Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
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 | ' | 997,023 | 4,796,637 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenues [Abstract] | ' | ' | ' | ' |
Education | $543,918 | $543,599 | $1,609,036 | $1,613,116 |
Subscriber | 183,161 | 190,302 | 562,012 | 569,365 |
Advertising | 81,583 | 73,549 | 242,305 | 222,569 |
Other | 90,209 | 48,651 | 196,470 | 135,619 |
Total Operating Revenues | 898,871 | 856,101 | 2,609,823 | 2,540,669 |
Operating Costs and Expenses [Abstract] | ' | ' | ' | ' |
Operating | 398,922 | 393,010 | 1,171,012 | 1,160,026 |
Selling, general and administrative | 358,189 | 327,062 | 1,005,704 | 979,687 |
Depreciation of property, plant and equipment | 53,074 | 54,672 | 158,280 | 170,431 |
Amortization of intangible assets | 7,405 | 2,468 | 13,117 | 8,780 |
Impairment of intangible assets | ' | ' | 7,774 | 0 |
Total Operating Costs and Expenses | 817,590 | 777,212 | 2,348,113 | 2,318,924 |
Income from Operations | 81,281 | 78,889 | 261,710 | 221,745 |
Equity in earnings of affiliates, net | 4,613 | 5,892 | 100,168 | 13,178 |
Interest income | 529 | 642 | 1,769 | 1,674 |
Interest expense | -9,330 | -9,221 | -26,707 | -27,229 |
Other income (expense), net | 64,526 | 8,110 | 465,913 | -8,831 |
Income from Continuing Operations Before Income Taxes | 141,619 | 84,312 | 802,853 | 200,537 |
Provision for Income Taxes | 58,200 | 29,900 | 214,200 | 77,400 |
Income from Continuing Operations | 83,419 | 54,412 | 588,653 | 123,137 |
(Loss) Income from Discontinued Operations, Net of Tax | -6,980 | -23,988 | 369,941 | -42,320 |
Net Income | 76,439 | 30,424 | 958,594 | 80,817 |
Net Loss (Income) Attributable to Noncontrolling Interests | 121 | -75 | 839 | -425 |
Net Income Attributable to Graham Holdings Company | 76,560 | 30,349 | 959,433 | 80,392 |
Redeemable Preferred Stock Dividends | -209 | -205 | -847 | -855 |
Net income attributable to Graham Holdings Company common stockholders | 76,351 | 30,144 | 958,586 | 79,537 |
Amounts Attributable to Graham Holdings Company Common Stockholders | ' | ' | ' | ' |
Income from continuing operations | 83,331 | 54,132 | 588,645 | 121,857 |
(Loss) income from discontinued operations, net of tax | -6,980 | -23,988 | 369,941 | -42,320 |
Net income attributable to Graham Holdings Company common stockholders | $76,351 | $30,144 | $958,586 | $79,537 |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | ' | ' | ' | ' |
Basic income per common share from continuing operations in dollars per share | $14.38 | $7.29 | $85.55 | $16.42 |
Basic (loss) income per common share from discontinued operations in dollars per share | ($1.20) | ($3.22) | $53.75 | ($5.70) |
Basic net income per common share in dollars per share | $13.18 | $4.07 | $139.30 | $10.72 |
Basic average number of common shares outstanding in shares | 5,671 | 7,231 | 6,737 | 7,229 |
Diluted income per common share from continuing operations in dollars per share | $14.32 | $7.28 | $85.24 | $16.41 |
Diluted (loss) income per common share from discontinued operations in dollars per share | ($1.20) | ($3.23) | $53.55 | ($5.71) |
Diluted net income per common share in dollars per share | $13.12 | $4.05 | $138.79 | $10.70 |
Diluted average number of common shares outstanding in shares | 5,757 | 7,337 | 6,823 | 7,316 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $76,439 | $30,424 | $958,594 | $80,817 |
Foreign currency translation adjustments: | ' | ' | ' | ' |
Translation adjustments arising during the period | -9,777 | 5,639 | -7,111 | -2,061 |
Unrealized gains on available-for-sale securities: | ' | ' | ' | ' |
Unrealized gains for the period, net | 9,734 | 938 | 46,139 | 81,439 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income | 0 | 0 | -265,274 | -884 |
Total unrealized gains on available-for-sale securities, before tax | 9,734 | 938 | -219,135 | 80,555 |
Pension and other postretirement plans: | ' | ' | ' | ' |
Amortization of net prior service credit included in net income | -101 | -384 | -305 | -1,205 |
Amortization of net actuarial (gain) loss included in net income | -7,425 | 2,004 | -22,032 | 6,325 |
Settlement gain included in net income | 0 | 0 | 0 | -3,471 |
Total pension and other postretirement plans, before tax | -7,526 | 1,620 | -22,337 | 1,649 |
Cash flow hedge gain | 230 | 15 | 641 | 259 |
Other Comprehensive (Loss) Income, Before Tax | -7,339 | 8,212 | -247,942 | 80,402 |
Income tax (expense) benefit related to items of other comprehensive (loss) income | -975 | -1,028 | 96,333 | -32,985 |
Other Comprehensive (Loss) Income, Net of Tax | -8,314 | 7,184 | -151,609 | 47,417 |
Comprehensive Income | 68,125 | 37,608 | 806,985 | 128,234 |
Comprehensive loss (income) attributable to noncontrolling interests | 121 | -75 | 839 | -447 |
Total Comprehensive Income Attributable to Graham Holdings Company | $68,246 | $37,533 | $807,824 | $127,787 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $441,786 | $569,719 |
Restricted cash | 38,595 | 83,769 |
Investments in marketable equity securities and other investments | 206,838 | 522,318 |
Accounts receivable, net | 460,600 | 428,653 |
Income taxes receivable | 0 | 17,991 |
Deferred income taxes | 25,774 | 0 |
Inventories and contracts in progress | 10,774 | 2,924 |
Other current assets | 78,277 | 77,013 |
Current assets held for sale (cash) | 1,473 | 0 |
Total Current Assets | 1,264,117 | 1,702,387 |
Property, Plant and Equipment, Net | 870,182 | 927,542 |
Investments in Affiliates | 21,976 | 15,754 |
Goodwill, Net | 1,353,089 | 1,288,622 |
Indefinite-Lived Intangible Assets, Net | 572,209 | 541,278 |
Amortized Intangible Assets, Net | 78,231 | 39,588 |
Prepaid Pension Cost | 1,267,415 | 1,245,505 |
Deferred Charges and Other Assets | 53,066 | 50,370 |
Noncurrent Assets Held for Sale | 8,151 | 0 |
Total Assets | 5,488,436 | 5,811,046 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 462,860 | 505,699 |
Income taxes payable | 50,176 | 0 |
Deferred income taxes | 0 | 58,411 |
Deferred revenue | 434,764 | 366,831 |
Dividends declared | 14,983 | 0 |
Short-term borrowings | 50,460 | 3,168 |
Current liabilities held for sale | 1,306 | 0 |
Total Current Liabilities | 1,014,549 | 934,109 |
Postretirement Benefits Other Than Pensions | 34,614 | 36,219 |
Accrued Compensation and Related Benefits | 223,213 | 211,526 |
Other Liabilities | 88,840 | 86,000 |
Deferred Income Taxes | 795,005 | 778,735 |
Long-Term Debt | 398,298 | 447,608 |
Total Liabilities | 2,554,519 | 2,494,197 |
Redeemable Noncontrolling Interest | 23,413 | 5,896 |
Redeemable Preferred Stock | 10,510 | 10,665 |
Preferred Stock | 0 | 0 |
Common Stockholdersb Equity | ' | ' |
Common stock | 20,000 | 20,000 |
Capital in excess of par value | 296,108 | 288,129 |
Retained earnings | 5,674,096 | 4,782,777 |
Accumulated other comprehensive income, net of tax | ' | ' |
Cumulative foreign currency translation adjustment | 17,902 | 25,013 |
Unrealized gain on available-for-sale securities | 42,182 | 173,663 |
Unrealized gain on pensions and other postretirement plans | 488,044 | 501,446 |
Cash flow hedge | -243 | -628 |
Cost of Class B common stock held in treasury | -3,648,032 | -2,490,333 |
Total Common Stockholdersb Equity | 2,890,057 | 3,300,067 |
Noncontrolling Interests | 9,937 | 221 |
Total Equity | 2,899,994 | 3,300,288 |
Total Liabilities and Equity | $5,488,436 | $5,811,046 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net Income | $958,594 | $80,817 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation of property, plant and equipment | 159,917 | 191,388 |
Amortization of intangible assets | 13,847 | 9,867 |
Intangible assets impairment charge | 7,774 | 0 |
Net pension (benefit) expense | -51,637 | 11,425 |
Early retirement program expense | 8,374 | 22,700 |
Stock-based compensation expense, net | 13,123 | 34,429 |
Foreign exchange loss | 2,618 | 9,350 |
Net (gain) loss on sales and disposition of businesses | -354,612 | 70 |
Net gain on disposition or write-downs of marketable equity securities and cost method investments | -266,173 | -714 |
Equity in earnings of affiliates, net of certain distributions | -96,315 | -13,168 |
Provision (benefit) for deferred income taxes | 8,329 | -8,802 |
Net (gain) loss on sale or write-down of property, plant and equipment | -119,158 | 1,476 |
Net gain on sale of intangible assets | -75,249 | 0 |
Change in assets and liabilities: | ' | ' |
Decrease (increase) in restricted cash | 45,174 | -18,667 |
Increase in accounts receivable, net | -12,867 | -32,717 |
(Increase) decrease in inventories | -1,978 | 1,138 |
(Decrease) increase in accounts payable and accrued liabilities | -56,666 | 8,587 |
Increase in deferred revenue | 70,011 | 31,885 |
Increase in income taxes payable | 68,081 | 21,884 |
Decrease (increase) in other assets and other liabilities, net | 17,278 | -4,662 |
Other | -1,588 | 1,340 |
Net Cash Provided by Operating Activities | 336,877 | 347,626 |
Cash Flows from Investing Activities | ' | ' |
Investments in commercial paper | -399,758 | 0 |
Proceeds from maturities of commercial paper | 349,793 | 0 |
Net proceeds from sales of businesses, property, plant and equipment and other assets | 248,938 | 5,800 |
Investments in certain businesses, net of cash acquired | -200,793 | -19,927 |
Purchases of property, plant and equipment | -162,441 | -143,298 |
Net distribution from equity affiliate | 93,481 | 0 |
Purchases of equity affiliates and cost method investments | -8,388 | -12,029 |
Other | -5,097 | -3 |
Net Cash Used in Investing Activities | -84,265 | -169,457 |
Cash Flows from Financing Activities | ' | ' |
Common shares repurchased, including the Berkshire Exchange transaction | -327,718 | -4,196 |
Dividends paid | -53,131 | -649 |
Repayments of short-term borrowing | -1,315 | -240,303 |
Other | 6,028 | -2,397 |
Net Cash Used in Financing Activities | -376,136 | -247,545 |
Effect of Currency Exchange Rate Change | -2,936 | -1,396 |
Net Decrease in Cash and Cash Equivalents | -126,460 | -70,772 |
Beginning Cash and Cash Equivalents | 569,719 | 512,431 |
Ending Cash and Cash Equivalents | 441,786 | 441,659 |
Ending Cash and Cash Equivalents, Including Cash of Discontinued Operations | $443,259 | ' |
Organization_Basis_of_Presenta
Organization, Basis of Presentation and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 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 five television broadcast stations). | |
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 and nine months ended September 30, 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. | |
Restricted Cash – Restricted cash represents amounts held for students that were received from U.S. Federal and state governments under various aid grant and loan programs, such as Title IV of the U.S. Federal Higher Education Act of 1965 (Higher Education Act), as amended, that the Company is required to maintain pursuant to U.S. Department of Education (ED) and other regulations. Federal regulations stipulate that the Company has a fiduciary responsibility to segregate Federal funds from all other funds to ensure the funds are only used for the benefit of eligible students. The regulations further indicate that funds received under Federal aid programs are held in trust for the intended student beneficiary and the ED, and as trustee of these funds, the Company may not use the funds for any other purpose until the funds are applied to eligible student charges, which occurs within three days of the receipt of the funds. Restricted cash also includes (i) certain funds that the Company may be required to return if a student who receives Title IV program funds withdraws from a program and (ii) funds required to be held by non-U.S. higher education institutions for prepaid tuition. | |
Allowance for Doubtful Accounts – Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for doubtful accounts following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency. | |
Revenue Recognition. | |
Education revenues. Kaplan Higher Education's (KHE) refund policy may permit students who do not complete a course to be eligible for a refund for the portion of the course they did not attend. The amount of the refund differs by school, program, and state, as some states require different policies. Refunds generally result in a reduction in deferred revenue during the period that a student drops or withdraws from a class because the associated tuition revenue is recognized daily over the period of instruction as the services are delivered. | |
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. | |
In May 2014, the FASB issued comprehensive new guidance that supersedes all existing revenue recognition guidance. The new guidance requires revenue to be recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The new guidance also significantly expands the disclosure requirements for revenue recognition. This guidance is effective for interim and fiscal years beginning after December 15, 2016. Early adoption is not permitted. The standard permits two implementation approaches, one requiring retrospective application of the new guidance with a restatement of prior years and one requiring prospective application of the new guidance with disclosure of results under the old guidance. The Company is in the process of evaluating the impact of this new guidance on its condensed consolidated financial statements, and believes such evaluation will extend over several future periods due to the significance of the changes to the Company's policies and business processes. | |
In August 2014, the FASB issued new guidance that requires management to assess the Company’s ability to continue as a going concern, and to provide related disclosures in certain circumstances. This guidance is effective for interim and fiscal years ending after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have an impact on its condensed consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. An additional school in China is expected to be sold by Kaplan in the fourth quarter of 2014. These sales resulted in a pre-tax loss of $4.4 million that was recorded in the third quarter of 2014. | ||||||||||||||||
On June 30, 2014, the Company and Berkshire Hathaway Inc. completed a transaction, as described in Note 4, in which Berkshire acquired a wholly-owned subsidiary of the Company that included, among other things, WPLG, a Miami-based television station; a $375.0 million gain from the WPLG sale was recorded in the second 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 the schools in China, WPLG, the Publishing Subsidiaries and The Herald are included in the Company’s Condensed Consolidated Statements of Operations as Income (Loss) from Discontinued Operations, Net of Tax, for all periods presented. The Company did not reclassify its Statements of Cash Flows or prior Condensed Consolidated Balance Sheets to reflect the various discontinued operations. | ||||||||||||||||
