Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
|
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
PART I. FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements | |||||||
Condensed Consolidated Statements of Operations | ||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
Condensed Consolidated Statements of Changes in Common Stockholders' Equity | ||||||||
Notes to Condensed Consolidated Financial Statements | ||||||||
Organization, Basis of Presentation and Recent Accounting Pronouncements | ||||||||
Acquisitions and Dispositions of Businesses | ||||||||
Investments | ||||||||
Accounts Receivable, Accounts Payable and Accrued Liabilities | ||||||||
Inventories, Contracts in Progress and Vehicle Floor Plan Payable | ||||||||
Goodwill and Other Intangible Assets | ||||||||
Debt | ||||||||
Fair Value Measurements | ||||||||
Revenue From Contracts With Customers | ||||||||
Earnings Per Share | ||||||||
Pension and Postretirement Plans | ||||||||
Other Non-Operating Income | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Contingencies | ||||||||
Business Segments | ||||||||
Item 2. | Management’s Discussion and Analysis of Results of Operations and Financial Condition | |||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | |||||||
Item 4. | Controls and Procedures | |||||||
PART II. OTHER INFORMATION | ||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
Item 6. | Exhibits | |||||||
Signatures |
Three Months Ended March 31 | |||||||||||
(in thousands, except per share amounts) | 2023 | 2022 | |||||||||
Operating Revenues | |||||||||||
Sales of services | $ | $ | |||||||||
Sales of goods | |||||||||||
Operating Costs and Expenses | |||||||||||
Cost of services sold (exclusive of items shown below) | |||||||||||
Cost of goods sold (exclusive of items shown below) | |||||||||||
Selling, general and administrative | |||||||||||
Depreciation of property, plant and equipment | |||||||||||
Amortization of intangible assets | |||||||||||
Impairment of long-lived assets | |||||||||||
Income from Operations | |||||||||||
Equity in earnings of affiliates, net | |||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Non-operating pension and postretirement benefit income, net | |||||||||||
Gain on marketable equity securities, net | |||||||||||
Other income, net | |||||||||||
Income Before Income Taxes | |||||||||||
Provision for Income Taxes | |||||||||||
Net Income | |||||||||||
Net Income Attributable to Noncontrolling Interests | ( | ( | |||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | $ | |||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||
Basic net income per common share | $ | $ | |||||||||
Basic average number of common shares outstanding | |||||||||||
Diluted net income per common share | $ | $ | |||||||||
Diluted average number of common shares outstanding |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Net Income | $ | $ | |||||||||
Other Comprehensive Loss, Before Tax | |||||||||||
Foreign currency translation adjustments: | |||||||||||
Translation adjustments arising during the period | ( | ||||||||||
Pension and other postretirement plans: | |||||||||||
Amortization of net prior service cost included in net income | |||||||||||
Amortization of net actuarial gain included in net income | ( | ( | |||||||||
( | ( | ||||||||||
Cash flow hedges (loss) gain | ( | ||||||||||
Other Comprehensive Loss, Before Tax | ( | ( | |||||||||
Income tax benefit related to items of other comprehensive income (loss) | |||||||||||
Other Comprehensive Income (Loss), Net of Tax | ( | ||||||||||
Comprehensive Income | |||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | |||||||||
Total Comprehensive Income Attributable to Graham Holdings Company | $ | $ |
As of | |||||||||||
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Investments in marketable equity securities and other investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories and contracts in progress | |||||||||||
Prepaid expenses | |||||||||||
Income taxes receivable | |||||||||||
Other current assets | |||||||||||
Total Current Assets | |||||||||||
Property, Plant and Equipment, Net | |||||||||||
Lease Right-of-Use Assets | |||||||||||
Investments in Affiliates | |||||||||||
Goodwill, Net | |||||||||||
Indefinite-Lived Intangible Assets | |||||||||||
Amortized Intangible Assets, Net | |||||||||||
Prepaid Pension Cost | |||||||||||
Deferred Income Taxes | |||||||||||
Deferred Charges and Other Assets (includes $ | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Accounts payable and accrued liabilities | $ | $ | |||||||||
Deferred revenue | |||||||||||
Income taxes payable | |||||||||||
Current portion of lease liabilities | |||||||||||
Current portion of long-term debt | |||||||||||
Dividends declared | |||||||||||
Total Current Liabilities | |||||||||||
Accrued Compensation and Related Benefits | |||||||||||
Other Liabilities | |||||||||||
