Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | 2-May-14 | 2-May-14 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'ghc | ' | ' |
Entity Registrant Name | 'GRAHAM HOLDINGS CO | ' | ' |
Entity Central Index Key | '0000104889 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,169,073 | 6,236,106 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Revenues [Abstract] | ' | ' |
Education | $526,174 | $527,815 |
Subscriber | 191,128 | 186,790 |
Advertising | 78,247 | 69,122 |
Other | 45,012 | 36,865 |
Total Operating Revenues | 840,561 | 820,592 |
Operating Costs and Expenses [Abstract] | ' | ' |
Operating | 379,069 | 376,545 |
Selling, general and administrative | 325,637 | 334,224 |
Depreciation of property, plant and equipment | 53,245 | 58,959 |
Amortization of intangible assets | 3,081 | 3,717 |
Total Operating Costs and Expenses | 761,032 | 773,445 |
Income from Operations | 79,529 | 47,147 |
Equity in earnings of affiliates, net | 4,052 | 3,418 |
Interest income | 599 | 510 |
Interest expense | -8,820 | -8,960 |
Other income (expense), net | 133,273 | -4,083 |
Income from Continuing Operations Before Income Taxes | 208,633 | 38,032 |
Provision for Income Taxes | 77,400 | 15,800 |
Income from Continuing Operations | 131,233 | 22,232 |
Income (Loss) from Discontinued Operations, Net of Tax | 1,072 | -16,973 |
Net Income | 132,305 | 5,259 |
Net Loss (Income) Attributable to Noncontrolling Interests | 219 | -97 |
Net Income Attributable to Graham Holdings Company | 132,524 | 5,162 |
Redeemable Preferred Stock Dividends | -426 | -444 |
Net income attributable to Graham Holdings Company common stockholders | 132,098 | 4,718 |
Amounts Attributable to Graham Holdings Company Common Stockholders | ' | ' |
Income from continuing operations | 131,026 | 21,691 |
Income (loss) from discontinued operations, net of tax | 1,072 | -16,973 |
Net income attributable to Graham Holdings Company common stockholders | $132,098 | $4,718 |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | ' | ' |
Basic income per common share from continuing operations in dollars per share | $17.71 | $2.92 |
Basic income (loss) per common share from discontinued operations in dollars per share | $0.14 | ($2.28) |
Basic net income per common share in dollars per share | $17.85 | $0.64 |
Basic average number of common shares outstanding in shares | 7,275 | 7,227 |
Diluted income per common share from continuing operations in dollars per share | $17.65 | $2.92 |
Diluted income (loss) per common share from discontinued operations in dollars per share | $0.14 | ($2.28) |
Diluted net income per common share in dollars per share | $17.79 | $0.64 |
Diluted average number of common shares outstanding in shares | 7,352 | 7,266 |
Diluted average number of common shares outstanding | 7,301 | 7,228 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Income | $132,305 | $5,259 |
Foreign currency translation adjustments: | ' | ' |
Translation adjustments arising during the period | 746 | -4,191 |
Unrealized gains on available-for-sale securities: | ' | ' |
Unrealized gains for the period, net | 27,738 | 49,078 |
Reclassification adjustment for write-down and realization of loss (gain) on sale of available-for-sale securities included in net income | 785 | -551 |
Total unrealized gains on available-for-sale securities, before tax | 28,523 | 48,527 |
Pension and other postretirement plans: | ' | ' |
Amortization of net prior service credit included in net income | -102 | -437 |
Amortization of net actuarial (gain) loss included in net income | -7,182 | 2,317 |
Settlement gain included in net income | 0 | -3,471 |
Total pension and other postretirement plans, before tax | -7,284 | -1,591 |
Cash flow hedge gain | 172 | 30 |
Other Comprehensive Income, Before Tax | 22,157 | 42,775 |
Income tax expense related to items of other comprehensive income | -8,566 | -18,787 |
Other Comprehensive Income, Net of Tax | 13,591 | 23,988 |
Comprehensive Income | 145,896 | 29,247 |
Comprehensive loss (income) attributable to noncontrolling interests | 219 | -118 |
Total Comprehensive Income Attributable to Graham Holdings Company | $146,115 | $29,129 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $642,833 | $569,719 |
Restricted cash | 52,035 | 83,769 |
Investments in marketable equity securities and other investments | 645,594 | 522,318 |
Accounts receivable, net | 406,293 | 428,653 |
Income taxes receivable | 0 | 17,991 |
Inventories and contracts in progress | 3,234 | 2,924 |
Other current assets | 80,431 | 77,013 |
Current assets held for sale | 397 | 0 |
Total Current Assets | 1,830,817 | 1,702,387 |
Property, Plant and Equipment, Net | 845,868 | 927,542 |
Investments in Affiliates | 20,953 | 15,754 |
Goodwill, Net | 1,241,949 | 1,288,622 |
Indefinite-Lived Intangible Assets, Net | 519,128 | 541,278 |
Amortized Intangible Assets, Net | 36,494 | 39,588 |
Prepaid Pension Cost | 1,250,658 | 1,245,505 |
Deferred Charges and Other Assets | 61,383 | 50,370 |
Noncurrent Assets Held for Sale | 113,312 | 0 |
Total Assets | 5,920,562 | 5,811,046 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 393,962 | 505,699 |
Income taxes payable | 55,278 | 0 |
Deferred income taxes | 70,447 | 58,411 |
Deferred revenue | 393,289 | 366,831 |
Dividends declared | 19,051 | 0 |
Short-term borrowings | 49,389 | 3,168 |
Total Current Liabilities | 981,416 | 934,109 |
Postretirement Benefits Other Than Pensions | 35,709 | 36,219 |
Accrued Compensation and Related Benefits | 207,346 | 211,526 |
Other Liabilities | 84,420 | 86,000 |
Deferred Income Taxes | 779,803 | 778,735 |
Long-Term Debt | 403,160 | 447,608 |
Total Liabilities | 2,491,854 | 2,494,197 |
Redeemable Noncontrolling Interest | 5,579 | 5,896 |
Redeemable Preferred Stock | 10,665 | 10,665 |
Preferred Stock | 0 | 0 |
Common Stockholdersb Equity | ' | ' |
Common stock | 20,000 | 20,000 |
Capital in excess of par value | 289,402 | 288,129 |
Retained earnings | 4,877,200 | 4,782,777 |
Accumulated other comprehensive income, net of tax | ' | ' |
Cumulative foreign currency translation adjustment | 25,759 | 25,013 |
Unrealized gain on available-for-sale securities | 190,776 | 173,663 |
Unrealized gain on pensions and other postretirement plans | 497,075 | 501,446 |
Cash flow hedge | -525 | -628 |
Cost of Class B common stock held in treasury | -2,487,492 | -2,490,333 |
Total Common Stockholdersb Equity | 3,412,195 | 3,300,067 |
Noncontrolling Interests | 269 | 221 |
Total Equity | 3,412,464 | 3,300,288 |
Total Liabilities and Equity | $5,920,562 | $5,811,046 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net Income | $132,305 | $5,259 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation of property, plant and equipment | 54,124 | 65,973 |
Amortization of intangible assets | 3,081 | 3,717 |
Net pension (benefit) expense | -16,600 | 4,390 |
Early retirement program expense | 4,490 | 14,258 |
Foreign exchange (gain) loss | -5,037 | 4,614 |
Equity in earnings of affiliates, net of distributions | -4,052 | -3,408 |
Provision for deferred income taxes | 4,660 | 1,877 |
Net (gain) loss on sale of property, plant and equipment | -127,259 | 327 |
Change in assets and liabilities: | ' | ' |
Decrease in accounts receivable, net | 23,498 | 23,020 |
Decrease in accounts payable and accrued liabilities | -112,811 | -43,487 |
Increase in deferred revenue | 25,739 | 15,529 |
Increase in income taxes payable | 73,236 | 2,273 |
Decrease (increase) in other assets and other liabilities, net | 21,536 | -20,837 |
Other | 145 | 513 |
Net Cash Provided by Operating Activities | 77,055 | 74,018 |
Cash Flows from Investing Activities | ' | ' |
Net proceeds from sales of businesses, property, plant and equipment and other assets | 157,314 | 3,636 |
Purchases of commercial paper, marketable equity securities and other investments | -101,241 | -8,623 |
Purchases of property, plant and equipment | -36,562 | -36,462 |
Investments in certain businesses, net of cash acquired | -5,608 | -700 |
Other | 0 | -18 |
Net Cash Provided by (Used) in Investing Activities | 13,903 | -42,167 |
Cash Flows from Financing Activities | ' | ' |
Dividends paid | -19,051 | -222 |
Repayments of short-term borrowing | 0 | -240,121 |
Common shares repurchased | 0 | -4,196 |
Other | 19 | 3,311 |
Net Cash Used in Financing Activities | -19,032 | -241,228 |
Effect of Currency Exchange Rate Change | 1,188 | -2,402 |
Net Increase (Decrease) in Cash and Cash Equivalents | 73,114 | -211,779 |
Beginning Cash and Cash Equivalents | 569,719 | 512,431 |
Ending Cash and Cash Equivalents | $642,833 | $300,652 |
Organization_Basis_of_Presenta
Organization, Basis of Presentation and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Basis of Presentation and Recent Accounting Pronouncements | ' |
ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS | |
Graham Holdings Company (the Company), is a diversified education and media company. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States. The Company’s media operations comprise the ownership and operation of cable systems and television broadcasting (through the ownership and operation of six television broadcast stations). | |
On April 11, 2014, the Company announced that it had entered into an exchange agreement that will result in the disposal of WPLG, its Miami-based television station. The operating results of WPLG have been presented in income (loss) from discontinued operations, net of tax, for all periods presented. | |
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 presentation 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, 2014 and 2013 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, 2013. | |
The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. | |
Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented. | |
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – 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. | |
Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell the asset or business; (ii) the asset or business is available for immediate sale in its present condition; (iii) the asset or business is actively marketed for sale at a reasonable price; (iv) the sale is expected to be completed within one year; and (v) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. The assets and related liabilities are aggregated and reported separately in the Company’s condensed consolidated balance sheet. | |
Recently Adopted and Issued Accounting Pronouncements – In April 2014, the Financial Accounting Standards Board (FASB) issued new guidance that modifies the requirements for reporting discontinued operations. The new guidance requires the reporting of the disposal of an entity or component of an entity as discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the entity’s operations and financial results. The new guidance also expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation. This guidance is effective for interim and fiscal years beginning after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for issuance. The Company is in the process of evaluating the impact of this new guidance on its condensed consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
On April 11, 2014, the Company and Berkshire Hathaway Inc. announced that they have signed an agreement for Berkshire to acquire a wholly-owned subsidiary of the Company that includes WPLG, the Company's Miami-based television station, a number of Berkshire shares currently held by the Company and an amount of cash in exchange for approximately 1.6 million shares of Graham Holdings Class B common stock currently owned by Berkshire. The transaction is expected to close in the second or third quarter of 2014. | ||||||||||||||||
On October 1, 2013, the Company completed the sale of most of its newspaper publishing businesses. The publishing businesses sold include The Washington Post, Express, The Gazette Newspapers, Southern Maryland Newspapers, Greater Washington Publishing, Fairfax County Times and El Tiempo Latino and related websites (Publishing Subsidiaries). | ||||||||||||||||
In March 2013, the Company completed the sale of The Herald which resulted in a pre-tax loss of $0.1 million that was recorded in the first quarter of 2013. | ||||||||||||||||
The results of operations of WPLG, the Publishing Subsidiaries and The Herald are included in the Company’s Consolidated Statements of Operations as Income (Loss) from Discontinued Operations, Net of Tax, for all periods presented. The assets of WPLG have been classified on the Company’s condensed consolidated balance sheet as assets held for sale as of March 31, 2014. The Company did not reclassify its Statements of Cash Flows or prior Condensed Consolidated Balance Sheets to reflect the various discontinued operations. | ||||||||||||||||
The carrying amounts of the major classes of assets included in assets held for sale at March 31, 2014 are as follows: | ||||||||||||||||
As of | ||||||||||||||||
(in thousands) | 31-Mar-14 | |||||||||||||||
Other current assets | $ | 397 | ||||||||||||||
Current Assets Held for Sale | $ | 397 | ||||||||||||||
Property, plant and equipment, net | $ | 30,954 | ||||||||||||||
Goodwill, net | 60,206 | |||||||||||||||
Indefinite-lived intangible assets, net | 22,150 | |||||||||||||||
Deferred charges and other assets | 2 | |||||||||||||||
Noncurrent Assets Held for Sale | $ | 113,312 | ||||||||||||||
In the first quarter of 2014, an after-tax adjustment of $3.0 million was made to reduce the $100.0 million after-tax gain on the sale of the Publishing Subsidiaries previously reported in the fourth quarter of 2013, as a result of changes in estimates related to liabilities retained as part of the sale. | ||||||||||||||||
The summarized income (loss) from discontinued operations, net of tax, is presented below: | ||||||||||||||||
  | Three Months Ended | |||||||||||||||
  |  March 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Operating revenues | $ | 16,274 | $ | 141,974 | ||||||||||||
Operating costs and expenses | (10,134 | ) | (168,077 | ) | ||||||||||||
Income (loss) from discontinued operations | 6,140 | (26,103 | ) | |||||||||||||
Expense (benefit) from income taxes | 2,026 | (9,176 | ) | |||||||||||||
Net Income (Loss) from Discontinued Operations | 4,114 | (16,927 | ) | |||||||||||||
Loss on sales of discontinued operations | (4,737 | ) | (70 | ) | ||||||||||||
Benefit from income taxes on sales of discontinued operations | (1,695 | ) | (24 | ) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | 1,072 | $ | (16,973 | ) | |||||||||||
The following table summarizes the 2013 quarterly operating results of the Company following the reclassification of the operations discussed above as discontinued operations: | ||||||||||||||||
  | March 31, | June 30, | September 30, | December 31, | ||||||||||||
(in thousands, except per share amounts) | 2013 | 2013 | 2013 | 2013 | ||||||||||||
Operating Revenues | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Education | $ | 527,815 | $ | 548,230 | $ | 546,452 | $ | 555,011 | ||||||||
Subscriber | 186,790 | 192,273 | 190,302 | 186,297 | ||||||||||||
Advertising | 69,122 | 79,898 | 73,549 | 87,692 | ||||||||||||
Other | 36,865 | 50,103 | 48,651 | 42,635 | ||||||||||||
  | 820,592 | 870,504 | 858,954 | 871,635 | ||||||||||||
Operating Costs and Expenses | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Operating | 376,545 | 394,841 | 395,436 | 375,876 | ||||||||||||
Selling, general and administrative | 334,224 | 319,170 | 327,560 | 332,207 | ||||||||||||
Depreciation of property, plant and equipment | 58,959 | 56,879 | 54,705 | 58,954 | ||||||||||||
Amortization of intangible assets | 3,717 | 3,313 | 2,837 | 3,731 | ||||||||||||
Impairment of goodwill and other long-lived assets | — | — | — | 3,250 | ||||||||||||
  | 773,445 | 774,203 | 780,538 | 774,018 | ||||||||||||
Income from Operations | 47,147 | 96,301 | 78,416 | 97,617 | ||||||||||||
Equity in earnings of affiliates, net | 3,418 | 3,868 | 5,892 | 37 | ||||||||||||
Interest income | 510 | 522 | 642 | 590 | ||||||||||||
Interest expense | (8,960 | ) | (9,048 | ) | (9,221 | ) | (8,838 | ) | ||||||||
Other (expense) income, net | (4,083 | ) | (12,858 | ) | 8,110 | (14,920 | ) | |||||||||
Income from Continuing Operations before Income Taxes | 38,032 | 78,785 | 83,839 | 74,486 | ||||||||||||
Provision for Income Taxes | 15,800 | 31,700 | 29,900 | 24,100 | ||||||||||||
Income from Continuing Operations | 22,232 | 47,085 | 53,939 | 50,386 | ||||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | (16,973 | ) | (1,951 | ) | (23,515 | ) | 106,142 | |||||||||
Net Income | 5,259 | 45,134 | 30,424 | 156,528 | ||||||||||||
Net Income Attributable to Noncontrolling Interests | (97 | ) | (253 | ) | (75 | ) | (55 | ) | ||||||||
Net Income Attributable to Graham Holdings Company | 5,162 | 44,881 | 30,349 | 156,473 | ||||||||||||
Redeemable Preferred Stock Dividends | (444 | ) | (206 | ) | (205 | ) | — | |||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | ||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | ||||||||||||||||
Income from continuing operations | $ | 21,691 | $ | 46,626 | $ | 53,659 | $ | 50,331 | ||||||||
(Loss) Income from discontinued operations, net of tax | (16,973 | ) | (1,951 | ) | (23,515 | ) | 106,142 | |||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | ||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Basic income per common share from continuing operations | $ | 2.92 | $ | 6.28 | $ | 7.23 | $ | 6.82 | ||||||||
Basic (loss) income per common share from discontinued operations | (2.28 | ) | (0.26 | ) | (3.16 | ) | 14.38 | |||||||||