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 (loss) income from discontinued operations, net of tax, is presented below: | ||||||||||||||||
  | Three Months Ended | Nine Months Ended | ||||||||||||||
  |  September 30 |  September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating revenues | $ | 1,294 | $ | 141,152 | $ | 46,713 | $ | 441,001 | ||||||||
Operating costs and expenses | (2,225 | ) | (178,823 | ) | (39,580 | ) | (507,434 | ) | ||||||||
(Loss) income from discontinued operations | (931 | ) | (37,671 | ) | 7,133 | (66,433 | ) | |||||||||
Provision (benefit) from income taxes | 231 | (13,683 | ) | 3,371 | (24,159 | ) | ||||||||||
Net (Loss) Income from Discontinued Operations | (1,162 | ) | (23,988 | ) | 3,762 | (42,274 | ) | |||||||||
(Loss) gain on sales of discontinued operations | (4,352 | ) | — | 349,875 | (70 | ) | ||||||||||
Expense (benefit) from income taxes on sales of discontinued operations | 1,466 | — | (16,304 | ) | (24 | ) | ||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | $ | (6,980 | ) | $ | (23,988 | ) | $ | 369,941 | $ | (42,320 | ) | |||||
Investments
Investments | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Investments [Abstract] | ' | |||||||
Investments | ' | |||||||
INVESTMENTS | ||||||||
Investments in marketable equity securities comprised the following: | ||||||||
  | As of | |||||||
  | September 30, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
Total cost | $ | 56,967 | $ | 197,718 | ||||
Net unrealized gains | 70,303 | 289,438 | ||||||
Total Fair Value | $ | 127,270 | $ | 487,156 | ||||
On June 30, 2014, the Company completed a transaction with Berkshire Hathaway, as described in Note 4, that included the exchange of 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by the Company; a $266.7 million gain was recorded. | ||||||||
There were no new investments in marketable equity securities during the first nine months of 2014 and 2013. In the first quarter of 2014, the Company recorded a $0.5 million write-down of the Company's investment in Corinthian Colleges, Inc., a publicly traded company. In the second quarter of 2014, the Company sold its remaining investment in Corinthian Colleges, Inc. During the first nine months of 2014, the proceeds from the sale of these marketable securities were $5.8 million and net realized losses were $2.6 million. During the first nine months of 2013, the proceeds from sales of marketable securities were $3.6 million, and net realized gains on such sales were $0.9 million. | ||||||||
As of September 30, 2014, the Company held investments in commercial paper totaling $50.0 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. The Company did not have any investments in commercial paper at December 31, 2013. | ||||||||
On April 1, 2014, the Company received a gross cash distribution of $95.0 million from Classified Ventures' sale of apartments.com. In connection with this sale, the Company recorded a pre-tax gain of $90.9 million in the second quarter of 2014. | ||||||||
On October 1, 2014, the Company and the remaining partners completed the sale of their entire stakes in Classified Ventures. Total proceeds to the Company, net of transaction costs, were $408.5 million, of which $16.5 million will be held in escrow until October 1, 2015. The Company will record a pre-tax gain of approximately $393 million on the sale of its interest in Classified Ventures in the fourth quarter of 2014. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2014 | |
Acquisitions And Dispositions [Abstract] | ' |
Acquisitions and Dispositions | ' |
ACQUISITIONS, DISPOSITIONS AND EXCHANGES | |
Acquisitions. In the first nine months of 2014, the Company acquired seven businesses totaling $204.9 million, comprised of four businesses in other businesses, two businesses in Kaplan Test Prep, and one business in Kaplan Higher Ed. The purchase price allocation mostly comprised goodwill, other intangible assets, and other current assets on a preliminary basis. In the first nine months of 2013, the Company acquired five small businesses included in other businesses and in its education division; 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. On May 30, 2014, the Company completed its acquisition of Joyce/Dayton Corp., a Dayton, OH-based manufacturer of screw jacks and other linear motion systems. On July 3, 2014, the Company completed its acquisition of an 80% interest in Residential Healthcare Group, Inc., the parent company of Residential Home Health and Residential Hospice, leading providers of skilled home health care and hospice services in Michigan and Illinois. The operating results of these businesses are included in other businesses. The fair value of the redeemable noncontrolling interest in Residential Healthcare Group, Inc. was $18.8 million at the acquisition date, determined using a market approach. The minority shareholders have an option to put their shares to the Company starting in 2017, and the Company has an option to buy the shares of some minority shareholders in 2020 and the remaining minority shareholders in 2024. | |
On August 1, 2013, the Company completed its acquisition of Forney Corporation, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. The operating results of Forney are included in other businesses. | |
In the second quarter of 2013, Kaplan purchased the remaining 15% noncontrolling interest in Kaplan China; this additional interest was accounted for as an equity transaction. | |
Dispositions. In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. An additional school is expected to be sold in the fourth 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 certain assets of The Herald, a daily and Sunday newspaper headquartered in Everett, WA. | |
Exchanges. On June 30, 2014, the Company and Berkshire Hathaway Inc. completed a previously announced transaction in which Berkshire acquired a wholly-owned subsidiary of the Company that included, among other things, WPLG, a Miami-based television station, 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by Graham Holdings and $327.7 million in cash, in exchange for 1,620,190 shares of Graham Holdings Class B common stock owned by Berkshire Hathaway (Berkshire exchange transaction). As a result, income from continuing operations for the second quarter of 2014 includes a $266.7 million gain from the sale of the Berkshire Hathaway shares, and income from discontinued operations for the second quarter of 2014 includes a $375.0 million gain from the WPLG exchange. | |
The pre-tax gain of $266.7 million related to the disposition of the Berkshire shares was not subject to income tax as the Berkshire exchange transaction qualifies as a tax-free distribution. The lower effective tax rate for income from continuing operations for the first nine months of 2014 of 26.7% primarily resulted from this tax-free transaction. | |
As discussed above, this exchange transaction includes significant noncash investing and financing activities. On the date of exchange, the fair value of the Berkshire Class A and B shares was $400.3 million and the fair value of WPLG was determined to be $438.0 million. In total, the Company recorded an increase in treasury stock of $1,165.4 million in the second quarter of 2014 in connection with the Berkshire exchange transaction. | |
The Company’s income from continuing operations excludes the businesses described in dispositions and exchanges above, which have been reclassified to discontinued operations, net of tax (see Note 2). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||
In the second quarter of 2014, as a result of regulatory changes impacting Kaplan's operations in China, Kaplan recorded an intangible asset impairment charge of $7.8 million, reported in discontinued operations. The Company estimated the fair value of the student and customer relationships using an income approach. | ||||||||||||||||||||||||||
Amortization of intangible assets for the three months ended September 30, 2014 and 2013 was $7.4 million and $2.5 million, respectively. Amortization of intangible assets for the nine months ended September 30, 2014 and 2013 was $13.1 million and $8.8 million, respectively. Amortization of intangible assets is estimated to be approximately $4 million for the remainder of 2014, $17 million in 2015, $16 million in 2016, $12 million in 2017, $10 million in 2018 and $19 million thereafter. | ||||||||||||||||||||||||||
In July 2014, the cable division sold wireless spectrum licenses that were purchased in 2006; a pre-tax non-operating gain of $75.2 million was recorded in the third quarter of 2014 in connection with these sales. | ||||||||||||||||||||||||||
The changes in the carrying amount of goodwill, by segment, were as follows: | ||||||||||||||||||||||||||
(in thousands) | Education | Cable | Television | Other | Total | |||||||||||||||||||||
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 | 14,941 | — | — | 98,366 | 113,307 | |||||||||||||||||||||
Dispositions | (2,420 | ) | — | (37,661 | ) | — | (40,081 | ) | ||||||||||||||||||
Foreign currency exchange rate changes | (8,759 | ) | — | — | — | (8,759 | ) | |||||||||||||||||||
Balance as of September 30, 2014 | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||||
Goodwill | 1,077,195 | 85,488 | 165,504 | 133,243 | 1,461,430 | |||||||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | (6,082 | ) | (108,341 | ) | ||||||||||||||||||
$ | 974,936 | $ | 85,488 | $ | 165,504 | $ | 127,161 | $ | 1,353,089 | |||||||||||||||||
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 | 1,343 | 13,598 | — | 14,941 | ||||||||||||||||||||||
Dispositions | — | — | (2,420 | ) | (2,420 | ) | ||||||||||||||||||||
Foreign currency exchange rate changes | (95 | ) | — | (8,664 | ) | (8,759 | ) | |||||||||||||||||||
Balance as of September 30, 2014 | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||||
Goodwill | 410,264 | 165,785 | 501,146 | 1,077,195 | ||||||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
$ | 410,264 | $ | 63,526 | $ | 501,146 | $ | 974,936 | |||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||||
As of September 30, 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 | $ | 12,392 | $ | 11,373 | $ | 1,019 | $ | 13,540 | $ | 12,622 | $ | 918 | |||||||||||||
Student and customer relationships | 2–10 years | 111,354 | 48,558 | 62,796 | 72,050 | 45,718 | 26,332 | |||||||||||||||||||
Databases and technology | 3–5 years | 12,190 | 8,364 | 3,826 | 10,790 | 6,991 | 3,799 | |||||||||||||||||||
Trade names and trademarks | 2–10 years | 26,863 | 17,956 | 8,907 | 22,327 | 16,052 | 6,275 | |||||||||||||||||||
Other | 1–25 years | 9,626 | 7,943 | 1,683 | 9,836 | 7,572 | 2,264 | |||||||||||||||||||
  |   | $ | 172,425 | $ | 94,194 | $ | 78,231 | $ | 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 | 7,321 | Â Â | Â Â | 7,171 | Â Â | Â Â | |||||||||||||||||||
Other | Â Â | 68,567 | Â Â | Â Â | 15,636 | Â Â | Â Â | |||||||||||||||||||
  | $ | 572,209 | $ | 541,278 | ||||||||||||||||||||||
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
DEBT | ||||||||
The Company’s borrowings consist of the following: | ||||||||
  | As of | |||||||
  | September 30, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
7.25% unsecured notes due February 1, 2019 | $ | 398,204 | $ | 397,893 | ||||
AUD Revolving credit borrowing | 43,669 | 44,625 | ||||||
Other indebtedness | 6,885 | 8,258 | ||||||
Total Debt | 448,758 | 450,776 | ||||||
Less: current portion | (50,460 | ) | (3,168 | ) | ||||
Total Long-Term Debt | $ | 398,298 | $ | 447,608 | ||||
The Company’s other indebtedness at September 30, 2014 and December 31, 2013 is at interest rates from 0% to 6% and matures from 2014 to 2017. | ||||||||
During the three months ended September 30, 2014 and 2013, the Company had average borrowings outstanding of approximately $450.9 million and $449.8 million, respectively, at average annual interest rates of approximately 7.0%. During the three months ended September 30, 2014 and 2013, the Company incurred net interest expense of $8.8 million and $8.6 million, respectively. | ||||||||
During the nine months ended September 30, 2014 and 2013, the Company had average borrowings outstanding of approximately $451.4 million and $477.5 million, respectively, at average annual interest rates of approximately 7.0%. During the nine months ended September 30, 2014 and 2013, the Company incurred net interest expense of $24.9 million and $25.6 million, respectively. | ||||||||
At September 30, 2014, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $468.0 million, compared with the carrying amount of $398.2 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 September 30, 2014 approximates fair value. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||
Sep. 30, 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 September 30, 2014 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | Â Â | Â Â | Â Â | |||||||||
Money market investments (1) | $ | — | $ | 287,714 | $ | 287,714 | ||||||
Marketable equity securities (2) | 127,270 | — | 127,270 | |||||||||
Commercial paper (3) | 49,965 | — | 49,965 | |||||||||
Other current investments (4)Â | 5,348 | 24,255 | 29,603 | |||||||||
Total Financial Assets | $ | 182,583 | $ | 311,969 | $ | 494,552 | ||||||
Liabilities | Â Â | Â Â | Â Â | |||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 66,485 | $ | 66,485 | ||||||
7.25% unsecured notes (6) | — | 468,000 | 468,000 | |||||||||
AUD revolving credit borrowing (6) | — | 43,669 | 43,669 | |||||||||
Interest rate swap (7) | — | 405 | 405 | |||||||||
Total Financial Liabilities | $ | — | $ | 578,559 | $ | 578,559 | ||||||
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 with original maturities greater than 90 days, but less than one year, are included in investments in marketable equity securities and other investments. | |||||||||||
-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. | |||||||||||
In the second quarter of 2014, the Company recorded an intangible asset impairment charge of $7.8 million, reported in discontinued operations (see Note 5). The remeasurement of the intangible assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
On June 30, 2014, the Company acquired 1,620,190 of its Class B common stock owned by Berkshire Hathaway, as described in Note 4. | ||||||||||||||||
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 | Nine Months Ended | |||||||||||||||
 September 30 |  September 30 | |||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Numerator for basic earnings per share: | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Income from continuing operations attributable to Graham Holdings Company common stockholders | $ | 83,331 | $ | 54,132 | $ | 588,645 | $ | 121,857 | ||||||||
