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 | ||||||||||||
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☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended March 31 | |||||||||||
(in thousands, except per share amounts) | 2024 | 2023 | |||||||||
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) | 2024 | 2023 | |||||||||
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 (credit) cost included in net income | ( | ||||||||||
Amortization of net actuarial gain included in net income | ( | ( | |||||||||
( | ( | ||||||||||
Cash flow hedges gain (loss) | ( | ||||||||||
Other Comprehensive Loss, Before Tax | ( | ( | |||||||||
Income tax benefit related to items of other comprehensive loss | |||||||||||
Other Comprehensive (Loss) Income, 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, 2024 | December 31, 2023 | |||||||||
(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 | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current Liabilities | |||||||||||
Accounts payable, vehicle floor plan 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) | 2024 | 2023 | |||||||||
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, net of forfeitures | |||||||||||
Foreign exchange (gain) loss | ( | ||||||||||
Equity in earnings of affiliates, net of distributions | ( | ( | |||||||||
Provision for (benefit from) deferred income taxes | ( | ||||||||||
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 | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Investments in equity affiliates and cost method investments | ( | ( | |||||||||
Net proceeds from disposition of property, plant and equipment and investments | |||||||||||
Proceeds from sales of marketable equity securities | |||||||||||
Purchases of marketable equity securities | ( | ||||||||||
Other | ( | ||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net proceeds from vehicle floor plan payable | |||||||||||
Common shares repurchased | ( | ( | |||||||||
Net borrowings (payments) under revolving credit facilities | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Repayments of borrowings | ( | ( | |||||||||
Proceeds from bank overdrafts | |||||||||||
Other | ( | ||||||||||
Net Cash Provided by (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, 2023 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||||||||
Dividends on common stock | ( | ( | |||||||||||||||||||||||||||
Repurchase of Class B common stock | ( | ( | |||||||||||||||||||||||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | ( | ( | |||||||||||||||||||||||||||
Amortization of unearned stock compensation and stock option expense | |||||||||||||||||||||||||||||
Other comprehensive loss, net of income taxes | ( | ( | |||||||||||||||||||||||||||
As of March 31, 2024 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
(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 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||
(In thousands) | As Previously Reported | Adjustments | As Revised | ||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | $ | $ | ( | $ | |||||||||||||
Deferred revenue | ( | ||||||||||||||||
Net Cash Provided by Operating Activities | $ | $ | $ |
Purchase Price Allocation | |||||
Year Ended | |||||
(in thousands) | December 31, 2023 | ||||
Accounts receivable | $ | ||||
Inventory | |||||
Property, plant and equipment | |||||
Goodwill | |||||
Indefinite-lived intangible assets | |||||
Amortized intangible assets | |||||
Other assets | |||||
Floor plan payables | ( | ||||
Other liabilities | ( | ||||
Current and noncurrent lease liabilities | ( | ||||
Aggregate purchase price, net of cash acquired | $ |
Three Months Ended March 31 | |||||
(in thousands) | 2023 | ||||
Operating revenues | $ | ||||
Net income |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Total cost | $ | $ | |||||||||
Gross unrealized gains | |||||||||||
Total Fair Value | $ | $ |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
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, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Receivables from contracts with customers, less estimated credit losses of $ | $ | $ | |||||||||
Other receivables | |||||||||||
$ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Accounts payable | $ | $ | |||||||||
Vehicle floor plan payable | |||||||||||
Accrued compensation and related benefits | |||||||||||
Other accrued liabilities | |||||||||||
$ | $ |
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(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, 2023 | |||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ |
(in thousands) | Kaplan International | Higher Education | Supplemental Education | Total | |||||||||||||||||||
Balance as of December 31, 2023 | |||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||
Foreign currency exchange rate changes | ( | ( | ( | ||||||||||||||||||||
Balance as of March 31, 2024 | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||||||||
$ | $ | $ | $ |
As of March 31, 2024 | As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||||||||||||||||||||||||||||||
Franchise agreements | $ | $ | |||||||||||||||||||||||||||||||||||||||
Trade names and trademarks | |||||||||||||||||||||||||||||||||||||||||
FCC licenses | |||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||
$ | $ |
As of | |||||||||||||||||||||||||||||
(in thousands) | Maturities | Stated Interest Rate | Effective Interest Rate | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||
Unsecured notes (1) | 2026 | $ | $ | ||||||||||||||||||||||||||
Revolving credit facility | 2027 | ||||||||||||||||||||||||||||
Term loan (2) | 2027 | ||||||||||||||||||||||||||||
Real estate term loan (3) | 2028 | ||||||||||||||||||||||||||||
Capital term loan (4) | 2028 | ||||||||||||||||||||||||||||
Other indebtedness | 2024 - 2030 | ||||||||||||||||||||||||||||
Total Debt | |||||||||||||||||||||||||||||
Less: current portion | ( | ( | |||||||||||||||||||||||||||
Total Long-Term Debt | $ | $ |
As of March 31, 2024 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market investments (1) | $ | $ | $ | $ | |||||||||||||||||||
Marketable equity securities (2) | |||||||||||||||||||||||
Other current investments (3) | |||||||||||||||||||||||
Total Financial Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration liabilities (4) | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps (5) | |||||||||||||||||||||||
Mandatorily redeemable noncontrolling interest (6) | |||||||||||||||||||||||
Total Financial Liabilities | $ | $ | $ | $ | |||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market investments (1) | $ | $ | $ | $ | |||||||||||||||||||
Marketable equity securities (2) | |||||||||||||||||||||||
Other current investments (3) | |||||||||||||||||||||||
Total Financial Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration liabilities (4) | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps (5) | |||||||||||||||||||||||
Foreign exchange swap (7) | |||||||||||||||||||||||
Mandatorily redeemable noncontrolling interest (6) | |||||||||||||||||||||||
Total Financial Liabilities | $ | $ | $ | $ |
(1) | |||||
(2) | The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. | ||||
(3) | |||||
(4) | |||||
(5) | |||||
(6) | |||||
(7) |
(in thousands) | Contingent consideration liabilities | Mandatorily redeemable noncontrolling interest | |||||||||
As of December 31, 2023 | $ | $ | |||||||||
Changes in fair value (1) | |||||||||||
Accretion of value included in net income (1) | |||||||||||
Settlements or distributions | ( | ( | |||||||||
As of March 31, 2024 | $ | $ |
(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 | $ | $ |
(1) |