Deferred Income Taxes | |||||||||||
Mandatorily Redeemable Noncontrolling Interest | |||||||||||
Lease Liabilities | |||||||||||
Long-Term Debt | |||||||||||
Total Liabilities | |||||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Redeemable Noncontrolling Interests | |||||||||||
Preferred Stock | |||||||||||
Common Stockholders’ Equity | |||||||||||
Common stock | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income, net of taxes | |||||||||||
Cumulative foreign currency translation adjustment | ( | ( | |||||||||
Unrealized gain on pensions and other postretirement plans | |||||||||||
Cash flow hedges | |||||||||||
Cost of Class B common stock held in treasury | ( | ( | |||||||||
Total Common Stockholders’ Equity | |||||||||||
Noncontrolling Interests | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and long-lived asset impairments | |||||||||||
Amortization of lease right-of-use asset | |||||||||||
Net pension benefit and special separation benefit expense | ( | ( | |||||||||
Gain on marketable equity securities and cost method investments, net | ( | ( | |||||||||
Gain on disposition of property, plant and equipment and investments, net | ( | ( | |||||||||
Credit loss expense and provision for other receivables | |||||||||||
Stock-based compensation expense | |||||||||||
Foreign exchange loss | |||||||||||
Equity in earnings of affiliates, net of distributions | ( | ||||||||||
(Benefit from) provision for deferred income taxes | ( | ||||||||||
Contingent consideration accretion expense | |||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Inventories | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||
Deferred revenue | ( | ( | |||||||||
Income taxes receivable/payable | |||||||||||
Lease liabilities | ( | ( | |||||||||
Other assets and other liabilities, net | ( | ( | |||||||||
Other | ( | ||||||||||
Net Cash Provided by Operating Activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Proceeds from sales of marketable equity securities | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Purchases of marketable equity securities | ( | ||||||||||
Investments in equity affiliates, cost method and other investments | ( | ( | |||||||||
Net proceeds from disposition of property, plant and equipment, and investments | |||||||||||
Other | ( | ||||||||||
Net Cash (Used in) Provided by Investing Activities | ( | ||||||||||
Cash Flows from Financing Activities | |||||||||||
Net payments under revolving credit facilities | ( | ( | |||||||||
Common shares repurchased | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Net proceeds from (repayments of) vehicle floor plan payable | ( | ||||||||||
Repayments of borrowings | ( | ( | |||||||||
Proceeds from (repayments of) bank overdrafts | ( | ||||||||||
Deferred payments of acquisitions | ( | ( | |||||||||
Other | |||||||||||
Net Cash Used in Financing Activities | ( | ( | |||||||||
Effect of Currency Exchange Rate Change | ( | ||||||||||
Net Decrease in Cash and Cash Equivalents and Restricted Cash | ( | ( | |||||||||
Beginning Cash and Cash Equivalents and Restricted Cash | |||||||||||
Ending Cash and Cash Equivalents and Restricted Cash | $ | $ |
(in thousands) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||
As of December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
Net income for the period | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | |||||||||||||||||||||||||||||
Noncontrolling interest capital contribution | |||||||||||||||||||||||||||||
Distribution to redeemable noncontrolling interest | ( | ||||||||||||||||||||||||||||
Dividends on common stock | ( | ( | |||||||||||||||||||||||||||
Repurchase of Class B common stock | ( | ( | |||||||||||||||||||||||||||
Issuance of Class B common stock | ( | ||||||||||||||||||||||||||||
Amortization of unearned stock compensation and stock option expense | |||||||||||||||||||||||||||||
Other comprehensive income, net of income taxes | |||||||||||||||||||||||||||||
As of March 31, 2023 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
(in thousands) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||
As of December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
Net income for the period | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ||||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interests | ( | ||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | |||||||||||||||||||||||||||||
Distribution to noncontrolling interest | ( | ( | |||||||||||||||||||||||||||
Dividends on common stock | ( | ( | |||||||||||||||||||||||||||
Repurchase of Class B common stock | ( | ( | |||||||||||||||||||||||||||
Issuance of Class B common stock | |||||||||||||||||||||||||||||
Amortization of unearned stock compensation and stock option expense | |||||||||||||||||||||||||||||
Other comprehensive loss, net of income taxes | ( | ( | |||||||||||||||||||||||||||
As of March 31, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
