0000104889-23-000034 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
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		3,778,767

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Revenues
Operating Revenues	$ 1,031,546	$ 914,721
Operating Costs and Expenses
Selling, general and administrative	241,962	224,862
Depreciation of property, plant and equipment	20,025	19,475
Amortization of intangible assets	13,944	14,912
Impairment of long-lived assets	745	0
Total Operating Costs and Expenses	1,003,890	874,750
Income from Operations	27,656	39,971
Equity in earnings of affiliates, net	4,661	2,604
Interest income	1,204	715
Interest expense	(14,294)	(11,417)
Non-operating pension and postretirement benefit income, net	31,845	50,505
Gain on marketable equity securities, net	18,022	46,912
Other income, net	3,083	2,876
Income Before Income Taxes	72,177	132,166
Provision for Income Taxes	19,200	35,600
Net Income	52,977	96,566
Net Income Attributable to Noncontrolling Interests	(705)	(942)
Net Income Attributable to Graham Holdings Company Common Stockholders	$ 52,272	$ 95,624
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share (in USD per share)	$ 10.91	$ 19.50
Basic average number of common shares outstanding (in shares)	4,759	4,871
Diluted net income per common share (in USD per share)	$ 10.88	$ 19.45
Diluted average number of common shares outstanding (in shares)	4,776	4,885
Services [Member]
Operating Revenues
Operating Revenues	$ 586,863	$ 557,569
Operating Costs and Expenses
Cost of services and goods	356,942	324,981
Goods [Member]
Operating Revenues
Operating Revenues	444,683	357,152
Operating Costs and Expenses
Cost of services and goods	$ 370,272	$ 290,520

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 52,977	$ 96,566
Foreign currency translation adjustments:
Translation adjustments arising during the period	8,994	(1,738)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	409	716
Amortization of net actuarial gain included in net income	(10,766)	(17,774)
Total pension and other postretirement plans, before tax	(10,357)	(17,058)
Cash flow hedges (loss) gain	(930)	1,642
Other Comprehensive Income (Loss), Before Tax	(2,293)	(17,154)
Income tax benefit related to items of other comprehensive income (loss)	2,878	4,019
Other Comprehensive Income (Loss), Net of Tax	585	(13,135)
Comprehensive Income	53,562	83,431
Comprehensive income attributable to noncontrolling interests	(705)	(942)
Total Comprehensive Income Attributable to Graham Holdings Company	$ 52,857	$ 82,489

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 123,469	$ 169,319
Restricted cash	30,777	20,467
Investments in marketable equity securities and other investments	616,379	622,408
Accounts receivable, net	507,514	560,779
Inventories and contracts in progress	246,220	226,811
Prepaid expenses	112,982	97,450
Income taxes receivable	3,335	9,313
Other current assets	1,914	1,547
Total Current Assets	1,642,590	1,708,094
Property, Plant and Equipment, Net	506,995	503,000
Lease Right-of-Use Assets	424,938	429,403
Investments in Affiliates	194,960	186,419
Goodwill, Net	1,567,594	1,560,953
Indefinite-Lived Intangible Assets	180,038	178,934
Amortized Intangible Assets, Net	147,553	161,422
Prepaid Pension Cost	1,671,477	1,658,046
Deferred Income Taxes	6,870	6,812
Deferred Charges and Other Assets (includes $476 and $646 of restricted cash)	199,184	189,132
Total Assets	6,542,199	6,582,215
Current Liabilities
Accounts payable and accrued liabilities	536,959	563,005
Deferred revenue	373,173	381,416
Income taxes payable	15,026	3,766
Current portion of lease liabilities	72,210	70,007
Current portion of long-term debt	123,018	155,813
Dividends declared	7,902	0
Total Current Liabilities	1,128,288	1,174,007
Accrued Compensation and Related Benefits	134,541	134,921
Other Liabilities	37,373	37,506
Deferred Income Taxes	462,109	466,275
Mandatorily Redeemable Noncontrolling Interest	32,309	30,845
Lease Liabilities	387,866	393,626
Long-Term Debt	568,101	570,547
Total Liabilities	2,750,587	2,807,727
Commitments and Contingencies (Note 14)
Redeemable Noncontrolling Interests	21,882	21,827
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	388,173	390,438
Retained earnings	7,199,588	7,163,128
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(45,644)	(54,638)
Unrealized gain on pensions and other postretirement plans	380,898	388,591
Cash flow hedges	1,482	2,198
Cost of Class B common stock held in treasury	(4,197,279)	(4,178,334)
Total Common Stockholders’ Equity	3,747,218	3,731,383
Noncontrolling Interests	22,512	21,278
Total Equity	3,769,730	3,752,661
Total Liabilities and Equity	$ 6,542,199	$ 6,582,215

Condensed Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Restricted Cash, Noncurrent	$ 476	$ 646

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net Income	$ 52,977,000	$ 96,566,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and long-lived asset impairments	34,714,000	34,387,000
Amortization of lease right-of-use asset	16,492,000	17,569,000
Net pension benefit and special separation benefit expense	(23,162,000)	(44,782,000)
Gain on marketable equity securities and cost method investments, net	(19,853,000)	(46,912,000)
Gain on disposition of property, plant and equipment and investments, net	(1,053,000)	(1,593,000)
Credit loss expense and provision for other receivables	15,000	1,503,000
Stock-based compensation expense	1,802,000	1,677,000
Foreign exchange loss	1,504,000	1,047,000
Equity in earnings of affiliates, net of distributions	(4,655,000)	2,020,000
(Benefit from) provision for deferred income taxes	(1,781,000)	16,182,000
Contingent consideration accretion expense	315,000	76,000
Change in operating assets and liabilities:
Accounts receivable, net	54,245,000	89,228,000
Inventories	(19,318,000)	(15,298,000)
Accounts payable and accrued liabilities	(48,264,000)	(78,819,000)
Deferred revenue	(2,387,000)	(9,037,000)
Income taxes receivable/payable	17,274,000	18,392,000
Lease liabilities	(16,182,000)	(20,247,000)
Other assets and other liabilities, net	(18,800,000)	(18,549,000)
Other	(1,072,000)	1,482,000
Net Cash Provided by Operating Activities	22,811,000	44,892,000
Cash Flows from Investing Activities
Proceeds from sales of marketable equity securities	29,028,000	55,731,000
Purchases of property, plant and equipment	(22,554,000)	(14,207,000)
Purchases of marketable equity securities	(6,162,000)	0
Investments in equity affiliates, cost method and other investments	(4,735,000)	(23,698,000)
Net proceeds from disposition of property, plant and equipment, and investments	2,706,000	1,334,000
Other	(237,000)	363,000
Net Cash (Used in) Provided by Investing Activities	(1,954,000)	19,523,000
Cash Flows from Financing Activities
Net payments under revolving credit facilities	(33,000,000)	(37,000,000)
Common shares repurchased	(23,439,000)	(9,527,000)
Dividends paid	(7,910,000)	(7,749,000)
Net proceeds from (repayments of) vehicle floor plan payable	7,196,000	(3,889,000)
Repayments of borrowings	(3,999,000)	(977,000)
Proceeds from (repayments of) bank overdrafts	3,153,000	(2,868,000)
Deferred payments of acquisition	(161,000)	(3,294,000)
Other	358,000	942,000
Net Cash Used in Financing Activities	(57,802,000)	(64,362,000)
Effect Of Currency Exchange Rate Change	1,235,000	(208,000)
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(35,710,000)	(155,000)
Beginning Cash and Cash Equivalents and Restricted Cash	190,432,000	158,843,000
Ending Cash and Cash Equivalents and Restricted Cash	$ 154,722,000	$ 158,688,000

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, 2021	$ 4,411,669	$ 20,000	$ 389,456	$ 7,126,761	$ 971,388	$ (4,108,022)	$ 12,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	96,566			96,566
Net income attributable to noncontrolling interest	0			(986)			986
Net (income) loss attributable to redeemable noncontrolling interests	44			44
Change in redemption value of redeemable noncontrolling interest	64						64
Distribution to noncontrolling interest	(357)						(357)
Dividends on common stock	(15,497)			(15,497)
Repurchase of Class B Common Stock	(9,527)					(9,527)
Issuance of Class B common stock	1,437					1,437
Amortization of unearned stock compensation and stock option expense	1,677		1,677
Other comprehensive income (loss), net of income taxes	(13,135)				(13,135)
As of at Mar. 31, 2022	4,472,941	20,000	391,133	7,206,888	958,253	(4,116,112)	12,779
As of at Dec. 31, 2021	14,311
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	(44)
Change in redemption value of redeemable noncontrolling interests	64
As of at Mar. 31, 2022	14,331
As of at Dec. 31, 2022	3,752,661	20,000	390,438	7,163,128	336,151	(4,178,334)	21,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	52,977			52,977
Net income attributable to noncontrolling interest	0			(650)			650
Net (income) loss attributable to redeemable noncontrolling interests	(55)			(55)
Change in redemption value of redeemable noncontrolling interest	64						64
Noncontrolling interest capital contribution	520						520
Distribution to redeemable noncontrolling interest	0
Dividends on common stock	(15,812)			(15,812)
Repurchase of Class B Common Stock	(23,439)					(23,439)
Issuance of Class B common stock	427		(4,067)			4,494
Amortization of unearned stock compensation and stock option expense	1,802		1,802
Other comprehensive income (loss), net of income taxes	585				585
As of at Mar. 31, 2023	3,769,730	$ 20,000	$ 388,173	$ 7,199,588	$ 336,736	$ (4,197,279)	$ 22,512
As of at Dec. 31, 2022	21,827
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	55
Change in redemption value of redeemable noncontrolling interests	70
Distribution to redeemable noncontrolling interest	(70)
As of at Mar. 31, 2023	$ 21,882

Organization, Basis of Presentation and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Recent Accounting Pronouncements	ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS Graham Holdings Company (the Company) is a diversified holding company whose operations include: education; television broadcasting–online, podcast, print and local TV news; manufacturing; home health and hospice care; automotive dealerships; and other businesses. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States (U.S.). The Company’s television broadcast segment owns and operates seven television broadcasting stations. The Company’s manufacturing companies comprise the ownership of a supplier of pressure treated wood, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and industrial systems. The Company’s healthcare segment provides home health, hospice and palliative services, in-home specialty pharmacy infusion therapies, applied behavior analysis (ABA) therapy, physician services for allergy, asthma and immunology patients, in-home aesthetics, and healthcare software-as-a-service technology. The Company’s automotive business comprises six dealerships and valet repair services. The Company’s other businesses include a consumer internet company; restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; website and print magazines; an ad-free audio streaming service for children; and a daily local news podcast and newsletter company. 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 months ended March 31, 2023 and 2022 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, 2022. 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. Recently Adopted and Issued Accounting Pronouncements – In September 2022, the Financial Accounting Standards Board issued new guidance that requires a buyer in a supplier finance program to disclose certain qualitative and quantitative information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The standard was adopted by the Company in the first quarter of 2023 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions of Businesses

3 Months Ended

Mar. 31, 2023

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions of Businesses

ACQUISITIONS AND DISPOSITIONS OF BUSINESSES

Acquisitions. In January 2023, Graham Healthcare Group (GHG) acquired two small businesses which are included in healthcare.