As of | ||||||||||||||
March 31, 2024 | December 31, 2023 | % | ||||||||||||
(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 | ||||||||||||||||||||||||
2024 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||
(in thousands, except per share amounts) | 2024 | 2023 | |||||||||
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 (1) | % | % | |||||||||
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) | 2024 | 2023 | |||||||||
Weighted average restricted stock | |||||||||||
Three Months Ended March 31 | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on assets | ( | ( | |||||||||
Amortization of prior service (credit) cost | ( | ||||||||||
Recognized actuarial gain | ( | ( | |||||||||
Net Periodic Benefit | ( | ( | |||||||||
Special separation benefit expense | |||||||||||
Total Benefit | $ | ( | $ | ( |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Net Periodic Cost | $ | $ | |||||||||
As of | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
U.S. equities | % | % | |||||||||
Private investment funds | % | % | |||||||||
International equities | % | % | |||||||||
U.S. fixed income | % | % | |||||||||
U.S. stock index fund | % | % | |||||||||
% | % |
Three Months Ended March 31 | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Interest cost | $ | $ | |||||||||
Amortization of prior service credit | ( | ||||||||||
Recognized actuarial gain | ( | ( | |||||||||
Net Periodic Benefit | $ | ( | $ | ( | |||||||
Three Months Ended March 31 | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Gain on sale of business | $ | $ | |||||||||
Foreign currency gain (loss), net | ( | ||||||||||
Impairment of a cost method investment | ( | ||||||||||
Gain on sale of cost method investments | |||||||||||
Gain on a cost method investment | |||||||||||
Gain on sale of investment in affiliate | |||||||||||
Other gain, net | |||||||||||
Total Other Non-Operating Income | $ | $ |
Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
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 (credit) cost included in net income | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amortization of net actuarial gain included in net income | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Gain (loss) for the period | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other Comprehensive (Loss) Income | $ | ( | $ | $ | ( | $ | ( | $ | $ |
(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, 2023 | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Other comprehensive (loss) income before reclassifications | ( | ( | |||||||||||||||||||||
Net amount reclassified from accumulated other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Net other comprehensive (loss) income | ( | ( | ( | ||||||||||||||||||||
Balance as of March 31, 2024 | $ | ( | $ | $ | ( | $ |
Three Months Ended March 31 | Affected Line Item in the Condensed Consolidated Statements of Operations | ||||||||||||||||
(in thousands) | 2024 | 2023 | |||||||||||||||
Pension and Other Postretirement Plans: | |||||||||||||||||
Amortization of net prior service (credit) 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) | 2024 | 2023 | ||||||||||||
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) | 2024 | 2023 | ||||||||||||
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, 2024 | December 31, 2023 | |||||||||
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) | 2024 | 2023 | ||||||||||||
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, 2024 | December 31, 2023 | |||||||||
Identifiable Assets | |||||||||||
Kaplan international | $ | $ | |||||||||
Higher education | |||||||||||
Supplemental education | |||||||||||
Kaplan corporate and other | |||||||||||
$ | $ |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2024 | 2023 | % Change | |||||||||||||||||
Revenue | ||||||||||||||||||||
Kaplan international | $ | 269,798 | $ | 227,076 | 19 | |||||||||||||||
Higher education | 80,122 | 78,341 | 2 | |||||||||||||||||
Supplemental education | 72,122 | 73,587 | (2) | |||||||||||||||||
Kaplan corporate and other | 2,588 | 2,372 | 9 | |||||||||||||||||
Intersegment elimination | (2,032) | (3,335) | — | |||||||||||||||||
$ | 422,598 | $ | 378,041 | 12 | ||||||||||||||||
Operating Income (Loss) | ||||||||||||||||||||
Kaplan international | $ | 31,312 | $ | 21,301 | 47 | |||||||||||||||
Higher education | 5,519 | 7,083 | (22) | |||||||||||||||||
Supplemental education | 4,580 | 3,751 | 22 | |||||||||||||||||
Kaplan corporate and other | (7,585) | (4,838) | (57) | |||||||||||||||||
Amortization of intangible assets | (2,974) | (3,939) | 24 | |||||||||||||||||
Impairment of long-lived assets | — | (477) | — | |||||||||||||||||
Intersegment elimination | (265) | 159 | — | |||||||||||||||||
$ | 30,587 | $ | 23,040 | 33 |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2024 | 2023 | % Change | |||||||||||||||||
Revenue | $ | 113,058 | $ | 112,877 | 0 | |||||||||||||||
Operating Income | 29,633 | 28,583 | 4 |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2024 | 2023 | % Change | |||||||||||||||||
Revenue | $ | 101,903 | $ | 114,584 | (11) | |||||||||||||||
Operating Income | 3,069 | 7,328 | (58) |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2024 | 2023 | % Change | |||||||||||||||||
Revenue | $ | 128,201 | $ | 102,059 | 26 | |||||||||||||||
Operating Income | 6,091 | 2,936 | — |
Three Months Ended | ||||||||||||||||||||
March 31 | ||||||||||||||||||||
(in thousands) | 2024 | 2023 | % Change | |||||||||||||||||
Revenue | $ | 303,840 | $ | 232,561 | 31 | |||||||||||||||
Operating Income | 9,652 | 10,843 | (11) |
Three Months Ended | ||||||||||||||||||||
March 31 | % | |||||||||||||||||||
(in thousands) | 2024 | 2023 | Change | |||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Retail (1) | $ | 26,036 | $ | 32,397 | (20) | |||||||||||||||
Media (2) | 23,096 | 25,404 | (9) | |||||||||||||||||
Specialty (3) | 34,166 | 34,207 | 0 | |||||||||||||||||
$ | 83,298 | $ | 92,008 | (9) |
(1) | Includes Society6 and Saatchi Art (formerly Leaf Marketplace) and Framebridge | ||||
(2) | Includes World of Good Brands (formerly Leaf Media), Code3, Slate, Foreign Policy, Pinna and City Cast | ||||
(3) | Includes Clyde’s Restaurant Group, Decile and Supporting Cast |
As of | |||||||||||
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Cash and cash equivalents | $ | 130,860 | $ | 169,897 | |||||||
Restricted cash | 48,123 | 31,994 | |||||||||
Investments in marketable equity securities and other investments | 802,943 | 697,028 | |||||||||
Total debt | 815,552 | 811,833 |
Moody’s | Standard & Poor’s | ||||||||||
Long-term | Ba1 | BB | |||||||||
Outlook | Stable | Stable | |||||||||
Three Months Ended March 31 | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net cash provided by operating activities | $ | 1,067 | $ | 22,811 | |||||||
Net cash used in investing activities | (20,962) | (1,954) | |||||||||
Net cash provided by (used in) financing activities | 1,526 | (57,802) | |||||||||
Effect of currency exchange rate change | (4,539) | 1,235 | |||||||||
Net decrease in cash and cash equivalents and restricted cash | $ | (22,908) | $ | (35,710) |
Three Months Ended March 31 | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net Income | $ | 125,339 | $ | 52,977 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and long-lived asset impairments | 33,278 | 34,714 | |||||||||
Amortization of lease right-of-use asset | 16,866 | 16,492 | |||||||||
Net pension benefit and special separation benefit expense | (29,056) | (23,162) | |||||||||
Other non-cash activities | (89,016) | (24,778) | |||||||||
Change in operating assets and liabilities | (56,344) | (33,432) | |||||||||