Basic net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.07 | $ | 21.2 | ||||||||
Diluted income per common share from continuing operations | $ | 2.92 | $ | 6.28 | $ | 7.22 | $ | 6.8 | ||||||||
Diluted (loss) income per common share from discontinued operations | (2.28 | ) | (0.26 | ) | (3.17 | ) | 14.34 | |||||||||
Diluted net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.05 | $ | 21.14 | ||||||||
The following table summarizes the annual operating results of the Company following the reclassification of operations discussed above as discontinued operations: | ||||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | ||||||||||||||
Operating Revenues | Â Â | Â Â | ||||||||||||||
Education | $ | 2,177,508 | $ | 2,196,496 | ||||||||||||
Subscriber | 755,662 | 732,370 | ||||||||||||||
Advertising | 310,261 | 337,621 | ||||||||||||||
Other | 178,254 | 118,063 | ||||||||||||||
  | 3,421,685 | 3,384,550 | ||||||||||||||
Operating Costs and Expenses | Â Â | Â Â | ||||||||||||||
Operating | 1,542,698 | 1,543,083 | ||||||||||||||
Selling, general and administrative | 1,313,161 | 1,318,946 | ||||||||||||||
Depreciation of property, plant and equipment | 229,497 | 240,313 | ||||||||||||||
Amortization of intangible assets | 13,598 | 20,946 | ||||||||||||||
Impairment of goodwill and other long-lived assets | 3,250 | 111,593 | ||||||||||||||
  | 3,102,204 | 3,234,881 | ||||||||||||||
Income from Operations | 319,481 | 149,669 | ||||||||||||||
Equity in earnings of affiliates, net | 13,215 | 14,086 | ||||||||||||||
Interest income | 2,264 | 3,393 | ||||||||||||||
Interest expense | (36,067 | ) | (35,944 | ) | ||||||||||||
Other expense, net | (23,751 | ) | (5,456 | ) | ||||||||||||
Income from Continuing Operations before Income Taxes | 275,142 | 125,748 | ||||||||||||||
Provision for Income Taxes | 101,500 | 73,400 | ||||||||||||||
Income from Continuing Operations | 173,642 | 52,348 | ||||||||||||||
Income from Discontinued Operations, Net of Tax | 63,703 | 79,839 | ||||||||||||||
Net Income | 237,345 | 132,187 | ||||||||||||||
Net Income Attributable to Noncontrolling Interests | (480 | ) | (74 | ) | ||||||||||||
Net Income Attributable to Graham Holdings Company | 236,865 | 132,113 | ||||||||||||||
Redeemable Preferred Stock Dividends | (855 | ) | (895 | ) | ||||||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 236,010 | $ | 131,218 | ||||||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | ||||||||||||||||
Income from continuing operations | $ | 172,307 | $ | 51,379 | ||||||||||||
Income from discontinued operations, net of tax | 63,703 | 79,839 | ||||||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 236,010 | $ | 131,218 | ||||||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | Â Â | |||||||||||||||
Basic income per common share from continuing operations | $ | 23.44 | $ | 6.54 | ||||||||||||
Basic income per common share from discontinued operations | 8.66 | 10.85 | ||||||||||||||
Basic net income per common share | $ | 32.1 | $ | 17.39 | ||||||||||||
Diluted income per common share from continuing operations | $ | 23.4 | $ | 6.54 | ||||||||||||
Diluted income per common share from discontinued operations | 8.65 | 10.85 | ||||||||||||||
Diluted net income per common share | $ | 32.05 | $ | 17.39 | ||||||||||||
Investments
Investments | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments [Abstract] | ' | |||||||
Investments | ' | |||||||
INVESTMENTS | ||||||||
Investments in marketable equity securities comprised the following: | ||||||||
  | As of | |||||||
  | March 31, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
Total cost | $ | 192,736 | $ | 197,718 | ||||
Net unrealized gains | 317,961 | 289,438 | ||||||
Total Fair Value | $ | 510,697 | $ | 487,156 | ||||
There were no new investments in marketable equity securities during the first three months of 2014 and 2013. During the first three months of 2014, the proceeds from sales of marketable securities were $4.2 million, of which $0.4 million will settle in April 2014, and net realized losses from such sales were $0.3 million. During the first three months of 2013, the proceeds from sales of marketable securities were $2.1 million, and net realized gains on such sales were $0.6 million. | ||||||||
As of March 31, 2014, the Company's investment in Corinthian Colleges, Inc., a publicly traded company, was in an unrealized loss position and the Company concluded that the loss was other-than-temporary and recorded a $0.5 million write-down of the investment in the first quarter of 2014. | ||||||||
As of March 31, 2014, the Company held investments in commercial paper totaling $99.9 million with original maturities of 91 to 180 days. These investments are included in Investments in marketable equity securities and other investments in the Condensed Consolidated Balance Sheets. | ||||||||
On April 1, 2014, the Company received a gross cash distribution of approximately $95 million from Classified Ventures' sale of apartments.com. In connection with this sale, the Company will record a pre-tax gain of approximately $92 million in the second quarter of 2014. The Company owns a 16.5% interest in Classified Ventures. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2014 | |
Acquisitions And Dispositions [Abstract] | ' |
Acquisitions and Dispositions | ' |
ACQUISITIONS AND DISPOSITIONS | |
Acquisitions. In the first three months of 2014, the Company acquired one small business included in its education division; the purchase price allocation comprised goodwill on a preliminary basis. In the first three months of 2013, the Company acquired one small business included in other business; the purchase price allocation mostly comprised goodwill and other intangible assets. | |
On April 1, 2014, Celtic Healthcare acquired VNA-TIP Healthcare, a provider of home health and hospice services in Missouri and Illinois. The operating results of VNA-TIP will be included in other businesses beginning in the second quarter of 2014. | |
Dispositions. On April 11, 2014, the Company and Berkshire Hathaway Inc. announced that they have signed an agreement for Berkshire to acquire a wholly-owned subsidiary of the Company that includes WPLG, the Company's Miami-based television station, a number of Berkshire shares currently held by the Company and an amount of cash in exchange for approximately 1.6 million shares of Graham Holdings Class B common stock currently owned by Berkshire. The transaction is expected to close in the second or third quarter of 2014. | |
The specific number of shares of each company and the amount of cash will be determined on the closing date based on certain factors, including the market prices of the shares of both companies at that time. The transaction is subject to FCC approval and other customary conditions. In addition, there are certain termination rights relating to minimum trading prices of the stock of each company immediately prior to closing and to a minimum value of the television station for purposes of the transaction on the closing date. | |
On October 1, 2013, the Company completed the sale of most of its newspaper publishing businesses. The publishing businesses sold include The Washington Post, Express, The Gazette Newspapers, Southern Maryland Newspapers, Greater Washington Publishing, Fairfax County Times and El Tiempo Latino and related websites (Publishing Subsidiaries). | |
In March 2013, the Company completed the sale of certain assets of The Herald, a daily and Sunday newspaper headquartered in Everett, WA. | |
Consequently, the Company’s income from continuing operations excludes these sold businesses, which have been reclassified to discontinued operations, net of tax (see Note 2). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
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, 2014 and 2013 was $3.1 million and $3.7 million, respectively. Amortization of intangible assets is estimated to be approximately $9 million for the remainder of 2014, $9 million in 2015, $7 million in 2016, $4 million in 2017, $4 million in 2018, and $3 million in 2019. | ||||||||||||||||||||||||||
The Company's wireless licenses have been reclassified to assets held for sale at March 31, 2014. | ||||||||||||||||||||||||||
The changes in the carrying amount of goodwill, by segment, were as follows: | ||||||||||||||||||||||||||
(in thousands) | Education | Cable | Television | Other | Total | |||||||||||||||||||||
Television | Broadcasting | Businesses | ||||||||||||||||||||||||
Balance as of December 31, 2013 | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||||
Goodwill | $ | 1,073,433 | $ | 85,488 | $ | 203,165 | $ | 34,877 | $ | 1,396,963 | ||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | (6,082 | ) | (108,341 | ) | ||||||||||||||||||
971,174 | 85,488 | 203,165 | 28,795 | 1,288,622 | ||||||||||||||||||||||
Acquisitions | 5,608 | — | — | — | 5,608 | |||||||||||||||||||||
Reclassification to assets held for sale | — | — | (60,205 | ) | — | (60,205 | ) | |||||||||||||||||||
Foreign currency exchange rate changes | 7,924 | — | — | — | 7,924 | |||||||||||||||||||||
Balance as of March 31, 2014 | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||||
Goodwill | 1,086,965 | 85,488 | 142,960 | 34,877 | 1,350,290 | |||||||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | (6,082 | ) | (108,341 | ) | ||||||||||||||||||
$ | 984,706 | $ | 85,488 | $ | 142,960 | $ | 28,795 | $ | 1,241,949 | |||||||||||||||||
The changes in carrying amount of goodwill at the Company’s education division were as follows: | ||||||||||||||||||||||||||
(in thousands) | Higher | Test | Kaplan | Total | ||||||||||||||||||||||
Education | Preparation | International | ||||||||||||||||||||||||
Balance as of December 31, 2013 | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||||
Goodwill | $ | 409,016 | $ | 152,187 | $ | 512,230 | $ | 1,073,433 | ||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
409,016 | 49,928 | 512,230 | 971,174 | |||||||||||||||||||||||
Acquisitions | — | 5,608 | — | 5,608 | ||||||||||||||||||||||
Foreign currency exchange rate changes | (76 | ) | — | 8,000 | 7,924 | |||||||||||||||||||||
Balance as of March 31, 2014 | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||||
Goodwill | 408,940 | 157,795 | 520,230 | 1,086,965 | ||||||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
$ | 408,940 | $ | 55,536 | $ | 520,230 | $ | 984,706 | |||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Useful Life | Gross | Accumulated | Net Carrying | Gross | Accumulated | Net | |||||||||||||||||||
Range | Carrying | Amortization | Amount | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||||
Amortized Intangible Assets | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Noncompete agreements | 2–5 years | $ | 13,565 | $ | 12,737 | $ | 828 | $ | 13,540 | $ | 12,622 | $ | 918 | |||||||||||||
Student and customer relationships | 2–10 years | 66,163 | 41,725 | 24,438 | 72,050 | 45,718 | 26,332 | |||||||||||||||||||
Databases and technology | 3–5 years | 10,790 | 7,331 | 3,459 | 10,790 | 6,991 | 3,799 | |||||||||||||||||||
Trade names and trademarks | 2–10 years | 22,359 | 16,660 | 5,699 | 22,327 | 16,052 | 6,275 | |||||||||||||||||||
Other | 1–25 years | 9,858 | 7,788 | 2,070 | 9,836 | 7,572 | 2,264 | |||||||||||||||||||
  |   | $ | 122,735 | $ | 86,241 | $ | 36,494 | $ | 128,543 | $ | 88,955 | $ | 39,588 | |||||||||||||
Indefinite-Lived Intangible Assets | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Franchise agreements | Â Â | $ | 496,321 | Â Â | Â Â | $ | 496,321 | Â Â | Â Â | |||||||||||||||||
Wireless licenses |   | — |   |   | 22,150 |   |   | |||||||||||||||||||
Licensure and accreditation | Â Â | 7,171 | Â Â | Â Â | 7,171 | Â Â | Â Â | |||||||||||||||||||
Other | Â Â | 15,636 | Â Â | Â Â | 15,636 | Â Â | Â Â | |||||||||||||||||||
  | $ | 519,128 | $ | 541,278 | ||||||||||||||||||||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
DEBT | ||||||||
The Company’s borrowings consist of the following: | ||||||||
  | As of | |||||||
  | March 31, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
7.25% unsecured notes due February 1, 2019 | $ | 397,997 | $ | 397,893 | ||||
AUD Revolving credit borrowing | 46,231 | 44,625 | ||||||
Other indebtedness | 8,321 | 8,258 | ||||||
Total Debt | 452,549 | 450,776 | ||||||
Less: current portion | (49,389 | ) | (3,168 | ) | ||||
Total Long-Term Debt | $ | 403,160 | $ | 447,608 | ||||
The Company’s other indebtedness at March 31, 2014 and December 31, 2013 is at interest rates from 0% to 6% and matures from 2014 to 2017. | ||||||||
During the three months ended March 31, 2014 and 2013, the Company had average borrowings outstanding of approximately $451.2 million and $516.7 million, respectively, at average annual interest rates of approximately 7.0%. During the three months ended March 31, 2014 and 2013, the Company incurred net interest expense of $8.2 million and $8.5 million, respectively. | ||||||||
At March 31, 2014, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $469.0 million, compared with the carrying amount of $398.0 million. At December 31, 2013, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $475.2 million, compared with the carrying amount of $397.9 million. The carrying value of the Company’s other unsecured debt at March 31, 2014 approximates fair value. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Disclosures | ' | |||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||
The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||
As of March 31, 2014 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | Â Â | Â Â | Â Â | |||||||||
Money market investments (1) | $ | — | $ | 460,928 | $ | 460,928 | ||||||
Marketable equity securities (2) | 510,697 | — | 510,697 | |||||||||
Commercial paper (3) | 99,893 | — | 99,893 | |||||||||
Other current investments (4)Â | 11,692 | 23,312 | 35,004 | |||||||||
Total Financial Assets | $ | 622,282 | $ | 484,240 | $ | 1,106,522 | ||||||
Liabilities | Â Â | Â Â | Â Â | |||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 64,614 | $ | 64,614 | ||||||
7.25% unsecured notes (6) | — | 469,012 | 469,012 | |||||||||
AUD revolving credit borrowing (6) | — | 46,231 | 46,231 | |||||||||
Interest rate swap (7) | — | 875 | 875 | |||||||||
Total Financial Liabilities | $ | — | $ | 580,732 | $ | 580,732 | ||||||
As of December 31, 2013 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | Â Â | Â Â | Â Â | |||||||||
Money market investments (1) | $ | — | $ | 431,836 | $ | 431,836 | ||||||
Marketable equity securities (2) | 487,156 | — | 487,156 | |||||||||
Other current investments (4)Â | 11,826 | 23,336 | 35,162 | |||||||||
Total Financial Assets | $ | 498,982 | $ | 455,172 | $ | 954,154 | ||||||
Liabilities | Â Â | Â Â | Â Â | |||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 67,603 | $ | 67,603 | ||||||
7.25% unsecured notes (6) | — | 475,224 | 475,224 | |||||||||
AUD revolving credit borrowing (6) | — | 44,625 | 44,625 | |||||||||
Interest rate swap (7) | — | 1,047 | 1,047 | |||||||||
Total Financial Liabilities | $ | — | $ | 588,499 | $ | 588,499 | ||||||
____________ | ||||||||||||
-1 | The Company’s money market investments are included in cash, cash equivalents and restricted cash. | |||||||||||
-2 | The Company’s investments in marketable equity securities are classified as available-for-sale. | |||||||||||
-3 | The Company's commercial paper investments have original maturities greater than 90 days, but less than 180 days. | |||||||||||
-4 | Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits (with original maturities greater than 90 days, but less than one year). | |||||||||||
-5 | Includes Graham Holdings Company's Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company's Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. | |||||||||||
-6 | See Note 6 for carrying amount of these notes and borrowing. | |||||||||||
-7 | Included in Other liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
8. 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 income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method: | ||||||||
Three Months Ended | ||||||||
 March 31 | ||||||||
(in thousands, except per share amounts) | 2014 | 2013 | ||||||
Numerator: | ||||||||
Numerator for basic earnings per share: | Â Â | Â Â | ||||||
Income from continuing operations attributable to Graham Holdings Company common stockholders | $ | 131,026 | $ | 21,691 | ||||
Less: Dividends-common stock outstanding and unvested restricted shares | (37,675 | ) | — | |||||
Undistributed earnings | 93,351 | 21,691 | ||||||
Percent allocated to common stockholders | 98.33 | % | 97.38 | % | ||||
91,790 | 21,122 | |||||||
Add: Dividends-common stock outstanding | 37,044 | — | ||||||
Numerator for basic earnings per share | $ | 128,834 | $ | 21,122 | ||||
Add: Additional undistributed earnings due to dilutive stock options | 5 | — | ||||||
Numerator for diluted earnings per share | $ | 128,839 | $ | 21,122 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share: | ||||||||
Weighted average shares outstanding | 7,275 | 7,227 | ||||||
Add: Effect of dilutive stock options | 26 | 1 | ||||||
Denominator for diluted earnings per share | 7,301 | 7,228 | ||||||
Graham Holdings Company Common Stockholders: | Â Â | Â Â | ||||||
Basic earnings per share from continuing operations | $ | 17.71 | $ | 2.92 | ||||
Diluted earnings per share from continuing operations | $ | 17.65 | $ | 2.92 | ||||
Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: | ||||||||