During 2022, the Company acquired seven businesses: five in healthcare and two in automotive, for $143.2 million in cash and contingent consideration and the assumption of floor plan payables. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

In May 2022, GHG acquired two small businesses which are included in healthcare.

On July 5, 2022, the Company’s automotive subsidiary acquired two automotive dealerships, including the real property for the dealership operations. In addition to a cash payment and the assumption of $10.9 million in floor

plan payables, the automotive subsidiary borrowed $77.4 million to finance the acquisition. The dealerships are operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. These acquisitions expand the Company’s automotive business operations and are included in automotive.

In July 2022, GHG acquired a 100% interest in a multi-state provider of ABA clinics. The acquisition is expected to expand the product offerings of the healthcare division and is included in healthcare.

In August 2022, GHG acquired two small businesses which are included in healthcare.

Acquisition-related costs for acquisitions were expensed as incurred. The aggregate purchase price of the 2022 acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Year Ended
(in thousands)	December 31, 2022
Accounts receivable	$	3,172
Inventory	21,278
Property, plant and equipment	36,255
Lease right-of-use assets	4,773
Goodwill	56,163
Indefinite-lived intangible assets	41,800
Amortized intangible assets	1,200
Other assets	481
Deferred income taxes	241
Floor plan payables	(10,908)
Other liabilities	(3,798)

Current and noncurrent lease liabilities	(5,865)
Redeemable noncontrolling interest	(2,164)
Noncontrolling interest	(512)
Aggregate purchase price, net of cash acquired	$	142,116

The 2022 fair values recorded were based upon 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 recording of deferred tax assets or liabilities and the final amount of residual goodwill is 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 $38.5 million of goodwill for income tax purposes for the acquisitions completed in 2022.

The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The following unaudited pro forma information includes the 2022 acquisitions as if they occurred at the beginning of 2021:


	Three Months Ended March 31
(in thousands)		2022
Operating revenues		$	998,193
Net income		100,676

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.

Disposition of Businesses. In October 2022, the Company entered into an agreement to merge the CyberVista business with CyberWire, Inc. in return for a noncontrolling financial interest in the merged entity, N2K Networks, Inc. (the CyberVista transaction). The Company deconsolidated the CyberVista subsidiary, which was included in

other businesses, and accounts for its continuing interest in N2K Networks under the equity method of accounting (see Note 3).

Other Transactions. In November 2022, a CSI Pharmacy Holdings Company, LLC (CSI) minority shareholder put some shares to the Company, which had a redemption value of $1.2 million. Following the redemption, the Company owns 76.5% of CSI.

Investments

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Investments

INVESTMENTS

Money Market Investments. As of March 31, 2023 and December 31, 2022, the Company had money market investments of $2.2 million and $7.7 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
	March 31, 2023		December 31, 2022
(in thousands)
Total cost	$	234,157	$	270,764
Gross unrealized gains	373,842		363,147
Gross unrealized losses	(4,456)		(23,990)
Total Fair Value	$	603,543	$	609,921

At March 31, 2023 and December 31, 2022, the Company owned 55,430 shares in Markel Corporation (Markel) valued at $70.8 million and $73.0 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of March 31, 2023, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $345.6 million, which exceeded 5% of the Company’s total assets.

The Company purchased $4.6 million of marketable equity securities during the first three months of 2023. There were no purchases of marketable equity securities during the first three months of 2022.

During the first three months of 2023, the gross cumulative realized net losses from the sales of marketable equity securities were $12.2 million. The total proceeds from such sales were $29.0 million. During the first three months of 2022, the gross cumulative realized gains from the sales of marketable equity securities were $41.6 million. The total proceeds from such sales were $55.7 million.

The net gain on marketable equity securities comprised the following:


	Three Months Ended March 31
(in thousands)		2023		2022
Gain on marketable equity securities, net		$	18,022	$	46,912
Less: Net losses in earnings from marketable equity securities sold		3,657		5,767
Net unrealized gains in earnings from marketable equity securities still held at the end of the period		$	21,679	$	52,679

Investments in Affiliates. As of March 31, 2023, the Company held a 49.9% interest in N2K Networks on a fully diluted basis, and accounts for its investment under the equity method. The Company holds two of the five seats of N2K Networks’ governing board with the other shareholders retaining substantive participation rights to control the financial and operating decisions of N2K Networks through representation on the board.

As of March 31, 2023, the Company held an approximate 18% interest in Intersection Holdings, LLC (Intersection), and accounts for its investment under the equity method. The Company holds two of the ten seats of Intersection’s governing board, which allows the Company to exercise significant influence over Intersection.

As of March 31, 2023, the Company also held investments in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 40% 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). During the first quarter of 2022, GHG invested an additional $18.5 million in the Residential Home Health Illinois and Residential Hospice Illinois affiliates to fund their acquisition of certain home health and hospice assets of the NorthShore University HealthSystem. The transaction diluted GHG’s interest in Residential Hospice Illinois resulting in a $0.6 million gain on the sale of investment in affiliate (see Note 12). For the

three months ended March 31, 2023 and 2022, the Company recorded $3.5 million and $3.3 million, respectively, in revenue for services provided to the affiliates of GHG.

The Company had $50.1 million and $49.1 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of March 31, 2023 and December 31, 2022, respectively.

Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with University of York. 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 outstanding balance on this loan was £20.4 million as of March 31, 2023. 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 $69.4 million and $66.7 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023, the Company recorded gains of $1.8 million to those equity securities based on observable transactions.

Accounts Receivable, Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2023

Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]

Accounts Receivable Accounts Payable And Accrued Liabilities

ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts receivable consist of the following:


	As of
	March 31, 2023		December 31, 2022
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $22,935 and $21,387	$	478,726	$	533,622
Other receivables	28,788		27,157
	$	507,514	$	560,779

Credit loss expense was $0.5 million and $1.5 million for the three months ended March 31, 2023 and 2022, respectively.

Accounts payable and accrued liabilities consist of the following:


	As of
	March 31, 2023		December 31, 2022
(in thousands)
Accounts payable	$	133,805	$	136,186
Accrued compensation and related benefits	112,378		149,823
Other accrued liabilities	290,776		276,996
	$	536,959	$	563,005

Cash overdrafts of $3.6 million and $0.5 million are included in accounts payable as of March 31, 2023 and December 31, 2022, respectively.

Inventories, Contracts in Progress and Vehicle Floor Plan Payable

3 Months Ended

Mar. 31, 2023

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
	March 31, 2023		December 31, 2022
(in thousands)
Raw materials	$	67,950	$	68,494
Work-in-process	15,141		15,718
Finished goods	160,168		140,548
Contracts in progress	2,961		2,051
	$	246,220	$	226,811

The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank (Truist floor plan facility) and Ford Motor Credit Company (Ford floor plan facility). At March 31, 2023, the floor plan facilities bore interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 5.4% and 2.0% for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the aggregate capacity under the floor plan facilities was $106.3 million, of which $76.9 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 facilities are 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 March 31, 2023.

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 cost of goods sold in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended March 31, 2023 and 2022, the Company recognized a reduction in cost of goods sold of $1.4 million and $0.9 million, respectively, related to manufacturer floor plan assistance.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Amortization of intangible assets for the three months ended March 31, 2023 and 2022, was $13.9 million and $14.9 million, respectively. Amortization of intangible assets is estimated to be approximately $36 million for the remainder of 2023, $37 million in 2024, $29 million in 2025, $20 million in 2026, $6 million in 2027 and $20 million thereafter.

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


(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Other Businesses		Total
Balance as of December 31, 2022
Goodwill	$	1,145,502	$	190,815	$	234,993	$	135,870	$	84,697	$	251,216	$	2,043,093
Accumulated impairment losses	(331,151)		—		(34,302)		—		—		(116,687)		(482,140)
	814,351		190,815		200,691		135,870		84,697		134,529		1,560,953


Acquisitions	—		—		—		385		—		—		385



Foreign currency exchange rate changes	6,256		—		—		—		—		—		6,256
Balance as of March 31, 2023
Goodwill	1,151,758		190,815		234,993		136,255		84,697		251,216		2,049,734
Accumulated impairment losses	(331,151)		—		(34,302)		—		—		(116,687)		(482,140)
	$	820,607	$	190,815	$	200,691	$	136,255	$	84,697	$	134,529	$	1,567,594

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


(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total
Balance as of December 31, 2022
Goodwill	$	579,561	$	174,564	$	391,377	$	1,145,502
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	579,561		63,240		171,550		814,351






Foreign currency exchange rate changes	6,252		—		4		6,256
Balance as of March 31, 2023
Goodwill	585,813		174,564		391,381		1,151,758
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	$	585,813	$	63,240	$	171,554	$	820,607

Other intangible assets consist of the following:


		As of March 31, 2023						As of December 31, 2022
(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	$	298,022	$	236,486	$	61,536	$	297,766	$	230,429	$	67,337
Trade names and trademarks	2–15 years	148,286		84,833		63,453		148,102		81,078		67,024
Network affiliation agreements	10 years	17,400		11,112		6,288		17,400		10,367		7,033
Databases and technology	3–6 years	36,251		33,714		2,537		36,216		32,219		3,997
Noncompete agreements	2–5 years	20		16		4		1,000		995		5
Other	1–8 years	43,644		29,909		13,735		43,644		27,618		16,026
		$	543,623	$	396,070	$	147,553	$	544,128	$	382,706	$	161,422
Indefinite-Lived Intangible Assets
Franchise agreements		$	85,858					$	85,858
Trade names and trademarks		83,009						81,905
FCC licenses		11,000						11,000
Licensure and accreditation		150						150
Other		21						21
		$	180,038					$	178,934

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The Company’s borrowings consist of the following:


				As of

(in thousands)	Maturities	Stated Interest Rate	Effective Interest Rate	March 31, 2023		December 31, 2022
Unsecured notes (1)	2026	5.75%	5.75%	$	397,725	$	397,548
Revolving credit facility	2027	4.80% - 8.38%	5.81%	168,766		200,236

Truist Bank commercial note (2)	2031	6.10% - 6.37%	6.33%	23,276		23,522
Truist Bank commercial note	2032	6.38% - 6.72%	6.54%	63,483		66,513
Truist Bank commercial note (3)	2032	6.13% - 6.47%	6.40%	26,211		26,548
Pinnacle Bank term loan	2024	4.15%	4.18%	8,152		8,433

Other indebtedness	2025 - 2030	0.00% - 16.00%		3,506		3,560
Total Debt				691,119		726,360
Less: current portion				(123,018)		(155,813)
Total Long-Term Debt				$	568,101	$	570,547

____________

(1) The carrying value is net of $2.3 million and $2.5 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022, respectively.

(2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022.

(3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022.

At March 31, 2023 and December 31, 2022, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $393.7 million and $395.1 million, respectively.