Net Cash Provided by Operating Activities | $ | 1,067 | $ | 22,811 |
Three Months Ended March 31 | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Purchases of property, plant and equipment | $ | (21,258) | $ | (22,554) | |||||||
Investments in equity affiliates, cost method and other investments | (526) | (4,735) | |||||||||
Net proceeds from sales of marketable equity securities | — | 22,866 | |||||||||
Other | 822 | 2,469 | |||||||||
Net Cash Used in Investing Activities | $ | (20,962) | $ | (1,954) |
Three Months Ended March 31 | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net borrowings (payments) under revolving credit facility | $ | 9,245 | $ | (33,000) | |||||||
Repayments of borrowings | (4,902) | (3,999) | |||||||||
Net proceeds from vehicle floor plan payable | 26,803 | 7,196 | |||||||||
Common shares repurchased | (20,028) | (23,439) | |||||||||
Dividends paid | (7,678) | (7,910) | |||||||||
Other | (1,914) | 3,350 | |||||||||
Net Cash Provided by (Used in) Financing Activities | $ | 1,526 | $ | (57,802) |
Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plan(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plan(2) | ||||||||||||||||||||||
January 1 - 31 | 15,576 | $ | 693.31 | 15,576 | 220,827 | |||||||||||||||||||||
February 1 - 29 | 2,970 | 704.20 | 2,970 | 217,857 | ||||||||||||||||||||||
March 1 - 31 | 10,060 | 729.24 | 10,060 | 207,797 | ||||||||||||||||||||||
28,606 | $ | 707.07 | 28,606 |
Exhibit Number | Description | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | Third Supplemental Indenture, dated as of August 15, 2023, among Graham Digital Holding Company LLC, a Delaware limited liability company, a subsidiary of Graham Holdings Company, a Delaware corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). | ||||
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 1, 2024 | /s/ Timothy J. O’Shaughnessy | |||||||
Timothy J. O’Shaughnessy, President & Chief Executive Officer (Principal Executive Officer) | ||||||||
Date: May 1, 2024 | /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 |
Organization, Basis of Presentation and Recent Accounting Pronouncements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to students, schools, colleges, universities and businesses, both domestically and outside the United States (U.S.), including academic preparation programs for international students, English-language programs, operations support services for pre-college, certificate, undergraduate and graduate programs, exam preparation for high school and graduate students and for professional certifications and licensures, career and academic advisement services to businesses, and operates a United Kingdom (U.K.) sixth-form college that prepares students for A-level examinations. The Company’s television broadcasting segment owns and operates seven television broadcasting stations and provides social media management tools designed to connect newsrooms with their users. 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 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 eight dealerships and valet repair services. The Company’s other businesses include an online art gallery and in-person art fair business; an online commerce platform featuring original art and designs on an array of consumer products; an owner and operator of websites; restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; Slate and Foreign Policy magazines; 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, 2024 and 2023 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, 2023. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Revision of Prior Period Amounts. In the fourth quarter of 2023, the Company identified misstatements in its previously issued Condensed Consolidated Balance Sheets which had a related impact to the changes in assets and liabilities within operating cash flows. The Company determined that these adjustments were not material to the previously issued financial statements, but has revised its previously issued Condensed Consolidated Statement of Cash Flows for the period ended March 31, 2023 as shown below.
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 November 2023, the FASB issued new guidance that requires enhanced disclosures related to reportable segments that includes, among other disclosures, identifying significant segment expenses on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance must be applied retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Condensed Consolidated Financial Statements. In December 2023, the FASB issued new guidance that requires enhanced income tax disclosures related to the rate reconciliation, information on income taxes paid and other items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard permits both prospective and retrospective application. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Condensed Consolidated Financial Statements.
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Acquisitions and Dispositions of Businesses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions of Businesses | ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions. In January 2024, the Company acquired one small business which is included in other businesses. During 2023, the Company acquired five businesses: three in healthcare, one in automotive, and one in other businesses for $83.3 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 January 2023, Graham Healthcare Group (GHG) acquired two small businesses which are included in healthcare. In July 2023, the Company acquired one small business which is included in other businesses. In September 2023, the Company’s automotive subsidiary acquired a Toyota automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $2.2 million in floor plan payables, the automotive subsidiary borrowed $37.0 million to finance the acquisition. The dealership is operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. This acquisition expands the Company’s automotive business operations and is included in automotive. In December 2023, GHG acquired one small business which is included in healthcare. Acquisition-related costs for acquisitions that closed during the first three months of 2024 and 2023 were expensed as incurred. The aggregate purchase price of the 2023 acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities:
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 $45.0 million of goodwill for income tax purposes for the acquisitions completed in 2023. The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The following unaudited pro forma financial information includes the 2023 acquisitions as if they occurred at the beginning of 2022:
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 June 2023, the Company entered into an agreement to merge the Pinna business with Realm of Possibility, Inc. (Realm) in return for an additional noncontrolling financial interest in Realm (the Pinna transaction). The Company deconsolidated the Pinna subsidiary, which was included in other businesses, and continues to account for its interest in Realm under the equity method of accounting (see Note 3). Other Transactions. In December 2023, the Company acquired some of the minority-owned shares of CSI Pharmacy Holding Company, LLC (CSI) for a total amount of $20.0 million. The Company paid cash of $5.0 million and entered into a promissory note with the minority owners for the remaining $15.0 million at an interest rate of 8% per annum. The note is included in other indebtedness (see Note 7) and payable in quarterly installments with the final payment due by January 1, 2027. Following the redemption, the Company owns 86.7% of CSI.