Purchase Price Allocation | ||||||||
Year Ended | ||||||||
(in thousands) | December 31, 2022 | |||||||
Accounts receivable | $ | |||||||
Inventory | ||||||||
Property, plant and equipment | ||||||||
Lease right-of-use assets | ||||||||
Goodwill | ||||||||
Indefinite-lived intangible assets | ||||||||
Amortized intangible assets | ||||||||
Other assets | ||||||||
Deferred income taxes | ||||||||
Floor plan payables | ( | |||||||
Other liabilities | ( | |||||||
Current and noncurrent lease liabilities | ( | |||||||
Redeemable noncontrolling interest | ( | |||||||
Noncontrolling interest | ( | |||||||
Aggregate purchase price, net of cash acquired | $ |
Three Months Ended March 31 | ||||||||
(in thousands) | 2022 | |||||||
Operating revenues | $ | |||||||
Net income |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Total cost | $ | $ | |||||||||
Gross unrealized gains | |||||||||||
Gross unrealized losses | ( | ( | |||||||||
Total Fair Value | $ | $ |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Gain on marketable equity securities, net | $ | $ | |||||||||
Less: Net losses in earnings from marketable equity securities sold | |||||||||||
Net unrealized gains in earnings from marketable equity securities still held at the end of the period | $ | $ |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Receivables from contracts with customers, less estimated credit losses of $ | $ | $ | |||||||||
Other receivables | |||||||||||
$ | $ |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation and related benefits | |||||||||||
Other accrued liabilities | |||||||||||
$ | $ |
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Contracts in progress | |||||||||||
$ | $ |
(in thousands) | Education | Television Broadcasting | Manufacturing | Healthcare | Automotive | Other Businesses | Total | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | |||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
(in thousands) | Kaplan International | Higher Education | Supplemental Education | Total | |||||||||||||||||||
Balance as of December 31, 2022 | |||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||
Foreign currency exchange rate changes | |||||||||||||||||||||||
Balance as of March 31, 2023 | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||
$ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Trade names and trademarks | |||||||||||||||||||||||||||||||||||||||||
Network affiliation agreements | |||||||||||||||||||||||||||||||||||||||||
Databases and technology | |||||||||||||||||||||||||||||||||||||||||
Noncompete agreements | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||||||||||||||||||||||||||||||
Franchise agreements | $ | $ | |||||||||||||||||||||||||||||||||||||||
Trade names and trademarks | |||||||||||||||||||||||||||||||||||||||||
FCC licenses | |||||||||||||||||||||||||||||||||||||||||
Licensure and accreditation | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
$ | $ |
As of | |||||||||||||||||||||||||||||
(in thousands) | Maturities | Stated Interest Rate | Effective Interest Rate | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Unsecured notes (1) | 2026 | $ | $ | ||||||||||||||||||||||||||
Revolving credit facility | 2027 | ||||||||||||||||||||||||||||
Truist Bank commercial note (2) | 2031 | ||||||||||||||||||||||||||||
Truist Bank commercial note | 2032 | ||||||||||||||||||||||||||||
Truist Bank commercial note (3) | 2032 | ||||||||||||||||||||||||||||
Pinnacle Bank term loan | 2024 | ||||||||||||||||||||||||||||
Other indebtedness | 2025 - 2030 | ||||||||||||||||||||||||||||
Total Debt | |||||||||||||||||||||||||||||
Less: current portion | ( | ( | |||||||||||||||||||||||||||
Total Long-Term Debt | $ | $ |
As of March 31, 2023 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market investments (1) | $ | $ | $ | $ | |||||||||||||||||||
Marketable equity securities (2) | |||||||||||||||||||||||
Other current investments (3) | |||||||||||||||||||||||
Interest rate swaps (4) | |||||||||||||||||||||||
Total Financial Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration liabilities (5) | $ | $ | $ | $ | |||||||||||||||||||
Mandatorily redeemable noncontrolling interest (6) | |||||||||||||||||||||||
Total Financial Liabilities | $ | $ | $ | $ | |||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market investments (1) | $ | $ | $ | $ | |||||||||||||||||||
Marketable equity securities (2) | |||||||||||||||||||||||
Other current investments (3) | |||||||||||||||||||||||
Interest rate swaps (4) | |||||||||||||||||||||||
Total Financial Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration liabilities (5) | $ | $ | $ | $ | |||||||||||||||||||
Foreign exchange swap (7) | |||||||||||||||||||||||
Mandatorily redeemable noncontrolling interest (6) | |||||||||||||||||||||||
Total Financial Liabilities | $ | $ | $ | $ |
(1) | |||||
(2) | |||||
(3) | |||||
(4) | |||||
(5) | |||||
(6) | |||||
(7) |