Less: Dividends-common stock outstanding and unvested restricted shares | (14,773 | ) | — | (67,267 | ) | — | ||||||||||
Undistributed earnings | 68,558 | 54,132 | 521,378 | 121,857 | ||||||||||||
Percent allocated to common stockholders | 97.89 | % | 97.42 | % | 97.89 | % | 97.42 | % | ||||||||
67,112 | 52,736 | 510,384 | 118,714 | |||||||||||||
Add: Dividends-common stock outstanding | 14,462 | — | 66,021 | — | ||||||||||||
Numerator for basic earnings per share | $ | 81,574 | $ | 52,736 | $ | 576,405 | $ | 118,714 | ||||||||
Add: Additional undistributed earnings due to dilutive stock options | 6 | 3 | 48 | 4 | ||||||||||||
Numerator for diluted earnings per share | $ | 81,580 | $ | 52,739 | $ | 576,453 | $ | 118,718 | ||||||||
Denominator: | Â Â | Â Â | ||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 5,671 | 7,231 | 6,737 | 7,229 | ||||||||||||
Add: Effect of dilutive stock options | 25 | 15 | 25 | 8 | ||||||||||||
Denominator for diluted earnings per share | 5,696 | 7,246 | 6,762 | 7,237 | ||||||||||||
Graham Holdings Company Common Stockholders: | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Basic earnings per share from continuing operations | $ | 14.38 | $ | 7.29 | $ | 85.55 | $ | 16.42 | ||||||||
Diluted earnings per share from continuing operations | $ | 14.32 | $ | 7.28 | $ | 85.24 | $ | 16.41 | ||||||||
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 | Nine Months Ended | |||||||||||||||
 September 30 |  September 30 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Weighted average restricted stock | 61 | 91 | 61 | 79 | ||||||||||||
The diluted earnings per share amounts for the three and nine months ended September 30, 2014 exclude the effects of 5,000 stock options outstanding as their inclusion would have been antidilutive. The diluted earnings per share amounts for the three and nine months ended September 30, 2013 exclude the effects of 13,000 and 63,000 stock options outstanding, respectively, as their inclusion would have been antidilutive. The diluted earnings per share amounts for the three and nine months ended September 30, 2014 exclude the effects of 6,075 restricted stock awards as their inclusion would have been antidilutive. The diluted earnings per share amounts for the three and nine months ended September 30, 2013 exclude the effects of 8,800 restricted stock awards, as their inclusion would have been antidilutive. | ||||||||||||||||
In the three and nine months ended September 30, 2014, the Company declared regular dividends totaling $2.55 and $10.20 per share, respectively. No dividends were paid in 2013. |
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30 | Nine Months Ended September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 6,976 | $ | 12,713 | $ | 21,489 | $ | 38,788 | ||||||||
Interest cost | 12,894 | 14,242 | 38,870 | 42,776 | ||||||||||||
Expected return on assets | (29,877 | ) | (26,817 | ) | (90,644 | ) | (78,606 | ) | ||||||||
Amortization of prior service cost | 83 | 908 | 247 | 2,726 | ||||||||||||
Recognized actuarial (gain) loss | (7,280 | ) | 1,797 | (21,599 | ) | 5,741 | ||||||||||
Net Periodic (Benefit) Cost | (17,204 | ) | 2,843 | (51,637 | ) | 11,425 | ||||||||||
Early retirement programs expense | 3,884 | — | 8,374 | 22,700 | ||||||||||||
Total (Benefit) Cost | $ | (13,320 | ) | $ | 2,843 | $ | (43,263 | ) | $ | 34,125 | ||||||
For the nine months ended September 30, 2014, the net periodic benefit for the Company's pension plans, as reported above, includes costs of $0.2 million reported in discontinued operations. For the three and nine months ended September 30, 2013, the net periodic cost for the Company's pension plans, as reported above, includes costs of $5.5 million and $19.4 million, respectively, reported 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. In the third quarter of 2014, the Company recorded $3.9 million related to a Voluntary Retirement Incentive Program (VRIP) for certain Corporate employees, which will be funded from the assets of the Company's pension plan. | ||||||||||||||||
The Company announced a VRIP in February 2013, which was offered to certain employees of the Washington Post newspaper. The total early retirement program expense for this program for the nine months ended September 30, 2013 was $20.4 million. 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. | ||||||||||||||||
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 September 30 | Nine Months Ended September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 373 | $ | 429 | $ | 1,119 | $ | 1,288 | ||||||||
Interest cost | 1,086 | 1,023 | 3,257 | 3,069 | ||||||||||||
Amortization of prior service cost | 12 | 14 | 35 | 41 | ||||||||||||
Recognized actuarial loss | 374 | 711 | 1,124 | 2,133 | ||||||||||||
Net Periodic Cost | 1,845 | 2,177 | 5,535 | 6,531 | ||||||||||||
Early retirement programs expense | 2,422 | — | 2,422 | — | ||||||||||||
Total Cost | $ | 4,267 | $ | 2,177 | $ | 7,957 | $ | 6,531 | ||||||||
For the nine months ended September 30, 2014, the net periodic cost for the Company's SERP, as reported above, includes costs of $0.2 million reported in discontinued operations. For the three and nine months ended September 30, 2013, the net periodic cost for the Company's SERP, as reported above, includes costs of $0.3 million and $0.9 million, respectively, reported in discontinued operations. | ||||||||||||||||
In the third quarter of 2014, the Company recorded a $2.4 million SERP charge related to the VRIP for certain Corporate employees. | ||||||||||||||||
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 | |||||||||||||||
  | September 30, | December 31, | ||||||||||||||
  | 2014 | 2013 | ||||||||||||||
U.S. equities | 60 | % | 58 | % | ||||||||||||
U.S. fixed income | 11 | % | 12 | % | ||||||||||||
International equities | 29 | % | 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 September 30, 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 September 30, 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 September 30, 2014, the pension plan held common stock in two investments that exceeded 10% of total plan assets. At December 31, 2013, the pension plan held common stock in one investment that exceeded 10% of total plan assets. These investments were valued at $669.5 million and $590.6 million at September 30, 2014 and December 31, 2013, respectively, or approximately 29% and 25%, respectively, of total plan assets. At September 30, 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 $434.3 million and $398.9 million at September 30, 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 September 30 | Nine Months Ended September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 375 | $ | 728 | $ | 1,125 | $ | 2,183 | ||||||||
Interest cost | 362 | 508 | 1,086 | 1,525 | ||||||||||||
Amortization of prior service credit | (196 | ) | (1,306 | ) | (587 | ) | (3,972 | ) | ||||||||
Recognized actuarial gain | (519 | ) | (504 | ) | (1,557 | ) | (1,549 | ) | ||||||||
Net Periodic Cost (Benefit) | 22 | (574 | ) | 67 | (1,813 | ) | ||||||||||
Settlement gain | — | — | — | (3,471 | ) | |||||||||||
Total Cost (Benefit) | $ | 22 | $ | (574 | ) | $ | 67 | $ | (5,284 | ) | ||||||
For the three and nine months ended September 30, 2013, the net periodic benefit, as reported above, includes a benefit of $1.5 million and $2.9 million, respectively, 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) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | Nine Months Ended | |||||||||||||||
 September 30 |  September 30 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Gain on sale of intangible assets | $ | 75,249 | $ | — | $ | 75,249 | $ | — | ||||||||
Foreign currency (loss) gain, net | (10,564 | ) | 7,886 | (2,618 | ) | (9,350 | ) | |||||||||
Gain on Berkshire marketable equity securities exchange | — | — | 266,733 | — | ||||||||||||
Gain on sale of headquarters building | — | — | 127,670 | — | ||||||||||||
(Losses) gain on sales or write-down of marketable equity securities | — | — | (3,044 | ) | 879 | |||||||||||
Other, net | (159 | ) | 224 | 1,923 | (360 | ) | ||||||||||
Total Other Non-Operating Income (Expense) | $ | 64,526 | $ | 8,110 | $ | 465,913 | $ | (8,831 | ) | |||||||
In July 2014, the cable division sold wireless spectrum licenses for $98.8 million; a pre-tax gain of $75.2 million was reported in the third quarter of 2014 in connection with these sales. The licenses had been purchased in the 2006 AWS Auction. | ||||||||||||||||
On June 30, 2014, the Company completed a transaction with Berkshire Hathaway, as described in Note 4 that included the exchange of 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by the Company; a $266.7 million gain was recorded. | ||||||||||||||||
On March 27, 2014, the Company completed the sale of its headquarters building for $158 million. In connection with the sale, the Company recorded a $127.7 million pre-tax gain. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
The other comprehensive (loss) income consists of the following components: | ||||||||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||||||||
  | 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 | $ | (9,777 | ) | $ | — | $ | (9,777 | ) | $ | 5,639 | $ | — | $ | 5,639 | ||||||||||
Unrealized gains on available-for-sale securities: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Unrealized gains for the period, net | 9,734 | (3,894 | ) | 5,840 | 938 | (375 | ) | 563 | ||||||||||||||||
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 | (101 | ) | 41 | (60 | ) | (384 | ) | 154 | (230 | ) | ||||||||||||||
Amortization of net actuarial (gain) loss included in net income | (7,425 | ) | 2,970 | (4,455 | ) | 2,004 | (801 | ) | 1,203 | |||||||||||||||
(7,526 | ) | 3,011 | (4,515 | ) | 1,620 | (647 | ) | 973 | ||||||||||||||||
Cash flow hedge: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Gain for the period | 230 | (92 | ) | 138 | 15 | (6 | ) | 9 | ||||||||||||||||
Other Comprehensive (Loss) Income | $ | (7,339 | ) | $ | (975 | ) | $ | (8,314 | ) | $ | 8,212 | $ | (1,028 | ) | $ | 7,184 | ||||||||
  | Nine Months Ended September 30 | |||||||||||||||||||||||
  | 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 | $ | (7,111 | ) | $ | — | $ | (7,111 | ) | $ | (2,061 | ) | $ | — | $ | (2,061 | ) | ||||||||
Unrealized gains on available-for-sale securities: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Unrealized gains for the period, net | 46,139 | (18,456 | ) | 27,683 | 81,439 | (32,575 | ) | 48,864 | ||||||||||||||||
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income | (265,274 | ) | 106,110 | (159,164 | ) | (884 | ) | 353 | (531 | ) | ||||||||||||||
  | (219,135 | ) | 87,654 | (131,481 | ) | 80,555 | (32,222 | ) | 48,333 | |||||||||||||||
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 | (305 | ) | 122 | (183 | ) | (1,205 | ) | 482 | (723 | ) | ||||||||||||||
Amortization of net actuarial (gain) loss included in net income | (22,032 | ) | 8,813 | (13,219 | ) | 6,325 | (2,529 | ) | 3,796 | |||||||||||||||
Settlement gain included in net income | — | — | — | (3,471 | ) | 1,388 | (2,083 | ) | ||||||||||||||||
  | (22,337 | ) | 8,935 | (13,402 | ) | 1,649 | (659 | ) | 990 | |||||||||||||||
Cash flow hedge: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Gain for the period | 641 | (256 | ) | 385 | 259 | (104 | ) | 155 | ||||||||||||||||
Other Comprehensive (Loss) Income | $ | (247,942 | ) | $ | 96,333 | $ | (151,609 | ) | $ | 80,402 | $ | (32,985 | ) | $ | 47,417 | |||||||||
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 | (7,111 | ) | 27,683 | — | (2 | ) | 20,570 | |||||||||||||||||
Net amount reclassified from accumulated other comprehensive income | — | (159,164 | ) | (13,402 | ) | 387 | (172,179 | ) | ||||||||||||||||
Other comprehensive income, net of tax | (7,111 | ) | (131,481 | ) | (13,402 | ) | 385 | (151,609 | ) | |||||||||||||||
Balance as of September 30, 2014 | $ | 17,902 | $ | 42,182 | $ | 488,044 | $ | (243 | ) | $ | 547,885 | |||||||||||||
The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows: | ||||||||||||||||||||||||
  | Three Months Ended | Nine Months Ended | Affected Line Item in the Condensed Consolidated Statement of Operations | |||||||||||||||||||||
  |  September 30 |  September 30 | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Unrealized Gains on Available-for-sale Securities: | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||
Realized (gain) loss for the period | $ | — | $ | — | $ | (265,274 | ) | $ | (884 | ) | Other income (expense), net | |||||||||||||
  | — | — | 106,110 | 353 | -1 | |||||||||||||||||||
  | — | — | (159,164 | ) | (531 | ) | Net of Tax | |||||||||||||||||
Pension and Other Postretirement Plans: | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||
Amortization of net prior service credit | (101 | ) | (384 | ) | (305 | ) | (1,205 | ) | -2 | |||||||||||||||
Amortization of net actuarial (gain) loss | (7,425 | ) | 2,004 | (22,032 | ) | 6,325 | -2 | |||||||||||||||||
Settlement gain | — | — | — | (3,471 | ) | -2 | ||||||||||||||||||
  | (7,526 | ) | 1,620 | (22,337 | ) | 1,649 | Before tax | |||||||||||||||||
  | 3,011 | (647 | ) | 8,935 | (659 | ) | Provision for Income Taxes | |||||||||||||||||
  | (4,515 | ) | 973 | (13,402 | ) | 990 | Net of Tax | |||||||||||||||||
Cash Flow Hedge | Â Â | Â Â | ||||||||||||||||||||||
  | 217 | 205 | 645 | 588 | Interest expense | |||||||||||||||||||
  | (87 | ) | (82 | ) | (258 | ) | (235 | ) | Provision for Income Taxes | |||||||||||||||
  | 130 | 123 | 387 | 353 | Net of Tax | |||||||||||||||||||
Total reclassification for the period | $ | (4,385 | ) | $ | 1,096 | $ | (172,179 | ) | $ | 812 | Net of Tax | |||||||||||||
____________ | ||||||||||||||||||||||||
-1 | Benefits of $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the nine months ended September 30, 2014. The remaining $107.3 million for the nine months ended September 30, 2014, relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable equity securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 4). The amounts for the nine months ended September 30, 2013 were recorded in Provision for Income Taxes. | |||||||||||||||||||||||
-2 | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9). |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 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. | |