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Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | INVESTMENTS Money Market Investments. As of March 31, 2024 and December 31, 2023, the Company had money market investments of $7.5 million and $5.6 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, 2024 and December 31, 2023, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $84.3 million and $78.7 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, 2024, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $470.8 million, which exceeded 5% of the Company’s total assets. There were no purchases of marketable equity securities during the first three months of 2024. The Company purchased $4.6 million of marketable equity securities during the first three months of 2023. There were no sales of marketable equity securities during the first three months of 2024. 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. The net gain on marketable equity securities comprised the following:
Investments in Affiliates. As of March 31, 2024, the Company held a 49.9% and 42.2% interest in N2K Networks and Realm, respectively, on a fully diluted basis, and accounts for these investments 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, 2024, 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. The Company loaned Intersection $30.0 million, which is repayable over 5 years at an interest rate of 9% per annum. The outstanding balance on this loan was $28.3 million as of March 31, 2024. The loan is repayable by May 2028. As of March 31, 2024, the Company also held investments in several other affiliates; GHG held a 40% interest in each of the following affiliates: Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health Network (AHN) Healthcare at Home. For the three months ended March 31, 2024 and 2023, the Company recorded $4.1 million and $3.5 million, respectively, in revenue for services provided to the affiliates of GHG. 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 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 £19.9 million as of March 31, 2024. The loan is repayable by December 2041. The Company had $39.6 million and $36.9 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of March 31, 2024 and December 31, 2023, respectively. 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 $74.0 million as of March 31, 2024 and December 31, 2023. During the three months ended March 31, 2024, the Company recorded impairment losses of $0.4 million to those securities. 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, Vehicle Floor Plan Payable and Accrued Liabilities |
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Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities | ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, VEHICLE FLOOR PLAN PAYABLE AND ACCRUED LIABILITIES Accounts receivable consist of the following:
Credit loss expense was $1.7 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:
Cash overdrafts of $1.3 million and $0.5 million are included in accounts payable as of March 31, 2024 and December 31, 2023, respectively. The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank and Toyota Motor Credit Corporation (Truist and Toyota floor plan facility) and Ford Motor Credit Company (Ford floor plan facility). At March 31, 2024, 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 6.9% and 5.4% for the three months ended March 31, 2024 and 2023, respectively. 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 contain 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, 2024. 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, 2024 and 2023, the Company recognized a reduction in cost of goods sold of $2.2 million and $1.4 million, respectively, related to manufacturer floor plan assistance. As of March 31, 2024 and December 31, 2023, the Company had $156.9 million and $128.9 million, respectively, in obligations outstanding related to floor plan facilities associated with new vehicles.
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Inventories and Contracts in Progress |
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Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories and Contracts in Progress | INVENTORIES AND CONTRACTS IN PROGRESS Inventories and contracts in progress consist of the following:
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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, 2024 and 2023, was $10.8 million and $13.9 million, respectively. Amortization of intangible assets is estimated to be approximately $27 million for the remainder of 2024, $29 million in 2025, $20 million in 2026, $6 million in 2027, $3 million in 2028 and $17 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 $1.6 million and $1.7 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023, respectively. (2) The carrying value is net of $0.7 million and $0.6 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023, respectively. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023. (4) The carrying value is net of $0.8 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023. At March 31, 2024 and December 31, 2023, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $398.1 million and $400.4 million, respectively. The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $108.1 million as of March 31, 2024, consisting of U.S. dollar borrowings of $45 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, 2024 and December 31, 2023. The Company is in compliance with all financial covenants of the revolving credit facility and term loans as of March 31, 2024. During the three months ended March 31, 2024 and 2023, the Company had average borrowings outstanding of approximately $810.7 million and $735.0 million, respectively, at average annual interest rates of approximately 6.4% and 5.8%, respectively. During the three months ended March 31, 2024 and 2023, the Company incurred net interest expense of $17.2 million and $13.1 million, respectively. During the three months ended March 31, 2024 and 2023, the Company recorded interest expense of $1.9 million and $1.5 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 long-lived asset impairment charges of $0.7 million. The remeasurement of the long-lived assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. The Company used a discounted cash flow model to determine the estimated fair value of the long-lived assets and made estimates and assumptions regarding future cash flows and discount rates.
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Revenue from Contracts with Customers |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS The Company generated 78% and 79% of its revenue from U.S. domestic sales for the three months ended March 31, 2024 and 2023, respectively. The remaining 22% and 21% of revenue was generated from non-U.S. sales for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024, the Company recognized 54% of its revenue over time as control of the services and goods transferred to the customer, and the remaining 46% at a point in time, when the customer obtained control of the promised goods. For the three months ended March 31, 2023, the Company recognized 55% of its revenue over time, and the remaining 45% at a point in time. Contract Assets. As of March 31, 2024, the Company recognized a contract asset of $34.5 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 $294.7 million related to the remaining performance obligation in the contract over the next five years. As of December 31, 2023, the contract asset was $39.8 million. Deferred Revenue. The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance which includes some payments that are refundable due to the contractual right of the customer to cancel the agreement. As of March 31, 2024 and December 31, 2023, 15% and 20% of the Company’s deferred revenue consisted of prepaid amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance:
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, 2024, the Company recognized $207.1 million related to the Company’s deferred revenue balance as of December 31, 2023, including $28.7 million of prepaid amounts which were refundable at the prior year-end. Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of March 31, 2024, 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 $5.8 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, 2024.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) 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, 2024 and March 31, 2023 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, 2024 and 2023, the Company declared regular dividends totaling $3.44 and $3.30 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 2024, the Company recorded $0.4 million in expenses related to a Separation Incentive Program (SIP) for certain Framebridge employees, which will be funded from the assets of the Company’s pension plans. In the first quarter of 2023, the Company recorded $4.1 million in expenses related to SIPs for certain Leaf and Code3 employees, which was 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 49% of the pension assets internally, of which the majority is invested in private investment funds with the remaining investments in Berkshire Hathaway and Markel stock, a U.S. stock index fund, and short-term fixed-income securities. The remaining 51% 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 35% 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 5% 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, 2024. 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, 2024, the pension plan held investments in one common stock, one private investment fund, and one U.S. Treasury securities fund that exceeded 10% of total plan assets, valued at $1,665.4 million, or approximately 51% of total plan assets. At December 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 $1,011.1 million, or approximately 34% of total plan assets. Assets also included $88.3 million and $82.4 million of Markel shares at March 31, 2024 and December 31, 2023, respectively. 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 investments result 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, 2024 and 2023, the Company recorded contingent consideration gains of $0.9 million and $1.0 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 (loss) income 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 (loss) 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, 2024 | |
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; real estate lease and sublease disputes; 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 $10 million.
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Business Segments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | BUSINESS SEGMENTS In the second quarter of 2023, Kaplan modified its segment reporting for Kaplan India, a shared services center that supports Higher Education. Kaplan India was previously included in Kaplan corporate and other. Certain amounts in previously issued financial statements have been reclassified to conform to the current presentation. The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive. As of March 31, 2024, Kaplan had a total outstanding accounts receivable balance of $105.9 million from Purdue Global related to amounts due for reimbursements for services, fees earned and a deferred fee. Included in this total, Kaplan has a $19.6 million long-term receivable balance due from Purdue Global at March 31, 2024, related to the advance of $20.0 million during the initial KU Transaction. During the three months ended March 31, 2024 and 2023, the automotive group recorded expense of $2.0 million and $1.7 million, respectively, for operating and management services provided by Christopher J. Ourisman and his team of industry professionals. The following tables summarize the financial information related to each of the Company’s business segments:
Asset information for the Company’s business segments is as follows:
The Company’s education division comprises the following operating segments:
Asset information for the Company’s education division is as follows:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net income attributable to Graham Holdings Company common stockholders | $ 124,380 | $ 52,272 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
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, 2024 and 2023 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, 2023. 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.