Three Months Ended | ||||||||
 March 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Weighted average restricted stock | 51 | 38 | ||||||
For the first quarter of 2014 and 2013, the diluted earnings per share amounts exclude the effects of 5,000 and 85,861 stock options outstanding, respectively, as their inclusion would have been antidilutive. The first quarter of 2014 and 2013 diluted earnings per share amounts exclude the effects of 5,550 and 52,200 restricted stock awards, respectively, as their inclusion would have been antidilutive. | ||||||||
In the first quarter of 2014, the Company declared regular dividends totaling $5.10 per share. No dividends were paid in 2013. |
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||
Pension and Other Postretirement Benefits Disclosure | ' | |||||||
PENSION AND POSTRETIREMENT PLANS | ||||||||
Defined Benefit Plans. The total (benefit) cost arising from the Company’s defined benefit pension plans, including a portion included in discontinued operations, consists of the following components: | ||||||||
  | Three Months Ended March 31 | |||||||
(in thousands) | 2014 | 2013 | ||||||
Service cost | $ | 7,537 | $ | 13,365 | ||||
Interest cost | 13,082 | 14,291 | ||||||
Expected return on assets | (30,263 | ) | (26,322 | ) | ||||
Amortization of prior service cost | 82 | 909 | ||||||
Recognized actuarial (gain) loss | (7,038 | ) | 2,147 | |||||
Net Periodic (Benefit) Cost | (16,600 | ) | 4,390 | |||||
Early retirement programs expense | 4,490 | 14,258 | ||||||
Total (Benefit) Cost | $ | (12,110 | ) | $ | 18,648 | |||
For the three months ended March 31, 2014 and 2013, the net periodic (benefit) cost for the Company's pension plans, as reported above, includes costs of $0.1 million and $7.1 million, respectively, reported in discontinued operations. The early retirement programs expense for the March 31, 2013 is included in discontinued operations. | ||||||||
In the first quarter of 2014, the Company recorded $4.5 million related to a Separation Incentive Program for certain Corporate employees, which will be funded from the assets of the Company's pension plan. | ||||||||
The Company announced a Voluntary Retirement Incentive Program in February 2013, which was offered to certain employees of the Washington Post newspaper. The total early retirement program expense for this program was $20.4 million. Of this amount, $12.0 million was recorded in the first quarter of 2013 and $8.4 million was recorded in the second quarter of 2013. In addition, the Washington Post newspaper recorded $2.3 million in special separation benefits for a group of employees in the first quarter of 2013. The early retirement program expense and special separation benefits for these programs were funded from the assets of the Company’s pension plan and are included in discontinued operations, net of tax, in 2013. | ||||||||
The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP), including a portion included in discontinued operations, consists of the following components: | ||||||||
  | Three Months Ended March 31 | |||||||
(in thousands) | 2014 | 2013 | ||||||
Service cost | $ | 373 | $ | 429 | ||||
Interest cost | 1,085 | 1,023 | ||||||
Amortization of prior service cost | 12 | 14 | ||||||
Recognized actuarial loss | 375 | 711 | ||||||
Net Periodic Cost | $ | 1,845 | $ | 2,177 | ||||
For the three months ended March 31, 2014 and 2013, the net periodic cost for the Company's SERP, as reported above, includes costs of $0.1 million and $0.3 million, respectively, reported in discontinued operations. | ||||||||
Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of a relatively small number of stocks and high-quality fixed-income securities that are held by a third-party trustee. The assets of the Company’s pension plan were allocated as follows: | ||||||||
  | As of | |||||||
  | March 31, | December 31, | ||||||
  | 2014 | 2013 | ||||||
U.S. equities | 59 | % | 58 | % | ||||
U.S. fixed income | 13 | % | 12 | % | ||||
International equities | 28 | % | 30 | % | ||||
  | 100 | % | 100 | % | ||||
Essentially all of the assets are actively 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 of these managers may invest in a combination of equity and fixed-income securities and cash. The managers are not permitted to invest in securities of the Company or in alternative investments. The investment managers cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway or more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval by the Plan administrator. As of March 31, 2014, the managers can invest no more than 24% of the assets in international stocks, at the time the investment is made, and no less than 10% of the assets could be invested in fixed-income securities. None of the assets is managed internally by the Company. | ||||||||
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, 2014. 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, 2014 and December 31, 2013, the pension plan held common stock in one investment that exceeded 10% of total plan assets. This investment was valued at $429.1 million and $382.1 million at March 31, 2014 and December 31, 2013, respectively, or approximately 18% and 16%, respectively, of total plan assets. Assets also included $219.5 million and $208.4 million of Berkshire Hathaway common stock at March 31, 2014 and December 31, 2013, respectively. At March 31, 2014 and December 31, 2013, the pension plan held investments in one foreign country that exceeded 10% of total plan assets. These investments were valued at $447.0 million and $398.9 million at March 31, 2014 and December 31, 2013, respectively, or approximately 19% and 17%, respectively, of total plan assets. | ||||||||
Other Postretirement Plans. The total cost (benefit) arising from the Company’s other postretirement plans, including a portion included in discontinued operations, consists of the following components: | ||||||||
  | Three Months Ended March 31 | |||||||
(in thousands) | 2014 | 2013 | ||||||
Service cost | $ | 375 | $ | 727 | ||||
Interest cost | 362 | 510 | ||||||
Amortization of prior service credit | (196 | ) | (1,360 | ) | ||||
Recognized actuarial gain | (519 | ) | (541 | ) | ||||
Net Periodic Cost (Benefit) | 22 | (664 | ) | |||||
Settlement gain | — | (3,471 | ) | |||||
Total Cost (Benefit) | $ | 22 | $ | (4,135 | ) | |||
For the three months ended March 31, 2013, the net periodic benefit, as reported above, includes a benefit of $0.6 million included in discontinued operations. As part of the sale of The Herald, changes were made with respect to its postretirement medical plan, resulting in a $3.5 million settlement gain that is included in discontinued operations, net of tax, for the first quarter of 2013. |
Other_NonOperating_Income_Expe
Other Non-Operating Income (Expense) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | ||||||||
Other Non-Operating Income (Expense) | ' | ||||||||
OTHER NON-OPERATING INCOME (EXPENSE) | |||||||||
A summary of non-operating income (expense) is as follows: | |||||||||
Three Months Ended | |||||||||
 March 31 | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Gain on sale of building | $ | 127,670 | $ | — | |||||
Foreign currency gain (loss), net | 5,037 | (4,614 | ) | ||||||
(Losses) gains on sales or write-downs of marketable equity securities | (785 | ) | 542 | ||||||
Other, net | 1,351 | (11 | ) | ||||||
Total Other Non-Operating Income (Expense) | $ | 133,273 | $ | (4,083 | ) | ||||
On March 27, 2014, the Company completed the sale of its headquarters building for approximately $158 million. In connection with the sale, the Company recorded a $127.7 million pre-tax gain in the first quarter of 2014. The headquarters building is used primarily by The Washington Post newspaper, which was sold by the Company in October 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
The other comprehensive income consists of the following components: | ||||||||||||||||||||||||
  | Three Months Ended March 31 | |||||||||||||||||||||||
  | 2014 | 2013 | ||||||||||||||||||||||
  | Before-Tax | Income | After-Tax | Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | Amount | Tax | Amount | ||||||||||||||||||
Foreign currency translation adjustments: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Translation adjustments arising during the period | $ | 746 | — | $ | 746 | $ | (4,191 | ) | — | $ | (4,191 | ) | ||||||||||||
Unrealized gains on available-for-sale securities: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Unrealized gains for the period, net | 27,738 | (11,096 | ) | 16,642 | 49,078 | (19,631 | ) | 29,447 | ||||||||||||||||
Reclassification adjustment for write-down and realization of loss (gain) on sale of available-for-sale securities included in net income | 785 | (314 | ) | 471 | (551 | ) | 220 | (331 | ) | |||||||||||||||
  | 28,523 | (11,410 | ) | 17,113 | 48,527 | (19,411 | ) | 29,116 | ||||||||||||||||
Pension and other postretirement plans: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Amortization of net prior service credit included in net income | (102 | ) | 40 | (62 | ) | (437 | ) | 175 | (262 | ) | ||||||||||||||
Amortization of net actuarial (gain) loss included in net income | (7,182 | ) | 2,873 | (4,309 | ) | 2,317 | (927 | ) | 1,390 | |||||||||||||||
Settlement gain included in net income | — | — | — | (3,471 | ) | 1,388 | (2,083 | ) | ||||||||||||||||
  | (7,284 | ) | 2,913 | (4,371 | ) | (1,591 | ) | 636 | (955 | ) | ||||||||||||||
Cash flow hedge: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Gain for the period | 172 | (69 | ) | 103 | 30 | (12 | ) | 18 | ||||||||||||||||
Other Comprehensive Income | $ | 22,157 | $ | (8,566 | ) | $ | 13,591 | $ | 42,775 | $ | (18,787 | ) | $ | 23,988 | ||||||||||
The accumulated balances related to each component of other comprehensive income are as follows: | ||||||||||||||||||||||||
(in thousands, net of taxes) | Cumulative | Unrealized Gain | Unrealized Gain | Cash Flow | Accumulated | |||||||||||||||||||
Foreign | on Available-for- | on Pensions | Hedge | Other | ||||||||||||||||||||
Currency | Sale Securities | and Other | Comprehensive | |||||||||||||||||||||
Translation | Postretirement | Income | ||||||||||||||||||||||
Adjustment | Plans | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 25,013 | $ | 173,663 | $ | 501,446 | $ | (628 | ) | $ | 699,494 | |||||||||||||
Other comprehensive income (loss) before reclassifications | 746 | 16,642 | — | (24 | ) | 17,364 | ||||||||||||||||||
Net amount reclassified from accumulated other comprehensive income | — | 471 | (4,371 | ) | 127 | (3,773 | ) | |||||||||||||||||
Other comprehensive income, net of tax | 746 | 17,113 | (4,371 | ) | 103 | 13,591 | ||||||||||||||||||
Balance as of March 31, 2014 | $ | 25,759 | $ | 190,776 | $ | 497,075 | $ | (525 | ) | $ | 713,085 | |||||||||||||
The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows: | ||||||||||||||||||||||||
  | Three Months Ended | Affected Line Item in the Condensed Consolidated Statement of Operations | ||||||||||||||||||||||
  |  March 31 | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||
Unrealized Gains on Available-for-sale Securities: | Â Â | Â Â | Â Â | |||||||||||||||||||||
Realized loss (gains) for the period | $ | 785 | $ | (551 | ) | Other income (expense), net | ||||||||||||||||||
  | (314 | ) | 220 | Provision for Income Taxes | ||||||||||||||||||||
  | 471 | (331 | ) | Net of Tax | ||||||||||||||||||||
Pension and Other Postretirement Plans: | Â Â | Â Â | ||||||||||||||||||||||
Amortization of net prior service credit | (102 | ) | (437 | ) | -1 | |||||||||||||||||||
Amortization of net actuarial (gain) loss | (7,182 | ) | 2,317 | -1 | ||||||||||||||||||||
Settlement gain | — | (3,471 | ) | -1 | ||||||||||||||||||||
  | (7,284 | ) | (1,591 | ) | Before tax | |||||||||||||||||||
  | 2,913 | 636 | Provision for Income Taxes | |||||||||||||||||||||
  | (4,371 | ) | (955 | ) | Net of Tax | |||||||||||||||||||
Cash Flow Hedge | Â Â | Â Â | ||||||||||||||||||||||
  | 212 | 186 | Interest expense | |||||||||||||||||||||
  | (85 | ) | (74 | ) | Provision for Income Taxes | |||||||||||||||||||
  | 127 | 112 | Net of Tax | |||||||||||||||||||||
Total reclassification for the period | $ | (3,773 | ) | $ | (1,174 | ) | Net of Tax | |||||||||||||||||
____________ | ||||||||||||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9). |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
CONTINGENCIES | |
Litigation and Legal Matters. The Company and its subsidiaries are involved in various legal proceedings that arise in the ordinary course of its business. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company's business, financial condition, results of operations or cash flows. Also, based on currently available information, management is of the opinion that the exposure to future material losses from existing legal proceedings is not reasonably possible, or that future material losses in excess of the amounts accrued are not reasonably possible. | |
ED Program Reviews. The U.S. Department of Education (ED) undertakes program reviews at Title IV participating institutions. Currently, there are three open program reviews, including Broomall, PA, as the Company is awaiting the ED’s final program review report. The Company does not expect the final program review reports to have a material impact on KHE; however, the results of these open reviews and their impact on Kaplan’s operations are uncertain. | |
The 90/10 Rule.  Under regulations referred to as the 90/10 rule, a KHE school would lose its eligibility to participate in Title IV programs for a period of at least two fiscal years if the institution derives more than 90% of its receipts from Title IV programs, as calculated on a cash basis in accordance with the Higher Education Act and applicable ED regulations, in each of two consecutive fiscal years. An institution with Title IV receipts exceeding 90% for a single fiscal year would be placed on provisional certification and may be subject to other enforcement measures. The 90/10 rule calculations are performed for each OPEID unit. KHE is taking various measures to reduce the percentage of its receipts attributable to Title IV funds, including modifying student payment options; emphasizing direct-pay and employer-paid education programs; encouraging students to carefully evaluate the amount of their Title IV borrowing; eliminating some programs; cash-matching; and developing and offering additional non-Title IV-eligible certificate preparation, professional development and continuing education programs, some of which programs were acquired by certain KHE campuses in 2013 from other Kaplan businesses. Absent the adoption of the changes mentioned above, and if current trends continue, management estimates that in 2014, three of the KHE Campuses’ OPEID units, representing approximately 1.7% of KHE’s 2013 revenues, could have a 90/10 ratio over 90%. As noted above, Kaplan is taking steps to address compliance with the 90/10 rule; however, there can be no guarantee that these measures will be adequate to prevent the 90/10 ratio at some of the schools from exceeding 90% in the future. |
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Business Segments | ' | |||||||||||||||||||
BUSINESS SEGMENTS | ||||||||||||||||||||
The Company has six reportable segments: Kaplan Higher Education, Kaplan Test Preparation, Kaplan International, cable, television broadcasting and other businesses. | ||||||||||||||||||||
Television Broadcasting. In April 2014, the Company announced it has entered into an agreement to sell WPLG, a television station serving the Miami market. WPLG results are included in discontinued operations, net of tax, for all periods presented. The television broadcasting segment operating results have been restated to reflect this change. | ||||||||||||||||||||
 The following table summarizes the quarterly financial information related to each of the Company’s business segments: | ||||||||||||||||||||
  | March 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||
Operating Revenues | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||
Education | $ | 526,174 | $ | 527,815 | $ | 548,230 | $ | 546,452 | $ | 555,011 | ||||||||||
Cable | 203,921 | 200,138 | 204,550 | 202,381 | 200,240 | |||||||||||||||
Television broadcasting | 85,651 | 68,902 | 80,228 | 73,488 | 85,688 | |||||||||||||||
Other businesses | 24,913 | 23,814 | 37,572 | 36,682 | 30,735 | |||||||||||||||
Corporate office | — | — | — | — | — | |||||||||||||||
Intersegment elimination | (98 | ) | (77 | ) | (76 | ) | (49 | ) | (39 | ) | ||||||||||
  | $ | 840,561 | $ | 820,592 | $ | 870,504 | $ | 858,954 | $ | 871,635 | ||||||||||
Income (Loss) From Operations | ||||||||||||||||||||
Education | $ | 2,522 | $ | (4,056 | ) | $ | 23,726 | $ | 17,035 | $ | 14,596 | |||||||||
Cable | 41,162 | 36,613 | 44,710 | 39,715 | 48,697 | |||||||||||||||
Television broadcasting | 44,386 | 29,111 | 39,235 | 32,847 | 43,999 | |||||||||||||||
Other businesses | (10,747 | ) | (8,542 | ) | (5,968 | ) | (5,046 | ) | (3,912 | ) | ||||||||||
Corporate office | 2,206 | (5,979 | ) | (5,402 | ) | (6,135 | ) | (5,763 | ) | |||||||||||
  | $ | 79,529 | $ | 47,147 | $ | 96,301 | $ | 78,416 | $ | 97,617 | ||||||||||
Equity in Earnings of Affiliates, Net | 4,052 | 3,418 | 3,868 | 5,892 | 37 | |||||||||||||||
Interest Expense, Net | (8,221 | ) | (8,450 | ) | (8,526 | ) | (8,579 | ) | (8,248 | ) | ||||||||||
