Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Feb. 20, 2015 |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ghc | ||
Entity Registrant Name | GRAHAM HOLDINGS CO | ||
Entity Central Index Key | 104889 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $3.20 | ||
Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 974,823 | ||
Class B Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 4,849,741 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Revenues | ||||||||||||
Education | $551,381 | $543,918 | $542,964 | $522,154 | $550,618 | $543,599 | $544,878 | $524,639 | $2,160,417 | $2,163,734 | $2,184,532 | |
Subscriber | 184,035 | 183,161 | 187,723 | 191,128 | 186,297 | 190,302 | 192,273 | 186,790 | 746,047 | 755,662 | 732,370 | |
Advertising | 101,271 | 81,583 | 82,475 | 78,247 | 87,692 | 73,549 | 79,898 | 69,122 | 343,576 | 310,261 | 337,621 | |
Other | 88,656 | 90,209 | 61,249 | 45,012 | 42,635 | 48,651 | [1] | 50,103 | 36,865 | 285,126 | 178,254 | 118,063 |
Total Operating Revenues | 925,343 | 898,871 | 874,411 | 836,541 | 867,242 | 856,101 | 867,152 | 817,416 | 3,535,166 | 3,407,911 | 3,372,586 | |
Operating Costs and Expenses | ||||||||||||
Operating | 391,348 | 398,922 | 395,627 | 376,463 | 372,471 | 393,010 | [1] | 392,500 | 374,516 | 1,562,360 | 1,532,497 | 1,535,237 |
Selling, general and administrative | 319,854 | 358,189 | 322,240 | 325,275 | 331,814 | 327,062 | 318,731 | 333,894 | 1,325,558 | 1,311,501 | 1,317,494 | |
Depreciation of property, plant and equipment | 45,366 | 53,074 | 51,989 | 53,217 | 58,924 | 54,672 | 56,849 | 58,910 | 203,646 | 229,355 | 240,139 | |
Amortization of intangible assets | 5,251 | 7,405 | 2,995 | 2,717 | 3,359 | 2,468 | 2,950 | 3,362 | 18,368 | 12,139 | 19,510 | |
Impairment of goodwill and other long-lived assets | 17,302 | 3,250 | 111,593 | |||||||||
Total Operating Costs and Expenses | 779,121 | 817,590 | 772,851 | 757,672 | 769,818 | 777,212 | 771,030 | 770,682 | 3,127,234 | 3,088,742 | 3,223,973 | |
Income from Operations | 146,222 | 81,281 | 101,560 | 78,869 | 97,424 | 78,889 | 96,122 | 46,734 | 407,932 | 319,169 | 148,613 | |
Equity in earnings of affiliates, net | 202 | 4,613 | 91,503 | 4,052 | 37 | 5,892 | 3,868 | 3,418 | 100,370 | 13,215 | 14,086 | |
Interest income | 367 | 529 | 641 | 599 | 590 | 642 | 522 | 510 | 2,136 | 2,264 | 3,393 | |
Interest expense | -9,879 | -9,330 | -8,557 | -8,820 | -8,838 | -9,221 | -9,048 | -8,960 | -36,586 | -36,067 | -35,944 | |
Other income (expense), net | 387,346 | 64,526 | 268,114 | 133,273 | -14,920 | 8,110 | -12,858 | -4,083 | 853,259 | -23,751 | -5,456 | |
Income from Continuing Operations Before Income Taxes | 524,258 | 141,619 | 453,261 | 207,973 | 74,293 | 84,312 | 78,606 | 37,619 | 1,327,111 | 274,830 | 124,692 | |
Provision for Income Taxes | 191,900 | 58,200 | 78,600 | 77,400 | 24,100 | 29,900 | 31,700 | 15,800 | 406,100 | 101,500 | 73,400 | |
Income from Continuing Operations | 332,358 | 83,419 | 374,661 | 130,573 | 50,193 | 54,412 | 46,906 | 21,819 | 921,011 | 173,330 | 51,292 | |
Income from Discontinued Operations, Net of Tax | 2,308 | -6,980 | 375,189 | 1,732 | 106,335 | -23,988 | -1,772 | -16,560 | 372,249 | 64,015 | 80,895 | |
Net Income | 334,666 | 76,439 | 749,850 | 132,305 | 156,528 | 30,424 | 45,134 | 5,259 | 1,293,260 | 237,345 | 132,187 | |
Net Loss (Income) Attributable to Noncontrolling Interests | -256 | 121 | 499 | 219 | -55 | -75 | -253 | -97 | 583 | -480 | -74 | |
Net Income Attributable to Graham Holdings Company | 334,410 | 76,560 | 750,349 | 132,524 | 156,473 | 30,349 | 44,881 | 5,162 | 1,293,843 | 236,865 | 132,113 | |
Redeemable Preferred Stock Dividends | 0 | -209 | -212 | -426 | 0 | -205 | -206 | -444 | -847 | -855 | -895 | |
Net Income Attributable to Graham Holdings Company Common Stockholders | 334,410 | 76,351 | 750,137 | 132,098 | 156,473 | 30,144 | 44,675 | 4,718 | 1,292,996 | 236,010 | 131,218 | |
Amounts Attributable to Graham Holdings Company Common Stockholders | ||||||||||||
Income from continuing operations | 332,102 | 83,331 | 374,948 | 130,366 | 50,138 | 54,132 | 46,447 | 21,278 | 920,747 | 171,995 | 50,323 | |
Income from Discontinued Operations, Net of Tax | 2,308 | -6,980 | 375,189 | 1,732 | 106,335 | -23,988 | -1,772 | -16,560 | 372,249 | 64,015 | 80,895 | |
Net income attributable to Graham Holdings Company common stockholders | $334,410 | $76,351 | $750,137 | $132,098 | $156,473 | $30,144 | $44,675 | $4,718 | $1,292,996 | $236,010 | $131,218 | |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | ||||||||||||
Basic income per common share from continuing operations in dollars per share | $57.31 | $14.38 | $50.39 | $17.62 | $6.79 | $7.29 | $6.26 | $2.87 | $139.44 | $23.39 | $6.40 | |
Basic income per common share from discontinued operations in dollars per share | $0.40 | ($1.20) | $50.41 | $0.23 | $14.41 | ($3.22) | ($0.24) | ($2.23) | $56.37 | $8.71 | $10.99 | |
Basic net income per common share in dollars per share | $57.71 | $13.18 | $100.80 | $17.85 | $21.20 | $4.07 | $6.02 | $0.64 | $195.81 | $32.10 | $17.39 | |
Basic average number of common shares outstanding in shares | 5,678 | 5,671 | 7,284 | 7,275 | 7,266 | 7,231 | 7,229 | 7,227 | 6,470 | 7,238 | 7,360 | |
Diluted income per common share from continuing operations in dollars per share | $57.01 | $14.32 | $50.22 | $17.56 | $6.77 | $7.28 | $6.26 | $2.87 | $138.88 | $23.36 | $6.40 | |
Diluted income per common share from discontinued operations in dollars per share | $0.40 | ($1.20) | $50.26 | $0.23 | $14.37 | ($3.23) | ($0.24) | ($2.23) | $56.15 | $8.69 | $10.99 | |
Diluted net income per common share in dollars per share | $57.41 | $13.12 | $100.48 | $17.79 | $21.14 | $4.05 | $6.02 | $0.64 | $195.03 | $32.05 | $17.39 | |
Diluted average number of common shares outstanding in shares | 5,770 | 5,757 | 7,363 | 7,352 | 7,347 | 7,337 | 7,283 | 7,266 | 6,559 | 7,333 | 7,404 | |
[1] | Other revenue and operating expenses of $29.9 million from the third quarter of 2013 have been revised to correctly present revenue on a net basis for certain third quarter contracts that were previously reported on a gross basis. The amounts did not impact net income, and the Company concluded that the amounts were not material to the Company’s consolidated financial statements. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $1,293,260 | $237,345 | $132,187 |
Foreign currency translation adjustments: | |||
Translation adjustments arising during the year | -16,061 | -1,059 | 5,622 |
Adjustment for sales of businesses with foreign operations | -404 | 0 | -888 |
Total foreign currency translation adjustments | -16,465 | -1,059 | 4,734 |
Unrealized gains on available-for-sale securities: | |||
Unrealized gains for the year | 62,719 | 95,629 | 33,098 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income | -265,274 | 9,554 | 17,226 |
Total unrealized gains (losses) on available-for-sale securities | -202,555 | 105,183 | 50,324 |
Pension and other postretirement plans: | |||
Actuarial (loss) gain | -149,482 | 762,806 | 82,470 |
Prior service cost | -1,600 | 0 | 0 |
Amortization of net actuarial (gain) loss included in net income | -29,412 | 3,096 | 9,368 |
Amortization of net prior service credit included in net income | -407 | -1,383 | -1,859 |
Curtailments and settlements | 8 | -124,051 | 0 |
Other adjustments | 0 | 0 | -745 |
Total pension and other postretirement plans | -180,893 | 640,468 | 89,234 |
Cash flow hedge gain (loss) | 867 | 520 | -1,581 |
Other Comprehensive (Loss) Income, Before Tax | -399,046 | 745,112 | 142,711 |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 153,032 | -298,472 | -55,186 |
Other Comprehensive (Loss) Income, Net of Tax | -246,014 | 446,640 | 87,525 |
Comprehensive Income | 1,047,246 | 683,985 | 219,712 |
Comprehensive loss (income) attributable to noncontrolling interests | 583 | -503 | -103 |
Total Comprehensive Income Attributable to Graham Holdings Company | $1,047,829 | $683,482 | $219,609 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $772,751 | $569,719 |
Restricted cash | 24,898 | 83,769 |
Investments in marketable equity securities and other investments | 226,752 | 522,318 |
Accounts receivable, net | 571,357 | 428,653 |
Income taxes receivable | 0 | 17,991 |
Deferred income taxes | 934 | 0 |
Inventories and contracts in progress | 11,309 | 2,924 |
Other current assets | 81,462 | 77,013 |
Current assets of discontinued operations (includes $1,235 of cash) | 1,240 | 0 |
Total Current Assets | 1,690,703 | 1,702,387 |
Property, Plant and Equipment, Net | 860,829 | 927,542 |
Investments in Affiliates | 19,811 | 15,754 |
Goodwill, Net | 1,348,710 | 1,288,622 |
Indefinite-Lived Intangible Assets, Net | 516,753 | 541,278 |
Amortized Intangible Assets, Net | 96,947 | 39,588 |
Prepaid Pension Cost | 1,152,488 | 1,245,505 |
Deferred Charges and Other Assets | 65,258 | 50,370 |
Noncurrent assets of discontinued operations | 820 | 0 |
Total Assets | 5,752,319 | 5,811,046 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 464,342 | 505,699 |
Income taxes payable | 128,895 | 0 |
Deferred income taxes | 0 | 58,411 |
Deferred revenue | 410,146 | 366,831 |
Short-term borrowings | 46,375 | 3,168 |
Current liabilities of discontinued operations | 1,034 | 0 |
Total Current Liabilities | 1,050,792 | 934,109 |
Postretirement Benefits Other Than Pensions | 37,962 | 36,219 |
Accrued Compensation and Related Benefits | 244,082 | 211,526 |
Other Liabilities | 91,789 | 86,000 |
Deferred Income Taxes | 754,960 | 778,735 |
Long-Term Debt | 399,545 | 447,608 |
Total Liabilities | 2,579,130 | 2,494,197 |
Commitments and Contingencies | ||
Redeemable Noncontrolling Interest | 21,904 | 5,896 |
Redeemable Preferred Stock, Series A, $1 par value, with a redemption and liquidation value of $1,000 per share; 23,000 shares authorized; 10,510 and 10,665 shares issued and outstanding | 10,510 | 10,665 |
Preferred Stock, $1 par value; 977,000 shares authorized, none issued | 0 | 0 |
Common Stockholders’ Equity | ||
Capital in excess of par value | 303,789 | 288,129 |
Retained earnings | 6,008,506 | 4,782,777 |
Accumulated other comprehensive income, net of taxes | ||
Cumulative foreign currency translation adjustment | 8,548 | 25,013 |
Unrealized gain on available-for-sale securities | 52,130 | 173,663 |
Unrealized gain on pensions and other postretirement plans | 392,910 | 501,446 |
Cash flow hedge | -108 | -628 |
Cost of 14,201,211 and 12,612,876 shares of Class B common stock held in treasury | -3,645,476 | -2,490,333 |
Total Common Stockholders’ Equity | 3,140,299 | 3,300,067 |
Noncontrolling interests | 476 | 221 |
Total Equity | 3,140,775 | 3,300,288 |
Total Liabilities and Equity | 5,752,319 | 5,811,046 |
Class A Common Stock [Member] | ||
Common Stockholders’ Equity | ||
Common stock | 975 | 1,169 |
Accumulated other comprehensive income, net of taxes | ||
Total Equity | 975 | 1,169 |
Class B Common Stock [Member] | ||
Common Stockholders’ Equity | ||
Common stock | 19,025 | 18,831 |
Accumulated other comprehensive income, net of taxes | ||
Total Equity | $19,025 | $18,831 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Redeemable Preferred Stock, par value per share | $1 | $1 |
Redeemable Preferred Stock, redemption value per share | $1,000 | $1,000 |
Redeemable Preferred Stock, liquidation value per share | $1,000 | $1,000 |
Redeemable Preferred Stock, shares authorized | 23,000 | 23,000 |
Redeemable Preferred Stock, shares issued | 10,510 | 10,665 |
Redeemable Preferred Stock, shares outstanding | 10,510 | 10,665 |
Preferred Stock, par value per share | $1 | $1 |
Preferred Stock, shares authorized | 977,000 | 977,000 |
Preferred Stock, shares issued | 0 | 0 |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $1,235 | |
Class A Common Stock [Member] | ||
Common Stock, par value per share | $1 | $1 |
Common Stock, shares authorized | 7,000,000 | 7,000,000 |
Common Stock, shares issued | 974,823 | 1,169,073 |
Common Stock, shares outstanding | 974,823 | 1,169,073 |
Class B Common Stock [Member] | ||
Common Stock, par value per share | $1 | $1 |
Common Stock, shares authorized | 40,000,000 | 40,000,000 |
Common Stock, shares issued | 19,025,177 | 18,830,927 |
Common Stock, shares outstanding | 4,823,966 | 6,218,051 |
Treasury Stock | 14,201,211 | 12,612,876 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net Income | $1,293,260 | $237,345 | $132,187 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of property, plant and equipment | 205,284 | 251,262 | 269,992 |
Amortization of intangible assets | 19,097 | 13,598 | 21,444 |
Goodwill and other long-lived asset impairment charges | 25,076 | 3,250 | 111,593 |
Net pension (benefit) expense | -69,406 | 1,927 | 16,044 |
Early retirement program expense | 8,374 | 22,700 | 8,508 |
Stock-based compensation expense, net | 17,577 | 25,163 | 14,662 |
Foreign exchange loss (gain) | 11,129 | 13,382 | -3,132 |
Net gain on sales and disposition of businesses | -351,133 | -157,449 | -23,759 |
Net (gain) loss on dispositions, sales or write-downs of marketable equity securities and cost method investments | -263,595 | 11,325 | 10,925 |
Gain on sale of an equity affiliate | 396,553 | 0 | 0 |
Equity in (earnings) losses of affiliates, including impairment charges, net of distributions | -96,517 | 1,661 | -1,148 |
Provision (benefit) for deferred income taxes | 49,143 | 11,595 | -64,383 |
Net (gain) loss on sales of property, plant and equipment | -119,399 | 4,746 | 1,896 |
Net gain on sale of intangible assets | -75,249 | 0 | 0 |
Change in assets and liabilities: | |||
Decrease (increase) in restricted cash | 58,871 | -55,231 | -3,251 |
Increase in accounts receivable, net | -96,844 | -81,989 | -14,846 |
(Increase) decrease in inventories | -2,413 | 851 | -1,871 |
(Decrease) increase in accounts payable and accrued liabilities | -39,199 | 20,290 | -27,531 |
Increase (decrease) in deferred revenue | 37,291 | -3,434 | 24,482 |
Increase in income taxes payable and (increase) in income taxes receivable | 146,692 | -18,352 | 11,936 |
Decrease (increase) in other assets and other liabilities, net | 8,791 | 3,491 | -2,116 |
Other | 2,093 | 4,097 | 2,275 |
Net Cash Provided by Operating Activities | 372,370 | 310,228 | 483,907 |
Cash Flows from Investing Activities | |||
Net proceeds from sales of businesses, property, plant and equipment and other assets | 644,342 | 248,105 | 76,863 |
Investments in commercial paper | -249,795 | 0 | 0 |
Proceeds from maturities of commercial paper | 249,795 | 0 | 0 |
Purchases of property, plant and equipment | -237,292 | -206,457 | -224,688 |
Investments in certain businesses, net of cash acquired | -206,035 | -20,027 | -40,339 |
Net distribution from equity affiliate | 93,481 | 0 | 0 |
Purchases of marketable equity securities and other investments | -60,281 | -28,073 | -48,031 |
Other | -5,200 | -1,313 | 1,459 |
Net Cash Used in Investing Activities | 229,015 | -7,765 | -234,736 |
Cash Flows from Financing Activities | |||
Common shares repurchased, including the Berkshire Exchange transaction | -327,718 | -4,196 | -103,196 |
Dividends paid | -68,114 | -863 | -147,327 |
Proceeds from exercise of stock options | 7,462 | 5,682 | 0 |
(Repayment) issuance of borrowings | -1,538 | -240,121 | 130,450 |
Other | 1,292 | -3,932 | -1,772 |
Net Cash Used in Financing Activities | -388,616 | -243,430 | -121,845 |
Effect of Currency Exchange Rate Change | -8,502 | -1,745 | 4,006 |
Net Increase in Cash and Cash Equivalents | 204,267 | 57,288 | 131,332 |
Cash and Cash Equivalents at Beginning of Year | 569,719 | 512,431 | 381,099 |
Cash and Cash Equivalents at End of Year | 772,751 | 569,719 | 512,431 |
Cash and Cash Equivalents at End of Year, Including Cash of Discontinued Operations | 773,986 | ||
Cash paid during the year for: | |||
Income taxes | 188,000 | 144,500 | 50,531 |
Interest | $35,000 | $35,500 | $35,500 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Common Shareholders' Equity (USD $) | Total | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Cumulative Foreign Currency Translation Adjustment [Member] | Unrealized Gain on Available- for- Sale Securities [Member] | Unrealized Gain (Loss) on Pensions and Other Postretirement Plans [Member] | Cash Flow Hedge [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] |
In Thousands | |||||||||||
As of at Dec. 31, 2011 | $252,767 | $4,561,989 | $21,338 | $80,358 | $63,625 | $8 | ($2,398,189) | $0 | $1,229 | $18,771 | |
Net income for the year | 132,187 | 132,187 | |||||||||
Acquisitions and noncontrolling interest | 191 | ||||||||||
Net income attributable to noncontrolling interest | -74 | -51 | 51 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests | -23 | ||||||||||
Distribution to noncontrolling interests | -52 | ||||||||||
Dividends paid on common stock | -146,432 | ||||||||||
Dividends paid on redeemable preferred stock | -895 | -895 | |||||||||
Repurchase of Class B common stock | -103,196 | ||||||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | -27,423 | 27,038 | |||||||||
Amortization of unearned stock compensation and stock option expense | 14,662 | ||||||||||
Change in foreign currency translation adjustment (net of tax) | 4,734 | 4,734 | |||||||||
Change in unrealized gain on available-for-sale securities (net of taxes) | 30,195 | 30,195 | |||||||||
Adjustment for pensions and other postretirement plans (net of taxes) | 53,544 | 53,544 | |||||||||
Conversion of Class A common stock to Class B common stock | -10 | 10 | |||||||||
Taxes arising from employee stock plans | 740 | ||||||||||
Cash flow hedge | -948 | ||||||||||
As of at Dec. 31, 2012 | 240,746 | 4,546,775 | 26,072 | 110,553 | 117,169 | -940 | -2,474,347 | 190 | 1,219 | 18,781 | |
Net income for the year | 237,345 | 237,345 | |||||||||
Acquisitions and noncontrolling interest | 3,932 | ||||||||||
Net income attributable to noncontrolling interest | -480 | -479 | 479 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests | -1 | ||||||||||
Distribution to noncontrolling interests | -448 | ||||||||||
Dividends paid on redeemable preferred stock | -855 | -863 | |||||||||
Repurchase of Class B common stock | -17,709 | ||||||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | -4,271 | 1,723 | |||||||||
Amortization of unearned stock compensation and stock option expense | 46,908 | ||||||||||
Change in foreign currency translation adjustment (net of tax) | -1,059 | ||||||||||
Change in unrealized gain on available-for-sale securities (net of taxes) | 63,110 | 63,110 | |||||||||
Adjustment for pensions and other postretirement plans (net of taxes) | 384,277 | 384,277 | |||||||||
Conversion of Class A common stock to Class B common stock | -50 | 50 | |||||||||
Taxes arising from employee stock plans | 814 | ||||||||||
Cash flow hedge | 312 | ||||||||||
As of at Dec. 31, 2013 | 3,300,288 | 288,129 | 4,782,777 | 25,013 | 173,663 | 501,446 | -628 | -2,490,333 | 221 | 1,169 | 18,831 |
Net income for the year | 1,293,260 | 1,293,260 | |||||||||
Net income attributable to noncontrolling interest | 583 | -497 | 497 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 1,080 | ||||||||||
Distribution to noncontrolling interests | -242 | ||||||||||
Dividends paid on common stock | -67,267 | ||||||||||
Dividends paid on redeemable preferred stock | -847 | -847 | |||||||||
Repurchase of Class B common stock | -1,165,427 | ||||||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | -3,186 | 10,284 | |||||||||
Amortization of unearned stock compensation and stock option expense | 18,291 | ||||||||||
Change in foreign currency translation adjustment (net of tax) | -16,465 | -16,465 | |||||||||
Change in unrealized gain on available-for-sale securities (net of taxes) | -121,533 | -121,533 | |||||||||
Adjustment for pensions and other postretirement plans (net of taxes) | -108,536 | -108,536 | |||||||||
Conversion of Class A common stock to Class B common stock | -194 | 194 | |||||||||
Taxes arising from employee stock plans | 555 | ||||||||||
Cash flow hedge | 520 | ||||||||||
As of at Dec. 31, 2014 | $3,140,775 | $303,789 | $6,008,506 | $8,548 | $52,130 | $392,910 | ($108) | ($3,645,476) | $476 | $975 | $19,025 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | ORGANIZATION AND NATURE OF OPERATIONS |
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). | |
On June 30, 2014, the Company completed the exchange of WPLG, its Miami-based television station (see Note 7). The operating results of WPLG have been presented in income from discontinued operations, net of tax, for all periods presented. | |
In November 2014, the Company announced that the Board of Directors authorized management to proceed with plans for the complete legal and structural separation of Cable ONE, Inc., a wholly-owned subsidiary, from the Company. Following the proposed transaction, Cable ONE will be an independent, publicly traded company. The Company intends to complete the proposed transaction later in 2015. The proposed transaction will be structured as a tax-free spin-off of Cable ONE to the stockholders of the Company. The transaction is contingent on the satisfaction of a number of conditions, including completion of the review process by the Securities and Exchange Commission of required filings under applicable securities regulations, other applicable regulatory approvals and the final approval of transaction terms by the Company’s Board of Directors. | |
On February 12, 2015, Kaplan entered into a Purchase and Sale Agreement with Education Corporation of America (ECA) to sell substantially all of the assets of its KHE Campuses business, consisting of 38 nationally accredited ground campuses and certain related assets, in exchange for a preferred equity interest in ECA. The transaction is contingent upon certain regulatory and accrediting agency approvals and is expected to close in the second or third quarter of 2015. | |
Education—Kaplan, Inc. provides an extensive range of educational services for students and professionals. Kaplan’s various businesses comprise three categories: Higher Education (KHE), Test Preparation (KTP) and Kaplan International. | |
Media—The Company’s diversified media operations comprise cable operations, television broadcasting, several websites and print publications, and a marketing solutions provider. | |
Cable. Cable ONE provides cable services that include video, high-speed data and voice service in the midwestern, western and southern states of the United States. | |
Television broadcasting. The Company owns five VHF television stations located in Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; and Jacksonville, FL. Other than the Company’s Jacksonville station, WJXT, the Company’s television stations are affiliated with one of the major national networks. | |
Other—The Company’s other business operations include home health and hospice services and manufacturing. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||
Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||||||||
Revision of Prior Period Amounts. During the preparation of the 2014 financial statements, the Company concluded that its Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012, that were previously included in the Company’s annual reports, should be revised to correct the impact of accounts payable and accrued expenses related to capital expenditures. The Company revised its Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012 to properly eliminate noncash capital expenditures. The result of this correction for the year ended December 31, 2013, was a decrease in net cash used in investing activities of $17.6 million, with an offsetting decrease recorded to net cash provided by operating activities during the same period. The result of this correction for the year ended December 31, 2012, was an increase in net cash used in investing activities of $6.7 million, with an offsetting increase recorded to net cash provided by operating activities during the same period. | ||||||||||||||||||||||
Management has concluded that this error is not material to the previously issued Consolidated Financial Statements, and, as a result, the Company has revised the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012. There was no impact on the previously reported total cash and cash equivalents, Consolidated Balance Sheets or Consolidated Statements of Operations. | ||||||||||||||||||||||
As detailed below, these revisions impacted the following consolidated cash flow items: | ||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||
As | As | |||||||||||||||||||||
Previously | As | Previously | As | |||||||||||||||||||
(in thousands) | Reported | Revision | Revised | Reported | Revision | Revised | ||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | $ | 37,926 | (17,636 | ) | $ | 20,290 | $ | (34,224 | ) | 6,693 | $ | (27,531 | ) | |||||||||
Net Cash Provided by Operating Activities | 327,864 | (17,636 | ) | 310,228 | 477,214 | 6,693 | 483,907 | |||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||||
Purchases of Property, Plant and Equipment | (224,093 | ) | 17,636 | (206,457 | ) | (217,995 | ) | (6,693 | ) | (224,688 | ) | |||||||||||
Net Cash Used in Investing Activities | (25,401 | ) | 17,636 | (7,765 | ) | (228,043 | ) | (6,693 | ) | (234,736 | ) | |||||||||||
Reclassifications. Certain amounts in previously issued financial statements have been reclassified to conform with the 2014 presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented. | ||||||||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. 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. On an ongoing basis, the Company evaluates its estimates and assumptions. | ||||||||||||||||||||||
Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date. | ||||||||||||||||||||||
Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less. | ||||||||||||||||||||||
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. | ||||||||||||||||||||||
Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to trade accounts receivable. | ||||||||||||||||||||||
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. | ||||||||||||||||||||||
Investments in Marketable Equity Securities. The Company’s investments in marketable equity securities are classified as available-for-sale and, therefore, are recorded at fair value in the Consolidated Financial Statements, with the change in fair value during the period excluded from earnings and recorded net of income taxes as a separate component of other comprehensive income. If the fair value of a marketable equity security declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold or reclassified out of other comprehensive income. | ||||||||||||||||||||||
Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. | ||||||||||||||||||||||
For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. | ||||||||||||||||||||||
The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. | ||||||||||||||||||||||
Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of the interest rate hedge is determined based on a number of observable inputs, including time to maturity and market interest rates. | ||||||||||||||||||||||
Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or realizable values and are based on the first-in, first-out (FIFO) method. | ||||||||||||||||||||||
Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases. | ||||||||||||||||||||||
The cable division capitalizes costs associated with the construction of cable transmission and distribution facilities and new cable service installations. Costs include all direct labor and materials, as well as certain indirect costs. The cost of subsequent disconnects and reconnects are expensed as they are incurred. | ||||||||||||||||||||||
Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered to not be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose. | ||||||||||||||||||||||
Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from franchise agreements at its cable division, as the Company expects its cable franchise agreements to provide the Company with substantial benefit for a period that extends beyond the foreseeable horizon, and the Company’s cable division historically has obtained renewals and extensions of such agreements for nominal costs and without any material modifications to the agreements. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 10 years. | ||||||||||||||||||||||
The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. In reviewing the carrying value of indefinite-lived intangible assets at the cable division, the Company aggregates its cable systems on a regional basis. The Company initially assesses qualitative factors to determine if it is necessary to perform the two-step goodwill impairment review or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill for impairment using the two-step process and the indefinite-lived intangible assets using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company reviews the carrying value of goodwill and indefinite-lived intangible assets utilizing a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s and indefinite-lived intangible asset’s estimated fair value. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges. | ||||||||||||||||||||||
Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. The Company considers whether the fair values of any of its equity method investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value. | ||||||||||||||||||||||
Cost Method Investments. The Company uses the cost method of accounting for its minority investments in nonpublic companies where it does not have significant influence over the operations and management of the investee. Investments are recorded at the lower of cost or fair value as estimated by management. Charges recorded to write down cost method investments to their estimated fair value and gross realized gains or losses upon the sale of cost method investments are included in other (expense) income, net, in the Company’s Consolidated Financial Statements. Fair value estimates are based on a review of the investees’ product development activities, historical financial results and projected discounted cash flows. | ||||||||||||||||||||||
Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, the fees are fixed or determinable, the product or service has been delivered and collectability is reasonably assured. The Company considers the terms of each arrangement to determine the appropriate accounting treatment. | ||||||||||||||||||||||
Education revenues. Tuition revenue is recognized ratably over the period of instruction as services are delivered to students, net of any refunds, corporate discounts, scholarships and employee tuition discounts. At KTP and International divisions, estimates of average student course length are developed for each course, and these estimates are evaluated on an ongoing basis and adjusted as necessary. Online access revenue is recognized ratably over the period of access. Course material revenue is recognized over the same period as the tuition or online access, if related, or when the products are delivered, if not related. Other revenues, such as student support services, are recognized when the services are provided. | ||||||||||||||||||||||
KHE, through the Kaplan Commitment program, provides first-time students with a risk-free trial period. Under the program, KHE monitors academic progress and conducts assessments to help determine whether students are likely to be successful in their chosen course of study. Students who withdraw or are subject to dismissal during the risk-free trial period do not incur any significant financial obligation. The Company does not recognize revenues related to coursework until the students complete the risk-free period and decide to continue with their studies, at which time the fees become fixed or determinable. | ||||||||||||||||||||||
KHE’s 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. | ||||||||||||||||||||||
Cable revenues. Cable revenues are primarily derived from subscriber fees for video, high-speed data and voice services, and from advertising. Cable subscriber revenue is recognized monthly, as services are delivered. Advertising revenue is recognized when the commercials or programs are aired. | ||||||||||||||||||||||
Television broadcasting revenues. Advertising revenues are recognized, net of agency commissions, when the underlying advertisement is broadcast. Retransmission revenues are recognized over the term of the agreement based on monthly subscriber counts and contractual rates. | ||||||||||||||||||||||
Revenue presentation. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company acts as a principal or an agent in the transaction. In certain cases, the Company is considered the agent, and the Company records revenue equal to the net amount retained when the fee is earned. In these cases, costs incurred with third-party suppliers are excluded from the Company’s revenue. The Company assesses whether it or the third-party supplier is the primary obligor and evaluates the terms of its customer arrangements as part of this assessment. In addition, the Company considers other key indicators such as latitude in establishing price, inventory risk, nature of services performed, discretion in supplier selection and credit risk. | ||||||||||||||||||||||
Deferred revenue. Amounts received from customers in advance of revenue recognition are deferred as liabilities. Deferred revenue to be earned after one year is included in other noncurrent liabilities in the Company’s Consolidated Financial Statements. | ||||||||||||||||||||||
Leases. The Company leases substantially all of its educational facilities and enters into various other lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or capital lease. Additionally, many of the Company’s lease agreements contain renewal options, tenant improvement allowances, rent holidays and/or rent escalation clauses. When such items are included in a lease agreement, the Company records a deferred rent asset or liability in the Consolidated Financial Statements and records these items in rent expense evenly over the terms of the lease. | ||||||||||||||||||||||
The Company is also required to make additional payments under operating lease terms for taxes, insurance and other operating expenses incurred during the operating lease period; such items are expensed as incurred. Rental deposits are included as other assets in the Consolidated Financial Statements for lease agreements that require payments in advance or deposits held for security that are refundable, less any damages, at the end of the respective lease. | ||||||||||||||||||||||
Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Substantially all of the Company’s employees are covered by these plans. The Company also provides health care and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. | ||||||||||||||||||||||
The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans. | ||||||||||||||||||||||
Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee health care and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided. | ||||||||||||||||||||||
Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | ||||||||||||||||||||||
The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes. | ||||||||||||||||||||||
The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made. | ||||||||||||||||||||||
Foreign Currency Translation. Income and expense accounts of the Company’s non-United States operations where the local currency is the functional currency are translated into United States (U.S.) dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations. | ||||||||||||||||||||||
Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award. | ||||||||||||||||||||||
Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. | ||||||||||||||||||||||
Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, the change in unrealized gains (losses) on investments in marketable equity securities, net changes in cash flow hedge and pension and other postretirement plan adjustments. | ||||||||||||||||||||||
Discontinued Operations. A business is classified as a discontinued operation when (i) the operations and cash flows of the business can be clearly distinguished and have been or will be eliminated from the Company’s ongoing operations; (ii) the business has either been disposed of or is classified as held for sale; and (iii) the Company will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations (as well as the gain or loss on the disposal) are aggregated and separately presented in the Company’s Consolidated Statements of Operations, net of income taxes. | ||||||||||||||||||||||
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 impact of the guidance on the Company’s Consolidated Financial Statements will depend on its future disposal activity. | ||||||||||||||||||||||
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 Consolidated Financial Statements and believes such evaluation will extend over several future periods because of 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 Consolidated Financial Statements. | ||||||||||||||||||||||
Other new pronouncements issued but not effective until after December 31, 2014, are not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 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 was sold by Kaplan in January 2015. These sales resulted in a pre-tax loss of $3.1 million. | ||||||||||||
On June 30, 2014, the Company and Berkshire Hathaway Inc. completed a transaction, as described in Note 7, 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 its newspaper publishing businesses for $250.0 million. The publishing businesses sold include The Washington Post, Express, The Gazette Newspapers, Southern Maryland Newspapers, Greater Washington Publishing, Fairfax County Times, El Tiempo Latino and related websites (Publishing Subsidiaries). A pre-tax gain of $157.5 million was recorded on the sale (after-tax gain of $100.0 million) in the fourth quarter of 2013. | ||||||||||||
In March 2013, the Company sold The Herald. Kaplan sold Kidum in August 2012, EduNeering in April 2012 and Kaplan Learning Technologies (KLT) in February 2012. In addition, the Company divested its interest in Avenue100 Media Solutions in July 2012. | ||||||||||||
The sale of The Herald resulted in a pre-tax loss of $0.1 million that was recorded in the first quarter of 2013. | ||||||||||||
The sale of KLT resulted in a pre-tax loss of $3.1 million, which was recorded in the first quarter of 2012. The sale of EduNeering resulted in a pre-tax gain of $29.5 million, which was recorded in the second quarter of 2012. The sale of Kidum resulted in a pre-tax gain of $3.6 million, which was recorded in the third quarter of 2012. | ||||||||||||
In connection with each of the sales of the Company’s stock in EduNeering and KLT, in the first quarter of 2012, the Company recorded $23.2 million of income tax benefits related to the excess of the outside stock tax basis over the net book value of the net assets disposed. | ||||||||||||
In connection with the disposal of Avenue100 Media Solutions, Inc., the Company recorded a pre-tax loss of $5.7 million in the third quarter of 2012. An income tax benefit of $44.5 million was also recorded in the third quarter of 2012 as the Company determined that Avenue100 Media Solutions, Inc. had no value. The income tax benefit was due to the Company’s tax basis in the stock of Avenue100 exceeding its net book value as a result of goodwill and other intangible asset impairment charges recorded in prior years, for which no tax benefit was previously recorded. | ||||||||||||
The results of operations of the schools in China, WPLG, the Publishing Subsidiaries, The Herald, Kidum, Avenue100, Kaplan EduNeering and KLT for 2014, 2013 and 2012, where applicable, are included in the Company’s Consolidated Statements of Operations as Income (Loss) from Discontinued Operations, Net of Tax. All corresponding prior period operating results presented in the Company’s Consolidated Financial Statements and the accompanying notes have been reclassified to reflect the discontinued operations presented. The Company did not reclassify its Consolidated Statements of Cash Flows or prior year Consolidated Balance Sheet to reflect the 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 income (loss) from discontinued operations, net of tax, is presented below: | ||||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Operating revenues | $ | 46,980 | $ | 462,658 | $ | 679,640 | ||||||
Operating costs and expenses | (37,257 | ) | (519,162 | ) | (690,963 | ) | ||||||
Gain (loss) from discontinued operations | 9,723 | (56,504 | ) | (11,323 | ) | |||||||
Provision (benefit) for income taxes | 4,408 | (20,559 | ) | (3,868 | ) | |||||||
Net Gain (Loss) from Discontinued Operations | 5,315 | (35,945 | ) | (7,455 | ) | |||||||
Gain on sales and disposition of discontinued operations | 351,133 | 157,449 | 23,759 | |||||||||
(Benefit) provision for income taxes on sales and disposition of discontinued operations | (15,801 | ) | 57,489 | (64,591 | ) | |||||||
Income from Discontinued Operations, Net of Tax | $ | 372,249 | $ | 64,015 | $ | 80,895 | ||||||
Investments
Investments | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments [Abstract] | ||||||||
Investments | INVESTMENTS | |||||||
Commercial Paper and Money Market Investments. As of December 31, 2014 and 2013, the Company had commercial paper and money market investments of $594.3 million and $431.8 million, respectively, that are classified as cash, cash equivalents and restricted cash in the Company’s Consolidated Balance Sheets. | ||||||||
Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following: | ||||||||
As of December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Total cost | $ | 106,909 | $ | 197,718 | ||||
Net unrealized gains | 86,884 | 289,438 | ||||||
Total Fair Value | $ | 193,793 | $ | 487,156 | ||||
At December 31, 2013, the Company owned 2,214 shares of Berkshire Hathaway Inc. (Berkshire) Class A common stock and 424,250 shares of Berkshire Class B common stock. The Company’s ownership of Berkshire accounted for $444.2 million, or 91%, of the total fair value of the Company’s investments in marketable equity securities at December 31, 2013. Berkshire is a holding company owning subsidiaries engaged in a number of diverse business activities. Berkshire also owned approximately 23% of the common stock of the Company. At December 31, 2013, the unrealized gain related to the Company’s Berkshire stock investment totaled $286.9 million. On June 30, 2014, the Company completed a transaction with Berkshire, as described in Note 7, 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. | ||||||||
The Company invested $49.9 million, $15.0 million and $45.0 million in marketable equity securities during 2014, 2013 and 2012, respectively. 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 2014, the proceeds from the sale of these marketable securities were $5.8 million and net realized losses were $2.6 million. During 2013 and 2012, proceeds from sales of marketable equity securities were $3.6 million and $2.0 million, respectively, and net realized gains on such sales were $0.9 million and $0.5 million, respectively. | ||||||||
At the end of 2013 and 2012, the Company’s investment in Strayer Education, Inc. had been in an unrealized loss position for about six months. The Company evaluated this investment for other-than-temporary impairment based on various factors, including the duration and severity of the unrealized loss, the reason for the decline in value, the potential recovery period and the Company’s ability and intent to hold the investment. Based on this evaluation, the Company concluded that the unrealized loss was other-than-temporary and recorded a $10.4 million and an $18.0 million write-down of the investment in 2013 and 2012, respectively. | ||||||||
Investments in Affiliates. 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 September 30, 2014, the Company held a 16.5% interest in Classified Ventures. 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 recorded a pre-tax gain of $396.6 million in connection with the sale in the fourth quarter of 2014. | ||||||||
At December 31, 2014, the Company held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois and interests in several other affiliates. | ||||||||
During the fourth quarter of 2012, the Company sold its 49% interest in the common stock of Bowater Mersey Paper Company Limited for a nominal amount; no loss was recorded as the investment had previously been written down to zero. |
Accounts_Receivable_Accounts_P
Accounts Receivable, Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract] | ||||||||||||||||
Accounts Receivable Accounts Payable And Accrued Liabilities | ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |||||||||||||||
Accounts receivable consist of the following: | ||||||||||||||||
As of December 31 | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Trade accounts receivable, less estimated returns, doubtful accounts and allowances | ||||||||||||||||
of $32,598 and $33,384 | $ | 538,532 | $ | 407,234 | ||||||||||||
Other receivables | 32,825 | 21,419 | ||||||||||||||
$ | 571,357 | $ | 428,653 | |||||||||||||
The changes in allowance for doubtful accounts and returns and allowance for advertising rate adjustments and discounts were as follows: | ||||||||||||||||
(in thousands) | Balance at | Additions – | Deductions | Balance | ||||||||||||
Beginning | Charged to | at | ||||||||||||||
of Period | Costs and | End of | ||||||||||||||
Expenses | Period | |||||||||||||||
2014 | ||||||||||||||||
Allowance for doubtful accounts and returns | $ | 33,834 | $ | 47,356 | $ | (48,592 | ) | $ | 32,598 | |||||||
2013 | ||||||||||||||||
Allowance for doubtful accounts and returns | $ | 33,612 | $ | 57,245 | $ | (57,023 | ) | $ | 33,834 | |||||||
Allowance for advertising rate adjustments and discounts | 1,850 | — | (1,850 | ) | — | |||||||||||
$ | 35,462 | $ | 57,245 | $ | (58,873 | ) | $ | 33,834 | ||||||||
2012 | ||||||||||||||||
Allowance for doubtful accounts and returns | $ | 48,199 | $ | 55,605 | $ | (70,192 | ) | $ | 33,612 | |||||||
Allowance for advertising rate adjustments and discounts | 2,026 | 15,088 | (15,264 | ) | 1,850 | |||||||||||
$ | 50,225 | $ | 70,693 | $ | (85,456 | ) | $ | 35,462 | ||||||||
Accounts payable and accrued liabilities consist of the following: | ||||||||||||||||
As of December 31 | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Accounts payable and accrued liabilities | $ | 303,111 | $ | 343,620 | ||||||||||||
Accrued compensation and related benefits | 161,231 | 162,079 | ||||||||||||||
$ | 464,342 | $ | 505,699 | |||||||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consist of the following: | ||||||||
As of December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Land | $ | 18,052 | $ | 32,618 | ||||
Buildings | 157,250 | 299,652 | ||||||
Machinery, equipment and fixtures | 2,357,264 | 2,289,966 | ||||||
Leasehold improvements | 214,119 | 294,548 | ||||||
Construction in progress | 71,156 | 94,615 | ||||||
2,817,841 | 3,011,399 | |||||||
Less accumulated depreciation | (1,957,012 | ) | (2,083,857 | ) | ||||
$ | 860,829 | $ | 927,542 | |||||
Depreciation expense was $203.6 million, $229.4 million and $240.1 million in 2014, 2013 and 2012, respectively. |
Acquisitions_Dispositions_and_
Acquisitions, Dispositions and Exchanges | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Acquisitions And Dispositions [Abstract] | ||||||||
Acquisitions, Dispositions and Exchanges | ACQUISITIONS, DISPOSITIONS AND EXCHANGES | |||||||
Acquisitions. The Company completed business acquisitions totaling approximately $210.2 million in 2014; $23.8 million in 2013; and $55.6 million in 2012. The assets and liabilities of the companies acquired have been recorded at their estimated fair values at the date of acquisition. | ||||||||
During 2014, the Company acquired nine businesses. 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, providers of skilled home health care and hospice services in Michigan and Illinois. Residential Healthcare Group, Inc. has a 40% ownership interest in Residential Home Health Illinois and a 42.5% ownership interest in Residential Hospice Illinois, which are accounted for as investments in affiliates. The fair value of the redeemable noncontrolling interest in Residential Healthcare Group, Inc. was $17.1 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 those of the remaining minority shareholders in 2024. The operating results of these businesses are included in other businesses. The Company also acquired three small businesses in its education division, one small business in its broadcasting division and two small businesses in other businesses. | ||||||||
Acquisition-related costs were expensed as incurred and were not significant. The aggregate purchase price of these 2014 acquisitions was allocated as follows (on a preliminary basis for Residential Healthcare Group): | ||||||||
Weighted Average Life | Purchase Price Allocation | |||||||
(in thousands) | ||||||||
Cash and cash equivalents | $ | 4,143 | ||||||
Accounts receivable | 15,912 | |||||||
Other current assets | 6,724 | |||||||
Property, plant and equipment | 12,834 | |||||||
Investments in affiliates | 8,556 | |||||||
Goodwill | 128,919 | |||||||
Indefinite-lived intangible assets | ||||||||
Trade name | 11,900 | |||||||
Other | 151 | |||||||
12,051 | ||||||||
Amortized intangible assets | ||||||||
Noncompete agreements | 3 years | 430 | ||||||
Student and customer relationships | 6 years | 51,532 | ||||||
Databases and technology | 3 years | 150 | ||||||
Trade names and trademarks | 8 years | 20,254 | ||||||
Other | 3 years | 1,400 | ||||||
7 years | 73,766 | |||||||
Other noncurrent assets | 1,215 | |||||||
Current liabilities | (17,180 | ) | ||||||
Noncurrent liabilities | (19,654 | ) | ||||||
Redeemable noncontrolling interest | (17,108 | ) | ||||||
$ | 210,178 | |||||||
The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The Company's Consolidated Statements of Operations include aggregate revenues and operating losses for the companies acquired in 2014 of $81.0 million and $7.1 million, respectively, for 2014. The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2013: | ||||||||
Year Ended December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Operating revenues | $ | 3,595,121 | $ | 3,547,856 | ||||
Net income | $ | 1,292,421 | $ | 227,556 | ||||
These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had these entities been part of the Company during the periods presented and are not necessarily indicative of the Company’s consolidated results of operations in future periods. | ||||||||
During 2013, the Company acquired six businesses. 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 for Forney are included in other businesses. The Company also acquired four small businesses in other businesses and one small business in its education division. 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. The purchase price allocations mostly comprised goodwill, other intangible assets and current assets. | ||||||||
During 2012, the Company completed five business acquisitions. In November 2012, the Company completed its acquisition of a controlling interest in Celtic Healthcare, Inc. (Celtic), a provider of home health care and hospice services in the northeastern and mid-Atlantic regions. The operating results of Celtic are included in other businesses. The fair value of the noncontrolling interest in Celtic was $5.9 million at the acquisition date, determined using a market approach. The minority shareholder has an option to put their shares to the Company from 2018 to 2022, and the Company has an option to buy the shares of the minority shareholder in 2022. The Company also acquired three small businesses in its education division and one small business in other businesses. The purchase price allocations mostly comprised goodwill and other intangible assets. | ||||||||
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. In January 2015, Kaplan completed the sale of an additional school in China. | ||||||||
On October 1, 2013, the Company completed the sale of its Publishing Subsidiaries that together conducted most of the Company’s publishing business and related services, including publishing The Washington Post, Express, The Gazette Newspapers, Southern Maryland Newspapers, Greater Washington Publishing, Fairfax County Times, El Tiempo Latino and related websites. In March 2013, the Company completed the sale of The Herald, a daily and Sunday newspaper headquartered in Everett, WA. | ||||||||
The Company divested its interest in Avenue100 Media Solutions in July 2012, which was previously reported in other businesses. Kaplan completed the sales of Kidum in August 2012, EduNeering in April 2012 and KLT in February 2012. | ||||||||
On February 12, 2015, Kaplan entered into a Purchase and Sale Agreement with ECA to sell substantially all of the assets of its KHE Campuses business, consisting of 38 nationally accredited ground campuses and certain related assets, in exchange for a preferred equity interest in ECA. The transaction is contingent upon certain regulatory and accrediting agency approvals and is expected to close in the second or third quarter of 2015. The Company expects to report a pre-tax loss on the transaction that is not material to the Company’s overall financial position. | ||||||||
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 2014 of 30.6% 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 results from the businesses described in dispositions and exchanges above, which have been reclassified to discontinued operations (see Note 3). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||||
In 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. In addition, Kaplan recorded intangible asset impairment charges of $1.8 million related to a KTP business, $1.1 million related to one of the Kaplan International businesses and $0.7 million related to KHE. The fair value of these intangible assets were estimated using an income approach. One of the businesses in the other businesses segment recorded an intangible asset impairment charge of $0.1 million. | ||||||||||||||||||||||||||
In 2013, as a result of operating losses and restructuring activities at one of the Kaplan International businesses, Kaplan recorded an intangible and other long-lived assets impairment charge of $3.3 million. The Company estimated the fair value of the student and customer relationships and database and technology intangible assets using the excess earnings method, and the fair value of the trade name and trademarks using the relief from royalty method. | ||||||||||||||||||||||||||
As part of the Company’s annual impairment review in 2012, the KTP reporting unit failed the step one goodwill impairment test, and, therefore, a step two analysis was performed. As a result of the step two analysis, the Company recorded a goodwill and other long-lived asset impairment charge of $111.6 million. The Company estimated the fair value utilizing a discounted cash flow model, supported by a market approach. The impairment charge was the result of a slowdown in enrollment growth at KTP, operating losses for the preceding three years and other factors. A substantial portion of the impairment charge was due to the amount of unrecognized intangible assets identified in the step two analysis. | ||||||||||||||||||||||||||