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Recently Adopted and Issued Accounting Pronouncements | Recently Adopted and Issued Accounting Pronouncements – In November 2023, the FASB issued new guidance that requires enhanced disclosures related to reportable segments that includes, among other disclosures, identifying significant segment expenses on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance must be applied retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Condensed Consolidated Financial Statements. In December 2023, the FASB issued new guidance that requires enhanced income tax disclosures related to the rate reconciliation, information on income taxes paid and other items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard permits both prospective and retrospective application. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Condensed Consolidated Financial Statements.
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Organization, Basis of Presentation and Recent Accounting Pronouncements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The Company determined that these adjustments were not material to the previously issued financial statements, but has revised its previously issued Condensed Consolidated Statement of Cash Flows for the period ended March 31, 2023 as shown below.
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Acquisitions and Dispositions of Businesses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets acquired and liabilities assumed | The aggregate purchase price of the 2023 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 following unaudited pro forma financial information includes the 2023 acquisitions as if they occurred at the beginning of 2022:
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, Vehicle Floor Plan Payable and Accrued Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable consist of the following:
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Schedule of Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities | Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:
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Inventories and Contracts in Progress (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Debt | The Company’s borrowings consist of the following:
____________ (1) The carrying value is net of $1.6 million and $1.7 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023, respectively. (2) The carrying value is net of $0.7 million and $0.6 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023, respectively. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023. (4) The carrying value is net of $0.8 million of unamortized debt issuance costs as of March 31, 2024 and December 31, 2023.
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
____________
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Revenue from Contracts with Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Pension and Postretirement Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Comprehensive (Loss) Income | The other comprehensive (loss) income 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 (loss) 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, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024
televisionStation
automotiveDealership
|
---|---|
Television Broadcasting [Member] | |
Number of television broadcast stations | televisionStation | 7 |
Automotive [Member] | |
Number of Automotive Dealerships Owned | automotiveDealership | 8 |
Organization, Basis of Presentation and Recent Accounting Pronouncements (Details 1) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Accounts receivable | $ 21,523 | $ 47,244 |
Deferred revenue | (1,130) | 4,614 |
Net Cash Provided by Operating Activities | $ 1,067 | 22,811 |
As Previously Reported [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Accounts receivable | 54,245 | |
Deferred revenue | (2,387) | |
Net Cash Provided by Operating Activities | 22,811 | |
Adjustments [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Accounts receivable | (7,001) | |
Deferred revenue | 7,001 | |
Net Cash Provided by Operating Activities | $ 0 |
Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Business Acquisition [Line Items] | ||
Goodwill | $ 1,513,316 | $ 1,525,194 |
Floor plan payables | $ (175,103) | (148,300) |
Series of Individually Immaterial Business Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | 68 | |
Inventory | 5,224 | |
Property, plant and equipment | 29,859 | |
Goodwill | 45,968 | |
Indefinite-lived intangible assets | 6,300 | |
Amortized intangible assets | 235 | |
Other assets | 4 | |
Floor plan payables | (2,215) | |
Other liabilities | (935) | |
Current and noncurrent lease liabilities | (1,184) | |
Aggregate purchase price, net of cash acquired | $ 83,324 |
Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Business Acquisition [Line Items] | |
Pro forma operating revenues | $ 1,069,299 |
Pro forma net income | $ 54,694 |
Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Investments [Abstract] | ||
Total Cost | $ 225,971 | $ 225,971 |
Gross unrealized gains | 568,334 | 464,182 |
Total Fair Value | $ 794,305 | $ 690,153 |
Investments (Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Investments [Abstract] | ||
Gain on marketable equity securities, net | $ 104,152 | $ 18,022 |
Less: Net losses in earnings from marketable equity securities sold | 0 | 3,657 |
Net unrealized gains in earnings from marketable equity securities still held at the end of the period | $ 104,152 | $ 21,679 |
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Receivable) (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | ||
Receivable from contracts with customers, less estimated credit losses | $ 468,371 | $ 496,172 |
Other receivables | 31,955 | 28,915 |
Accounts receivable, net | 500,326 | 525,087 |
Estimated credit losses | $ 26,447 | $ 24,667 |
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details 2) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 137,697 | $ 154,484 |
Vehicle floor plan payable | 175,103 | 148,300 |
Accrued compensation and related benefits | 136,076 | 154,580 |
Other accrued liabilities | 230,278 | 237,157 |
Total Accounts payable and Accrued liabilities | $ 679,154 | $ 694,521 |
Inventories and Contracts in Progress (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract] | ||
Raw materials | $ 62,833 | $ 63,884 |
Work-in-process | 17,214 | 15,387 |
Finished goods | 243,335 | 215,283 |
Contracts in progress | 3,276 | 2,657 |
Inventories and contracts in progress | $ 326,658 | $ 297,211 |
Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Amortized Intangible Assets [Line Items] | ||
Goodwill and intangible asset impairment charge | $ 0 | $ 745 |
Amortization of Intangible Assets | ||
Amortization of intangible assets | 10,751 | $ 13,944 |
Estimated amortization of intangible assets, remainder of 2024 | 27,000 | |
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, 2028 | 3,000 | |
Estimated amortization of intangible assets, after 2028 | $ 17,000 |
Debt (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||
Other indebtedness | $ 28,301 | $ 30,574 | ||||||||
Total Debt | 815,552 | 811,833 | ||||||||
Less: current portion | (76,844) | (66,751) | ||||||||
Total Long-Term Debt | 738,708 | 745,082 | ||||||||
5.75% Unsecured Notes maturing in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured notes | [1] | 398,445 | 398,266 | |||||||
Unamortized debt issuance costs | $ 1,600 | $ 1,700 | ||||||||
Stated interest rate | 5.75% | 5.75% | ||||||||
Effective interest rate | 5.75% | |||||||||
Five-Year Credit Agreement maturing in 2027 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility | $ 108,126 | $ 97,879 | ||||||||
Effective interest rate | 6.74% | |||||||||