Other Income (Expense), Net | 133,273 | (4,083 | ) | (12,858 | ) | 8,110 | (14,920 | ) | ||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 208,633 | $ | 38,032 | $ | 78,785 | $ | 83,839 | $ | 74,486 | ||||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||||||||
Education | $ | 16,444 | $ | 22,588 | $ | 20,064 | $ | 18,978 | $ | 28,134 | ||||||||||
Cable | 33,787 | 33,733 | 33,964 | 32,946 | 27,541 | |||||||||||||||
Television broadcasting | 1,994 | 2,209 | 2,214 | 2,181 | 2,142 | |||||||||||||||
Other businesses | 520 | 429 | 577 | 555 | 616 | |||||||||||||||
Corporate office | 500 | — | 60 | 45 | 521 | |||||||||||||||
  | $ | 53,245 | $ | 58,959 | $ | 56,879 | $ | 54,705 | $ | 58,954 | ||||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | ||||||||||||||||||||
Education | $ | 2,288 | $ | 2,518 | $ | 2,363 | $ | 2,287 | $ | 6,044 | ||||||||||
Cable | 35 | 50 | 57 | 61 | 52 | |||||||||||||||
Television broadcasting | — | — | — | — | — | |||||||||||||||
Other businesses | 758 | 1,149 | 893 | 489 | 885 | |||||||||||||||
Corporate office | — | — | — | — | — | |||||||||||||||
  | $ | 3,081 | $ | 3,717 | $ | 3,313 | $ | 2,837 | $ | 6,981 | ||||||||||
Net Pension (Credit) Expense | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||
Education | $ | 4,143 | $ | 4,106 | $ | 4,231 | $ | 4,169 | $ | 4,032 | ||||||||||
Cable | 864 | 882 | 913 | 973 | 940 | |||||||||||||||
Television broadcasting | 320 | 1,344 | 1,250 | 1,297 | 70 | |||||||||||||||
Other businesses | 164 | 116 | 134 | 173 | 187 | |||||||||||||||
Corporate office | (17,679 | ) | (9,121 | ) | (9,129 | ) | (9,299 | ) | (14,287 | ) | ||||||||||
  | $ | (12,188 | ) | $ | (2,673 | ) | $ | (2,601 | ) | $ | (2,687 | ) | $ | (9,058 | ) | |||||
The following table summarizes annual financial information related to each of the Company’s business segments: | ||||||||||||||||||||
  | Year Ended December 31 | |||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Operating Revenues | Â Â | Â Â | ||||||||||||||||||
Education | $ | 2,177,508 | $ | 2,196,496 | ||||||||||||||||
Cable television | 807,309 | 787,117 | ||||||||||||||||||
Television broadcasting | 308,306 | 328,396 | ||||||||||||||||||
Other businesses | 128,803 | 72,837 | ||||||||||||||||||
Corporate office | — | — | ||||||||||||||||||
Intersegment elimination | (241 | ) | (296 | ) | ||||||||||||||||
  | $ | 3,421,685 | $ | 3,384,550 | ||||||||||||||||
Income (Loss) from Operations | ||||||||||||||||||||
Education | $ | 51,301 | $ | (105,368 | ) | |||||||||||||||
Cable television | 169,735 | 154,581 | ||||||||||||||||||
Television broadcasting | 145,192 | 162,131 | ||||||||||||||||||
Other businesses | (23,468 | ) | (33,010 | ) | ||||||||||||||||
Corporate office | (23,279 | ) | (28,665 | ) | ||||||||||||||||
  | $ | 319,481 | $ | 149,669 | ||||||||||||||||
Equity in Earnings of Affiliates, Net | 13,215 | 14,086 | ||||||||||||||||||
Interest Expense, Net | (33,803 | ) | (32,551 | ) | ||||||||||||||||
Other Expense, Net | (23,751 | ) | (5,456 | ) | ||||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 275,142 | $ | 125,748 | ||||||||||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||||||||
Education | $ | 89,764 | $ | 101,183 | ||||||||||||||||
Cable television | 128,184 | 129,107 | ||||||||||||||||||
Television broadcasting | 8,746 | 9,253 | ||||||||||||||||||
Other businesses | 2,177 | 770 | ||||||||||||||||||
Corporate office | 626 | — | ||||||||||||||||||
  | $ | 229,497 | $ | 240,313 | ||||||||||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Intangible Assets | Â Â | Â Â | ||||||||||||||||||
Education | $ | 13,212 | $ | 129,312 | ||||||||||||||||
Cable television | 220 | 211 | ||||||||||||||||||
Television broadcasting | — | — | ||||||||||||||||||
Other businesses | 3,416 | 3,016 | ||||||||||||||||||
Corporate office | — | — | ||||||||||||||||||
  | $ | 16,848 | $ | 132,539 | ||||||||||||||||
Net Pension (Credit) Expense | Â Â | Â Â | ||||||||||||||||||
Education | $ | 16,538 | $ | 11,584 | ||||||||||||||||
Cable television | 3,708 | 2,540 | ||||||||||||||||||
Television broadcasting | 3,961 | 5,046 | ||||||||||||||||||
Other businesses | 610 | 169 | ||||||||||||||||||
Corporate office | (41,836 | ) | (27,871 | ) | ||||||||||||||||
  | $ | (17,019 | ) | $ | (8,532 | ) | ||||||||||||||
Asset information for the Company’s business segments are as follows: | ||||||||||||||||||||
  | As of | |||||||||||||||||||
(in thousands) | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Identifiable Assets | Â Â | Â Â | ||||||||||||||||||
Education | $ | 1,745,562 | $ | 1,921,037 | ||||||||||||||||
Cable television | 1,183,434 | 1,215,320 | ||||||||||||||||||
Television broadcasting | 291,518 | 383,251 | ||||||||||||||||||
Other businesses | 156,858 | 171,539 | ||||||||||||||||||
Corporate office | 647,173 | 371,484 | ||||||||||||||||||
  | $ | 4,024,545 | $ | 4,062,631 | ||||||||||||||||
Investments in Marketable Equity Securities | 510,697 | 487,156 | ||||||||||||||||||
Investments in Affiliates | 20,953 | 15,754 | ||||||||||||||||||
Prepaid Pension Cost | 1,250,658 | 1,245,505 | ||||||||||||||||||
Assets Held for Sale | 113,709 | — | ||||||||||||||||||
Total Assets | $ | 5,920,562 | $ | 5,811,046 | ||||||||||||||||
The Company’s education division comprises the following operating segments: | ||||||||||||||||||||
  | Three Months Ended | |||||||||||||||||||
  | 31-Mar | |||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||
Operating Revenues | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 253,779 | $ | 271,860 | ||||||||||||||||
Test preparation | 67,804 | 68,943 | ||||||||||||||||||
Kaplan international | 202,867 | 184,813 | ||||||||||||||||||
Kaplan corporate and other | 2,014 | 2,604 | ||||||||||||||||||
Intersegment elimination | (290 | ) | (405 | ) | ||||||||||||||||
  | $ | 526,174 | $ | 527,815 | ||||||||||||||||
Income (Loss) from Operations | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 13,144 | $ | 5,101 | ||||||||||||||||
Test preparation | (6,628 | ) | (4,345 | ) | ||||||||||||||||
Kaplan international | 10,882 | 6,397 | ||||||||||||||||||
Kaplan corporate and other | (14,920 | ) | (11,340 | ) | ||||||||||||||||
Intersegment elimination | 44 | 131 | ||||||||||||||||||
  | $ | 2,522 | $ | (4,056 | ) | |||||||||||||||
Depreciation of Property, Plant and Equipment | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 7,740 | $ | 13,439 | ||||||||||||||||
Test preparation | 3,784 | 4,758 | ||||||||||||||||||
Kaplan international | 4,708 | 3,996 | ||||||||||||||||||
Kaplan corporate and other | 212 | 395 | ||||||||||||||||||
  | $ | 16,444 | $ | 22,588 | ||||||||||||||||
Amortization of Intangible Assets | $ | 2,288 | $ | 2,518 | ||||||||||||||||
Pension Expense | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 2,628 | $ | 2,807 | ||||||||||||||||
Test preparation | 722 | 640 | ||||||||||||||||||
Kaplan international | 89 | 87 | ||||||||||||||||||
Kaplan corporate and other | 704 | 572 | ||||||||||||||||||
  | $ | 4,143 | $ | 4,106 | ||||||||||||||||
Identifiable assets for the Company’s education division consist of the following: | ||||||||||||||||||||
  | As of | |||||||||||||||||||
(in thousands) | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Identifiable assets | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 653,409 | $ | 859,208 | ||||||||||||||||
Test preparation | 177,288 | 173,435 | ||||||||||||||||||
Kaplan international | 866,656 | 864,507 | ||||||||||||||||||
Kaplan corporate and other | 48,209 | 23,887 | ||||||||||||||||||
  | $ | 1,745,562 | $ | 1,921,037 | ||||||||||||||||
Organization_Basis_of_Presenta1
Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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 presentation 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, 2014 and 2013 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, 2013. | |
The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. | |
Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented. | |
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements | ' |
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. | |
Assets Held For Sale | ' |
Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell the asset or business; (ii) the asset or business is available for immediate sale in its present condition; (iii) the asset or business is actively marketed for sale at a reasonable price; (iv) the sale is expected to be completed within one year; and (v) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. The assets and related liabilities are aggregated and reported separately in the Company’s condensed consolidated balance sheet. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||||||
Carrying Amounts of Assets and Liabilities Held for Sale and Summarized Income (Loss) from Discontinued Operations, Net Of Tax | ' | |||||||||||||||
The carrying amounts of the major classes of assets included in assets held for sale at March 31, 2014 are as follows: | ||||||||||||||||
As of | ||||||||||||||||
(in thousands) | 31-Mar-14 | |||||||||||||||
Other current assets | $ | 397 | ||||||||||||||
Current Assets Held for Sale | $ | 397 | ||||||||||||||
Property, plant and equipment, net | $ | 30,954 | ||||||||||||||
Goodwill, net | 60,206 | |||||||||||||||
Indefinite-lived intangible assets, net | 22,150 | |||||||||||||||
Deferred charges and other assets | 2 | |||||||||||||||
Noncurrent Assets Held for Sale | $ | 113,312 | ||||||||||||||
  | Three Months Ended | |||||||||||||||
  |  March 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Operating revenues | $ | 16,274 | $ | 141,974 | ||||||||||||
Operating costs and expenses | (10,134 | ) | (168,077 | ) | ||||||||||||
Income (loss) from discontinued operations | 6,140 | (26,103 | ) | |||||||||||||
Expense (benefit) from income taxes | 2,026 | (9,176 | ) | |||||||||||||
Net Income (Loss) from Discontinued Operations | 4,114 | (16,927 | ) | |||||||||||||
Loss on sales of discontinued operations | (4,737 | ) | (70 | ) | ||||||||||||
Benefit from income taxes on sales of discontinued operations | (1,695 | ) | (24 | ) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | 1,072 | $ | (16,973 | ) | |||||||||||
2013 Quarterly Operating Results After Reclassifying Certain Operations As Discontinued Operations | ' | |||||||||||||||
  | March 31, | June 30, | September 30, | December 31, | ||||||||||||
(in thousands, except per share amounts) | 2013 | 2013 | 2013 | 2013 | ||||||||||||
Operating Revenues | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Education | $ | 527,815 | $ | 548,230 | $ | 546,452 | $ | 555,011 | ||||||||
Subscriber | 186,790 | 192,273 | 190,302 | 186,297 | ||||||||||||
Advertising | 69,122 | 79,898 | 73,549 | 87,692 | ||||||||||||
Other | 36,865 | 50,103 | 48,651 | 42,635 | ||||||||||||
  | 820,592 | 870,504 | 858,954 | 871,635 | ||||||||||||
Operating Costs and Expenses | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Operating | 376,545 | 394,841 | 395,436 | 375,876 | ||||||||||||
Selling, general and administrative | 334,224 | 319,170 | 327,560 | 332,207 | ||||||||||||
Depreciation of property, plant and equipment | 58,959 | 56,879 | 54,705 | 58,954 | ||||||||||||
Amortization of intangible assets | 3,717 | 3,313 | 2,837 | 3,731 | ||||||||||||
Impairment of goodwill and other long-lived assets | — | — | — | 3,250 | ||||||||||||
  | 773,445 | 774,203 | 780,538 | 774,018 | ||||||||||||
Income from Operations | 47,147 | 96,301 | 78,416 | 97,617 | ||||||||||||
Equity in earnings of affiliates, net | 3,418 | 3,868 | 5,892 | 37 | ||||||||||||
Interest income | 510 | 522 | 642 | 590 | ||||||||||||
Interest expense | (8,960 | ) | (9,048 | ) | (9,221 | ) | (8,838 | ) | ||||||||
Other (expense) income, net | (4,083 | ) | (12,858 | ) | 8,110 | (14,920 | ) | |||||||||
Income from Continuing Operations before Income Taxes | 38,032 | 78,785 | 83,839 | 74,486 | ||||||||||||
Provision for Income Taxes | 15,800 | 31,700 | 29,900 | 24,100 | ||||||||||||
Income from Continuing Operations | 22,232 | 47,085 | 53,939 | 50,386 | ||||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | (16,973 | ) | (1,951 | ) | (23,515 | ) | 106,142 | |||||||||
Net Income | 5,259 | 45,134 | 30,424 | 156,528 | ||||||||||||
Net Income Attributable to Noncontrolling Interests | (97 | ) | (253 | ) | (75 | ) | (55 | ) | ||||||||
Net Income Attributable to Graham Holdings Company | 5,162 | 44,881 | 30,349 | 156,473 | ||||||||||||
Redeemable Preferred Stock Dividends | (444 | ) | (206 | ) | (205 | ) | — | |||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | ||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | ||||||||||||||||
Income from continuing operations | $ | 21,691 | $ | 46,626 | $ | 53,659 | $ | 50,331 | ||||||||
(Loss) Income from discontinued operations, net of tax | (16,973 | ) | (1,951 | ) | (23,515 | ) | 106,142 | |||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | ||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Basic income per common share from continuing operations | $ | 2.92 | $ | 6.28 | $ | 7.23 | $ | 6.82 | ||||||||
Basic (loss) income per common share from discontinued operations | (2.28 | ) | (0.26 | ) | (3.16 | ) | 14.38 | |||||||||
Basic net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.07 | $ | 21.2 | ||||||||
Diluted income per common share from continuing operations | $ | 2.92 | $ | 6.28 | $ | 7.22 | $ | 6.8 | ||||||||
Diluted (loss) income per common share from discontinued operations | (2.28 | ) | (0.26 | ) | (3.17 | ) | 14.34 | |||||||||
Diluted net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.05 | $ | 21.14 | ||||||||
Yearly Operating Results After Reclassifying Certain Operations As Discontinued Operations | ' | |||||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | ||||||||||||||
Operating Revenues | Â Â | Â Â | ||||||||||||||
Education | $ | 2,177,508 | $ | 2,196,496 | ||||||||||||
Subscriber | 755,662 | 732,370 | ||||||||||||||
Advertising | 310,261 | 337,621 | ||||||||||||||
Other | 178,254 | 118,063 | ||||||||||||||
  | 3,421,685 | 3,384,550 | ||||||||||||||
Operating Costs and Expenses | Â Â | Â Â | ||||||||||||||
Operating | 1,542,698 | 1,543,083 | ||||||||||||||
Selling, general and administrative | 1,313,161 | 1,318,946 | ||||||||||||||
Depreciation of property, plant and equipment | 229,497 | 240,313 | ||||||||||||||
Amortization of intangible assets | 13,598 | 20,946 | ||||||||||||||
Impairment of goodwill and other long-lived assets | 3,250 | 111,593 | ||||||||||||||
  | 3,102,204 | 3,234,881 | ||||||||||||||
Income from Operations | 319,481 | 149,669 | ||||||||||||||
Equity in earnings of affiliates, net | 13,215 | 14,086 | ||||||||||||||
Interest income | 2,264 | 3,393 | ||||||||||||||
Interest expense | (36,067 | ) | (35,944 | ) | ||||||||||||
Other expense, net | (23,751 | ) | (5,456 | ) | ||||||||||||
Income from Continuing Operations before Income Taxes | 275,142 | 125,748 | ||||||||||||||
Provision for Income Taxes | 101,500 | 73,400 | ||||||||||||||
Income from Continuing Operations | 173,642 | 52,348 | ||||||||||||||
Income from Discontinued Operations, Net of Tax | 63,703 | 79,839 | ||||||||||||||
Net Income | 237,345 | 132,187 | ||||||||||||||
Net Income Attributable to Noncontrolling Interests | (480 | ) | (74 | ) | ||||||||||||
Net Income Attributable to Graham Holdings Company | 236,865 | 132,113 | ||||||||||||||
Redeemable Preferred Stock Dividends | (855 | ) | (895 | ) | ||||||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 236,010 | $ | 131,218 | ||||||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | ||||||||||||||||
Income from continuing operations | $ | 172,307 | $ | 51,379 | ||||||||||||
Income from discontinued operations, net of tax | 63,703 | 79,839 | ||||||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 236,010 | $ | 131,218 | ||||||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | Â Â | |||||||||||||||
Basic income per common share from continuing operations | $ | 23.44 | $ | 6.54 | ||||||||||||
Basic income per common share from discontinued operations | 8.66 | 10.85 | ||||||||||||||
Basic net income per common share | $ | 32.1 | $ | 17.39 | ||||||||||||
Diluted income per common share from continuing operations | $ | 23.4 | $ | 6.54 | ||||||||||||
Diluted income per common share from discontinued operations | 8.65 | 10.85 | ||||||||||||||
Diluted net income per common share | $ | 32.05 | $ | 17.39 | ||||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments [Abstract] | ' | |||||||
Investments in Marketable Equity Securities | ' | |||||||
Investments in marketable equity securities comprised the following: | ||||||||
  | As of | |||||||
  | March 31, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
Total cost | $ | 192,736 | $ | 197,718 | ||||
Net unrealized gains | 317,961 | 289,438 | ||||||
Total Fair Value | $ | 510,697 | $ | 487,156 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||
The changes in the carrying amount of goodwill, by segment, were as follows: | ||||||||||||||||||||||||||
(in thousands) | Education | Cable | Television | Other | Total | |||||||||||||||||||||
Television | Broadcasting | Businesses | ||||||||||||||||||||||||
Balance as of December 31, 2013 | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||||
Goodwill | $ | 1,073,433 | $ | 85,488 | $ | 203,165 | $ | 34,877 | $ | 1,396,963 | ||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | (6,082 | ) | (108,341 | ) | ||||||||||||||||||
971,174 | 85,488 | 203,165 | 28,795 | 1,288,622 | ||||||||||||||||||||||
Acquisitions | 5,608 | — | — | — | 5,608 | |||||||||||||||||||||
Reclassification to assets held for sale | — | — | (60,205 | ) | — | (60,205 | ) | |||||||||||||||||||
