	144,625	$	147,001
Trade names and trademarks	2–10 years	108,854		47,929		60,925		87,190		42,770		44,420
Network affiliation agreements	10 years	17,400		6,019		11,381		17,400		5,148		12,252
Databases and technology	3–6 years	34,210		16,010		18,200		30,623		12,850		17,773
Noncompete agreements	2–5 years	1,150		843		307		1,313		929		384
Other	1–8 years	24,800		15,006		9,794		24,800		13,149		11,651
		$	478,714	$	246,827	$	231,887	$	452,952	$	219,471	$	233,481
Indefinite-Lived Intangible Assets
Trade names and trademarks		$	82,905					$	100,491
Franchise agreements		21,858						28,556
FCC licenses		11,000						11,000
Licensure and accreditation		150						150
		$	115,913					$	140,197

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt

DEBT

The Company’s borrowings consist of the following:


	As of
	June 30, 2020		December 31, 2019
(in thousands)
5.75% unsecured notes due June 1, 2026 ⁽¹⁾	$	395,751	$	395,393
Revolving credit facility	73,946		—
U.K. credit facility ⁽²⁾	—		78,650
Commercial note	26,500		27,500
Pinnacle Bank term loan	10,969		11,203
Pinnacle Bank line of credit	2,000		—
Other indebtedness	2,364		83
Total Debt	$	511,530	$	512,829
Less: current portion	(5,858)		(82,179)
Total Long-Term Debt	$	505,672	$	430,650

____________

(1) The carrying value is net of $4.2 million and $4.6 million of unamortized debt issuance costs as of June 30, 2020 and December 31, 2019, respectively.

(2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2019.

On June 29, 2020, Kaplan borrowed £60 million under the Company’s revolving credit facility at an interest rate of 3 month GBP LIBOR plus 1.50%. Kaplan used the proceeds from the borrowing to repay the outstanding balance on the U.K credit facility upon its maturity on June 30, 2020. The interest rate swap related to this U.K. credit facility matured on July 1, 2020.

The Company’s GHG subsidiary had $2.0 million outstanding under its line of credit as of June 30, 2020 at an interest rate of monthly LIBOR plus 2.75%. The Company’s other indebtedness at June 30, 2020 is at interest rates of 0% to 16% and matures between 2023 and 2026. The Company’s other indebtedness at December 31, 2019 is at an interest rate of 2% and matures in 2026.

On December 2, 2019, a subsidiary of GHG entered into a Loan & Security Agreement with Pinnacle Bank for a Term Loan of $11.25 million and a two-year Line of Credit for $2.25 million. The Term Loan is payable over a five-year period in monthly installments, plus accrued and unpaid interest, due on the second day of each month, with the remaining balance due on December 2, 2024. The Term Loan bears interest at 4.35% per annum. The Term Loan can be redeemed at any time, in whole or in part, without any premium or penalty. Borrowings on the Line of Credit bear interest at a rate per annum of LIBOR plus an applicable interest rate of 2.75%, determined on a monthly basis. Under the credit agreement, the borrower is required to pay a commitment fee on a quarterly basis, at the rate per annum equal to 0.25% on the average daily unused portion of the credit facility. The borrower may use the proceeds of the facility for working capital and general corporate purposes. Any outstanding borrowings must be repaid on or prior to the final termination date. The agreement contains terms and conditions, including remedies in the event of a default. The Company is in compliance with all financial covenants as of June 30, 2020.

On January 31, 2019, the Company’s automotive subsidiary entered into a Commercial Note with Truist Bank in an aggregate principal amount of $30 million. The Commercial Note is payable over a 10 year period in monthly installments of $0.25 million, plus accrued and unpaid interest, due on the first of each month, with a final payment on January 31, 2029. The Commercial Note bears interest at LIBOR plus an applicable interest rate of 1.75% or 2% per annum, in each case determined on a quarterly basis based upon the automotive subsidiary’s Adjusted Leverage Ratio. The Commercial Note contains terms and conditions, including remedies in the event of a default by the automotive subsidiary. On the same date, the Company’s automotive subsidiary entered into an interest rate swap agreement with a total notional value of $30 million and a maturity date of January 31, 2029. The interest rate swap agreement will pay the automotive subsidiary variable interest on the $30 million notional amount at the one-month LIBOR, and the automotive subsidiary will pay counterparties a fixed rate of 2.7%, effectively resulting in a total fixed interest rate of 4.7% on the outstanding borrowings at the current applicable margin of 2.0%. The interest rate swap agreement was entered into to convert the variable rate borrowing under the Commercial Note into a fixed rate borrowing. Based on the terms of the interest rate swap agreement and the underlying borrowing, the interest rate swap was determined to be effective and thus qualifies as a cash flow hedge. In the second quarter of 2020, Truist Bank provided temporary relief to the automotive subsidiary in response to COVID-19 by deferring the principal and interest payments on the Commercial Note for three months until the final payment due on maturity of the note. The interest rate swap continues to be highly effective following this change in payment terms. 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 June 30, 2020 and 2019, the Company had average borrowings outstanding of approximately $510.5 million and $507.7 million, respectively, at average annual interest rates of approximately 5.1%. During the three months ended June 30, 2020 and 2019, the Company incurred net interest expense of $6.4 million and $6.8 million, respectively.

During the six months ended June 30, 2020 and 2019, the Company had average borrowings outstanding of approximately $511.2 million and $499.8 million, respectively, at an average annual interest rate of approximately 5.1%. During the six months ended June 30, 2020 and 2019, the Company incurred net interest expense of $13.0 million and $12.5 million, respectively.

At June 30, 2020, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $416.8 million, compared with the carrying amount of $395.8 million. At December 31, 2019, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $427.7 million, compared with the carrying amount of $395.4 million. The carrying value of the Company’s other unsecured debt at June 30, 2020 and December 31, 2019 approximates fair value.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

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 June 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments ⁽¹⁾	$	—	$	178,536	$	—	$	178,536
Marketable equity securities ⁽²⁾	431,808		—		—		431,808
Other current investments ⁽³⁾	11,709		1,225		—		12,934
Total Financial Assets	$	443,517	$	179,761	$	—	$	623,278
Liabilities
Deferred compensation plan liabilities ⁽⁴⁾	$	—	$	26,907	$	—	$	26,907
Interest rate swap ⁽⁵⁾	—		2,782		—		2,782
Mandatorily redeemable noncontrolling interest ⁽⁶⁾	—		—		829		829
Total Financial Liabilities	$	—	$	29,689	$	829	$	30,518


	As of December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments ⁽¹⁾	$	—	$	45,150	$	—	$	45,150

Marketable equity securities ⁽²⁾	585,080		—		—		585,080
Other current investments ⁽³⁾	8,843		6,044		—		14,887
Interest rate swap⁽⁷⁾	—		131		—		131
Total Financial Assets	$	593,923	$	51,325	$	—	$	645,248
Liabilities
Deferred compensation plan liabilities ⁽⁴⁾	$	—	$	34,674	$	—	$	34,674
Interest rate swap ⁽⁵⁾	—		1,119		—		1,119
Foreign exchange swap ⁽⁸⁾	—		273		—		273
Mandatorily redeemable noncontrolling interest ⁽⁶⁾	—		—		829		829
Total Financial Liabilities	$	—	$	36,066	$	829	$	36,895

____________

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

(2) The Company’s investments in marketable equity securities are held in common shares of U.S. and Canadian corporations that are actively traded on U.S. and Canadian stock exchanges. Price quotes for these shares are readily available.

(3) 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 fair value hierarchy.

(4) 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.

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

(6) The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One (see Note 2), after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which approximates fair value.

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

(8) Included in Accounts payable and accrued liabilities, and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.

In the second quarter of 2020, the Company recorded other long-lived asset impairment charges of $11.5 million (see Note 16). In the second quarter of 2019, the Company recorded an other long-lived asset impairment charge of $0.7 million. The remeasurement of the other long-lived assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. The Company used a discounted cash flow model to determine the estimated fair value of the other long-lived assets and made estimates and assumptions regarding future cash flows and discount rates.

During first quarter of 2020, the Company recorded goodwill and indefinite-lived intangible asset impairment charges of $16.4 million. The remeasurement of the goodwill and indefinite-lived intangible assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. The Company used a discounted cash flow model to determine the estimated fair value of the reporting

unit and indefinite-lived intangible assets and made estimates and assumptions regarding future cash flows, royalty rates, discount rates, and long-term growth rates.

During the six months ended June 30, 2020, the Company recorded impairment losses of $2.6 million to equity securities that are accounted for as cost method investments. During the three and six months ended June 30, 2020, the Company recorded a gain of $2.6 million to an equity security that is accounted for as a cost method investment based on observable transactions for identical or similar investments of the same issuer. During the six months ended June 30, 2019, the Company recorded gains of $1.4 million to equity securities that are accounted for as cost method investments based on observable transactions for identical or similar investments of the same issuer.

In the first quarter of 2020, the Company recorded impairment charges of $3.6 million on two of its investments in affiliates.

- 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	6 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted, which included several technical corrections to the 2017 Tax Cuts and Jobs Act and provisions allowing certain net operating losses generated by businesses in 2018, 2019 and 2020 to be carried back five prior tax years. Overall, the CARES Act had limited impact on the Company’s tax provision for the first six months of 2020. On July 1, 2015 (the Distribution Date), the Company completed the spin-off of 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. Since July 1, 2015, Cable One has been an independent public company trading on the New York Stock Exchange under the symbol “CABO”. In connection with the CARES Act, Cable One now has the ability to carryback its 2019 taxable losses to the tax period from January 1, 2015 to June 30, 2015, the period in which Cable One was included in the Company’s 2015 tax return. As a result, the Company plans to amend its 2015 tax returns in order to accommodate Cable One's request to carryback its 2019 taxable losses. The Company expects that this action will have no impact on the results or the financial position of the Company. To reflect the expected refund due to Cable One, the Company has included an estimated $20.7 million current income tax receivable and a corresponding current liability to Cable One on its balance sheet as of June 30, 2020. The Company’s effective tax rate for the six months ended June 30, 2020 was 18.9%. The effective tax rate for the first quarter of 2020 was 57.3% and the effective tax rate for the second quarter of 2020 was 69.0%. The effective tax rate for interim periods is generally based on the Company’s estimated effective tax rate for fiscal year 2020. The Company’s estimated effective tax rate for 2020 includes the adverse impacts of the COVID-19 pandemic, the CARES Act, and losses on marketable equity securities on the Company’s estimated pre-tax income for 2020, resulting in a higher overall estimated tax rate, as permanent differences and increased valuation allowances in certain jurisdictions have an impact on the overall estimated effective tax rate.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company generated 75% of its revenue from U.S. domestic sales for the three and six months ended June 30, 2020. The remaining 25% of revenue was generated from non-U.S. sales for the three and six months ended June 30, 2020. For the three and six months ended June 30, 2019, 76% of revenue was from U.S. domestic sales, and the remaining 24% of revenue was generated from non-U.S. sales.

For the three and six months ended June 30, 2020, the Company recognized 76% and 74% of its revenue over time as control of the services and goods transferred to the customer, and the remaining 24% and 26% at a point in time, when the customer obtained control of the promised goods. For the three and six months ended June 30, 2019, the Company recognized 76% of its revenue over time, and the remaining 24% at a point in time.

In the second quarter of 2020, GHG received $7.4 million under the CARES Act as a general distribution from the Provider Relief Fund to provide relief for lost revenues and expenses incurred in connection with COVID-19. The healthcare revenues for the three and six months ended June 30, 2020 includes $5.5 million for lost revenues related to COVID-19 (see Note 16).

Contract Assets. As of June 30, 2020, the Company recognized a contract asset of $6.4 million related to a contract at a Kaplan International business, which is included in Deferred Charges and Other Assets. The Company expects to recognize an additional $8.9 million related to this performance obligation over the next 2 years. As of December 31, 2019, the contract asset was $5.3 million.

Deferred Revenue. The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance, including amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance:


	As of
	June 30, 2020		December 31, 2019		%
(in thousands)						Change
Deferred revenue	$	284,825	$	359,048	(21)

In April 2020, GHG received $31.5 million under the expanded Medicare Accelerated and Advanced Payment Program modified by the CARES Act as a result of COVID-19. The amount is included in deferred revenue on the Condensed Consolidated Balance Sheet as of June 30, 2020. The Department of Health and Human Services will recoup this advance beginning 120 days after the payment was issued, and the deferred revenue will be reduced by the amount of revenue recognized for claims submitted for services provided after the recoupment period begins.

The majority of the change in the deferred revenue balance is related to the cyclical nature of services at the Kaplan international division and currency translation adjustments, partially offset by an increase at GHG. During the six months ended June 30, 2020, the Company recognized $264.2 million related to the Company’s deferred revenue balance as of December 31, 2019.

Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of June 30, 2020, Kaplan Test Preparation’s (KTP) deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than twelve months was $8.9 million. KTP expects to recognize 73% of this revenue over the next twelve months and the remainder thereafter.