The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $168.8 million as of March 31, 2023, consisting of U.S. dollar borrowings of $107 million with interest payable at SOFR plus 1.375% or prime rate plus 0.375%, and British Pound (GBP) borrowings of £50 million with interest payable at Daily Sterling Overnight Index Average (SONIA) plus 1.375%.

The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as of March 31, 2023 and December 31, 2022. The Company is in compliance with all financial covenants of the revolving credit facility, commercial notes, and Pinnacle Bank term loan as of March 31, 2023.

During the three months ended March 31, 2023 and 2022, the Company had average borrowings outstanding of approximately $735.0 million and $665.0 million, respectively, at average annual interest rates of approximately 5.8% and 4.3%, respectively. During the three months ended March 31, 2023 and 2022, the Company incurred net interest expense of $13.1 million and $10.7 million, respectively.

During the three months ended March 31, 2023 and 2022, the Company recorded interest expense of $1.5 million and $3.4 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. The fair value of the mandatorily redeemable noncontrolling interest was based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, 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 (Level 3 fair value assessment).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1C
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1I
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	2,249	$	—	$	2,249
Marketable equity securities (2)	603,543		—		—		603,543
Other current investments (3)	8,020		4,816		—		12,836
Interest rate swaps (4)	—		1,682		—		1,682
Total Financial Assets	$	611,563	$	8,747	$	—	$	620,310
Liabilities

Contingent consideration liabilities (5)	$	—	$	—	$	8,206	$	8,206

Mandatorily redeemable noncontrolling interest (6)	—		—		32,309		32,309
Total Financial Liabilities	$	—	$	—	$	40,515	$	40,515


	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	7,686	$	—	$	7,686
Marketable equity securities (2)	609,921		—		—		609,921
Other current investments (3)	7,471		5,016		—		12,487
Interest rate swaps (4)	—		2,636		—		2,636
Total Financial Assets	$	617,392	$	15,338	$	—	$	632,730
Liabilities

Contingent consideration liabilities (5)	$	—	$	—	$	8,423	$	8,423

Foreign exchange swap (7)	—		333		—		333
Mandatorily redeemable noncontrolling interest (6)	—		—		30,845		30,845
Total Financial Liabilities	$	—	$	333	$	39,268	$	39,601

____________


(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. corporations that are actively traded on U.S. 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 Deferred Charges and Other 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)			Included in Accounts payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount 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 and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses.

(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.

The following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs:


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2022	$	8,423	$	30,845
Acquisition of business	220		—
Changes in fair value (1)	—		1,468

Accretion of value included in net income (1)	315		—
Settlements or distributions	(752)		(4)

As of March 31, 2023	$	8,206	$	32,309


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2021	$	14,881	$	13,661
Acquisition of business	(3)		—
Changes in fair value (1)	—		3,423

Accretion of value included in net income (1)	76		—
Settlements or distributions	—		(53)

As of March 31, 2022	$	14,954	$	17,031

____________


(1)			Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

During the three months ended March 31, 2023, the Company recorded long-lived asset impairment charges of $0.7 million. The remeasurement of the 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 long-lived assets and made estimates and assumptions regarding future cash flows and discount rates.

During the three months ended March 31, 2023, the Company recorded gains of $1.8 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.

- 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

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company generated 79% of its revenue from U.S. domestic sales for each of the three months ended March 31, 2023 and 2022. The remaining 21% of revenue was generated from non-U.S. sales for each of the three months ended March 31, 2023 and 2022.

For the three months ended March 31, 2023, the Company recognized 55% of its revenue over time as control of the services and goods transferred to the customer, and the remaining 45% at a point in time, when the customer obtained control of the promised goods. For the three months ended March 31, 2022, the Company recognized 61% of its revenue over time, and the remaining 39% at a point in time.

Contract Assets. As of March 31, 2023, the Company recognized a contract asset of $34.1 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 $323.1 million related to this contract over the next six years. As of December 31, 2022, the contract asset was $26.3 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
	March 31, 2023		December 31, 2022		%
(in thousands)					Change
Deferred revenue	$	377,050	$	385,507	(2)

In April 2020, GHG received $31.5 million under the expanded Medicare Accelerated and Advanced Payment Program modified by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a result of COVID-19. The Department of Health and Human Services started to recoup this advance 365 days after the payment was

issued. The advance has been recouped in full as of September 30, 2022. For the three months ended March 31, 2022, GHG recognized $6.4 million of the balance in revenue for claims submitted for eligible services.

The majority of the change in the deferred revenue balance is related to the cyclical nature of services in the Kaplan international division. During the three months ended March 31, 2023, the Company recognized $183.7 million related to the Company’s deferred revenue balance as of December 31, 2022.

Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of March 31, 2023, the deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than twelve months at Kaplan Supplemental Education was $6.8 million. Kaplan Supplemental Education expects to recognize 67% 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
2023	$	31,647	$	16,068	$	(19,637)	$	541	$	28,619

The majority of other activity was related to currency translation adjustments for the three months ended March 31, 2023.

- 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
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of 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 and share data used in the basic and diluted earnings per share computations using the two-class method:


	Three Months Ended March 31
(in thousands, except per share amounts)	2023			2022
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	52,272		$	95,624
Less: Dividends paid-common stock outstanding and unvested restricted shares	(15,812)			(15,497)
Undistributed earnings	36,460			80,127
Percent allocated to common stockholders	99.35		%	99.35		%
	36,225			79,611
Add: Dividends paid-common stock outstanding	15,711			15,397
Numerator for basic earnings per share	$	51,936		$	95,008
Add: Additional undistributed earnings due to dilutive stock options	1			1
Numerator for diluted earnings per share	$	51,937		$	95,009
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,759			4,871
Add: Effect of dilutive stock options	17			14
Denominator for diluted earnings per share	4,776			4,885
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	10.91		$	19.50
Diluted earnings per share	$	10.88		$	19.45

____________

Earnings per share amounts may not recalculate due to rounding.

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


	Three Months Ended March 31
(in thousands)	2023	2022
Weighted average restricted stock	10	16

The diluted earnings per share amounts for the three months ended March 31, 2023 and March 31, 2022 exclude the effects of 105,000 stock options and contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition.

In the three months ended March 31, 2023 and 2022, the Company declared regular dividends totaling $3.30 and $3.16 per common share, respectively.

Pension and Postretirement Plans

3 Months Ended

Mar. 31, 2023

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 March 31
(in thousands)		2023		2022
Service cost		$	9,243	$	6,031
Interest cost		11,534		7,670
Expected return on assets		(38,338)		(41,963)
Amortization of prior service cost		410		709
Recognized actuarial gain		(10,140)		(17,229)
Net Periodic Benefit		(27,291)		(44,782)


Special separation benefit expense		4,129		—
Total Benefit		$	(23,162)	$	(44,782)

In the first quarter of 2023, the Company recorded $4.1 million in expenses related to Separation Incentive Programs for certain Leaf Group and Code3 employees, which will be funded from the assets of the Company’s pension plans.

The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components:


	Three Months Ended March 31
(in thousands)		2023		2022
Service cost		$	148	$	228
Interest cost		1,165		822
Amortization of prior service cost		—		9
Recognized actuarial loss		—		166
Net Periodic Cost		$	1,313	$	1,225

Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of private investment funds, 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 plans were allocated as follows:


	As of
	March 31, 2023		December 31, 2022

U.S. equities	57	%	59	%
Private investment funds	17	%	16	%
International equities	12	%	11	%
U.S. stock index fund	7	%	7	%
U.S. fixed income	7	%	7	%
	100	%	100	%

The Company manages approximately 41% of the pension assets internally, of which the majority is invested in private investment funds with the remaining investments in Berkshire Hathaway stock, a U.S. stock index fund, and short-term fixed-income securities. The remaining 59% 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, and 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, and 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 March 31, 2023. 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 March 31, 2023, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $876.6 million, or approximately 33% of total plan assets. At December 31, 2022, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $842.6 million, or approximately 33% of total plan assets.

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


	Three Months Ended March 31
(in thousands)		2023		2022

Interest cost		$	22	$	24
Amortization of prior service credit		(1)		(2)
Recognized actuarial gain		(626)		(711)
Net Periodic Benefit		$	(605)	$	(689)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Other Non-Operating Income

3 Months Ended

Mar. 31, 2023

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 March 31
(in thousands)		2023		2022
Gain on a cost method investment		$	1,831	$	—
Foreign currency loss, net		(1,504)		(1,047)
Gain on sale of business		1,000		945
Gain on sale of cost method investments		785		1,075
Gain on sale of investments in affiliates		15		604



Other gain, net		956		1,299
Total Other Non-Operating Income		$	3,083	$	2,876

The gain on cost method investment resulted from observable price changes in the fair value of the underlying equity securities accounted for under the cost method (see Notes 3 and 8).

During the three months ended March 31, 2023 and 2022, the Company recorded contingent consideration gains of $1.0 million and $0.9 million, respectively, related to the disposition of Kaplan University (KU) in 2018.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

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 March 31
	2023						2022
	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	$	8,994	$	—	$	8,994	$	(1,738)	$	—	$	(1,738)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	409		(105)		304		716		(184)		532
Amortization of net actuarial gain included in net income	(10,766)		2,769		(7,997)		(17,774)		4,581		(13,193)


	(10,357)		2,664		(7,693)		(17,058)		4,397		(12,661)
Cash flow hedges:
(Loss) gain for the period	(930)		214		(716)		1,642		(378)		1,264
Other Comprehensive Income (Loss)	$	(2,293)	$	2,878	$	585	$	(17,154)	$	4,019	$	(13,135)

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, 2022	$	(54,638)	$	388,591	$	2,198	$	336,151

Other comprehensive income (loss) before reclassifications	8,994		—		(542)		8,452
Net amount reclassified from accumulated other comprehensive income	—		(7,693)		(174)		(7,867)
Net other comprehensive income (loss)	8,994		(7,693)		(716)		585
Balance as of March 31, 2023	$	(45,644)	$	380,898	$	1,482	$	336,736

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


	Three Months Ended March 31			Affected Line Item in the Condensed Consolidated Statements of Operations

(in thousands)		2023				2022



Pension and Other Postretirement Plans:
Amortization of net prior service cost		$	409	$	716		(1)
Amortization of net actuarial gain		(10,766)		(17,774)			(1)

		(10,357)		(17,058)			Before tax
		2,664		4,397			Provision for Income Taxes
		(7,693)		(12,661)			Net of Tax