Foreign currency exchange rate changes | 7,924 | — | — | — | 7,924 | |||||||||||||||||||||
Balance as of March 31, 2014 | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||||
Goodwill | 1,086,965 | 85,488 | 142,960 | 34,877 | 1,350,290 | |||||||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | (6,082 | ) | (108,341 | ) | ||||||||||||||||||
$ | 984,706 | $ | 85,488 | $ | 142,960 | $ | 28,795 | $ | 1,241,949 | |||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Useful Life | Gross | Accumulated | Net Carrying | Gross | Accumulated | Net | |||||||||||||||||||
Range | Carrying | Amortization | Amount | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||||
Amortized Intangible Assets | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Noncompete agreements | 2–5 years | $ | 13,565 | $ | 12,737 | $ | 828 | $ | 13,540 | $ | 12,622 | $ | 918 | |||||||||||||
Student and customer relationships | 2–10 years | 66,163 | 41,725 | 24,438 | 72,050 | 45,718 | 26,332 | |||||||||||||||||||
Databases and technology | 3–5 years | 10,790 | 7,331 | 3,459 | 10,790 | 6,991 | 3,799 | |||||||||||||||||||
Trade names and trademarks | 2–10 years | 22,359 | 16,660 | 5,699 | 22,327 | 16,052 | 6,275 | |||||||||||||||||||
Other | 1–25 years | 9,858 | 7,788 | 2,070 | 9,836 | 7,572 | 2,264 | |||||||||||||||||||
  |   | $ | 122,735 | $ | 86,241 | $ | 36,494 | $ | 128,543 | $ | 88,955 | $ | 39,588 | |||||||||||||
Indefinite-Lived Intangible Assets | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Franchise agreements | Â Â | $ | 496,321 | Â Â | Â Â | $ | 496,321 | Â Â | Â Â | |||||||||||||||||
Wireless licenses |   | — |   |   | 22,150 |   |   | |||||||||||||||||||
Licensure and accreditation | Â Â | 7,171 | Â Â | Â Â | 7,171 | Â Â | Â Â | |||||||||||||||||||
Other | Â Â | 15,636 | Â Â | Â Â | 15,636 | Â Â | Â Â | |||||||||||||||||||
  | $ | 519,128 | $ | 541,278 | ||||||||||||||||||||||
Education [Member] | ' | |||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | |||||||||||||||||||||||||
The changes in carrying amount of goodwill at the Company’s education division were as follows: | ||||||||||||||||||||||||||
(in thousands) | Higher | Test | Kaplan | Total | ||||||||||||||||||||||
Education | Preparation | International | ||||||||||||||||||||||||
Balance as of December 31, 2013 | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||||
Goodwill | $ | 409,016 | $ | 152,187 | $ | 512,230 | $ | 1,073,433 | ||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
409,016 | 49,928 | 512,230 | 971,174 | |||||||||||||||||||||||
Acquisitions | — | 5,608 | — | 5,608 | ||||||||||||||||||||||
Foreign currency exchange rate changes | (76 | ) | — | 8,000 | 7,924 | |||||||||||||||||||||
Balance as of March 31, 2014 | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||||
Goodwill | 408,940 | 157,795 | 520,230 | 1,086,965 | ||||||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
$ | 408,940 | $ | 55,536 | $ | 520,230 | $ | 984,706 | |||||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of Debt | ' | |||||||
The Company’s borrowings consist of the following: | ||||||||
  | As of | |||||||
  | March 31, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
7.25% unsecured notes due February 1, 2019 | $ | 397,997 | $ | 397,893 | ||||
AUD Revolving credit borrowing | 46,231 | 44,625 | ||||||
Other indebtedness | 8,321 | 8,258 | ||||||
Total Debt | 452,549 | 450,776 | ||||||
Less: current portion | (49,389 | ) | (3,168 | ) | ||||
Total Long-Term Debt | $ | 403,160 | $ | 447,608 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||
The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||
As of March 31, 2014 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | Â Â | Â Â | Â Â | |||||||||
Money market investments (1) | $ | — | $ | 460,928 | $ | 460,928 | ||||||
Marketable equity securities (2) | 510,697 | — | 510,697 | |||||||||
Commercial paper (3) | 99,893 | — | 99,893 | |||||||||
Other current investments (4)Â | 11,692 | 23,312 | 35,004 | |||||||||
Total Financial Assets | $ | 622,282 | $ | 484,240 | $ | 1,106,522 | ||||||
Liabilities | Â Â | Â Â | Â Â | |||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 64,614 | $ | 64,614 | ||||||
7.25% unsecured notes (6) | — | 469,012 | 469,012 | |||||||||
AUD revolving credit borrowing (6) | — | 46,231 | 46,231 | |||||||||
Interest rate swap (7) | — | 875 | 875 | |||||||||
Total Financial Liabilities | $ | — | $ | 580,732 | $ | 580,732 | ||||||
As of December 31, 2013 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | Â Â | Â Â | Â Â | |||||||||
Money market investments (1) | $ | — | $ | 431,836 | $ | 431,836 | ||||||
Marketable equity securities (2) | 487,156 | — | 487,156 | |||||||||
Other current investments (4)Â | 11,826 | 23,336 | 35,162 | |||||||||
Total Financial Assets | $ | 498,982 | $ | 455,172 | $ | 954,154 | ||||||
Liabilities | Â Â | Â Â | Â Â | |||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 67,603 | $ | 67,603 | ||||||
7.25% unsecured notes (6) | — | 475,224 | 475,224 | |||||||||
AUD revolving credit borrowing (6) | — | 44,625 | 44,625 | |||||||||
Interest rate swap (7) | — | 1,047 | 1,047 | |||||||||
Total Financial Liabilities | $ | — | $ | 588,499 | $ | 588,499 | ||||||
____________ | ||||||||||||
-1 | The Company’s money market investments are included in cash, cash equivalents and restricted cash. | |||||||||||
-2 | The Company’s investments in marketable equity securities are classified as available-for-sale. | |||||||||||
-3 | The Company's commercial paper investments have original maturities greater than 90 days, but less than 180 days. | |||||||||||
-4 | Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits (with original maturities greater than 90 days, but less than one year). | |||||||||||
-5 | Includes Graham Holdings Company's Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company's Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. | |||||||||||
-6 | See Note 6 for carrying amount of these notes and borrowing. | |||||||||||
-7 | Included in Other liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Summary of Earnings Per Share from Continuing Operations, Basic and Diluted | ' | |||||||
The following reflects the Company's income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method: | ||||||||
Three Months Ended | ||||||||
 March 31 | ||||||||
(in thousands, except per share amounts) | 2014 | 2013 | ||||||
Numerator: | ||||||||
Numerator for basic earnings per share: | Â Â | Â Â | ||||||
Income from continuing operations attributable to Graham Holdings Company common stockholders | $ | 131,026 | $ | 21,691 | ||||
Less: Dividends-common stock outstanding and unvested restricted shares | (37,675 | ) | — | |||||
Undistributed earnings | 93,351 | 21,691 | ||||||
Percent allocated to common stockholders | 98.33 | % | 97.38 | % | ||||
91,790 | 21,122 | |||||||
Add: Dividends-common stock outstanding | 37,044 | — | ||||||
Numerator for basic earnings per share | $ | 128,834 | $ | 21,122 | ||||
Add: Additional undistributed earnings due to dilutive stock options | 5 | — | ||||||
Numerator for diluted earnings per share | $ | 128,839 | $ | 21,122 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share: | ||||||||
Weighted average shares outstanding | 7,275 | 7,227 | ||||||
Add: Effect of dilutive stock options | 26 | 1 | ||||||
Denominator for diluted earnings per share | 7,301 | 7,228 | ||||||
Graham Holdings Company Common Stockholders: | Â Â | Â Â | ||||||
Basic earnings per share from continuing operations | $ | 17.71 | $ | 2.92 | ||||
Diluted earnings per share from continuing operations | $ | 17.65 | $ | 2.92 | ||||
Antidilutive Weighted Average Restricted Stock | ' | |||||||
Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: | ||||||||
Three Months Ended | ||||||||
 March 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Weighted average restricted stock | 51 | 38 | ||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Pension Plan [Member] | ' | |||||||
Schedule of Net Benefit Costs | ' | |||||||
Defined Benefit Plans. The total (benefit) cost arising from the Company’s defined benefit pension plans, including a portion included in discontinued operations, consists of the following components: | ||||||||
  | Three Months Ended March 31 | |||||||
(in thousands) | 2014 | 2013 | ||||||
Service cost | $ | 7,537 | $ | 13,365 | ||||
Interest cost | 13,082 | 14,291 | ||||||
Expected return on assets | (30,263 | ) | (26,322 | ) | ||||
Amortization of prior service cost | 82 | 909 | ||||||
Recognized actuarial (gain) loss | (7,038 | ) | 2,147 | |||||
Net Periodic (Benefit) Cost | (16,600 | ) | 4,390 | |||||
Early retirement programs expense | 4,490 | 14,258 | ||||||
Total (Benefit) Cost | $ | (12,110 | ) | $ | 18,648 | |||
Schedule of Allocation of Plan Assets | ' | |||||||
The assets of the Company’s pension plan were allocated as follows: | ||||||||
  | As of | |||||||
  | March 31, | December 31, | ||||||
  | 2014 | 2013 | ||||||
U.S. equities | 59 | % | 58 | % | ||||
U.S. fixed income | 13 | % | 12 | % | ||||
International equities | 28 | % | 30 | % | ||||
  | 100 | % | 100 | % | ||||
Supplemental Executive Retirement Plan (SERP) [Member] | ' | |||||||
Schedule of Net Benefit Costs | ' | |||||||
The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP), including a portion included in discontinued operations, consists of the following components: | ||||||||
  | Three Months Ended March 31 | |||||||
(in thousands) | 2014 | 2013 | ||||||
Service cost | $ | 373 | $ | 429 | ||||
Interest cost | 1,085 | 1,023 | ||||||
Amortization of prior service cost | 12 | 14 | ||||||
Recognized actuarial loss | 375 | 711 | ||||||
Net Periodic Cost | $ | 1,845 | $ | 2,177 | ||||
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | |||||||
Schedule of Net Benefit Costs | ' | |||||||
Other Postretirement Plans. The total cost (benefit) arising from the Company’s other postretirement plans, including a portion included in discontinued operations, consists of the following components: | ||||||||
  | Three Months Ended March 31 | |||||||
(in thousands) | 2014 | 2013 | ||||||
Service cost | $ | 375 | $ | 727 | ||||
Interest cost | 362 | 510 | ||||||
Amortization of prior service credit | (196 | ) | (1,360 | ) | ||||
Recognized actuarial gain | (519 | ) | (541 | ) | ||||
Net Periodic Cost (Benefit) | 22 | (664 | ) | |||||
Settlement gain | — | (3,471 | ) | |||||
Total Cost (Benefit) | $ | 22 | $ | (4,135 | ) | |||
Other_NonOperating_Income_Expe1
Other Non-Operating Income (Expense) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | ||||||||
Summary of Other Non-Operating Income (Expense) | ' | ||||||||
A summary of non-operating income (expense) is as follows: | |||||||||
Three Months Ended | |||||||||
 March 31 | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Gain on sale of building | $ | 127,670 | $ | — | |||||
Foreign currency gain (loss), net | 5,037 | (4,614 | ) | ||||||
(Losses) gains on sales or write-downs of marketable equity securities | (785 | ) | 542 | ||||||
Other, net | 1,351 | (11 | ) | ||||||
Total Other Non-Operating Income (Expense) | $ | 133,273 | $ | (4,083 | ) | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Summary of Other Comprehensive Income | ' | |||||||||||||||||||||||
The other comprehensive income consists of the following components: | ||||||||||||||||||||||||
  | Three Months Ended March 31 | |||||||||||||||||||||||
  | 2014 | 2013 | ||||||||||||||||||||||
  | Before-Tax | Income | After-Tax | Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | Amount | Tax | Amount | ||||||||||||||||||
Foreign currency translation adjustments: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Translation adjustments arising during the period | $ | 746 | — | $ | 746 | $ | (4,191 | ) | — | $ | (4,191 | ) | ||||||||||||
Unrealized gains on available-for-sale securities: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Unrealized gains for the period, net | 27,738 | (11,096 | ) | 16,642 | 49,078 | (19,631 | ) | 29,447 | ||||||||||||||||
Reclassification adjustment for write-down and realization of loss (gain) on sale of available-for-sale securities included in net income | 785 | (314 | ) | 471 | (551 | ) | 220 | (331 | ) | |||||||||||||||
  | 28,523 | (11,410 | ) | 17,113 | 48,527 | (19,411 | ) | 29,116 | ||||||||||||||||
Pension and other postretirement plans: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Amortization of net prior service credit included in net income | (102 | ) | 40 | (62 | ) | (437 | ) | 175 | (262 | ) | ||||||||||||||
Amortization of net actuarial (gain) loss included in net income | (7,182 | ) | 2,873 | (4,309 | ) | 2,317 | (927 | ) | 1,390 | |||||||||||||||
Settlement gain included in net income | — | — | — | (3,471 | ) | 1,388 | (2,083 | ) | ||||||||||||||||
  | (7,284 | ) | 2,913 | (4,371 | ) | (1,591 | ) | 636 | (955 | ) | ||||||||||||||
Cash flow hedge: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Gain for the period | 172 | (69 | ) | 103 | 30 | (12 | ) | 18 | ||||||||||||||||
Other Comprehensive Income | $ | 22,157 | $ | (8,566 | ) | $ | 13,591 | $ | 42,775 | $ | (18,787 | ) | $ | 23,988 | ||||||||||
Summary of Changes in Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The accumulated balances related to each component of other comprehensive income are as follows: | ||||||||||||||||||||||||
(in thousands, net of taxes) | Cumulative | Unrealized Gain | Unrealized Gain | Cash Flow | Accumulated | |||||||||||||||||||
Foreign | on Available-for- | on Pensions | Hedge | Other | ||||||||||||||||||||
Currency | Sale Securities | and Other | Comprehensive | |||||||||||||||||||||
Translation | Postretirement | Income | ||||||||||||||||||||||
Adjustment | Plans | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 25,013 | $ | 173,663 | $ | 501,446 | $ | (628 | ) | $ | 699,494 | |||||||||||||
Other comprehensive income (loss) before reclassifications | 746 | 16,642 | — | (24 | ) | 17,364 | ||||||||||||||||||
Net amount reclassified from accumulated other comprehensive income | — | 471 | (4,371 | ) | 127 | (3,773 | ) | |||||||||||||||||
Other comprehensive income, net of tax | 746 | 17,113 | (4,371 | ) | 103 | 13,591 | ||||||||||||||||||
Balance as of March 31, 2014 | $ | 25,759 | $ | 190,776 | $ | 497,075 | $ | (525 | ) | $ | 713,085 | |||||||||||||
Summary of Amounts and Line Items of reclassifications Out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows: | ||||||||||||||||||||||||
  | Three Months Ended | Affected Line Item in the Condensed Consolidated Statement of Operations | ||||||||||||||||||||||
  |  March 31 | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||
Unrealized Gains on Available-for-sale Securities: | Â Â | Â Â | Â Â | |||||||||||||||||||||
Realized loss (gains) for the period | $ | 785 | $ | (551 | ) | Other income (expense), net | ||||||||||||||||||
  | (314 | ) | 220 | Provision for Income Taxes | ||||||||||||||||||||
  | 471 | (331 | ) | Net of Tax | ||||||||||||||||||||
Pension and Other Postretirement Plans: | Â Â | Â Â | ||||||||||||||||||||||
Amortization of net prior service credit | (102 | ) | (437 | ) | -1 | |||||||||||||||||||
Amortization of net actuarial (gain) loss | (7,182 | ) | 2,317 | -1 | ||||||||||||||||||||
Settlement gain | — | (3,471 | ) | -1 | ||||||||||||||||||||
  | (7,284 | ) | (1,591 | ) | Before tax | |||||||||||||||||||
  | 2,913 | 636 | Provision for Income Taxes | |||||||||||||||||||||
  | (4,371 | ) | (955 | ) | Net of Tax | |||||||||||||||||||
Cash Flow Hedge | Â Â | Â Â | ||||||||||||||||||||||
  | 212 | 186 | Interest expense | |||||||||||||||||||||
  | (85 | ) | (74 | ) | Provision for Income Taxes | |||||||||||||||||||
  | 127 | 112 | Net of Tax | |||||||||||||||||||||
Total reclassification for the period | $ | (3,773 | ) | $ | (1,174 | ) | Net of Tax | |||||||||||||||||
____________ | ||||||||||||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9). |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||||
Summary of Segment Reporting Information, by Operating Segment | ' | |||||||||||||||||||
 The following table summarizes the quarterly financial information related to each of the Company’s business segments: | ||||||||||||||||||||
  | March 31, | March 31, | June 30, | September 30, | December 31, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||
Operating Revenues | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||
Education | $ | 526,174 | $ | 527,815 | $ | 548,230 | $ | 546,452 | $ | 555,011 | ||||||||||
Cable | 203,921 | 200,138 | 204,550 | 202,381 | 200,240 | |||||||||||||||
Television broadcasting | 85,651 | 68,902 | 80,228 | 73,488 | 85,688 | |||||||||||||||
Other businesses | 24,913 | 23,814 | 37,572 | 36,682 | 30,735 | |||||||||||||||
Corporate office | — | — | — | — | — | |||||||||||||||
Intersegment elimination | (98 | ) | (77 | ) | (76 | ) | (49 | ) | (39 | ) | ||||||||||
  | $ | 840,561 | $ | 820,592 | $ | 870,504 | $ | 858,954 | $ | 871,635 | ||||||||||
Income (Loss) From Operations | ||||||||||||||||||||
Education | $ | 2,522 | $ | (4,056 | ) | $ | 23,726 | $ | 17,035 | $ | 14,596 | |||||||||
Cable | 41,162 | 36,613 | 44,710 | 39,715 | 48,697 | |||||||||||||||
Television broadcasting | 44,386 | 29,111 | 39,235 | 32,847 | 43,999 | |||||||||||||||
Other businesses | (10,747 | ) | (8,542 | ) | (5,968 | ) | (5,046 | ) | (3,912 | ) | ||||||||||
Corporate office | 2,206 | (5,979 | ) | (5,402 | ) | (6,135 | ) | (5,763 | ) | |||||||||||
  | $ | 79,529 | $ | 47,147 | $ | 96,301 | $ | 78,416 | $ | 97,617 | ||||||||||