(in thousands) | Contingent consideration liabilities | Mandatorily redeemable noncontrolling interest | |||||||||
As of December 31, 2022 | $ | $ | |||||||||
Acquisition of business | |||||||||||
Changes in fair value (1) | |||||||||||
Accretion of value included in net income (1) | |||||||||||
Settlements or distributions | ( | ( | |||||||||
As of March 31, 2023 | $ | $ |
(in thousands) | Contingent consideration liabilities | Mandatorily redeemable noncontrolling interest | |||||||||
As of December 31, 2021 | $ | $ | |||||||||
Acquisition of business | ( | ||||||||||
Changes in fair value (1) | |||||||||||
Accretion of value included in net income (1) | |||||||||||
Settlements or distributions | ( | ||||||||||
As of March 31, 2022 | $ | $ |
(1) |
As of | ||||||||||||||
March 31, 2023 | December 31, 2022 | % | ||||||||||||
(in thousands) | Change | |||||||||||||
Deferred revenue | $ | $ | ( |
(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 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||
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 | $ | $ | |||||||||
Less: Dividends paid-common stock outstanding and unvested restricted shares | ( | ( | |||||||||
Undistributed earnings | |||||||||||
Percent allocated to common stockholders | % | % | |||||||||
Add: Dividends paid-common stock outstanding | |||||||||||
Numerator for basic earnings per share | $ | $ | |||||||||
Add: Additional undistributed earnings due to dilutive stock options | |||||||||||
Numerator for diluted earnings per share | $ | $ | |||||||||
Denominator: | |||||||||||
Denominator for basic earnings per share: | |||||||||||
Weighted average shares outstanding | |||||||||||
Add: Effect of dilutive stock options | |||||||||||
Denominator for diluted earnings per share | |||||||||||
Graham Holdings Company Common Stockholders: | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share | $ | $ |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Weighted average restricted stock | |||||||||||
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on assets | ( | ( | |||||||||
Amortization of prior service cost | |||||||||||
Recognized actuarial gain | ( | ( | |||||||||
Net Periodic Benefit | ( | ( | |||||||||
Special separation benefit expense | |||||||||||
Total Benefit | $ | ( | $ | ( |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Amortization of prior service cost | |||||||||||
Recognized actuarial loss | |||||||||||
Net Periodic Cost | $ | $ | |||||||||
As of | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
U.S. equities | % | % | |||||||||
Private investment funds | % | % | |||||||||
International equities | % | % | |||||||||
U.S. stock index fund | % | % | |||||||||
U.S. fixed income | % | % | |||||||||
% | % |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Interest cost | $ | $ | |||||||||
Amortization of prior service credit | ( | ( | |||||||||
Recognized actuarial gain | ( | ( | |||||||||
Net Periodic Benefit | $ | ( | $ | ( | |||||||
Three Months Ended March 31 | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Gain on a cost method investment | $ | $ | |||||||||
Foreign currency loss, net | ( | ( | |||||||||
Gain on sale of business | |||||||||||
Gain on sale of cost method investments | |||||||||||
Gain on sale of investments in affiliates | |||||||||||
Other gain, net | |||||||||||
Total Other Non-Operating Income | $ | $ |
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 | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
Pension and other postretirement plans: | |||||||||||||||||||||||||||||||||||
Amortization of net prior service cost included in net income | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of net actuarial gain included in net income | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
(Loss) gain for the period | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | $ | ( | $ | $ | $ | ( | $ | $ | ( |
(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 | $ | ( | $ | $ | $ | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||
Net amount reclassified from accumulated other comprehensive income | ( | ( | ( | ||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance as of March 31, 2023 | $ | ( | $ | $ | $ |
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 | $ | $ | (1) | ||||||||||||||
Amortization of net actuarial gain | ( | ( | (1) | ||||||||||||||
( | ( | Before tax | |||||||||||||||
Provision for Income Taxes | |||||||||||||||||
( | ( | Net of Tax | |||||||||||||||
Cash Flow Hedges | ( | Interest expense | |||||||||||||||
Total reclassification for the period | $ | ( | $ | ( | Net of Tax |
Three Months Ended March 31 | ||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||
Operating Revenues | ||||||||||||||
Education | $ | $ | ||||||||||||
Television broadcasting | ||||||||||||||
Manufacturing | ||||||||||||||
Healthcare | ||||||||||||||
Automotive | ||||||||||||||
Other businesses | ||||||||||||||