Costs to Obtain a Contract. The following table presents changes in the Company’s costs to obtain a contract asset:


(in thousands)	Balance at Beginning of Period		Costs associated with new contracts		Less: Costs amortized during the period		Other		Balance at End of Period
2020	$	31,020	$	17,815	$	(31,856)	$	(1,386)	$	15,593

The majority of other activity is related to currency translation adjustments during the six months ended June 30, 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2020

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 net income (loss) and share data used in the basic and diluted earnings (loss) per share computations using the two-class method:


	Three Months Ended June 30									Six Months Ended June 30
(in thousands, except per share amounts)	2020			2019			2020			2019
Numerator:
Numerator for basic earnings (loss) per share:
Net income (loss) attributable to Graham Holdings Company common stockholders	$	18,854		$	57,081		$	(14,391)		$	138,829
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,581)			(7,388)			(22,870)			(22,167)
Undistributed earnings (loss)	11,273			49,693			(37,261)			116,662
Percent allocated to common stockholders ⁽¹⁾	99.44		%	99.43		%	100.00		%	99.43		%
	11,210			49,410			(37,261)			115,997
Add: Dividends paid-common stock outstanding	7,539			7,346			22,745			22,041
Numerator for basic earnings (loss) per share	$	18,749		$	56,756		$	(14,516)		$	138,038
Add: Additional undistributed earnings due to dilutive stock options	—			2			—			5
Numerator for diluted earnings (loss) per share	$	18,749		$	56,758		$	(14,516)		$	138,043
Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding	5,196			5,285			5,235			5,285
Add: Effect of dilutive stock options	5			44			—			43
Denominator for diluted earnings (loss) per share	5,201			5,329			5,235			5,328
Graham Holdings Company Common Stockholders:
Basic earnings (loss) per share	$	3.61		$	10.74		$	(2.77)		$	26.12
Diluted earnings (loss) per share	$	3.60		$	10.65		$	(2.77)		$	25.91

____________

(1) Percent of undistributed losses allocated to common stockholders is 100% in the first six months of 2020 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 June 30			Six Months Ended June 30
(in thousands)	2020	2019	2020	2019
Weighted average restricted stock	10	12	10	11
Weighted average stock options	—	—	17	—

The diluted earnings (loss) per share amounts for the three and six months ended June 30, 2020 and June 30, 2019 exclude the effects of 104,000 stock options outstanding, as their inclusion would have been antidilutive due to a market condition.

In the three and six months ended June 30, 2020, the Company declared regular dividends totaling $1.45 and $4.35 per common share, respectively. In the three and six months ended June 30, 2019, the Company declared regular dividends totaling $1.39 and $4.17 per common share, respectively.

Pension and Postretirement Plans

6 Months Ended

Jun. 30, 2020

Retirement Benefits, Description [Abstract]

Pension and Postretirement Plans

PENSION AND POSTRETIREMENT PLANS

Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans consists of the following components:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Service cost	$	5,804	$	4,963	$	11,587	$	10,184
Interest cost	8,140		11,743		16,309		23,335
Expected return on assets	(28,290)		(30,285)		(56,734)		(61,123)
Amortization of prior service cost	707		825		1,415		1,234
Recognized actuarial gain	—		37		—		—
Net Periodic Benefit	(13,639)		(12,717)		(27,423)		(26,370)


Special separation benefit expense	6,014		6,607		6,014		6,607
Total Benefit	$	(7,625)	$	(6,110)	$	(21,409)	$	(19,763)

In the second quarter of 2020, the Company recorded $6.0 million in expenses related to a Separation Incentive Program for certain Kaplan and SocialCode employees, which is being funded from the assets of the Company’s pension plan.

In the second quarter of 2019, the Company recorded $6.6 million in expenses 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) consists of the following components:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Service cost	$	239	$	215	$	477	$	429
Interest cost	920		1,079		1,839		2,157
Amortization of prior service cost	82		84		165		169
Recognized actuarial loss	1,317		578		2,634		1,157
Net Periodic Cost	$	2,558	$	1,956	$	5,115	$	3,912

Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of a private investment fund, a U.S. stock index fund, and 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
	June 30, 2020		December 31, 2019

U.S. equities	58	%	62	%
Private investment fund	16	%	7	%
U.S. fixed income	9	%	10	%
U.S. stock index fund	9	%	14	%
International equities	8	%	7	%
	100	%	100	%

The Company manages approximately 39% of the pension assets internally, of which the majority is invested in a private investment fund with the remaining investments in Berkshire Hathaway stock, a U.S. stock index fund and short-term fixed-income securities. The remaining 61% of plan assets are managed by two investment companies. The goal of the investment managers is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both 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. One investment manager cannot invest more than 15% of the assets at the time of purchase in the stock of Alphabet and Berkshire Hathaway, no more than 30% of the assets it manages in specified international exchanges at the time the investment is made. The other investment manager cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway, no more than 15% of the assets it manages 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. Excluding the exceptions noted above, the investment managers cannot invest 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.

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 June 30, 2020. 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 June 30, 2020, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $624.5 million, or approximately 28% of total plan assets. At December 31, 2019, 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 $704.8 million, or approximately 30% 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 June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019

Interest cost	$	22	$	72	$	84	$	144
Amortization of prior service credit	(121)		(1,840)		(241)		(3,681)
Recognized actuarial gain	(927)		(1,090)		(2,024)		(2,180)
Net Periodic Benefit	$	(1,026)	$	(2,858)	$	(2,181)	$	(5,717)

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Non-Operating Income

6 Months Ended

Jun. 30, 2020

Other Nonoperating Income (Expense) [Abstract]

Other Non-Operating Income

OTHER NON-OPERATING INCOME

A summary of non-operating income is as follows:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Gain on acquiring a controlling interest in an equity affiliate	$	3,708	$	—	$	3,708	$	—
Foreign currency (loss) gain, net	(1,070)		109		3,220		623
Impairment of cost method investments	—		—		(2,577)		—
Gain on cost method investments	2,571		—		2,571		1,411
Gain on sale of a business	1,653		232		1,760		421
Gain on sale of equity affiliates	1,473		—		1,370		28,994

Gain on sale of a cost method investment	—		—		518		—
Other (loss) gain, net	(235)		887		218		(870)
Total Other Non-Operating Income	$	8,100	$	1,228	$	10,788	$	30,579

In the second quarter of 2020, the Company made an additional investment in Framebridge (see Notes 2 and 3) that resulted in the Company obtaining control of the investee. The Company remeasured its previously held equity interest in Framebridge at the acquisition-date fair value and recorded a gain of $3.7 million. The fair value was determined using a market approach by using the share value indicated in the transaction.

The Company recorded contingent consideration gains of $1.7 million and $1.8 million, respectively, for the three and six months ended June 30, 2020, related to the disposition of Kaplan University in 2018.

In the second quarter of 2020, the Company recorded a $2.6 million gain resulting from observable price changes in the fair value of an equity security accounted for under the cost method.

In the first quarter of 2020, the Company recorded impairment losses of $2.6 million to equity securities that are accounted for as cost method investments.

In the first quarter of 2019, the Company recorded a $1.4 million gain resulting from observable price changes in the fair value of equity securities accounted for under the cost method.

In the first quarter of 2019, the Company recorded a $29.0 million gain on the sale of the Company’s interest in Gimlet Media.

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2020

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 June 30
	2020										2019
	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	$	16,405	$	—	$	16,405	$	(11,104)	$	—	$	(11,104)




Pension and other postretirement plans:
Amortization of net prior service cost (credit) included in net income	668		(181)		487		(931)		251		(680)
Amortization of net actuarial loss (gain) included in net income	390		(104)		286		(475)		129		(346)


	1,058		(285)		773		(1,406)		380		(1,026)
Cash flow hedges:
(Loss) gain for the period	(143)		33		(110)		40		(5)		35
Other Comprehensive Income (Loss)	$	17,320	$	(252)	$	17,068	$	(12,470)	$	375	$	(12,095)


	Six Months Ended June 30
	2020										2019
	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	$	(20,971)	$	—	$	(20,971)	$	(1,071)	$	—	$	(1,071)
Pension and other postretirement plans:
Amortization of net prior service cost (credit) included in net (loss) income	1,339		(362)		977		(2,278)		615		(1,663)
Amortization of net actuarial loss (gain) included in net (loss) income	610		(164)		446		(1,023)		276		(747)

	1,949		(526)		1,423		(3,301)		891		(2,410)
Cash flow hedges:
Loss for the period	(1,721)		394		(1,327)		(427)		103		(324)
Other Comprehensive Loss	$	(20,743)	$	(132)	$	(20,875)	$	(4,799)	$	994	$	(3,805)

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 Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
Balance as of December 31, 2019	$	(21,888)	$	325,921	$	(738)	$	303,295

Other comprehensive loss before reclassifications	(20,971)		—		(1,487)		(22,458)
Net amount reclassified from accumulated other comprehensive income (loss)	—		1,423		160		1,583
Other comprehensive (loss) income, net of tax	(20,971)		1,423		(1,327)		(20,875)
Balance as of June 30, 2020	$	(42,859)	$	327,344	$	(2,065)	$	282,420

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


	Three Months Ended June 30						Six Months Ended June 30			Affected Line Item in the Condensed Consolidated Statements of Operations

(in thousands)	2020		2019		2020		2019



Pension and Other Postretirement Plans:
Amortization of net prior service cost (credit)	$	668	$	(931)	$	1,339	$	(2,278)	(1)
Amortization of net actuarial loss (gain)	390		(475)		610		(1,023)		(1)

	1,058		(1,406)		1,949		(3,301)		Before tax
	(285)		380		(526)		891		Provision for (Benefit from) Income Taxes
	773		(1,026)		1,423		(2,410)		Net of Tax
Cash Flow Hedges
	118		(58)		147		(127)		Interest expense
	6		14		13		29		Provision for (Benefit from) Income Taxes
	124		(44)		160		(98)		Net of Tax
Total reclassification for the period	$	897	$	(1,070)	$	1,583	$	(2,508)	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 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation, Legal and Other Matters. The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, defamation and invasion of privacy; trademark, copyright and patent infringement; violations of employment laws and applicable wage and hour laws; and statutory or common law claims involving current and former students and employees. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial condition, results of operations or cash flows. However, based on currently available information, management believes it is reasonably possible that future losses from existing and threatened legal, regulatory and other proceedings in excess of the amounts recorded could reach approximately $15 million. On January 10, 2020, Kaplan Bournemouth Limited received an improvement notice from Bournemouth, Christchurch and Poole Council, a local government authority, under section 11 of the U.K. Housing Act 2004 in relation to its leased student residence in Bournemouth, U.K. This notice follows the Council’s assessment that a category 1 fire hazard exists at the property and requires certain remedial work to be undertaken at the property within a specified timetable. This work comprises a number of items, including the removal of aluminum composite material (ACM) cladding and high pressure laminate (HPL) cladding from the facade of the building. Kaplan Bournemouth Limited appealed the notice on January 31, 2020, to contest certain remedial requirements, although it will not contest the requirement for the removal of the ACM and HPL cladding. Following the appeal, a mediation hearing was initially scheduled for April 2020 but was postponed due to the COVID-19 pandemic. The tribunal appeal proceedings are stayed until August 31, 2020. During this time, Kaplan have entered into discussions with the Council with a view to reaching an agreement on the remedial works required. If these discussions are unsuccessful, Kaplan will continue its appeal to the tribunal. If Kaplan is not successful in its appeal, additional substantial work may be required in connection with the building.

Business Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company has eight reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Test Preparation, Kaplan Professional (U.S.), Television Broadcasting, Manufacturing, Healthcare, and SocialCode.

Kaplan developed and implemented a number of initiatives across its businesses to help mitigate the negative revenue impact arising from COVID-19, and to re-align its program offerings to better pursue opportunities from the disruption. These initiatives include employee salary and work-hour reductions; temporary furlough and other employee reductions; reduced discretionary spending; facility restructuring to reduce its classroom and office facilities; reduced capital expenditures; and accelerated development and promotion of various online programs and solutions.

In June 2020, Kaplan announced a plan to combine its three primary divisions based in the United States (Kaplan Test Prep, Kaplan Professional, and Kaplan Higher Education) into one business known as Kaplan North America. The plan for this combination is under development and is designed to create and reinforce Kaplan’s competitiveness in each market, and new markets into which Kaplan extends.

In the first half of 2020, Kaplan recorded restructuring costs related to severance, the exit of classroom and office facilities, and an approved Separation Incentive Program that reduced the number of employees at Kaplan International, Kaplan Higher Education, Kaplan Professional (U.S.) and Kaplan Corporate. Kaplan is in the process of developing additional cost reduction plans to be implemented in the second half of 2020.

In the second quarter of 2020, SocialCode recorded restructuring costs in connection with a restructuring plan that included the exit of an office facility, an approved Separation Incentive Program to reduce the number of employees, and other cost reduction initiatives to mitigate the adverse impact of COVID-19 on advertising demand. In July 2020, SocialCode announced it will be splitting into two separate companies.