On April 30, 2011, Kaplan Higher Education Corporation received a Civil Investigative Demand from the Office of the Attorney General of the State of Massachusetts. The demand primarily sought information pertaining to KHE's nationally accredited campuses in Massachusetts known as the Charlestown and Kenmore Square campuses. Both of those campuses closed in 2013. KHE has cooperated with the Massachusetts Attorney General and provided the requested information, as well as additional information requested in 2012 and 2013. In October 2014, the Attorney General's office sent Kaplan a "notice of intention to file" a lawsuit letter under section 93A of the Massachusetts consumer fraud statue. The letter outlined 12 allegations against the Charlestown and Kenmore Square campuses. The Company cannot predict the outcome of this inquiry or any possible litigation. | |
ED Program Reviews. The U.S. Department of Education (ED) undertakes program reviews at Title IV participating institutions. Currently, there are two 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. Â 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. While 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, management currently estimates that each of KHE's continuing operations campuses will be 90/10 compliant in 2014. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 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. | ||||||||||||||||
Education. In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. An additional school in China is expected to be sold by Kaplan in the fourth quarter of 2014. The results of the four schools are included in discontinued operations, net of tax, for all periods presented. The Kaplan International segment operating results have been reclassified to reflect this change. | ||||||||||||||||
Television Broadcasting. In June 2014, the Company completed the sale of 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 reclassified to reflect this change. | ||||||||||||||||
The following table summarizes financial information related to each of the Company’s business segments: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
  | 30-Sep | 30-Sep | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Revenues | ||||||||||||||||
Education | $ | 543,918 | $ | 543,599 | $ | 1,609,036 | $ | 1,613,116 | ||||||||
Cable | 195,666 | 202,381 | 600,416 | 607,069 | ||||||||||||
Television broadcasting | 87,442 | 73,488 | 261,390 | 222,618 | ||||||||||||
Other businesses | 71,845 | 36,682 | 139,109 | 98,068 | ||||||||||||
Corporate office | — | — | — | — | ||||||||||||
Intersegment elimination | — | (49 | ) | (128 | ) | (202 | ) | |||||||||
  | $ | 898,871 | $ | 856,101 | $ | 2,609,823 | $ | 2,540,669 | ||||||||
Income (Loss) From Operations | ||||||||||||||||
Education | $ | 12,551 | $ | 17,508 | $ | 32,050 | $ | 36,586 | ||||||||
Cable | 40,072 | 39,715 | 128,015 | 121,038 | ||||||||||||
Television broadcasting | 44,979 | 32,847 | 133,452 | 101,193 | ||||||||||||
Other businesses | (9,292 | ) | (5,046 | ) | (27,034 | ) | (19,556 | ) | ||||||||
Corporate office | (7,029 | ) | (6,135 | ) | (4,773 | ) | (17,516 | ) | ||||||||
  | $ | 81,281 | $ | 78,889 | $ | 261,710 | $ | 221,745 | ||||||||
Equity in Earnings of Affiliates, Net | 4,613 | 5,892 | 100,168 | 13,178 | ||||||||||||
Interest Expense, Net | (8,801 | ) | (8,579 | ) | (24,938 | ) | (25,555 | ) | ||||||||
Other Income (Expense), Net | 64,526 | 8,110 | 465,913 | (8,831 | ) | |||||||||||
Income from Continuing Operations Before Income Taxes | $ | 141,619 | $ | 84,312 | $ | 802,853 | $ | 200,537 | ||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||||
Education | $ | 15,237 | $ | 18,945 | $ | 47,024 | $ | 61,518 | ||||||||
Cable | 34,410 | 32,946 | 101,985 | 100,643 | ||||||||||||
Television broadcasting | 2,148 | 2,181 | 6,181 | 6,604 | ||||||||||||
Other businesses | 1,201 | 555 | 2,501 | 1,561 | ||||||||||||
Corporate office | 78 | 45 | 589 | 105 | ||||||||||||
  | $ | 53,074 | $ | 54,672 | $ | 158,280 | $ | 170,431 | ||||||||
Amortization of Intangible Assets | ||||||||||||||||
Education | $ | 1,927 | $ | 1,918 | $ | 5,649 | $ | 6,081 | ||||||||
Cable | 51 | 61 | 145 | 168 | ||||||||||||
Television broadcasting | — | — | — | — | ||||||||||||
Other businesses | 5,427 | 489 | 7,323 | 2,531 | ||||||||||||
Corporate office | — | — | — | — | ||||||||||||
  | $ | 7,405 | $ | 2,468 | $ | 13,117 | $ | 8,780 | ||||||||
Net Pension (Credit) Expense | ||||||||||||||||
Education | $ | 3,854 | $ | 4,169 | $ | 11,563 | $ | 12,506 | ||||||||
Cable | 917 | 973 | 2,669 | 2,768 | ||||||||||||
Television broadcasting | 338 | 1,297 | 1,016 | 3,891 | ||||||||||||
Other businesses | 191 | 173 | 557 | 423 | ||||||||||||
Corporate office | (18,620 | ) | (9,299 | ) | (59,231 | ) | (27,549 | ) | ||||||||
  | $ | (13,320 | ) | $ | (2,687 | ) | $ | (43,426 | ) | $ | (7,961 | ) | ||||
Asset information for the Company’s business segments are as follows: | ||||||||||||||||
  | ||||||||||||||||
  | As of | |||||||||||||||
(in thousands) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable Assets | Â Â | Â Â | ||||||||||||||
Education | $ | 1,732,199 | $ | 1,921,037 | ||||||||||||
Cable television | 1,190,932 | 1,215,320 | ||||||||||||||
Television broadcasting | 293,810 | 383,251 | ||||||||||||||
Other businesses | 455,154 | 171,539 | ||||||||||||||
Corporate office | 390,056 | 371,484 | ||||||||||||||
  | $ | 4,062,151 | $ | 4,062,631 | ||||||||||||
Investments in Marketable Equity Securities | 127,270 | 487,156 | ||||||||||||||
Investments in Affiliates | 21,976 | 15,754 | ||||||||||||||
Prepaid Pension Cost | 1,267,415 | 1,245,505 | ||||||||||||||
Assets Held for Sale | 9,624 | — | ||||||||||||||
Total Assets | $ | 5,488,436 | $ | 5,811,046 | ||||||||||||
The Company’s education division comprises the following operating segments: | ||||||||||||||||
  | Three Months Ended | Nine Months Ended | ||||||||||||||
  | 30-Sep | 30-Sep | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Revenues | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Higher education | $ | 249,882 | $ | 266,061 | $ | 755,597 | $ | 811,013 | ||||||||
Test preparation | 85,108 | 77,431 | 234,010 | 232,064 | ||||||||||||
Kaplan international | 207,615 | 198,452 | 615,507 | 564,705 | ||||||||||||
Kaplan corporate and other | 1,492 | 2,223 | 4,891 | 6,496 | ||||||||||||
Intersegment elimination | (179 | ) | (568 | ) | (969 | ) | (1,162 | ) | ||||||||
  | $ | 543,918 | $ | 543,599 | $ | 1,609,036 | $ | 1,613,116 | ||||||||
Income (Loss) from Operations | Â Â | Â Â | Â Â | |||||||||||||
Higher education | $ | 5,391 | $ | 14,719 | $ | 39,487 | $ | 42,354 | ||||||||
Test preparation | 6,980 | 3,820 | (3,552 | ) | 7,306 | |||||||||||
Kaplan international | 13,853 | 12,124 | 40,609 | 23,701 | ||||||||||||
Kaplan corporate and other | (13,651 | ) | (13,311 | ) | (44,608 | ) | (37,156 | ) | ||||||||
Intersegment elimination | (22 | ) | 156 | 114 | 381 | |||||||||||
  | $ | 12,551 | $ | 17,508 | $ | 32,050 | $ | 36,586 | ||||||||
Depreciation of Property, Plant and Equipment | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Higher education | $ | 7,320 | $ | 9,739 | $ | 22,140 | $ | 33,919 | ||||||||
Test preparation | 2,865 | 5,034 | 9,721 | 14,658 | ||||||||||||
Kaplan international | 4,951 | 3,870 | 14,546 | 11,903 | ||||||||||||
Kaplan corporate and other | 101 | 302 | 617 | 1,038 | ||||||||||||
  | $ | 15,237 | $ | 18,945 | $ | 47,024 | $ | 61,518 | ||||||||
Amortization of Intangible Assets | $ | 1,927 | $ | 1,918 | $ | 5,649 | $ | 6,081 | ||||||||
Pension Expense | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Higher education | $ | 2,628 | $ | 3,201 | $ | 7,885 | $ | 8,815 | ||||||||
Test preparation | 722 | 731 | 2,166 | 2,012 | ||||||||||||
Kaplan international | 89 | 99 | 267 | 273 | ||||||||||||
Kaplan corporate and other | 415 | 138 | 1,245 | 1,406 | ||||||||||||
  | $ | 3,854 | $ | 4,169 | $ | 11,563 | $ | 12,506 | ||||||||
Identifiable assets for the Company’s education division consist of the following: | ||||||||||||||||
  | As of | |||||||||||||||
(in thousands) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable assets | Â Â | Â Â | ||||||||||||||
Higher education | $ | 626,116 | $ | 859,208 | ||||||||||||
Test preparation | 178,835 | 173,435 | ||||||||||||||
Kaplan international | 869,246 | 864,507 | ||||||||||||||
Kaplan corporate and other | 58,002 | 23,887 | ||||||||||||||
  | $ | 1,732,199 | $ | 1,921,037 | ||||||||||||
Organization_Basis_of_Presenta1
Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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. | |
Restricted Cash | ' |
Restricted Cash – Restricted cash represents amounts held for students that were received from U.S. Federal and state governments under various aid grant and loan programs, such as Title IV of the U.S. Federal Higher Education Act of 1965 (Higher Education Act), as amended, that the Company is required to maintain pursuant to U.S. Department of Education (ED) and other regulations. Federal regulations stipulate that the Company has a fiduciary responsibility to segregate Federal funds from all other funds to ensure the funds are only used for the benefit of eligible students. The regulations further indicate that funds received under Federal aid programs are held in trust for the intended student beneficiary and the ED, and as trustee of these funds, the Company may not use the funds for any other purpose until the funds are applied to eligible student charges, which occurs within three days of the receipt of the funds. Restricted cash also includes (i) certain funds that the Company may be required to return if a student who receives Title IV program funds withdraws from a program and (ii) funds required to be held by non-U.S. higher education institutions for prepaid tuition. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts – Accounts receivable have been reduced by an allowance for amounts that may be uncollectible in the future. This estimated allowance is based primarily on the aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for doubtful accounts following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency. | |
Revenue Recognition | ' |
Revenue Recognition. | |
Education revenues. Kaplan Higher Education's (KHE) refund policy may permit students who do not complete a course to be eligible for a refund for the portion of the course they did not attend. The amount of the refund differs by school, program, and state, as some states require different policies. Refunds generally result in a reduction in deferred revenue during the period that a student drops or withdraws from a class because the associated tuition revenue is recognized daily over the period of instruction as the services are delivered. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | ' | |||||||||||||||
  | Three Months Ended | Nine Months Ended | ||||||||||||||
  |  September 30 |  September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating revenues | $ | 1,294 | $ | 141,152 | $ | 46,713 | $ | 441,001 | ||||||||
Operating costs and expenses | (2,225 | ) | (178,823 | ) | (39,580 | ) | (507,434 | ) | ||||||||
(Loss) income from discontinued operations | (931 | ) | (37,671 | ) | 7,133 | (66,433 | ) | |||||||||
Provision (benefit) from income taxes | 231 | (13,683 | ) | 3,371 | (24,159 | ) | ||||||||||
Net (Loss) Income from Discontinued Operations | (1,162 | ) | (23,988 | ) | 3,762 | (42,274 | ) | |||||||||
(Loss) gain on sales of discontinued operations | (4,352 | ) | — | 349,875 | (70 | ) | ||||||||||
Expense (benefit) from income taxes on sales of discontinued operations | 1,466 | — | (16,304 | ) | (24 | ) | ||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | $ | (6,980 | ) | $ | (23,988 | ) | $ | 369,941 | $ | (42,320 | ) | |||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Investments [Abstract] | ' | |||||||
Investments in Marketable Equity Securities | ' | |||||||
Investments in marketable equity securities comprised the following: | ||||||||
  | As of | |||||||
  | September 30, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
Total cost | $ | 56,967 | $ | 197,718 | ||||
Net unrealized gains | 70,303 | 289,438 | ||||||
Total Fair Value | $ | 127,270 | $ | 487,156 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 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 | |||||||||||||||||||||
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 | 14,941 | — | — | 98,366 | 113,307 | |||||||||||||||||||||
Dispositions | (2,420 | ) | — | (37,661 | ) | — | (40,081 | ) | ||||||||||||||||||
Foreign currency exchange rate changes | (8,759 | ) | — | — | — | (8,759 | ) | |||||||||||||||||||
Balance as of September 30, 2014 | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||||
Goodwill | 1,077,195 | 85,488 | 165,504 | 133,243 | 1,461,430 | |||||||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | (6,082 | ) | (108,341 | ) | ||||||||||||||||||
$ | 974,936 | $ | 85,488 | $ | 165,504 | $ | 127,161 | $ | 1,353,089 | |||||||||||||||||
Other Intangible Assets | ' | |||||||||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||||
As of September 30, 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 | $ | 12,392 | $ | 11,373 | $ | 1,019 | $ | 13,540 | $ | 12,622 | $ | 918 | |||||||||||||
Student and customer relationships | 2–10 years | 111,354 | 48,558 | 62,796 | 72,050 | 45,718 | 26,332 | |||||||||||||||||||
Databases and technology | 3–5 years | 12,190 | 8,364 | 3,826 | 10,790 | 6,991 | 3,799 | |||||||||||||||||||
Trade names and trademarks | 2–10 years | 26,863 | 17,956 | 8,907 | 22,327 | 16,052 | 6,275 | |||||||||||||||||||
Other | 1–25 years | 9,626 | 7,943 | 1,683 | 9,836 | 7,572 | 2,264 | |||||||||||||||||||
  |   | $ | 172,425 | $ | 94,194 | $ | 78,231 | $ | 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 | 7,321 | Â Â | Â Â | 7,171 | Â Â | Â Â | |||||||||||||||||||
Other | Â Â | 68,567 | Â Â | Â Â | 15,636 | Â Â | Â Â | |||||||||||||||||||
  | $ | 572,209 | $ | 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 | 1,343 | 13,598 | — | 14,941 | ||||||||||||||||||||||
Dispositions | — | — | (2,420 | ) | (2,420 | ) | ||||||||||||||||||||
Foreign currency exchange rate changes | (95 | ) | — | (8,664 | ) | (8,759 | ) | |||||||||||||||||||
Balance as of September 30, 2014 | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||||
Goodwill | 410,264 | 165,785 | 501,146 | 1,077,195 | ||||||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
$ | 410,264 | $ | 63,526 | $ | 501,146 | $ | 974,936 | |||||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components of Debt | ' | |||||||
The Company’s borrowings consist of the following: | ||||||||
  | As of | |||||||
  | September 30, | December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||||
7.25% unsecured notes due February 1, 2019 | $ | 398,204 | $ | 397,893 | ||||
AUD Revolving credit borrowing | 43,669 | 44,625 | ||||||
Other indebtedness | 6,885 | 8,258 | ||||||
Total Debt | 448,758 | 450,776 | ||||||
Less: current portion | (50,460 | ) | (3,168 | ) | ||||