Cash Flow Hedges		(174)		184			Interest expense


Total reclassification for the period		$	(7,867)	$	(12,477)		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 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2023
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. In 2015, Kaplan sold substantially all of the assets of the KHE Campuses (KHEC) business to Education Corporation of America. In 2018, certain subsidiaries of Kaplan contributed the institutional assets and operations of KU to a new university: an Indiana nonprofit, public-benefit corporation affiliated with Purdue University, known as Purdue University Global. Kaplan could be held liable to the current owners of KU and the KHEC schools related to the pre-sale conduct of the schools, and the pre-sale conduct of the schools has been and could be the subject of future compliance reviews, regulatory proceedings or lawsuits that could result in monetary liabilities or fines or other sanctions. On May 6, 2021, Kaplan received a notice from the Department of Education (ED) that it would be conducting a fact-finding process pursuant to the borrower defense to repayment (BDTR) regulations to determine the validity of more than 800 BDTR claims and a request for documents related to several of Kaplan’s previously owned schools. Beginning in July 2021, Kaplan started receiving the claims and related information requests. In total, Kaplan received 1,449 borrower defense applications that seek discharge of approximately $35 million in loans, excluding interest. Most claims received are from former KU students. The ED’s process for adjudicating these claims is subject to the borrower defense regulations including those finalized in 2022 and effective July 1, 2023, but it is not clear to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence provided by Kaplan, or any prior investigation related to schools attended by the student applicants. Compared to the previous rule, the new rule in part, expands actions that can give rise to claims for discharge; provides that the borrower’s claim will be presumed true if the institution does not provide any responsive evidence; provides an easier process for group claims; and relies on current program review penalty hearing processes for discharge recoupment. Under the rule, the recoupment process applies only to loans first disbursed after July 1, 2023; however, the discharge process and standards apply to any pending application regardless of loan date. Kaplan believes it has defenses that would bar any student discharge or school liability including that the claims are barred by the applicable statute of limitations, unproven, incomplete and fail to meet regulatory filing requirements. Kaplan expects to vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate student discharges and has responded to all claims with documentary and narrative evidence to refute the allegations, demonstrate their lack of merit, and support the denial of all such claims by the ED. If the claims are successful, the ED may seek reimbursement for the amount discharged from Kaplan. If the ED initiates a reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to significant liability. In November 2022 the Northern District of California approved the settlement agreement in the lawsuit Sweet v. Cardona. The Plaintiffs in that lawsuit claimed that the ED failed to properly consider and decide pending BDTR claims. As part of the settlement, the ED agreed to discharge loans of borrowers who attended 150 specific schools, including all schools formerly owned by Kaplan, and who had BDTR claims pending as of the June 22, 2022 settlement execution date. This discharge will likely cover each of the 1,449 applications the ED sent to Kaplan and to which Kaplan responded. The ED and the Court made clear that these discharges as part of a settlement are not determinations that the pending BDTR claims are valid and the fact of the settlement discharge cannot be used as evidence of any determination of wrongdoing by the institutions. However, despite the fact that the loans are discharged per the settlement, the ED may still attempt to separately adjudicate the associated BDTR claims and follow the regulatory process for seeking recoupment from the institutions for such claims. On October 27, 2022, the ED released a final rule that among other things, changes the Title IV definition of “Nonprofit” institution to generally exclude from that definition any institution that is an obligor on a debt owed to a former owner of the institution or that maintains a revenue-based service agreement with a former owner of the institution. The final rule has an effective date of July 1, 2023 and could subject Purdue Global to additional regulatory requirements.

Business Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive.

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


	Three Months Ended March 31

(in thousands)		2023		2022
Operating Revenues
Education		$	378,041	$	358,012
Television broadcasting		112,877		123,419
Manufacturing		114,584		115,940
Healthcare		102,059		67,255
Automotive		232,561		150,967
Other businesses		92,008		99,617
Corporate office		—		—
Intersegment elimination		(584)		(489)
		$	1,031,546	$	914,721
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets
Education		$	27,456	$	24,558
Television broadcasting		29,945		41,258
Manufacturing		12,190		15,138
Healthcare		3,890		7,288
Automotive		10,843		7,078
Other businesses		(27,906)		(27,430)
Corporate office		(14,073)		(13,007)
		$	42,345	$	54,883
Amortization of Intangible Assets and Impairment of Long-Lived Assets
Education		$	4,416	$	4,146
Television broadcasting		1,362		1,360
Manufacturing		4,862		5,163
Healthcare		954		929
Automotive		—		—
Other businesses		3,095		3,314
Corporate office		—		—
		$	14,689	$	14,912
Income (Loss) from Operations
Education		$	23,040	$	20,412
Television broadcasting		28,583		39,898
Manufacturing		7,328		9,975
Healthcare		2,936		6,359
Automotive		10,843		7,078
Other businesses		(31,001)		(30,744)
Corporate office		(14,073)		(13,007)
		$	27,656	$	39,971
Equity in Earnings of Affiliates, Net		4,661		2,604
Interest Expense, Net		(13,090)		(10,702)
Non-Operating Pension and Postretirement Benefit Income, Net		31,845		50,505
Gain on Marketable Equity Securities, Net		18,022		46,912
Other Income, Net		3,083		2,876
Income Before Income Taxes		$	72,177	$	132,166


	Three Months Ended March 31

(in thousands)		2023		2022
Depreciation of Property, Plant and Equipment
Education		$	8,968	$	8,505
Television broadcasting		3,036		3,289
Manufacturing		2,282		2,428
Healthcare		1,104		410
Automotive		1,113		777
Other businesses		3,369		3,915
Corporate office		153		151
		$	20,025	$	19,475
Pension Service Cost
Education		$	2,198	$	2,536
Television broadcasting		860		926
Manufacturing		275		328
Healthcare		4,357		186
Automotive		5		6
Other businesses		572		520
Corporate office		976		1,529
		$	9,243	$	6,031

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


	As of
(in thousands)	March 31, 2023		December 31, 2022
Identifiable Assets
Education	$	1,952,768	$	1,987,042
Television broadcasting	424,185		431,084
Manufacturing	488,192		486,487
Healthcare	255,542		249,845
Automotive	440,036		427,221
Other businesses	445,409		475,583
Corporate office	66,087		70,567
	$	4,072,219	$	4,127,829
Investments in Marketable Equity Securities	603,543		609,921
Investments in Affiliates	194,960		186,419
Prepaid Pension Cost	1,671,477		1,658,046
Total Assets	$	6,542,199	$	6,582,215

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


	Three Months Ended March 31

(in thousands)		2023		2022
Operating Revenues
Kaplan international		$	227,076	$	204,513
Higher education		76,345		75,808
Supplemental education		73,587		76,304
Kaplan corporate and other		5,375		4,345
Intersegment elimination		(4,342)		(2,958)
		$	378,041	$	358,012

Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets
Kaplan international		$	21,301	$	20,564
Higher education		6,661		5,037
Supplemental education		3,751		3,371
Kaplan corporate and other		(4,416)		(4,433)
Intersegment elimination		159		19
		$	27,456	$	24,558
Amortization of Intangible Assets		$	3,939	$	4,146
Impairment of Long-Lived Assets		$	477	$	—

Income (Loss) from Operations
Kaplan international		$	21,301	$	20,564
Higher education		6,661		5,037
Supplemental education		3,751		3,371
Kaplan corporate and other		(8,832)		(8,579)
Intersegment elimination		159		19
		$	23,040	$	20,412
Depreciation of Property, Plant and Equipment
Kaplan international		$	6,330	$	5,755
Higher education		996		1,020
Supplemental education		1,509		1,639
Kaplan corporate and other		133		91
		$	8,968	$	8,505

Pension Service Cost
Kaplan international		$	80	$	72
Higher education		922		1,081
Supplemental education		1,024		1,182
Kaplan corporate and other		172		201
		$	2,198	$	2,536

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


	As of

(in thousands)	March 31, 2023		December 31, 2022
Identifiable Assets
Kaplan international	$	1,449,063	$	1,479,833
Higher education	182,720		174,033
Supplemental education	256,050		268,499
Kaplan corporate and other	64,935		64,677
	$	1,952,768	$	1,987,042

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

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-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Paragraph 22
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 42
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 21
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-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 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, 2022. 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 September 2022, the Financial Accounting Standards Board issued new guidance that requires a buyer in a supplier finance program to disclose certain qualitative and quantitative information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The standard was adopted by the Company in the first quarter of 2023 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions of Businesses (Tables)

3 Months Ended

Mar. 31, 2023

Acquisitions And Dispositions [Abstract]

Schedule of assets acquired and liabilities assumed

The aggregate purchase price of the 2022 acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Year Ended
(in thousands)	December 31, 2022
Accounts receivable	$	3,172
Inventory	21,278
Property, plant and equipment	36,255
Lease right-of-use assets	4,773
Goodwill	56,163
Indefinite-lived intangible assets	41,800
Amortized intangible assets	1,200
Other assets	481
Deferred income taxes	241
Floor plan payables	(10,908)
Other liabilities	(3,798)

Current and noncurrent lease liabilities	(5,865)
Redeemable noncontrolling interest	(2,164)
Noncontrolling interest	(512)
Aggregate purchase price, net of cash acquired	$	142,116

Acquisition Pro Forma Financial Information


	Three Months Ended March 31
(in thousands)		2022
Operating revenues		$	998,193
Net income		100,676

Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Investments in Marketable Equity Securities

Investments in marketable equity securities consist of the following:


	As of
	March 31, 2023		December 31, 2022
(in thousands)
Total cost	$	234,157	$	270,764
Gross unrealized gains	373,842		363,147
Gross unrealized losses	(4,456)		(23,990)
Total Fair Value	$	603,543	$	609,921

Gain on Marketable Equity Securities

The net gain on marketable equity securities comprised the following:


	Three Months Ended March 31
(in thousands)		2023		2022
Gain on marketable equity securities, net		$	18,022	$	46,912
Less: Net losses in earnings from marketable equity securities sold		3,657		5,767
Net unrealized gains in earnings from marketable equity securities still held at the end of the period		$	21,679	$	52,679

Accounts Receivable, Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	As of
	March 31, 2023		December 31, 2022
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $22,935 and $21,387	$	478,726	$	533,622
Other receivables	28,788		27,157
	$	507,514	$	560,779

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consist of the following:


	As of
	March 31, 2023		December 31, 2022
(in thousands)
Accounts payable	$	133,805	$	136,186
Accrued compensation and related benefits	112,378		149,823
Other accrued liabilities	290,776		276,996
	$	536,959	$	563,005

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

3 Months Ended

Mar. 31, 2023

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
	March 31, 2023		December 31, 2022
(in thousands)
Raw materials	$	67,950	$	68,494
Work-in-process	15,141		15,718
Finished goods	160,168		140,548
Contracts in progress	2,961		2,051
	$	246,220	$	226,811

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

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		Automotive		Other Businesses		Total
Balance as of December 31, 2022
Goodwill	$	1,145,502	$	190,815	$	234,993	$	135,870	$	84,697	$	251,216	$	2,043,093
Accumulated impairment losses	(331,151)		—		(34,302)		—		—		(116,687)		(482,140)
	814,351		190,815		200,691		135,870		84,697		134,529		1,560,953


Acquisitions	—		—		—		385		—		—		385



Foreign currency exchange rate changes	6,256		—		—		—		—		—		6,256
Balance as of March 31, 2023
Goodwill	1,151,758		190,815		234,993		136,255		84,697		251,216		2,049,734
Accumulated impairment losses	(331,151)		—		(34,302)		—		—		(116,687)		(482,140)
	$	820,607	$	190,815	$	200,691	$	136,255	$	84,697	$	134,529	$	1,567,594