Across all businesses, restructuring related costs of $29.2 million and $31.3 million, respectively, were recorded for the three and six months ended June 30, 2020. Kaplan Higher Education recorded $2.0 million in facility related restructuring costs in the first quarter of 2020. Restructuring related costs across all businesses in 2020 were recorded as follows:


(in thousands)	Kaplan International		Higher Education		Test Preparation		Professional (U.S)		Kaplan Corporate		Total Education		SocialCode		Total
Severance	$	1,224	$	—	$	—	$	—	$	—	$	1,224	$	—	$	1,224
Facility related costs:
Operating lease cost	2,418		3,442		2,740		556		—		9,156		—		9,156
Accelerated depreciation of property, plant and equipment	1,472		95		1,792		9		—		3,368		—		3,368
Total Restructuring Costs Included in Segment Income (Loss) from Operations	$	5,114	$	3,537	$	4,532	$	565	$	—	$	13,748	$	—	$	13,748
Impairment of other long-lived assets:
Lease right-of-use assets	3,790		2,062		243		1,955		—		8,050		1,405		9,455
Property, plant and equipment	1,199		174		—		597		—		1,970		86		2,056
Non-operating pension and postretirement benefit income, net	1,100		1,431		—		2,295		189		5,015		999		6,014
Total Restructuring Related Costs	$	11,203	$	7,204	$	4,775	$	5,412	$	189	$	28,783	$	2,490	$	31,273

In June 2020, CRG made the decision to close its restaurant and entertainment venue in Columbia, MD effective July 19, 2020 and recorded accelerated depreciation of property, plant and equipment totaling $2.8 million.

The following tables summarize the financial information related to each of the Company’s business segments:


	Three Months Ended						Six months ended
	June 30						June 30
(in thousands)	2020		2019		2020		2019
Operating Revenues
Education	$	333,175	$	367,763	$	689,553	$	740,217
Television broadcasting	100,762		116,628		216,210		224,851
Manufacturing	83,239		114,873		196,697		230,030
Healthcare	49,181		40,641		95,175		78,369
SocialCode	10,483		16,382		22,506		29,829
Other businesses	76,380		81,359		165,648		126,589
Corporate office	—		—		—		—
Intersegment elimination	(349)		(44)		(661)		(84)
	$	652,871	$	737,602	$	1,385,128	$	1,429,801
Income (Loss) from Operations
Education	$	12,254	$	26,305	$	16,946	$	51,900
Television broadcasting	23,627		44,494		59,403		80,034
Manufacturing	(1,482)		4,692		5,019		7,966
Healthcare	8,818		2,598		11,987		4,927
SocialCode	(3,004)		(975)		(6,793)		(4,993)
Other businesses	(21,316)		(5,913)		(51,008)		(14,406)
Corporate office	(13,020)		(13,238)		(21,592)		(27,462)
	$	5,877	$	57,963	$	13,962	$	97,966
Equity in Earnings (Losses) of Affiliates, Net	1,182		1,467		(365)		3,146
Interest Expense, Net	(6,423)		(6,807)		(12,950)		(12,532)

Non-Operating Pension and Postretirement Benefit Income, Net	12,136		12,253		30,539		32,181
Gain (Loss) on Marketable Equity Securities, Net	39,890		7,791		(60,503)		31,857
Other Income, Net	8,100		1,228		10,788		30,579
Income (Loss) Before Income Taxes	$	60,762	$	73,895	$	(18,529)	$	183,197
Depreciation of Property, Plant and Equipment
Education	$	10,324	$	6,137	$	17,653	$	12,338
Television broadcasting	3,446		3,293		6,789		6,532
Manufacturing	2,526		2,384		5,053		4,817
Healthcare	493		607		1,033		1,217
SocialCode	121		384		242		536
Other businesses	5,827		837		8,496		1,485
Corporate office	176		242		351		482
	$	22,913	$	13,884	$	39,617	$	27,407
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets
Education	$	14,291	$	4,070	$	18,492	$	7,637
Television broadcasting	1,361		1,408		2,721		2,816
Manufacturing	6,988		6,528		14,125		13,058
Healthcare	1,307		1,410		2,617		2,808
SocialCode	1,647		157		1,804		314
Other businesses	244		—		16,645		—
Corporate office	—		—		—		—
	$	25,838	$	13,573	$	56,404	$	26,633
Pension Service Cost
Education	$	2,592	$	2,522	$	5,177	$	5,186
Television broadcasting	836		780		1,632		1,511
Manufacturing	395		15		789		40
Healthcare	112		63		271		246
SocialCode	162		191		399		439
Other businesses	241		161		467		362
Corporate office	1,466		1,231		2,852		2,400
	$	5,804	$	4,963	$	11,587	$	10,184

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


	As of
(in thousands)	June 30, 2020		December 31, 2019
Identifiable Assets
Education	$	1,827,258	$	2,032,425
Television broadcasting	450,134		463,689
Manufacturing	557,767		564,251
Healthcare	159,045		160,033
SocialCode	122,421		221,746
Other businesses	391,031		345,649
Corporate office	261,002		103,764
	$	3,768,658	$	3,891,557
Investments in Marketable Equity Securities	431,808		585,080
Investments in Affiliates	156,677		162,249
Prepaid Pension Cost	1,315,174		1,292,350
Total Assets	$	5,672,317	$	5,931,236

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


	Three Months Ended						Six months ended
	June 30						June 30
(in thousands)	2020		2019		2020		2019
Operating Revenues
Kaplan international	$	164,713	$	188,580	$	364,328	$	374,336
Higher education	86,453		76,288		159,990		159,068
Test preparation	51,111		65,673		93,950		126,823
Professional (U.S.)	28,674		35,147		67,123		76,361
Kaplan corporate and other	3,039		2,369		6,244		4,671
Intersegment elimination	(815)		(294)		(2,082)		(1,042)
	$	333,175	$	367,763	$	689,553	$	740,217
Income (Loss) from Operations
Kaplan international	$	16,035	$	25,537	$	35,015	$	49,822
Higher education	17,050		2,721		15,030		4,636
Test preparation	(1,048)		4,289		(13,724)		3,835
Professional (U.S.)	1,378		4,745		7,504		16,004
Kaplan corporate and other	(21,161)		(10,990)		(26,884)		(22,394)
Intersegment elimination	—		3		5		(3)
	$	12,254	$	26,305	$	16,946	$	51,900
Depreciation of Property, Plant and Equipment
Kaplan international	$	5,619	$	3,716	$	10,197	$	7,598
Higher education	832		629		1,555		1,226
Test preparation	2,607		779		3,433		1,584
Professional (U.S.)	1,165		959		2,278		1,824
Kaplan corporate and other	101		54		190		106
	$	10,324	$	6,137	$	17,653	$	12,338
Amortization of Intangible Assets	$	4,271	$	3,377	$	8,472	$	6,944
Impairment of Long-lived Assets	$	10,020	$	693	$	10,020	$	693
Pension Service Cost
Kaplan international	$	120	$	110	$	232	$	227
Higher education	1,070		1,102		2,140		2,265
Test preparation	823		821		1,646		1,687
Professional (U.S.)	261		329		523		677
Kaplan corporate and other	318		160		636		330
	$	2,592	$	2,522	$	5,177	$	5,186

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


	As of

(in thousands)	June 30, 2020		December 31, 2019
Identifiable assets
Kaplan international	$	1,266,671	$	1,455,122
Higher education	210,789		196,761
Test preparation	138,359		151,655
Professional (U.S.)	146,295		160,799
Kaplan corporate and other	65,144		68,088
	$	1,827,258	$	2,032,425

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019 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, 2019. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
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 June 2016, the FASB issued new guidance that requires financial assets measured at amortized cost, including accounts receivable, to be measured using the current expected credit losses model (CECL). CECL requires current expected credit losses to be measured upon the initial recognition of a financial asset by considering all available relevant information, including information about past events, current conditions and reasonable and supportable forecasts of future economic conditions. The standard was adopted by the Company in the first quarter of 2020 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions of Businesses (Tables)

6 Months Ended

Jun. 30, 2020

Acquisitions And Dispositions [Abstract]

Schedule of assets acquired and liabilities assumed

The aggregate purchase price of the 2020 and 2019 acquisitions was allocated as follows (2020 on a preliminary basis), based on acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Six Months Ended		Year Ended
(in thousands)	June 30, 2020		December 31, 2019
Accounts receivable	$	745	$	6,762
Inventory	3,496		34,134
Property, plant and equipment	3,346		56,391
Lease right-of-use assets	6,556		98,505
Goodwill	76,920		84,669
Indefinite-lived intangible assets	—		46,900
Amortized intangible assets	14,589		21,291
Other assets	1,054		8,308
Deferred income taxes	13,476		(2,703)
Floor plan payables	—		(25,755)

Other liabilities	(15,451)		(42,555)

Current and noncurrent lease liabilities	(6,601)		(99,131)
Redeemable noncontrolling interest	(6,005)		(1,715)
Noncontrolling interest	—		(1,154)
Aggregate purchase price, net of cash acquired	$	92,125	$	183,947

Acquisition Pro Forma Financial Information

The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2019. The unaudited pro forma information also includes the 2019 acquisitions as if they occurred at the beginning of 2018:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Operating revenues	$	654,001	$	790,145	$	1,392,331	$	1,548,156
Net income (loss)	18,246		49,653		(21,648)		123,822

Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments [Abstract]

Investments in Marketable Equity Securities

Investments in marketable equity securities consist of the following:


	As of
	June 30, 2020		December 31, 2019
(in thousands)
Total cost	$	212,843	$	282,349
Gross unrealized gains	218,965		302,731

Total Fair Value	$	431,808	$	585,080

Gain (Loss) on Marketable Equity Securities

The net gain (loss) on marketable equity securities comprised the following:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Gain (loss) on marketable equity securities, net	$	39,890	$	7,791	$	(60,503)	$	31,857
Less: Net losses (gains) in earnings from marketable equity securities sold and donated	4,608		2		13,382		(2,980)
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period	$	44,498	$	7,793	$	(47,121)	$	28,877

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2020

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	As of
	June 30, 2020		December 31, 2019
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $19,424 and $14,276	$	430,642	$	595,321
Other receivables	21,589		28,895
	$	452,231	$	624,216

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Tables)

6 Months Ended

Jun. 30, 2020

Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]

Schedule of Inventories and Contracts in Progress

Inventories and contracts in progress consist of the following:


	As of
	June 30, 2020		December 31, 2019
(in thousands)
Raw materials	$	40,287	$	35,119
Work-in-process	9,815		10,775
Finished goods	65,799		70,602
Contracts in progress	5,589		4,338
	$	121,490	$	120,834

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Changes in Carrying Amount of Goodwill

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


(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		SocialCode		Other Businesses		Total
Balance as of December 31, 2019
Goodwill	$	1,140,958	$	190,815	$	234,993	$	98,421	$	15,860	$	53,684	$	1,734,731
Accumulated impairment losses	(331,151)		—		(7,616)		—		—		(7,685)		(346,452)
	809,807		190,815		227,377		98,421		15,860		45,999		1,388,279

Measurement period adjustments	154		—		—		—		—		—		154
Acquisitions	13,022		—		—		—		—		63,898		76,920
Impairment	—		—		—		—		—		(6,878)		(6,878)


Foreign currency exchange rate changes	(18,096)		—		—		—		—		—		(18,096)
Balance as of June 30, 2020
Goodwill	1,136,038		190,815		234,993		98,421		15,860		117,582		1,793,709
Accumulated impairment losses	(331,151)		—		(7,616)		—		—		(14,563)		(353,330)
	$	804,887	$	190,815	$	227,377	$	98,421	$	15,860	$	103,019	$	1,440,379

Other Intangible Assets

Other intangible assets consist of the following:


		As of June 30, 2020										As of December 31, 2019
(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	$	292,300	$	161,020	$	131,280	$	291,626	$	144,625	$	147,001
Trade names and trademarks	2–10 years	108,854		47,929		60,925		87,190		42,770		44,420
Network affiliation agreements	10 years	17,400		6,019		11,381		17,400		5,148		12,252
Databases and technology	3–6 years	34,210		16,010		18,200		30,623		12,850		17,773
Noncompete agreements	2–5 years	1,150		843		307		1,313		929		384
Other	1–8 years	24,800		15,006		9,794		24,800		13,149		11,651
		$	478,714	$	246,827	$	231,887	$	452,952	$	219,471	$	233,481
Indefinite-Lived Intangible Assets
Trade names and trademarks		$	82,905					$	100,491
Franchise agreements		21,858						28,556
FCC licenses		11,000						11,000
Licensure and accreditation		150						150
		$	115,913					$	140,197

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)	Kaplan International		Higher Education		Test Preparation		Professional (U.S.)		Total
Balance as of December 31, 2019
Goodwill	$	595,604	$	174,564	$	166,920	$	203,870	$	1,140,958
Accumulated impairment losses	—		(111,324)		(102,259)		(117,568)		(331,151)
	595,604		63,240		64,661		86,302		809,807

Measurement period adjustments	154		—		—		—		154
Acquisitions	9,788		—		—		3,234		13,022



Foreign currency exchange rate changes	(18,013)		—		—		(83)		(18,096)
Balance as of June 30, 2020
Goodwill	587,533		174,564		166,920		207,021		1,136,038
Accumulated impairment losses	—		(111,324)		(102,259)		(117,568)		(331,151)
	$	587,533	$	63,240	$	64,661	$	89,453	$	804,887

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Components of Debt

The Company’s borrowings consist of the following:


	As of
	June 30, 2020		December 31, 2019
(in thousands)
5.75% unsecured notes due June 1, 2026 ⁽¹⁾	$	395,751	$	395,393
Revolving credit facility	73,946		—
U.K. credit facility ⁽²⁾	—		78,650
Commercial note	26,500		27,500
Pinnacle Bank term loan	10,969		11,203
Pinnacle Bank line of credit	2,000		—
Other indebtedness	2,364		83
Total Debt	$	511,530	$	512,829
Less: current portion	(5,858)		(82,179)
Total Long-Term Debt	$	505,672	$	430,650

____________

(1) The carrying value is net of $4.2 million and $4.6 million of unamortized debt issuance costs as of June 30, 2020 and December 31, 2019, respectively.