Total Long-Term Debt | $ | 398,298 | $ | 447,608 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 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 September 30, 2014 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | Â Â | Â Â | Â Â | |||||||||
Money market investments (1) | $ | — | $ | 287,714 | $ | 287,714 | ||||||
Marketable equity securities (2) | 127,270 | — | 127,270 | |||||||||
Commercial paper (3) | 49,965 | — | 49,965 | |||||||||
Other current investments (4)Â | 5,348 | 24,255 | 29,603 | |||||||||
Total Financial Assets | $ | 182,583 | $ | 311,969 | $ | 494,552 | ||||||
Liabilities | Â Â | Â Â | Â Â | |||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 66,485 | $ | 66,485 | ||||||
7.25% unsecured notes (6) | — | 468,000 | 468,000 | |||||||||
AUD revolving credit borrowing (6) | — | 43,669 | 43,669 | |||||||||
Interest rate swap (7) | — | 405 | 405 | |||||||||
Total Financial Liabilities | $ | — | $ | 578,559 | $ | 578,559 | ||||||
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 with original maturities greater than 90 days, but less than one year, are included in investments in marketable equity securities and other investments. | |||||||||||
-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) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | Nine Months Ended | |||||||||||||||
 September 30 |  September 30 | |||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Numerator for basic earnings per share: | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Income from continuing operations attributable to Graham Holdings Company common stockholders | $ | 83,331 | $ | 54,132 | $ | 588,645 | $ | 121,857 | ||||||||
Less: Dividends-common stock outstanding and unvested restricted shares | (14,773 | ) | — | (67,267 | ) | — | ||||||||||
Undistributed earnings | 68,558 | 54,132 | 521,378 | 121,857 | ||||||||||||
Percent allocated to common stockholders | 97.89 | % | 97.42 | % | 97.89 | % | 97.42 | % | ||||||||
67,112 | 52,736 | 510,384 | 118,714 | |||||||||||||
Add: Dividends-common stock outstanding | 14,462 | — | 66,021 | — | ||||||||||||
Numerator for basic earnings per share | $ | 81,574 | $ | 52,736 | $ | 576,405 | $ | 118,714 | ||||||||
Add: Additional undistributed earnings due to dilutive stock options | 6 | 3 | 48 | 4 | ||||||||||||
Numerator for diluted earnings per share | $ | 81,580 | $ | 52,739 | $ | 576,453 | $ | 118,718 | ||||||||
Denominator: | Â Â | Â Â | ||||||||||||||
Denominator for basic earnings per share: | ||||||||||||||||
Weighted average shares outstanding | 5,671 | 7,231 | 6,737 | 7,229 | ||||||||||||
Add: Effect of dilutive stock options | 25 | 15 | 25 | 8 | ||||||||||||
Denominator for diluted earnings per share | 5,696 | 7,246 | 6,762 | 7,237 | ||||||||||||
Graham Holdings Company Common Stockholders: | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Basic earnings per share from continuing operations | $ | 14.38 | $ | 7.29 | $ | 85.55 | $ | 16.42 | ||||||||
Diluted earnings per share from continuing operations | $ | 14.32 | $ | 7.28 | $ | 85.24 | $ | 16.41 | ||||||||
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 | Nine Months Ended | |||||||||||||||
 September 30 |  September 30 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Weighted average restricted stock | 61 | 91 | 61 | 79 | ||||||||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Benefit 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 September 30 | Nine Months Ended September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 6,976 | $ | 12,713 | $ | 21,489 | $ | 38,788 | ||||||||
Interest cost | 12,894 | 14,242 | 38,870 | 42,776 | ||||||||||||
Expected return on assets | (29,877 | ) | (26,817 | ) | (90,644 | ) | (78,606 | ) | ||||||||
Amortization of prior service cost | 83 | 908 | 247 | 2,726 | ||||||||||||
Recognized actuarial (gain) loss | (7,280 | ) | 1,797 | (21,599 | ) | 5,741 | ||||||||||
Net Periodic (Benefit) Cost | (17,204 | ) | 2,843 | (51,637 | ) | 11,425 | ||||||||||
Early retirement programs expense | 3,884 | — | 8,374 | 22,700 | ||||||||||||
Total (Benefit) Cost | $ | (13,320 | ) | $ | 2,843 | $ | (43,263 | ) | $ | 34,125 | ||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||
The assets of the Company’s pension plan were allocated as follows: | ||||||||||||||||
  | As of | |||||||||||||||
  | September 30, | December 31, | ||||||||||||||
  | 2014 | 2013 | ||||||||||||||
U.S. equities | 60 | % | 58 | % | ||||||||||||
U.S. fixed income | 11 | % | 12 | % | ||||||||||||
International equities | 29 | % | 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 September 30 | Nine Months Ended September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 373 | $ | 429 | $ | 1,119 | $ | 1,288 | ||||||||
Interest cost | 1,086 | 1,023 | 3,257 | 3,069 | ||||||||||||
Amortization of prior service cost | 12 | 14 | 35 | 41 | ||||||||||||
Recognized actuarial loss | 374 | 711 | 1,124 | 2,133 | ||||||||||||
Net Periodic Cost | 1,845 | 2,177 | 5,535 | 6,531 | ||||||||||||
Early retirement programs expense | 2,422 | — | 2,422 | — | ||||||||||||
Total Cost | $ | 4,267 | $ | 2,177 | $ | 7,957 | $ | 6,531 | ||||||||
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 September 30 | Nine Months Ended September 30 | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Service cost | $ | 375 | $ | 728 | $ | 1,125 | $ | 2,183 | ||||||||
Interest cost | 362 | 508 | 1,086 | 1,525 | ||||||||||||
Amortization of prior service credit | (196 | ) | (1,306 | ) | (587 | ) | (3,972 | ) | ||||||||
Recognized actuarial gain | (519 | ) | (504 | ) | (1,557 | ) | (1,549 | ) | ||||||||
Net Periodic Cost (Benefit) | 22 | (574 | ) | 67 | (1,813 | ) | ||||||||||
Settlement gain | — | — | — | (3,471 | ) | |||||||||||
Total Cost (Benefit) | $ | 22 | $ | (574 | ) | $ | 67 | $ | (5,284 | ) | ||||||
Other_NonOperating_Income_Expe1
Other Non-Operating Income (Expense) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | Nine Months Ended | |||||||||||||||
 September 30 |  September 30 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Gain on sale of intangible assets | $ | 75,249 | $ | — | $ | 75,249 | $ | — | ||||||||
Foreign currency (loss) gain, net | (10,564 | ) | 7,886 | (2,618 | ) | (9,350 | ) | |||||||||
Gain on Berkshire marketable equity securities exchange | — | — | 266,733 | — | ||||||||||||
Gain on sale of headquarters building | — | — | 127,670 | — | ||||||||||||
(Losses) gain on sales or write-down of marketable equity securities | — | — | (3,044 | ) | 879 | |||||||||||
Other, net | (159 | ) | 224 | 1,923 | (360 | ) | ||||||||||
Total Other Non-Operating Income (Expense) | $ | 64,526 | $ | 8,110 | $ | 465,913 | $ | (8,831 | ) | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||
Summary of Other Comprehensive Income | ' | |||||||||||||||||||||||
The other comprehensive (loss) income consists of the following components: | ||||||||||||||||||||||||
Three Months Ended September 30 | ||||||||||||||||||||||||
  | 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 | $ | (9,777 | ) | $ | — | $ | (9,777 | ) | $ | 5,639 | $ | — | $ | 5,639 | ||||||||||
Unrealized gains on available-for-sale securities: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Unrealized gains for the period, net | 9,734 | (3,894 | ) | 5,840 | 938 | (375 | ) | 563 | ||||||||||||||||
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 | (101 | ) | 41 | (60 | ) | (384 | ) | 154 | (230 | ) | ||||||||||||||
Amortization of net actuarial (gain) loss included in net income | (7,425 | ) | 2,970 | (4,455 | ) | 2,004 | (801 | ) | 1,203 | |||||||||||||||
(7,526 | ) | 3,011 | (4,515 | ) | 1,620 | (647 | ) | 973 | ||||||||||||||||
Cash flow hedge: | Â Â | Â Â | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||
Gain for the period | 230 | (92 | ) | 138 | 15 | (6 | ) | 9 | ||||||||||||||||
Other Comprehensive (Loss) Income | $ | (7,339 | ) | $ | (975 | ) | $ | (8,314 | ) | $ | 8,212 | $ | (1,028 | ) | $ | 7,184 | ||||||||
  | Nine Months Ended September 30 | |||||||||||||||||||||||
  | 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 | $ | (7,111 | ) | $ | — | $ | (7,111 | ) | $ | (2,061 | ) | $ | — | $ | (2,061 | ) | ||||||||
Unrealized gains on available-for-sale securities: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Unrealized gains for the period, net | 46,139 | (18,456 | ) | 27,683 | 81,439 | (32,575 | ) | 48,864 | ||||||||||||||||
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income | (265,274 | ) | 106,110 | (159,164 | ) | (884 | ) | 353 | (531 | ) | ||||||||||||||
  | (219,135 | ) | 87,654 | (131,481 | ) | 80,555 | (32,222 | ) | 48,333 | |||||||||||||||
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 | (305 | ) | 122 | (183 | ) | (1,205 | ) | 482 | (723 | ) | ||||||||||||||
Amortization of net actuarial (gain) loss included in net income | (22,032 | ) | 8,813 | (13,219 | ) | 6,325 | (2,529 | ) | 3,796 | |||||||||||||||
Settlement gain included in net income | — | — | — | (3,471 | ) | 1,388 | (2,083 | ) | ||||||||||||||||
  | (22,337 | ) | 8,935 | (13,402 | ) | 1,649 | (659 | ) | 990 | |||||||||||||||
Cash flow hedge: | Â Â | Â Â | Â Â | Â Â | Â Â | |||||||||||||||||||
Gain for the period | 641 | (256 | ) | 385 | 259 | (104 | ) | 155 | ||||||||||||||||
Other Comprehensive (Loss) Income | $ | (247,942 | ) | $ | 96,333 | $ | (151,609 | ) | $ | 80,402 | $ | (32,985 | ) | $ | 47,417 | |||||||||
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 | (7,111 | ) | 27,683 | — | (2 | ) | 20,570 | |||||||||||||||||
Net amount reclassified from accumulated other comprehensive income | — | (159,164 | ) | (13,402 | ) | 387 | (172,179 | ) | ||||||||||||||||
Other comprehensive income, net of tax | (7,111 | ) | (131,481 | ) | (13,402 | ) | 385 | (151,609 | ) | |||||||||||||||
Balance as of September 30, 2014 | $ | 17,902 | $ | 42,182 | $ | 488,044 | $ | (243 | ) | $ | 547,885 | |||||||||||||
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 | Nine Months Ended | Affected Line Item in the Condensed Consolidated Statement of Operations | |||||||||||||||||||||
  |  September 30 |  September 30 | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Unrealized Gains on Available-for-sale Securities: | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||
Realized (gain) loss for the period | $ | — | $ | — | $ | (265,274 | ) | $ | (884 | ) | Other income (expense), net | |||||||||||||
  | — | — | 106,110 | 353 | -1 | |||||||||||||||||||
  | — | — | (159,164 | ) | (531 | ) | Net of Tax | |||||||||||||||||
Pension and Other Postretirement Plans: | Â Â | Â Â | Â Â | Â Â | ||||||||||||||||||||
Amortization of net prior service credit | (101 | ) | (384 | ) | (305 | ) | (1,205 | ) | -2 | |||||||||||||||
Amortization of net actuarial (gain) loss | (7,425 | ) | 2,004 | (22,032 | ) | 6,325 | -2 | |||||||||||||||||
Settlement gain | — | — | — | (3,471 | ) | -2 | ||||||||||||||||||
  | (7,526 | ) | 1,620 | (22,337 | ) | 1,649 | Before tax | |||||||||||||||||
  | 3,011 | (647 | ) | 8,935 | (659 | ) | Provision for Income Taxes | |||||||||||||||||
  | (4,515 | ) | 973 | (13,402 | ) | 990 | Net of Tax | |||||||||||||||||
Cash Flow Hedge | Â Â | Â Â | ||||||||||||||||||||||
  | 217 | 205 | 645 | 588 | Interest expense | |||||||||||||||||||
  | (87 | ) | (82 | ) | (258 | ) | (235 | ) | Provision for Income Taxes | |||||||||||||||
  | 130 | 123 | 387 | 353 | Net of Tax | |||||||||||||||||||
Total reclassification for the period | $ | (4,385 | ) | $ | 1,096 | $ | (172,179 | ) | $ | 812 | Net of Tax | |||||||||||||
____________ | ||||||||||||||||||||||||
-1 | Benefits of $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the nine months ended September 30, 2014. The remaining $107.3 million for the nine months ended September 30, 2014, relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable equity securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 4). The amounts for the nine months ended September 30, 2013 were recorded in Provision for Income Taxes. | |||||||||||||||||||||||
-2 | 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) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||
Summary of Segment Reporting Information, by Operating Segment | ' | |||||||||||||||
The following table summarizes financial information related to each of the Company’s business segments: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
  | 30-Sep | 30-Sep | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Revenues | ||||||||||||||||
Education | $ | 543,918 | $ | 543,599 | $ | 1,609,036 | $ | 1,613,116 | ||||||||
Cable | 195,666 | 202,381 | 600,416 | 607,069 | ||||||||||||
Television broadcasting | 87,442 | 73,488 | 261,390 | 222,618 | ||||||||||||
Other businesses | 71,845 | 36,682 | 139,109 | 98,068 | ||||||||||||
Corporate office | — | — | — | — | ||||||||||||
Intersegment elimination | — | (49 | ) | (128 | ) | (202 | ) | |||||||||
  | $ | 898,871 | $ | 856,101 | $ | 2,609,823 | $ | 2,540,669 | ||||||||
Income (Loss) From Operations | ||||||||||||||||
Education | $ | 12,551 | $ | 17,508 | $ | 32,050 | $ | 36,586 | ||||||||
Cable | 40,072 | 39,715 | 128,015 | 121,038 | ||||||||||||
Television broadcasting | 44,979 | 32,847 | 133,452 | 101,193 | ||||||||||||
Other businesses | (9,292 | ) | (5,046 | ) | (27,034 | ) | (19,556 | ) | ||||||||
Corporate office | (7,029 | ) | (6,135 | ) | (4,773 | ) | (17,516 | ) | ||||||||
  | $ | 81,281 | $ | 78,889 | $ | 261,710 | $ | 221,745 | ||||||||
Equity in Earnings of Affiliates, Net | 4,613 | 5,892 | 100,168 | 13,178 | ||||||||||||
Interest Expense, Net | (8,801 | ) | (8,579 | ) | (24,938 | ) | (25,555 | ) | ||||||||
Other Income (Expense), Net | 64,526 | 8,110 | 465,913 | (8,831 | ) | |||||||||||
Income from Continuing Operations Before Income Taxes | $ | 141,619 | $ | 84,312 | $ | 802,853 | $ | 200,537 | ||||||||
Depreciation of Property, Plant and Equipment | ||||||||||||||||
Education | $ | 15,237 | $ | 18,945 | $ | 47,024 | $ | 61,518 | ||||||||
Cable | 34,410 | 32,946 | 101,985 | 100,643 | ||||||||||||
Television broadcasting | 2,148 | 2,181 | 6,181 | 6,604 | ||||||||||||
Other businesses | 1,201 | 555 | 2,501 | 1,561 | ||||||||||||
Corporate office | 78 | 45 | 589 | 105 | ||||||||||||
  | $ | 53,074 | $ | 54,672 | $ | 158,280 | $ | 170,431 | ||||||||
Amortization of Intangible Assets | ||||||||||||||||
Education | $ | 1,927 | $ | 1,918 | $ | 5,649 | $ | 6,081 | ||||||||
Cable | 51 | 61 | 145 | 168 | ||||||||||||
Television broadcasting | — | — | — | — | ||||||||||||
Other businesses | 5,427 | 489 | 7,323 | 2,531 | ||||||||||||
Corporate office | — | — | — | — | ||||||||||||
  | $ | 7,405 | $ | 2,468 | $ | 13,117 | $ | 8,780 | ||||||||
Net Pension (Credit) Expense | ||||||||||||||||
Education | $ | 3,854 | $ | 4,169 | $ | 11,563 | $ | 12,506 | ||||||||
Cable | 917 | 973 | 2,669 | 2,768 | ||||||||||||