Equity in Earnings of Affiliates, Net | 4,052 | 3,418 | 3,868 | 5,892 | 37 | |||||||||||||||
Interest Expense, Net | (8,221 | ) | (8,450 | ) | (8,526 | ) | (8,579 | ) | (8,248 | ) | ||||||||||
Other Income (Expense), Net | 133,273 | (4,083 | ) | (12,858 | ) | 8,110 | (14,920 | ) | ||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 208,633 | $ | 38,032 | $ | 78,785 | $ | 83,839 | $ | 74,486 | ||||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||||||||
Education | $ | 16,444 | $ | 22,588 | $ | 20,064 | $ | 18,978 | $ | 28,134 | ||||||||||
Cable | 33,787 | 33,733 | 33,964 | 32,946 | 27,541 | |||||||||||||||
Television broadcasting | 1,994 | 2,209 | 2,214 | 2,181 | 2,142 | |||||||||||||||
Other businesses | 520 | 429 | 577 | 555 | 616 | |||||||||||||||
Corporate office | 500 | — | 60 | 45 | 521 | |||||||||||||||
  | $ | 53,245 | $ | 58,959 | $ | 56,879 | $ | 54,705 | $ | 58,954 | ||||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | ||||||||||||||||||||
Education | $ | 2,288 | $ | 2,518 | $ | 2,363 | $ | 2,287 | $ | 6,044 | ||||||||||
Cable | 35 | 50 | 57 | 61 | 52 | |||||||||||||||
Television broadcasting | — | — | — | — | — | |||||||||||||||
Other businesses | 758 | 1,149 | 893 | 489 | 885 | |||||||||||||||
Corporate office | — | — | — | — | — | |||||||||||||||
  | $ | 3,081 | $ | 3,717 | $ | 3,313 | $ | 2,837 | $ | 6,981 | ||||||||||
Net Pension (Credit) Expense | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||
Education | $ | 4,143 | $ | 4,106 | $ | 4,231 | $ | 4,169 | $ | 4,032 | ||||||||||
Cable | 864 | 882 | 913 | 973 | 940 | |||||||||||||||
Television broadcasting | 320 | 1,344 | 1,250 | 1,297 | 70 | |||||||||||||||
Other businesses | 164 | 116 | 134 | 173 | 187 | |||||||||||||||
Corporate office | (17,679 | ) | (9,121 | ) | (9,129 | ) | (9,299 | ) | (14,287 | ) | ||||||||||
  | $ | (12,188 | ) | $ | (2,673 | ) | $ | (2,601 | ) | $ | (2,687 | ) | $ | (9,058 | ) | |||||
The following table summarizes annual financial information related to each of the Company’s business segments: | ||||||||||||||||||||
  | Year Ended December 31 | |||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||
Operating Revenues | Â Â | Â Â | ||||||||||||||||||
Education | $ | 2,177,508 | $ | 2,196,496 | ||||||||||||||||
Cable television | 807,309 | 787,117 | ||||||||||||||||||
Television broadcasting | 308,306 | 328,396 | ||||||||||||||||||
Other businesses | 128,803 | 72,837 | ||||||||||||||||||
Corporate office | — | — | ||||||||||||||||||
Intersegment elimination | (241 | ) | (296 | ) | ||||||||||||||||
  | $ | 3,421,685 | $ | 3,384,550 | ||||||||||||||||
Income (Loss) from Operations | ||||||||||||||||||||
Education | $ | 51,301 | $ | (105,368 | ) | |||||||||||||||
Cable television | 169,735 | 154,581 | ||||||||||||||||||
Television broadcasting | 145,192 | 162,131 | ||||||||||||||||||
Other businesses | (23,468 | ) | (33,010 | ) | ||||||||||||||||
Corporate office | (23,279 | ) | (28,665 | ) | ||||||||||||||||
  | $ | 319,481 | $ | 149,669 | ||||||||||||||||
Equity in Earnings of Affiliates, Net | 13,215 | 14,086 | ||||||||||||||||||
Interest Expense, Net | (33,803 | ) | (32,551 | ) | ||||||||||||||||
Other Expense, Net | (23,751 | ) | (5,456 | ) | ||||||||||||||||
Income from Continuing Operations Before Income Taxes | $ | 275,142 | $ | 125,748 | ||||||||||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||||||||
Education | $ | 89,764 | $ | 101,183 | ||||||||||||||||
Cable television | 128,184 | 129,107 | ||||||||||||||||||
Television broadcasting | 8,746 | 9,253 | ||||||||||||||||||
Other businesses | 2,177 | 770 | ||||||||||||||||||
Corporate office | 626 | — | ||||||||||||||||||
  | $ | 229,497 | $ | 240,313 | ||||||||||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Intangible Assets | Â Â | Â Â | ||||||||||||||||||
Education | $ | 13,212 | $ | 129,312 | ||||||||||||||||
Cable television | 220 | 211 | ||||||||||||||||||
Television broadcasting | — | — | ||||||||||||||||||
Other businesses | 3,416 | 3,016 | ||||||||||||||||||
Corporate office | — | — | ||||||||||||||||||
  | $ | 16,848 | $ | 132,539 | ||||||||||||||||
Net Pension (Credit) Expense | Â Â | Â Â | ||||||||||||||||||
Education | $ | 16,538 | $ | 11,584 | ||||||||||||||||
Cable television | 3,708 | 2,540 | ||||||||||||||||||
Television broadcasting | 3,961 | 5,046 | ||||||||||||||||||
Other businesses | 610 | 169 | ||||||||||||||||||
Corporate office | (41,836 | ) | (27,871 | ) | ||||||||||||||||
  | $ | (17,019 | ) | $ | (8,532 | ) | ||||||||||||||
Asset information for the Company’s business segments are as follows: | ||||||||||||||||||||
  | As of | |||||||||||||||||||
(in thousands) | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Identifiable Assets | Â Â | Â Â | ||||||||||||||||||
Education | $ | 1,745,562 | $ | 1,921,037 | ||||||||||||||||
Cable television | 1,183,434 | 1,215,320 | ||||||||||||||||||
Television broadcasting | 291,518 | 383,251 | ||||||||||||||||||
Other businesses | 156,858 | 171,539 | ||||||||||||||||||
Corporate office | 647,173 | 371,484 | ||||||||||||||||||
  | $ | 4,024,545 | $ | 4,062,631 | ||||||||||||||||
Investments in Marketable Equity Securities | 510,697 | 487,156 | ||||||||||||||||||
Investments in Affiliates | 20,953 | 15,754 | ||||||||||||||||||
Prepaid Pension Cost | 1,250,658 | 1,245,505 | ||||||||||||||||||
Assets Held for Sale | 113,709 | — | ||||||||||||||||||
Total Assets | $ | 5,920,562 | $ | 5,811,046 | ||||||||||||||||
Education [Member] | ' | |||||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||||
Summary of Segment Reporting Information, by Operating Segment | ' | |||||||||||||||||||
The Company’s education division comprises the following operating segments: | ||||||||||||||||||||
  | Three Months Ended | |||||||||||||||||||
  | 31-Mar | |||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||
Operating Revenues | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 253,779 | $ | 271,860 | ||||||||||||||||
Test preparation | 67,804 | 68,943 | ||||||||||||||||||
Kaplan international | 202,867 | 184,813 | ||||||||||||||||||
Kaplan corporate and other | 2,014 | 2,604 | ||||||||||||||||||
Intersegment elimination | (290 | ) | (405 | ) | ||||||||||||||||
  | $ | 526,174 | $ | 527,815 | ||||||||||||||||
Income (Loss) from Operations | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 13,144 | $ | 5,101 | ||||||||||||||||
Test preparation | (6,628 | ) | (4,345 | ) | ||||||||||||||||
Kaplan international | 10,882 | 6,397 | ||||||||||||||||||
Kaplan corporate and other | (14,920 | ) | (11,340 | ) | ||||||||||||||||
Intersegment elimination | 44 | 131 | ||||||||||||||||||
  | $ | 2,522 | $ | (4,056 | ) | |||||||||||||||
Depreciation of Property, Plant and Equipment | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 7,740 | $ | 13,439 | ||||||||||||||||
Test preparation | 3,784 | 4,758 | ||||||||||||||||||
Kaplan international | 4,708 | 3,996 | ||||||||||||||||||
Kaplan corporate and other | 212 | 395 | ||||||||||||||||||
  | $ | 16,444 | $ | 22,588 | ||||||||||||||||
Amortization of Intangible Assets | $ | 2,288 | $ | 2,518 | ||||||||||||||||
Pension Expense | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 2,628 | $ | 2,807 | ||||||||||||||||
Test preparation | 722 | 640 | ||||||||||||||||||
Kaplan international | 89 | 87 | ||||||||||||||||||
Kaplan corporate and other | 704 | 572 | ||||||||||||||||||
  | $ | 4,143 | $ | 4,106 | ||||||||||||||||
Identifiable assets for the Company’s education division consist of the following: | ||||||||||||||||||||
  | As of | |||||||||||||||||||
(in thousands) | March 31, | December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Identifiable assets | Â Â | Â Â | ||||||||||||||||||
Higher education | $ | 653,409 | $ | 859,208 | ||||||||||||||||
Test preparation | 177,288 | 173,435 | ||||||||||||||||||
Kaplan international | 866,656 | 864,507 | ||||||||||||||||||
Kaplan corporate and other | 48,209 | 23,887 | ||||||||||||||||||
  | $ | 1,745,562 | $ | 1,921,037 | ||||||||||||||||
Organization_Basis_of_Presenta2
Organization, Basis of Presentation and Recent Accounting Pronouncements (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Percentage of ownership indicating control for consolidation purposes | 'more than 50% |
Television Broadcasting [Member] | ' |
Number of television broadcast stations | 6 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | |||||
Share data in Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 11, 2014 |
Daily Herald [Member] | Sale of Publishing Subsidiaries [Member] | Sale of Publishing Subsidiaries [Member] | Common Class B [Member] | |||
Sale of WPLG [Member] | ||||||
Subsequent Event [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares received in Berkshire Hathaway agreement | ' | ' | ' | ' | ' | 1.6 |
Pre-tax gain (loss) on sale and/or disposition | ($4,737,000) | ($70,000) | ($100,000) | ' | ' | ' |
After-tax gain (loss) on sale and/or disposition | ' | ' | ' | -3,000,000 | 100,000,000 | ' |
Expenses in discontinued operations | 10,134,000 | 168,077,000 | ' | ' | ' | ' |
Early retirement program expense | $4,490,000 | $14,258,000 | ' | ' | ' | ' |
Discontinued_Operations_Carryi
Discontinued Operations (Carrying Amounts of Assets and Liabilities Included in Discontinued Operations) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' |
Other current assets | $397 | ' |
Current Assets Held for Sale | 397 | 0 |
Property, plant and equipment, net | 30,954 | ' |
Goodwill, net | 60,206 | ' |
Indefinite-lived intangible assets, net | 22,150 | ' |
Deferred charges and other assets | 2 | ' |
Noncurrent Assets Held for Sale | $113,312 | $0 |
Discontinued_Operations_Summar
Discontinued Operations (Summarized (Loss) Income from Discontinued Operations, Net Of Tax) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operation, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $16,274 | ' | ' | ' | $141,974 | ' | ' |
Operating costs and expenses | -10,134 | ' | ' | ' | -168,077 | ' | ' |
Income (loss) from discontinued operations | 6,140 | ' | ' | ' | -26,103 | ' | ' |
Expense (benefit) from income taxes | 2,026 | ' | ' | ' | -9,176 | ' | ' |
Net Income (Loss) from Discontinued Operations | 4,114 | ' | ' | ' | -16,927 | ' | ' |
Loss on sales of discontinued operations | -4,737 | ' | ' | ' | -70 | ' | ' |
Benefit from income taxes on sales of discontinued operations | -1,695 | ' | ' | ' | -24 | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax | $1,072 | $106,142 | ($23,515) | ($1,951) | ($16,973) | $63,703 | $79,839 |
Discontinued_Operations_Operat
Discontinued Operations (Operating Results After Reclassifying Certain Operations As Discontinued Operations) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Education | $526,174 | $555,011 | $546,452 | $548,230 | $527,815 | $2,177,508 | $2,196,496 |
Subscriber | 191,128 | 186,297 | 190,302 | 192,273 | 186,790 | 755,662 | 732,370 |
Advertising | 78,247 | 87,692 | 73,549 | 79,898 | 69,122 | 310,261 | 337,621 |
Other | 45,012 | 42,635 | 48,651 | 50,103 | 36,865 | 178,254 | 118,063 |
Total Operating Revenues | 840,561 | 871,635 | 858,954 | 870,504 | 820,592 | 3,421,685 | 3,384,550 |
Operating Costs and Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Operating | 379,069 | 375,876 | 395,436 | 394,841 | 376,545 | 1,542,698 | 1,543,083 |
Selling, general and administrative | 325,637 | 332,207 | 327,560 | 319,170 | 334,224 | 1,313,161 | 1,318,946 |
Depreciation of property, plant and equipment | 53,245 | 58,954 | 54,705 | 56,879 | 58,959 | 229,497 | 240,313 |
Amortization of intangible assets | 3,081 | 3,731 | 2,837 | 3,313 | 3,717 | 13,598 | 20,946 |
Impairment of goodwill and other long-lived assets | ' | 3,250 | 0 | 0 | 0 | 3,250 | 111,593 |
Total Operating Costs and Expenses | 761,032 | 774,018 | 780,538 | 774,203 | 773,445 | 3,102,204 | 3,234,881 |
Income from Operations | 79,529 | 97,617 | 78,416 | 96,301 | 47,147 | 319,481 | 149,669 |
Equity in earnings of affiliates, net | 4,052 | 37 | 5,892 | 3,868 | 3,418 | 13,215 | 14,086 |
Interest income | 599 | 590 | 642 | 522 | 510 | 2,264 | 3,393 |
Interest expense | -8,820 | -8,838 | -9,221 | -9,048 | -8,960 | -36,067 | -35,944 |
Other income (expense), net | 133,273 | -14,920 | 8,110 | -12,858 | -4,083 | -23,751 | -5,456 |
Income from Continuing Operations Before Income Taxes | 208,633 | 74,486 | 83,839 | 78,785 | 38,032 | 275,142 | 125,748 |
Provision for Income Taxes | 77,400 | 24,100 | 29,900 | 31,700 | 15,800 | 101,500 | 73,400 |
Income from Continuing Operations | 131,233 | 50,386 | 53,939 | 47,085 | 22,232 | 173,642 | 52,348 |
(Loss) Income from discontinued operations, net of tax | 1,072 | 106,142 | -23,515 | -1,951 | -16,973 | 63,703 | 79,839 |
Net Income | 132,305 | 156,528 | 30,424 | 45,134 | 5,259 | 237,345 | 132,187 |
Net Income Attributable to Noncontrolling Interests | 219 | -55 | -75 | -253 | -97 | -480 | -74 |
Net Income Attributable to Graham Holdings Company | 132,524 | 156,473 | 30,349 | 44,881 | 5,162 | 236,865 | 132,113 |
Redeemable Preferred Stock Dividends | -426 | 0 | -205 | -206 | -444 | -855 | -895 |
Net income attributable to Graham Holdings Company common stockholders | 132,098 | 156,473 | 30,144 | 44,675 | 4,718 | 236,010 | 131,218 |
Amounts Attributable to Graham Holdings Company Common Stockholders | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 131,026 | 50,331 | 53,659 | 46,626 | 21,691 | 172,307 | 51,379 |
(Loss) Income from discontinued operations, net of tax | 1,072 | 106,142 | -23,515 | -1,951 | -16,973 | 63,703 | 79,839 |
Net income attributable to Graham Holdings Company common stockholders | $132,098 | $156,473 | $30,144 | $44,675 | $4,718 | $236,010 | $131,218 |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | ' | ' | ' | ' | ' | ' | ' |
Basic income per common share from continuing operations in dollars per share | $17.71 | $6.82 | $7.23 | $6.28 | $2.92 | $23.44 | $6.54 |
Basic (loss) income per common share from discontinued operations in dollars per share | $0.14 | $14.38 | ($3.16) | ($0.26) | ($2.28) | $8.66 | $10.85 |
Basic net income per common share in dollars per share | $17.85 | $21.20 | $4.07 | $6.02 | $0.64 | $32.10 | $17.39 |
Diluted income per common share from continuing operations in dollars per share | $17.65 | $6.80 | $7.22 | $6.28 | $2.92 | $23.40 | $6.54 |
Diluted (loss) income per common share from discontinued operations in dollars per share | $0.14 | $14.34 | ($3.17) | ($0.26) | ($2.28) | $8.65 | $10.85 |
Diluted net income per common share in dollars per share | $17.79 | $21.14 | $4.05 | $6.02 | $0.64 | $32.05 | $17.39 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 | Jun. 30, 2014 | |
Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | Corinthian Colleges, Inc. [Member] | Classified Ventures LLC [Member] | Classified Ventures' sale of apartments.com [Member] | Classified Ventures' sale of apartments.com [Member] | ||||||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||
Scenario, Forecast [Member] | ||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New investments in marketable equity securities | $0 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of marketable equity securities | 4,200,000 | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of marketable securities in Q1 settled in April | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' |
(Loss) gain on sales of marketable equity securities | -300,000 | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment write-down on a marketable equity security | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Investments in commercial paper | 99,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment maturity length for commercial paper | ' | ' | ' | ' | ' | ' | ' | '3 months 1 day | '6 months | ' | ' | ' | ' | ' |
Cash distribution from equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,000,000 | ' |
Pre-tax gain on equity method investments | 4,052,000 | 37,000 | 5,892,000 | 3,868,000 | 3,418,000 | 13,215,000 | 14,086,000 | ' | ' | ' | ' | ' | ' | 92,000,000 |
Percentage owned of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.50% | ' | ' |
Company's investments in marketable equity securities | 510,697,000 | 487,156,000 | ' | ' | ' | 487,156,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on investment | $317,961,000 | $289,438,000 | ' | ' | ' | $289,438,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Investments_in_Mar
Investments (Investments in Marketable Equity Securities) (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Total cost | $192,736 | $197,718 |
Net unrealized gains | 317,961 | 289,438 |
Total Fair Value | $510,697 | $487,156 |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Narrative) (Details) | Apr. 11, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Common Class B [Member] | Kaplan [Member] | Other Businesses [Member] |
Subsequent Event [Member] | business | business | |
Sale of WPLG [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' |
Number of businesses acquired | ' | 1 | 1 |
Number of shares received in Berkshire Hathaway agreement | 1.6 | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | $3,081,000 | $3,731,000 | $2,837,000 | $3,313,000 | $3,717,000 | $13,598,000 | $20,946,000 |
Estimated amortization of intangible assets, remainder of 2014 | 9,000,000 | ' | ' | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2015 | 9,000,000 | ' | ' | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2016 | 7,000,000 | ' | ' | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2017 | 4,000,000 | ' | ' | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2018 | 4,000,000 | ' | ' | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2019 | $3,000,000 | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | $1,396,963 |