(2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2019.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments ⁽¹⁾	$	—	$	178,536	$	—	$	178,536
Marketable equity securities ⁽²⁾	431,808		—		—		431,808
Other current investments ⁽³⁾	11,709		1,225		—		12,934
Total Financial Assets	$	443,517	$	179,761	$	—	$	623,278
Liabilities
Deferred compensation plan liabilities ⁽⁴⁾	$	—	$	26,907	$	—	$	26,907
Interest rate swap ⁽⁵⁾	—		2,782		—		2,782
Mandatorily redeemable noncontrolling interest ⁽⁶⁾	—		—		829		829
Total Financial Liabilities	$	—	$	29,689	$	829	$	30,518


	As of December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments ⁽¹⁾	$	—	$	45,150	$	—	$	45,150

Marketable equity securities ⁽²⁾	585,080		—		—		585,080
Other current investments ⁽³⁾	8,843		6,044		—		14,887
Interest rate swap⁽⁷⁾	—		131		—		131
Total Financial Assets	$	593,923	$	51,325	$	—	$	645,248
Liabilities
Deferred compensation plan liabilities ⁽⁴⁾	$	—	$	34,674	$	—	$	34,674
Interest rate swap ⁽⁵⁾	—		1,119		—		1,119
Foreign exchange swap ⁽⁸⁾	—		273		—		273
Mandatorily redeemable noncontrolling interest ⁽⁶⁾	—		—		829		829
Total Financial Liabilities	$	—	$	36,066	$	829	$	36,895

____________

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

(8) Included in Accounts payable and accrued liabilities, and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Contract with Customer, Liability

The following table presents the change in the Company’s deferred revenue balance:


	As of
	June 30, 2020		December 31, 2019		%
(in thousands)						Change
Deferred revenue	$	284,825	$	359,048	(21)

Capitalized Contract Cost

The following table presents changes in the Company’s costs to obtain a contract asset:


(in thousands)	Balance at Beginning of Period		Costs associated with new contracts		Less: Costs amortized during the period		Other		Balance at End of Period
2020	$	31,020	$	17,815	$	(31,856)	$	(1,386)	$	15,593

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Summary of Earnings (Loss) Per Share, Basic and Diluted

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


	Three Months Ended June 30									Six Months Ended June 30
(in thousands, except per share amounts)	2020			2019			2020			2019
Numerator:
Numerator for basic earnings (loss) per share:
Net income (loss) attributable to Graham Holdings Company common stockholders	$	18,854		$	57,081		$	(14,391)		$	138,829
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,581)			(7,388)			(22,870)			(22,167)
Undistributed earnings (loss)	11,273			49,693			(37,261)			116,662
Percent allocated to common stockholders ⁽¹⁾	99.44		%	99.43		%	100.00		%	99.43		%
	11,210			49,410			(37,261)			115,997
Add: Dividends paid-common stock outstanding	7,539			7,346			22,745			22,041
Numerator for basic earnings (loss) per share	$	18,749		$	56,756		$	(14,516)		$	138,038
Add: Additional undistributed earnings due to dilutive stock options	—			2			—			5
Numerator for diluted earnings (loss) per share	$	18,749		$	56,758		$	(14,516)		$	138,043
Denominator:
Denominator for basic earnings (loss) per share:
Weighted average shares outstanding	5,196			5,285			5,235			5,285
Add: Effect of dilutive stock options	5			44			—			43
Denominator for diluted earnings (loss) per share	5,201			5,329			5,235			5,328
Graham Holdings Company Common Stockholders:
Basic earnings (loss) per share	$	3.61		$	10.74		$	(2.77)		$	26.12
Diluted earnings (loss) per share	$	3.60		$	10.65		$	(2.77)		$	25.91

____________

(1) Percent of undistributed losses allocated to common stockholders is 100% in the first six months of 2020 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 June 30			Six Months Ended June 30
(in thousands)	2020	2019	2020	2019
Weighted average restricted stock	10	12	10	11
Weighted average stock options	—	—	17	—

Pension and Postretirement Plans (Tables)

6 Months Ended

Jun. 30, 2020

Defined Benefit Pension Plan [Member]

Schedule of Net Benefit Costs

The total benefit arising from the Company’s defined benefit pension plans consists of the following components:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Service cost	$	5,804	$	4,963	$	11,587	$	10,184
Interest cost	8,140		11,743		16,309		23,335
Expected return on assets	(28,290)		(30,285)		(56,734)		(61,123)
Amortization of prior service cost	707		825		1,415		1,234
Recognized actuarial gain	—		37		—		—
Net Periodic Benefit	(13,639)		(12,717)		(27,423)		(26,370)


Special separation benefit expense	6,014		6,607		6,014		6,607
Total Benefit	$	(7,625)	$	(6,110)	$	(21,409)	$	(19,763)

Schedule of Allocation of Plan Assets

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


	As of
	June 30, 2020		December 31, 2019

U.S. equities	58	%	62	%
Private investment fund	16	%	7	%
U.S. fixed income	9	%	10	%
U.S. stock index fund	9	%	14	%
International equities	8	%	7	%
	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) consists of the following components:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Service cost	$	239	$	215	$	477	$	429
Interest cost	920		1,079		1,839		2,157
Amortization of prior service cost	82		84		165		169
Recognized actuarial loss	1,317		578		2,634		1,157
Net Periodic Cost	$	2,558	$	1,956	$	5,115	$	3,912

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 June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019

Interest cost	$	22	$	72	$	84	$	144
Amortization of prior service credit	(121)		(1,840)		(241)		(3,681)
Recognized actuarial gain	(927)		(1,090)		(2,024)		(2,180)
Net Periodic Benefit	$	(1,026)	$	(2,858)	$	(2,181)	$	(5,717)

Other Non-Operating Income (Tables)

6 Months Ended

Jun. 30, 2020

Other Nonoperating Income (Expense) [Abstract]

Summary of non-operating income

A summary of non-operating income is as follows:


	Three Months Ended June 30						Six Months Ended June 30
(in thousands)	2020		2019		2020		2019
Gain on acquiring a controlling interest in an equity affiliate	$	3,708	$	—	$	3,708	$	—
Foreign currency (loss) gain, net	(1,070)		109		3,220		623
Impairment of cost method investments	—		—		(2,577)		—
Gain on cost method investments	2,571		—		2,571		1,411
Gain on sale of a business	1,653		232		1,760		421
Gain on sale of equity affiliates	1,473		—		1,370		28,994

Gain on sale of a cost method investment	—		—		518		—
Other (loss) gain, net	(235)		887		218		(870)
Total Other Non-Operating Income	$	8,100	$	1,228	$	10,788	$	30,579

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30
	2020										2019
	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	$	16,405	$	—	$	16,405	$	(11,104)	$	—	$	(11,104)




Pension and other postretirement plans:
Amortization of net prior service cost (credit) included in net income	668		(181)		487		(931)		251		(680)
Amortization of net actuarial loss (gain) included in net income	390		(104)		286		(475)		129		(346)


	1,058		(285)		773		(1,406)		380		(1,026)
Cash flow hedges:
(Loss) gain for the period	(143)		33		(110)		40		(5)		35
Other Comprehensive Income (Loss)	$	17,320	$	(252)	$	17,068	$	(12,470)	$	375	$	(12,095)


	Six Months Ended June 30
	2020										2019
	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	$	(20,971)	$	—	$	(20,971)	$	(1,071)	$	—	$	(1,071)
Pension and other postretirement plans:
Amortization of net prior service cost (credit) included in net (loss) income	1,339		(362)		977		(2,278)		615		(1,663)
Amortization of net actuarial loss (gain) included in net (loss) income	610		(164)		446		(1,023)		276		(747)

	1,949		(526)		1,423		(3,301)		891		(2,410)
Cash flow hedges:
Loss for the period	(1,721)		394		(1,327)		(427)		103		(324)
Other Comprehensive Loss	$	(20,743)	$	(132)	$	(20,875)	$	(4,799)	$	994	$	(3,805)

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

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 Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
Balance as of December 31, 2019	$	(21,888)	$	325,921	$	(738)	$	303,295

Other comprehensive loss before reclassifications	(20,971)		—		(1,487)		(22,458)
Net amount reclassified from accumulated other comprehensive income (loss)	—		1,423		160		1,583
Other comprehensive (loss) income, net of tax	(20,971)		1,423		(1,327)		(20,875)
Balance as of June 30, 2020	$	(42,859)	$	327,344	$	(2,065)	$	282,420

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

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


	Three Months Ended June 30						Six Months Ended June 30			Affected Line Item in the Condensed Consolidated Statements of Operations

(in thousands)	2020		2019		2020		2019



Pension and Other Postretirement Plans:
Amortization of net prior service cost (credit)	$	668	$	(931)	$	1,339	$	(2,278)	(1)
Amortization of net actuarial loss (gain)	390		(475)		610		(1,023)		(1)

	1,058		(1,406)		1,949		(3,301)		Before tax
	(285)		380		(526)		891		Provision for (Benefit from) Income Taxes
	773		(1,026)		1,423		(2,410)		Net of Tax
Cash Flow Hedges
	118		(58)		147		(127)		Interest expense
	6		14		13		29		Provision for (Benefit from) Income Taxes
	124		(44)		160		(98)		Net of Tax
Total reclassification for the period	$	897	$	(1,070)	$	1,583	$	(2,508)	Net of Tax

____________

Business Segments (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting Information [Line Items]

Restructuring and Related Costs

Restructuring related costs across all businesses in 2020 were recorded as follows:


(in thousands)	Kaplan International		Higher Education		Test Preparation		Professional (U.S)		Kaplan Corporate		Total Education		SocialCode		Total
Severance	$	1,224	$	—	$	—	$	—	$	—	$	1,224	$	—	$	1,224
Facility related costs:
Operating lease cost	2,418		3,442		2,740		556		—		9,156		—		9,156
Accelerated depreciation of property, plant and equipment	1,472		95		1,792		9		—		3,368		—		3,368
Total Restructuring Costs Included in Segment Income (Loss) from Operations	$	5,114	$	3,537	$	4,532	$	565	$	—	$	13,748	$	—	$	13,748
Impairment of other long-lived assets:
Lease right-of-use assets	3,790		2,062		243		1,955		—		8,050		1,405		9,455
Property, plant and equipment	1,199		174		—		597		—		1,970		86		2,056
Non-operating pension and postretirement benefit income, net	1,100		1,431		—		2,295		189		5,015		999		6,014
Total Restructuring Related Costs	$	11,203	$	7,204	$	4,775	$	5,412	$	189	$	28,783	$	2,490	$	31,273

Summary of Segment Reporting Information, by Operating Segment

The following tables summarize the financial information related to each of the Company’s business segments:


	Three Months Ended						Six months ended
	June 30						June 30
(in thousands)	2020		2019		2020		2019
Operating Revenues
Education	$	333,175	$	367,763	$	689,553	$	740,217
Television broadcasting	100,762		116,628		216,210		224,851
Manufacturing	83,239		114,873		196,697		230,030
Healthcare	49,181		40,641		95,175		78,369
SocialCode	10,483		16,382		22,506		29,829
Other businesses	76,380		81,359		165,648		126,589
Corporate office	—		—		—		—
Intersegment elimination	(349)		(44)		(661)		(84)
	$	652,871	$	737,602	$	1,385,128	$	1,429,801
Income (Loss) from Operations
Education	$	12,254	$	26,305	$	16,946	$	51,900
Television broadcasting	23,627		44,494		59,403		80,034
Manufacturing	(1,482)		4,692		5,019		7,966
Healthcare	8,818		2,598		11,987		4,927
SocialCode	(3,004)		(975)		(6,793)		(4,993)
Other businesses	(21,316)		(5,913)		(51,008)		(14,406)
Corporate office	(13,020)		(13,238)		(21,592)		(27,462)
	$	5,877	$	57,963	$	13,962	$	97,966
Equity in Earnings (Losses) of Affiliates, Net	1,182		1,467		(365)		3,146
Interest Expense, Net	(6,423)		(6,807)		(12,950)		(12,532)