Other Intangible Assets

Other intangible assets consist of the following:


		As of March 31, 2023						As of December 31, 2022
(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	$	298,022	$	236,486	$	61,536	$	297,766	$	230,429	$	67,337
Trade names and trademarks	2–15 years	148,286		84,833		63,453		148,102		81,078		67,024
Network affiliation agreements	10 years	17,400		11,112		6,288		17,400		10,367		7,033
Databases and technology	3–6 years	36,251		33,714		2,537		36,216		32,219		3,997
Noncompete agreements	2–5 years	20		16		4		1,000		995		5
Other	1–8 years	43,644		29,909		13,735		43,644		27,618		16,026
		$	543,623	$	396,070	$	147,553	$	544,128	$	382,706	$	161,422
Indefinite-Lived Intangible Assets
Franchise agreements		$	85,858					$	85,858
Trade names and trademarks		83,009						81,905
FCC licenses		11,000						11,000
Licensure and accreditation		150						150
Other		21						21
		$	180,038					$	178,934

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		Supplemental Education		Total
Balance as of December 31, 2022
Goodwill	$	579,561	$	174,564	$	391,377	$	1,145,502
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	579,561		63,240		171,550		814,351






Foreign currency exchange rate changes	6,252		—		4		6,256
Balance as of March 31, 2023
Goodwill	585,813		174,564		391,381		1,151,758
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	$	585,813	$	63,240	$	171,554	$	820,607

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

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-Name Accounting Standards Codification
-Topic 350
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Components of Debt

The Company’s borrowings consist of the following:


				As of

(in thousands)	Maturities	Stated Interest Rate	Effective Interest Rate	March 31, 2023		December 31, 2022
Unsecured notes (1)	2026	5.75%	5.75%	$	397,725	$	397,548
Revolving credit facility	2027	4.80% - 8.38%	5.81%	168,766		200,236

Truist Bank commercial note (2)	2031	6.10% - 6.37%	6.33%	23,276		23,522
Truist Bank commercial note	2032	6.38% - 6.72%	6.54%	63,483		66,513
Truist Bank commercial note (3)	2032	6.13% - 6.47%	6.40%	26,211		26,548
Pinnacle Bank term loan	2024	4.15%	4.18%	8,152		8,433

Other indebtedness	2025 - 2030	0.00% - 16.00%		3,506		3,560
Total Debt				691,119		726,360
Less: current portion				(123,018)		(155,813)
Total Long-Term Debt				$	568,101	$	570,547

____________

(1) The carrying value is net of $2.3 million and $2.5 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022, respectively.

(2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022.

(3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	2,249	$	—	$	2,249
Marketable equity securities (2)	603,543		—		—		603,543
Other current investments (3)	8,020		4,816		—		12,836
Interest rate swaps (4)	—		1,682		—		1,682
Total Financial Assets	$	611,563	$	8,747	$	—	$	620,310
Liabilities

Contingent consideration liabilities (5)	$	—	$	—	$	8,206	$	8,206

Mandatorily redeemable noncontrolling interest (6)	—		—		32,309		32,309
Total Financial Liabilities	$	—	$	—	$	40,515	$	40,515


	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	7,686	$	—	$	7,686
Marketable equity securities (2)	609,921		—		—		609,921
Other current investments (3)	7,471		5,016		—		12,487
Interest rate swaps (4)	—		2,636		—		2,636
Total Financial Assets	$	617,392	$	15,338	$	—	$	632,730
Liabilities

Contingent consideration liabilities (5)	$	—	$	—	$	8,423	$	8,423

Foreign exchange swap (7)	—		333		—		333
Mandatorily redeemable noncontrolling interest (6)	—		—		30,845		30,845
Total Financial Liabilities	$	—	$	333	$	39,268	$	39,601

____________


(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. corporations that are actively traded on U.S. 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 Deferred Charges and Other 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)			Included in Accounts payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount 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 and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses.

(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.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs:


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2022	$	8,423	$	30,845
Acquisition of business	220		—
Changes in fair value (1)	—		1,468

Accretion of value included in net income (1)	315		—
Settlements or distributions	(752)		(4)

As of March 31, 2023	$	8,206	$	32,309


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2021	$	14,881	$	13,661
Acquisition of business	(3)		—
Changes in fair value (1)	—		3,423

Accretion of value included in net income (1)	76		—
Settlements or distributions	—		(53)

As of March 31, 2022	$	14,954	$	17,031

____________


(1)			Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

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
	March 31, 2023		December 31, 2022		%
(in thousands)					Change
Deferred revenue	$	377,050	$	385,507	(2)

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
2023	$	31,647	$	16,068	$	(19,637)	$	541	$	28,619

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

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


	Three Months Ended March 31
(in thousands, except per share amounts)	2023			2022
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	52,272		$	95,624
Less: Dividends paid-common stock outstanding and unvested restricted shares	(15,812)			(15,497)
Undistributed earnings	36,460			80,127
Percent allocated to common stockholders	99.35		%	99.35		%
	36,225			79,611
Add: Dividends paid-common stock outstanding	15,711			15,397
Numerator for basic earnings per share	$	51,936		$	95,008
Add: Additional undistributed earnings due to dilutive stock options	1			1
Numerator for diluted earnings per share	$	51,937		$	95,009
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,759			4,871
Add: Effect of dilutive stock options	17			14
Denominator for diluted earnings per share	4,776			4,885
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	10.91		$	19.50
Diluted earnings per share	$	10.88		$	19.45

____________

Earnings per share amounts may not recalculate due to rounding.

Antidilutive Weighted Average Restricted Stock and Options

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


	Three Months Ended March 31
(in thousands)	2023	2022
Weighted average restricted stock	10	16

Pension and Postretirement Plans (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31
(in thousands)		2023		2022
Service cost		$	9,243	$	6,031
Interest cost		11,534		7,670
Expected return on assets		(38,338)		(41,963)
Amortization of prior service cost		410		709
Recognized actuarial gain		(10,140)		(17,229)
Net Periodic Benefit		(27,291)		(44,782)


Special separation benefit expense		4,129		—
Total Benefit		$	(23,162)	$	(44,782)

Schedule of Allocation of Plan Assets

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


	As of
	March 31, 2023		December 31, 2022

U.S. equities	57	%	59	%
Private investment funds	17	%	16	%
International equities	12	%	11	%
U.S. stock index fund	7	%	7	%
U.S. fixed income	7	%	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 March 31
(in thousands)		2023		2022
Service cost		$	148	$	228
Interest cost		1,165		822
Amortization of prior service cost		—		9
Recognized actuarial loss		—		166
Net Periodic Cost		$	1,313	$	1,225

Other Postretirement Benefit Plan, Defined Benefit [Member]

Schedule of Net Benefit Costs

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


	Three Months Ended March 31
(in thousands)		2023		2022

Interest cost		$	22	$	24
Amortization of prior service credit		(1)		(2)
Recognized actuarial gain		(626)		(711)
Net Periodic Benefit		$	(605)	$	(689)

Other Non-Operating Income (Tables)

3 Months Ended

Mar. 31, 2023

Other Nonoperating Income (Expense) [Abstract]

Summary of other non-operating income

A summary of non-operating income is as follows:


	Three Months Ended March 31
(in thousands)		2023		2022
Gain on a cost method investment		$	1,831	$	—
Foreign currency loss, net		(1,504)		(1,047)
Gain on sale of business		1,000		945
Gain on sale of cost method investments		785		1,075
Gain on sale of investments in affiliates		15		604



Other gain, net		956		1,299
Total Other Non-Operating Income		$	3,083	$	2,876

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

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

Summary of Other Comprehensive Income (Loss)

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


	Three Months Ended March 31
	2023						2022
	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	$	8,994	$	—	$	8,994	$	(1,738)	$	—	$	(1,738)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	409		(105)		304		716		(184)		532
Amortization of net actuarial gain included in net income	(10,766)		2,769		(7,997)		(17,774)		4,581		(13,193)


	(10,357)		2,664		(7,693)		(17,058)		4,397		(12,661)
Cash flow hedges:
(Loss) gain for the period	(930)		214		(716)		1,642		(378)		1,264
Other Comprehensive Income (Loss)	$	(2,293)	$	2,878	$	585	$	(17,154)	$	4,019	$	(13,135)

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, 2022	$	(54,638)	$	388,591	$	2,198	$	336,151

Other comprehensive income (loss) before reclassifications	8,994		—		(542)		8,452
Net amount reclassified from accumulated other comprehensive income	—		(7,693)		(174)		(7,867)
Net other comprehensive income (loss)	8,994		(7,693)		(716)		585
Balance as of March 31, 2023	$	(45,644)	$	380,898	$	1,482	$	336,736

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 March 31			Affected Line Item in the Condensed Consolidated Statements of Operations

(in thousands)		2023				2022



Pension and Other Postretirement Plans:
Amortization of net prior service cost		$	409	$	716		(1)
Amortization of net actuarial gain		(10,766)		(17,774)			(1)

		(10,357)		(17,058)			Before tax
		2,664		4,397			Provision for Income Taxes
		(7,693)		(12,661)			Net of Tax

Cash Flow Hedges		(174)		184			Interest expense


Total reclassification for the period		$	(7,867)	$	(12,477)		Net of Tax

____________

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting Information [Line Items]

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 March 31

(in thousands)		2023		2022
Operating Revenues
Education		$	378,041	$	358,012
Television broadcasting		112,877		123,419
Manufacturing		114,584		115,940
Healthcare		102,059		67,255
Automotive		232,561		150,967
Other businesses		92,008		99,617
Corporate office		—		—
Intersegment elimination		(584)		(489)
		$	1,031,546	$	914,721
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets
Education		$	27,456	$	24,558
Television broadcasting		29,945		41,258
Manufacturing		12,190		15,138
Healthcare		3,890		7,288
Automotive		10,843		7,078
Other businesses		(27,906)		(27,430)
Corporate office		(14,073)		(13,007)
		$	42,345	$	54,883
Amortization of Intangible Assets and Impairment of Long-Lived Assets
Education		$	4,416	$	4,146
Television broadcasting		1,362		1,360
Manufacturing		4,862		5,163
Healthcare		954		929
Automotive		—		—
Other businesses		3,095		3,314
Corporate office		—		—
		$	14,689	$	14,912
Income (Loss) from Operations
Education		$	23,040	$	20,412
Television broadcasting		28,583		39,898
Manufacturing		7,328		9,975
Healthcare		2,936		6,359
Automotive		10,843		7,078
Other businesses		(31,001)		(30,744)
Corporate office		(14,073)		(13,007)
		$	27,656	$	39,971
Equity in Earnings of Affiliates, Net		4,661		2,604
Interest Expense, Net		(13,090)		(10,702)
Non-Operating Pension and Postretirement Benefit Income, Net		31,845		50,505
Gain on Marketable Equity Securities, Net		18,022		46,912
Other Income, Net		3,083		2,876
Income Before Income Taxes		$	72,177	$	132,166