Corporate office | ||||||||||||||
Intersegment elimination | ( | ( | ||||||||||||
$ | $ | |||||||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | ||||||||||||||
Education | $ | $ | ||||||||||||
Television broadcasting | ||||||||||||||
Manufacturing | ||||||||||||||
Healthcare | ||||||||||||||
Automotive | ||||||||||||||
Other businesses | ( | ( | ||||||||||||
Corporate office | ( | ( | ||||||||||||
$ | $ | |||||||||||||
Amortization of Intangible Assets and Impairment of Long-Lived Assets | ||||||||||||||
Education | $ | $ | ||||||||||||
Television broadcasting | ||||||||||||||
Manufacturing | ||||||||||||||
Healthcare | ||||||||||||||
Automotive | ||||||||||||||
Other businesses | ||||||||||||||
Corporate office | ||||||||||||||
$ | $ | |||||||||||||
Income (Loss) from Operations | ||||||||||||||
Education | $ | $ | ||||||||||||
Television broadcasting | ||||||||||||||
Manufacturing | ||||||||||||||
Healthcare | ||||||||||||||
Automotive | ||||||||||||||
Other businesses | ( | ( | ||||||||||||
Corporate office | ( | ( | ||||||||||||
$ | $ | |||||||||||||
Equity in Earnings of Affiliates, Net | ||||||||||||||
Interest Expense, Net | ( | ( | ||||||||||||
Non-Operating Pension and Postretirement Benefit Income, Net | ||||||||||||||
Gain on Marketable Equity Securities, Net | ||||||||||||||
Other Income, Net | ||||||||||||||
Income Before Income Taxes | $ | $ | ||||||||||||
Three Months Ended March 31 | ||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||
Education | $ | $ | ||||||||||||
Television broadcasting | ||||||||||||||
Manufacturing | ||||||||||||||
Healthcare | ||||||||||||||
Automotive | ||||||||||||||
Other businesses | ||||||||||||||
Corporate office | ||||||||||||||
$ | $ | |||||||||||||
Pension Service Cost | ||||||||||||||
Education | $ | $ | ||||||||||||
Television broadcasting | ||||||||||||||
Manufacturing | ||||||||||||||
Healthcare | ||||||||||||||
Automotive | ||||||||||||||
Other businesses | ||||||||||||||
Corporate office | ||||||||||||||
$ | $ | |||||||||||||
As of | |||||||||||
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Identifiable Assets | |||||||||||
Education | $ | $ | |||||||||
Television broadcasting | |||||||||||
Manufacturing | |||||||||||
Healthcare | |||||||||||
Automotive | |||||||||||
Other businesses | |||||||||||
Corporate office | |||||||||||
$ | $ | ||||||||||
Investments in Marketable Equity Securities | |||||||||||
Investments in Affiliates | |||||||||||
Prepaid Pension Cost | |||||||||||
Total Assets | $ | $ |
Three Months Ended March 31 | ||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||
Operating Revenues | ||||||||||||||
Kaplan international | $ | $ | ||||||||||||
Higher education | ||||||||||||||
Supplemental education | ||||||||||||||
Kaplan corporate and other | ||||||||||||||
Intersegment elimination | ( | ( | ||||||||||||
$ | $ | |||||||||||||
Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | ||||||||||||||
Kaplan international | $ | $ | ||||||||||||
Higher education | ||||||||||||||
Supplemental education | ||||||||||||||
Kaplan corporate and other | ( | ( | ||||||||||||
Intersegment elimination | ||||||||||||||
$ | $ | |||||||||||||
Amortization of Intangible Assets | $ | $ | ||||||||||||
Impairment of Long-Lived Assets | $ | $ | ||||||||||||
Income (Loss) from Operations | ||||||||||||||
Kaplan international | $ | $ | ||||||||||||
Higher education | ||||||||||||||
Supplemental education | ||||||||||||||
Kaplan corporate and other | ( | ( | ||||||||||||
Intersegment elimination | ||||||||||||||
$ | $ | |||||||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||
Kaplan international | $ | $ | ||||||||||||
Higher education | ||||||||||||||
Supplemental education | ||||||||||||||
Kaplan corporate and other | ||||||||||||||
$ | $ | |||||||||||||
Pension Service Cost | ||||||||||||||
Kaplan international | $ | $ | ||||||||||||
Higher education | ||||||||||||||
Supplemental education | ||||||||||||||
Kaplan corporate and other | ||||||||||||||
$ | $ |
As of | |||||||||||
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Identifiable Assets | |||||||||||
Kaplan international | $ | $ | |||||||||
Higher education | |||||||||||
Supplemental education | |||||||||||
Kaplan corporate and other | |||||||||||
$ | $ |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2023 | 2022 | % Change | |||||||||||||||||
Revenue | ||||||||||||||||||||
Kaplan international | $ | 227,076 | $ | 204,513 | 11 | |||||||||||||||
Higher education | 76,345 | 75,808 | 1 | |||||||||||||||||
Supplemental education | 73,587 | 76,304 | (4) | |||||||||||||||||
Kaplan corporate and other | 5,375 | 4,345 | 24 | |||||||||||||||||
Intersegment elimination | (4,342) | (2,958) | — | |||||||||||||||||
$ | 378,041 | $ | 358,012 | 6 | ||||||||||||||||
Operating Income (Loss) | ||||||||||||||||||||
Kaplan international | $ | 21,301 | $ | 20,564 | 4 | |||||||||||||||
Higher education | 6,661 | 5,037 | 32 | |||||||||||||||||