Non-Operating Pension and Postretirement Benefit Income, Net	12,136		12,253		30,539		32,181
Gain (Loss) on Marketable Equity Securities, Net	39,890		7,791		(60,503)		31,857
Other Income, Net	8,100		1,228		10,788		30,579
Income (Loss) Before Income Taxes	$	60,762	$	73,895	$	(18,529)	$	183,197
Depreciation of Property, Plant and Equipment
Education	$	10,324	$	6,137	$	17,653	$	12,338
Television broadcasting	3,446		3,293		6,789		6,532
Manufacturing	2,526		2,384		5,053		4,817
Healthcare	493		607		1,033		1,217
SocialCode	121		384		242		536
Other businesses	5,827		837		8,496		1,485
Corporate office	176		242		351		482
	$	22,913	$	13,884	$	39,617	$	27,407
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets
Education	$	14,291	$	4,070	$	18,492	$	7,637
Television broadcasting	1,361		1,408		2,721		2,816
Manufacturing	6,988		6,528		14,125		13,058
Healthcare	1,307		1,410		2,617		2,808
SocialCode	1,647		157		1,804		314
Other businesses	244		—		16,645		—
Corporate office	—		—		—		—
	$	25,838	$	13,573	$	56,404	$	26,633
Pension Service Cost
Education	$	2,592	$	2,522	$	5,177	$	5,186
Television broadcasting	836		780		1,632		1,511
Manufacturing	395		15		789		40
Healthcare	112		63		271		246
SocialCode	162		191		399		439
Other businesses	241		161		467		362
Corporate office	1,466		1,231		2,852		2,400
	$	5,804	$	4,963	$	11,587	$	10,184

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


	As of
(in thousands)	June 30, 2020		December 31, 2019
Identifiable Assets
Education	$	1,827,258	$	2,032,425
Television broadcasting	450,134		463,689
Manufacturing	557,767		564,251
Healthcare	159,045		160,033
SocialCode	122,421		221,746
Other businesses	391,031		345,649
Corporate office	261,002		103,764
	$	3,768,658	$	3,891,557
Investments in Marketable Equity Securities	431,808		585,080
Investments in Affiliates	156,677		162,249
Prepaid Pension Cost	1,315,174		1,292,350
Total Assets	$	5,672,317	$	5,931,236

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						Six months ended
	June 30						June 30
(in thousands)	2020		2019		2020		2019
Operating Revenues
Kaplan international	$	164,713	$	188,580	$	364,328	$	374,336
Higher education	86,453		76,288		159,990		159,068
Test preparation	51,111		65,673		93,950		126,823
Professional (U.S.)	28,674		35,147		67,123		76,361
Kaplan corporate and other	3,039		2,369		6,244		4,671
Intersegment elimination	(815)		(294)		(2,082)		(1,042)
	$	333,175	$	367,763	$	689,553	$	740,217
Income (Loss) from Operations
Kaplan international	$	16,035	$	25,537	$	35,015	$	49,822
Higher education	17,050		2,721		15,030		4,636
Test preparation	(1,048)		4,289		(13,724)		3,835
Professional (U.S.)	1,378		4,745		7,504		16,004
Kaplan corporate and other	(21,161)		(10,990)		(26,884)		(22,394)
Intersegment elimination	—		3		5		(3)
	$	12,254	$	26,305	$	16,946	$	51,900
Depreciation of Property, Plant and Equipment
Kaplan international	$	5,619	$	3,716	$	10,197	$	7,598
Higher education	832		629		1,555		1,226
Test preparation	2,607		779		3,433		1,584
Professional (U.S.)	1,165		959		2,278		1,824
Kaplan corporate and other	101		54		190		106
	$	10,324	$	6,137	$	17,653	$	12,338
Amortization of Intangible Assets	$	4,271	$	3,377	$	8,472	$	6,944
Impairment of Long-lived Assets	$	10,020	$	693	$	10,020	$	693
Pension Service Cost
Kaplan international	$	120	$	110	$	232	$	227
Higher education	1,070		1,102		2,140		2,265
Test preparation	823		821		1,646		1,687
Professional (U.S.)	261		329		523		677
Kaplan corporate and other	318		160		636		330
	$	2,592	$	2,522	$	5,177	$	5,186

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


	As of

(in thousands)	June 30, 2020		December 31, 2019
Identifiable assets
Kaplan international	$	1,266,671	$	1,455,122
Higher education	210,789		196,761
Test preparation	138,359		151,655
Professional (U.S.)	146,295		160,799
Kaplan corporate and other	65,144		68,088
	$	1,827,258	$	2,032,425

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 televisionStation
Television Broadcasting [Member]
Number of television broadcast stations \| televisionStation			7
Selling, General and Administrative Expense
Prior Period Reclassification Adjustment	$ 22.6	$ 48.5
Operating Expenses
Prior Period Reclassification Adjustment	$ (22.6)	$ (48.5)

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Item Effected [Line Items]
Other current assets	$ 939	$ 1,400
Accounts payable and accrued liabilities	433,672	507,701
Current portion of lease liabilities	87,652	92,714
Other Liabilities	75,552	27,223
Lease Liabilities	$ 451,874	$ 477,004

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2019 business	Jun. 30, 2020 USD ($)	Mar. 31, 2020 business	Jun. 30, 2020 USD ($) business	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) business	May 31, 2020 USD ($)	Dec. 02, 2019 USD ($)	Dec. 01, 2019 USD ($)	Jul. 31, 2019 restaurant	Jul. 11, 2019	Jan. 31, 2019 USD ($) store
Business Acquisition [Line Items]
Number of businesses acquired \| business				3		8
Acquisition purchase price				$ 96,800,000		$ 211,800,000
Floor plan payables						25,800,000
Purchase Price Net of Cash				20,080,000	$ 84,071,000
Business Acquisition, Transaction Costs		$ 1,100,000		1,100,000
Goodwill expected to be deductible for income tax purposes		3,200,000		3,200,000		$ 70,700,000
Revenues of acquired companies since acquisition date		4,300,000		5,000,000.0
Operating loss of acquired companies since acquisition date		(2,100,000)		(2,000,000.0)
Automotive [Member]
Business Acquisition [Line Items]
Floor plan payables		29,100,000		$ 29,100,000
Education [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business			2	2		1
Education [Member] \| Professional (U.S.) [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business			1
Education [Member] \| Kaplan International [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business			1
Education [Member] \| Kaplan International [Member] \| Heverald [Member]
Business Acquisition [Line Items]
Percentage of interest acquired											100.00%
Manufacturing [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business						1
Manufacturing [Member] \| Joyce/Dayton Corp. [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business	1
Other Businesses [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business				1		3
Other Businesses [Member] \| Clyde's Restaurant Group [Member]
Business Acquisition [Line Items]
Number of Restaurants \| restaurant										12
Other Businesses [Member] \| Auto dealerships [Member]
Business Acquisition [Line Items]
Percentage of interest acquired												90.00%
Management Fee						$ 2,300,000
Advances to Affiliate												$ 3,500,000
Interest Rate on Advance to Minority Shareholder												6.00%
Amount Borrowed to Finance Business Acquisition												$ 30,000,000
Derivative, Fixed Interest Rate												4.70%
Number of Stores \| store												2
Percentage of Additional Ownership Available to be Acquired												10.00%
Other Businesses [Member] \| Framebridge [Member]
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability							$ 50,600,000
Percentage of Shares Eligible to be Redeemed							20.00%
Redeemable noncontrolling interest							$ 6,000,000.0
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage							93.40%
Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business						3
Percentage of interest acquired										100.00%
Graham Healthcare Group [Member] \| CSI Pharmacy Holding Company, LLC [Member] [Member]
Business Acquisition [Line Items]
Percentage of interest acquired									75.00%
Redeemable noncontrolling interest									$ 1,700,000
Pinnacle Bank Term Loan [Member]
Business Acquisition [Line Items]
Loans Payable to Bank		$ 10,969,000		$ 10,969,000		$ 11,203,000
Pinnacle Bank Term Loan [Member] \| Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Loans Payable to Bank								$ 11,250,000
Pinnacle Bank Term Loan [Member] \| Graham Healthcare Group [Member] \| CSI Pharmacy Holding Company, LLC [Member] [Member]
Business Acquisition [Line Items]
Loans Payable to Bank								$ 11,250,000
Maximum [Member] \| CSI Pharmarcy [Member]
Business Acquisition [Line Items]
Percentage of Shares Eligible to be Redeemed									50.00%

Acquisitions and Dispositions of Businesses (Dispositions and Other) (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Nov. 30, 2019 business	Mar. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of a business			$ 1,653	$ 232		$ 1,760	$ 421
Gain related to contingent consideration			$ 1,700			$ 1,800
Change in redemption value of mandatorily redeemable noncontrolling interest					$ (54)
Group of Senior Managers of GHG [Member] \| GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			5.00%			5.00%
Percentage of Distributions Available to Common Unit Holders						20.00%
Graham Holdings Company [Member] \| GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Guaranteed Return						8.00%
Percentage of Distributions Available to Common Unit Holders						80.00%
Education [Member] \| Kaplan International [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses disposed \| business	1
Hoover Treated Wood Products [Member] \| Manufacturing [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Change in redemption value of mandatorily redeemable noncontrolling interest		$ 600
Graham Holdings Company [Member] \| Hoover Treated Wood Products [Member] \| Manufacturing [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by parent			98.00%			98.00%
Graham Holdings Company [Member] \| GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of Contributed Capital						95.00%
Group of Senior Managers of GHG [Member] \| GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of Contributed Capital						5.00%

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,440,379	$ 1,388,279
Floor plan payables		(25,800)
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable	745	6,762
Inventory	3,496	34,134
Property, plant and equipment	3,346	56,391
Lease Right-of-Use Assets	6,556	98,505
Goodwill	76,920	84,669
Indefinite-lived intangible assets	0	46,900
Amortized intangible assets	14,589	21,291
Other assets	1,054	8,308
Deferred income tax asset	13,476
Deferred income tax liability		(2,703)
Floor plan payables	0	(25,755)
Other liabilities	(15,451)	(42,555)
Current and noncurrent lease liabilities	(6,601)	(99,131)
Redeemable noncontrolling interest	(6,005)	(1,715)
Noncontrolling interest	0	(1,154)
Aggregate purchase price, net of cash acquired	$ 92,125	$ 183,947

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Document Fiscal Year Focus			2020
Pro Forma Operating Revenues	$ 654,001	$ 790,145	$ 1,392,331	$ 1,548,156
Pro Forma Net Income (Loss)	$ 18,246	$ 49,653	$ (21,648)	$ 123,822

Investments (Narrative) (Details) £ in Millions	3 Months Ended				6 Months Ended
Investments (Narrative) (Details) £ in Millions	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 GBP (£)	Dec. 31, 2019 USD ($)
Schedule of Investments [Line Items]
Money Market Investments	$ 178,500,000				$ 178,500,000			$ 45,200,000
Payments to Acquire Marketable Securities					0	$ 7,499,000
Cumulative realized gain (loss) on marketable securities					23,000,000.0	9,700,000
Proceeds from sales of marketable equity securities					93,775,000	17,162,000
Equity Method Investment Impairment		$ 3,600,000
Cumulative undistributed income in investments in affiliates	27,800,000				27,800,000			25,600,000
Gain on sale of equity affiliates	1,473,000		$ 0		1,370,000	28,994,000
Cost method investments	38,500,000				38,500,000			$ 38,500,000
Impairment of a cost method investment	0	2,600,000	0		2,577,000	0
Gain on cost method investments	2,571,000		0	$ 1,400,000	2,571,000	1,411,000
Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Revenue from Related Parties	$ 2,200,000		$ 2,300,000		$ 4,700,000	$ 4,600,000
Intersection Holdings [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	12.00%				12.00%		12.00%
Residential Home Health Illinois [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%				40.00%		40.00%
Residential Hospice Illinois [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	42.50%				42.50%		42.50%
Residential Healthcare Michigan hospital joint venture [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%				40.00%		40.00%
Celtic Healthcare Allegheny Health Network Joint Venture [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%				40.00%		40.00%
Framebridge [Member]
Schedule of Investments [Line Items]
Equity Method Investment Impairment		$ 2,700,000
Gimlet Media [Member]
Schedule of Investments [Line Items]
Gain on sale of equity affiliates				29,000,000.0
Proceeds from Sale of Equity Method Investments				$ 33,500,000
York Joint Venture [Member] \| KIHL [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	45.00%				45.00%		45.00%
Advances to Affiliate \| £							£ 22
Loan Receivable, Payment Terms					25 years
Loan Receivable Fixed Interest Rate					7.00%

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments [Abstract]
Total Cost	$ 212,843	$ 282,349
Gross unrealized gains	218,965	302,731
Total Fair Value	$ 431,808	$ 585,080

Investments (Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments [Abstract]
Gain (loss) on marketable equity securities, net	$ 39,890	$ 7,791	$ (60,503)	$ 31,857
Less: Net losses (gains) in earnings from marketable equity securities sold and donated	4,608	2	13,382	(2,980)
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period	$ 44,498	$ 7,793	$ (47,121)	$ 28,877

Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Credit loss expense (recovery)	$ 4,800	$ (100)	$ 7,241	$ 109

Accounts Receivable (Details 1) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivable from contracts with customers, less estimated credit losses	$ 430,642	$ 595,321
Other receivables	21,589	28,895
Accounts receivable, net	452,231	624,216
Estimated credit losses	$ 19,424	$ 14,276