Accumulated impairment losses, beginning balance | -108,341 |
Goodwill, net, beginning balance | 1,288,622 |
Acquisitions | 5,608 |
Reclassification to assets held for sale | -60,205 |
Foreign currency exchange rate changes | 7,924 |
Goodwill, ending balance | 1,350,290 |
Accumulated impairment losses, ending balance | -108,341 |
Goodwill, net, ending balance | 1,241,949 |
Education [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 1,073,433 |
Accumulated impairment losses, beginning balance | -102,259 |
Goodwill, net, beginning balance | 971,174 |
Acquisitions | 5,608 |
Reclassification to assets held for sale | 0 |
Foreign currency exchange rate changes | 7,924 |
Goodwill, ending balance | 1,086,965 |
Accumulated impairment losses, ending balance | -102,259 |
Goodwill, net, ending balance | 984,706 |
Higher Education [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 409,016 |
Accumulated impairment losses, beginning balance | 0 |
Goodwill, net, beginning balance | 409,016 |
Acquisitions | 0 |
Foreign currency exchange rate changes | -76 |
Goodwill, ending balance | 408,940 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, net, ending balance | 408,940 |
Test Preparation [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 152,187 |
Accumulated impairment losses, beginning balance | -102,259 |
Goodwill, net, beginning balance | 49,928 |
Acquisitions | 5,608 |
Foreign currency exchange rate changes | 0 |
Goodwill, ending balance | 157,795 |
Accumulated impairment losses, ending balance | -102,259 |
Goodwill, net, ending balance | 55,536 |
Kaplan International [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 512,230 |
Accumulated impairment losses, beginning balance | 0 |
Goodwill, net, beginning balance | 512,230 |
Acquisitions | 0 |
Foreign currency exchange rate changes | 8,000 |
Goodwill, ending balance | 520,230 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, net, ending balance | 520,230 |
Cable Television [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 85,488 |
Accumulated impairment losses, beginning balance | 0 |
Goodwill, net, beginning balance | 85,488 |
Acquisitions | 0 |
Reclassification to assets held for sale | 0 |
Foreign currency exchange rate changes | 0 |
Goodwill, ending balance | 85,488 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, net, ending balance | 85,488 |
Television Broadcasting [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 203,165 |
Accumulated impairment losses, beginning balance | 0 |
Goodwill, net, beginning balance | 203,165 |
Acquisitions | 0 |
Reclassification to assets held for sale | -60,205 |
Foreign currency exchange rate changes | 0 |
Goodwill, ending balance | 142,960 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, net, ending balance | 142,960 |
Other Businesses [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 34,877 |
Accumulated impairment losses, beginning balance | -6,082 |
Goodwill, net, beginning balance | 28,795 |
Acquisitions | 0 |
Reclassification to assets held for sale | 0 |
Foreign currency exchange rate changes | 0 |
Goodwill, ending balance | 34,877 |
Accumulated impairment losses, ending balance | -6,082 |
Goodwill, net, ending balance | $28,795 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) 2 (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 122,735 | 128,543 |
Accumulated Amortization | 86,241 | 88,955 |
Net Carrying Amount | 36,494 | 39,588 |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets, Net | 519,128 | 541,278 |
Franchise Agreements [Member] | ' | ' |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets, Net | 496,321 | 496,321 |
Wireless Licenses [Member] | ' | ' |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets, Net | 0 | 22,150 |
Licensure and Accreditation [Member] | ' | ' |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets, Net | 7,171 | 7,171 |
Other [Member] | ' | ' |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets, Net | 15,636 | 15,636 |
Non-compete Agreements [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 13,565 | 13,540 |
Accumulated Amortization | 12,737 | 12,622 |
Net Carrying Amount | 828 | 918 |
Non-compete Agreements [Member] | Minimum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '2 years | '2 years |
Non-compete Agreements [Member] | Maximum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '5 years | '5 years |
Student and Customer Relationships [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 66,163 | 72,050 |
Accumulated Amortization | 41,725 | 45,718 |
Net Carrying Amount | 24,438 | 26,332 |
Student and Customer Relationships [Member] | Minimum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '2 years | '2 years |
Student and Customer Relationships [Member] | Maximum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '10 years | '10 years |
Databases and Technology [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 10,790 | 10,790 |
Accumulated Amortization | 7,331 | 6,991 |
Net Carrying Amount | 3,459 | 3,799 |
Databases and Technology [Member] | Minimum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '3 years | '3 years |
Databases and Technology [Member] | Maximum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '5 years | '5 years |
Trade Names and Trademarks [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 22,359 | 22,327 |
Accumulated Amortization | 16,660 | 16,052 |
Net Carrying Amount | 5,699 | 6,275 |
Trade Names and Trademarks [Member] | Minimum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '2 years | '2 years |
Trade Names and Trademarks [Member] | Maximum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '10 years | '10 years |
Other [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 9,858 | 9,836 |
Accumulated Amortization | 7,788 | 7,572 |
Net Carrying Amount | 2,070 | 2,264 |
Other [Member] | Minimum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '1 year | '1 year |
Other [Member] | Maximum [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Useful Life | '25 years | '25 years |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2009 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
7.25% Unsecured Notes due February 1, 2019 [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | AUD $50 million portion of Revolver [Member] | AUD $50 million portion of Revolver [Member] | Other Indebtedness [Member] | Other Indebtedness [Member] | Other Indebtedness [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | $46,231,000 | $44,625,000 | ' | ' | ' |
Minimum interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | 0.00% |
Maximum interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | 6.00% |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' |
Debt Instrument, Maturity year, start | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-14 | 1-Jan-14 | ' |
Debt Instrument, Maturity year, end | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 | 31-Dec-17 | ' |
Average borrowings outstanding | 451,200,000 | 516,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of borrowings | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest expense incurred | 8,200,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of debt instrument | ' | ' | ' | 469,000,000 | 475,200,000 | ' | ' | ' | ' | ' | ' |
Carrying value of debt instrument | $397,997,000 | ' | $397,893,000 | $398,000,000 | $397,900,000 | ' | ' | ' | ' | ' | ' |
Debt_Details_1
Debt (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
7.25% unsecured notes due February 1, 2019 | $397,997 | $397,893 |
Other indebtedness | 8,321 | 8,258 |
Total Debt | 452,549 | 450,776 |
Less: current portion | -49,389 | -3,168 |
Total Long-Term Debt | 403,160 | 447,608 |
AUD [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit borrowing | $46,231 | $44,625 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Marketable equity securities | $510,697 | $487,156 | ||
Commercial paper | 99,900 | ' | ||
7.25% Unsecured Notes due February 1, 2019 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
7.25% unsecured notes | 469,000 | 475,200 | ||
Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Money market investments | 0 | [1] | 0 | [1] |
Marketable equity securities | 510,697 | [2] | 487,156 | [2] |
Commercial paper | 99,893 | [3] | ' | |
Other current investments | 11,692 | [4] | 11,826 | [4] |
Total Financial Assets | 622,282 | 498,982 | ||
Liabilities: | ' | ' | ||
Deferred compensation plan liabilities | 0 | [5] | 0 | [5] |
Interest rate swap | 0 | [6] | 0 | [6] |
Total Financial Liabilities | 0 | 0 | ||
Level 1 [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
7.25% unsecured notes | 0 | [7] | 0 | [7] |
Level 1 [Member] | AUD $50 million portion of Revolver [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
AUD Revolving credit borrowing | 0 | [7] | 0 | [7] |
Level 2 [Member] | ' | ' | ||
Assets | ' | ' | ||
Money market investments | 460,928 | [1] | 431,836 | [1] |
Marketable equity securities | 0 | [2] | 0 | [2] |
Commercial paper | 0 | [3] | ' | |
Other current investments | 23,312 | [4] | 23,336 | [4] |
Total Financial Assets | 484,240 | 455,172 | ||
Liabilities: | ' | ' | ||
Deferred compensation plan liabilities | 64,614 | [5] | 67,603 | [5] |
Interest rate swap | 875 | [6] | 1,047 | [6] |
Total Financial Liabilities | 580,732 | 588,499 | ||
Level 2 [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
7.25% unsecured notes | 469,012 | [7] | 475,224 | [7] |
Level 2 [Member] | AUD $50 million portion of Revolver [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
AUD Revolving credit borrowing | 46,231 | [7] | 44,625 | [7] |
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Assets | ' | ' | ||
Money market investments | 460,928 | [1] | 431,836 | [1] |
Marketable equity securities | 510,697 | [2] | 487,156 | [2] |
Commercial paper | 99,893 | [3] | ' | |
Other current investments | 35,004 | [4] | 35,162 | [4] |
Total Financial Assets | 1,106,522 | 954,154 | ||
Liabilities: | ' | ' | ||
Deferred compensation plan liabilities | 64,614 | [5] | 67,603 | [5] |
Interest rate swap | 875 | [6] | 1,047 | [6] |
Total Financial Liabilities | 580,732 | 588,499 | ||
Estimate of Fair Value Measurement [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
7.25% unsecured notes | 469,012 | [7] | 475,224 | [7] |
Estimate of Fair Value Measurement [Member] | AUD $50 million portion of Revolver [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
AUD Revolving credit borrowing | $46,231 | [7] | $44,625 | [7] |
[1] | The Companybs money market investments are included in cash, cash equivalents and restricted cash. | |||
[2] | The Companybs investments in marketable equity securities are classified as available-for-sale. | |||
[3] | The Company's commercial paper investments have original maturities greater than 90 days, but less than 180 days. | |||
[4] | Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits (with original maturities greater than 90 days, but less than one year). | |||
[5] | Includes Graham Holdings Company's Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company's Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. | |||
[6] | Included in Other liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. | |||
[7] | See Note 6 for carrying amount of these notes and borrowing. |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Option Plan [Member] | Stock Option Plan [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Antidilutive securities, shares | ' | ' | 5,000 | 85,861 | 5,550 | 52,200 |
Dividends declared per common share | $5.10 | $0 | ' | ' | ' | ' |
Earnings_Per_Share_Details_1
Earnings Per Share (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations attributable to Graham Holdings Company common stockholders | $131,026 | $50,331 | $53,659 | $46,626 | $21,691 | $172,307 | $51,379 |
Less: Dividends-common stock outstanding and unvested restricted shares | -37,675 | ' | ' | ' | 0 | ' | ' |
Undistributed earnings | 93,351 | ' | ' | ' | 21,691 | ' | ' |
Percent allocated to common stockholders | 98.33% | ' | ' | ' | 97.38% | ' | ' |
Undistributed Earnings Allocated To Common Stockholders | 91,790 | ' | ' | ' | 21,122 | ' | ' |
Add: Dividends-common stock outstanding | 37,044 | ' | ' | ' | 0 | ' | ' |
Numerator for basic earnings per share | 128,834 | ' | ' | ' | 21,122 | ' | ' |
Add: Additional undistributed earnings due to dilutive stock options | 5 | ' | ' | ' | 0 | ' | ' |
Numerator for diluted earnings per share | $128,839 | ' | ' | ' | $21,122 | ' | ' |
Weighted average shares outstanding | 7,275 | ' | ' | ' | 7,227 | ' | ' |
Denominator for diluted earnings per share | 7,301 | ' | ' | ' | 7,228 | ' | ' |
Graham Holdings Company Common Stockholders: | ' | ' | ' | ' | ' | ' | ' |
Basic income per common share from continuing operations in dollars per share | $17.71 | $6.82 | $7.23 | $6.28 | $2.92 | $23.44 | $6.54 |
Diluted income per common share from continuing operations in dollars per share | $17.65 | $6.80 | $7.22 | $6.28 | $2.92 | $23.40 | $6.54 |
Stock Option Plan [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Add: Effect of dilutive stock options | 26 | ' | ' | ' | 1 | ' | ' |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Details 2) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Weighted Average Restricted Stock [Line Items] | ' | ' |
Weighted average restricted stock | 51 | 38 |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Supplemental Executive Retirement Plan (SERP) [Member] | Supplemental Executive Retirement Plan (SERP) [Member] | Supplemental Executive Retirement Plan (SERP) [Member] | Supplemental Executive Retirement Plan (SERP) [Member] | Other Postretirement Plans [Member] | Other Postretirement Plans [Member] | Other Postretirement Plans [Member] | Other Postretirement Plans [Member] | Berkshire Hathaway Common Stock [Member] | Berkshire Hathaway Common Stock [Member] | Single Equity Concentration [Member] | Single Equity Concentration [Member] | Foreign Investments [Member] | Fixed income securities [Member] | Single Equity Concentration [Member] | Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] | Geographic Concentration [Member] | Geographic Concentration [Member] | ||||||||
companies | Discontinued Operations [Member] | Discontinued Operations [Member] | Washington Post Newspaper [Member] | Washington Post Newspaper [Member] | Washington Post Newspaper [Member] | Washington Post Newspaper [Member] | Corporate Office [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Daily Herald [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | Defined Benefit Plan Assets Total [Member] | Foreign Investments [Member] | Foreign Investments [Member] | ||||||||||||||
Voluntary Retirement Incentive Program [Member] | Voluntary Retirement Incentive Program [Member] | Voluntary Retirement Incentive Program [Member] | Special Separation Benefits [Member] | Separation Incentive Program [Member] | Discontinued Operations [Member] | Investment | Investment | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | |||||||||||||||||||||||||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | campus | country | ||||||||||||||||||||||||||||||
Retirement Benefits Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Cost (Benefit) | ($12,188,000) | ($9,058,000) | ($2,687,000) | ($2,601,000) | ($2,673,000) | ($17,019,000) | ($8,532,000) | ($12,110,000) | $18,648,000 | ' | $100,000 | $7,100,000 | ' | ' | ' | ' | ' | $1,845,000 | $2,177,000 | $100,000 | $300,000 | $22,000 | ($4,135,000) | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early retirement program expense | 4,490,000 | ' | ' | ' | 14,258,000 | ' | ' | 4,490,000 | 14,258,000 | ' | ' | ' | 8,400,000 | 12,000,000 | 20,400,000 | 2,300,000 | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investment companies actively managing plan assets | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, target allocation maximum percentage of assets, equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.00% | ' | ' | ' | ' | ' |
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, target allocation percentage of assets, fixed-income securities, range minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Minimum percentage of plan assets considered as significant concentrations in pension plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Amount of plan assets managed internally by company | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 429,100,000 | 382,100,000 | ' | ' | ' | ' | 447,000,000 | 398,900,000 |
Percentage of total plan assets | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | 16.00% | ' | ' | ' | ' | 19.00% | 17.00% |
Value of related party investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $219,500,000 | $208,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 1 | ' | ' | ' |
Number of foreign countries for which the companys pension plan holds investments that exceed 10% of total plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 |
Pension_and_Postretirement_Pla3
Pension and Postretirement Plans (Total Benefit/Cost) (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net Periodic Cost (Benefit) | ($16,600) | ' | ' | ' | $4,390 | ' | ' |
Early retirement program expense | 4,490 | ' | ' | ' | 14,258 | ' | ' |
Total Cost (Benefit) | -12,188 | -9,058 | -2,687 | -2,601 | -2,673 | -17,019 | -8,532 |
Amortization of prior service credit (cost) | -102 | ' | ' | ' | -437 | ' | ' |