Television broadcasting | 338 | 1,297 | 1,016 | 3,891 | ||||||||||||
Other businesses | 191 | 173 | 557 | 423 | ||||||||||||
Corporate office | (18,620 | ) | (9,299 | ) | (59,231 | ) | (27,549 | ) | ||||||||
  | $ | (13,320 | ) | $ | (2,687 | ) | $ | (43,426 | ) | $ | (7,961 | ) | ||||
Asset information for the Company’s business segments are as follows: | ||||||||||||||||
  | ||||||||||||||||
  | As of | |||||||||||||||
(in thousands) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable Assets | Â Â | Â Â | ||||||||||||||
Education | $ | 1,732,199 | $ | 1,921,037 | ||||||||||||
Cable television | 1,190,932 | 1,215,320 | ||||||||||||||
Television broadcasting | 293,810 | 383,251 | ||||||||||||||
Other businesses | 455,154 | 171,539 | ||||||||||||||
Corporate office | 390,056 | 371,484 | ||||||||||||||
  | $ | 4,062,151 | $ | 4,062,631 | ||||||||||||
Investments in Marketable Equity Securities | 127,270 | 487,156 | ||||||||||||||
Investments in Affiliates | 21,976 | 15,754 | ||||||||||||||
Prepaid Pension Cost | 1,267,415 | 1,245,505 | ||||||||||||||
Assets Held for Sale | 9,624 | — | ||||||||||||||
Total Assets | $ | 5,488,436 | $ | 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 | Nine Months Ended | ||||||||||||||
  | 30-Sep | 30-Sep | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Revenues | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Higher education | $ | 249,882 | $ | 266,061 | $ | 755,597 | $ | 811,013 | ||||||||
Test preparation | 85,108 | 77,431 | 234,010 | 232,064 | ||||||||||||
Kaplan international | 207,615 | 198,452 | 615,507 | 564,705 | ||||||||||||
Kaplan corporate and other | 1,492 | 2,223 | 4,891 | 6,496 | ||||||||||||
Intersegment elimination | (179 | ) | (568 | ) | (969 | ) | (1,162 | ) | ||||||||
  | $ | 543,918 | $ | 543,599 | $ | 1,609,036 | $ | 1,613,116 | ||||||||
Income (Loss) from Operations | Â Â | Â Â | Â Â | |||||||||||||
Higher education | $ | 5,391 | $ | 14,719 | $ | 39,487 | $ | 42,354 | ||||||||
Test preparation | 6,980 | 3,820 | (3,552 | ) | 7,306 | |||||||||||
Kaplan international | 13,853 | 12,124 | 40,609 | 23,701 | ||||||||||||
Kaplan corporate and other | (13,651 | ) | (13,311 | ) | (44,608 | ) | (37,156 | ) | ||||||||
Intersegment elimination | (22 | ) | 156 | 114 | 381 | |||||||||||
  | $ | 12,551 | $ | 17,508 | $ | 32,050 | $ | 36,586 | ||||||||
Depreciation of Property, Plant and Equipment | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Higher education | $ | 7,320 | $ | 9,739 | $ | 22,140 | $ | 33,919 | ||||||||
Test preparation | 2,865 | 5,034 | 9,721 | 14,658 | ||||||||||||
Kaplan international | 4,951 | 3,870 | 14,546 | 11,903 | ||||||||||||
Kaplan corporate and other | 101 | 302 | 617 | 1,038 | ||||||||||||
  | $ | 15,237 | $ | 18,945 | $ | 47,024 | $ | 61,518 | ||||||||
Amortization of Intangible Assets | $ | 1,927 | $ | 1,918 | $ | 5,649 | $ | 6,081 | ||||||||
Pension Expense | Â Â | Â Â | Â Â | Â Â | ||||||||||||
Higher education | $ | 2,628 | $ | 3,201 | $ | 7,885 | $ | 8,815 | ||||||||
Test preparation | 722 | 731 | 2,166 | 2,012 | ||||||||||||
Kaplan international | 89 | 99 | 267 | 273 | ||||||||||||
Kaplan corporate and other | 415 | 138 | 1,245 | 1,406 | ||||||||||||
  | $ | 3,854 | $ | 4,169 | $ | 11,563 | $ | 12,506 | ||||||||
Identifiable assets for the Company’s education division consist of the following: | ||||||||||||||||
  | As of | |||||||||||||||
(in thousands) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Identifiable assets | Â Â | Â Â | ||||||||||||||
Higher education | $ | 626,116 | $ | 859,208 | ||||||||||||
Test preparation | 178,835 | 173,435 | ||||||||||||||
Kaplan international | 869,246 | 864,507 | ||||||||||||||
Kaplan corporate and other | 58,002 | 23,887 | ||||||||||||||
  | $ | 1,732,199 | $ | 1,921,037 | ||||||||||||
Organization_Basis_of_Presenta2
Organization, Basis of Presentation and Recent Accounting Pronouncements (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Percentage of ownership indicating control for consolidation purposes | 'more than 50% |
Television Broadcasting [Member] | ' |
Number of television broadcast stations | 5 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Kaplan China [Member] | Kaplan China [Member] | Kaplan China [Member] | Daily Herald [Member] | Sale of Publishing Subsidiaries [Member] | Sale of Publishing Subsidiaries [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | |||||
Kaplan International [Member] | Kaplan International [Member] | Kaplan International [Member] | Scenario, Adjustment [Member] | Scenario, Previously Reported [Member] | Common Class A [Member] | Common Class B [Member] | ||||||
school | Scenario, Forecast [Member] | Berkshire Hathaway Inc [Member] | Berkshire Hathaway Inc [Member] | |||||||||
school | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of schools sold | ' | ' | ' | ' | 3 | ' | 1 | ' | ' | ' | ' | ' |
Number of Berkshire Shares Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,107 | 1,278 |
After-tax gain (loss) on sale and/or disposition | ' | ' | ' | ' | ' | ' | ' | ' | ($3,000,000) | $100,000,000 | ' | ' |
Pre-tax gain (loss) on sale and/or disposition | 4,352,000 | 0 | -349,875,000 | 70,000 | ' | -4,400,000 | ' | -100,000 | ' | ' | ' | ' |
Expenses in discontinued operations | 2,225,000 | 178,823,000 | 39,580,000 | 507,434,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Early retirement program expense | ' | ' | $8,374,000 | $22,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Summar
Discontinued Operations (Summarized (Loss) Income from Discontinued Operations, Net Of Tax) (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Discontinued Operation, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Operating revenues | $1,294 | $141,152 | $46,713 | $441,001 |
Operating costs and expenses | -2,225 | -178,823 | -39,580 | -507,434 |
(Loss) income from discontinued operations | -931 | -37,671 | 7,133 | -66,433 |
Provision (benefit) from income taxes | 231 | -13,683 | 3,371 | -24,159 |
Net (Loss) Income from Discontinued Operations | -1,162 | -23,988 | 3,762 | -42,274 |
(Loss) gain on sales of discontinued operations | -4,352 | 0 | 349,875 | -70 |
Expense (benefit) from income taxes on sales of discontinued operations | 1,466 | 0 | -16,304 | -24 |
(Loss) Income from Discontinued Operations, Net of Tax | ($6,980) | ($23,988) | $369,941 | ($42,320) |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Oct. 01, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Apr. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Minimum [Member] | Maximum [Member] | Corinthian Colleges, Inc. [Member] | Classified Ventures LLC [Member] | Classified Ventures LLC [Member] | Classified Ventures' sale of apartments.com [Member] | Classified Ventures' sale of apartments.com [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | ||||||
Subsequent Event [Member] | Subsequent Event [Member] | Berkshire Hathaway Inc [Member] | Berkshire Hathaway Inc [Member] | Berkshire Hathaway Inc [Member] | |||||||||||
Scenario, Forecast [Member] | Common Class A [Member] | Common Class B [Member] | |||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Berkshire Shares Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,107 | 1,278 |
Gain on Berkshire marketable equity securities exchange | $0 | $0 | $266,733,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $266,700,000 | ' | ' |
Gain on exchange of Berkshire Hathaway shares | 0 | 0 | -3,044,000 | 879,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment write-down on a marketable equity security | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of marketable equity securities | ' | ' | 5,800,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) gain on sales of marketable equity securities | ' | ' | -2,600,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New investments in marketable equity securities | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in commercial paper | 50,000,000 | ' | 50,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution from equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,000,000 | ' | ' | ' |
Investment maturity length for commercial paper | ' | ' | ' | ' | ' | '3 months 1 day | '6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain on equity method investments | 4,613,000 | 5,892,000 | 100,168,000 | 13,178,000 | ' | ' | ' | ' | ' | ' | 90,900,000 | ' | ' | ' | ' |
Company's investments in marketable equity securities | 127,270,000 | ' | 127,270,000 | ' | 487,156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on investment | 70,303,000 | ' | 70,303,000 | ' | 289,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | 408,500,000 | ' | ' | ' | ' | ' | ' |
Amount of cash proceeds held in escrow | ' | ' | ' | ' | ' | ' | ' | ' | 16,500,000 | ' | ' | ' | ' | ' | ' |
Pre-tax gain on sale of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $393,000,000 | ' | ' | ' | ' | ' |
Investments_Investments_in_Mar
Investments (Investments in Marketable Equity Securities) (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Total cost | $56,967 | $197,718 |
Net unrealized gains | 70,303 | 289,438 |
Total Fair Value | $127,270 | $487,156 |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 03, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
business | Other Businesses Segment And Education Division [Member] | Residential Healthcare Group Inc. [Member] | Kaplan [Member] | Kaplan International [Member] | Kaplan International [Member] | Kaplan International [Member] | Test Preparation [Member] | Higher Education [Member] | Other Businesses [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | ||||
business | Kaplan China [Member] | Kaplan China [Member] | Kaplan China [Member] | Kaplan China [Member] | business | business | business | Discontinued Operations [Member] | Berkshire Hathaway Inc [Member] | WPLG [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Class A and B [Member] | |||||||
school | Scenario, Forecast [Member] | Berkshire Hathaway Inc [Member] | Berkshire Hathaway Inc [Member] | Berkshire Hathaway Inc [Member] | |||||||||||||||||
school | |||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | ' | ' | 7 | ' | 5 | ' | ' | ' | ' | ' | 2 | 1 | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Acqusition purchase price | ' | ' | $204,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest acquired | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of noncontrolling interest purchased | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of noncontrolling interest | ' | ' | ' | ' | ' | 18,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of schools sold | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Berkshire Shares Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,107 | ' | 1,278 | ' |
Amount of Cash Exchanged to Berkshire | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 327,700,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares received in Berkshire Hathaway agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,620,190 | ' | ' |
Gain on Berkshire marketable equity securities exchange | 0 | 0 | 266,733,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266,700,000 | ' | ' | ' | ' | ' |
Gain on exchange of Berkshire Hathaway shares | 0 | 0 | -3,044,000 | 879,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sales of discontinued operations | -4,352,000 | 0 | 349,875,000 | -70,000 | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After-tax gain (loss) on sale and/or disposition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -375,000,000 | ' | ' | ' | ' | ' | ' |
Effective tax rate | ' | ' | 26.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of available-for-sale equity securities exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,300,000 |
Estimated fair value of business exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,000,000 | ' | ' | ' | ' |
Treasury stock increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,165,400,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Discontinued Operations [Member] | Cable [Member] | Kaplan International [Member] | |||||
Wireless Licenses [Member] | Kaplan China [Member] | ||||||
Discontinued Operations [Member] | |||||||
Amortized Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Impairment of intangible assets | ' | ' | $7,774,000 | $0 | $7,800,000 | ' | $7,800,000 |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | 7,405,000 | 2,468,000 | 13,117,000 | 8,780,000 | ' | ' | ' |
Estimated amortization of intangible assets, remainder of 2014 | 4,000,000 | ' | 4,000,000 | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2015 | 17,000,000 | ' | 17,000,000 | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2016 | 16,000,000 | ' | 16,000,000 | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2017 | 12,000,000 | ' | 12,000,000 | ' | ' | ' | ' |
Estimated amortization of intangible assets, 2018 | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' |
Estimated amortization of intangible assets, after 2018 | 19,000,000 | ' | 19,000,000 | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of intangible asset | $75,249,000 | $0 | $75,249,000 | $0 | ' | $75,200,000 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 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 | 113,307 |
Dispositions | -40,081 |
Foreign currency exchange rate changes | -8,759 |
Goodwill, ending balance | 1,461,430 |
Accumulated impairment losses, ending balance | -108,341 |
Goodwill, net, ending balance | 1,353,089 |
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 | 14,941 |
Dispositions | -2,420 |
Foreign currency exchange rate changes | -8,759 |
Goodwill, ending balance | 1,077,195 |
Accumulated impairment losses, ending balance | -102,259 |
Goodwill, net, ending balance | 974,936 |
Higher Education [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 409,016 |
Accumulated impairment losses, beginning balance | 0 |
Goodwill, net, beginning balance | 409,016 |
Acquisitions | 1,343 |
Dispositions | 0 |
Foreign currency exchange rate changes | -95 |
Goodwill, ending balance | 410,264 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, net, ending balance | 410,264 |
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 | 13,598 |
Dispositions | 0 |
Foreign currency exchange rate changes | 0 |
Goodwill, ending balance | 165,785 |
Accumulated impairment losses, ending balance | -102,259 |
Goodwill, net, ending balance | 63,526 |
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 |
Dispositions | -2,420 |
Foreign currency exchange rate changes | -8,664 |
Goodwill, ending balance | 501,146 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, net, ending balance | 501,146 |
Cable [Member] | ' |
Goodwill [Line Items] | ' |
Goodwill, beginning balance | 85,488 |