Amortization of intangible assets for the years ended December 31, 2014, 2013 and 2012, was $18.4 million, $12.1 million and $19.5 million, respectively. Amortization of intangible assets is estimated to be approximately $19 million in 2015, $18 million in 2016, $14 million in 2017, $13 million in 2018, $12 million in 2019 and $21 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 | Newspaper | Television | Other | Total | ||||||||||||||||||||
Publishing | Broadcasting | Businesses | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||
Goodwill | $ | 1,097,058 | $ | 85,488 | $ | 81,183 | $ | 203,165 | $ | 19,052 | $ | 1,485,946 | ||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | (65,772 | ) | — | — | (168,031 | ) | |||||||||||||||||
994,799 | 85,488 | 15,411 | 203,165 | 19,052 | 1,317,915 | |||||||||||||||||||||
Reallocation, net | — | — | (1,809 | ) | — | 1,809 | — | |||||||||||||||||||
Acquisitions | — | — | — | — | 7,934 | 7,934 | ||||||||||||||||||||
Dispositions | — | — | (13,602 | ) | — | — | (13,602 | ) | ||||||||||||||||||
Foreign currency exchange rate changes | (23,625 | ) | — | — | — | — | (23,625 | ) | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
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 | 14,963 | — | — | 2,841 | 111,115 | 128,919 | ||||||||||||||||||||
Dispositions | (2,422 | ) | — | — | (37,661 | ) | — | (40,083 | ) | |||||||||||||||||
Reclassification to discontinued operations | (810 | ) | — | — | — | — | (810 | ) | ||||||||||||||||||
Foreign currency exchange rate changes | (27,938 | ) | — | — | — | — | (27,938 | ) | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||
Goodwill | 1,057,226 | 85,488 | — | 168,345 | 145,992 | 1,457,051 | ||||||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | — | (6,082 | ) | (108,341 | ) | |||||||||||||||||
$ | 954,967 | $ | 85,488 | $ | — | $ | 168,345 | $ | 139,910 | $ | 1,348,710 | |||||||||||||||
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 | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||
Goodwill | $ | 409,184 | $ | 152,187 | $ | 535,687 | $ | 1,097,058 | ||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
409,184 | 49,928 | 535,687 | 994,799 | |||||||||||||||||||||||
Foreign currency exchange rate changes | (168 | ) | — | (23,457 | ) | (23,625 | ) | |||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
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 | 1,052 | 13,911 | — | 14,963 | ||||||||||||||||||||||
Dispositions | — | — | (2,422 | ) | (2,422 | ) | ||||||||||||||||||||
Reclassification to discontinued operations | — | — | (810 | ) | (810 | ) | ||||||||||||||||||||
Foreign currency exchange rate changes | (184 | ) | — | (27,754 | ) | (27,938 | ) | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||
Goodwill | 409,884 | 166,098 | 481,244 | 1,057,226 | ||||||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
$ | 409,884 | $ | 63,839 | $ | 481,244 | $ | 954,967 | |||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Useful | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Life | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Range | Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||||
Noncompete agreements | 2–5 years | $ | 2,500 | $ | 1,590 | $ | 910 | $ | 13,540 | $ | 12,622 | $ | 918 | |||||||||||||
Student and customer relationships | 2–10 years | 104,685 | 47,539 | 57,146 | 72,050 | 45,718 | 26,332 | |||||||||||||||||||
Databases and technology | 3–5 years | 10,501 | 8,827 | 1,674 | 10,790 | 6,991 | 3,799 | |||||||||||||||||||
Trade names and trademarks | 2–10 years | 55,452 | 19,724 | 35,728 | 22,327 | 16,052 | 6,275 | |||||||||||||||||||
Other | 1–25 years | 8,969 | 7,480 | 1,489 | 9,836 | 7,572 | 2,264 | |||||||||||||||||||
$ | 182,107 | $ | 85,160 | $ | 96,947 | $ | 128,543 | $ | 88,955 | $ | 39,588 | |||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||||
Franchise agreements | $ | 496,321 | $ | 496,321 | ||||||||||||||||||||||
Wireless licenses | — | 22,150 | ||||||||||||||||||||||||
Licensure and accreditation | 6,781 | 7,171 | ||||||||||||||||||||||||
Other | 13,651 | 15,636 | ||||||||||||||||||||||||
$ | 516,753 | $ | 541,278 | |||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||||
Income from continuing operations before income taxes consists of the following: | |||||||||||||||
Year Ended December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
U.S. | $ | 1,274,509 | $ | 261,137 | $ | 108,233 | |||||||||
Non-U.S. | 52,602 | 13,693 | 16,459 | ||||||||||||
$ | 1,327,111 | $ | 274,830 | $ | 124,692 | ||||||||||
The provision for income taxes on income from continuing operations consists of the following: | |||||||||||||||
(in thousands) | Current | Deferred | Total | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
U.S. Federal | $ | 294,965 | $ | 44,860 | $ | 339,825 | |||||||||
State and Local | 35,432 | 23,671 | 59,103 | ||||||||||||
Non-U.S. | 10,485 | (3,313 | ) | 7,172 | |||||||||||
$ | 340,882 | $ | 65,218 | $ | 406,100 | ||||||||||
Year Ended December 31, 2013 | |||||||||||||||
U.S. Federal | $ | 70,152 | $ | 22,438 | $ | 92,590 | |||||||||
State and Local | 10,273 | (9,808 | ) | 465 | |||||||||||
Non-U.S. | 10,015 | (1,570 | ) | 8,445 | |||||||||||
$ | 90,440 | $ | 11,060 | $ | 101,500 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||
U.S. Federal | $ | 101,804 | $ | (48,685 | ) | $ | 53,119 | ||||||||
State and Local | 13,509 | (5,135 | ) | 8,374 | |||||||||||
Non-U.S. | 12,604 | (697 | ) | 11,907 | |||||||||||
$ | 127,917 | $ | (54,517 | ) | $ | 73,400 | |||||||||
The provision for income taxes on continuing operations is less than the amount of income tax determined by applying the U.S. Federal statutory rate of 35% to income from continuing operations before taxes as a result of the following: | |||||||||||||||
Year Ended December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
U.S. Federal taxes at statutory rate | $ | 464,489 | $ | 96,191 | $ | 43,642 | |||||||||
State and local taxes, net of U.S. Federal tax | 35,242 | 2,941 | 8,887 | ||||||||||||
Valuation allowances against state tax benefits, net of U.S. Federal tax | 3,175 | (2,638 | ) | (3,443 | ) | ||||||||||
Tax-free stock transactions | (91,540 | ) | — | — | |||||||||||
Tax provided on non-U.S. subsidiary earnings and distributions at more (less) than the | |||||||||||||||
expected U.S. Federal statutory tax rate | 2,186 | 767 | (6,950 | ) | |||||||||||
Valuation allowances against non-U.S. income tax benefits | (2,477 | ) | 7,233 | 15,966 | |||||||||||
Goodwill impairment | — | — | 12,776 | ||||||||||||
U.S. Federal Manufacturing Deduction tax benefits | (6,789 | ) | (4,397 | ) | (2,393 | ) | |||||||||
Other, net | 1,814 | 1,403 | 4,915 | ||||||||||||
Provision for Income Taxes | $ | 406,100 | $ | 101,500 | $ | 73,400 | |||||||||
During 2014, 2013 and 2012, in addition to the income tax provision for continuing operations presented above, the Company also recorded tax expense or benefits on discontinued operations. Income (losses) from discontinued operations and net gains on sales and dispositions of discontinued operations have been reclassified from previously reported income from operations and reported separately as income from discontinued operations, net of tax. A tax benefit of $11.4 million, tax expense of $36.9 million, and a tax benefit of $68.5 million with respect to discontinued operations were recorded in 2014, 2013 and 2012, respectively. | |||||||||||||||
Deferred income taxes consist of the following: | |||||||||||||||
As of December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||
Accrued postretirement benefits | $ | 16,785 | $ | 15,408 | |||||||||||
Other benefit obligations | 122,241 | 101,923 | |||||||||||||
Accounts receivable | 17,925 | 24,911 | |||||||||||||
State income tax loss carryforwards | 26,077 | 30,036 | |||||||||||||
U.S. Federal income tax loss carryforwards | 2,368 | 2,613 | |||||||||||||
U.S. Federal foreign income tax credit carryforwards | 837 | 8,265 | |||||||||||||
Non-U.S. income tax loss carryforwards | 30,460 | 32,600 | |||||||||||||
Other | 50,134 | 61,753 | |||||||||||||
Deferred Tax Assets | 266,827 | 277,509 | |||||||||||||
Valuation allowances | (73,656 | ) | (72,767 | ) | |||||||||||
Deferred Tax Assets, Net | $ | 193,171 | $ | 204,742 | |||||||||||
Property, plant and equipment | 139,765 | 134,627 | |||||||||||||
Prepaid pension cost | 463,714 | 497,727 | |||||||||||||
Unrealized gain on available-for-sale securities | 34,764 | 115,785 | |||||||||||||
Goodwill and other intangible assets | 308,954 | 293,749 | |||||||||||||
Deferred Tax Liabilities | $ | 947,197 | $ | 1,041,888 | |||||||||||
Deferred Income Tax Liabilities, Net | $ | 754,026 | $ | 837,146 | |||||||||||
The Company has $494.1 million of state income tax net operating loss carryforwards available to offset future state taxable income. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows: | |||||||||||||||
(in millions) | |||||||||||||||
2015 | $ | 4.7 | |||||||||||||
2016 | 6.1 | ||||||||||||||
2017 | 3.7 | ||||||||||||||
2018 | 10.8 | ||||||||||||||
2019 | 4.8 | ||||||||||||||
2020 and after | 464 | ||||||||||||||
Total | $ | 494.1 | |||||||||||||
The Company has recorded at December 31, 2014, $26.1 million in deferred state income tax assets, net of U.S. Federal income tax, with respect to these state income tax loss carryforwards. The Company has established a full valuation allowance, reducing the net recorded amount of deferred tax assets with respect to state tax loss carryforwards, since the Company has determined that it is more likely than not that the state tax losses may not be fully utilized in the future to reduce state taxable income. | |||||||||||||||
The Company has $6.7 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows: | |||||||||||||||
(in millions) | |||||||||||||||
2015 | $ | 0.7 | |||||||||||||
2016 | 0.7 | ||||||||||||||
2017 | 0.7 | ||||||||||||||
2018 | 0.7 | ||||||||||||||
2019 | 0.7 | ||||||||||||||
2020 and after | 3.2 | ||||||||||||||
Total | $ | 6.7 | |||||||||||||
The Company has established at December 31, 2014, $2.4 million in U.S. Federal deferred tax assets with respect to these U.S. Federal income tax loss carryforwards. | |||||||||||||||
For U.S. Federal income tax purposes, the Company has $0.8 million of foreign tax credits available to be credited against future U.S. Federal income tax liabilities. These U.S. Federal foreign tax credits are expected to be fully utilized in the future; if unutilized, these foreign tax credits will expire in 2023. The Company has established at December 31, 2014, $0.8 million of U.S. Federal deferred tax assets with respect to these U.S. Federal foreign tax credit carryforwards. | |||||||||||||||
The Company has $104.3 million of non-U.S. income tax loss carryforwards, as a result of operating losses and prior stock acquisitions that are available to offset future non-U.S. taxable income and has recorded, with respect to these losses, $30.5 million in non-U.S. deferred income tax assets. The Company has established $29.2 million in valuation allowances against the deferred tax assets recorded for the portion of non-U.S. tax losses that may not be fully utilized to reduce future non-U.S. taxable income. The $104.3 million of non-U.S. income tax loss carryforwards consist of $96.1 million in losses that may be carried forward indefinitely; $1.6 million of losses that, if unutilized, will expire in varying amounts through 2019; and $6.6 million of losses that, if unutilized, will start to expire after 2019. | |||||||||||||||
Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows: | |||||||||||||||
(in thousands) | Balance at Beginning of Period | Tax Expense and Revaluation | Deductions | Balance at End of Period | |||||||||||
Year ended | |||||||||||||||
December 31, 2014 | $ | 72,767 | $ | 889 | — | $ | 73,656 | ||||||||
December 31, 2013 | $ | 78,109 | $ | (5,342 | ) | — | $ | 72,767 | |||||||
December 31, 2012 | $ | 59,179 | $ | 18,930 | — | $ | 78,109 | ||||||||
The Company has established $38.8 million in valuation allowances against deferred state tax assets recognized, net of U.S. Federal tax. As stated above, approximately $26.1 million of the valuation allowances, net of U.S. Federal income tax, relate to state income tax loss carryforwards. The Company has established valuation allowances against state income tax assets recognized, without considering potentially offsetting deferred tax liabilities established with respect to prepaid pension cost and goodwill. Prepaid pension cost and goodwill have not been considered a source of future taxable income for realizing deferred tax assets recognized since these temporary differences are not likely to reverse in the foreseeable future. The valuation allowances established against state income tax assets are recorded at the parent company and the education division and may increase or decrease within the next 12 months, based on operating results or the market value of investment holdings. As a result, the Company is unable to estimate the potential tax impact, given the uncertain operating and market environment. The Company will be monitoring future operating results and projected future operating results on a quarterly basis to determine whether the valuation allowances provided against deferred state tax assets should be increased or decreased, as future circumstances warrant. | |||||||||||||||
The Company has not established valuation allowances against any U.S. Federal deferred tax assets. | |||||||||||||||
The Company has established $34.9 million in valuation allowances against non-U.S. deferred tax assets, and, as stated above, $29.2 million of the non-U.S. valuation allowances relate to non-U.S. income tax loss carryforwards. | |||||||||||||||
Deferred U.S. Federal and state income taxes are recorded with respect to undistributed earnings of investments in non-U.S. subsidiaries to the extent taxable dividend income would be recognized if such earnings were distributed. Deferred income taxes recorded with respect to undistributed earnings of investments in non-U.S. subsidiaries are recorded net of foreign tax credits with respect to such undistributed earnings estimated to be creditable against future U.S. Federal tax liabilities. At December 31, 2014 and 2013, net U.S. Federal and state deferred income tax liabilities of about $10.6 million and $7.7 million, respectively, were recorded with respect to undistributed earnings of investments in non-U.S. subsidiaries based on the year-end position. | |||||||||||||||
Deferred U.S. Federal and state income taxes have not been recorded for the full book value and tax basis differences related to investments in non-U.S. subsidiaries because such investments are expected to be indefinitely held. The book value exceeded the tax basis of investments in non-U.S. subsidiaries by approximately $57.9 million and $66.8 million at December 31, 2014 and 2013, respectively; these differences would result in approximately $1.4 million and $5.9 million of net additional U.S. Federal and state deferred tax liabilities, net of foreign tax credits related to undistributed earnings and estimated to be creditable against future U.S. Federal tax liabilities, at December 31, 2014 and 2013, respectively. If investments in non-U.S. subsidiaries were held for sale instead of expected to be held indefinitely, additional U.S. Federal and state deferred tax liabilities would be required to be recorded, and such deferred tax liabilities, if recorded, may exceed the above estimates. | |||||||||||||||
The Company does not currently anticipate that within the next 12 months there will be any events requiring the establishment of any valuation allowances against U.S. Federal net deferred tax assets. The valuation allowances established against non-U.S. deferred tax assets are recorded at the education division, as this is the only division with significant non-U.S operating activities, and these are largely related to the education division’s operations in Australia. These valuation allowances may increase or decrease within the next 12 months, based on operating results. As a result, the Company is unable to estimate the potential tax impact, given the uncertain operating environment. The Company will be monitoring future education division operating results and projected future operating results on a quarterly basis to determine whether the valuation allowances provided against non-U.S. deferred tax assets should be increased or decreased, as future circumstances warrant. | |||||||||||||||
The Company recorded a $10.5 million U.S. Federal income tax receivable at December 31, 2013, with respect to capital loss and foreign tax credit carrybacks to the 2010 tax year. The Company files income tax returns with the U.S. Federal government and in various state, local and non-U.S. governmental jurisdictions, with the consolidated U.S. Federal tax return filing considered the only major tax jurisdiction. The statute of limitations has expired on all consolidated U.S. Federal corporate income tax returns filed through 2009. The Internal Revenue Service is currently examining the 2010 carryback claim discussed above, and the IRS has indicated they may examine subsequent tax years once the examination of the carryback claim is completed. | |||||||||||||||
The Company endeavors to comply with tax laws and regulations where it does business, but cannot guarantee that, if challenged, the Company’s interpretation of all relevant tax laws and regulations will prevail and that all tax benefits recorded in the financial statements will ultimately be recognized in full. | |||||||||||||||
The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods: | |||||||||||||||
Year Ended December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Beginning unrecognized tax benefits | $ | — | $ | — | $ | — | |||||||||
Increases related to current year tax positions | 7,000 | — | — | ||||||||||||
Increases related to prior year tax positions | — | — | — | ||||||||||||
Decreases related to prior year tax positions | — | — | — | ||||||||||||
Decreases related to settlement with tax authorities | — | — | — | ||||||||||||
Decreases due to lapse of applicable statutes of limitations | — | — | — | ||||||||||||
Ending unrecognized tax benefits | $ | 7,000 | $ | — | $ | — | |||||||||
The unrecognized tax benefits mainly relate to state income tax filing positions applicable to the 2014 tax period. In making these determinations, the Company presumes that taxing authorities pursuing examinations of the Company’s compliance with tax law filing requirements will have full knowledge of all relevant information, and, if necessary, the Company will pursue resolution of disputed tax positions by appeals or litigation. | |||||||||||||||
Although the Company cannot predict the timing of resolution with tax authorities, the Company estimates that no portion of unrecognized tax benefits will be reduced in the next 12 months due to settlement with the tax authorities. The Company expects that a $7.0 million state tax benefit, net of $2.4 million federal tax expense, will reduce the effective tax rate in the future if recognized. | |||||||||||||||
The Company classifies interest and penalties related to uncertain tax positions as a component of interest and other expenses, respectively. As of December 31, 2014, 2013 and 2012, the Company has not accrued any penalties or interest related to the unrecognized tax benefits. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | DEBT | |||||||
The Company’s borrowings consist of the following: | ||||||||
As of December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
7.25% unsecured notes due February 1, 2019 | $ | 398,308 | $ | 397,893 | ||||
AUD Revolving credit borrowing | 40,927 | 44,625 | ||||||
Other indebtedness | 6,685 | 8,258 | ||||||
Total Debt | 445,920 | 450,776 | ||||||
Less: current portion | (46,375 | ) | (3,168 | ) | ||||
Total Long-Term Debt | $ | 399,545 | $ | 447,608 | ||||
The Company did not borrow funds under its USD revolving credit facility in 2014 or 2013. On December 20, 2012, the Company borrowed $240 million under its revolving credit facility at an interest rate of 1.5107%; this was fully repaid on January 11, 2013. The Company’s other indebtedness at December 31, 2014, is at interest rates of 0% to 6% and matures between 2015 and 2017. The Company’s other indebtedness at December 31, 2013, is at interest rates of 0% to 6% and matures between 2014 and 2017. | ||||||||
In January 2009, the Company issued $400 million in unsecured ten-year fixed-rate notes due February 1, 2019 (the Notes). The Notes have a coupon rate of 7.25% per annum, payable semiannually on February 1 and August 1. Under the terms of the Notes, unless the Company has exercised its right to redeem the Notes, the Company is required to offer to repurchase the Notes in cash at 101% of the principal amount, plus accrued and unpaid interest, upon the occurrence of both a Change of Control and Below Investment Grade Rating Events as described in the Prospectus Supplement of January 27, 2009. | ||||||||
On June 17, 2011, the Company entered into a credit agreement (the Credit Agreement) providing for a U.S. $450 million, AUD 50 million four-year revolving credit facility (the Facility) with each of the lenders party thereto, JPMorgan Chase Bank, N.A. as Administrative Agent, and J.P. Morgan Australia Limited as Australian Sub-Agent. The Facility consists of two tranches: (a) U.S. $450 million and (b) AUD 50 million (subject, at the Company’s option, to conversion of the unused Australian dollar commitments into U.S. dollar commitments at a specified exchange rate). The Credit Agreement provides for an option to increase the total U.S. dollar commitments up to an aggregate amount of U.S. $700 million. The Company is required to pay a facility fee on a quarterly basis, based on the Company’s long-term debt ratings, of between 0.08% and 0.20% of the amount of the Facility. Any borrowings are made on an unsecured basis and bear interest at (a) for U.S. dollar borrowings, at the Company’s option, either (i) a fluctuating interest rate equal to the highest of JPMorgan’s prime rate, 0.5% above the Federal funds rate or the one-month eurodollar rate plus 1%, or (ii) the eurodollar rate for the applicable interest period; or (b) for Australian dollar borrowings, the bank bill rate, in each case plus an applicable margin that depends on the Company’s long-term debt ratings. The Facility will expire on June 17, 2015, unless the Company and the banks agree to extend the term. Any outstanding borrowings must be repaid on or prior to the final termination date. The Credit Agreement contains terms and conditions, including remedies in the event of a default by the Company, typical of facilities of this type and, among other things, requires the Company to maintain at least $1.5 billion of consolidated stockholders’ equity. | ||||||||
On September 7, 2011, the Company borrowed AUD 50 million under its revolving credit facility. On the same date, the Company entered into interest rate swap agreements with a total notional value of AUD 50 million and a maturity date of March 7, 2015. These interest rate swap agreements will pay the Company variable interest on the AUD 50 million notional amount at the three-month bank bill rate, and the Company will pay the counterparties a fixed rate of 4.5275%. These interest rate swap agreements were entered into to convert the variable rate Australian dollar borrowing under the revolving credit facility into a fixed-rate borrowing. Based on the terms of the interest rate swap agreements and the underlying borrowing, these interest rate swap agreements were determined to be effective and thus qualify as a cash flow hedge. As such, any changes in the fair value of these interest rate swaps are recorded in other comprehensive income on the accompanying condensed consolidated balance sheets until earnings are affected by the variability of cash flows. | ||||||||
During 2014 and 2013, the Company had average borrowings outstanding of approximately $450.9 million and $471.4 million, respectively, at average annual interest rates of approximately 7.0% and 6.7%, respectively. The Company incurred net interest expense of $34.5 million, $33.8 million and $32.6 million during 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $450.3 million and $475.2 million, respectively, compared with the carrying amount of $398.3 million and $397.9 million. The carrying value of the Company’s other unsecured debt at December 31, 2014, approximates fair value. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||
The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||
As of December 31, 2014 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | ||||||||||||
Money market investments (1) | $ | — | $ | 368,131 | $ | 368,131 | ||||||
Commercial paper (2) | 226,197 | — | 226,197 | |||||||||
Marketable equity securities (3) | 193,793 | — | 193,793 | |||||||||
Other current investments (4) | 11,788 | 21,171 | 32,959 | |||||||||
Total Financial Assets | $ | 431,778 | $ | 389,302 | $ | 821,080 | ||||||
Liabilities | ||||||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 70,661 | $ | 70,661 | ||||||
7.25% unsecured notes (6) | — | 450,344 | 450,344 | |||||||||
AUD revolving credit borrowing (6) | — | 40,927 | 40,927 | |||||||||
Interest rate swap (7) | — | 179 | 179 | |||||||||
Total Financial Liabilities | $ | — | $ | 562,111 | $ | 562,111 | ||||||
As of December 31, 2013 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | ||||||||||||
Money market investments (1) | $ | — | $ | 431,836 | $ | 431,836 | ||||||
Marketable equity securities (3) | 487,156 | — | 487,156 | |||||||||
Other current investments (4) | 11,826 | 23,336 | 35,162 | |||||||||
Total Financial Assets | $ | 498,982 | $ | 455,172 | $ | 954,154 | ||||||
Liabilities | ||||||||||||
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 commercial paper investments with original maturities of 90 days or less are included in cash and cash equivalents. | |||||||||||
-3 | The Company’s investments in marketable equity securities are classified as available-for-sale. | |||||||||||
-4 | Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. | |||||||||||
-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. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income. | |||||||||||
-6 | See Note 10 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. | |||||||||||
For the year ended December 31, 2014, the Company recorded an intangible and other long-lived assets impairment charge of $25.1 million, of which $7.8 million is reported in discontinued operations (see Notes 2 and 8). For the year ended December 31, 2013, the Company recorded an intangible and other long-lived assets impairment charge of $3.3 million (see Notes 2 and 8). The remeasurement of the goodwill and other long-lived assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. |
Redeemable_Preferred_Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Temporary Equity [Abstract] | |
Redeemable Preferred Stock | REDEEMABLE PREFERRED STOCK |
The Series A preferred stock has a par value of $1.00 per share and a liquidation preference of $1,000 per share; it is redeemable by the Company at any time on or after October 1, 2015, at a redemption price of $1,000 per share. In addition, the holders of such stock have a right to require the Company to purchase their shares at the redemption price during an annual 60-day election period. Dividends on the Series A preferred stock are payable four times a year at the annual rate of $80.00 per share and in preference to any dividends on the Company’s common stock. The Series A preferred stock is not convertible into any other security of the Company, and the holders thereof have no voting rights except with respect to any proposed changes in the preferences and special rights of such stock. |
Capital_Stock_Stock_Awards_and
Capital Stock, Stock Awards, and Stock Options | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Capital Stock, Stock Awards, and Stock Options [Abstract] | |||||||||||||||||||||