Curtailment loss | 0 | ' | ' | ' | -3,471 | ' | ' |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 7,284 | ' | ' | ' | 1,591 | ' | ' |
Pension Plan [Member] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Service cost | 7,537 | ' | ' | ' | 13,365 | ' | ' |
Interest cost | 13,082 | ' | ' | ' | 14,291 | ' | ' |
Expected return on assets | -30,263 | ' | ' | ' | -26,322 | ' | ' |
Amortization of prior service cost (credit) | 82 | ' | ' | ' | 909 | ' | ' |
Recognized actuarial loss (gain) | -7,038 | ' | ' | ' | 2,147 | ' | ' |
Net Periodic Cost (Benefit) | -16,600 | ' | ' | ' | 4,390 | ' | ' |
Early retirement program expense | 4,490 | ' | ' | ' | 14,258 | ' | ' |
Total Cost (Benefit) | -12,110 | ' | ' | ' | 18,648 | ' | ' |
Supplemental Executive Retirement Plan (SERP) [Member] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Service cost | 373 | ' | ' | ' | 429 | ' | ' |
Interest cost | 1,085 | ' | ' | ' | 1,023 | ' | ' |
Amortization of prior service cost (credit) | 12 | ' | ' | ' | 14 | ' | ' |
Recognized actuarial loss (gain) | 375 | ' | ' | ' | 711 | ' | ' |
Total Cost (Benefit) | 1,845 | ' | ' | ' | 2,177 | ' | ' |
Other Postretirement Plans [Member] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Service cost | 375 | ' | ' | ' | 727 | ' | ' |
Interest cost | 362 | ' | ' | ' | 510 | ' | ' |
Amortization of prior service cost (credit) | -196 | ' | ' | ' | -1,360 | ' | ' |
Recognized actuarial loss (gain) | -519 | ' | ' | ' | -541 | ' | ' |
Net Periodic Cost (Benefit) | 22 | ' | ' | ' | -664 | ' | ' |
Settlement gain | 0 | ' | ' | ' | -3,471 | ' | ' |
Total Cost (Benefit) | $22 | ' | ' | ' | ($4,135) | ' | ' |
Pension_and_Postretirement_Pla4
Pension and Postretirement Plans (Asset Allocation) (Details 9) (Pension Plans [Member]) | Mar. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan Assets | 100.00% | 100.00% |
UNITED STATES | U.S. equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan Assets | 59.00% | 58.00% |
UNITED STATES | U.S. fixed income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan Assets | 13.00% | 12.00% |
International [Member] | International equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan Assets | 28.00% | 30.00% |
Other_NonOperating_Income_Expe2
Other Non-Operating Income (Expense) (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Other Nonoperating Income (Expense) [Abstract] | ' | ' |
Proceeds from sale of building | $158,000,000 | ' |
Gain on sale of building | $127,670,000 | $0 |
Other_NonOperating_Income_Expe3
Other Non-Operating Income (Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Nonoperating Income (Expense) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of building | $127,670 | ' | ' | ' | $0 | ' | ' |
Foreign currency gain (loss), net | 5,037 | ' | ' | ' | -4,614 | ' | ' |
(Losses) gains on sales or write-downs of marketable equity securities | -785 | ' | ' | ' | 542 | ' | ' |
Other, net | 1,351 | ' | ' | ' | -11 | ' | ' |
Total Other Non-Operating Income (Expense) | $133,273 | ($14,920) | $8,110 | ($12,858) | ($4,083) | ($23,751) | ($5,456) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Foreign currency translation adjustments: | ' | ' |
Translation adjustments arising during the period, before tax | $746 | ($4,191) |
Translation adjustments arising during the period, income tax | 0 | 0 |
Translation adjustments arising during the period, after tax | 746 | -4,191 |
Unrealized gains on available-for-sale securities: | ' | ' |
Unrealized gains for the period, before tax | 27,738 | 49,078 |
Unrealized gains for the period, tax | -11,096 | -19,631 |
Unrealized gains for the period, after tax | 16,642 | 29,447 |
Reclassification adjustment for write-down and realization of loss (gain) on sale of available-for-sale securities included in net income, before tax | 785 | -551 |
Reclassification adjustment for write-down and realization of loss (gain) on sale of available-for-sale securities included in net income, income tax | -314 | 220 |
Reclassification adjustment for write-down and realization of loss (gain) on sale of available-for-sale securities included in net income, after tax | 471 | -331 |
Total unrealized gains on available-for-sale securities, before tax | 28,523 | 48,527 |
Total unrealized gains on available-for-sale securities, income tax | -11,410 | -19,411 |
Total unrealized gains on available-for-sale securities, after tax | 17,113 | 29,116 |
Pension and other postretirement plans: | ' | ' |
Amortization of net prior service credit included in net income | -102 | -437 |
Amortization of net prior service credit included in net income, income tax | 40 | 175 |
Amortization of net prior service credit included in net income, after tax | -62 | -262 |
Amortization of net actuarial (gain) loss included in net income, before tax | -7,182 | 2,317 |
Amortization of net actuarial (gain) loss included in net income, income tax | 2,873 | -927 |
Amortization of net actuarial (gain) loss included in net income, after tax | -4,309 | 1,390 |
Settlement gain included in net income, before tax | 0 | -3,471 |
Settlement gain included in net income, income tax | 0 | 1,388 |
Settlement gain included in net income, after tax | 0 | -2,083 |
Total pension and other postretirement plans, before tax | -7,284 | -1,591 |
Total pension and other postretirement plans, income tax | 2,913 | 636 |
Total pension and other postretirement plans, after tax | -4,371 | -955 |
Cash flow hedge: | ' | ' |
Gain for the period, before tax | 172 | 30 |
Gain for the period, income tax | -69 | -12 |
Gain for the period, after tax | 103 | 18 |
Other Comprehensive Income, before tax | 22,157 | 42,775 |
Other Comprehensive Income, income tax | -8,566 | -18,787 |
Other Comprehensive Income, after tax | $13,591 | $23,988 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, beginning balance | $699,494 | ' |
Other comprehensive income (loss) before reclassifications | 17,364 | ' |
Net amount reclassified from accumulated other comprehensive income | -3,773 | ' |
Other Comprehensive Income, Net of Tax | 13,591 | 23,988 |
Accumulated Other Comprehensive Income, ending balance | 713,085 | ' |
Foreign Currency Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, beginning balance | 25,013 | ' |
Other comprehensive income (loss) before reclassifications | 746 | ' |
Net amount reclassified from accumulated other comprehensive income | 0 | ' |
Other Comprehensive Income, Net of Tax | 746 | ' |
Accumulated Other Comprehensive Income, ending balance | 25,759 | ' |
Unrealized Gain on Available-for-Sale Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, beginning balance | 173,663 | ' |
Other comprehensive income (loss) before reclassifications | 16,642 | ' |
Net amount reclassified from accumulated other comprehensive income | 471 | ' |
Other Comprehensive Income, Net of Tax | 17,113 | ' |
Accumulated Other Comprehensive Income, ending balance | 190,776 | ' |
Unrealized Gain on Pensions and Other Postretirement Plans [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, beginning balance | 501,446 | ' |
Other comprehensive income (loss) before reclassifications | 0 | ' |
Net amount reclassified from accumulated other comprehensive income | -4,371 | ' |
Other Comprehensive Income, Net of Tax | -4,371 | ' |
Accumulated Other Comprehensive Income, ending balance | 497,075 | ' |
Cash Flow Hedge [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated Other Comprehensive Income, beginning balance | -628 | ' |
Other comprehensive income (loss) before reclassifications | -24 | ' |
Net amount reclassified from accumulated other comprehensive income | 127 | ' |
Other Comprehensive Income, Net of Tax | 103 | ' |
Accumulated Other Comprehensive Income, ending balance | ($525) | ' |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Interest expense | $8,820 | $8,838 | $9,221 | $9,048 | $8,960 | $36,067 | $35,944 | ||
Other income (expense), net | -133,273 | 14,920 | -8,110 | 12,858 | 4,083 | 23,751 | 5,456 | ||
Amortization of net prior service credit included in net income | -102 | ' | ' | ' | -437 | ' | ' | ||
Amortization of net actuarial (gain) loss included in net income | -7,182 | ' | ' | ' | 2,317 | ' | ' | ||
Settlement gain included in net income | 0 | ' | ' | ' | 3,471 | ' | ' | ||
Income Before Tax | -208,633 | -74,486 | -83,839 | -78,785 | -38,032 | -275,142 | -125,748 | ||
Provision for Income Taxes | 77,400 | 24,100 | 29,900 | 31,700 | 15,800 | 101,500 | 73,400 | ||
Income Net of Tax | -131,233 | -50,386 | -53,939 | -47,085 | -22,232 | -173,642 | -52,348 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Income Net of Tax | -3,773 | ' | ' | ' | -1,174 | ' | ' | ||
Unrealized Gain on Available-for-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Other income (expense), net | 785 | ' | ' | ' | -551 | ' | ' | ||
Provision for Income Taxes | -314 | ' | ' | ' | 220 | ' | ' | ||
Income Net of Tax | 471 | ' | ' | ' | -331 | ' | ' | ||
Pension and Other Postretirement Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Amortization of net prior service credit included in net income | -102 | [1] | ' | ' | ' | -437 | [1] | ' | ' |
Amortization of net actuarial (gain) loss included in net income | -7,182 | [1] | ' | ' | ' | 2,317 | [1] | ' | ' |
Settlement gain included in net income | 0 | [1] | ' | ' | ' | -3,471 | [1] | ' | ' |
Income Before Tax | -7,284 | ' | ' | ' | -1,591 | ' | ' | ||
Provision for Income Taxes | 2,913 | ' | ' | ' | 636 | ' | ' | ||
Income Net of Tax | -4,371 | ' | ' | ' | -955 | ' | ' | ||
Cash Flow Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Interest expense | 212 | ' | ' | ' | 186 | ' | ' | ||
Provision for Income Taxes | -85 | ' | ' | ' | -74 | ' | ' | ||
Income Net of Tax | $127 | ' | ' | ' | $112 | ' | ' | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9). |
Contingencies_Details
Contingencies (Details) | 3 Months Ended |
Mar. 31, 2014 | |
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 | 0 |
Percentage of receipts from Title IV programs | 90.00% |
Portion of regulations under 90/10 rule | 'a KHE school would lose its eligibility to participate in Title IV programs for a period of at least two fiscal years if the institution derives more than 90% of its receipts from Title IV programs, as calculated on a cash basis in accordance with the Higher Education Act and applicable ED regulations, in each of two consecutive fiscal years. An institution with Title IV receipts exceeding 90% for a single fiscal year would be placed on provisional certification and may be subject to other enforcement measures. |
Higher Education [Member] | ' |
Loss Contingencies [Line Items] | ' |
Estimated Campuses OPEID Units Over 90/10 Ratio | 3 |
2013 Percentage Of Revenue Of Campus OPEID Units Over 90/10 Ratio | 1.70% |
Title IV participating institutions including Broomall, PA [Member] | ' |
Loss Contingencies [Line Items] | ' |
Number of open and/or pending DOE program reviews | 3 |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 6 | ' | ' | ' | ' | ' | ' |
Total operating revenues | ($840,561) | ($871,635) | ($858,954) | ($870,504) | ($820,592) | ($3,421,685) | ($3,384,550) |
Business_Segments_Information_
Business Segments (Information by Operating Segment) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | $840,561 | $871,635 | $858,954 | $870,504 | $820,592 | $3,421,685 | $3,384,550 |
Income (Loss) from Operations | 79,529 | 97,617 | 78,416 | 96,301 | 47,147 | 319,481 | 149,669 |
Equity in earnings of affiliates, net | 4,052 | 37 | 5,892 | 3,868 | 3,418 | 13,215 | 14,086 |
Interest Expense, Net | -8,221 | -8,248 | -8,579 | -8,526 | -8,450 | -33,803 | -32,551 |
Other Income (Expense), Net | 133,273 | -14,920 | 8,110 | -12,858 | -4,083 | -23,751 | -5,456 |
Income from Continuing Operations Before Income Taxes | 208,633 | 74,486 | 83,839 | 78,785 | 38,032 | 275,142 | 125,748 |
Depreciation of property, plant and equipment | 53,245 | 58,954 | 54,705 | 56,879 | 58,959 | 229,497 | 240,313 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 3,081 | 6,981 | 2,837 | 3,313 | 3,717 | 16,848 | 132,539 |
Amortization of intangible assets | 3,081 | 3,731 | 2,837 | 3,313 | 3,717 | 13,598 | 20,946 |
Impairment of goodwill and other long-lived assets | ' | 3,250 | 0 | 0 | 0 | 3,250 | 111,593 |
Net Pension (Credit) Expense | -12,188 | -9,058 | -2,687 | -2,601 | -2,673 | -17,019 | -8,532 |
Identifiable Assets | 4,024,545 | 4,062,631 | ' | ' | ' | 4,062,631 | ' |
Investment in Marketable Equity Securities | 510,697 | 487,156 | ' | ' | ' | 487,156 | ' |
Investments in Affiliates | 20,953 | 15,754 | ' | ' | ' | 15,754 | ' |
Prepaid Pension Cost | 1,250,658 | 1,245,505 | ' | ' | ' | 1,245,505 | ' |
Assets Held for Sale | 113,709 | 0 | ' | ' | ' | 0 | ' |
Total Assets | 5,920,562 | 5,811,046 | ' | ' | ' | 5,811,046 | ' |
Operating Segments [Member] | Education [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 526,174 | 555,011 | 546,452 | 548,230 | 527,815 | 2,177,508 | 2,196,496 |
Income (Loss) from Operations | 2,522 | 14,596 | 17,035 | 23,726 | -4,056 | 51,301 | -105,368 |
Depreciation of property, plant and equipment | 16,444 | 28,134 | 18,978 | 20,064 | 22,588 | 89,764 | 101,183 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 2,288 | 6,044 | 2,287 | 2,363 | 2,518 | 13,212 | 129,312 |
Amortization of intangible assets | 2,288 | ' | ' | ' | 2,518 | ' | ' |
Net Pension (Credit) Expense | 4,143 | 4,032 | 4,169 | 4,231 | 4,106 | 16,538 | 11,584 |
Identifiable Assets | 1,745,562 | 1,921,037 | ' | ' | ' | 1,921,037 | ' |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 253,779 | ' | ' | ' | 271,860 | ' | ' |
Income (Loss) from Operations | 13,144 | ' | ' | ' | 5,101 | ' | ' |
Depreciation of property, plant and equipment | 7,740 | ' | ' | ' | 13,439 | ' | ' |
Net Pension (Credit) Expense | 2,628 | ' | ' | ' | 2,807 | ' | ' |
Identifiable Assets | 653,409 | 859,208 | ' | ' | ' | 859,208 | ' |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Test Preparation [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 67,804 | ' | ' | ' | 68,943 | ' | ' |
Income (Loss) from Operations | -6,628 | ' | ' | ' | -4,345 | ' | ' |
Depreciation of property, plant and equipment | 3,784 | ' | ' | ' | 4,758 | ' | ' |
Net Pension (Credit) Expense | 722 | ' | ' | ' | 640 | ' | ' |
Identifiable Assets | 177,288 | 173,435 | ' | ' | ' | 173,435 | ' |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 202,867 | ' | ' | ' | 184,813 | ' | ' |
Income (Loss) from Operations | 10,882 | ' | ' | ' | 6,397 | ' | ' |
Depreciation of property, plant and equipment | 4,708 | ' | ' | ' | 3,996 | ' | ' |
Net Pension (Credit) Expense | 89 | ' | ' | ' | 87 | ' | ' |
Identifiable Assets | 866,656 | 864,507 | ' | ' | ' | 864,507 | ' |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 2,014 | ' | ' | ' | 2,604 | ' | ' |
Income (Loss) from Operations | -14,920 | ' | ' | ' | -11,340 | ' | ' |
Depreciation of property, plant and equipment | 212 | ' | ' | ' | 395 | ' | ' |
Net Pension (Credit) Expense | 704 | ' | ' | ' | 572 | ' | ' |
Identifiable Assets | 48,209 | 23,887 | ' | ' | ' | 23,887 | ' |
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | -290 | ' | ' | ' | -405 | ' | ' |
Income (Loss) from Operations | 44 | ' | ' | ' | 131 | ' | ' |
Operating Segments [Member] | Cable [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 203,921 | 200,240 | 202,381 | 204,550 | 200,138 | 807,309 | 787,117 |
Income (Loss) from Operations | 41,162 | 48,697 | 39,715 | 44,710 | 36,613 | 169,735 | 154,581 |
Depreciation of property, plant and equipment | 33,787 | 27,541 | 32,946 | 33,964 | 33,733 | 128,184 | 129,107 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 35 | 52 | 61 | 57 | 50 | 220 | 211 |
Net Pension (Credit) Expense | 864 | 940 | 973 | 913 | 882 | 3,708 | 2,540 |
Identifiable Assets | 1,183,434 | 1,215,320 | ' | ' | ' | 1,215,320 | ' |
Operating Segments [Member] | Television Broadcasting [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 85,651 | 85,688 | 73,488 | 80,228 | 68,902 | 308,306 | 328,396 |
Income (Loss) from Operations | 44,386 | 43,999 | 32,847 | 39,235 | 29,111 | 145,192 | 162,131 |
Depreciation of property, plant and equipment | 1,994 | 2,142 | 2,181 | 2,214 | 2,209 | 8,746 | 9,253 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Pension (Credit) Expense | 320 | 70 | 1,297 | 1,250 | 1,344 | 3,961 | 5,046 |
Identifiable Assets | 291,518 | 383,251 | ' | ' | ' | 383,251 | ' |
Operating Segments [Member] | Other Businesses [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 24,913 | 30,735 | 36,682 | 37,572 | 23,814 | 128,803 | 72,837 |
Income (Loss) from Operations | -10,747 | -3,912 | -5,046 | -5,968 | -8,542 | -23,468 | -33,010 |
Depreciation of property, plant and equipment | 520 | 616 | 555 | 577 | 429 | 2,177 | 770 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 758 | 885 | 489 | 893 | 1,149 | 3,416 | 3,016 |
Net Pension (Credit) Expense | 164 | 187 | 173 | 134 | 116 | 610 | 169 |
Identifiable Assets | 156,858 | 171,539 | ' | ' | ' | 171,539 | ' |
Operating Segments [Member] | Corporate Office [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Income (Loss) from Operations | 2,206 | -5,763 | -6,135 | -5,402 | -5,979 | -23,279 | -28,665 |
Depreciation of property, plant and equipment | 500 | 521 | 45 | 60 | 0 | 626 | 0 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net Pension (Credit) Expense | -17,679 | -14,287 | -9,299 | -9,129 | -9,121 | -41,836 | -27,871 |
Identifiable Assets | 647,173 | 371,484 | ' | ' | ' | 371,484 | ' |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Revenues | ($98) | ($39) | ($49) | ($76) | ($77) | ($241) | ($296) |