Accumulated impairment losses, beginning balance | 0 |
Goodwill, net, beginning balance | 85,488 |
Acquisitions | 0 |
Dispositions | 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 |
Dispositions | -37,661 |
Foreign currency exchange rate changes | 0 |
Goodwill, ending balance | 165,504 |
Accumulated impairment losses, ending balance | 0 |
Goodwill, net, ending balance | 165,504 |
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 | 98,366 |
Dispositions | 0 |
Foreign currency exchange rate changes | 0 |
Goodwill, ending balance | 133,243 |
Accumulated impairment losses, ending balance | -6,082 |
Goodwill, net, ending balance | $127,161 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) 2 (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 172,425 | 128,543 |
Accumulated Amortization | 94,194 | 88,955 |
Net Carrying Amount | 78,231 | 39,588 |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets, Net | 572,209 | 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 | 7,321 | 7,171 |
Other [Member] | ' | ' |
Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Assets, Net | 68,567 | 15,636 |
Non-compete Agreements [Member] | ' | ' |
Amortized Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 12,392 | 13,540 |
Accumulated Amortization | 11,373 | 12,622 |
Net Carrying Amount | 1,019 | 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 | 111,354 | 72,050 |
Accumulated Amortization | 48,558 | 45,718 |
Net Carrying Amount | 62,796 | 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 | 12,190 | 10,790 |
Accumulated Amortization | 8,364 | 6,991 |
Net Carrying Amount | 3,826 | 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 | 26,863 | 22,327 |
Accumulated Amortization | 17,956 | 16,052 |
Net Carrying Amount | 8,907 | 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 | 9,626 | 9,836 |
Accumulated Amortization | 7,943 | 7,572 |
Net Carrying Amount | 1,683 | 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 | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2009 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 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] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | $43,669,000 | $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-Oct-14 | 1-Jan-14 |
Debt Instrument, Maturity year, end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 | 31-Dec-17 |
Average borrowings outstanding | 450,900,000 | 449,800,000 | 451,400,000 | 477,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of borrowings | 7.00% | 7.00% | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest expense incurred | 8,800,000 | 8,600,000 | 24,900,000 | 25,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of debt instrument | ' | ' | ' | ' | ' | 468,000,000 | 475,200,000 | ' | ' | ' | ' | ' |
Carrying value of debt instrument | $398,204,000 | ' | $398,204,000 | ' | $397,893,000 | $398,200,000 | $397,900,000 | ' | ' | ' | ' | ' |
Debt_Details_1
Debt (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
7.25% unsecured notes due February 1, 2019 | $398,204 | $397,893 |
Other indebtedness | 6,885 | 8,258 |
Total Debt | 448,758 | 450,776 |
Less: current portion | -50,460 | -3,168 |
Total Long-Term Debt | 398,298 | 447,608 |
AUD [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit borrowing | $43,669 | $44,625 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Discontinued Operations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Impairment of intangible assets | $7,774 | $0 | $7,800 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Marketable equity securities | $127,270 | $487,156 | ||
Commercial paper | 50,000 | 0 | ||
7.25% Unsecured Notes due February 1, 2019 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
7.25% unsecured notes | 468,000 | 475,200 | ||
Level 1 [Member] | ' | ' | ||
Assets | ' | ' | ||
Money market investments | 0 | [1] | 0 | [1] |
Marketable equity securities | 127,270 | [2] | 487,156 | [2] |
Commercial paper | 49,965 | [3] | ' | |
Other current investments | 5,348 | [4] | 11,826 | [4] |
Total Financial Assets | 182,583 | 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 | 287,714 | [1] | 431,836 | [1] |
Marketable equity securities | 0 | [2] | 0 | [2] |
Commercial paper | 0 | [3] | ' | |
Other current investments | 24,255 | [4] | 23,336 | [4] |
Total Financial Assets | 311,969 | 455,172 | ||
Liabilities: | ' | ' | ||
Deferred compensation plan liabilities | 66,485 | [5] | 67,603 | [5] |
Interest rate swap | 405 | [6] | 1,047 | [6] |
Total Financial Liabilities | 578,559 | 588,499 | ||
Level 2 [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
7.25% unsecured notes | 468,000 | [7] | 475,224 | [7] |
Level 2 [Member] | AUD $50 million portion of Revolver [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
AUD Revolving credit borrowing | 43,669 | [7] | 44,625 | [7] |
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Assets | ' | ' | ||
Money market investments | 287,714 | [1] | 431,836 | [1] |
Marketable equity securities | 127,270 | [2] | 487,156 | [2] |
Commercial paper | 49,965 | [3] | ' | |
Other current investments | 29,603 | [4] | 35,162 | [4] |
Total Financial Assets | 494,552 | 954,154 | ||
Liabilities: | ' | ' | ||
Deferred compensation plan liabilities | 66,485 | [5] | 67,603 | [5] |
Interest rate swap | 405 | [6] | 1,047 | [6] |
Total Financial Liabilities | 578,559 | 588,499 | ||
Estimate of Fair Value Measurement [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
7.25% unsecured notes | 468,000 | [7] | 475,224 | [7] |
Estimate of Fair Value Measurement [Member] | AUD $50 million portion of Revolver [Member] | ' | ' | ||
Liabilities: | ' | ' | ||
AUD Revolving credit borrowing | $43,669 | [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 with original maturities greater than 90 days, but less than one year, are included in investments in marketable equity securities and other investments. | |||
[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 | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | |
Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Berkshire Exchange Transaction [Member] | ||||
Common Class B [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares received in Berkshire Hathaway agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,620,190 |
Antidilutive securities, shares | ' | ' | ' | 5,000 | 13,000 | 5,000 | 63,000 | 6,075 | 8,800 | 6,075 | 8,800 | ' |
Dividends declared per common share | $2.55 | $10.20 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details_1
Earnings Per Share (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
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 | $83,331 | $54,132 | $588,645 | $121,857 |
Less: Dividends-common stock outstanding and unvested restricted shares | -14,773 | 0 | -67,267 | 0 |
Undistributed earnings | 68,558 | 54,132 | 521,378 | 121,857 |
Percent allocated to common stockholders | 97.89% | 97.42% | 97.89% | 97.42% |
Undistributed Earnings Allocated To Common Stockholders | 67,112 | 52,736 | 510,384 | 118,714 |
Add: Dividends-common stock outstanding | 14,462 | 0 | 66,021 | 0 |
Numerator for basic earnings per share | 81,574 | 52,736 | 576,405 | 118,714 |
Add: Additional undistributed earnings due to dilutive stock options | 6 | 3 | 48 | 4 |
Numerator for diluted earnings per share | $81,580 | $52,739 | $576,453 | $118,718 |
Weighted average shares outstanding | 5,671 | 7,231 | 6,737 | 7,229 |
Denominator for diluted earnings per share | 5,696 | 7,246 | 6,762 | 7,237 |
Graham Holdings Company Common Stockholders: | ' | ' | ' | ' |
Basic income per common share from continuing operations in dollars per share | $14.38 | $7.29 | $85.55 | $16.42 |
Diluted income per common share from continuing operations in dollars per share | $14.32 | $7.28 | $85.24 | $16.41 |
Stock Option Plan [Member] | ' | ' | ' | ' |
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Add: Effect of dilutive stock options | 25 | 15 | 25 | 8 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Details 2) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Antidilutive Weighted Average Restricted Stock [Line Items] | ' | ' | ' | ' |
Weighted average restricted stock | 61 | 91 | 61 | 79 |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit 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] | 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] | Other Postretirement Plans [Member] | Other Postretirement Plans [Member] | Other Postretirement Plans [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] | Single Equity Concentration [Member] | Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] | Geographic Concentration [Member] | Geographic Concentration [Member] | |||||
companies | companies | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Washington Post Newspaper [Member] | Washington Post Newspaper [Member] | Corporate Office [Member] | Corporate Office [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Corporate Office [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Daily Herald [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Plan Assets Total [Member] | Foreign Investments [Member] | Foreign Investments [Member] | ||||||||||||||||
Voluntary Retirement Incentive Program [Member] | Special Separation Benefits [Member] | Voluntary Retirement Incentive Program [Member] | Separation Incentive Program [Member] | Voluntary Retirement Incentive Program [Member] | Discontinued Operations [Member] | Investment | Investment | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | Defined Benefit Pension Plan [Member] | |||||||||||||||||||||||||||||||
Discontinued Operations [Member] | Discontinued Operations [Member] | campus | country | ||||||||||||||||||||||||||||||||||||||
Retirement Benefits Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Periodic Cost (Benefit) | ' | ' | ($51,637,000) | $11,425,000 | ($17,204,000) | $2,843,000 | ($51,637,000) | $11,425,000 | ' | $5,500,000 | $200,000 | $19,400,000 | ' | ' | ' | ' | $1,845,000 | $2,177,000 | $5,535,000 | $6,531,000 | $300,000 | $200,000 | $900,000 | ' | $22,000 | ($574,000) | $67,000 | ($1,813,000) | $1,500,000 | $2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Cost (Benefit) | -13,320,000 | -2,687,000 | -43,426,000 | -7,961,000 | -13,320,000 | 2,843,000 | -43,263,000 | 34,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,267,000 | 2,177,000 | 7,957,000 | 6,531,000 | ' | ' | ' | ' | 22,000 | -574,000 | 67,000 | -5,284,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early retirement program expense | ' | ' | 8,374,000 | 22,700,000 | 3,884,000 | 0 | 8,374,000 | 22,700,000 | ' | ' | ' | ' | 20,400,000 | 2,300,000 | 3,900,000 | 4,500,000 | 2,422,000 | 0 | 2,422,000 | 0 | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investment companies actively managing plan assets | ' | ' | ' | ' | 2 | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $669,500,000 | $590,600,000 | ' | $434,300,000 | $398,900,000 |
Percentage of total plan assets | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | 25.00% | ' | 19.00% | 17.00% |
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net Periodic Cost (Benefit) | ' | ' | ($51,637) | $11,425 |
Early retirement program expense | ' | ' | 8,374 | 22,700 |
Total Cost (Benefit) | -13,320 | -2,687 | -43,426 | -7,961 |
Amortization of prior service credit (cost) | -101 | -384 | -305 | -1,205 |
Curtailment loss | 0 | 0 | 0 | -3,471 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 7,526 | -1,620 | 22,337 | -1,649 |
Defined Benefit Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 6,976 | 12,713 | 21,489 | 38,788 |
Interest cost | 12,894 | 14,242 | 38,870 | 42,776 |
Expected return on assets | -29,877 | -26,817 | -90,644 | -78,606 |
Amortization of prior service cost (credit) | 83 | 908 | 247 | 2,726 |
Recognized actuarial loss (gain) | -7,280 | 1,797 | -21,599 | 5,741 |
Net Periodic Cost (Benefit) | -17,204 | 2,843 | -51,637 | 11,425 |
Early retirement program expense | 3,884 | 0 | 8,374 | 22,700 |
Total Cost (Benefit) | -13,320 | 2,843 | -43,263 | 34,125 |
Supplemental Executive Retirement Plan (SERP) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 373 | 429 | 1,119 | 1,288 |
Interest cost | 1,086 | 1,023 | 3,257 | 3,069 |
Amortization of prior service cost (credit) | 12 | 14 | 35 | 41 |
Recognized actuarial loss (gain) | 374 | 711 | 1,124 | 2,133 |
Net Periodic Cost (Benefit) | 1,845 | 2,177 | 5,535 | 6,531 |
Early retirement program expense | 2,422 | 0 | 2,422 | 0 |
Total Cost (Benefit) | 4,267 | 2,177 | 7,957 | 6,531 |
Other Postretirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 375 | 728 | 1,125 | 2,183 |
Interest cost | 362 | 508 | 1,086 | 1,525 |
Amortization of prior service cost (credit) | -196 | -1,306 | -587 | -3,972 |
Recognized actuarial loss (gain) | -519 | -504 | -1,557 | -1,549 |
Net Periodic Cost (Benefit) | 22 | -574 | 67 | -1,813 |
Settlement gain | 0 | 0 | 0 | -3,471 |
Total Cost (Benefit) | $22 | ($574) | $67 | ($5,284) |
Pension_and_Postretirement_Pla4
Pension and Postretirement Plans (Asset Allocation) (Details 9) (Defined Benefit Pension Plans [Member]) | Sep. 30, 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 | 60.00% | 58.00% |
UNITED STATES | U.S. fixed income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan Assets | 11.00% | 12.00% |
International [Member] | International equities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined Benefit Plan Assets | 29.00% | 30.00% |
Other_NonOperating_Income_Expe2
Other Non-Operating Income (Expense) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Mar. 27, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | |
Berkshire Exchange Transaction [Member] | Common Class B [Member] | Berkshire Hathaway Inc [Member] | Berkshire Hathaway Inc [Member] | Berkshire Hathaway Inc [Member] | Wireless Licenses [Member] | Wireless Licenses [Member] | |||||||
Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | Common Class A [Member] | Common Class B [Member] | Cable [Member] | Cable [Member] | ||||||||
Berkshire Exchange Transaction [Member] | Berkshire Exchange Transaction [Member] | ||||||||||||
Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of wireless licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $98,800,000 | ' |
Gain on sale of intangible assets | ' | 75,249,000 | ' | 0 | 75,249,000 | 0 | ' | ' | ' | ' | ' | ' | 75,200,000 |
Number of Berkshire Shares Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,107 | 1,278 | ' | ' |
Amount of Cash Exchanged to Berkshire | ' | ' | ' | ' | ' | ' | 327,700,000 | ' | ' | ' | ' | ' | ' |
Number of shares received in Berkshire Hathaway agreement | ' | ' | ' | ' | ' | ' | ' | 1,620,190 | ' | ' | ' | ' | ' |
Gain on Berkshire marketable equity securities exchange | ' | 0 | ' | 0 | 266,733,000 | 0 | ' | ' | 266,700,000 | ' | ' | ' | ' |