Supplemental education | 3,751 | 3,371 | 11 | |||||||||||||||||
Kaplan corporate and other | (4,416) | (4,433) | 0 | |||||||||||||||||
Amortization of intangible assets | (3,939) | (4,146) | 5 | |||||||||||||||||
Impairment of long-lived assets | (477) | — | — | |||||||||||||||||
Intersegment elimination | 159 | 19 | — | |||||||||||||||||
$ | 23,040 | $ | 20,412 | 13 |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2023 | 2022 | % Change | |||||||||||||||||
Revenue | $ | 112,877 | $ | 123,419 | (9) | |||||||||||||||
Operating Income | 28,583 | 39,898 | (28) |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2023 | 2022 | % Change | |||||||||||||||||
Revenue | $ | 114,584 | $ | 115,940 | (1) | |||||||||||||||
Operating Income | 7,328 | 9,975 | (27) |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2023 | 2022 | % Change | |||||||||||||||||
Revenue | $ | 102,059 | $ | 67,255 | 52 | |||||||||||||||
Operating Income | 2,936 | 6,359 | (54) |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2023 | 2022 | % Change | |||||||||||||||||
Revenue | $ | 232,561 | $ | 150,967 | 54 | |||||||||||||||
Operating Income | 10,843 | 7,078 | 53 |
Three Months Ended | ||||||||||||||||||||
March 31 | % | |||||||||||||||||||
(in thousands) | 2023 | 2022 | Change | |||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Retail (1) | $ | 32,397 | $ | 43,089 | (25) | |||||||||||||||
Media (2) | 25,404 | 30,790 | (17) | |||||||||||||||||
Specialty (3) | 34,207 | 25,738 | 33 | |||||||||||||||||
$ | 92,008 | $ | 99,617 | (8) |
(1) | Includes Leaf Marketplace and Framebridge | ||||
(2) | Includes Leaf Media, Code3, Slate, Foreign Policy, Pinna and City Cast | ||||
(3) | Includes Clyde’s Restaurant Group, Decile and CyberVista |
As of | |||||||||||
(In thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Cash and cash equivalents | $ | 123,469 | $ | 169,319 | |||||||
Restricted cash | 31,253 | 21,113 | |||||||||
Investments in marketable equity securities and other investments | 616,379 | 622,408 | |||||||||
Total debt | 691,119 | 726,360 |
Moody’s | Standard & Poor’s | ||||||||||
Long-term | Ba1 | BB | |||||||||
Outlook | Stable | Stable | |||||||||
Three Months Ended March 31 | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Net cash provided by operating activities | $ | 22,811 | $ | 44,892 | |||||||
Net cash (used in) provided by investing activities | (1,954) | 19,523 | |||||||||
Net cash used in financing activities | (57,802) | (64,362) | |||||||||
Effect of currency exchange rate change | 1,235 | (208) | |||||||||
Net decrease in cash and cash equivalents and restricted cash | $ | (35,710) | $ | (155) |
Three Months Ended March 31 | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Net Income | $ | 52,977 | $ | 96,566 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and long-lived asset impairments | 34,714 | 34,387 | |||||||||
Amortization of lease right-of-use asset | 16,492 | 17,569 | |||||||||
Net pension benefit and special separation benefit expense | (23,162) | (44,782) | |||||||||
Other non-cash activities | (24,778) | (24,518) | |||||||||
Change in operating assets and liabilities | (33,432) | (34,330) | |||||||||
Net Cash Provided by Operating Activities | $ | 22,811 | $ | 44,892 |
Three Months Ended March 31 | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Net proceeds from sales of marketable equity securities | $ | 22,866 | $ | 55,731 | |||||||
Purchases of property, plant and equipment | (22,554) | (14,207) | |||||||||
Investments in equity affiliates, cost method and other investments | (4,735) | (23,698) | |||||||||
Other | 2,469 | 1,697 | |||||||||
Net Cash (Used in) Provided by Investing Activities | $ | (1,954) | $ | 19,523 |
Three Months Ended March 31 | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Net payments under revolving credit facility | $ | (33,000) | $ | (37,000) | |||||||
Repayments of borrowings | (3,999) | (977) | |||||||||
Net proceeds from (repayments of) vehicle floor plan payable | 7,196 | (3,889) | |||||||||
Common shares repurchased | (23,439) | (9,527) | |||||||||
Dividends paid | (7,910) | (7,749) | |||||||||
Other | 3,350 | (5,220) | |||||||||
Net Cash Used in Financing Activities | $ | (57,802) | $ | (64,362) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan* | Maximum Number of Shares that May Yet Be Purchased Under the Plan* | ||||||||||||||||||||||
January 1 -31 | 6,109 | $ | 622.26 | 6,109 | 142,312 | |||||||||||||||||||||
February 1 - 28 | 6,078 | 663.78 | 6,078 | 136,234 | ||||||||||||||||||||||
March 1 - 31 | 26,608 | 586.40 | 26,608 | 109,626 | ||||||||||||||||||||||
38,795 | $ | 604.17 | 38,795 |
Exhibit Number | Description | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
31.1 | |||||
31.2 | |||||
32 | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101 |
GRAHAM HOLDINGS COMPANY | ||||||||
(Registrant) | ||||||||
Date: May 3, 2023 | /s/ Timothy J. O’Shaughnessy | |||||||