Term Loan maturing in 2027 - $150 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loans Payable to Bank | [2] | $ 145,559 | 147,476 | |||||||
Unamortized debt issuance costs | $ 700 | 600 | ||||||||
Effective interest rate | 7.30% | |||||||||
Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loans Payable to Bank | [3] | $ 73,605 | 74,541 | |||||||
Unamortized debt issuance costs | $ 100 | 100 | ||||||||
Effective interest rate | 7.19% | |||||||||
Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loans Payable to Bank | [4] | $ 61,516 | 63,097 | |||||||
Unamortized debt issuance costs | $ 800 | $ 800 | ||||||||
Effective interest rate | 7.43% | |||||||||
Minimum [Member] | Five-Year Credit Agreement maturing in 2027 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 6.56% | |||||||||
Minimum [Member] | Term Loan maturing in 2027 - $150 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 7.15% | |||||||||
Minimum [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 7.08% | |||||||||
Minimum [Member] | Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 7.33% | |||||||||
Minimum [Member] | Other Indebtedness [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 0.00% | |||||||||
Maximum [Member] | Five-Year Credit Agreement maturing in 2027 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 8.88% | |||||||||
Maximum [Member] | Term Loan maturing in 2027 - $150 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 7.21% | |||||||||
Maximum [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 7.10% | |||||||||
Maximum [Member] | Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 7.35% | |||||||||
Maximum [Member] | Other Indebtedness [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 16.00% | |||||||||
|
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fair Value Disclosures [Abstract] | ||
Impairment of cost method investments | $ 406 | $ 0 |
Gain on a cost method investment | 0 | 1,831 |
Impairment of long-lived assets | $ 0 | $ 745 |
Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | ||||||||||||||||
Money Market Investments | $ 7,500 | $ 5,600 | ||||||||||||||
Marketable equity securities | 794,305 | 690,153 | ||||||||||||||
Fair Value, Recurring [Member] | ||||||||||||||||
Assets | ||||||||||||||||
Money Market Investments | [1] | 7,526 | 5,577 | |||||||||||||
Marketable equity securities | [2] | 794,305 | 690,153 | |||||||||||||
Other current investments | [3] | 8,638 | 6,875 | |||||||||||||
Total Financial Assets | 810,469 | 702,605 | ||||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration liabilities | [4] | 75 | 788 | |||||||||||||
Interest rate swap | [5] | 1,651 | 2,761 | |||||||||||||
Foreign exchange swap | [6] | 86 | ||||||||||||||
Mandatorily redeemable noncontrolling interest | [7] | 42,549 | 40,764 | |||||||||||||
Total Financial Liabilities | 44,275 | 44,399 | ||||||||||||||
Level 1 | Fair Value, Recurring [Member] | ||||||||||||||||
Assets | ||||||||||||||||
Money Market Investments | [1] | 0 | 0 | |||||||||||||
Marketable equity securities | [2] | 794,305 | 690,153 | |||||||||||||
Other current investments | [3] | 7,682 | 6,875 | |||||||||||||
Total Financial Assets | 801,987 | 697,028 | ||||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration liabilities | [4] | 0 | 0 | |||||||||||||
Interest rate swap | [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] | 7,526 | 5,577 | |||||||||||||
Marketable equity securities | [2] | 0 | 0 | |||||||||||||
Other current investments | [3] | 956 | 0 | |||||||||||||
Total Financial Assets | 8,482 | 5,577 | ||||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration liabilities | [4] | 0 | 0 | |||||||||||||
Interest rate swap | [5] | 1,651 | 2,761 | |||||||||||||
Foreign exchange swap | [6] | 86 | ||||||||||||||
Mandatorily redeemable noncontrolling interest | [7] | 0 | 0 | |||||||||||||
Total Financial Liabilities | 1,651 | 2,847 | ||||||||||||||
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 | |||||||||||||
Total Financial Assets | 0 | 0 | ||||||||||||||
Liabilities | ||||||||||||||||
Contingent consideration liabilities | [4] | 75 | 788 | |||||||||||||
Interest rate swap | [5] | 0 | 0 | |||||||||||||
Foreign exchange swap | [6] | 0 | ||||||||||||||
Mandatorily redeemable noncontrolling interest | [7] | 42,549 | 40,764 | |||||||||||||
Total Financial Liabilities | $ 42,624 | $ 41,552 | ||||||||||||||
|
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, 2024 |
Mar. 31, 2023 |
|||
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 | $ 788 | $ 8,423 | ||
Acquisition of business | 220 | |||
Changes in fair value | [1] | 0 | 0 | |
Accretion of value included in net income | [1] | 6 | 315 | |
Settlements or distributions | (719) | (752) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 75 | 8,206 | ||
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 | 40,764 | 30,845 | ||
Acquisition of business | 0 | |||
Changes in fair value | [1] | 1,876 | 1,468 | |
Accretion of value included in net income | [1] | 0 | 0 | |
Settlements or distributions | (91) | (4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ 42,549 | $ 32,309 | ||
|
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | |||
Deferred revenue recognized in period related to beginning balance | $ 207,100 | ||
Deferred Revenue | $ 392,754 | $ 400,347 | |
Percentage of Refundable Amounts Included Within Contract Liabilities | 15.00% | 20.00% | |
Deferred Revenue Recognized of Refundable Prepaid Amounts | $ 28,700 | ||
Transferred over Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Revenue | 54.00% | 55.00% | |
Transferred at Point in Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Revenue | 46.00% | 45.00% | |
U.S. [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Revenue | 78.00% | 79.00% | |
Non-US [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of Revenue | 22.00% | 21.00% | |
Kaplan International [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Asset, Net, Noncurrent | $ 34,500 | $ 39,800 | |
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]: 2024-04-01 $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Kaplan International [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 294.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Supplemental Education [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 5.8 |
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, 2024 |
Dec. 31, 2023 |
|
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue | $ 392,754 | $ 400,347 |
Deferred Revenue, Period Decrease Percentage | (2.00%) |
Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Revenue from Contract with Customer [Abstract] | ||
Contract costs capitalized during the period | $ 17,832 | |
Costs amortized during the period | (21,016) | |
Change in capitalized contract cost, other | (906) | |
Balance of costs to obtain a contract | $ 37,544 | $ 41,634 |
Earnings Per Share (Narrative) (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividends declared per common share | $ 3.44 | $ 3.30 |
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, 2024 |
Mar. 31, 2023 |
|
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | ||
Net income attributable to Graham Holdings Company common stockholders | $ 124,380 | $ 52,272 |
Less: Dividends paid-common stock outstanding and unvested restricted shares | (15,352) | (15,812) |
Undistributed earnings | $ 109,028 | $ 36,460 |
Percent allocated to common stockholders (1) | 99.33% | 99.35% |
Undistributed Earnings Allocated To Common Stockholders | $ 108,295 | $ 36,225 |
Add: Dividends paid-common stock outstanding | 15,250 | 15,711 |
Numerator for basic earnings per share | 123,545 | 51,936 |
Add: Additional undistributed earnings due to dilutive stock options | 4 | 1 |
Numerator for diluted earnings per share | $ 123,549 | $ 51,937 |
Weighted average shares outstanding (shares) | 4,432 | 4,759 |
Denominator for diluted earnings per share (shares) | 4,457 | 4,776 |