Capital Stock, Stock Awards And Stock Options | CAPITAL STOCK, STOCK AWARDS AND STOCK OPTIONS | ||||||||||||||||||||
Capital Stock. Each share of Class A common stock and Class B common stock participates equally in dividends. The Class B stock has limited voting rights and as a class has the right to elect 30% of the Board of Directors; the Class A stock has unlimited voting rights, including the right to elect a majority of the Board of Directors. In 2014 and 2013, the Company’s Class A shareholders converted 194,250, or 17%, and 50,310, or 4%, respectively, of the Class A shares of the Company to an equal number of Class B shares. The conversions had no impact on the voting rights of the Class A and Class B common stock. | |||||||||||||||||||||
As part of the exchange transaction with Berkshire Hathaway, the Company acquired 1,620,190 shares of its Class B common stock at a cost of approximately $1,165.4 million in 2014. During 2013 and 2012, the Company purchased a total of 33,024 and 301,231 shares, respectively, of its Class B common stock at a cost of approximately $17.7 million and $103.2 million, respectively. In September 2011, the Board of Directors increased the authorization to repurchase a total of 750,000 shares of Class B common stock. The Company did not announce a ceiling price or a time limit for the purchases. The authorization included 43,573 shares that remained under the previous authorization. At December 31, 2014, the Company had remaining authorization from the Board of Directors to purchase up to 159,219 shares of Class B common stock. | |||||||||||||||||||||
Stock Awards. In 2001, the Company adopted an incentive compensation plan, which, among other provisions, authorizes the awarding of Class B common stock to key employees. Stock awards made under this incentive compensation plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s employment terminates before the end of a specified period of service to the Company. Some of the awards are also subject to performance conditions and will be forfeited and revert to Company ownership if the conditions are not met. At December 31, 2014, there were 37,825 shares reserved for issuance under this incentive compensation plan, which were all subject to awards outstanding. | |||||||||||||||||||||
In 2012, the Company adopted a new incentive compensation plan (the 2012 Plan), which, among other provisions, authorizes the awarding of Class B common stock to key employees in the form of stock awards, stock options and other awards involving the actual transfer of shares. All stock awards, stock options and other awards involving the actual transfer of shares issued subsequent to the adoption of this plan are covered under this new incentive compensation plan. Stock awards made under the 2012 Plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s employment terminates before the end of a specified period of service to the Company. Some of the awards are also subject to performance conditions and will be forfeited and revert to Company ownership if the conditions are not met. At December 31, 2014, there were 460,726 shares reserved for issuance under the 2012 incentive compensation plan. Of this number, 149,286 shares were subject to stock awards and stock options outstanding and 311,440 shares were available for future awards. | |||||||||||||||||||||
Activity related to stock awards under these incentive compensation plans was as follows: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number of Shares | Average Grant-Date Fair Value | Number of Shares | Average Grant-Date Fair Value | Number of Shares | Average Grant-Date Fair Value | ||||||||||||||||
Beginning of year, unvested | 114,479 | $ | 424.65 | 207,917 | $ | 350.21 | 77,319 | $ | 424.45 | ||||||||||||
Awarded | 21,114 | 683.44 | 70,165 | 562.29 | 145,348 | 321.56 | |||||||||||||||
Vested | (11,098 | ) | 523.95 | (71,585 | ) | 515.09 | (7,134 | ) | 499.06 | ||||||||||||
Forfeited | (7,384 | ) | 396.91 | (92,018 | ) | 300.86 | (7,616 | ) | 417.79 | ||||||||||||
End of Year, Unvested | 117,111 | 463.64 | 114,479 | 424.65 | 207,917 | 350.21 | |||||||||||||||
In connection with the sale of the Publishing Subsidiaries in 2013, the Company modified the terms of 86,824 share awards affecting 102 employees. The modification resulted in the acceleration of the vesting period for 45,374 share awards, the elimination of a market condition and vesting terms of 15,000 share awards, and the forfeiture of 26,450 share awards; the effect of which are reflected in the above activity. The Company also offered some employees with 26,124 share awards the option to settle their awards in cash resulting in a modification of these awards from equity awards to liability awards. The Company paid employees $13.1 million for the settlement of these liability awards. The Company recorded incremental stock compensation expense, net of forfeitures, amounting to $19.9 million, which is included in income from discontinued operations, net of tax, in the consolidated statement of operations for 2013. | |||||||||||||||||||||
For the share awards outstanding at December 31, 2014, the aforementioned restriction will lapse in 2015 for 31,825 shares, in 2016 for 20,425 shares, in 2017 for 46,996 shares and in 2018 for 17,865 shares. Also, in early 2015, the Company issued stock awards of 23,475 shares. Stock-based compensation costs resulting from Company stock awards were $15.4 million, $35.2 million and $11.4 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
As of December 31, 2014, there was $26.0 million of total unrecognized compensation expense related to these awards. That cost is expected to be recognized on a straight-line basis over a weighted average period of 1.6 years. | |||||||||||||||||||||
Stock Options. The Company’s 2003 employee stock option plan reserves 1,900,000 shares of the Company’s Class B common stock for options to be granted under the plan. The purchase price of the shares covered by an option cannot be less than the fair value on the grant date. Options generally vest over four years and have a maximum term of ten years. At December 31, 2014, there were 81,694 shares reserved for issuance under this stock option plan, which were all subject to options outstanding. | |||||||||||||||||||||
Stock options granted under the 2012 Plan cannot be less than the fair value on the grant date, generally vest over four years and have a maximum term of ten years. In 2014, a grant was issued which vests over six years. | |||||||||||||||||||||
Activity related to options outstanding was as follows: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number of Shares | Average Option Price | Number of Shares | Average Option Price | Number of Shares | Average Option Price | ||||||||||||||||
Beginning of year | 121,694 | $ | 469.76 | 125,694 | $ | 478.32 | 129,044 | $ | 494.95 | ||||||||||||
Granted | 55,000 | 1,070.43 | 15,000 | 373.03 | 7,500 | 378 | |||||||||||||||
Exercised | (19,125 | ) | 409.44 | (14,500 | ) | 391.83 | — | — | |||||||||||||
Expired or forfeited | (5,875 | ) | 791.81 | (4,500 | ) | 637.53 | (10,850 | ) | 605.82 | ||||||||||||
End of Year | 151,694 | 682.68 | 121,694 | 469.76 | 125,694 | 478.32 | |||||||||||||||
In connection with the sale of the Publishing Subsidiaries in 2013, the Company modified the terms of 4,500 stock options affecting six employees. The modification resulted in the acceleration of the vesting period for 4,250 stock options and the forfeiture of 250 stock options. The Company recorded incremental stock option expense amounting to $0.8 million, which is included in income from discontinued operations, net of tax, in the consolidated statement of operations in 2013. | |||||||||||||||||||||
Of the shares covered by options outstanding at the end of 2014, 70,194 are now exercisable; 27,208 will become exercisable in 2015; 14,708 will become exercisable in 2016; 13,334 will become exercisable in 2017; 9,583 will become exercisable in 2018; 8,333 will become exercisable in 2019; and 8,334 will become exercisable in 2020. For 2014, 2013 and 2012, the Company recorded expense of $2.7 million, $3.5 million and $2.9 million related to stock options, respectively. Information related to stock options outstanding and exercisable at December 31, 2014, is as follows: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares Outstanding at 12/31/2014 | Weighted | Weighted | Shares Exercisable at 12/31/2014 | Weighted | Weighted | |||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | ||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||
Life (years) | Life (years) | ||||||||||||||||||||
$369–396 | 32,000 | 6.8 | $ | 383.37 | 18,000 | 5.8 | $ | 390.58 | |||||||||||||
419–439 | 10,694 | 4.5 | 423.05 | 10,694 | 4.5 | 423.05 | |||||||||||||||
503 | 50,000 | 6.2 | 502.58 | 37,500 | 6.2 | 502.58 | |||||||||||||||
652–663 | 7,000 | 7.4 | 659.65 | 2,000 | 3.4 | 651.91 | |||||||||||||||
730 | 2,000 | 1.9 | 729.67 | 2,000 | 1.9 | 729.67 | |||||||||||||||
1,111 | 50,000 | 9.8 | 1,111.20 | — | — | — | |||||||||||||||
151,694 | 7.4 | 682.68 | 70,194 | 5.6 | 427.47 | ||||||||||||||||
At December 31, 2014, the intrinsic value for all options outstanding, exercisable and unvested was $39.8 million, $27.5 million and $12.3 million, respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The market value of the Company’s stock was $863.71 at December 31, 2014. At December 31, 2014, there were 81,500 unvested options related to this plan with an average exercise price of $863.72 and a weighted average remaining contractual term of 8.9 years. At December 31, 2013, there were 48,500 unvested options with an average exercise price of $442.02 and a weighted average remaining contractual term of 7.9 years. | |||||||||||||||||||||
As of December 31, 2014, total unrecognized stock-based compensation expense related to stock options was $10.5 million, which is expected to be recognized on a straight-line basis over a weighted average period of approximately 5.2 years. There were 19,125 options exercised during 2014. The total intrinsic value of options exercised during 2014 was $6.7 million; a tax benefit from these stock option exercises of $2.7 million was realized. There were 14,500 options exercised during 2013. The total intrinsic value of options exercised during 2013 was $3.2 million; a tax benefit from these stock option exercises of $1.3 million was realized. No options were exercised during 2012. | |||||||||||||||||||||
During 2014, the Company granted 50,000 options at an exercise price above the fair market value of its common stock at the date of grant. All other options granted during 2014 were at an exercise price equal to the fair market value of the Company’s common stock at the date of grant. All options granted during 2013 and 2012 were at an exercise price equal to the fair market value of the Company’s common stock at the date of grant. The weighted average grant-date fair value of options granted during 2014, 2013 and 2012 was $178.95, $91.74 and $91.71, respectively. Also, in early 2015, an additional 5,000 stock options were granted. | |||||||||||||||||||||
The fair value of options at date of grant was estimated using the Black-Scholes method utilizing the following assumptions: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected life (years) | 7–8 | 7 | 7 | ||||||||||||||||||
Interest rate | 2.15%–2.45% | 1.31% | 1.04%–1.27% | ||||||||||||||||||
Volatility | 30.75%–32.10% | 31.80% | 31.71%–31.80% | ||||||||||||||||||
Dividend yield | 1.30%–1.54% | 2.63% | 2.54%–2.60% | ||||||||||||||||||
The Company also maintains a stock option plan at Kaplan. Under the provisions of this plan, options are issued with an exercise price equal to the estimated fair value of Kaplan’s common stock, and options vest ratably over the number of years specified (generally four to five years) at the time of the grant. Upon exercise, an option holder may receive Kaplan shares or cash equal to the difference between the exercise price and the then fair value. | |||||||||||||||||||||
At December 31, 2014, a Kaplan senior manager holds 7,206 Kaplan restricted shares. The fair value of Kaplan’s common stock is determined by the Company’s compensation committee of the Board of Directors, and in January 2015, the committee set the fair value price at $1,180 per share. During 2013, 5,000 options were awarded to a Kaplan senior manager at a price of $973 per share that vest over a four-year period. No options were awarded during 2014 and 2012; no options were exercised during 2014, 2013 or 2012; and there were 5,000 options outstanding at December 31, 2014. Additionally, in January 2015, an additional 2,500 stock options were awarded. | |||||||||||||||||||||
Kaplan recorded stock compensation expense of $0.9 million and $2.9 million in 2014 and 2013, and a stock compensation credit of $1.1 million in 2012, respectively. At December 31, 2014, the Company’s accrual balance related to Kaplan stock-based compensation totaled $10.8 million. There were no payouts in 2014, 2013 or 2012. | |||||||||||||||||||||
Earnings Per Share. The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of 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: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||||||||||
Numerator: | |||||||||||||||||||||
Numerator for basic earnings per share: | |||||||||||||||||||||
Income from continuing operations attributable to Graham Holdings Company common stockholders | $ | 920,747 | $ | 171,995 | $ | 50,323 | |||||||||||||||
Less: Dividends paid–common stock outstanding and unvested restricted shares | (67,267 | ) | — | (146,432 | ) | ||||||||||||||||
Undistributed earnings (losses) | 853,480 | 171,995 | (96,109 | ) | |||||||||||||||||
Percent allocated to common stockholders (1) | 97.98 | % | 98.45 | % | 100 | % | |||||||||||||||
836,246 | 169,329 | (96,109 | ) | ||||||||||||||||||
Add: Dividends paid–common stock outstanding | 66,012 | — | 143,175 | ||||||||||||||||||
Numerator for basic earnings per share | 902,258 | 169,329 | 47,066 | ||||||||||||||||||
Add: Additional undistributed earnings due to dilutive stock options | 79 | 5 | — | ||||||||||||||||||
Numerator for diluted earnings per share | $ | 902,337 | $ | 169,334 | $ | 47,066 | |||||||||||||||
Denominator: | |||||||||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||||||
Weighted average shares outstanding | 6,470 | 7,238 | 7,360 | ||||||||||||||||||
Add: Effect of dilutive stock options | 27 | 12 | — | ||||||||||||||||||
Denominator for diluted earnings per share | 6,497 | 7,250 | 7,360 | ||||||||||||||||||
Graham Holdings Company Common Stockholders: | |||||||||||||||||||||
Basic earnings per share from continuing operations | $ | 139.44 | $ | 23.39 | $ | 6.4 | |||||||||||||||
Diluted earnings per share from continuing operations | $ | 138.88 | $ | 23.36 | $ | 6.4 | |||||||||||||||
____________ | |||||||||||||||||||||
-1 | Percent of undistributed losses allocated to common stockholders is 100% in 2012 as participating securities are not contractually obligated to share in losses. | ||||||||||||||||||||
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: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Weighted average restricted stock | 62 | 83 | 44 | ||||||||||||||||||
The 2014, 2013 and 2012 diluted earnings per share amounts exclude the effects of 52,000, 10,000 and 124,694 stock options outstanding, respectively, as their inclusion would have been antidilutive. The 2014, 2013 and 2012 diluted earnings per share amounts also exclude the effects of 5,175, 5,500 and 52,200 restricted stock awards, respectively, as their inclusion would have been antidilutive. | |||||||||||||||||||||
In 2014 and 2012, the Company declared regular dividends totaling $10.20 and $9.80 per share, respectively. In December 2012, the Company declared and paid an accelerated cash dividend totaling $9.80 per share, in lieu of regular quarterly dividends that the Company otherwise would have declared and paid in calendar year 2013. |
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||||||||
Pension and Postretirement Plans | PENSIONS AND OTHER POSTRETIREMENT PLANS | |||||||||||||||||
The Company maintains various pension and incentive savings plans and contributed to multiemployer plans on behalf of certain union-represented employee groups. Most of the Company’s employees are covered by these plans. The Company also provides health care and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. | ||||||||||||||||||
The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans. | ||||||||||||||||||
Sale of Publishing Subsidiaries. On October 1, 2013, as part of the sale of the Publishing Subsidiaries, the Purchaser assumed the liabilities related to active employees of the Company’s defined benefit pension plan, Supplemental Executive Retirement Plan (SERP) and other postretirement plans. In addition to the assumed liabilities, the Company transferred pension plan assets of $318 million in accordance with the terms of the sale. As a result of the sale of the Publishing Subsidiaries, the Company remeasured the accumulated and projected benefit obligation of the pension, SERP and other postretirement plans as of October 1, 2013, and recorded curtailment and settlement gains (losses). The new measurement basis was used for the recognition of the pension and other postretirement plan cost (credit) recorded in the fourth quarter of 2013. The curtailment and settlement gains (losses) are included in the gain on the sale of the Publishing Subsidiaries, which is included in income from discontinued operations, net of tax. The Company excluded the historical pension expense for retirees from the reclassification of the Publishing Subsidiaries’ results to discontinued operations, since the associated assets and liabilities were retained by the Company. | ||||||||||||||||||
Defined Benefit Plans. The Company’s defined benefit pension plans consist of various pension plans and a SERP offered to certain executives of the Company. | ||||||||||||||||||
In the first quarter of 2014, the Company recorded $4.5 million related to a Separation Incentive Program for certain Corporate employees, which is being 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 is being funded from the assets of the Company’s pension plan. In addition, the Company recorded a $2.4 million SERP charge related to the VRIP for certain Corporate employees. | ||||||||||||||||||
In February 2013, the Company offered a VRIP to certain employees of The Washington Post newspaper and recorded early retirement expense of $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 expense for these programs is funded from the assets of the Company’s pension plans. | ||||||||||||||||||
In 2012, the Company offered a VRIP to certain employees of The Washington Post newspaper and recorded early retirement expense of $7.5 million. In addition, the Company offered a VRIP to certain employees of Post–Newsweek Media and recorded early retirement expense of $1.0 million. The early retirement program expense for these programs is funded from the assets of the Company’s pension plans. | ||||||||||||||||||
The 2013 and 2012 early retirement program and special separation benefit expenses are included in income from discontinued operations, net of tax. | ||||||||||||||||||
Effective August 1, 2012, the Company’s defined benefit pension plan was amended to provide most of the current participants with a new cash balance benefit. The cash balance benefit is funded from the assets of the Company’s pension plans. As a result of this benefit, the Company’s matching contribution for its 401(k) Savings Plans was reduced. | ||||||||||||||||||
The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans: | ||||||||||||||||||
Pension Plans | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,126,344 | $ | 1,466,322 | ||||||||||||||
Service cost | 27,792 | 46,115 | ||||||||||||||||
Interest cost | 51,825 | 55,821 | ||||||||||||||||
Amendments | 8,374 | 22,700 | ||||||||||||||||
Actuarial loss (gain) | 172,548 | (156,385 | ) | |||||||||||||||
Benefits paid | (69,854 | ) | (81,162 | ) | ||||||||||||||
Curtailment | — | (55,690 | ) | |||||||||||||||
Settlement | 451 | (171,377 | ) | |||||||||||||||
Benefit Obligation at End of Year | $ | 1,317,480 | $ | 1,126,344 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of assets at beginning of year | $ | 2,371,849 | $ | 2,071,145 | ||||||||||||||
Actual return on plan assets | 167,154 | 699,518 | ||||||||||||||||
Benefits paid | (69,854 | ) | (81,162 | ) | ||||||||||||||
Settlement | 819 | (317,652 | ) | |||||||||||||||
Fair Value of Assets at End of Year | $ | 2,469,968 | $ | 2,371,849 | ||||||||||||||
Funded Status | $ | 1,152,488 | $ | 1,245,505 | ||||||||||||||
SERP | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 91,169 | $ | 104,062 | ||||||||||||||
Service cost | 1,493 | 1,612 | ||||||||||||||||
Interest cost | 4,397 | 4,148 | ||||||||||||||||
Amendments | 4,022 | — | ||||||||||||||||
Actuarial loss (gain) | 19,168 | (9,180 | ) | |||||||||||||||
Benefits paid | (4,166 | ) | (4,101 | ) | ||||||||||||||
Curtailment | — | (2,059 | ) | |||||||||||||||
Settlement | — | (3,313 | ) | |||||||||||||||
Benefit Obligation at End of Year | $ | 116,083 | $ | 91,169 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of assets at beginning of year | $ | — | $ | — | ||||||||||||||
Employer contributions and other | 4,166 | 4,101 | ||||||||||||||||
Benefits paid | (4,166 | ) | (4,101 | ) | ||||||||||||||
Fair Value of Assets at End of Year | $ | — | $ | — | ||||||||||||||
Funded Status | $ | (116,083 | ) | $ | (91,169 | ) | ||||||||||||
The accumulated benefit obligation for the Company’s pension plans at December 31, 2014 and 2013, was $1,281.5 million and $1,091.1 million, respectively. The accumulated benefit obligation for the Company’s SERP at December 31, 2014 and 2013, was $114.1 million and $89.3 million, respectively. The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows: | ||||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
As of December 31 | As of December 31 | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Noncurrent asset | $ | 1,152,488 | $ | 1,245,505 | $ | — | $ | — | ||||||||||
Current liability | — | — | (6,275 | ) | (4,251 | ) | ||||||||||||
Noncurrent liability | — | — | (109,808 | ) | (86,918 | ) | ||||||||||||
Recognized Asset (Liability) | $ | 1,152,488 | $ | 1,245,505 | $ | (116,083 | ) | $ | (91,169 | ) | ||||||||
Key assumptions utilized for determining the benefit obligation are as follows: | ||||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
As of December 31 | As of December 31 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Discount rate | 4 | % | 4.8 | % | 4 | % | 4.8 | % | ||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | 4 | % | ||||||||||
The Company made no contributions to its pension plans in 2014, 2013 and 2012, and the Company does not expect to make any contributions in 2015. The Company made contributions to its SERP of $4.2 million and $4.1 million for the years ended December 31, 2014 and 2013, respectively. As the plan is unfunded, the Company makes contributions to the SERP based on actual benefit payments. | ||||||||||||||||||
At December 31, 2014, future estimated benefit payments, excluding charges for early retirement programs, are as follows: | ||||||||||||||||||
(in thousands) | Pension Plans | SERP | ||||||||||||||||
2015 | $ | 87,271 | $ | 6,399 | ||||||||||||||
2016 | $ | 80,239 | $ | 5,875 | ||||||||||||||
2017 | $ | 78,592 | $ | 5,964 | ||||||||||||||
2018 | $ | 77,576 | $ | 6,257 | ||||||||||||||
2019 | $ | 78,589 | $ | 6,719 | ||||||||||||||
2020–2024 | $ | 398,372 | $ | 34,875 | ||||||||||||||
The total cost (benefit) arising from the Company’s defined benefit pension plans, including the portion included in discontinued operations, consists of the following components: | ||||||||||||||||||
Pension Plans | ||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 27,792 | $ | 46,115 | $ | 40,344 | ||||||||||||
Interest cost | 51,825 | 55,821 | 59,124 | |||||||||||||||
Expected return on assets | (120,472 | ) | (105,574 | ) | (96,132 | ) | ||||||||||||
Amortization of prior service cost | 329 | 2,809 | 3,695 | |||||||||||||||
Recognized actuarial (gain) loss | (28,880 | ) | 2,756 | 9,013 | ||||||||||||||
Net Periodic (Benefit) Cost for the Year | (69,406 | ) | 1,927 | 16,044 | ||||||||||||||
Curtailment | — | (43,930 | ) | — | ||||||||||||||
Settlement | — | 39,995 | — | |||||||||||||||
Early retirement programs and special separation benefit expense | 8,374 | 22,700 | 8,508 | |||||||||||||||
Total (Benefit) Cost for the Year | $ | (61,032 | ) | $ | 20,692 | $ | 24,552 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||
Current year actuarial loss (gain) | $ | 125,866 | $ | (750,328 | ) | $ | (79,405 | ) | ||||||||||
Amortization of prior service cost | (329 | ) | (2,809 | ) | (3,695 | ) | ||||||||||||
Recognized net actuarial gain (loss) | 28,880 | (2,756 | ) | (9,013 | ) | |||||||||||||
Curtailment and settlement | (368 | ) | 94,520 | — | ||||||||||||||
Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 154,049 | $ | (661,373 | ) | $ | (92,113 | ) | ||||||||||
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | $ | 93,017 | $ | (640,681 | ) | $ | (67,561 | ) | ||||||||||
SERP | ||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 1,493 | $ | 1,612 | $ | 1,467 | ||||||||||||
Interest cost | 4,397 | 4,148 | 4,241 | |||||||||||||||
Amortization of prior service cost | 47 | 55 | 54 | |||||||||||||||
Recognized actuarial loss | 1,544 | 2,481 | 1,833 | |||||||||||||||
Net Periodic Cost for the Year | 7,481 | 8,296 | 7,595 | |||||||||||||||
Special separation benefit expense | 2,422 | — | — | |||||||||||||||
Settlement | — | (2,575 | ) | — | ||||||||||||||
Total Cost for the Year | $ | 9,903 | $ | 5,721 | $ | 7,595 | ||||||||||||
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||
Current year actuarial loss (gain) | $ | 19,168 | $ | (9,180 | ) | $ | 8,428 | |||||||||||
Current year prior service cost | 1,600 | — | — | |||||||||||||||
Amortization of prior service cost | (47 | ) | (55 | ) | (54 | ) | ||||||||||||
Recognized net actuarial loss | (1,544 | ) | (2,481 | ) | (1,833 | ) | ||||||||||||
Curtailment and settlement | — | (2,798 | ) | — | ||||||||||||||
Other adjustments | — | — | 745 | |||||||||||||||
Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 19,177 | $ | (14,514 | ) | $ | 7,286 | |||||||||||
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects) | $ | 29,080 | $ | (8,793 | ) | $ | 14,881 | |||||||||||
The net periodic cost (benefit) for the Company’s pension plans, as reported above, includes pension cost of $0.2 million, $18.9 million and $24.6 million reported in discontinued operations for 2014, 2013 and 2012, respectively. The net periodic cost for the Company’s SERP, as reported above, includes cost of $0.2 million, $1.0 million and $0.9 million reported in discontinued operations for 2014, 2013 and 2012, respectively. The early retirement programs and special separation benefit expenses are also included in discontinued operations for 2013 and 2012. The 2013 curtailments and settlements are included in the gain on sale of Publishing Subsidiaries, which is also reported in discontinued operations. | ||||||||||||||||||
The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost: | ||||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
Year Ended December 31 | Year Ended December 31 | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.7 | % | 4.8 | % | 4 | % | 4.7 | % | ||||||
Expected return on plan assets | 6.5 | % | 6.5 | % | 6.5 | % | — | — | — | |||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | ||||||
Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans: | ||||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