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 40,287	$ 35,119
Work-in-process	9,815	10,775
Finished goods	65,799	70,602
Contracts in progress	5,589	4,338
Inventories and contracts in progress	$ 121,490	$ 120,834

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Inventory [Line Items]
Weighted average interest rate	5.10%	5.10%	5.10%	5.10%
Vehicle floor plan payable					$ 25,800,000
Automotive [Member]
Inventory [Line Items]
Borrowing capacity	$ 50,000,000		$ 50,000,000
Vehicle floor plan payable	29,100,000		29,100,000
Floor plan assistance	$ 500,000	$ 800,000	$ 900,000	$ 1,200,000
Automotive [Member] \| Vehicle Floor Plan Facility [Member]
Inventory [Line Items]
Weighted average interest rate	1.60%	3.40%	2.20%	3.50%
London Interbank Offered Rate (LIBOR) [Member] \| Automotive [Member] \| Vehicle Floor Plan Facility [Member]
Inventory [Line Items]
Applicable interest rate margin			1.15%

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) Segment	Jun. 30, 2019 USD ($)
Goodwill [Line Items]
Impairment of goodwill and other intangible assets		$ 16,400
Number of reportable segments \| Segment				8
Impairment of goodwill and other long-lived assets	$ 11,511		$ 693	$ 27,912	$ 693
Clyde's Restaurant Group [Member] \| Other Businesses [Member]
Goodwill [Line Items]
Impairment of goodwill and other intangible assets		9,700
Automotive [Member] \| Other Businesses [Member]
Goodwill [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)		$ 6,700

Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Amortized Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 11,511	$ 693	$ 27,912	$ 693
Amortization of Intangible Assets
Amortization of intangible assets	14,327	$ 12,880	28,492	$ 25,940
Estimated amortization of intangible assets, remainder of 2020	28,000		28,000
Estimated amortization of intangible assets, 2021	52,000		52,000
Estimated amortization of intangible assets, 2022	46,000		46,000
Estimated amortization of intangible assets, 2023	37,000		37,000
Estimated amortization of intangible assets, 2024	28,000		28,000
Estimated amortization of intangible assets, after 2024	$ 41,000		$ 41,000

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,734,731
Accumulated impairment losses, beginning balance	(346,452)
Goodwill, net, beginning balance	1,388,279
Measurement period adjustments	154
Acquisitions	76,920
Impairment	(6,878)
Foreign currency exchange rate changes	(18,096)
Goodwill, ending balance	1,793,709
Accumulated impairment losses, ending balance	(353,330)
Goodwill, net, ending balance	1,440,379
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,140,958
Accumulated impairment losses, beginning balance	(331,151)
Goodwill, net, beginning balance	809,807
Measurement period adjustments	154
Acquisitions	13,022
Impairment	0
Foreign currency exchange rate changes	(18,096)
Goodwill, ending balance	1,136,038
Accumulated impairment losses, ending balance	(331,151)
Goodwill, net, ending balance	804,887
Education [Member] \| Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	595,604
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	595,604
Measurement period adjustments	154
Acquisitions	9,788
Foreign currency exchange rate changes	(18,013)
Goodwill, ending balance	587,533
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	587,533
Education [Member] \| Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	174,564
Accumulated impairment losses, beginning balance	(111,324)
Goodwill, net, beginning balance	63,240
Measurement period adjustments	0
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	174,564
Accumulated impairment losses, ending balance	(111,324)
Goodwill, net, ending balance	63,240
Education [Member] \| Test Preparation [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	166,920
Accumulated impairment losses, beginning balance	(102,259)
Goodwill, net, beginning balance	64,661
Measurement period adjustments	0
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	166,920
Accumulated impairment losses, ending balance	(102,259)
Goodwill, net, ending balance	64,661
Education [Member] \| Professional (U.S.) [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	203,870
Accumulated impairment losses, beginning balance	(117,568)
Goodwill, net, beginning balance	86,302
Measurement period adjustments	0
Acquisitions	3,234
Foreign currency exchange rate changes	(83)
Goodwill, ending balance	207,021
Accumulated impairment losses, ending balance	(117,568)
Goodwill, net, ending balance	89,453
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	190,815
Measurement period adjustments	0
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	190,815
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	190,815
Manufacturing [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	234,993
Accumulated impairment losses, beginning balance	(7,616)
Goodwill, net, beginning balance	227,377
Measurement period adjustments	0
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	234,993
Accumulated impairment losses, ending balance	(7,616)
Goodwill, net, ending balance	227,377
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	98,421
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	98,421
Measurement period adjustments	0
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	98,421
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	98,421
SocialCode [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	15,860
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	15,860
Measurement period adjustments	0
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	15,860
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	15,860
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	53,684
Accumulated impairment losses, beginning balance	(7,685)
Goodwill, net, beginning balance	45,999
Measurement period adjustments	0
Acquisitions	63,898
Impairment	(6,878)
Foreign currency exchange rate changes	0
Goodwill, ending balance	117,582
Accumulated impairment losses, ending balance	(14,563)
Goodwill, net, ending balance	$ 103,019

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 478,714	$ 452,952
Accumulated Amortization	246,827	219,471
Net Carrying Amount	231,887	233,481
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	115,913	140,197
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	82,905	100,491
Franchise Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	21,858	28,556
FCC licenses [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	11,000	11,000
Licensure and Accreditation [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	150	150
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	292,300	291,626
Accumulated Amortization	161,020	144,625
Net Carrying Amount	$ 131,280	$ 147,001
Student and Customer Relationships [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Student and Customer Relationships [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 108,854	$ 87,190
Accumulated Amortization	47,929	42,770
Net Carrying Amount	$ 60,925	$ 44,420
Trade Names and Trademarks [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Trade Names and Trademarks [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Network Affiliation Agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Gross Carrying Amount	$ 17,400	$ 17,400
Accumulated Amortization	6,019	5,148
Net Carrying Amount	11,381	12,252
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	34,210	30,623
Accumulated Amortization	16,010	12,850
Net Carrying Amount	$ 18,200	$ 17,773
Databases and Technology [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	3 years	3 years
Databases and Technology [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	6 years	6 years
Non-compete Agreements [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,150	$ 1,313
Accumulated Amortization	843	929
Net Carrying Amount	$ 307	$ 384
Non-compete Agreements [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Non-compete Agreements [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	5 years	5 years
Other [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 24,800	$ 24,800
Accumulated Amortization	15,006	13,149
Net Carrying Amount	$ 9,794	$ 11,651
Other [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	1 year	1 year
Other [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	8 years	8 years

Debt (Narrative) (Details)
£ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2020

USD ($)

Jun. 29, 2020

GBP (£)

Dec. 02, 2019

USD ($)

Jan. 31, 2019

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Dec. 31, 2019

USD ($)

Debt Instrument [Line Items]

Average borrowings outstanding

$ 510,500,000

$ 507,700,000

$ 511,200,000

$ 499,800,000

Weighted average interest rate

5.10%

Interest Expense, Net

$ (6,423,000)

$ (6,807,000)

$ (12,950,000)

$ (12,532,000)

5.75% Unsecured Notes due June 1, 2026 [Member]

Debt Instrument [Line Items]

Debt Issuance Costs, Net

$ 4,200,000

$ 4,600,000

Interest rate

5.75%

Fair value of debt instrument

$ 416,800,000

$ 427,700,000

Carrying value of debt instrument

^[1]

395,751,000

395,393,000

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

Debt Instrument [Line Items]

Debt Issuance Costs, Net

100,000

Line of credit facility outstanding

^[2]

$ 0

$ 78,650,000

Other Indebtedness [Member]

Debt Instrument [Line Items]

Interest rate

2.00%

Other Indebtedness [Member] | Minimum [Member]

Debt Instrument [Line Items]

Interest rate

0.00%

Other Indebtedness [Member] | Maximum [Member]

Debt Instrument [Line Items]

Interest rate

16.00%

Pinnacle Bank Line Of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility outstanding

$ 2,000,000

$ 0

Pinnacle Bank Term Loan [Member]

Debt Instrument [Line Items]

Loans Payable to Bank

10,969,000

11,203,000

Five-Year Credit Agreement dated May 30, 2018 [Member]

Debt Instrument [Line Items]

Line of credit facility outstanding

73,946,000

Commercial note with Truist Bank [Member]

Debt Instrument [Line Items]

Commercial note payable

26,500,000

$ 27,500,000

Automotive [Member] | Interest Rate Swap [Member]

Debt Instrument [Line Items]

Derivative, Notional Amount

$ 30,000,000

Fixed interest rate of derivative

2.70%

Total fixed interest rate of derivative

4.70%

Derivative, Basis Spread on Variable Rate

2.00%

Automotive [Member] | Commercial note with Truist Bank [Member]

Debt Instrument [Line Items]

Commercial note payable

$ 30,000,000

Debt Instrument, Term

10 years

Monthly installment payments

$ 250,000

Automotive [Member] | Commercial note with Truist Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]

Debt Instrument [Line Items]

Applicable interest rate margin

1.75%

Automotive [Member] | Commercial note with Truist Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]

Debt Instrument [Line Items]

Applicable interest rate margin

2.00%

Graham Healthcare Group [Member] | Pinnacle Bank Line Of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility outstanding

$ 2,000,000.0

Debt Instrument, Term

2 years

Applicable interest rate margin

2.75%

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

0.25%

Line of Credit Facility, Maximum Borrowing Capacity

$ 2,250,000

Graham Healthcare Group [Member] | Pinnacle Bank Term Loan [Member]

Debt Instrument [Line Items]

Interest rate

4.35%

Loans Payable to Bank

$ 11,250,000

Debt Instrument, Term

5 years

Education [Member] | Five-Year Credit Agreement dated May 30, 2018 [Member]

Debt Instrument [Line Items]

Proceeds from Lines of Credit | £

£ 60.0

Education [Member] | Five-Year Credit Agreement dated May 30, 2018 [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Applicable interest rate margin

1.50%

[1]	The carrying value is net of $4.2 million and $4.6 million of unamortized debt issuance costs as of June 30, 2020 and December 31, 2019, respectively.
[2]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2019.

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

Jun. 30, 2020

Dec. 31, 2019

Debt Instrument [Line Items]

Other indebtedness

$ 2,364

$ 83

Total Debt

511,530

512,829

Less: current portion

(5,858)

(82,179)

Total Long-Term Debt

505,672

430,650

5.75% Unsecured Notes due June 1, 2026 [Member]

Debt Instrument [Line Items]

Unsecured notes

^[1]

$ 395,751

$ 395,393

Interest rate

5.75%

Unamortized debt issuance costs

$ 4,200

$ 4,600

Five-Year Credit Agreement dated May 30, 2018 [Member]

Debt Instrument [Line Items]

Credit facility

73,946

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

Debt Instrument [Line Items]

Credit facility

^[2]

78,650

Unamortized debt issuance costs

100

Commercial note with Truist Bank [Member]

Debt Instrument [Line Items]

Commercial note

26,500

27,500

Pinnacle Bank Term Loan [Member]

Debt Instrument [Line Items]

Loans Payable to Bank

10,969

11,203

Pinnacle Bank Line Of Credit [Member]

Debt Instrument [Line Items]

Credit facility

$ 2,000

$ 0

[1]	The carrying value is net of $4.2 million and $4.6 million of unamortized debt issuance costs as of June 30, 2020 and December 31, 2019, respectively.
[2]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2019.

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Measurements [Abstract]
Other Asset Impairment Charges	$ 11,500		$ 700
Impairment of goodwill and other intangible assets		$ 16,400
Impairment of a cost method investment	0	2,600	0		$ 2,577	$ 0
Gain on cost method investments	$ 2,571		$ 0	$ 1,400	$ 2,571	$ 1,411
Equity Method Investment Impairment		$ 3,600

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

Jun. 30, 2020

Dec. 31, 2019

Assets

Money Market Investments

$ 178,500

$ 45,200

Marketable equity securities

431,808

585,080

Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

178,536

45,150

Marketable equity securities

^[2]

431,808

585,080

Other current investments

^[3]

12,934

14,887

Interest Rate Swap

^[4]

131

Total Financial Assets

623,278

645,248

Liabilities

Deferred compensation plan liabilities

^[5]

26,907

34,674

Interest rate swap

^[6]

2,782

1,119

Foreign exchange swap

^[7]

273

Mandatorily redeemable noncontrolling interest

^[8]

829

Total Financial Liabilities

30,518

36,895

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

Assets

Money Market Investments

^[1]

Marketable equity securities

^[2]

431,808

585,080

Other current investments

^[3]

11,709

8,843

Interest Rate Swap

^[4]

Total Financial Assets

443,517

593,923

Liabilities

Deferred compensation plan liabilities

^[5]

Interest rate swap

^[6]

Foreign exchange swap

^[7]

Mandatorily redeemable noncontrolling interest

^[8]

Total Financial Liabilities

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

Assets

Money Market Investments

^[1]

178,536

45,150

Marketable equity securities

^[2]

Other current investments

^[3]

1,225

6,044

Interest Rate Swap

^[4]

131

Total Financial Assets

179,761

51,325

Liabilities

Deferred compensation plan liabilities

^[5]

26,907

34,674

Interest rate swap

^[6]

2,782

1,119

Foreign exchange swap

^[7]

273

Mandatorily redeemable noncontrolling interest

^[8]

Total Financial Liabilities

29,689

36,066

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

Assets

Money Market Investments

^[1]

Marketable equity securities

^[2]

Other current investments

^[3]

Interest Rate Swap

^[4]

Total Financial Assets

Liabilities

Deferred compensation plan liabilities

^[5]

Interest rate swap

^[6]

Foreign exchange swap

^[7]

Mandatorily redeemable noncontrolling interest

^[8]

829

Total Financial Liabilities

$ 829

[1]	The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty.
[2]	The Company’s investments in marketable equity securities are held in common shares of U.S. and Canadian corporations that are actively traded on U.S. and Canadian stock exchanges. Price quotes for these shares are readily available.
[3]	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 fair value hierarchy.
[4]	Included in Other current assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.
[5]	Includes Graham Holdings Company’s Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company’s Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income.
[6]	Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.
[7]	Included in Accounts payable and accrued liabilities, and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.
[8]	The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One (see Note 2), after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which approximates fair value.