Graham Holdings Company Common Stockholders: | ||
Basic income per common share (in usd per share) | $ 27.87 | $ 10.91 |
Diluted income per common share (in usd per share) | $ 27.72 | $ 10.88 |
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) | 25 | 17 |
Earnings Per Share (Details 2) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Antidilutive securities, shares | 18 | 10 |
Pension and Postretirement Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024
USD ($)
investment
company
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
investment
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Special separation benefit expense | $ 418 | $ 4,129 | |
Percent of plan assets managed internally by the company | 49.00% | ||
Percent of plan assets managed by investment companies | 51.00% | ||
Number of investment companies actively managing plan assets | company | 2 | ||
Percentage of total plan assets | 100.00% | 100.00% | |
Markel Corporation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Value of investments | $ 88,300 | $ 82,400 | |
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 | 35.00% | ||
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 | 5.00% | ||
Private investment fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of total plan assets | 16.00% | 17.00% | |
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% | ||
Value of investments | $ 1,665,400 | $ 1,011,100 | |
Percentage of total plan assets | 51.00% | 34.00% | |
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 | |
Single Equity Concentration [Member] | US Treasury 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 | ||
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% | 10.00% | |
Leaf Group and Code3 [Member] | Separation Incentive Program [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Special separation benefit expense | $ 4,100 | ||
Framebridge [Member] | Separation Incentive Program [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Special separation benefit expense | $ 400 |
Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 14,034 | $ 9,243 |
Net Periodic Cost (Benefit) | (29,056) | (23,162) |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 14,034 | 9,243 |
Interest cost | 11,194 | 11,534 |
Expected return on assets | (41,690) | (38,338) |
Amortization of prior service cost (credit) | (494) | 410 |
Recognized actuarial loss (gain) | (12,518) | (10,140) |
Net Periodic Cost (Benefit) | (29,474) | (27,291) |
Special separation benefit expense | 418 | 4,129 |
Net Periodic Cost (Benefit) | (29,056) | (23,162) |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 287 | 148 |
Interest cost | 1,128 | 1,165 |
Net Periodic Cost (Benefit) | 1,415 | 1,313 |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 14 | 22 |
Amortization of prior service cost (credit) | 0 | (1) |
Recognized actuarial loss (gain) | (469) | (626) |
Net Periodic Cost (Benefit) | $ (455) | $ (605) |
Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member] |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
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) | 54.00% | 59.00% |
Private investment fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 16.00% | 17.00% |
International equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 12.00% | 14.00% |
U.S. fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 18.00% | 7.00% |
U.S. stock index fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 0.00% | 3.00% |
Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | ||
Schedule of Non-Operating Income (Expense) [Line Items] | ||
Gain related to contingent consideration | $ 0.9 | $ 1.0 |
Other Non-Operating Income (Details 1) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Other Nonoperating Income (Expense) [Abstract] | ||
Gain on sale of business | $ 875 | $ 1,000 |
Foreign currency gain (loss), net | 617 | (1,504) |
Impairment of a cost method investment | (406) | 0 |
Gain on sale of cost method investments | 6 | 785 |
Gain on a cost method investment | 0 | 1,831 |
Gain on sale of investment in affiliate | 0 | 15 |
Other gain, net | 555 | 956 |
Total Other Non-Operating Income | 1,647 | 3,083 |
Equity Securities, FV-NI, Realized Gain (Loss) | $ 0 | $ (3,657) |
Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before tax | $ (25,654) | $ (2,293) | ||
Other Comprehensive Income (Loss), income tax | 3,162 | 2,878 | ||
Other Comprehensive Income (Loss), Net of Tax | (22,492) | 585 | ||
Foreign Currency Translation Adjustment [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (13,284) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||
Other Comprehensive Income (Loss), before tax | (13,284) | 8,994 | ||
Other Comprehensive Income (Loss), income tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | (13,284) | 8,994 | ||
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 | (13,481) | (10,357) | ||
Reclassification from AOCI, Current Period, Tax | 3,451 | 2,664 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10,030) | (7,693) | ||
Other Comprehensive Income (Loss), before tax | (13,481) | (10,357) | ||
Other Comprehensive Income (Loss), income tax | 3,451 | 2,664 | ||
Other Comprehensive Income (Loss), Net of Tax | (10,030) | (7,693) | ||
Net Prior Service (Credit) Cost [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (494) | 409 | |
Reclassification from AOCI, Current Period, Tax | 126 | (105) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (368) | 304 | ||
Net Actuarial Gain [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (12,987) | (10,766) | |
Reclassification from AOCI, Current Period, Tax | 3,325 | 2,769 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (9,662) | (7,997) | ||
Cash Flow Hedges [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 947 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (125) | |||
Other Comprehensive Income (Loss), before tax | 1,111 | (930) | ||
Other Comprehensive Income (Loss), income tax | (289) | 214 | ||
Other Comprehensive Income (Loss), Net of Tax | $ 822 | $ (716) | ||
|
Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
As of | $ 4,001,868 | $ 3,752,661 |
Other Comprehensive (Loss) Income, Net of Tax | (22,492) | 585 |
As of | 4,070,482 | 3,769,730 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
As of | 614,337 | |
Other comprehensive (loss) income before reclassifications | (12,337) | |
Net amount reclassified from accumulated other comprehensive income (loss) | (10,155) | |
Other Comprehensive (Loss) Income, Net of Tax | (22,492) | |
As of | 591,845 | |
Cumulative Foreign Currency Translation Adjustment [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
As of | (32,711) | |
Other comprehensive (loss) income before reclassifications | (13,284) | |
Net amount reclassified from accumulated other comprehensive income (loss) | 0 | |
Other Comprehensive (Loss) Income, Net of Tax | (13,284) | 8,994 |
As of | (45,995) | |
Unrealized Gain on Pensions and Other Postretirement Plans [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
As of | 649,185 | |
Other comprehensive (loss) income before reclassifications | 0 | |
Net amount reclassified from accumulated other comprehensive income (loss) | (10,030) | (7,693) |
Other Comprehensive (Loss) Income, Net of Tax | (10,030) | (7,693) |
As of | 639,155 | |
Cash Flow Hedges [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
As of | (2,137) | |
Other comprehensive (loss) income before reclassifications | 947 | |
Net amount reclassified from accumulated other comprehensive income (loss) | (125) | |
Other Comprehensive (Loss) Income, Net of Tax | 822 | $ (716) |
As of | $ (1,315) |
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ 19,328 | $ 14,294 | ||
Provision for Income Taxes | 43,500 | 19,200 | ||