As of December 31 | As of December 31 | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrecognized actuarial (gain) loss | $ | (685,895 | ) | $ | (840,273 | ) | $ | 36,890 | $ | 19,266 | ||||||||
Unrecognized prior service cost | 1,033 | 1,362 | 1,689 | 136 | ||||||||||||||
Gross Amount | (684,862 | ) | (838,911 | ) | 38,579 | 19,402 | ||||||||||||
Deferred tax liability (asset) | 273,945 | 335,564 | (15,432 | ) | (7,761 | ) | ||||||||||||
Net Amount | $ | (410,917 | ) | $ | (503,347 | ) | $ | 23,147 | $ | 11,641 | ||||||||
During 2015, the Company expects to recognize the following amortization components of net periodic cost for the defined benefit plans: | ||||||||||||||||||
2015 | ||||||||||||||||||
(in thousands) | Pension Plans | SERP | ||||||||||||||||
Actuarial loss recognition | $ | — | $ | 3,449 | ||||||||||||||
Prior service cost recognition | $ | 324 | $ | 457 | ||||||||||||||
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 plans were allocated as follows: | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
U.S. equities | 59 | % | 58 | % | ||||||||||||||
U.S. fixed income | 13 | % | 12 | % | ||||||||||||||
International equities | 28 | % | 30 | % | ||||||||||||||
100 | % | 100 | % | |||||||||||||||
Essentially all of the assets are actively managed by two investment companies. The goal of the investment managers is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both of these managers may invest in a combination of equity and fixed-income securities and cash. The managers are not permitted to invest in securities of the Company or in alternative investments. The investment managers cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway or more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval by the Plan administrator. As of December 31, 2014, the managers can invest no more than 24% of the assets in international stocks, at the time the investment is made, and no less than 10% of the assets could be invested in fixed-income securities. None of the assets is managed internally by the Company. | ||||||||||||||||||
In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks. | ||||||||||||||||||
The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of December 31, 2014. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At December 31, 2014, the pension plan held common stock in two investments that exceeded 10% of total plan assets, valued at $730.6 million, or 30% of total plan assets. At December 31, 2013, the pension plan held common stock in one investment that exceeded 10% of total plan assets, valued at $382.1 million, or 16% of total plan assets. At December 31, 2014 and 2013, the pension plan held investments in one foreign country that exceeded 10% of total plan assets. These investments were valued at $468.0 million and $398.9 million at December 31, 2014 and 2013, respectively, or approximately 19% and 17%, respectively, of total plan assets. | ||||||||||||||||||
The Company’s pension plan assets measured at fair value on a recurring basis were as follows: | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents and other short-term investments | $ | 275,963 | $ | 141,083 | $ | 417,046 | ||||||||||||
Equity securities | ||||||||||||||||||
U.S. equities | 1,454,011 | — | 1,454,011 | |||||||||||||||
International equities | 691,505 | — | 691,505 | |||||||||||||||
Total Investments | $ | 2,421,479 | $ | 141,083 | $ | 2,562,562 | ||||||||||||
Payable for settlement of investments purchased | (92,594 | ) | ||||||||||||||||
Total | $ | 2,469,968 | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents and other short-term investments | $ | 196,757 | $ | 84,706 | $ | 281,463 | ||||||||||||
Equity securities | ||||||||||||||||||
U.S. equities | 1,383,738 | — | 1,383,738 | |||||||||||||||
International equities | 699,649 | — | 699,649 | |||||||||||||||
Fixed-income securities | ||||||||||||||||||
Corporate debt securities | — | 5,147 | 5,147 | |||||||||||||||
Total Investments | $ | 2,280,144 | $ | 89,853 | $ | 2,369,997 | ||||||||||||
Receivables | 1,852 | |||||||||||||||||
Total | $ | 2,371,849 | ||||||||||||||||
Cash equivalents and other short-term investments. These investments are primarily held in U.S. Treasury securities and registered money market funds. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the valuation hierarchy. | ||||||||||||||||||
U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. | ||||||||||||||||||
International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. | ||||||||||||||||||
Corporate debt securities. These investments consist of fixed-income securities issued by U.S. corporations and are valued using a bid evaluation process, with bid data provided by independent pricing sources. These investments are classified as Level 2 in the valuation hierarchy. | ||||||||||||||||||
Other fixed income. These investments consist of fixed-income securities issued by the U.S. Treasury and in private placements and are valued using a quoted market price or bid evaluation process, with bid data provided by independent pricing sources. These investments are classified as Level 1 or Level 2 in the valuation hierarchy. | ||||||||||||||||||
Other Postretirement Plans. The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans: | ||||||||||||||||||
Postretirement Plans | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 40,014 | $ | 63,868 | ||||||||||||||
Service cost | 1,500 | 2,488 | ||||||||||||||||
Interest cost | 1,448 | 1,848 | ||||||||||||||||
Actuarial loss (gain) | 4,448 | (3,298 | ) | |||||||||||||||
Curtailment | (932 | ) | (21,221 | ) | ||||||||||||||
Benefits paid, net of Medicare subsidy | (4,521 | ) | (3,671 | ) | ||||||||||||||
Benefit Obligation at End of Year | $ | 41,957 | $ | 40,014 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of assets at beginning of year | $ | — | $ | — | ||||||||||||||
Employer contributions | 4,521 | 3,671 | ||||||||||||||||
Benefits paid, net of Medicare subsidy | (4,521 | ) | (3,671 | ) | ||||||||||||||
Fair Value of Assets at End of Year | $ | — | $ | — | ||||||||||||||
Funded Status | $ | (41,957 | ) | $ | (40,014 | ) | ||||||||||||
The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows: | ||||||||||||||||||
Postretirement Plans | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Current liability | $ | (3,995 | ) | $ | (3,795 | ) | ||||||||||||
Noncurrent liability | (37,962 | ) | (36,219 | ) | ||||||||||||||
Recognized Liability | $ | (41,957 | ) | $ | (40,014 | ) | ||||||||||||
The discount rates utilized for determining the benefit obligation at December 31, 2014 and 2013, for the postretirement plans were 3.25% and 3.80%, respectively. The assumed health care cost trend rate used in measuring the postretirement benefit obligation at December 31, 2014, was 7.50% for pre-age 65, decreasing to 5.0% in the year 2025 and thereafter. The assumed health care cost trend rate used in measuring the postretirement benefit obligation at December 31, 2014, was 14.9% for the post-age 65 Medicare Advantage Prescription Drug (MA-PD) plan, decreasing to 5.0% in the year 2021 and thereafter, and was 6.50% for the post-age 65 non MA-PD plan, decreasing to 5.0% in the year 2021 and thereafter. | ||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A change of one percentage point in the assumed health care cost trend rates would have the following effects: | ||||||||||||||||||
1% | 1% | |||||||||||||||||
(in thousands) | Increase | Decrease | ||||||||||||||||
Benefit obligation at end of year | $ | 2,478 | $ | (2,255 | ) | |||||||||||||
Service cost plus interest cost | $ | 257 | $ | (227 | ) | |||||||||||||
The Company made contributions to its postretirement benefit plans of $4.5 million and $3.7 million for the years ended December 31, 2014 and 2013, respectively. As the plans are unfunded, the Company makes contributions to its postretirement plans based on actual benefit payments. | ||||||||||||||||||
At December 31, 2014, future estimated benefit payments are as follows: | ||||||||||||||||||
(in thousands) | Postretirement | |||||||||||||||||
Plans | ||||||||||||||||||
2015 | $ | 3,995 | ||||||||||||||||
2016 | $ | 4,061 | ||||||||||||||||
2017 | $ | 4,078 | ||||||||||||||||
2018 | $ | 3,946 | ||||||||||||||||
2019 | $ | 3,882 | ||||||||||||||||
2020–2024 | $ | 18,112 | ||||||||||||||||
The total (benefit) cost arising from the Company’s other postretirement plans consists of the following components: | ||||||||||||||||||
Postretirement Plans | ||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 1,500 | $ | 2,488 | $ | 3,113 | ||||||||||||
Interest cost | 1,448 | 1,848 | 2,735 | |||||||||||||||
Amortization of prior service credit | (783 | ) | (4,247 | ) | (5,608 | ) | ||||||||||||
Recognized actuarial gain | (2,076 | ) | (2,141 | ) | (1,478 | ) | ||||||||||||
Net Periodic Cost (Benefit) | 89 | (2,052 | ) | (1,238 | ) | |||||||||||||
Curtailment | (1,292 | ) | (41,623 | ) | 438 | |||||||||||||
Settlement | — | (11,927 | ) | — | ||||||||||||||
Total Benefit for the Year | $ | (1,203 | ) | $ | (55,602 | ) | $ | (800 | ) | |||||||||
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||
Current year actuarial loss (gain) | $ | 4,448 | $ | (3,298 | ) | $ | (11,493 | ) | ||||||||||
Amortization of prior service credit | 783 | 4,247 | 5,608 | |||||||||||||||
Recognized actuarial gain | 2,076 | 2,141 | 1,478 | |||||||||||||||
Curtailment and settlement | 360 | 32,329 | — | |||||||||||||||
Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 7,667 | $ | 35,419 | $ | (4,407 | ) | |||||||||||
Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effect) | $ | 6,464 | $ | (20,183 | ) | $ | (5,207 | ) | ||||||||||
The net periodic cost (benefit), as reported above, includes a benefit of $2.9 million included in discontinued operations in each year for 2013 and 2012. The Company recorded a curtailment gain of $1.3 million in the fourth quarter of 2014 in connection with the exchange of WPLG, and the Separation Incentive Program and VRIP offered to certain Corporate employees. 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 2013. The remaining 2013 curtailment and settlement gains are included in the gain on sale of Publishing Subsidiaries, which is also reported in discontinued operations. In 2012, the Company offered a VRPI to certain employees of The Washington Post newspaper and recorded early retirement expense of $0.4 million, which is included in discontinued operations. | ||||||||||||||||||
The costs for the Company’s postretirement plans are actuarially determined. The discount rates utilized to determine periodic cost for the years ended December 31, 2014, 2013 and 2012, were 3.80%, 3.30% and 3.90%, respectively. AOCI included the following components of unrecognized net periodic benefit for the postretirement plans: | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Unrecognized actuarial gain | $ | (7,404 | ) | $ | (13,928 | ) | ||||||||||||
Unrecognized prior service credit | (1,163 | ) | (2,306 | ) | ||||||||||||||
Gross Amount | (8,567 | ) | (16,234 | ) | ||||||||||||||
Deferred tax liability | 3,427 | 6,494 | ||||||||||||||||
Net Amount | $ | (5,140 | ) | $ | (9,740 | ) | ||||||||||||
During 2015, the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans: | ||||||||||||||||||
(in thousands) | 2015 | |||||||||||||||||
Actuarial gain recognition | $ | (996 | ) | |||||||||||||||
Prior service credit recognition | $ | (502 | ) | |||||||||||||||
Multiemployer Pension Plans. In 2014, the Company contributed to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covered certain union-represented employees. | ||||||||||||||||||
In March 2013, the Company recorded a $0.4 million charge as The Herald unilaterally withdrew from the Western Conference Teamsters Pension Trust Fund as a result of the sale of its business. In 2012, The Herald notified the GCIU Employer’s Trust Fund of its unilateral withdrawal from the Plan effective November 30, 2012, and recorded a $0.9 million charge based on an estimate of the withdrawal liability. | ||||||||||||||||||
The Company’s total contributions to all multiemployer pension plans amounted to $0.1 million in 2014, $0.1 million in 2013 and $0.2 million in 2012. | ||||||||||||||||||
Savings Plans. The Company recorded expense associated with retirement benefits provided under incentive savings plans (primarily 401(k) plans) of approximately $9.2 million in 2014, $8.7 million in 2013 and $12.2 million in 2012. |
Other_NonOperating_Income_Expe
Other Non-Operating Income (Expense) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||
Other Non-Operating Income | OTHER NON-OPERATING INCOME (EXPENSE) | |||||||||||
A summary of non-operating income (expense) is as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Gain on sale of Classified Ventures | $ | 396,553 | $ | — | $ | — | ||||||
Gain on Berkshire marketable equity securities exchange | 266,733 | — | — | |||||||||
Gain on sale of headquarters building | 127,670 | — | — | |||||||||
Gain on sale of intangible assets | 75,249 | — | — | |||||||||
Foreign currency (losses) gains, net | (11,129 | ) | (13,382 | ) | 3,132 | |||||||
(Losses) gain on sales or write-down of marketable equity securities | (3,044 | ) | (9,559 | ) | (17,564 | ) | ||||||
(Losses) gains on sales or write-downs of cost method investments, net | (94 | ) | (1,761 | ) | 6,639 | |||||||
Other, net | 1,321 | 951 | 2,337 | |||||||||
Total Other Non-Operating Income (Expense) | $ | 853,259 | $ | (23,751 | ) | $ | (5,456 | ) | ||||
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 recorded a pre-tax gain of $396.6 million on the sale of its interest in Classified Ventures in the fourth quarter of 2014. | ||||||||||||
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 7, 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) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
The other comprehensive (loss) income consists of the following components: | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | |||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Translation adjustments arising during the year | $ | (16,061 | ) | $ | — | $ | (16,061 | ) | ||||||||||||
Adjustment for sales of businesses with foreign operations | (404 | ) | — | (404 | ) | |||||||||||||||
(16,465 | ) | — | (16,465 | ) | ||||||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Unrealized gains for the year | 62,719 | (25,088 | ) | 37,631 | ||||||||||||||||
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 | ) | |||||||||||||||
(202,555 | ) | 81,022 | (121,533 | ) | ||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||
Actuarial loss | (149,482 | ) | 59,792 | (89,690 | ) | |||||||||||||||
Prior service cost | (1,600 | ) | 640 | (960 | ) | |||||||||||||||
Amortization of net actuarial gain included in net income | (29,412 | ) | 11,765 | (17,647 | ) | |||||||||||||||
Amortization of net prior service credit included in net income | (407 | ) | 163 | (244 | ) | |||||||||||||||
Curtailments and settlements | 8 | (3 | ) | 5 | ||||||||||||||||
(180,893 | ) | 72,357 | (108,536 | ) | ||||||||||||||||
Cash flow hedge: | ||||||||||||||||||||
Gain for the year | 867 | (347 | ) | 520 | ||||||||||||||||
Other Comprehensive Loss | $ | (399,046 | ) | $ | 153,032 | $ | (246,014 | ) | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | |||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Translation adjustments arising during the year | $ | (1,059 | ) | $ | — | $ | (1,059 | ) | ||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Unrealized gains for the year | 95,629 | (38,251 | ) | 57,378 | ||||||||||||||||
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income | 9,554 | (3,822 | ) | 5,732 | ||||||||||||||||
105,183 | (42,073 | ) | 63,110 | |||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||
Actuarial gain | 762,806 | (305,123 | ) | 457,683 | ||||||||||||||||
Amortization of net actuarial loss included in net income | 3,096 | (1,238 | ) | 1,858 | ||||||||||||||||
Amortization of net prior service credit included in net income | (1,383 | ) | 553 | (830 | ) | |||||||||||||||
Curtailments and settlements | (124,051 | ) | 49,617 | (74,434 | ) | |||||||||||||||
640,468 | (256,191 | ) | 384,277 | |||||||||||||||||
Cash flow hedge: | ||||||||||||||||||||
Gain for the year | 520 | (208 | ) | 312 | ||||||||||||||||
Other Comprehensive Income | $ | 745,112 | $ | (298,472 | ) | $ | 446,640 | |||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | |||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Translation adjustments arising during the year | $ | 5,622 | $ | — | $ | 5,622 | ||||||||||||||
Adjustment for sales of businesses with foreign operations | (888 | ) | — | (888 | ) | |||||||||||||||
4,734 | — | 4,734 | ||||||||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Unrealized gains for the year | 33,098 | (13,239 | ) | 19,859 | ||||||||||||||||
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income | 17,226 | (6,890 | ) | 10,336 | ||||||||||||||||
50,324 | (20,129 | ) | 30,195 | |||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||
Actuarial gain | 82,470 | (32,987 | ) | 49,483 | ||||||||||||||||
Amortization of net actuarial loss included in net income | 9,368 | (3,746 | ) | 5,622 | ||||||||||||||||
Amortization of net prior service credit included in net income | (1,859 | ) | 744 | (1,115 | ) | |||||||||||||||
Other adjustments | (745 | ) | 299 | (446 | ) | |||||||||||||||
89,234 | (35,690 | ) | 53,544 | |||||||||||||||||
Cash flow hedge: | ||||||||||||||||||||
Loss for the year | (1,581 | ) | 633 | (948 | ) | |||||||||||||||
Other Comprehensive Income | $ | 142,711 | $ | (55,186 | ) | $ | 87,525 | |||||||||||||
The accumulated balances related to each component of other comprehensive (loss) 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 | |||||||||||||||||||
As of December 31, 2012 | $ | 26,072 | $ | 110,553 | $ | 117,169 | $ | (940 | ) | $ | 252,854 | |||||||||
Other comprehensive income (loss) before reclassifications | (1,059 | ) | 57,378 | 383,249 | (178 | ) | 439,390 | |||||||||||||
Net amount reclassified from accumulated other comprehensive income | — | 5,732 | 1,028 | 490 | 7,250 | |||||||||||||||
Net other comprehensive income (loss) | (1,059 | ) | 63,110 | 384,277 | 312 | 446,640 | ||||||||||||||
As of December 31, 2013 | 25,013 | 173,663 | 501,446 | (628 | ) | 699,494 | ||||||||||||||
Other comprehensive (loss) income before reclassifications | (16,061 | ) | 37,631 | (90,645 | ) | 12 | (69,063 | ) | ||||||||||||
Net amount reclassified from accumulated other comprehensive income | (404 | ) | (159,164 | ) | (17,891 | ) | 508 | (176,951 | ) | |||||||||||
Net other comprehensive (loss) income | (16,465 | ) | (121,533 | ) | (108,536 | ) | 520 | (246,014 | ) | |||||||||||
As of December 31, 2014 | $ | 8,548 | $ | 52,130 | $ | 392,910 | $ | (108 | ) | $ | 453,480 | |||||||||
The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows: | ||||||||||||||||||||
Year Ended December 31 | Affected Line Item in the Consolidated Statement of Operations | |||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Foreign Currency Translation Adjustments: | ||||||||||||||||||||
Adjustment for sales of businesses with foreign operations | $ | (404 | ) | $ | — | $ | (888 | ) | Income from discontinued operations, net of tax | |||||||||||
Unrealized Gains on Available-for-Sale Securities: | ||||||||||||||||||||
Realized (gain) loss for the year | (265,274 | ) | 9,554 | 17,226 | Other expense, net | |||||||||||||||
106,110 | (3,822 | ) | (6,890 | ) | -1 | |||||||||||||||
(159,164 | ) | 5,732 | 10,336 | Net of tax | ||||||||||||||||
Pension and Other Postretirement Plans: | ||||||||||||||||||||
Amortization of net actuarial (gain) loss | (29,412 | ) | 3,096 | 9,368 | -2 | |||||||||||||||
Amortization of net prior service credit | (407 | ) | (1,383 | ) | (1,859 | ) | -2 | |||||||||||||
(29,819 | ) | 1,713 | 7,509 | Before tax | ||||||||||||||||
11,928 | (685 | ) | (3,002 | ) | Income taxes | |||||||||||||||
(17,891 | ) | 1,028 | 4,507 | Net of tax | ||||||||||||||||
Cash Flow Hedge | ||||||||||||||||||||
847 | 816 | 306 | Interest expense | |||||||||||||||||
(339 | ) | (326 | ) | (122 | ) | Provision for income taxes | ||||||||||||||
508 | 490 | 184 | Net of tax | |||||||||||||||||
Total reclassification for the year | $ | (176,951 | ) | $ | 7,250 | $ | 14,139 | Net of tax | ||||||||||||
____________ | ||||||||||||||||||||
-1 | Benefits of $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the year ended December 31, 2014. The remaining $107.3 million for the year relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 7). The amounts for 2013 and 2012 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 14). |
Leases_and_Other_Commitments
Leases and Other Commitments | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases And Other Commitments [Abstract] | ||||
Leases and Other Commitments | LEASES AND OTHER COMMITMENTS | |||
The Company leases real property under operating agreements. Many of the leases contain renewal options and escalation clauses that require payments of additional rent to the extent of increases in the related operating costs. | ||||
At December 31, 2014, future minimum rental payments under noncancelable operating leases approximate the following: | ||||
(in thousands) | ||||
2015 | $ | 122,527 | ||
2016 | 115,772 | |||
2017 | 101,638 | |||
2018 | 83,628 | |||
2019 | 66,966 | |||
Thereafter | 347,329 | |||
$ | 837,860 | |||
____________ | ||||
Includes a Kaplan lease signed January 31, 2015 with a total obligation of $16.5 million. | ||||
Minimum payments have not been reduced by minimum sublease rentals of $94.2 million due in the future under noncancelable subleases, including $61.5 million related to a Kaplan sublease signed February 5, 2015. | ||||
Rent expense under operating leases, including a portion reported in discontinued operations, was approximately $105.5 million, $118.5 million and $127.2 million in 2014, 2013 and 2012, respectively. Sublease income was approximately $5.4 million, $5.4 million and $4.4 million in 2014, 2013 and 2012, respectively. | ||||
The Company’s broadcast subsidiaries are parties to certain agreements that commit them to purchase programming to be produced in future years. At December 31, 2014, such commitments amounted to approximately $21.0 million. If such programs are not produced, the Company’s commitment would expire without obligation. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES |
Litigation and Legal Matters. The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, invasion of privacy; trademark, copyright and patent infringement; U.S. False Claims Act (False Claims Act) violations; violations of applicable wage and hour laws; and statutory or common law claims involving current and former students and employees. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial condition, results of operations or cash flows. 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 February 6, 2008, a purported class-action lawsuit was filed in the U.S. District Court for the Central District of California by purchasers of BAR/BRI bar review courses, from July 2006 onward, alleging antitrust claims against Kaplan and West Publishing Corporation, BAR/BRI’s former owner. On April 10, 2008, the court granted defendants’ motion to dismiss, a decision that was reversed by the Ninth Circuit Court of Appeals on November 7, 2011. The Ninth Circuit also referred the matter to a mediator for the purpose of exploring a settlement. In the fourth quarter of 2012, the parties reached a comprehensive agreement to settle the matter. The settlement was approved by the District Court in September 2013 and will be administered following the resolution of appeals relating to attorney fees. | |
On or about January 17, 2008, an Assistant U.S. Attorney in the Civil Division of the U.S. Attorney’s Office for the Eastern District of Pennsylvania contacted KHE’s Broomall campus and made inquiries about the Surgical Technology program, including the program’s eligibility for Title IV U.S. Federal financial aid, the program’s student loan defaults, licensing and accreditation. Kaplan responded to the information requests and fully cooperated with the inquiry. The ED also conducted a program review at the Broomall campus, and Kaplan likewise cooperated with the program review. On July 22, 2011, the U.S. Attorney’s Office for the Eastern District of Pennsylvania announced that it had entered into a comprehensive settlement agreement with Kaplan that resolved the U.S. Attorney’s inquiry, provided for the conclusion of the ED’s program review and also settled a previously sealed U.S. Federal False Claims Act (False Claims Act) complaint that had been filed by a former employee of the CHI-Broomall campus. The total amount of all required payments by Broomall under the agreements was $1.6 million. Pursuant to the comprehensive settlement agreement, the U.S. Attorney inquiry has been closed, the False Claims Act complaint (United States of America ex rel. David Goodstein v. Kaplan, Inc. et al.) was dismissed with prejudice and the ED will issue a final program review determination. At this time, Kaplan cannot predict the contents of the pending final program review determination or the ultimate impact the proceedings may have on the Broomall campus or the KHE business generally. | |
During 2014, certain Kaplan subsidiaries were subject to two other unsealed cases filed by former employees that include, among other allegations, claims under the False Claims Act relating to eligibility for Title IV funding. The U.S. Government declined to intervene in all cases, and, as previously reported, court decisions either dismissed the cases in their entirety or narrowed the scope of their allegations. The two cases are captioned: United States of America ex rel. Carlos Urquilla-Diaz et al. v. Kaplan University et al. (unsealed March 25, 2008) and United States of America ex rel. Charles Jajdelski v. Kaplan Higher Education Corp. et al. (unsealed January 6, 2009). | |
On August 17, 2011, the U.S. District Court for the Southern District of Florida issued a series of rulings in the Diaz case, which included three separate complaints: Diaz, Wilcox and Gillespie. The court dismissed the Wilcox complaint in its entirety; dismissed all False Claims Act allegations in the Diaz complaint, leaving only an individual employment claim; and dismissed in part the Gillespie complaint, thereby limiting the scope and time frame of its False Claims Act allegations regarding compliance with the U.S. Federal Rehabilitation Act. On October 31, 2012, the court entered summary judgment in favor of the Company as to the sole remaining employment claim in the Diaz complaint. On July 16, 2013, the court likewise entered summary judgment in favor of the Company on all remaining claims in the Gillespie complaint. Diaz and Gillespie each appealed to the U.S. Court of Appeals for the Eleventh Judicial Court. Arguments on both appeals were heard on February 3, 2015. | |
On July 7, 2011, the U.S. District Court for the District of Nevada dismissed the Jajdelski complaint in its entirety and entered a final judgment in favor of Kaplan. On February 13, 2013, the U.S. Circuit Court for the Ninth Judicial Circuit affirmed the dismissal in part and reversed the dismissal on one allegation under the False Claims Act relating to eligibility for Title IV funding based on claims of false attendance. The surviving claim was remanded to the District Court, where Kaplan has moved for summary judgment. | |