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Income Taxes Receivable	$ 36,848		$ 36,848	$ 10,735
Accounts payable and accrued liabilities	$ 433,672		$ 433,672	$ 507,701
Effective Income Tax Rate	69.00%	57.30%	18.90%
CableONE [Member]
Income Taxes [Line Items]
Income Taxes Receivable	$ 20,700		$ 20,700
Accounts payable and accrued liabilities	$ 20,700		$ 20,700

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period related to beginning balance				$ 264.2
CARES Act relief from COVID-19 [Member] \| Medicare Accelerated Advanced Payment Program Relief Fund [Member] \| Graham Healthcare Group [Member]
Disaggregation of Revenue [Line Items]
Government Relief, CARES Act	$ 31.5
CARES Act relief from COVID-19 [Member] \| Provider Relief Fund [Member] \| Graham Healthcare Group [Member]
Disaggregation of Revenue [Line Items]
Government Relief, CARES Act		$ 7.4
Amount of Revenue Recognized From Provider Relief Fund		$ 5.5		$ 5.5
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		76.00%	76.00%	74.00%	76.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		24.00%	24.00%	26.00%	24.00%
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		75.00%	76.00%	75.00%	76.00%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		25.00%	24.00%	25.00%	24.00%
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, Net, Noncurrent		$ 6.4		$ 6.4		$ 5.3
Test Preparation [Member] \| Long-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Minimum Term of Contract				12 months
Revenue Remaining Performance Obligation Percentage of Revenue Expected to be Recognized Over Next 12 Months		73.00%		73.00%

Revenue from Contracts with Customers (Narrative 2) (Details) - Long-term Contract with Customer [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 $ in Millions	Jun. 30, 2020 USD ($)
Kaplan International [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 8.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years
Test Preparation [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 8.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 284,825	$ 359,048
Deferred Revenue, Period Decrease Percentage	(21.00%)

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period	$ 17,815
Costs amortized during the period	(31,856)
Change in capitalized contract cost, other	(1,386)
Balance of costs to obtain a contract	$ 15,593	$ 31,020

Earnings (Loss) Per Share (Narrative) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 1.45	$ 1.39	$ 4.35	$ 4.17
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	104,000	104,000	104,000	104,000

Earnings (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Earnings (Loss) Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Net income (loss) attributable to Graham Holdings Company common stockholders	$ 18,854	$ 57,081	$ (14,391)	$ 138,829
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,581)	(7,388)	(22,870)	(22,167)
Undistributed earnings (loss)	$ 11,273	$ 49,693	$ (37,261)	$ 116,662
Percent allocated to common stockholders	99.44%	99.43%	100.00%	99.43%
Undistributed Earnings (Loss) Allocated To Common Stockholders	$ 11,210	$ 49,410	$ (37,261)	$ 115,997
Add: Dividends paid-common stock outstanding	7,539	7,346	22,745	22,041
Numerator for basic earnings (loss) per share	18,749	56,756	(14,516)	138,038
Add: Additional undistributed earnings due to dilutive stock options	0	2	0	5
Numerator for diluted earnings (loss) per share	$ 18,749	$ 56,758	$ (14,516)	$ 138,043
Weighted average shares outstanding (shares)	5,196	5,285	5,235	5,285
Denominator for diluted earnings (loss) per share (shares)	5,201	5,329	5,235	5,328
Graham Holdings Company Common Stockholders:
Basic income (loss) per common share in dollars per share	$ 3.61	$ 10.74	$ (2.77)	$ 26.12
Diluted income (loss) per common share in dollars per share	$ 3.60	$ 10.65	$ (2.77)	$ 25.91
Stock Option Plan [Member]
Schedule of Earnings (Loss) Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Add: Effect of dilutive stock options (shares)	5	44	0	43

Earnings (Loss) Per Share (Details 2) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted average restricted stock	10	12	10	11
Weighted average stock options	0	0	17	0

Pension and Postretirement Plans (Narrative) (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020 USD ($) companies Investment	Mar. 31, 2020	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) companies Investment	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) Investment
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense				$ 6,014
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 6,014		$ 6,607	$ 6,014	$ 6,607
Percent of plan assets managed internally by the company				39.00%
Percent of plan assets managed by investment companies				61.00%
Number of investment companies actively managing plan assets \| companies	2			2
Percentage of total plan assets	100.00%			100.00%		100.00%
Berkshire Hathaway Common Stock [Member] \| Defined Benefit Pension Plan [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator				20.00%
Alphabet and Berkshire Hathaway Common Stock [Member] \| Defined Benefit Pension Plan [Member] \| Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator				15.00%
Foreign Investments [Member] \| Defined Benefit Pension Plan [Member] \| Maximum [Member] \| Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	30.00%			30.00%
Foreign Investments [Member] \| Defined Benefit Pension Plan [Member] \| Maximum [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	15.00%			15.00%
Fixed income securities [Member] \| Defined Benefit Pension Plan [Member] \| Minimum [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	10.00%			10.00%
Private investment fund [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of total plan assets	16.00%			16.00%		7.00%
Single Equity Concentration [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator		10.00%		10.00%
Value of investments	$ 624,500			$ 624,500		$ 704,800
Percentage of total plan assets	28.00%			28.00%		30.00%
Single Equity Concentration [Member] \| Equity Securities [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| Investment	1			1		1
Single Equity Concentration [Member] \| Private investment fund [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| Investment	1			1
Single Equity Concentration [Member] \| Equity Funds [Member] \| Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| Investment						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]
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans				10.00%
Education [Member] \| Defined Benefit Pension Plan [Member] \| Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense			$ 6,600
Education and SocialCode [Member] \| Defined Benefit Pension Plan [Member] \| Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 6,000

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 5,804	$ 4,963	$ 11,587	$ 10,184
Special separation benefit expense			6,014
Net Periodic Cost (Benefit)			(21,409)	(19,763)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	5,804	4,963	11,587	10,184
Interest cost	8,140	11,743	16,309	23,335
Expected return on assets	(28,290)	(30,285)	(56,734)	(61,123)
Amortization of prior service cost (credit)	707	825	1,415	1,234
Recognized actuarial loss (gain)	0	37	0	0
Net Periodic Cost (Benefit)	(13,639)	(12,717)	(27,423)	(26,370)
Special separation benefit expense	6,014	6,607	6,014	6,607
Net Periodic Cost (Benefit)	(7,625)	(6,110)	(21,409)	(19,763)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	239	215	477	429
Interest cost	920	1,079	1,839	2,157
Amortization of prior service cost (credit)	82	84	165	169
Recognized actuarial loss (gain)	1,317	578	2,634	1,157
Net Periodic Cost (Benefit)	2,558	1,956	5,115	3,912
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	22	72	84	144
Amortization of prior service cost (credit)	(121)	(1,840)	(241)	(3,681)
Recognized actuarial loss (gain)	(927)	(1,090)	(2,024)	(2,180)
Net Periodic Cost (Benefit)	$ (1,026)	$ (2,858)	$ (2,181)	$ (5,717)

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Jun. 30, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100.00%	100.00%
U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	58.00%	62.00%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	16.00%	7.00%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	9.00%	10.00%
U.S. stock index fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	9.00%	14.00%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	8.00%	7.00%

Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on acquiring a controlling interest in an equity affiliate	$ 3,708		$ 0		$ 3,708	$ 0
Gain related to contingent consideration	1,700				1,800
Gain on cost method investments	2,571		0	$ 1,400	2,571	1,411
Impairment of a cost method investment	0	$ 2,600	0		2,577	0
Gain on sale of equity affiliates	1,473		$ 0		$ 1,370	$ 28,994
Gimlet Media [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of equity affiliates				$ 29,000
Framebridge [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on acquiring a controlling interest in an equity affiliate	$ 3,700

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Nonoperating Income (Expense) [Abstract]
Gain on acquiring a controlling interest in an equity affiliate	$ 3,708		$ 0		$ 3,708	$ 0
Foreign currency (loss) gain, net	(1,070)		109		3,220	623
Impairment of a cost method investment	0	$ (2,600)	0		(2,577)	0
Gain on cost method investments	2,571		0	$ 1,400	2,571	1,411
Gain on sale of a business	1,653		232		1,760	421
Gain on sale of equity affiliates	1,473		0		1,370	28,994
Gain on sale of a cost method investment	0		0		518	0
Other (loss) gain, net	(235)		887		218	(870)
Total Other Non-Operating Income	$ 8,100		$ 1,228		$ 10,788	$ 30,579

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

3 Months Ended

6 Months Ended

Jun. 30, 2020

Mar. 31, 2020

Jun. 30, 2019

Mar. 31, 2019

Jun. 30, 2020

Jun. 30, 2019

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before tax

$ 17,320

$ (12,470)

$ (20,743)

$ (4,799)

Other Comprehensive Income (Loss), income tax

(252)

375

(132)

994

Other Comprehensive Income (Loss), Net of Tax

17,068

$ (37,943)

(12,095)

$ 8,290

(20,875)

(3,805)

Foreign Currency Translation Adjustment [Member]

Other Comprehensive Income (Loss) [Line Items]

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

(20,971)

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

Other Comprehensive Income (Loss), before tax

16,405

(11,104)

(20,971)

(1,071)

Other Comprehensive Income (Loss), income tax

Other Comprehensive Income (Loss), Net of Tax

16,405

(11,104)

(20,971)

(1,071)

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

1,058

(1,406)

1,949

(3,301)

Reclassification from AOCI, Current Period, Tax

(285)

380

(526)

891

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

773

(1,026)

1,423

(2,410)

Other Comprehensive Income (Loss), before tax

1,058

(1,406)

1,949

(3,301)

Other Comprehensive Income (Loss), income tax

(285)

380

(526)

891

Other Comprehensive Income (Loss), Net of Tax

773

(1,026)

1,423

(2,410)

Net Prior Service (Credit) Cost [Member]

Other Comprehensive Income (Loss) [Line Items]

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

^[1]

668

(931)

1,339

(2,278)

Reclassification from AOCI, Current Period, Tax

(181)

251

(362)

615

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

487

(680)

977

(1,663)

Net Actuarial Gain [Member]

Other Comprehensive Income (Loss) [Line Items]

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

^[1]

390

(475)

610

(1,023)

Reclassification from AOCI, Current Period, Tax

(104)

129

(164)

276

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

286

(346)

446

(747)

Cash Flow Hedges [Member]

Other Comprehensive Income (Loss) [Line Items]

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

(1,487)

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

160

Other Comprehensive Income (Loss), before tax

(143)

(1,721)

(427)

Other Comprehensive Income (Loss), income tax

(5)

394

103

Other Comprehensive Income (Loss), Net of Tax

$ (110)

$ 35

$ (1,327)

$ (324)

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 3,212,840	$ 3,326,796	$ 2,999,536	$ 2,916,782	$ 3,326,796	$ 2,916,782
Other Comprehensive Income (Loss), Net of Tax	17,068	(37,943)	(12,095)	8,290	(20,875)	(3,805)
As of	3,213,416	3,212,840	3,038,854	$ 2,999,536	3,213,416	3,038,854
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		303,295			303,295
Other comprehensive loss before reclassifications					(22,458)
Net amount reclassified from accumulated other comprehensive income (loss)					1,583
Other Comprehensive Income (Loss), Net of Tax					(20,875)
As of	282,420				282,420
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		(21,888)			(21,888)
Other comprehensive loss before reclassifications					(20,971)
Net amount reclassified from accumulated other comprehensive income (loss)					0
Other Comprehensive Income (Loss), Net of Tax	16,405		(11,104)		(20,971)	(1,071)
As of	(42,859)				(42,859)
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		325,921			325,921
Other comprehensive loss before reclassifications					0
Net amount reclassified from accumulated other comprehensive income (loss)	773		(1,026)		1,423	(2,410)
Other Comprehensive Income (Loss), Net of Tax	773		(1,026)		1,423	(2,410)
As of	327,344				327,344
Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		$ (738)			(738)
Other comprehensive loss before reclassifications					(1,487)
Net amount reclassified from accumulated other comprehensive income (loss)					160
Other Comprehensive Income (Loss), Net of Tax	(110)		$ 35		(1,327)	$ (324)
As of	$ (2,065)				$ (2,065)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=115929471&loc=d3e21930-107793