Net of Tax | (125,339) | (52,977) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of Tax | (10,155) | (7,867) | ||
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 | (13,481) | (10,357) | ||
Provision for Income Tax | 3,451 | 2,664 | ||
Reclassifications, net of tax | (10,030) | (7,693) | ||
Net Prior Service (Credit) Cost [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1] | (494) | 409 | |
Provision for Income Tax | 126 | (105) | ||
Reclassifications, net of tax | (368) | 304 | ||
Net Actuarial Gain [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, before tax | [1] | (12,987) | (10,766) | |
Provision for Income Tax | 3,325 | 2,769 | ||
Reclassifications, net of tax | (9,662) | (7,997) | ||
Cash Flow Hedges [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, net of tax | (125) | |||
Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ (125) | $ (174) | ||
|
Contingencies (Details) $ in Millions |
Mar. 31, 2024
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 | $ | $ 10 |
Business Segments (Narrative) (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 22, 2018
USD ($)
|
Mar. 31, 2024
USD ($)
segment
|
Mar. 31, 2023
USD ($)
|
|
Business Segments [Line Items] | |||
Number of reportable segments | segment | 7 | ||
Operating and Management Services Expenses | $ 1,117,220 | $ 1,003,890 | |
Related Party [Member] | Automotive [Member] | |||
Business Segments [Line Items] | |||
Operating and Management Services Expenses | 2,000 | $ 1,700 | |
Kaplan University Transaction [Member] | Purdue University Global [Member] | Education [Member] | Higher Education [Member] | |||
Business Segments [Line Items] | |||
Accounts Receivable | 105,900 | ||
Accounts Receivable, Noncurrent | $ 19,600 | ||
Advance Related To Kaplan University Transaction | $ 20,000 |
Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ 1,152,662 | $ 1,031,546 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 46,193 | 42,345 | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 10,751 | 14,689 | |
Income (Loss) from Operations | 35,442 | 27,656 | |
Equity in earnings of affiliates, net | 2,331 | 4,661 | |
Interest Expense, Net | (17,150) | (13,090) | |
Non-operating pension and postretirement benefit income, net | 42,417 | 31,845 | |
Gain on marketable equity securities, net | 104,152 | 18,022 | |
Other Income, Net | 1,647 | 3,083 | |
Income Before Income Taxes | 168,839 | 72,177 | |
Depreciation of property, plant and equipment | 22,527 | 20,025 | |
Pension Service Cost | 14,034 | 9,243 | |
Identifiable Assets | 4,144,467 | $ 4,197,459 | |
Marketable equity securities | 794,305 | 690,153 | |
Investments in Affiliates | 186,674 | 186,480 | |
Prepaid Pension Cost | 2,129,682 | 2,113,638 | |
Total Assets | 7,255,128 | 7,187,730 | |
Amortization of Intangible Assets | 10,751 | 13,944 | |
Impairment of long-lived assets | 0 | 745 | |
Operating Segments [Member] | Education [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 422,598 | 378,041 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 33,561 | 27,456 | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 2,974 | 4,416 | |
Income (Loss) from Operations | 30,587 | 23,040 | |
Depreciation of property, plant and equipment | 9,305 | 8,968 | |
Pension Service Cost | 4,110 | 2,198 | |
Identifiable Assets | 1,939,781 | 2,021,471 | |
Amortization of Intangible Assets | 2,974 | 3,939 | |
Impairment of long-lived assets | 0 | 477 | |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 269,798 | 227,076 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 31,312 | 21,301 | |
Income (Loss) from Operations | 31,312 | 21,301 | |
Depreciation of property, plant and equipment | 7,356 | 6,330 | |
Pension Service Cost | 163 | 80 | |
Identifiable Assets | 1,453,727 | 1,537,989 | |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 80,122 | 78,341 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 5,519 | 7,083 | |
Income (Loss) from Operations | 5,519 | 7,083 | |
Depreciation of property, plant and equipment | 903 | 1,102 | |
Pension Service Cost | 1,781 | 922 | |
Identifiable Assets | 200,115 | 187,972 | |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Supplemental Education [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 72,122 | 73,587 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 4,580 | 3,751 | |
Income (Loss) from Operations | 4,580 | 3,751 | |
Depreciation of property, plant and equipment | 1,019 | 1,509 | |
Pension Service Cost | 1,818 | 1,024 | |
Identifiable Assets | 237,263 | 249,519 | |
Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 2,588 | 2,372 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | (7,585) | (4,838) | |
Income (Loss) from Operations | (10,559) | (9,254) | |
Depreciation of property, plant and equipment | 27 | 27 | |
Pension Service Cost | 348 | 172 | |
Identifiable Assets | 48,676 | 45,991 | |
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | (2,032) | (3,335) | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | (265) | 159 | |
Income (Loss) from Operations | (265) | 159 | |
Operating Segments [Member] | Television Broadcasting [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 113,058 | 112,877 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 30,983 | 29,945 | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 1,350 | 1,362 | |
Income (Loss) from Operations | 29,633 | 28,583 | |
Depreciation of property, plant and equipment | 2,868 | 3,036 | |
Pension Service Cost | 1,639 | 860 | |
Identifiable Assets | 419,819 | 419,557 | |
Operating Segments [Member] | Manufacturing [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 101,903 | 114,584 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 6,189 | 12,190 | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 3,120 | 4,862 | |
Income (Loss) from Operations | 3,069 | 7,328 | |
Depreciation of property, plant and equipment | 2,715 | 2,282 | |
Pension Service Cost | 627 | 275 | |
Identifiable Assets | 436,797 | 431,712 | |
Operating Segments [Member] | Healthcare [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 128,201 | 102,059 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 6,727 | 3,890 | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 636 | 954 | |
Income (Loss) from Operations | 6,091 | 2,936 | |
Depreciation of property, plant and equipment | 1,594 | 1,104 | |
Pension Service Cost | 4,758 | 4,357 | |
Identifiable Assets | 267,707 | 265,150 | |
Operating Segments [Member] | Automotive [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 303,840 | 232,561 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | 9,652 | 10,843 | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 0 | 0 | |
Income (Loss) from Operations | 9,652 | 10,843 | |
Depreciation of property, plant and equipment | 1,713 | 1,113 | |
Pension Service Cost | 15 | 5 | |
Identifiable Assets | 623,376 | 597,267 | |
Operating Segments [Member] | Other Businesses [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 83,298 | 92,008 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | (26,283) | (27,906) | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 2,671 | 3,095 | |
Income (Loss) from Operations | (28,954) | (31,001) | |
Depreciation of property, plant and equipment | 4,183 | 3,369 | |
Pension Service Cost | 1,940 | 572 | |
Identifiable Assets | 364,656 | 368,542 | |
Corporate Office [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 576 | 0 | |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | (14,636) | (14,073) | |
Amortization of Intangible Assets and Impairment of Long-Lived Assets | 0 | 0 | |
Income (Loss) from Operations | (14,636) | (14,073) | |
Depreciation of property, plant and equipment | 149 | 153 | |
Pension Service Cost | 945 | 976 | |
Identifiable Assets | 92,331 | $ 93,760 | |
Intersegment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ (812) | $ (584) |
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