Proceeds from sale of building | 158,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of headquarters building | ' | $0 | $127,700,000 | $0 | $127,670,000 | $0 | ' | ' | ' | ' | ' | ' | ' |
Other_NonOperating_Income_Expe3
Other Non-Operating Income (Expense) (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 |
Berkshire Exchange Transaction [Member] | Cable [Member] | ||||||
Berkshire Hathaway Inc [Member] | Wireless Licenses [Member] | ||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of intangible assets | $75,249 | ' | $0 | $75,249 | $0 | ' | $75,200 |
Gain on Berkshire marketable equity securities exchange | 0 | ' | 0 | 266,733 | 0 | 266,700 | ' |
Foreign currency gain (loss), net | -10,564 | ' | 7,886 | -2,618 | -9,350 | ' | ' |
Gain on sale of headquarters building | 0 | 127,700 | 0 | 127,670 | 0 | ' | ' |
(Losses) gain on sales or write-down of marketable equity securities | 0 | ' | 0 | -3,044 | 879 | ' | ' |
Other, net | -159 | ' | 224 | 1,923 | -360 | ' | ' |
Total Other Non-Operating Income (Expense) | $64,526 | ' | $8,110 | $465,913 | ($8,831) | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Foreign currency translation adjustments: | ' | ' | ' | ' |
Translation adjustments arising during the period, before tax | ($9,777) | $5,639 | ($7,111) | ($2,061) |
Translation adjustments arising during the period, income tax | 0 | 0 | 0 | 0 |
Translation adjustments arising during the period, after tax | -9,777 | 5,639 | -7,111 | -2,061 |
Unrealized gains on available-for-sale securities: | ' | ' | ' | ' |
Unrealized gains for the period, before tax | 9,734 | 938 | 46,139 | 81,439 |
Unrealized gains for the period, tax | -3,894 | -375 | -18,456 | -32,575 |
Unrealized gains for the period, after tax | 5,840 | 563 | 27,683 | 48,864 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, before tax | 0 | 0 | -265,274 | -884 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, income tax | ' | ' | 106,110 | 353 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, after tax | ' | ' | -159,164 | -531 |
Total unrealized gains on available-for-sale securities, before tax | 9,734 | 938 | -219,135 | 80,555 |
Total unrealized gains on available-for-sale securities, income tax | ' | ' | 87,654 | -32,222 |
Total unrealized gains on available-for-sale securities, after tax | ' | ' | -131,481 | 48,333 |
Pension and other postretirement plans: | ' | ' | ' | ' |
Amortization of net prior service credit included in net income | -101 | -384 | -305 | -1,205 |
Amortization of net prior service credit included in net income, income tax | 41 | 154 | 122 | 482 |
Amortization of net prior service credit included in net income, after tax | -60 | -230 | -183 | -723 |
Amortization of net actuarial (gain) loss included in net income, before tax | -7,425 | 2,004 | -22,032 | 6,325 |
Amortization of net actuarial (gain) loss included in net income, income tax | 2,970 | -801 | 8,813 | -2,529 |
Amortization of net actuarial (gain) loss included in net income, after tax | -4,455 | 1,203 | -13,219 | 3,796 |
Settlement gain included in net income, before tax | 0 | 0 | 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 | -7,526 | 1,620 | -22,337 | 1,649 |
Total pension and other postretirement plans, income tax | 3,011 | -647 | 8,935 | -659 |
Total pension and other postretirement plans, after tax | -4,515 | 973 | -13,402 | 990 |
Cash flow hedge: | ' | ' | ' | ' |
Gain for the period, before tax | 230 | 15 | 641 | 259 |
Gain for the period, income tax | -92 | -6 | -256 | -104 |
Gain for the period, after tax | 138 | 9 | 385 | 155 |
Other Comprehensive (Loss) Income, before tax | -7,339 | 8,212 | -247,942 | 80,402 |
Other Comprehensive (Loss) Income, income tax | -975 | -1,028 | 96,333 | -32,985 |
Other Comprehensive (Loss) Income, after tax | ($8,314) | $7,184 | ($151,609) | $47,417 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income, beginning balance | ' | ' | $699,494 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 20,570 | ' |
Net amount reclassified from accumulated other comprehensive income | ' | ' | -172,179 | ' |
Other Comprehensive (Loss) Income, Net of Tax | -8,314 | 7,184 | -151,609 | 47,417 |
Accumulated Other Comprehensive Income, ending balance | 547,885 | ' | 547,885 | ' |
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 | ' | ' | -7,111 | ' |
Net amount reclassified from accumulated other comprehensive income | ' | ' | 0 | ' |
Other Comprehensive (Loss) Income, Net of Tax | ' | ' | -7,111 | ' |
Accumulated Other Comprehensive Income, ending balance | 17,902 | ' | 17,902 | ' |
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 | ' | ' | 27,683 | ' |
Net amount reclassified from accumulated other comprehensive income | ' | ' | -159,164 | ' |
Other Comprehensive (Loss) Income, Net of Tax | ' | ' | -131,481 | ' |
Accumulated Other Comprehensive Income, ending balance | 42,182 | ' | 42,182 | ' |
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 | ' | ' | -13,402 | ' |
Other Comprehensive (Loss) Income, Net of Tax | ' | ' | -13,402 | ' |
Accumulated Other Comprehensive Income, ending balance | 488,044 | ' | 488,044 | ' |
Cash Flow Hedge [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income, beginning balance | ' | ' | -628 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | -2 | ' |
Net amount reclassified from accumulated other comprehensive income | ' | ' | 387 | ' |
Other Comprehensive (Loss) Income, Net of Tax | ' | ' | 385 | ' |
Accumulated Other Comprehensive Income, ending balance | ($243) | ' | ($243) | ' |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Interest expense | $9,330 | $9,221 | $26,707 | $27,229 | ||||
Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income | ' | ' | 106,110 | 353 | ||||
Other income (expense), net | -64,526 | -8,110 | -465,913 | 8,831 | ||||
Amortization of net prior service credit included in net income | -101 | -384 | -305 | -1,205 | ||||
Amortization of net actuarial (gain) loss included in net income | -7,425 | 2,004 | -22,032 | 6,325 | ||||
Settlement gain included in net income | 0 | 0 | 0 | 3,471 | ||||
Income Before Tax | -141,619 | -84,312 | -802,853 | -200,537 | ||||
Provision for Income Taxes | 58,200 | 29,900 | 214,200 | 77,400 | ||||
Income Net of Tax | -83,419 | -54,412 | -588,653 | -123,137 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Income Net of Tax | -4,385 | 1,096 | -172,179 | 812 | ||||
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] | ' | ' | ' | ' | ||||
Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income | 0 | [1] | 0 | [1] | 106,110 | [1] | 353 | [1] |
Other income (expense), net | 0 | 0 | -265,274 | -884 | ||||
Provision for Income Taxes | ' | ' | 1,200 | ' | ||||
Income Net of Tax | 0 | 0 | -159,164 | -531 | ||||
Unrealized Gain on Available-for-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Berkshire Exchange Transaction [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income | ' | ' | 107,300 | ' | ||||
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 | -101 | [2] | -384 | [2] | -305 | [2] | -1,205 | [2] |
Amortization of net actuarial (gain) loss included in net income | -7,425 | [2] | 2,004 | [2] | -22,032 | [2] | 6,325 | [2] |
Settlement gain included in net income | 0 | [2] | 0 | [2] | 0 | [2] | -3,471 | [2] |
Income Before Tax | -7,526 | 1,620 | -22,337 | 1,649 | ||||
Provision for Income Taxes | 3,011 | -647 | 8,935 | -659 | ||||
Income Net of Tax | -4,515 | 973 | -13,402 | 990 | ||||
Cash Flow Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Interest expense | 217 | 205 | 645 | 588 | ||||
Provision for Income Taxes | -87 | -82 | -258 | -235 | ||||
Income Net of Tax | $130 | $123 | $387 | $353 | ||||
[1] | Benefits of $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the nine months ended SeptemberB 30, 2014. The remaining $107.3 million for the nine months ended SeptemberB 30, 2014, relates to the reversal of income taxes previously recorded on the unrealized gain of the Companybs investment in Berkshire Hathaway Inc. marketable equity securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 4). The amounts for the nine months ended SeptemberB 30, 2013 were recorded in Provision for Income Taxes. | |||||||
[2] | 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) | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | |
claim | Title IV participating institutions including Broomall, PA [Member] | Charlestown and Kenmore Square campuses [Member] | |
Higher Education [Member] | Higher Education [Member] | ||
program_review | Subsequent Event [Member] | ||
allegations | |||
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 | ' | ' |
Number of allegations communicated by the Massachusetts Attorney General | ' | ' | 12 |
Number of open DOE program reviews | ' | 2 | ' |
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. | ' | ' |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2014 |
Segment | Kaplan International [Member] | Kaplan International [Member] | ||||
Kaplan China [Member] | Scenario, Forecast [Member] | |||||
school | Kaplan China [Member] | |||||
school | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 6 | ' | ' | ' |
Number of schools sold | ' | ' | ' | ' | 3 | 1 |
Total operating revenues | ($898,871) | ($856,101) | ($2,609,823) | ($2,540,669) | ' | ' |
Business_Segments_Information_
Business Segments (Information by Operating Segment) (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | $898,871 | $856,101 | $2,609,823 | $2,540,669 | ' |
Income (Loss) from Operations | 81,281 | 78,889 | 261,710 | 221,745 | ' |
Equity in earnings of affiliates, net | 4,613 | 5,892 | 100,168 | 13,178 | ' |
Interest Expense, Net | -8,801 | -8,579 | -24,938 | -25,555 | ' |
Other Income (Expense), Net | 64,526 | 8,110 | 465,913 | -8,831 | ' |
Income from Continuing Operations Before Income Taxes | 141,619 | 84,312 | 802,853 | 200,537 | ' |
Depreciation of property, plant and equipment | 53,074 | 54,672 | 158,280 | 170,431 | ' |
Amortization of intangible assets | 7,405 | 2,468 | 13,117 | 8,780 | ' |
Impairment of intangible assets | ' | ' | 7,774 | 0 | ' |
Net Pension (Credit) Expense | -13,320 | -2,687 | -43,426 | -7,961 | ' |
Identifiable Assets | 4,062,151 | ' | 4,062,151 | ' | 4,062,631 |
Investment in Marketable Equity Securities | 127,270 | ' | 127,270 | ' | 487,156 |
Investments in Affiliates | 21,976 | ' | 21,976 | ' | 15,754 |
Prepaid Pension Cost | 1,267,415 | ' | 1,267,415 | ' | 1,245,505 |
Assets Held for Sale | 9,624 | ' | 9,624 | ' | 0 |
Total Assets | 5,488,436 | ' | 5,488,436 | ' | 5,811,046 |
Operating Segments [Member] | Education [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 543,918 | 543,599 | 1,609,036 | 1,613,116 | ' |
Income (Loss) from Operations | 12,551 | 17,508 | 32,050 | 36,586 | ' |
Depreciation of property, plant and equipment | 15,237 | 18,945 | 47,024 | 61,518 | ' |
Amortization of intangible assets | 1,927 | 1,918 | 5,649 | 6,081 | ' |
Net Pension (Credit) Expense | 3,854 | 4,169 | 11,563 | 12,506 | ' |
Identifiable Assets | 1,732,199 | ' | 1,732,199 | ' | 1,921,037 |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 249,882 | 266,061 | 755,597 | 811,013 | ' |
Income (Loss) from Operations | 5,391 | 14,719 | 39,487 | 42,354 | ' |
Depreciation of property, plant and equipment | 7,320 | 9,739 | 22,140 | 33,919 | ' |
Net Pension (Credit) Expense | 2,628 | 3,201 | 7,885 | 8,815 | ' |
Identifiable Assets | 626,116 | ' | 626,116 | ' | 859,208 |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Test Preparation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 85,108 | 77,431 | 234,010 | 232,064 | ' |
Income (Loss) from Operations | 6,980 | 3,820 | -3,552 | 7,306 | ' |
Depreciation of property, plant and equipment | 2,865 | 5,034 | 9,721 | 14,658 | ' |
Net Pension (Credit) Expense | 722 | 731 | 2,166 | 2,012 | ' |
Identifiable Assets | 178,835 | ' | 178,835 | ' | 173,435 |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 207,615 | 198,452 | 615,507 | 564,705 | ' |
Income (Loss) from Operations | 13,853 | 12,124 | 40,609 | 23,701 | ' |
Depreciation of property, plant and equipment | 4,951 | 3,870 | 14,546 | 11,903 | ' |
Net Pension (Credit) Expense | 89 | 99 | 267 | 273 | ' |
Identifiable Assets | 869,246 | ' | 869,246 | ' | 864,507 |
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 1,492 | 2,223 | 4,891 | 6,496 | ' |
Income (Loss) from Operations | -13,651 | -13,311 | -44,608 | -37,156 | ' |
Depreciation of property, plant and equipment | 101 | 302 | 617 | 1,038 | ' |
Net Pension (Credit) Expense | 415 | 138 | 1,245 | 1,406 | ' |
Identifiable Assets | 58,002 | ' | 58,002 | ' | 23,887 |
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | -179 | -568 | -969 | -1,162 | ' |
Income (Loss) from Operations | -22 | 156 | 114 | 381 | ' |
Operating Segments [Member] | Cable [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 195,666 | 202,381 | 600,416 | 607,069 | ' |
Income (Loss) from Operations | 40,072 | 39,715 | 128,015 | 121,038 | ' |
Depreciation of property, plant and equipment | 34,410 | 32,946 | 101,985 | 100,643 | ' |
Amortization of intangible assets | 51 | 61 | 145 | 168 | ' |
Net Pension (Credit) Expense | 917 | 973 | 2,669 | 2,768 | ' |
Identifiable Assets | 1,190,932 | ' | 1,190,932 | ' | 1,215,320 |
Operating Segments [Member] | Television Broadcasting [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 87,442 | 73,488 | 261,390 | 222,618 | ' |
Income (Loss) from Operations | 44,979 | 32,847 | 133,452 | 101,193 | ' |
Depreciation of property, plant and equipment | 2,148 | 2,181 | 6,181 | 6,604 | ' |
Amortization of intangible assets | 0 | 0 | 0 | 0 | ' |
Net Pension (Credit) Expense | 338 | 1,297 | 1,016 | 3,891 | ' |
Identifiable Assets | 293,810 | ' | 293,810 | ' | 383,251 |
Operating Segments [Member] | Other Businesses [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 71,845 | 36,682 | 139,109 | 98,068 | ' |
Income (Loss) from Operations | -9,292 | -5,046 | -27,034 | -19,556 | ' |
Depreciation of property, plant and equipment | 1,201 | 555 | 2,501 | 1,561 | ' |
Amortization of intangible assets | 5,427 | 489 | 7,323 | 2,531 | ' |
Net Pension (Credit) Expense | 191 | 173 | 557 | 423 | ' |
Identifiable Assets | 455,154 | ' | 455,154 | ' | 171,539 |
Operating Segments [Member] | Corporate Office [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 0 | 0 | 0 | 0 | ' |
Income (Loss) from Operations | -7,029 | -6,135 | -4,773 | -17,516 | ' |
Depreciation of property, plant and equipment | 78 | 45 | 589 | 105 | ' |
Amortization of intangible assets | 0 | 0 | 0 | 0 | ' |
Net Pension (Credit) Expense | -18,620 | -9,299 | -59,231 | -27,549 | ' |
Identifiable Assets | 390,056 | ' | 390,056 | ' | 371,484 |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | $0 | ($49) | ($128) | ($202) | ' |