In January 2013, a former employee of KTP filed a sealed False Claims Act alleging that there were instructors at the San Antonio campuses of Kaplan College who did not meet Texas’ qualification requirements. The case, captioned United States of America ex rel. Leslie Coleman v. Kaplan, Inc. et al., was unsealed on December 23, 2014, in connection with the parties entering into a settlement agreement pursuant to which Kaplan paid approximately $1.3 million, of which approximately $1.1 million was paid in the form of partial refunds to 289 former students. The settlement agreement stated that “[d]uring its investigation of the Relator’s False Claims Act allegations, the United States did not encounter evidence of harm to Kaplan students.” | |
On December 22, 2014, a former student representative filed a purported class and collective action lawsuit in the U.S. District Court for the Northern District of Illinois, in which she asserts claims under the Illinois Minimum Wage Law and the Fair Labor Standards Act (Sharon Freeman v. Kaplan, Inc.). The plaintiff alleges that she and other law students who were student representatives, on their respective law school campuses, of Kaplan’s bar exam preparation business should have been classified as employees and paid minimum wage. The Company cannot predict the outcome of this inquiry. | |
On October 21, 2010, KHE received a subpoena from the office of the Florida Attorney General (FL AG). The subpoena sought information pertaining to the online and on-campus schools operated by KHE in and outside of Florida. In June 2014, Kaplan entered into an Assurance of Voluntary Compliance (AVC) with the FL AG on behalf of Kaplan University, Kaplan Higher Education Campuses and Kaplan, Inc. This agreement closes the FL AG investigation. The AVC required Kaplan to pay $200,000 in “investigation costs,” provide certain tuition credits for students who previously dropped from a program and wish to return, and comply with certain industry best practices. In addition, Kaplan agreed to keep the Kaplan Commitment in place for Florida students until such time as Kaplan can prove that the program resulted in savings to Florida students of at least $350,000. This condition was satisfied at the end of 2014. | |
On December 21, 2010, the U.S. Equal Employment Opportunity Commission (EEOC) filed suit against Kaplan Higher Education Corporation in the U.S. District Court for the Northern District of Ohio alleging racial bias by Kaplan in requesting credit scores of job applicants seeking financial positions. In March 2011, the court granted in part the Company’s motion to dismiss the complaint. On January 28, 2013, the court entered summary judgment in favor of Kaplan Higher Education Corporation and against the EEOC, terminating the case in its entirety. The EEOC appealed the judgment to the U.S. Court of Appeals for the Sixth Judicial Circuit, and briefing on that appeal was completed in November 2013. On April 9, 2014, the Court of Appeals affirmed the lower court’s judgment in favor of the Company. | |
On February 7, 2011, KHE received a Civil Investigative Demand from the Office of the Attorney General of the State of Illinois. The demand primarily sought information pertaining to Kaplan University’s online students who are residents of Illinois. KHE has cooperated with the Illinois Attorney General and provided the requested information. Although KHE may receive further requests for information from the Illinois Attorney General, there has been no such further correspondence to date. The Company cannot predict the outcome of this inquiry. | |
On April 30, 2011, KHE 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. The Charlestown campus closed in 2013 and the Kenmore Square campus closed in 2012. Kaplan Higher Education Corporation 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 statute. The letter outlined 12 allegations against the Charlestown and Kenmore Square campuses. The Company cannot predict the outcome of this inquiry or any potential litigation. | |
On July 20, 2011, KHE received a subpoena from the Office of the Attorney General of the State of Delaware. The demand primarily sought information pertaining to Kaplan University’s online students and Kaplan Higher Education Campuses’ students who are residents of Delaware. Kaplan Higher Education Corporation has cooperated with the Delaware Attorney General and provided the information requested in the subpoena. Although KHE may receive further requests for information from the Delaware Attorney General, there has been no such further correspondence to date. The Company cannot predict the outcome of this inquiry. | |
Student Financial Aid. The Company’s education division derives the majority of its revenues from U.S. Federal financial aid received by its students under Title IV programs administered by the ED pursuant to the Higher Education Act, as amended. To maintain eligibility to participate in Title IV programs, a school must comply with extensive statutory and regulatory requirements relating to its financial aid management, educational programs, financial strength, administrative capability, compensation practices, facilities, recruiting practices and various other matters. In addition, the school must be licensed, or otherwise legally authorized, to offer postsecondary educational programs by the appropriate governmental body in the state or states in which it is physically located or is otherwise subject to state authorization requirements, be accredited by an accrediting agency recognized by the ED and be certified to participate in the Title IV programs by the ED. Schools are required periodically to apply for renewal of their authorization, accreditation or certification with the applicable state governmental bodies, accrediting agencies and the ED. In accordance with ED regulations, some KHE schools operate individually while others are combined into groups of two or more schools for the purpose of determining compliance with certain Title IV requirements, and each school or school group is assigned its own identification number, known as an OPEID number. As a result, as of the end of 2014 the schools in KHE have a total of 25 OPEID numbers. Failure to comply with the requirements of the Higher Education Act or related regulations could result in the restriction or loss of the ability to participate in Title IV programs and subject the Company to financial penalties and refunds. No assurance can be given that the Kaplan schools, or individual programs within schools, will maintain their Title IV eligibility, accreditation and state authorization in the future or that the ED might not successfully assert that one or more of such schools have previously failed to comply with Title IV requirements. | |
Financial aid and assistance programs are subject to political and governmental budgetary considerations. There is no assurance that such funding will be maintained at current levels. Extensive and complex regulations in the U.S. govern all of the government financial assistance programs in which students participate. | |
For the years ended December 31, 2014, 2013 and 2012, approximately $806 million, $819 million and $882 million, respectively, of the Company’s education division revenue was derived from financial aid received by students under Title IV programs. Management believes that the Company’s education division schools that participate in Title IV programs are in material compliance with standards set forth in the Higher Education Act and related regulations. | |
ED Program Reviews. The ED has undertaken program reviews at various KHE locations. Currently, there are four pending program reviews, including the ED’s final reports on the program reviews at KHE’s Broomall, PA, and Pittsburgh, PA, locations. | |
On January 22, 2015, the ED announced that it will conduct a program review of Kaplan University, beginning on February 23, 2015. On February 19, 2015 the ED notified KHE that it will conduct a program review at KHE’s San Antonio, TX location, beginning in March 2015. The reviews will assess Kaplan’s administration of its Title IV, HEA programs and will initially focus on the 2013 to 2014 and 2014 to 2015 award years. Kaplan cannot at this time predict the outcome of this review, when it will be completed or any liability or limitations that the ED may place on Kaplan University or KHE San Antonio as a result of these reviews. | |
The Company does not expect the open program reviews to have a material impact on KHE; however, the results of open program reviews and their impact on Kaplan’s operations are uncertain. | |
The 90/10 Rule. Under regulations referred to as the 90/10 rule, a KHE school would lose its eligibility to participate in Title IV programs for a period of at least two fiscal years if the institution derives more than 90% of its receipts from Title IV programs, as calculated on a cash basis in accordance with the Higher Education Act and applicable ED regulations, in each of two consecutive fiscal years. An institution with Title IV receipts exceeding 90% for a single fiscal year would be placed on provisional certification and may be subject to other enforcement measures. The 90/10 rule calculations are performed for each OPEID unit. The largest OPEID reporting unit in KHE in terms of revenue is Kaplan University, which accounted for approximately 73% of the Title IV funds received by the division in 2014. In 2014, Kaplan University derived less than 81% of its receipts from the Title IV programs, and other OPEID units derived between 65% and 91% of their receipts from Title IV programs. Kaplan’s Cleveland ground campus is the only OPEID that received more than 90% of its receipts in 2014 from Title IV programs, which was due in part to the announced closure of the school. Kaplan expects that all courses in progress at the Cleveland location will be completed by the end of the first quarter of 2015, at which time all operations at the campus will cease. In 2013, Kaplan University derived less than 81% of its receipts from Title IV programs, and other OPEID units derived between 69% and 89% of their receipts from Title IV programs. | |
A majority of KHE students are enrolled in certificate and associate’s degree programs. Revenue from certificate and associate’s degree programs is composed of a higher percentage of Title IV funds than is the case for revenue from KHE’s bachelor’s and other degree programs. 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 evaluate carefully 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. Kaplan has taken steps to ensure that revenue from programs acquired by a KHE campus is eligible to be counted in that campus’ 90/10 calculation. However, there can be no guarantee that the ED will not challenge the inclusion of revenue from any acquired program in KHE’s 90/10 calculations or will not issue an interpretation of the 90/10 rule that would exclude such revenue from the calculation. Absent the adoption of the changes mentioned above, and if current trends continue, management estimates that in 2015, three of the KHE Campuses’ OPEID units, representing approximately 2.6% of KHE’s 2014 revenues, could have a 90/10 ratio over 90%. As noted above, Kaplan is taking steps to address compliance with the 90/10 rule; however, there can be no guarantee that these measures will be adequate to prevent the 90/10 ratio at some or all schools from exceeding 90% in the future. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Business Segments | BUSINESS SEGMENTS | |||||||||||
Basis of Presentation. The Company’s organizational structure is based on a number of factors that management uses to evaluate, view and run its business operations, which include, but are not limited to, customers, the nature of products and services and use of resources. The business segments disclosed in the Consolidated Financial Statements are based on this organizational structure and information reviewed by the Company’s management to evaluate the business segment results. The Company has six reportable segments: KHE, KTP, Kaplan International, cable, television broadcasting and other businesses. | ||||||||||||
The Company evaluates segment performance based on operating income before amortization of intangible assets and impairment of goodwill and other long-lived assets. The accounting policies at the segments are the same as described in Note 2. In computing income from operations by segment, the effects of equity in earnings (losses) of affiliates, interest income, interest expense, other non-operating income and expense items and income taxes are not included. Intersegment sales are not material. | ||||||||||||
Identifiable assets by segment are those assets used in the Company’s operations in each business segment. The Prepaid Pension cost is not included in identifiable assets by segment. Investments in marketable equity securities are discussed in Note 4. | ||||||||||||
Education. Education products and services are provided by Kaplan, Inc. KHE includes Kaplan’s postsecondary education businesses, made up of fixed-facility colleges, as well as online postsecondary and career programs. KHE also includes the domestic professional training businesses. KTP includes Kaplan’s standardized test preparation programs. Kaplan International includes professional training and postsecondary education businesses outside the United States, as well as English-language programs. | ||||||||||||
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 was sold in January 2015. Kaplan sold Kidum in August 2012, EduNeering in April 2012 and KLT in February 2012; therefore, the education division’s operating results exclude these businesses. | ||||||||||||
In recent years, Kaplan has formulated and implemented restructuring plans at its various businesses that have resulted in significant costs in the past three years, with the objective of establishing lower cost levels in future periods. Across all Kaplan businesses, restructuring costs of $16.8 million, $36.4 million and $45.2 million were recorded in 2014, 2013 and 2012, respectively, as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Accelerated depreciation | $ | 2,062 | $ | 16,856 | $ | 17,230 | ||||||
Lease obligation losses | 1,750 | 9,351 | 9,794 | |||||||||
Severance | 5,075 | 6,289 | 14,349 | |||||||||
Accelerated amortization of intangible assets | — | — | 2,595 | |||||||||
Software asset write-offs | 7,689 | — | — | |||||||||
Other | 230 | 3,862 | 1,274 | |||||||||
$ | 16,806 | $ | 36,358 | $ | 45,242 | |||||||
KHE incurred restructuring costs of $6.5 million, $19.5 million and $23.4 million in 2014, 2013 and 2012, respectively, primarily from accelerated depreciation and severance and lease obligations. These costs were incurred in connection with a plan announced in September 2012 for KHE to close or consolidate operations at 13 ground campuses, additional plans announced in 2014 to close five more campuses, along with plans to consolidate facilities and reduce its workforce. | ||||||||||||
In February 2015, Kaplan entered a Purchase and Sale Agreement with ECA to sell substantially all of the assets of its KHE Campuses business. The transaction is contingent upon certain regulatory and accrediting agency approvals and is expected to close in the second or third quarter of 2015. In addition, in the fourth quarter of 2014, Kaplan recorded a $13.6 million other long-lived asset impairment charge in connection with its KHE Campuses business. | ||||||||||||
Kaplan International incurred restructuring costs of $0.2 million, $5.8 million and $16.4 million in 2014, 2013 and 2012, respectively. These restructuring costs were largely in Australia and included lease obligations, accelerated depreciation and severance charges. | ||||||||||||
Total accrued restructuring costs at Kaplan were $12.7 million and $17.6 million at the end of each of 2014 and 2013, respectively. | ||||||||||||
In the second quarter of 2012, Kaplan International results benefited from a favorable $3.9 million out-of-period expense adjustment related to certain items in 2011 and 2010. With respect to this out-of-period expense adjustment, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2014, 2013 and 2012 and the related interim periods, based on its consideration of quantitative and qualitative factors. | ||||||||||||
Cable. Cable operations consist of cable systems offering video, data, voice and other services to subscribers in midwestern, western and southern states. The principal source of revenue is monthly subscription fees charged for services. | ||||||||||||
In November 2014, the Company announced a plan for the complete legal and structural separation of Cable ONE, Inc. from the Company (See Note 1). | ||||||||||||
Television Broadcasting. Television broadcasting operations are conducted through five VHF television stations serving the Detroit, Houston, San Antonio, Orlando and Jacksonville television markets. All stations are network-affiliated (except for WJXT in Jacksonville), with revenues derived primarily from sales of advertising time. | ||||||||||||
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. | ||||||||||||
Other Businesses. Other businesses includes the operating results of The Slate Group and Foreign Policy Group, which publish online and print magazines and websites; SocialCode, a marketing solutions provider helping companies with marketing on social-media platforms; Celtic, a provider of home health and hospice services; Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications, acquired by the Company in August 2013; and Trove, a digital innovation team that builds products and technologies in the news space. In April 2014, Celtic acquired the assets of VNA-TIP Healthcare of Bridgeton, MO. On May 30, 2014, the Company acquired Joyce/Dayton Corp., a Dayton, OH-based manufacturer of screw jacks and other linear motion systems and on July 3, 2014, the Company acquired a majority interest in Residential Healthcare Group, Inc. (Residential), the parent company of Residential Home Health and Residential Hospice, leading providers of skilled home health care and hospice services in Michigan and Illinois. | ||||||||||||
Corporate Office. Corporate office includes the expenses of the Company’s corporate office, a net pension credit and certain continuing obligations related to prior business dispositions. | ||||||||||||
Geographical Information. The Company’s non-U.S. revenues in 2014, 2013 and 2012 totaled approximately $712 million, $658 million and $632 million, respectively, primarily from Kaplan’s operations outside the U.S. The Company’s long-lived assets in non-U.S. countries (excluding goodwill and other intangible assets), totaled approximately $58 million and $66 million at December 31, 2014 and 2013, respectively. | ||||||||||||
Company information broken down by operating segment and education division: | ||||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Operating Revenues | ||||||||||||
Education | $ | 2,160,417 | $ | 2,163,734 | $ | 2,184,532 | ||||||
Cable | 798,134 | 807,309 | 787,117 | |||||||||
Television broadcasting | 363,836 | 308,306 | 328,396 | |||||||||
Other businesses | 212,907 | 128,803 | 72,837 | |||||||||
Corporate office | — | — | — | |||||||||
Intersegment elimination | (128 | ) | (241 | ) | (296 | ) | ||||||
$ | 3,535,166 | $ | 3,407,911 | $ | 3,372,586 | |||||||
Income (Loss) from Operations | ||||||||||||
Education | $ | 65,463 | $ | 50,989 | $ | (106,424 | ) | |||||
Cable | 178,722 | 169,735 | 154,581 | |||||||||
Television broadcasting | 187,833 | 145,192 | 162,131 | |||||||||
Other businesses | (21,086 | ) | (23,468 | ) | (33,010 | ) | ||||||
Corporate office | (3,000 | ) | (23,279 | ) | (28,665 | ) | ||||||
$ | 407,932 | $ | 319,169 | $ | 148,613 | |||||||
Equity in Earnings of Affiliates, Net | 100,370 | 13,215 | 14,086 | |||||||||
Interest Expense, Net | (34,450 | ) | (33,803 | ) | (32,551 | ) | ||||||
Other Income (Expense), Net | 853,259 | (23,751 | ) | (5,456 | ) | |||||||
Income from Continuing Operations before Income Taxes | $ | 1,327,111 | $ | 274,830 | $ | 124,692 | ||||||
Depreciation of Property, Plant and Equipment | ||||||||||||
Education | $ | 61,737 | $ | 89,622 | $ | 101,009 | ||||||
Cable | 128,733 | 128,184 | 129,107 | |||||||||
Television broadcasting | 8,409 | 8,746 | 9,253 | |||||||||
Other businesses | 3,931 | 2,177 | 770 | |||||||||
Corporate office | 836 | 626 | — | |||||||||
$ | 203,646 | $ | 229,355 | $ | 240,139 | |||||||
Amortization of Intangible Assets and Impairment of Goodwill and | ||||||||||||
Other Long-Lived Assets | ||||||||||||
Education | $ | 24,941 | $ | 11,753 | $ | 127,876 | ||||||
Cable | 181 | 220 | 211 | |||||||||
Television broadcasting | 32 | — | — | |||||||||
Other businesses | 10,516 | 3,416 | 3,016 | |||||||||
Corporate office | — | — | — | |||||||||
$ | 35,670 | $ | 15,389 | $ | 131,103 | |||||||
Net Pension (Credit) Expense | ||||||||||||
Education | $ | 15,418 | $ | 16,538 | $ | 11,584 | ||||||
Cable | 3,585 | 3,708 | 2,540 | |||||||||
Television broadcasting | 1,355 | 3,961 | 5,046 | |||||||||
Other businesses | 748 | 610 | 169 | |||||||||
Corporate office | (82,301 | ) | (41,836 | ) | (27,871 | ) | ||||||
$ | (61,195 | ) | $ | (17,019 | ) | $ | (8,532 | ) | ||||
Capital Expenditures | ||||||||||||
Education | $ | 33,528 | $ | 45,421 | $ | 51,105 | ||||||
Cable | 165,787 | 160,246 | 150,525 | |||||||||
Television broadcasting | 11,295 | 12,131 | 6,122 | |||||||||
Other businesses | 5,110 | 2,005 | 1,451 | |||||||||
Corporate office | 7,074 | 309 | — | |||||||||
$ | 222,794 | $ | 220,112 | $ | 209,203 | |||||||
Asset information for the Company’s business segments is as follows: | ||||||||||||
As of December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Identifiable Assets | ||||||||||||
Education | $ | 1,781,543 | $ | 1,921,037 | ||||||||
Cable | 1,253,764 | 1,215,320 | ||||||||||
Television broadcasting | 305,426 | 383,251 | ||||||||||
Other businesses | 518,807 | 171,539 | ||||||||||
Corporate office | 524,627 | 371,484 | ||||||||||
$ | 4,384,167 | $ | 4,062,631 | |||||||||
Investments in Marketable Equity Securities | 193,793 | 487,156 | ||||||||||
Investments in Affiliates | 19,811 | 15,754 | ||||||||||
Prepaid Pension Cost | 1,152,488 | 1,245,505 | ||||||||||
Assets of Discontinued Operations | 2,060 | — | ||||||||||
Total Assets | $ | 5,752,319 | $ | 5,811,046 | ||||||||
The Company’s education division comprises the following operating segments: | ||||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Operating Revenues | ||||||||||||
Higher education | $ | 1,010,058 | $ | 1,080,908 | $ | 1,149,407 | ||||||
Test preparation | 304,662 | 293,201 | 284,252 | |||||||||
Kaplan international | 840,915 | 783,588 | 741,826 | |||||||||
Kaplan corporate and other | 6,094 | 7,990 | 15,039 | |||||||||
Intersegment elimination | (1,312 | ) | (1,953 | ) | (5,992 | ) | ||||||
$ | 2,160,417 | $ | 2,163,734 | $ | 2,184,532 | |||||||
Income (Loss) from Operations | ||||||||||||
Higher education | $ | 83,069 | $ | 71,584 | $ | 27,245 | ||||||
Test preparation | (4,730 | ) | 4,118 | (10,799 | ) | |||||||
Kaplan international | 69,153 | 51,653 | 47,120 | |||||||||
Kaplan corporate and other | (82,034 | ) | (76,701 | ) | (171,036 | ) | ||||||
Intersegment elimination | 5 | 335 | 1,046 | |||||||||
$ | 65,463 | $ | 50,989 | $ | (106,424 | ) | ||||||
Depreciation of Property, Plant and Equipment | ||||||||||||
Higher education | $ | 29,187 | $ | 43,892 | $ | 58,514 | ||||||
Test preparation | 12,547 | 19,194 | 19,718 | |||||||||
Kaplan international | 19,297 | 16,154 | 20,975 | |||||||||
Kaplan corporate and other | 706 | 10,382 | 1,802 | |||||||||
$ | 61,737 | $ | 89,622 | $ | 101,009 | |||||||
Amortization of Intangible Assets | $ | 7,738 | $ | 8,503 | $ | 16,283 | ||||||
Impairment of Goodwill and Other Long-Lived Assets | $ | 17,203 | $ | 3,250 | $ | 111,593 | ||||||
Pension Expense | ||||||||||||
Higher education | $ | 10,514 | $ | 11,714 | $ | 7,943 | ||||||
Test preparation | 2,888 | 2,674 | 2,007 | |||||||||
Kaplan international | 356 | 363 | 189 | |||||||||
Kaplan corporate and other | 1,660 | 1,787 | 1,445 | |||||||||
$ | 15,418 | $ | 16,538 | $ | 11,584 | |||||||
Capital Expenditures | ||||||||||||
Higher education | $ | 11,551 | $ | 10,879 | $ | 26,406 | ||||||
Test preparation | 1,143 | 7,008 | 8,211 | |||||||||
Kaplan international | 20,802 | 27,472 | 16,728 | |||||||||
Kaplan corporate and other | 32 | 62 | (240 | ) | ||||||||
$ | 33,528 | $ | 45,421 | $ | 51,105 | |||||||
Asset information for the Company’s education division is as follows: | ||||||||||||
As of December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Identifiable Assets | ||||||||||||
Higher education | $ | 749,421 | $ | 859,208 | ||||||||
Test preparation | 167,055 | 173,435 | ||||||||||
Kaplan international | 838,148 | 864,507 | ||||||||||
Kaplan corporate and other | 26,919 | 23,887 | ||||||||||
$ | 1,781,543 | $ | 1,921,037 | |||||||||
Summary_of_Quarterly_Operating
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) | SUMMARY OF QUARTERLY OPERATING RESULTS AND COMPREHENSIVE INCOME (UNAUDITED) | ||||||||||||||||
Quarterly results of operations and comprehensive income for the year ended December 31, 2014, is as follows: | |||||||||||||||||
(in thousands, except per share amounts) | First | Second Quarter | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | |||||||||||||||
Operating Revenues | |||||||||||||||||
Education | $ | 522,154 | $ | 542,964 | $ | 543,918 | $ | 551,381 | |||||||||
Subscriber | 191,128 | 187,723 | 183,161 | 184,035 | |||||||||||||
Advertising | 78,247 | 82,475 | 81,583 | 101,271 | |||||||||||||
Other | 45,012 | 61,249 | 90,209 | 88,656 | |||||||||||||
836,541 | 874,411 | 898,871 | 925,343 | ||||||||||||||
Operating Costs and Expenses | |||||||||||||||||
Operating | 376,463 | 395,627 | 398,922 | 391,348 | |||||||||||||
Selling, general and administrative | 325,275 | 322,240 | 358,189 | 319,854 | |||||||||||||
Depreciation of property, plant and equipment | 53,217 | 51,989 | 53,074 | 45,366 | |||||||||||||
Amortization of intangible assets | 2,717 | 2,995 | 7,405 | 5,251 | |||||||||||||
Impairment of intangible and other long-lived assets | — | — | — | 17,302 | |||||||||||||
757,672 | 772,851 | 817,590 | 779,121 | ||||||||||||||
Income from Operations | 78,869 | 101,560 | 81,281 | 146,222 | |||||||||||||
Equity in earnings of affiliates, net | 4,052 | 91,503 | 4,613 | 202 | |||||||||||||
Interest income | 599 | 641 | 529 | 367 | |||||||||||||
Interest expense | (8,820 | ) | (8,557 | ) | (9,330 | ) | (9,879 | ) | |||||||||
Other income, net | 133,273 | 268,114 | 64,526 | 387,346 | |||||||||||||
Income from Continuing Operations Before Income Taxes | 207,973 | 453,261 | 141,619 | 524,258 | |||||||||||||
Provision for Income Taxes | 77,400 | 78,600 | 58,200 | 191,900 | |||||||||||||
Income from Continuing Operations | 130,573 | 374,661 | 83,419 | 332,358 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | 1,732 | 375,189 | (6,980 | ) | 2,308 | ||||||||||||
Net Income | 132,305 | 749,850 | 76,439 | 334,666 | |||||||||||||
Net Loss (Income) Attributable to Noncontrolling Interests | 219 | 499 | 121 | (256 | ) | ||||||||||||
Net Income Attributable to Graham Holdings Company | 132,524 | 750,349 | 76,560 | 334,410 | |||||||||||||
Redeemable Preferred Stock Dividends | (426 | ) | (212 | ) | (209 | ) | — | ||||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 132,098 | $ | 750,137 | $ | 76,351 | $ | 334,410 | |||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Income from continuing operations | $ | 130,366 | $ | 374,948 | $ | 83,331 | $ | 332,102 | |||||||||
Income (loss) from discontinued operations, net of tax | 1,732 | 375,189 | (6,980 | ) | 2,308 | ||||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 132,098 | $ | 750,137 | $ | 76,351 | $ | 334,410 | |||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Basic income per common share from continuing operations | $ | 17.62 | $ | 50.39 | $ | 14.38 | $ | 57.31 | |||||||||
Basic income (loss) per common share from discontinued operations | 0.23 | 50.41 | (1.20 | ) | 0.4 | ||||||||||||