	Three Months Ended March 31

(in thousands)		2023		2022
Depreciation of Property, Plant and Equipment
Education		$	8,968	$	8,505
Television broadcasting		3,036		3,289
Manufacturing		2,282		2,428
Healthcare		1,104		410
Automotive		1,113		777
Other businesses		3,369		3,915
Corporate office		153		151
		$	20,025	$	19,475
Pension Service Cost
Education		$	2,198	$	2,536
Television broadcasting		860		926
Manufacturing		275		328
Healthcare		4,357		186
Automotive		5		6
Other businesses		572		520
Corporate office		976		1,529
		$	9,243	$	6,031

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


	As of
(in thousands)	March 31, 2023		December 31, 2022
Identifiable Assets
Education	$	1,952,768	$	1,987,042
Television broadcasting	424,185		431,084
Manufacturing	488,192		486,487
Healthcare	255,542		249,845
Automotive	440,036		427,221
Other businesses	445,409		475,583
Corporate office	66,087		70,567
	$	4,072,219	$	4,127,829
Investments in Marketable Equity Securities	603,543		609,921
Investments in Affiliates	194,960		186,419
Prepaid Pension Cost	1,671,477		1,658,046
Total Assets	$	6,542,199	$	6,582,215

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 March 31

(in thousands)		2023		2022
Operating Revenues
Kaplan international		$	227,076	$	204,513
Higher education		76,345		75,808
Supplemental education		73,587		76,304
Kaplan corporate and other		5,375		4,345
Intersegment elimination		(4,342)		(2,958)
		$	378,041	$	358,012

Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets
Kaplan international		$	21,301	$	20,564
Higher education		6,661		5,037
Supplemental education		3,751		3,371
Kaplan corporate and other		(4,416)		(4,433)
Intersegment elimination		159		19
		$	27,456	$	24,558
Amortization of Intangible Assets		$	3,939	$	4,146
Impairment of Long-Lived Assets		$	477	$	—

Income (Loss) from Operations
Kaplan international		$	21,301	$	20,564
Higher education		6,661		5,037
Supplemental education		3,751		3,371
Kaplan corporate and other		(8,832)		(8,579)
Intersegment elimination		159		19
		$	23,040	$	20,412
Depreciation of Property, Plant and Equipment
Kaplan international		$	6,330	$	5,755
Higher education		996		1,020
Supplemental education		1,509		1,639
Kaplan corporate and other		133		91
		$	8,968	$	8,505

Pension Service Cost
Kaplan international		$	80	$	72
Higher education		922		1,081
Supplemental education		1,024		1,182
Kaplan corporate and other		172		201
		$	2,198	$	2,536

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


	As of

(in thousands)	March 31, 2023		December 31, 2022
Identifiable Assets
Kaplan international	$	1,449,063	$	1,479,833
Higher education	182,720		174,033
Supplemental education	256,050		268,499
Kaplan corporate and other	64,935		64,677
	$	1,952,768	$	1,987,042

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details)	Mar. 31, 2023 televisionStation automotiveDealership
Television Broadcasting [Member]
Number of television broadcast stations \| televisionStation	7
Automotive [Member]
Number of Automotive Dealerships Owned \| automotiveDealership	6

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Millions	1 Months Ended				12 Months Ended
	Jan. 31, 2023 business	Nov. 30, 2022 USD ($)	Aug. 31, 2022 business	May 31, 2022 business	Dec. 31, 2022 USD ($) business	Mar. 31, 2023 USD ($)	Jul. 31, 2022	Jul. 05, 2022 USD ($) store
Business Acquisition [Line Items]
Acquisition purchase price					$ 143.2
Goodwill expected to be deductible for income tax purposes					$ 38.5
Number of businesses acquired \| business					7
Automotive [Member]
Business Acquisition [Line Items]
Floor plan payables						$ 76.9
Number of businesses acquired \| business					2
Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business	2		2	2	5
CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		$ 1.2
Graham Holdings Company [Member] \| CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Percentage Ownership After Change in Noncontrolling Interest						76.50%
Auto dealerships [Member] \| Automotive [Member]
Business Acquisition [Line Items]
Amount Borrowed to Finance Business Acquisition								$ 77.4
Floor plan payables								$ 10.9
Number of Stores \| store								2
Applied Behavior Analysis clinics \| Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Percentage of interest acquired							100.00%

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 1,567,594	$ 1,560,953
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable		3,172
Inventory		21,278
Property, plant and equipment		36,255
Lease right-of-use assets		4,773
Goodwill		56,163
Indefinite-lived intangible assets		41,800
Amortized intangible assets		1,200
Other assets		481
Deferred income tax asset		241
Floor plan payables		(10,908)
Other liabilities		(3,798)
Current and noncurrent lease liabilities		(5,865)
Redeemable noncontrolling interest		(2,164)
Noncontrolling interest		(512)
Aggregate purchase price, net of cash acquired		$ 142,116

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Acquisition [Line Items]
Pro forma operating revenues	$ 998,193
Pro forma net income	$ 100,676

Investments (Narrative) (Details) £ in Millions	3 Months Ended
Investments (Narrative) (Details) £ in Millions	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Mar. 31, 2023 GBP (£) shares	Dec. 31, 2022 USD ($) shares
Schedule of Investments [Line Items]
Money Market Investments	$ 2,200,000			$ 7,700,000
Marketable equity securities	603,543,000			609,921,000
Investments in Marketable Securities	4,600,000
Payments to Acquire Marketable Securities	6,162,000	$ 0
Cumulative realized (loss) gain on marketable securities	(12,200,000)	41,600,000
Proceeds from sales of marketable equity securities	29,028,000	55,731,000
Gain on sale of investments in affiliates	15,000	604,000
Cumulative undistributed income in investments in affiliates	50,100,000			49,100,000
Cost method investments	69,400,000			$ 66,700,000
Gain on a cost method investment	$ 1,831,000	0
Equity Securities [Member] \| Concentration in single marketable equity security [Member] \| Assets, Total [Member]
Schedule of Investments [Line Items]
Minimum percentage of total assets considered as significant concentrations	5.00%
Markel Corporation [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares	55,430		55,430	55,430
Marketable equity securities	$ 70,800,000			$ 73,000,000
Berkshire Hathaway [Member]
Schedule of Investments [Line Items]
Marketable equity securities	$ 345,600,000
Berkshire Hathaway [Member] \| Common Class A [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares	422		422
Berkshire Hathaway [Member] \| Common Class B [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares	482,945		482,945
N2K Networks [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage	49.90%		49.90%
Intersection Holdings [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	18.00%		18.00%
Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Revenue from Related Parties	$ 3,500,000	3,300,000
Graham Healthcare Group [Member] \| Residential Home Health Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%		40.00%
Graham Healthcare Group [Member] \| Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%		40.00%
Gain on sale of investments in affiliates		600,000
Graham Healthcare Group [Member] \| Residential And Michigan Hospital Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%		40.00%
Graham Healthcare Group [Member] \| Celtic Healthcare Allegheny Health Network Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%		40.00%
Graham Healthcare Group [Member] \| Residential Home Health Illinois and Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Additional investment in equity affiliates		$ 18,500,000
KIHL [Member] \| York Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	45.00%		45.00%
Cumulative payments for advance to affiliate \| £			£ 22.0
Loan Receivable, Payment Terms	25 years
Loan Receivable Fixed Interest Rate	7.00%
Advances to Affiliate \| £			£ 20.4

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Total Cost	$ 234,157	$ 270,764
Gross unrealized gains	373,842	363,147
Gross unrealized losses	(4,456)	(23,990)
Total Fair Value	$ 603,543	$ 609,921

Investments (Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments [Abstract]
Gain on marketable equity securities, net	$ 18,022	$ 46,912
Less: Net losses in earnings from marketable equity securities sold	3,657	5,767
Net unrealized gains in earnings from marketable equity securities still held at the end of the period	$ 21,679	$ 52,679

Accounts Receivable, Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]
Credit loss expense	$ 0.5	$ 1.5
Cash overdrafts	$ 3.6		$ 0.5

Accounts Receivable, Accounts Payable and Accrued Liabilities (Schedule of Accounts Receivable) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivable from contracts with customers, less estimated credit losses	$ 478,726	$ 533,622
Other receivables	28,788	27,157
Accounts receivable, net	507,514	560,779
Estimated credit losses	$ 22,935	$ 21,387

Accounts Receivable, Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details 2) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 133,805	$ 136,186
Accrued compensation and related benefits	112,378	149,823
Other accrued liabilities	290,776	276,996
Total Accounts payable and Accrued liabilities	$ 536,959	$ 563,005

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Inventory [Line Items]
Weighted average interest rate	5.80%	4.30%
Automotive [Member]
Inventory [Line Items]
Borrowing capacity	$ 106,300,000
Vehicle floor plan payable	76,900,000
Floor plan assistance	$ 1,400,000	$ 900,000
Vehicle Floor Plan Facility [Member] \| Automotive [Member]
Inventory [Line Items]
Weighted average interest rate	5.40%	2.00%

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 67,950	$ 68,494
Work-in-process	15,141	15,718
Finished goods	160,168	140,548
Contracts in progress	2,961	2,051
Inventories and contracts in progress	$ 246,220	$ 226,811

Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amortized Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 745	$ 0
Amortization of Intangible Assets
Amortization of intangible assets	13,944	$ 14,912
Estimated amortization of intangible assets, remainder of 2023	36,000
Estimated amortization of intangible assets, 2024	37,000
Estimated amortization of intangible assets, 2025	29,000
Estimated amortization of intangible assets, 2026	20,000
Estimated amortization of intangible assets, 2027	6,000
Estimated amortization of intangible assets, after 2027	$ 20,000

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,043,093
Accumulated impairment losses, beginning balance	(482,140)
Goodwill, net, beginning balance	1,560,953
Acquisitions	385
Foreign currency exchange rate changes	6,256
Goodwill, ending balance	2,049,734
Accumulated impairment losses, ending balance	(482,140)
Goodwill, net, ending balance	1,567,594
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,145,502
Accumulated impairment losses, beginning balance	(331,151)
Goodwill, net, beginning balance	814,351
Acquisitions	0
Foreign currency exchange rate changes	6,256
Goodwill, ending balance	1,151,758
Accumulated impairment losses, ending balance	(331,151)
Goodwill, net, ending balance	820,607
Education [Member] \| Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	579,561
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	579,561
Foreign currency exchange rate changes	6,252
Goodwill, ending balance	585,813
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	585,813
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
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] \| Supplemental Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	391,377
Accumulated impairment losses, beginning balance	(219,827)
Goodwill, net, beginning balance	171,550
Foreign currency exchange rate changes	4
Goodwill, ending balance	391,381
Accumulated impairment losses, ending balance	(219,827)
Goodwill, net, ending balance	171,554
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	190,815
Acquisitions	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	(34,302)
Goodwill, net, beginning balance	200,691
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	234,993
Accumulated impairment losses, ending balance	(34,302)
Goodwill, net, ending balance	200,691
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	135,870
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	135,870
Acquisitions	385
Foreign currency exchange rate changes	0
Goodwill, ending balance	136,255
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	136,255
Automotive [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	84,697
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	84,697
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	84,697
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	84,697
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	251,216
Accumulated impairment losses, beginning balance	(116,687)
Goodwill, net, beginning balance	134,529
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	251,216
Accumulated impairment losses, ending balance	(116,687)
Goodwill, net, ending balance	$ 134,529