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2020

Mar. 31, 2020

Jun. 30, 2019

Mar. 31, 2019

Jun. 30, 2020

Jun. 30, 2019

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

Interest expense

$ 7,377

$ 8,386

$ 15,055

$ 15,811

Provision for (Benefit from) Income Taxes

41,900

16,700

(3,500)

44,300

Net of Tax

(18,862)

$ 33,891

(57,195)

$ (81,702)

15,029

(138,897)

Reclassification out of Accumulated Other Comprehensive Income [Member]

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

Net of Tax

897

(1,070)

1,583

(2,508)

Foreign Currency Translation Adjustment [Member]

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

Reclassifications, net of tax

Pension and Other Postretirement Plans [Member]

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

Reclassifications, before tax

1,058

(1,406)

1,949

(3,301)

(Benefit from) Provision for Income Tax

(285)

380

(526)

891

Reclassifications, net of tax

773

(1,026)

1,423

(2,410)

Net Prior Service (Credit) Cost [Member]

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

Reclassifications, before tax

^[1]

668

(931)

1,339

(2,278)

(Benefit from) Provision for Income Tax

(181)

251

(362)

615

Reclassifications, net of tax

487

(680)

977

(1,663)

Net Actuarial Gain [Member]

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

Reclassifications, before tax

^[1]

390

(475)

610

(1,023)

(Benefit from) Provision for Income Tax

(104)

129

(164)

276

Reclassifications, net of tax

286

(346)

446

(747)

Cash Flow Hedges [Member]

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

Reclassifications, net of tax

160

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

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

Interest expense

118

(58)

147

(127)

Provision for (Benefit from) Income Taxes

Net of Tax

$ 124

$ (44)

$ 160

$ (98)

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies (Details) $ in Thousands	Jun. 30, 2020 USD ($) claim	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business \| claim	0
Deferred Charges and Other Assets (includes $2,784 and $0 of restricted cash)	$ 140,954	$ 128,479
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 15,000

Business Segments (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Business Segments (Narrative) (Details) $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($) Segment
Business Segments [Line Items]
Number of reportable segments \| Segment				8
Restructuring, Settlement and Impairment Provisions		$ 29,200		$ 31,273
Operating lease cost				9,156
Clyde's Restaurant Group [Member]
Business Segments [Line Items]
Accelerated depreciation	$ 2,800
Education [Member] \| Operating Segments [Member]
Business Segments [Line Items]
Restructuring, Settlement and Impairment Provisions				28,783
Operating lease cost				9,156
SocialCode [Member] \| Operating Segments [Member]
Business Segments [Line Items]
Restructuring, Settlement and Impairment Provisions				2,490
Kaplan International [Member] \| Reportable Subsegments [Member] \| Education [Member] \| Operating Segments [Member]
Business Segments [Line Items]
Restructuring, Settlement and Impairment Provisions				11,203
Operating lease cost				2,418
Higher Education [Member] \| Reportable Subsegments [Member] \| Education [Member] \| Operating Segments [Member]
Business Segments [Line Items]
Restructuring, Settlement and Impairment Provisions				7,204
Operating lease cost			$ 2,000	3,442
Test Preparation [Member] \| Reportable Subsegments [Member] \| Education [Member] \| Operating Segments [Member]
Business Segments [Line Items]
Restructuring, Settlement and Impairment Provisions				4,775
Operating lease cost				$ 2,740

Business Segments (Restructuring) (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Severance			$ 1,224
Operating lease cost			9,156
Accelerated depreciation of property, plant and equipment			3,368
Total Restructuring Costs Include in Segment Income (Loss) from Operations			13,748
Lease right-of-use assets			9,455
Property, plant and equipment			2,056
Non-operating pensions and postretirement benefit income, net			6,014
Total Restructuring Related Costs	$ 29,200		31,273
Operating Segments [Member] \| Education [Member]
Restructuring Cost and Reserve [Line Items]
Severance			1,224
Operating lease cost			9,156
Accelerated depreciation of property, plant and equipment			3,368
Total Restructuring Costs Include in Segment Income (Loss) from Operations			13,748
Lease right-of-use assets			8,050
Property, plant and equipment			1,970
Non-operating pensions and postretirement benefit income, net			5,015
Total Restructuring Related Costs			28,783
Operating Segments [Member] \| Education [Member] \| Kaplan Corporate and Other [Member]
Restructuring Cost and Reserve [Line Items]
Severance			0
Accelerated depreciation of property, plant and equipment			0
Total Restructuring Costs Include in Segment Income (Loss) from Operations			0
Lease right-of-use assets			0
Property, plant and equipment			0
Non-operating pensions and postretirement benefit income, net			189
Total Restructuring Related Costs			189
Operating Segments [Member] \| Education [Member] \| Kaplan International [Member] \| Reportable Subsegments [Member]
Restructuring Cost and Reserve [Line Items]
Severance			1,224
Operating lease cost			2,418
Accelerated depreciation of property, plant and equipment			1,472
Total Restructuring Costs Include in Segment Income (Loss) from Operations			5,114
Lease right-of-use assets			3,790
Property, plant and equipment			1,199
Non-operating pensions and postretirement benefit income, net			1,100
Total Restructuring Related Costs			11,203
Operating Segments [Member] \| Education [Member] \| Higher Education [Member] \| Reportable Subsegments [Member]
Restructuring Cost and Reserve [Line Items]
Severance			0
Operating lease cost		$ 2,000	3,442
Accelerated depreciation of property, plant and equipment			95
Total Restructuring Costs Include in Segment Income (Loss) from Operations			3,537
Lease right-of-use assets			2,062
Property, plant and equipment			174
Non-operating pensions and postretirement benefit income, net			1,431
Total Restructuring Related Costs			7,204
Operating Segments [Member] \| Education [Member] \| Test Preparation [Member] \| Reportable Subsegments [Member]
Restructuring Cost and Reserve [Line Items]
Severance			0
Operating lease cost			2,740
Accelerated depreciation of property, plant and equipment			1,792
Total Restructuring Costs Include in Segment Income (Loss) from Operations			4,532
Lease right-of-use assets			243
Property, plant and equipment			0
Non-operating pensions and postretirement benefit income, net			0
Total Restructuring Related Costs			4,775
Operating Segments [Member] \| Education [Member] \| Professional (U.S.) [Member] \| Reportable Subsegments [Member]
Restructuring Cost and Reserve [Line Items]
Severance			0
Operating lease cost			556
Accelerated depreciation of property, plant and equipment			9
Total Restructuring Costs Include in Segment Income (Loss) from Operations			565
Lease right-of-use assets			1,955
Property, plant and equipment			597
Non-operating pensions and postretirement benefit income, net			2,295
Total Restructuring Related Costs			5,412
Operating Segments [Member] \| SocialCode [Member]
Restructuring Cost and Reserve [Line Items]
Severance			0
Accelerated depreciation of property, plant and equipment			0
Total Restructuring Costs Include in Segment Income (Loss) from Operations			0
Lease right-of-use assets			1,405
Property, plant and equipment			86
Non-operating pensions and postretirement benefit income, net			999
Total Restructuring Related Costs			$ 2,490

Business Segments (Information by Operating Segment) (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Operating Revenues	$ 652,871	$ 737,602	$ 1,385,128	$ 1,429,801
Income (Loss) from Operations	5,877	57,963	13,962	97,966
Equity in earnings (losses) of affiliates, net	1,182	1,467	(365)	3,146
Interest Expense, Net	(6,423)	(6,807)	(12,950)	(12,532)
Non-operating pension and postretirement benefit income, net	12,136	12,253	30,539	32,181
Gain (loss) on marketable equity securities, net	39,890	7,791	(60,503)	31,857
Other income, net	8,100	1,228	10,788	30,579
Income (Loss) Before Income Taxes	60,762	73,895	(18,529)	183,197
Depreciation of property, plant and equipment	22,913	13,884	39,617	27,407
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	25,838	13,573	56,404	26,633
Amortization of Intangible Assets	14,327	12,880	28,492	25,940
Impairment of goodwill and other long-lived assets	11,511	693	27,912	693
Pension Service Cost	5,804	4,963	11,587	10,184
Identifiable Assets	3,768,658		3,768,658		$ 3,891,557
Marketable equity securities	431,808		431,808		585,080
Investments in Affiliates	156,677		156,677		162,249
Prepaid Pension Cost	1,315,174		1,315,174		1,292,350
Total Assets	5,672,317		5,672,317		5,931,236
Operating Segments [Member] \| Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	333,175	367,763	689,553	740,217
Income (Loss) from Operations	12,254	26,305	16,946	51,900
Depreciation of property, plant and equipment	10,324	6,137	17,653	12,338
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	14,291	4,070	18,492	7,637
Amortization of Intangible Assets	4,271	3,377	8,472	6,944
Impairment of goodwill and other long-lived assets	10,020	693	10,020	693
Pension Service Cost	2,592	2,522	5,177	5,186
Identifiable Assets	1,827,258		1,827,258		2,032,425
Operating Segments [Member] \| Education [Member] \| Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	3,039	2,369	6,244	4,671
Income (Loss) from Operations	(21,161)	(10,990)	(26,884)	(22,394)
Depreciation of property, plant and equipment	101	54	190	106
Pension Service Cost	318	160	636	330
Identifiable Assets	65,144		65,144		68,088
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	164,713	188,580	364,328	374,336
Income (Loss) from Operations	16,035	25,537	35,015	49,822
Depreciation of property, plant and equipment	5,619	3,716	10,197	7,598
Pension Service Cost	120	110	232	227
Identifiable Assets	1,266,671		1,266,671		1,455,122
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	86,453	76,288	159,990	159,068
Income (Loss) from Operations	17,050	2,721	15,030	4,636
Depreciation of property, plant and equipment	832	629	1,555	1,226
Pension Service Cost	1,070	1,102	2,140	2,265
Identifiable Assets	210,789		210,789		196,761
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Test Preparation [Member]
Segment Reporting Information [Line Items]
Operating Revenues	51,111	65,673	93,950	126,823
Income (Loss) from Operations	(1,048)	4,289	(13,724)	3,835
Depreciation of property, plant and equipment	2,607	779	3,433	1,584
Pension Service Cost	823	821	1,646	1,687
Identifiable Assets	138,359		138,359		151,655
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Professional (U.S.) [Member]
Segment Reporting Information [Line Items]
Operating Revenues	28,674	35,147	67,123	76,361
Income (Loss) from Operations	1,378	4,745	7,504	16,004
Depreciation of property, plant and equipment	1,165	959	2,278	1,824
Pension Service Cost	261	329	523	677
Identifiable Assets	146,295		146,295		160,799
Operating Segments [Member] \| Education [Member] \| Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(815)	(294)	(2,082)	(1,042)
Income (Loss) from Operations	0	3	5	(3)
Operating Segments [Member] \| Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	100,762	116,628	216,210	224,851
Income (Loss) from Operations	23,627	44,494	59,403	80,034
Depreciation of property, plant and equipment	3,446	3,293	6,789	6,532
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	1,361	1,408	2,721	2,816
Pension Service Cost	836	780	1,632	1,511
Identifiable Assets	450,134		450,134		463,689
Operating Segments [Member] \| Manufacturing [Member]
Segment Reporting Information [Line Items]
Operating Revenues	83,239	114,873	196,697	230,030
Income (Loss) from Operations	(1,482)	4,692	5,019	7,966
Depreciation of property, plant and equipment	2,526	2,384	5,053	4,817
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	6,988	6,528	14,125	13,058
Pension Service Cost	395	15	789	40
Identifiable Assets	557,767		557,767		564,251
Operating Segments [Member] \| Healthcare [Member]
Segment Reporting Information [Line Items]
Operating Revenues	49,181	40,641	95,175	78,369
Income (Loss) from Operations	8,818	2,598	11,987	4,927
Depreciation of property, plant and equipment	493	607	1,033	1,217
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	1,307	1,410	2,617	2,808
Pension Service Cost	112	63	271	246
Identifiable Assets	159,045		159,045		160,033
Operating Segments [Member] \| SocialCode [Member]
Segment Reporting Information [Line Items]
Operating Revenues	10,483	16,382	22,506	29,829
Income (Loss) from Operations	(3,004)	(975)	(6,793)	(4,993)
Depreciation of property, plant and equipment	121	384	242	536
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	1,647	157	1,804	314
Pension Service Cost	162	191	399	439
Identifiable Assets	122,421		122,421		221,746
Operating Segments [Member] \| Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	76,380	81,359	165,648	126,589
Income (Loss) from Operations	(21,316)	(5,913)	(51,008)	(14,406)
Depreciation of property, plant and equipment	5,827	837	8,496	1,485
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	244	0	16,645	0
Pension Service Cost	241	161	467	362
Identifiable Assets	391,031		391,031		345,649
Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	0	0	0	0
Income (Loss) from Operations	(13,020)	(13,238)	(21,592)	(27,462)
Depreciation of property, plant and equipment	176	242	351	482
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-lived Assets	0	0	0	0
Pension Service Cost	1,466	1,231	2,852	2,400
Identifiable Assets	261,002		261,002		$ 103,764
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (349)	$ (44)	$ (661)	$ (84)