Timothy J. O’Shaughnessy, President & Chief Executive Officer (Principal Executive Officer) | ||||||||
Date: May 3, 2023 | /s/ Wallace R. Cooney | |||||||
Wallace R. Cooney, Chief Financial Officer (Principal Financial Officer) |
/s/ Timothy J. O’Shaughnessy |
/s/ Wallace R. Cooney |
/s/ Timothy J. O’Shaughnessy |
/s/ Wallace R. Cooney |
Condensed Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Restricted Cash, Noncurrent | $ 476 | $ 646 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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:
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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:
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.
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Accounts Receivable, Accounts Payable and Accrued Liabilities |
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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:
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:
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.
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Inventories, Contracts in Progress and Vehicle Floor Plan Payable |
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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:
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.
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Goodwill and Other Intangible Assets |
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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:
The changes in carrying amount of goodwill at the Company’s education division were as follows:
Other intangible assets consist of the following:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT The Company’s borrowings consist of the following:
____________ (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).
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Fair Value Measurements |
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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:
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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:
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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.
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Revenue from Contracts with Customers |
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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:
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:
The majority of other activity was related to currency translation adjustments for the three months ended March 31, 2023.
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Earnings Per Share |
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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:
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:
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.
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Pension and Postretirement Plans |
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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:
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:
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:
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:
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Other Non-Operating Income |
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Other Nonoperating Income (Expense) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-Operating Income | OTHER NON-OPERATING INCOME A summary of non-operating income is as follows:
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.
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Accumulated Other Comprehensive Income (Loss) |
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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:
The accumulated balances related to each component of other comprehensive income (loss) are as follows:
The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows:
____________ (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.
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Contingencies |
3 Months Ended |
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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.
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Business Segments |
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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:
Asset information for the Company’s business segments is as follows:
The Company’s education division comprises the following operating segments:
Asset information for the Company’s education division is as follows:
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Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies) |
3 Months Ended |
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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.