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 543,623	$ 544,128
Accumulated Amortization	396,070	382,706
Net Carrying Amount	147,553	161,422
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	180,038	178,934
Franchise Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	85,858	85,858
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	83,009	81,905
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
Other [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	21	21
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	298,022	297,766
Accumulated Amortization	236,486	230,429
Net Carrying Amount	$ 61,536	$ 67,337
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	$ 148,286	$ 148,102
Accumulated Amortization	84,833	81,078
Net Carrying Amount	$ 63,453	$ 67,024
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	15 years	15 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	11,112	10,367
Net Carrying Amount	6,288	7,033
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	36,251	36,216
Accumulated Amortization	33,714	32,219
Net Carrying Amount	$ 2,537	$ 3,997
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	$ 20	$ 1,000
Accumulated Amortization	16	995
Net Carrying Amount	$ 4	$ 5
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	$ 43,644	$ 43,644
Accumulated Amortization	29,909	27,618
Net Carrying Amount	$ 13,735	$ 16,026
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)		3 Months Ended
Debt (Narrative) (Details)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Average borrowings outstanding		$ 735,000,000	$ 665,000,000
Weighted average interest rate		5.80%	4.30%
Interest Expense, Net		$ (13,090,000)	$ (10,702,000)
Interest expense		14,294,000	11,417,000
5.75% Unsecured Notes maturing in 2026 [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 2,300,000	$ 2,300,000			$ 2,500,000
Interest rate	5.75%	5.75%		5.75%	5.75%
Fair value of debt instrument	$ 393,700,000	$ 393,700,000			$ 395,100,000
Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity	300,000,000	300,000,000
Line of credit facility outstanding	168,766,000	168,766,000			200,236,000
USD revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Line of credit facility outstanding	107,000,000	107,000,000
GBP revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Line of credit facility outstanding \| £				£ 50,000,000
Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	100,000	100,000			100,000
Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 100,000	100,000			$ 100,000
Secured Overnight Financing Rates (SOFR) [Member] \| USD revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Applicable interest rate margin	1.375%
Prime Rate [Member] \| USD revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Applicable interest rate margin	0.375%
Sterling Overnight Interbank Average Rate (SONIA) [Member] \| GBP revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Applicable interest rate margin	1.375%
Securities Subject to Mandatory Redemption [Member] \| Graham Healthcare Group [Member]
Debt Instrument [Line Items]
Interest expense		$ 1,500,000	$ 3,400,000

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

Mar. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Other indebtedness

$ 3,506

$ 3,560

Total Debt

691,119

726,360

Less: current portion

(123,018)

(155,813)

Total Long-Term Debt

568,101

570,547

5.75% Unsecured Notes maturing in 2026 [Member]

Debt Instrument [Line Items]

Unsecured notes

^[1]

397,725

397,548

Unamortized debt issuance costs

$ 2,300

$ 2,500

Stated interest rate

5.75%

Effective interest rate

5.75%

Five-Year Credit Agreement maturing in 2027 [Member]

Debt Instrument [Line Items]

Credit facility

$ 168,766

$ 200,236

Effective interest rate

5.81%

Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]

Debt Instrument [Line Items]

Commercial note

^[2]

$ 23,276

23,522

Unamortized debt issuance costs

$ 100

100

Effective interest rate

6.33%

Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]

Debt Instrument [Line Items]

Commercial note

$ 63,483

66,513

Effective interest rate

6.54%

Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]

Debt Instrument [Line Items]

Commercial note

^[3]

$ 26,211

26,548

Unamortized debt issuance costs

$ 100

100

Effective interest rate

6.40%

Pinnacle Bank Term Loan maturing in 2024 [Member]

Debt Instrument [Line Items]

Loans Payable to Bank

$ 8,152

$ 8,433

Stated interest rate

4.15%

Effective interest rate

4.18%

Minimum [Member] | Five-Year Credit Agreement maturing in 2027 [Member]

Debt Instrument [Line Items]

Stated interest rate

4.80%

Minimum [Member] | Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]

Debt Instrument [Line Items]

Stated interest rate

6.10%

Minimum [Member] | Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]

Debt Instrument [Line Items]

Stated interest rate

6.38%

Minimum [Member] | Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]

Debt Instrument [Line Items]

Stated interest rate

6.13%

Minimum [Member] | Other Indebtedness [Member]

Debt Instrument [Line Items]

Stated interest rate

0.00%

Maximum [Member] | Five-Year Credit Agreement maturing in 2027 [Member]

Debt Instrument [Line Items]

Stated interest rate

8.38%

Maximum [Member] | Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]

Debt Instrument [Line Items]

Stated interest rate

6.37%

Maximum [Member] | Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]

Debt Instrument [Line Items]

Stated interest rate

6.72%

Maximum [Member] | Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]

Debt Instrument [Line Items]

Stated interest rate

6.47%

Maximum [Member] | Other Indebtedness [Member]

Debt Instrument [Line Items]

Stated interest rate

16.00%

[1]	The carrying value is net of $2.3 million and $2.5 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022, respectively.
[2]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022.
[3]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022.

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Impairment of long-lived assets	$ 745	$ 0
Gain on a cost method investment	$ 1,831	$ 0

Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Assets

Money Market Investments

$ 2,200

$ 7,700

Marketable equity securities

603,543

609,921

Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

2,249

7,686

Marketable equity securities

^[2]

603,543

609,921

Other current investments

^[3]

12,836

12,487

Interest Rate Swap

^[4]

1,682

2,636

Total Financial Assets

620,310

632,730

Liabilities

Contingent consideration liabilities

^[5]

8,206

8,423

Foreign exchange swap

^[6]

333

Mandatorily redeemable noncontrolling interest

^[7]

32,309

30,845

Total Financial Liabilities

40,515

39,601

Level 1 | Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

Marketable equity securities

^[2]

603,543

609,921

Other current investments

^[3]

8,020

7,471

Interest Rate Swap

^[4]

Total Financial Assets

611,563

617,392

Liabilities

Contingent consideration liabilities

^[5]

Foreign exchange swap

^[6]

Mandatorily redeemable noncontrolling interest

^[7]

Total Financial Liabilities

Level 2 | Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

2,249

7,686

Marketable equity securities

^[2]

Other current investments

^[3]

4,816

5,016

Interest Rate Swap

^[4]

1,682

2,636

Total Financial Assets

8,747

15,338

Liabilities

Contingent consideration liabilities

^[5]

Foreign exchange swap

^[6]

333

Mandatorily redeemable noncontrolling interest

^[7]

Total Financial Liabilities

333

Level 3 | Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

Marketable equity securities

^[2]

Other current investments

^[3]

Interest Rate Swap

^[4]

Total Financial Assets

Liabilities

Contingent consideration liabilities

^[5]

8,206

8,423

Foreign exchange swap

^[6]

Mandatorily redeemable noncontrolling interest

^[7]

32,309

30,845

Total Financial Liabilities

$ 40,515

$ 39,268

[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. corporations that are actively traded on U.S. 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 Deferred Charges and Other 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]	Included in Accounts payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates.
[6]	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.
[7]	The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses.

Fair Value Measurements (Reconciliation of Changes in Financial Liabilities Fair Value Using Level 3 Inputs) (Details 2) - Level 3 - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Contingent consideration liabilities [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance

$ 8,423

$ 14,881

Acquisition of business

220

(3)

Changes in fair value

^[1]

Accretion of value included in net income

^[1]

315

Settlements or distributions

(752)

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance

8,206

14,954

Mandatorily redeemable noncontrolling interest [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance

30,845

13,661

Acquisition of business

Changes in fair value

^[1]

1,468

3,423

Accretion of value included in net income

^[1]

Settlements or distributions

(4)

(53)

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance

$ 32,309

$ 17,031

[1]

Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period related to beginning balance		$ 183,700
Deferred Revenue		$ 377,050		$ 385,507
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	$ 31,500
Deferred revenue recognized			$ 6,400
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		55.00%	61.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		45.00%	39.00%
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		79.00%	79.00%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		21.00%	21.00%
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, Net, Noncurrent		$ 34,100		$ 26,300
Supplemental Education [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		67.00%

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]: 2023-04-01 $ in Millions	Mar. 31, 2023 USD ($)
Kaplan International [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 323.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 years
Supplemental Education [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 377,050	$ 385,507
Deferred Revenue, Period Decrease Percentage	(2.00%)

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period	$ 16,068
Costs amortized during the period	(19,637)
Change in capitalized contract cost, other	541
Balance of costs to obtain a contract	$ 28,619	$ 31,647

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended
Earnings Per Share (Narrative) (Details) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 3.30	$ 3.16
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	105,000	105,000

Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Net income attributable to Graham Holdings Company common stockholders	$ 52,272	$ 95,624
Less: Dividends paid-common stock outstanding and unvested restricted shares	(15,812)	(15,497)
Undistributed earnings	$ 36,460	$ 80,127
Percent allocated to common stockholders	99.35%	99.35%
Undistributed Earnings Allocated To Common Stockholders	$ 36,225	$ 79,611
Add: Dividends paid-common stock outstanding	15,711	15,397
Numerator for basic earnings per share	51,936	95,008
Add: Additional undistributed earnings due to dilutive stock options	1	1
Numerator for diluted earnings per share	$ 51,937	$ 95,009
Weighted average shares outstanding (shares)	4,759	4,871
Denominator for diluted earnings per share (shares)	4,776	4,885
Graham Holdings Company Common Stockholders:
Basic income per common share (in usd per share)	$ 10.91	$ 19.50
Diluted income per common share (in usd per share)	$ 10.88	$ 19.45
Stock Option Plan [Member]
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Add: Effect of dilutive stock options (shares)	17	14

Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended
Earnings Per Share (Details 2) - shares shares in Thousands	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	10	16

Pension and Postretirement Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) company investment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) investment
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 4,129	$ 0
Percent of plan assets managed internally by the company	41.00%
Percent of plan assets managed by investment companies	59.00%
Number of investment companies actively managing plan assets \| company	2
Percentage of total plan assets	100.00%		100.00%
Berkshire Hathaway Common Stock [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] \| 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] \| Maximum [Member] \| Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	30.00%
Foreign Investments [Member] \| Maximum [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	15.00%
Fixed income securities [Member] \| Minimum [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	10.00%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of total plan assets	17.00%		16.00%
Single Equity Concentration [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	$ 876,600		$ 842,600
Percentage of total plan assets	33.00%		33.00%
Single Equity Concentration [Member] \| Equity Securities [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] \| Private investment fund [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
Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] \| Defined Benefit Plan Assets Total [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans	10.00%
Leaf Group and Code3 [Member] \| Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 4,100