Basic net income per common share | $ | 17.85 | $ | 100.8 | $ | 13.18 | $ | 57.71 | |||||||||
Diluted income per common share from continuing operations | $ | 17.56 | $ | 50.22 | $ | 14.32 | $ | 57.01 | |||||||||
Diluted income (loss) per common share from discontinued operations | 0.23 | 50.26 | (1.20 | ) | 0.4 | ||||||||||||
Diluted net income per common share | $ | 17.79 | $ | 100.48 | $ | 13.12 | $ | 57.41 | |||||||||
Basic average number of common shares outstanding | 7,275 | 7,284 | 5,671 | 5,678 | |||||||||||||
Diluted average number of common shares outstanding | 7,352 | 7,363 | 5,757 | 5,770 | |||||||||||||
2014 Quarterly comprehensive income | $ | 146,115 | $ | 593,463 | $ | 68,246 | $ | 240,005 | |||||||||
The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding and the reduction in shares outstanding as a result of the Berkshire exchange transaction that closed on June 30, 2014. | |||||||||||||||||
Quarterly results of operations and comprehensive income for the year ended December 31, 2013, is as follows: | |||||||||||||||||
(in thousands, except per share amount) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (1) | Quarter | ||||||||||||||
Operating Revenues | |||||||||||||||||
Education | $ | 524,639 | $ | 544,878 | $ | 543,599 | $ | 550,618 | |||||||||
Subscriber | 186,790 | 192,273 | 190,302 | 186,297 | |||||||||||||
Advertising | 69,122 | 79,898 | 73,549 | 87,692 | |||||||||||||
Other | 36,865 | 50,103 | 48,651 | 42,635 | |||||||||||||
817,416 | 867,152 | 856,101 | 867,242 | ||||||||||||||
Operating Costs and Expenses | |||||||||||||||||
Operating | 374,516 | 392,500 | 393,010 | 372,471 | |||||||||||||
Selling, general and administrative | 333,894 | 318,731 | 327,062 | 331,814 | |||||||||||||
Depreciation of property, plant and equipment | 58,910 | 56,849 | 54,672 | 58,924 | |||||||||||||
Amortization of intangible assets | 3,362 | 2,950 | 2,468 | 3,359 | |||||||||||||
Impairment of intangibles and other long-lived assets | — | — | — | 3,250 | |||||||||||||
770,682 | 771,030 | 777,212 | 769,818 | ||||||||||||||
Income from Operations | 46,734 | 96,122 | 78,889 | 97,424 | |||||||||||||
Equity in earnings of affiliates, net | 3,418 | 3,868 | 5,892 | 37 | |||||||||||||
Interest income | 510 | 522 | 642 | 590 | |||||||||||||
Interest expense | (8,960 | ) | (9,048 | ) | (9,221 | ) | (8,838 | ) | |||||||||
Other (expense) income, net | (4,083 | ) | (12,858 | ) | 8,110 | (14,920 | ) | ||||||||||
Income from Continuing Operations Before Income Taxes | 37,619 | 78,606 | 84,312 | 74,293 | |||||||||||||
Provision for Income Taxes | 15,800 | 31,700 | 29,900 | 24,100 | |||||||||||||
Income from Continuing Operations | 21,819 | 46,906 | 54,412 | 50,193 | |||||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | (16,560 | ) | (1,772 | ) | (23,988 | ) | 106,335 | ||||||||||
Net Income | 5,259 | 45,134 | 30,424 | 156,528 | |||||||||||||
Net Income Attributable to Noncontrolling Interests | (97 | ) | (253 | ) | (75 | ) | (55 | ) | |||||||||
Net Income Attributable to Graham Holdings Company | 5,162 | 44,881 | 30,349 | 156,473 | |||||||||||||
Redeemable Preferred Stock Dividends | (444 | ) | (206 | ) | (205 | ) | — | ||||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | |||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Income from continuing operations | $ | 21,278 | $ | 46,447 | $ | 54,132 | $ | 50,138 | |||||||||
(Loss) income from discontinued operations, net of tax | (16,560 | ) | (1,772 | ) | (23,988 | ) | 106,335 | ||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | |||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Basic income per common share from continuing operations | $ | 2.87 | $ | 6.26 | $ | 7.29 | $ | 6.79 | |||||||||
Basic (loss) income per common share from discontinued operations | (2.23 | ) | (0.24 | ) | (3.22 | ) | 14.41 | ||||||||||
Basic net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.07 | $ | 21.2 | |||||||||
Diluted income per common share from continuing operations | $ | 2.87 | $ | 6.26 | $ | 7.28 | $ | 6.77 | |||||||||
Diluted (loss) income per common share from discontinued operations | (2.23 | ) | (0.24 | ) | (3.23 | ) | 14.37 | ||||||||||
Diluted net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.05 | $ | 21.14 | |||||||||
Basic average number of common shares outstanding | 7,227 | 7,229 | 7,231 | 7,266 | |||||||||||||
Diluted average number of common shares outstanding | 7,266 | 7,283 | 7,337 | 7,347 | |||||||||||||
2013 Quarterly comprehensive income | $ | 29,129 | $ | 61,125 | $ | 37,533 | $ | 555,695 | |||||||||
________________ | |||||||||||||||||
(1) Other revenue and operating expenses of $29.9 million from the third quarter of 2013 have been revised to correctly present revenue on a net basis for certain third quarter contracts that were previously reported on a gross basis. The amounts did not impact net income, and the Company concluded that the amounts were not material to the Company’s consolidated financial statements. | |||||||||||||||||
The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding. | |||||||||||||||||
Quarterly impact from certain items in 2014 and 2013 (after-tax and diluted EPS amounts): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Ÿ | Charges of $20.2 million in connection with early retirement program expense and related charges, restructuring charges and software asset write-offs at the education division and corporate office ($2.9 million, $6.7 million, $8.7 million and $1.9 million in the first, second, third and fourth quarters, respectively) | $ | (0.39 | ) | $ | (0.90 | ) | $ | (1.50 | ) | $ | (0.33 | ) | ||||
Ÿ | Intangible and other long-lived assets impairment charge of $11.2 million at Kaplan and other businesses | $ | (1.92 | ) | |||||||||||||
Ÿ | Gain of $249.8 million from the sale of Classified Ventures | $ | 42.89 | ||||||||||||||
Ÿ | Gain of $58.2 million from the Classified Ventures' sale of apartments.com | $ | 7.8 | ||||||||||||||
Ÿ | Gain of $266.7 million from the Berkshire exchange transaction | $ | 35.73 | ||||||||||||||
Ÿ | Gain of $81.8 million on the sale of the corporate headquarters building | $ | 11.13 | ||||||||||||||
Ÿ | Gain of $48.2 million from the sale of wireless licenses at the cable division | $ | 8.29 | ||||||||||||||
Ÿ | Losses, net, of $7.1 million for non-operating unrealized foreign currency (losses) gains ($3.2 million gain, $1.9 million gain, $6.8 million loss and $5.5 million loss in the first, second, third and fourth quarters, respectively) | $ | 0.44 | $ | 0.25 | $ | (1.16 | ) | $ | (0.94 | ) | ||||||
2013 | |||||||||||||||||
Ÿ | Charges of $25.3 million in connection with severance and restructuring at the education division ($6.1 million, $3.9 million, $3.1 million and $12.2 million in the first, second, third and fourth quarters, respectively) | $ | (0.85 | ) | $ | (0.54 | ) | $ | (0.42 | ) | $ | (1.66 | ) | ||||
Ÿ | Intangible and other long-lived assets impairment charge of $3.2 million at Kaplan | $ | (0.44 | ) | |||||||||||||
Ÿ | Write-down of marketable equity security of $6.7 million | $ | (0.91 | ) | |||||||||||||
Ÿ | Losses, net, of $8.6 million for non-operating unrealized foreign currency (losses) gains ($3.0 million loss, $8.1 million loss, $5.0 million gain and $2.6 million loss in the first, second, third and fourth quarters, respectively) | $ | (0.41 | ) | $ | (1.11 | ) | $ | 0.69 | $ | (0.35 | ) | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications. Certain amounts in previously issued financial statements have been reclassified to conform with the 2014 presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. 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. On an ongoing basis, the Company evaluates its estimates and assumptions. |
Business Combinations | Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less. |
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. |
Concentration of Credit Risk | Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to trade accounts receivable. |
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. |
Investments in Marketable Equity Securities | Investments in Marketable Equity Securities. The Company’s investments in marketable equity securities are classified as available-for-sale and, therefore, are recorded at fair value in the Consolidated Financial Statements, with the change in fair value during the period excluded from earnings and recorded net of income taxes as a separate component of other comprehensive income. If the fair value of a marketable equity security declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold or reclassified out of other comprehensive income. |
Fair Value Measurements | Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. |
For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. | |
The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of the interest rate hedge is determined based on a number of observable inputs, including time to maturity and market interest rates. |
Inventories and Contracts in Progress | Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or realizable values and are based on the first-in, first-out (FIFO) method. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases. |
The cable division capitalizes costs associated with the construction of cable transmission and distribution facilities and new cable service installations. Costs include all direct labor and materials, as well as certain indirect costs. The cost of subsequent disconnects and reconnects are expensed as they are incurred. | |
Evaluation of Long-Lived Assets | Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered to not be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from franchise agreements at its cable division, as the Company expects its cable franchise agreements to provide the Company with substantial benefit for a period that extends beyond the foreseeable horizon, and the Company’s cable division historically has obtained renewals and extensions of such agreements for nominal costs and without any material modifications to the agreements. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 10 years. |
The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. In reviewing the carrying value of indefinite-lived intangible assets at the cable division, the Company aggregates its cable systems on a regional basis. The Company initially assesses qualitative factors to determine if it is necessary to perform the two-step goodwill impairment review or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill for impairment using the two-step process and the indefinite-lived intangible assets using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company reviews the carrying value of goodwill and indefinite-lived intangible assets utilizing a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s and indefinite-lived intangible asset’s estimated fair value. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges. | |
Investments in Affiliates | Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. The Company considers whether the fair values of any of its equity method investments have declined below their carrying value whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value. |
Cost Method Investments | Cost Method Investments. The Company uses the cost method of accounting for its minority investments in nonpublic companies where it does not have significant influence over the operations and management of the investee. Investments are recorded at the lower of cost or fair value as estimated by management. Charges recorded to write down cost method investments to their estimated fair value and gross realized gains or losses upon the sale of cost method investments are included in other (expense) income, net, in the Company’s Consolidated Financial Statements. Fair value estimates are based on a review of the investees’ product development activities, historical financial results and projected discounted cash flows. |
Revenue Recognition | Revenue Recognition. Revenue is recognized when persuasive evidence of an arrangement exists, the fees are fixed or determinable, the product or service has been delivered and collectability is reasonably assured. The Company considers the terms of each arrangement to determine the appropriate accounting treatment. |
Education revenues. Tuition revenue is recognized ratably over the period of instruction as services are delivered to students, net of any refunds, corporate discounts, scholarships and employee tuition discounts. At KTP and International divisions, estimates of average student course length are developed for each course, and these estimates are evaluated on an ongoing basis and adjusted as necessary. Online access revenue is recognized ratably over the period of access. Course material revenue is recognized over the same period as the tuition or online access, if related, or when the products are delivered, if not related. Other revenues, such as student support services, are recognized when the services are provided. | |
KHE, through the Kaplan Commitment program, provides first-time students with a risk-free trial period. Under the program, KHE monitors academic progress and conducts assessments to help determine whether students are likely to be successful in their chosen course of study. Students who withdraw or are subject to dismissal during the risk-free trial period do not incur any significant financial obligation. The Company does not recognize revenues related to coursework until the students complete the risk-free period and decide to continue with their studies, at which time the fees become fixed or determinable. | |
KHE’s 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. | |
Cable revenues. Cable revenues are primarily derived from subscriber fees for video, high-speed data and voice services, and from advertising. Cable subscriber revenue is recognized monthly, as services are delivered. Advertising revenue is recognized when the commercials or programs are aired. | |
Television broadcasting revenues. Advertising revenues are recognized, net of agency commissions, when the underlying advertisement is broadcast. Retransmission revenues are recognized over the term of the agreement based on monthly subscriber counts and contractual rates. | |
Revenue presentation. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company acts as a principal or an agent in the transaction. In certain cases, the Company is considered the agent, and the Company records revenue equal to the net amount retained when the fee is earned. In these cases, costs incurred with third-party suppliers are excluded from the Company’s revenue. The Company assesses whether it or the third-party supplier is the primary obligor and evaluates the terms of its customer arrangements as part of this assessment. In addition, the Company considers other key indicators such as latitude in establishing price, inventory risk, nature of services performed, discretion in supplier selection and credit risk. | |
Deferred revenue. Amounts received from customers in advance of revenue recognition are deferred as liabilities. Deferred revenue to be earned after one year is included in other noncurrent liabilities in the Company’s Consolidated Financial Statements. | |
Leases | Leases. The Company leases substantially all of its educational facilities and enters into various other lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or capital lease. Additionally, many of the Company’s lease agreements contain renewal options, tenant improvement allowances, rent holidays and/or rent escalation clauses. When such items are included in a lease agreement, the Company records a deferred rent asset or liability in the Consolidated Financial Statements and records these items in rent expense evenly over the terms of the lease. |
The Company is also required to make additional payments under operating lease terms for taxes, insurance and other operating expenses incurred during the operating lease period; such items are expensed as incurred. Rental deposits are included as other assets in the Consolidated Financial Statements for lease agreements that require payments in advance or deposits held for security that are refundable, less any damages, at the end of the respective lease. | |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Substantially all of the Company’s employees are covered by these plans. The Company also provides health care and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. |
The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans. | |
Self-Insurance | Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee health care and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided. |
Income Taxes | Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. |
The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes. | |
The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made. | |
Foreign Currency Translation | Foreign Currency Translation. Income and expense accounts of the Company’s non-United States operations where the local currency is the functional currency are translated into United States (U.S.) dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations. |
Equity-Based Compensation | Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award. |
Earnings Per Share | Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. |
Comprehensive Income | Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, the change in unrealized gains (losses) on investments in marketable equity securities, net changes in cash flow hedge and pension and other postretirement plan adjustments. |
Discontinued Operations | Discontinued Operations. A business is classified as a discontinued operation when (i) the operations and cash flows of the business can be clearly distinguished and have been or will be eliminated from the Company’s ongoing operations; (ii) the business has either been disposed of or is classified as held for sale; and (iii) the Company will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations (as well as the gain or loss on the disposal) are aggregated and separately presented in the Company’s Consolidated Statements of Operations, net of income taxes. |
Recently Adopted and Issued Accounting Pronouncemets | 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 impact of the guidance on the Company’s Consolidated Financial Statements will depend on its future disposal activity. |
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 Consolidated Financial Statements and believes such evaluation will extend over several future periods because of 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 Consolidated Financial Statements. | |
Other new pronouncements issued but not effective until after December 31, 2014, are not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Revision of Prior Period Amounts [Abstract] | ||||||||||||||||||||||
Schedule of Prior Period Adjustments [Table Text Block] | As detailed below, these revisions impacted the following consolidated cash flow items: | |||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||
As | As | |||||||||||||||||||||
Previously | As | Previously | As | |||||||||||||||||||
(in thousands) | Reported | Revision | Revised | Reported | Revision | Revised | ||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | $ | 37,926 | (17,636 | ) | $ | 20,290 | $ | (34,224 | ) | 6,693 | $ | (27,531 | ) | |||||||||
Net Cash Provided by Operating Activities | 327,864 | (17,636 | ) | 310,228 | 477,214 | 6,693 | 483,907 | |||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||||
Purchases of Property, Plant and Equipment | (224,093 | ) | 17,636 | (206,457 | ) | (217,995 | ) | (6,693 | ) | (224,688 | ) | |||||||||||
Net Cash Used in Investing Activities | (25,401 | ) | 17,636 | (7,765 | ) | (228,043 | ) | (6,693 | ) | (234,736 | ) | |||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operation, Additional Disclosures [Abstract] | ||||||||||||
Summarized Income (Loss) from Discontinued Operations, Net Of Tax | The summarized income (loss) from discontinued operations, net of tax, is presented below: | |||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Operating revenues | $ | 46,980 | $ | 462,658 | $ | 679,640 | ||||||
Operating costs and expenses | (37,257 | ) | (519,162 | ) | (690,963 | ) | ||||||
Gain (loss) from discontinued operations | 9,723 | (56,504 | ) | (11,323 | ) | |||||||
Provision (benefit) for income taxes | 4,408 | (20,559 | ) | (3,868 | ) | |||||||
Net Gain (Loss) from Discontinued Operations | 5,315 | (35,945 | ) | (7,455 | ) | |||||||
Gain on sales and disposition of discontinued operations | 351,133 | 157,449 | 23,759 | |||||||||
(Benefit) provision for income taxes on sales and disposition of discontinued operations | (15,801 | ) | 57,489 | (64,591 | ) | |||||||
Income from Discontinued Operations, Net of Tax | $ | 372,249 | $ | 64,015 | $ | 80,895 | ||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments [Abstract] | ||||||||
Investments in Marketable Equity Securities | Investments in marketable equity securities consist of the following: | |||||||
As of December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Total cost | $ | 106,909 | $ | 197,718 | ||||
Net unrealized gains | 86,884 | 289,438 | ||||||
Total Fair Value | $ | 193,793 | $ | 487,156 | ||||
Accounts_Receivable_Accounts_P1
Accounts Receivable, Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract] | ||||||||||||||||
Schedule of Accounts Receivable | Accounts receivable consist of the following: | |||||||||||||||
As of December 31 | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Trade accounts receivable, less estimated returns, doubtful accounts and allowances | ||||||||||||||||
of $32,598 and $33,384 | $ | 538,532 | $ | 407,234 | ||||||||||||
Other receivables | 32,825 | 21,419 | ||||||||||||||
$ | 571,357 | $ | 428,653 | |||||||||||||
Schedule of Changes in Allowance for Doubtful Accounts and Returns and Allowance for Advertising Rate Adjustments and Discounts | The changes in allowance for doubtful accounts and returns and allowance for advertising rate adjustments and discounts were as follows: | |||||||||||||||
(in thousands) | Balance at | Additions – | Deductions | Balance | ||||||||||||
Beginning | Charged to | at | ||||||||||||||
of Period | Costs and | End of | ||||||||||||||
Expenses | Period | |||||||||||||||
2014 | ||||||||||||||||
Allowance for doubtful accounts and returns | $ | 33,834 | $ | 47,356 | $ | (48,592 | ) | $ | 32,598 | |||||||
2013 | ||||||||||||||||
Allowance for doubtful accounts and returns | $ | 33,612 | $ | 57,245 | $ | (57,023 | ) | $ | 33,834 | |||||||
Allowance for advertising rate adjustments and discounts | 1,850 | — | (1,850 | ) | — | |||||||||||
$ | 35,462 | $ | 57,245 | $ | (58,873 | ) | $ | 33,834 | ||||||||
2012 | ||||||||||||||||
Allowance for doubtful accounts and returns | $ | 48,199 | $ | 55,605 | $ | (70,192 | ) | $ | 33,612 | |||||||
Allowance for advertising rate adjustments and discounts | 2,026 | 15,088 | (15,264 | ) | 1,850 | |||||||||||
$ | 50,225 | $ | 70,693 | $ | (85,456 | ) | $ | 35,462 | ||||||||
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: | |||||||||||||||
As of December 31 | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Accounts payable and accrued liabilities | $ | 303,111 | $ | 343,620 | ||||||||||||
Accrued compensation and related benefits | 161,231 | 162,079 | ||||||||||||||
$ | 464,342 | $ | 505,699 | |||||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment | Property, plant and equipment consist of the following: | |||||||
As of December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Land | $ | 18,052 | $ | 32,618 | ||||
Buildings | 157,250 | 299,652 | ||||||
Machinery, equipment and fixtures | 2,357,264 | 2,289,966 | ||||||
Leasehold improvements | 214,119 | 294,548 | ||||||
Construction in progress | 71,156 | 94,615 | ||||||
2,817,841 | 3,011,399 | |||||||
Less accumulated depreciation | (1,957,012 | ) | (2,083,857 | ) | ||||
$ | 860,829 | $ | 927,542 | |||||
Acquisitions_Dispositions_and_1
Acquisitions, Dispositions and Exchanges Acqusitions, Dispositions and Exchanges (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Acquisitions, Dispositions and Exchanges [Abstract] | ||||||||
Schedule of assets acquired and liabilities assumed [Table Text Block] | The aggregate purchase price of these 2014 acquisitions was allocated as follows (on a preliminary basis for Residential Healthcare Group): | |||||||
Weighted Average Life | Purchase Price Allocation | |||||||
(in thousands) | ||||||||
Cash and cash equivalents | $ | 4,143 | ||||||
Accounts receivable | 15,912 | |||||||
Other current assets | 6,724 | |||||||
Property, plant and equipment | 12,834 | |||||||
Investments in affiliates | 8,556 | |||||||
Goodwill | 128,919 | |||||||
Indefinite-lived intangible assets | ||||||||
Trade name | 11,900 | |||||||
Other | 151 | |||||||
12,051 | ||||||||
Amortized intangible assets | ||||||||
Noncompete agreements | 3 years | 430 | ||||||
Student and customer relationships | 6 years | 51,532 | ||||||
Databases and technology | 3 years | 150 | ||||||
Trade names and trademarks | 8 years | 20,254 | ||||||
Other | 3 years | 1,400 | ||||||
7 years | 73,766 | |||||||
Other noncurrent assets | 1,215 | |||||||
Current liabilities | (17,180 | ) | ||||||
Noncurrent liabilities | (19,654 | ) | ||||||
Redeemable noncontrolling interest | (17,108 | ) | ||||||
$ | 210,178 | |||||||
Acqusition Pro Forma Financial Information [Table Text Block] | The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2013: | |||||||
Year Ended December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Operating revenues | $ | 3,595,121 | $ | 3,547,856 | ||||
Net income | $ | 1,292,421 | $ | 227,556 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill, by segment, were as follows: | |||||||||||||||||||||||||
(in thousands) | Education | Cable | Newspaper | Television | Other | Total | ||||||||||||||||||||
Publishing | Broadcasting | Businesses | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||
Goodwill | $ | 1,097,058 | $ | 85,488 | $ | 81,183 | $ | 203,165 | $ | 19,052 | $ | 1,485,946 | ||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | (65,772 | ) | — | — | (168,031 | ) | |||||||||||||||||
994,799 | 85,488 | 15,411 | 203,165 | 19,052 | 1,317,915 | |||||||||||||||||||||
Reallocation, net | — | — | (1,809 | ) | — | 1,809 | — | |||||||||||||||||||
Acquisitions | — | — | — | — | 7,934 | 7,934 | ||||||||||||||||||||
Dispositions | — | — | (13,602 | ) | — | — | (13,602 | ) | ||||||||||||||||||
Foreign currency exchange rate changes | (23,625 | ) | — | — | — | — | (23,625 | ) | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
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 | 14,963 | — | — | 2,841 | 111,115 | 128,919 | ||||||||||||||||||||
Dispositions | (2,422 | ) | — | — | (37,661 | ) | — | (40,083 | ) | |||||||||||||||||
Reclassification to discontinued operations | (810 | ) | — | — | — | — | (810 | ) | ||||||||||||||||||
Foreign currency exchange rate changes | (27,938 | ) | — | — | — | — | (27,938 | ) | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||
Goodwill | 1,057,226 | 85,488 | — | 168,345 | 145,992 | 1,457,051 | ||||||||||||||||||||
Accumulated impairment losses | (102,259 | ) | — | — | — | (6,082 | ) | (108,341 | ) | |||||||||||||||||
$ | 954,967 | $ | 85,488 | $ | — | $ | 168,345 | $ | 139,910 | $ | 1,348,710 | |||||||||||||||
Other Intangible Assets | Other intangible assets consist of the following: | |||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Useful | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Life | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Range | Amount | Amount | Amount | Amount | ||||||||||||||||||||||
Amortized Intangible Assets | ||||||||||||||||||||||||||