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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) |
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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:
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Acquisition Pro Forma Financial Information | 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:
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Investments (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Marketable Equity Securities | Investments in marketable equity securities consist of the following:
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Gain on Marketable Equity Securities | The net gain on marketable equity securities comprised the following:
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Accounts Receivable, Accounts Payable and Accrued Liabilities (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable consist of the following:
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Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following:
|
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:
|
Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill, by segment, were as follows:
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Other Intangible Assets | Other intangible assets consist of the following:
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Education [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | The changes in carrying amount of goodwill at the Company’s education division were as follows:
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Debt | The Company’s borrowings consist of the following:
____________ (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:
____________
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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:
____________
|
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:
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Capitalized Contract Cost | The following table presents changes in the Company’s costs to obtain a contract asset:
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
Earnings per share amounts may not recalculate due to rounding.
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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:
|
Pension and Postretirement Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Schedule of Allocation of Plan Assets | The assets of the Company’s pension plans were allocated as follows:
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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:
|
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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:
|
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:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The accumulated balances related to each component of other comprehensive income (loss) are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
____________ (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.
|
Business Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
Asset information for the Company’s business segments is as follows:
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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:
Asset information for the Company’s education division is as follows:
|
Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details) |
Mar. 31, 2023
automotiveDealership
televisionStation
|
---|---|
Television Broadcasting [Member] | |
Number of television broadcast stations | televisionStation | 7 |
Automotive [Member] | |
Number of Automotive Dealerships Owned | automotiveDealership | 6 |
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 (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 |
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] | 0 | 0 | |||||||||||||
Marketable equity securities | [2] | 603,543 | 609,921 | |||||||||||||
Other current investments | [3] | 8,020 | 7,471 | |||||||||||||
Interest Rate Swap | [4] | 0 | 0 | |||||||||||||
Total Financial Assets | 611,563 | 617,392 | ||||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration liabilities | [5] | 0 | 0 | |||||||||||||
Foreign exchange swap | [6] | 0 | ||||||||||||||
Mandatorily redeemable noncontrolling interest | [7] | 0 | 0 | |||||||||||||
Total Financial Liabilities | 0 | 0 | ||||||||||||||
Level 2 | Fair Value, Recurring [Member] | ||||||||||||||||
Assets | ||||||||||||||||
Money Market Investments | [1] | 2,249 | 7,686 | |||||||||||||
Marketable equity securities | [2] | 0 | 0 | |||||||||||||
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] | 0 | 0 | |||||||||||||
Foreign exchange swap | [6] | 333 | ||||||||||||||
Mandatorily redeemable noncontrolling interest | [7] | 0 | 0 | |||||||||||||
Total Financial Liabilities | 0 | 333 | ||||||||||||||
Level 3 | Fair Value, Recurring [Member] | ||||||||||||||||
Assets | ||||||||||||||||
Money Market Investments | [1] | 0 | 0 | |||||||||||||
Marketable equity securities | [2] | 0 | 0 | |||||||||||||
Other current investments | [3] | 0 | 0 | |||||||||||||
Interest Rate Swap | [4] | 0 | 0 | |||||||||||||
Total Financial Assets | 0 | 0 | ||||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration liabilities | [5] | 8,206 | 8,423 | |||||||||||||
Foreign exchange swap | [6] | 0 | ||||||||||||||
Mandatorily redeemable noncontrolling interest | [7] | 32,309 | 30,845 | |||||||||||||
Total Financial Liabilities | $ 40,515 | $ 39,268 | ||||||||||||||
|
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] | 0 | 0 | |
Accretion of value included in net income | [1] | 315 | 76 | |
Settlements or distributions | (752) | 0 | ||
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 | 0 | 0 | ||
Changes in fair value | [1] | 1,468 | 3,423 | |
Accretion of value included in net income | [1] | 0 | 0 | |
Settlements or distributions | (4) | (53) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ 32,309 | $ 17,031 | ||
|
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 | |
---|---|---|
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 | |
---|---|---|
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 ($)
investment
company
|
Mar. 31, 2022
USD ($)
|
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 | 0 | |||
Other Comprehensive Income (Loss), before tax | 8,994 | (1,738) | ||
Other Comprehensive Income (Loss), income tax | 0 | 0 | ||
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 | 0 | |||
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 | ||
|
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 |
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 | 0 | |||
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 | ||
|
Contingencies (Details) $ in Millions |
1 Months Ended | ||
---|---|---|---|
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 |
---|---|
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) |