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 9,243	$ 6,031
Net Periodic Cost (Benefit)	(23,162)	(44,782)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	9,243	6,031
Interest cost	11,534	7,670
Expected return on assets	(38,338)	(41,963)
Amortization of prior service cost (credit)	410	709
Recognized actuarial loss (gain)	(10,140)	(17,229)
Net Periodic Cost (Benefit)	(27,291)	(44,782)
Special separation benefit expense	4,129	0
Net Periodic Cost (Benefit)	(23,162)	(44,782)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	148	228
Interest cost	1,165	822
Amortization of prior service cost (credit)	0	9
Recognized actuarial loss (gain)	0	166
Net Periodic Cost (Benefit)	1,313	1,225
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	22	24
Amortization of prior service cost (credit)	(1)	(2)
Recognized actuarial loss (gain)	(626)	(711)
Net Periodic Cost (Benefit)	$ (605)	$ (689)

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Mar. 31, 2023	Dec. 31, 2022
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)	57.00%	59.00%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	17.00%	16.00%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	12.00%	11.00%
U.S. stock index fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	7.00%	7.00%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	7.00%	7.00%

Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Education [Member] \| Higher Education [Member] \| Kaplan University Transaction [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain related to contingent consideration	$ 1.0	$ 0.9

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Nonoperating Income (Expense) [Abstract]
Gain on a cost method investment	$ 1,831	$ 0
Foreign currency loss, net	(1,504)	(1,047)
Gain on sale of business	1,000	945
Gain on sale of cost method investments	785	1,075
Gain on sale of investments in affiliates	15	604
Other gain, net	956	1,299
Total Other Non-Operating Income	3,083	2,876
Equity Securities, FV-NI, Realized Gain (Loss)	$ (3,657)	$ (5,767)

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before tax

$ (2,293)

$ (17,154)

Other Comprehensive Income (Loss), income tax

2,878

4,019

Other Comprehensive Income (Loss), Net of Tax

585

(13,135)

Foreign Currency Translation Adjustment [Member]

Other Comprehensive Income (Loss) [Line Items]

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

8,994

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

Other Comprehensive Income (Loss), before tax

8,994

(1,738)

Other Comprehensive Income (Loss), income tax

Other Comprehensive Income (Loss), Net of Tax

8,994

(1,738)

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

(10,357)

(17,058)

Reclassification from AOCI, Current Period, Tax

2,664

4,397

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

(7,693)

(12,661)

Other Comprehensive Income (Loss), before tax

(10,357)

(17,058)

Other Comprehensive Income (Loss), income tax

2,664

4,397

Other Comprehensive Income (Loss), Net of Tax

(7,693)

(12,661)

Net Prior Service (Credit) Cost [Member]

Other Comprehensive Income (Loss) [Line Items]

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

^[1]

409

716

Reclassification from AOCI, Current Period, Tax

(105)

(184)

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

304

532

Net Actuarial Gain [Member]

Other Comprehensive Income (Loss) [Line Items]

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

^[1]

(10,766)

(17,774)

Reclassification from AOCI, Current Period, Tax

2,769

4,581

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

(7,997)

(13,193)

Cash Flow Hedges [Member]

Other Comprehensive Income (Loss) [Line Items]

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

(542)

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

(174)

Other Comprehensive Income (Loss), before tax

(930)

1,642

Other Comprehensive Income (Loss), income tax

214

(378)

Other Comprehensive Income (Loss), Net of Tax

$ (716)

$ 1,264

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) 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
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 3,752,661	$ 4,411,669
Other Comprehensive Income (Loss), Net of Tax	585	(13,135)
As of	3,769,730	4,472,941
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	336,151
Other comprehensive income (loss) before reclassifications	8,452
Net amount reclassified from accumulated other comprehensive income	(7,867)
Other Comprehensive Income (Loss), Net of Tax	585
As of	336,736
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	(54,638)
Other comprehensive income (loss) before reclassifications	8,994
Net amount reclassified from accumulated other comprehensive income	0
Other Comprehensive Income (Loss), Net of Tax	8,994	(1,738)
As of	(45,644)
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	388,591
Other comprehensive income (loss) before reclassifications	0
Net amount reclassified from accumulated other comprehensive income	(7,693)	(12,661)
Other Comprehensive Income (Loss), Net of Tax	(7,693)	(12,661)
As of	380,898
Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	2,198
Other comprehensive income (loss) before reclassifications	(542)
Net amount reclassified from accumulated other comprehensive income	(174)
Other Comprehensive Income (Loss), Net of Tax	(716)	$ 1,264
As of	$ 1,482

- Definition

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

+ References

Reference 1: 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
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+ Details

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

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

Interest expense

$ 14,294

$ 11,417

Provision for Income Taxes

19,200

35,600

Net of Tax

(52,977)

(96,566)

Reclassification out of Accumulated Other Comprehensive Income [Member]

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

Net of Tax

(7,867)

(12,477)

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

(10,357)

(17,058)

Provision for (Benefit from) Income Tax

2,664

4,397

Reclassifications, net of tax

(7,693)

(12,661)

Net Prior Service (Credit) Cost [Member]

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

Reclassifications, before tax

^[1]

409

716

Provision for (Benefit from) Income Tax

(105)

(184)

Reclassifications, net of tax

304

532

Net Actuarial Gain [Member]

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

Reclassifications, before tax

^[1]

(10,766)

(17,774)

Provision for (Benefit from) Income Tax

2,769

4,581

Reclassifications, net of tax

(7,997)

(13,193)

Cash Flow Hedges [Member]

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

Reclassifications, net of tax

(174)

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

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

Interest expense

$ (174)

$ 184

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies (Details) $ in Millions	1 Months Ended
Contingencies (Details) $ in Millions	Jul. 31, 2021 USD ($) investment	May 31, 2021 claim	Mar. 31, 2023 USD ($) claim
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
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss \| $			$ 15
Education [Member]
Loss Contingencies [Line Items]
Claims received \| investment	1,449
Loss Contingency Borrower Defense Claims Discharge Loan Amount \| $	$ 35
Education [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Potential claims Per ED \| claim		800

Business Segments (Narrative) (Details)	3 Months Ended
Business Segments (Narrative) (Details)	Mar. 31, 2023 segment
Business Segments [Line Items]
Number of reportable segments	7

Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenues	$ 1,031,546	$ 914,721
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	42,345	54,883
Amortization of Intangible Assets and Impairment of Long-Lived Assets	14,689	14,912
Income (Loss) from Operations	27,656	39,971
Equity in earnings of affiliates, net	4,661	2,604
Interest Expense, Net	(13,090)	(10,702)
Non-operating pension and postretirement benefit income, net	31,845	50,505
Gain on marketable equity securities, net	18,022	46,912
Other Income, Net	3,083	2,876
Income Before Income Taxes	72,177	132,166
Depreciation of property, plant and equipment	20,025	19,475
Pension Service Cost	9,243	6,031
Identifiable Assets	4,072,219		$ 4,127,829
Marketable equity securities	603,543		609,921
Investments in Affiliates	194,960		186,419
Prepaid Pension Cost	1,671,477		1,658,046
Total Assets	6,542,199		6,582,215
Amortization of Intangible Assets	13,944	14,912
Impairment of long-lived assets	745	0
Operating Segments [Member] \| Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	378,041	358,012
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	27,456	24,558
Amortization of Intangible Assets and Impairment of Long-Lived Assets	4,416	4,146
Income (Loss) from Operations	23,040	20,412
Depreciation of property, plant and equipment	8,968	8,505
Pension Service Cost	2,198	2,536
Identifiable Assets	1,952,768		1,987,042
Amortization of Intangible Assets	3,939	4,146
Impairment of long-lived assets	477	0
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	227,076	204,513
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	21,301	20,564
Income (Loss) from Operations	21,301	20,564
Depreciation of property, plant and equipment	6,330	5,755
Pension Service Cost	80	72
Identifiable Assets	1,449,063		1,479,833
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	76,345	75,808
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	6,661	5,037
Income (Loss) from Operations	6,661	5,037
Depreciation of property, plant and equipment	996	1,020
Pension Service Cost	922	1,081
Identifiable Assets	182,720		174,033
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Supplemental Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	73,587	76,304
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	3,751	3,371
Income (Loss) from Operations	3,751	3,371
Depreciation of property, plant and equipment	1,509	1,639
Pension Service Cost	1,024	1,182
Identifiable Assets	256,050		268,499
Operating Segments [Member] \| Education [Member] \| Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	5,375	4,345
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	(4,416)	(4,433)
Income (Loss) from Operations	(8,832)	(8,579)
Depreciation of property, plant and equipment	133	91
Pension Service Cost	172	201
Identifiable Assets	64,935		64,677
Operating Segments [Member] \| Education [Member] \| Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(4,342)	(2,958)
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	159	19
Income (Loss) from Operations	159	19
Operating Segments [Member] \| Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	112,877	123,419
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	29,945	41,258
Amortization of Intangible Assets and Impairment of Long-Lived Assets	1,362	1,360
Income (Loss) from Operations	28,583	39,898
Depreciation of property, plant and equipment	3,036	3,289
Pension Service Cost	860	926
Identifiable Assets	424,185		431,084
Operating Segments [Member] \| Manufacturing [Member]
Segment Reporting Information [Line Items]
Operating Revenues	114,584	115,940
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	12,190	15,138
Amortization of Intangible Assets and Impairment of Long-Lived Assets	4,862	5,163
Income (Loss) from Operations	7,328	9,975
Depreciation of property, plant and equipment	2,282	2,428
Pension Service Cost	275	328
Identifiable Assets	488,192		486,487
Operating Segments [Member] \| Healthcare [Member]
Segment Reporting Information [Line Items]
Operating Revenues	102,059	67,255
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	3,890	7,288
Amortization of Intangible Assets and Impairment of Long-Lived Assets	954	929
Income (Loss) from Operations	2,936	6,359
Depreciation of property, plant and equipment	1,104	410
Pension Service Cost	4,357	186
Identifiable Assets	255,542		249,845
Operating Segments [Member] \| Automotive [Member]
Segment Reporting Information [Line Items]
Operating Revenues	232,561	150,967
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	10,843	7,078
Amortization of Intangible Assets and Impairment of Long-Lived Assets	0	0
Income (Loss) from Operations	10,843	7,078
Depreciation of property, plant and equipment	1,113	777
Pension Service Cost	5	6
Identifiable Assets	440,036		427,221
Operating Segments [Member] \| Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	92,008	99,617
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	(27,906)	(27,430)
Amortization of Intangible Assets and Impairment of Long-Lived Assets	3,095	3,314
Income (Loss) from Operations	(31,001)	(30,744)
Depreciation of property, plant and equipment	3,369	3,915
Pension Service Cost	572	520
Identifiable Assets	445,409		475,583
Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	0	0
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	(14,073)	(13,007)
Amortization of Intangible Assets and Impairment of Long-Lived Assets	0	0
Income (Loss) from Operations	(14,073)	(13,007)
Depreciation of property, plant and equipment	153	151
Pension Service Cost	976	1,529
Identifiable Assets	66,087		$ 70,567
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (584)	$ (489)