Noncompete agreements | 2–5 years | $ | 2,500 | $ | 1,590 | $ | 910 | $ | 13,540 | $ | 12,622 | $ | 918 | |||||||||||||
Student and customer relationships | 2–10 years | 104,685 | 47,539 | 57,146 | 72,050 | 45,718 | 26,332 | |||||||||||||||||||
Databases and technology | 3–5 years | 10,501 | 8,827 | 1,674 | 10,790 | 6,991 | 3,799 | |||||||||||||||||||
Trade names and trademarks | 2–10 years | 55,452 | 19,724 | 35,728 | 22,327 | 16,052 | 6,275 | |||||||||||||||||||
Other | 1–25 years | 8,969 | 7,480 | 1,489 | 9,836 | 7,572 | 2,264 | |||||||||||||||||||
$ | 182,107 | $ | 85,160 | $ | 96,947 | $ | 128,543 | $ | 88,955 | $ | 39,588 | |||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||||
Franchise agreements | $ | 496,321 | $ | 496,321 | ||||||||||||||||||||||
Wireless licenses | — | 22,150 | ||||||||||||||||||||||||
Licensure and accreditation | 6,781 | 7,171 | ||||||||||||||||||||||||
Other | 13,651 | 15,636 | ||||||||||||||||||||||||
$ | 516,753 | $ | 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 | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||
Goodwill | $ | 409,184 | $ | 152,187 | $ | 535,687 | $ | 1,097,058 | ||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
409,184 | 49,928 | 535,687 | 994,799 | |||||||||||||||||||||||
Foreign currency exchange rate changes | (168 | ) | — | (23,457 | ) | (23,625 | ) | |||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
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 | 1,052 | 13,911 | — | 14,963 | ||||||||||||||||||||||
Dispositions | — | — | (2,422 | ) | (2,422 | ) | ||||||||||||||||||||
Reclassification to discontinued operations | — | — | (810 | ) | (810 | ) | ||||||||||||||||||||
Foreign currency exchange rate changes | (184 | ) | — | (27,754 | ) | (27,938 | ) | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||
Goodwill | 409,884 | 166,098 | 481,244 | 1,057,226 | ||||||||||||||||||||||
Accumulated impairment losses | — | (102,259 | ) | — | (102,259 | ) | ||||||||||||||||||||
$ | 409,884 | $ | 63,839 | $ | 481,244 | $ | 954,967 | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Schedule of Income From Continuing Operations Before Income Taxes, Domestic and Foreign | Income from continuing operations before income taxes consists of the following: | ||||||||||||||
Year Ended December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
U.S. | $ | 1,274,509 | $ | 261,137 | $ | 108,233 | |||||||||
Non-U.S. | 52,602 | 13,693 | 16,459 | ||||||||||||
$ | 1,327,111 | $ | 274,830 | $ | 124,692 | ||||||||||
Schedule of Provision for Income Taxes on Income From Continuing Operations | The provision for income taxes on income from continuing operations consists of the following: | ||||||||||||||
(in thousands) | Current | Deferred | Total | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
U.S. Federal | $ | 294,965 | $ | 44,860 | $ | 339,825 | |||||||||
State and Local | 35,432 | 23,671 | 59,103 | ||||||||||||
Non-U.S. | 10,485 | (3,313 | ) | 7,172 | |||||||||||
$ | 340,882 | $ | 65,218 | $ | 406,100 | ||||||||||
Year Ended December 31, 2013 | |||||||||||||||
U.S. Federal | $ | 70,152 | $ | 22,438 | $ | 92,590 | |||||||||
State and Local | 10,273 | (9,808 | ) | 465 | |||||||||||
Non-U.S. | 10,015 | (1,570 | ) | 8,445 | |||||||||||
$ | 90,440 | $ | 11,060 | $ | 101,500 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||
U.S. Federal | $ | 101,804 | $ | (48,685 | ) | $ | 53,119 | ||||||||
State and Local | 13,509 | (5,135 | ) | 8,374 | |||||||||||
Non-U.S. | 12,604 | (697 | ) | 11,907 | |||||||||||
$ | 127,917 | $ | (54,517 | ) | $ | 73,400 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes on continuing operations is less than the amount of income tax determined by applying the U.S. Federal statutory rate of 35% to income from continuing operations before taxes as a result of the following: | ||||||||||||||
Year Ended December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
U.S. Federal taxes at statutory rate | $ | 464,489 | $ | 96,191 | $ | 43,642 | |||||||||
State and local taxes, net of U.S. Federal tax | 35,242 | 2,941 | 8,887 | ||||||||||||
Valuation allowances against state tax benefits, net of U.S. Federal tax | 3,175 | (2,638 | ) | (3,443 | ) | ||||||||||
Tax-free stock transactions | (91,540 | ) | — | — | |||||||||||
Tax provided on non-U.S. subsidiary earnings and distributions at more (less) than the | |||||||||||||||
expected U.S. Federal statutory tax rate | 2,186 | 767 | (6,950 | ) | |||||||||||
Valuation allowances against non-U.S. income tax benefits | (2,477 | ) | 7,233 | 15,966 | |||||||||||
Goodwill impairment | — | — | 12,776 | ||||||||||||
U.S. Federal Manufacturing Deduction tax benefits | (6,789 | ) | (4,397 | ) | (2,393 | ) | |||||||||
Other, net | 1,814 | 1,403 | 4,915 | ||||||||||||
Provision for Income Taxes | $ | 406,100 | $ | 101,500 | $ | 73,400 | |||||||||
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes consist of the following: | ||||||||||||||
As of December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||
Accrued postretirement benefits | $ | 16,785 | $ | 15,408 | |||||||||||
Other benefit obligations | 122,241 | 101,923 | |||||||||||||
Accounts receivable | 17,925 | 24,911 | |||||||||||||
State income tax loss carryforwards | 26,077 | 30,036 | |||||||||||||
U.S. Federal income tax loss carryforwards | 2,368 | 2,613 | |||||||||||||
U.S. Federal foreign income tax credit carryforwards | 837 | 8,265 | |||||||||||||
Non-U.S. income tax loss carryforwards | 30,460 | 32,600 | |||||||||||||
Other | 50,134 | 61,753 | |||||||||||||
Deferred Tax Assets | 266,827 | 277,509 | |||||||||||||
Valuation allowances | (73,656 | ) | (72,767 | ) | |||||||||||
Deferred Tax Assets, Net | $ | 193,171 | $ | 204,742 | |||||||||||
Property, plant and equipment | 139,765 | 134,627 | |||||||||||||
Prepaid pension cost | 463,714 | 497,727 | |||||||||||||
Unrealized gain on available-for-sale securities | 34,764 | 115,785 | |||||||||||||
Goodwill and other intangible assets | 308,954 | 293,749 | |||||||||||||
Deferred Tax Liabilities | $ | 947,197 | $ | 1,041,888 | |||||||||||
Deferred Income Tax Liabilities, Net | $ | 754,026 | $ | 837,146 | |||||||||||
Schedule of Changes in Deferred Tax Valuation Allowance | Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows: | ||||||||||||||
(in thousands) | Balance at Beginning of Period | Tax Expense and Revaluation | Deductions | Balance at End of Period | |||||||||||
Year ended | |||||||||||||||
December 31, 2014 | $ | 72,767 | $ | 889 | — | $ | 73,656 | ||||||||
December 31, 2013 | $ | 78,109 | $ | (5,342 | ) | — | $ | 72,767 | |||||||
December 31, 2012 | $ | 59,179 | $ | 18,930 | — | $ | 78,109 | ||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods: | ||||||||||||||
Year Ended December 31 | |||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||
Beginning unrecognized tax benefits | $ | — | $ | — | $ | — | |||||||||
Increases related to current year tax positions | 7,000 | — | — | ||||||||||||
Increases related to prior year tax positions | — | — | — | ||||||||||||
Decreases related to prior year tax positions | — | — | — | ||||||||||||
Decreases related to settlement with tax authorities | — | — | — | ||||||||||||
Decreases due to lapse of applicable statutes of limitations | — | — | — | ||||||||||||
Ending unrecognized tax benefits | $ | 7,000 | $ | — | $ | — | |||||||||
State [Member] | |||||||||||||||
Schedule of Income Tax Loss Carryforwards | The Company has $494.1 million of state income tax net operating loss carryforwards available to offset future state taxable income. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows: | ||||||||||||||
(in millions) | |||||||||||||||
2015 | $ | 4.7 | |||||||||||||
2016 | 6.1 | ||||||||||||||
2017 | 3.7 | ||||||||||||||
2018 | 10.8 | ||||||||||||||
2019 | 4.8 | ||||||||||||||
2020 and after | 464 | ||||||||||||||
Total | $ | 494.1 | |||||||||||||
U.S. Federal [Member] | |||||||||||||||
Schedule of Income Tax Loss Carryforwards | The Company has $6.7 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows: | ||||||||||||||
(in millions) | |||||||||||||||
2015 | $ | 0.7 | |||||||||||||
2016 | 0.7 | ||||||||||||||
2017 | 0.7 | ||||||||||||||
2018 | 0.7 | ||||||||||||||
2019 | 0.7 | ||||||||||||||
2020 and after | 3.2 | ||||||||||||||
Total | $ | 6.7 | |||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Components of Debt | The Company’s borrowings consist of the following: | |||||||
As of December 31 | ||||||||
(in thousands) | 2014 | 2013 | ||||||
7.25% unsecured notes due February 1, 2019 | $ | 398,308 | $ | 397,893 | ||||
AUD Revolving credit borrowing | 40,927 | 44,625 | ||||||
Other indebtedness | 6,685 | 8,258 | ||||||
Total Debt | 445,920 | 450,776 | ||||||
Less: current portion | (46,375 | ) | (3,168 | ) | ||||
Total Long-Term Debt | $ | 399,545 | $ | 447,608 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Summary 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 December 31, 2014 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | ||||||||||||
Money market investments (1) | $ | — | $ | 368,131 | $ | 368,131 | ||||||
Commercial paper (2) | 226,197 | — | 226,197 | |||||||||
Marketable equity securities (3) | 193,793 | — | 193,793 | |||||||||
Other current investments (4) | 11,788 | 21,171 | 32,959 | |||||||||
Total Financial Assets | $ | 431,778 | $ | 389,302 | $ | 821,080 | ||||||
Liabilities | ||||||||||||
Deferred compensation plan liabilities (5) | $ | — | $ | 70,661 | $ | 70,661 | ||||||
7.25% unsecured notes (6) | — | 450,344 | 450,344 | |||||||||
AUD revolving credit borrowing (6) | — | 40,927 | 40,927 | |||||||||
Interest rate swap (7) | — | 179 | 179 | |||||||||
Total Financial Liabilities | $ | — | $ | 562,111 | $ | 562,111 | ||||||
As of December 31, 2013 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||
Assets | ||||||||||||
Money market investments (1) | $ | — | $ | 431,836 | $ | 431,836 | ||||||
Marketable equity securities (3) | 487,156 | — | 487,156 | |||||||||
Other current investments (4) | 11,826 | 23,336 | 35,162 | |||||||||
Total Financial Assets | $ | 498,982 | $ | 455,172 | $ | 954,154 | ||||||
Liabilities | ||||||||||||
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 commercial paper investments with original maturities of 90 days or less are included in cash and cash equivalents. | |||||||||||
-3 | The Company’s investments in marketable equity securities are classified as available-for-sale. | |||||||||||
-4 | Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. | |||||||||||
-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. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income. | |||||||||||
-6 | See Note 10 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. |
Capital_Stock_Stock_Awards_and1
Capital Stock, Stock Awards and Stock Options (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Capital Stock, Stock Awards, and Stock Options [Abstract] | |||||||||||||||||||||
Activity Related to Stock Awards | Activity related to stock awards under these incentive compensation plans was as follows: | ||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number of Shares | Average Grant-Date Fair Value | Number of Shares | Average Grant-Date Fair Value | Number of Shares | Average Grant-Date Fair Value | ||||||||||||||||
Beginning of year, unvested | 114,479 | $ | 424.65 | 207,917 | $ | 350.21 | 77,319 | $ | 424.45 | ||||||||||||
Awarded | 21,114 | 683.44 | 70,165 | 562.29 | 145,348 | 321.56 | |||||||||||||||
Vested | (11,098 | ) | 523.95 | (71,585 | ) | 515.09 | (7,134 | ) | 499.06 | ||||||||||||
Forfeited | (7,384 | ) | 396.91 | (92,018 | ) | 300.86 | (7,616 | ) | 417.79 | ||||||||||||
End of Year, Unvested | 117,111 | 463.64 | 114,479 | 424.65 | 207,917 | 350.21 | |||||||||||||||
Activity Related to Stock Options | Activity related to options outstanding was as follows: | ||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number of Shares | Average Option Price | Number of Shares | Average Option Price | Number of Shares | Average Option Price | ||||||||||||||||
Beginning of year | 121,694 | $ | 469.76 | 125,694 | $ | 478.32 | 129,044 | $ | 494.95 | ||||||||||||
Granted | 55,000 | 1,070.43 | 15,000 | 373.03 | 7,500 | 378 | |||||||||||||||
Exercised | (19,125 | ) | 409.44 | (14,500 | ) | 391.83 | — | — | |||||||||||||
Expired or forfeited | (5,875 | ) | 791.81 | (4,500 | ) | 637.53 | (10,850 | ) | 605.82 | ||||||||||||
End of Year | 151,694 | 682.68 | 121,694 | 469.76 | 125,694 | 478.32 | |||||||||||||||
Information related to Stock Options Outstanding and Exercisable | Information related to stock options outstanding and exercisable at December 31, 2014, is as follows: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares Outstanding at 12/31/2014 | Weighted | Weighted | Shares Exercisable at 12/31/2014 | Weighted | Weighted | |||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | ||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||
Life (years) | Life (years) | ||||||||||||||||||||
$369–396 | 32,000 | 6.8 | $ | 383.37 | 18,000 | 5.8 | $ | 390.58 | |||||||||||||
419–439 | 10,694 | 4.5 | 423.05 | 10,694 | 4.5 | 423.05 | |||||||||||||||
503 | 50,000 | 6.2 | 502.58 | 37,500 | 6.2 | 502.58 | |||||||||||||||
652–663 | 7,000 | 7.4 | 659.65 | 2,000 | 3.4 | 651.91 | |||||||||||||||
730 | 2,000 | 1.9 | 729.67 | 2,000 | 1.9 | 729.67 | |||||||||||||||
1,111 | 50,000 | 9.8 | 1,111.20 | — | — | — | |||||||||||||||
151,694 | 7.4 | 682.68 | 70,194 | 5.6 | 427.47 | ||||||||||||||||
Fair Value of Options Assumptions | The fair value of options at date of grant was estimated using the Black-Scholes method utilizing the following assumptions: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected life (years) | 7–8 | 7 | 7 | ||||||||||||||||||
Interest rate | 2.15%–2.45% | 1.31% | 1.04%–1.27% | ||||||||||||||||||
Volatility | 30.75%–32.10% | 31.80% | 31.71%–31.80% | ||||||||||||||||||
Dividend yield | 1.30%–1.54% | 2.63% | 2.54%–2.60% | ||||||||||||||||||
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: | ||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||||||||||
Numerator: | |||||||||||||||||||||
Numerator for basic earnings per share: | |||||||||||||||||||||
Income from continuing operations attributable to Graham Holdings Company common stockholders | $ | 920,747 | $ | 171,995 | $ | 50,323 | |||||||||||||||
Less: Dividends paid–common stock outstanding and unvested restricted shares | (67,267 | ) | — | (146,432 | ) | ||||||||||||||||
Undistributed earnings (losses) | 853,480 | 171,995 | (96,109 | ) | |||||||||||||||||
Percent allocated to common stockholders (1) | 97.98 | % | 98.45 | % | 100 | % | |||||||||||||||
836,246 | 169,329 | (96,109 | ) | ||||||||||||||||||
Add: Dividends paid–common stock outstanding | 66,012 | — | 143,175 | ||||||||||||||||||
Numerator for basic earnings per share | 902,258 | 169,329 | 47,066 | ||||||||||||||||||
Add: Additional undistributed earnings due to dilutive stock options | 79 | 5 | — | ||||||||||||||||||
Numerator for diluted earnings per share | $ | 902,337 | $ | 169,334 | $ | 47,066 | |||||||||||||||
Denominator: | |||||||||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||||||
Weighted average shares outstanding | 6,470 | 7,238 | 7,360 | ||||||||||||||||||
Add: Effect of dilutive stock options | 27 | 12 | — | ||||||||||||||||||
Denominator for diluted earnings per share | 6,497 | 7,250 | 7,360 | ||||||||||||||||||
Graham Holdings Company Common Stockholders: | |||||||||||||||||||||
Basic earnings per share from continuing operations | $ | 139.44 | $ | 23.39 | $ | 6.4 | |||||||||||||||
Diluted earnings per share from continuing operations | $ | 138.88 | $ | 23.36 | $ | 6.4 | |||||||||||||||
____________ | |||||||||||||||||||||
-1 | Percent of undistributed losses allocated to common stockholders is 100% in 2012 as participating securities are not contractually obligated to share in losses. | ||||||||||||||||||||
Antidilutive Weighted Average Restricted Stock [Table Text Block] | 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: | ||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Weighted average restricted stock | 62 | 83 | 44 | ||||||||||||||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Defined Benefit Plans [Member] | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows: | |||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
As of December 31 | As of December 31 | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Noncurrent asset | $ | 1,152,488 | $ | 1,245,505 | $ | — | $ | — | ||||||||||
Current liability | — | — | (6,275 | ) | (4,251 | ) | ||||||||||||
Noncurrent liability | — | — | (109,808 | ) | (86,918 | ) | ||||||||||||
Recognized Asset (Liability) | $ | 1,152,488 | $ | 1,245,505 | $ | (116,083 | ) | $ | (91,169 | ) | ||||||||
Schedule of Estimated Benefit Payments | At December 31, 2014, future estimated benefit payments, excluding charges for early retirement programs, are as follows: | |||||||||||||||||
(in thousands) | Pension Plans | SERP | ||||||||||||||||
2015 | $ | 87,271 | $ | 6,399 | ||||||||||||||
2016 | $ | 80,239 | $ | 5,875 | ||||||||||||||
2017 | $ | 78,592 | $ | 5,964 | ||||||||||||||
2018 | $ | 77,576 | $ | 6,257 | ||||||||||||||
2019 | $ | 78,589 | $ | 6,719 | ||||||||||||||
2020–2024 | $ | 398,372 | $ | 34,875 | ||||||||||||||
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans: | |||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
As of December 31 | As of December 31 | |||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrecognized actuarial (gain) loss | $ | (685,895 | ) | $ | (840,273 | ) | $ | 36,890 | $ | 19,266 | ||||||||
Unrecognized prior service cost | 1,033 | 1,362 | 1,689 | 136 | ||||||||||||||
Gross Amount | (684,862 | ) | (838,911 | ) | 38,579 | 19,402 | ||||||||||||
Deferred tax liability (asset) | 273,945 | 335,564 | (15,432 | ) | (7,761 | ) | ||||||||||||
Net Amount | $ | (410,917 | ) | $ | (503,347 | ) | $ | 23,147 | $ | 11,641 | ||||||||
Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss) | During 2015, the Company expects to recognize the following amortization components of net periodic cost for the defined benefit plans: | |||||||||||||||||
2015 | ||||||||||||||||||
(in thousands) | Pension Plans | SERP | ||||||||||||||||
Actuarial loss recognition | $ | — | $ | 3,449 | ||||||||||||||
Prior service cost recognition | $ | 324 | $ | 457 | ||||||||||||||
Defined Benefit Plans [Member] | Periodic Cost [Member] | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||
Schedule of Assumptions Used | The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost: | |||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
Year Ended December 31 | Year Ended December 31 | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.7 | % | 4.8 | % | 4 | % | 4.7 | % | ||||||
Expected return on plan assets | 6.5 | % | 6.5 | % | 6.5 | % | — | — | — | |||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | ||||||
Defined Benefit Plans [Member] | Benefit Obligation [Member] | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||
Schedule of Assumptions Used | Key assumptions utilized for determining the benefit obligation are as follows: | |||||||||||||||||
Pension Plans | SERP | |||||||||||||||||
As of December 31 | As of December 31 | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Discount rate | 4 | % | 4.8 | % | 4 | % | 4.8 | % | ||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | 4 | % | ||||||||||
Pension Plans [Member] | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||
Schedule of Obligation, Asset and Funding Information | The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans: | |||||||||||||||||
Pension Plans | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,126,344 | $ | 1,466,322 | ||||||||||||||
Service cost | 27,792 | 46,115 | ||||||||||||||||
Interest cost | 51,825 | 55,821 | ||||||||||||||||
Amendments | 8,374 | 22,700 | ||||||||||||||||
Actuarial loss (gain) | 172,548 | (156,385 | ) | |||||||||||||||
Benefits paid | (69,854 | ) | (81,162 | ) | ||||||||||||||
Curtailment | — | (55,690 | ) | |||||||||||||||
Settlement | 451 | (171,377 | ) | |||||||||||||||
Benefit Obligation at End of Year | $ | 1,317,480 | $ | 1,126,344 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of assets at beginning of year | $ | 2,371,849 | $ | 2,071,145 | ||||||||||||||
Actual return on plan assets | 167,154 | 699,518 | ||||||||||||||||
Benefits paid | (69,854 | ) | (81,162 | ) | ||||||||||||||
Settlement | 819 | (317,652 | ) | |||||||||||||||
Fair Value of Assets at End of Year | $ | 2,469,968 | $ | 2,371,849 | ||||||||||||||
Funded Status | $ | 1,152,488 | $ | 1,245,505 | ||||||||||||||
Schedule of Net (Benefit) Costs | The total cost (benefit) arising from the Company’s defined benefit pension plans, including the portion included in discontinued operations, consists of the following components: | |||||||||||||||||
Pension Plans | ||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 27,792 | $ | 46,115 | $ | 40,344 | ||||||||||||
Interest cost | 51,825 | 55,821 | 59,124 | |||||||||||||||
Expected return on assets | (120,472 | ) | (105,574 | ) | (96,132 | ) | ||||||||||||
Amortization of prior service cost | 329 | 2,809 | 3,695 | |||||||||||||||
Recognized actuarial (gain) loss | (28,880 | ) | 2,756 | 9,013 | ||||||||||||||
Net Periodic (Benefit) Cost for the Year | (69,406 | ) | 1,927 | 16,044 | ||||||||||||||
Curtailment | — | (43,930 | ) | — | ||||||||||||||
Settlement | — | 39,995 | — | |||||||||||||||
Early retirement programs and special separation benefit expense | 8,374 | 22,700 | 8,508 | |||||||||||||||
Total (Benefit) Cost for the Year | $ | (61,032 | ) | $ | 20,692 | $ | 24,552 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||
Current year actuarial loss (gain) | $ | 125,866 | $ | (750,328 | ) | $ | (79,405 | ) | ||||||||||
Amortization of prior service cost | (329 | ) | (2,809 | ) | (3,695 | ) | ||||||||||||
Recognized net actuarial gain (loss) | 28,880 | (2,756 | ) | (9,013 | ) | |||||||||||||
Curtailment and settlement | (368 | ) | 94,520 | — | ||||||||||||||
Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 154,049 | $ | (661,373 | ) | $ | (92,113 | ) | ||||||||||
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | $ | 93,017 | $ | (640,681 | ) | $ | (67,561 | ) | ||||||||||
Allocation of the Assets of the Company's Pension Plans | he assets of the Company’s pension plans were allocated as follows: | |||||||||||||||||
As of December 31 | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
U.S. equities | 59 | % | 58 | % | ||||||||||||||
U.S. fixed income | 13 | % | 12 | % | ||||||||||||||
International equities | 28 | % | 30 | % | ||||||||||||||
100 | % | 100 | % | |||||||||||||||
Schedule of Fair Value of Assets Measured on Recurring Basis | The Company’s pension plan assets measured at fair value on a recurring basis were as follows: | |||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents and other short-term investments | $ | 275,963 | $ | 141,083 | $ | 417,046 | ||||||||||||
Equity securities | ||||||||||||||||||
U.S. equities | 1,454,011 | — | 1,454,011 | |||||||||||||||
International equities | 691,505 | — | 691,505 | |||||||||||||||
Total Investments | $ | 2,421,479 | $ | 141,083 | $ | 2,562,562 | ||||||||||||
Payable for settlement of investments purchased | (92,594 | ) | ||||||||||||||||
Total | $ | 2,469,968 | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Total | |||||||||||||||
Cash equivalents and other short-term investments | $ | 196,757 | $ | 84,706 | $ | 281,463 | ||||||||||||
Equity securities | ||||||||||||||||||
U.S. equities | 1,383,738 | — | 1,383,738 | |||||||||||||||
International equities | 699,649 | — | 699,649 | |||||||||||||||
Fixed-income securities | ||||||||||||||||||
Corporate debt securities | — | 5,147 | 5,147 | |||||||||||||||
Total Investments | $ | 2,280,144 | $ | 89,853 | $ | 2,369,997 | ||||||||||||
Receivables | 1,852 | |||||||||||||||||
Total | $ | 2,371,849 | ||||||||||||||||
Supplemental Executive Retirement Plan (SERP) [Member] | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||
Schedule of Obligation, Asset and Funding Information | ||||||||||||||||||
SERP | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 91,169 | $ | 104,062 | ||||||||||||||
Service cost | 1,493 | 1,612 | ||||||||||||||||
Interest cost | 4,397 | 4,148 | ||||||||||||||||
Amendments | 4,022 | — | ||||||||||||||||
Actuarial loss (gain) | 19,168 | (9,180 | ) | |||||||||||||||
Benefits paid | (4,166 | ) | (4,101 | ) | ||||||||||||||
Curtailment | — | (2,059 | ) | |||||||||||||||
Settlement | — | (3,313 | ) | |||||||||||||||
Benefit Obligation at End of Year | $ | 116,083 | $ | 91,169 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of assets at beginning of year | $ | — | $ | — | ||||||||||||||
Employer contributions and other | 4,166 | 4,101 | ||||||||||||||||
Benefits paid | (4,166 | ) | (4,101 | ) | ||||||||||||||
Fair Value of Assets at End of Year | $ | — | $ | — | ||||||||||||||
Funded Status | $ | (116,083 | ) | $ | (91,169 | ) | ||||||||||||
Schedule of Net (Benefit) Costs | ||||||||||||||||||
SERP | ||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 1,493 | $ | 1,612 | $ | 1,467 | ||||||||||||
Interest cost | 4,397 | 4,148 | 4,241 | |||||||||||||||
Amortization of prior service cost | 47 | 55 | 54 | |||||||||||||||
Recognized actuarial loss | 1,544 | 2,481 | 1,833 | |||||||||||||||
Net Periodic Cost for the Year | 7,481 | 8,296 | 7,595 | |||||||||||||||
Special separation benefit expense | 2,422 | — | — | |||||||||||||||
Settlement | — | (2,575 | ) | — | ||||||||||||||
Total Cost for the Year | $ | 9,903 | $ | 5,721 | $ | 7,595 | ||||||||||||
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||
Current year actuarial loss (gain) | $ | 19,168 | $ | (9,180 | ) | $ | 8,428 | |||||||||||
Current year prior service cost | 1,600 | — | — | |||||||||||||||
Amortization of prior service cost | (47 | ) | (55 | ) | (54 | ) | ||||||||||||
Recognized net actuarial loss | (1,544 | ) | (2,481 | ) | (1,833 | ) | ||||||||||||
Curtailment and settlement | — | (2,798 | ) | — | ||||||||||||||
Other adjustments | — | — | 745 | |||||||||||||||
Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 19,177 | $ | (14,514 | ) | $ | 7,286 | |||||||||||
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects) | $ | 29,080 | $ | (8,793 | ) | $ | 14,881 | |||||||||||
Other Postretirement Plans [Member] | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||
Schedule of Obligation, Asset and Funding Information | The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans: | |||||||||||||||||
Postretirement Plans | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 40,014 | $ | 63,868 | ||||||||||||||
Service cost | 1,500 | 2,488 | ||||||||||||||||
Interest cost | 1,448 | 1,848 | ||||||||||||||||
Actuarial loss (gain) | 4,448 | (3,298 | ) | |||||||||||||||
Curtailment | (932 | ) | (21,221 | ) | ||||||||||||||
Benefits paid, net of Medicare subsidy | (4,521 | ) | (3,671 | ) | ||||||||||||||
Benefit Obligation at End of Year | $ | 41,957 | $ | 40,014 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of assets at beginning of year | $ | — | $ | — | ||||||||||||||
Employer contributions | 4,521 | 3,671 | ||||||||||||||||
Benefits paid, net of Medicare subsidy | (4,521 | ) | (3,671 | ) | ||||||||||||||
Fair Value of Assets at End of Year | $ | — | $ | — | ||||||||||||||
Funded Status | $ | (41,957 | ) | $ | (40,014 | ) | ||||||||||||
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows: | |||||||||||||||||
Postretirement Plans | ||||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Current liability | $ | (3,995 | ) | $ | (3,795 | ) | ||||||||||||
Noncurrent liability | (37,962 | ) | (36,219 | ) | ||||||||||||||
Recognized Liability | $ | (41,957 | ) | $ | (40,014 | ) | ||||||||||||
Schedule of Estimated Benefit Payments | At December 31, 2014, future estimated benefit payments are as follows: | |||||||||||||||||
(in thousands) | Postretirement | |||||||||||||||||
Plans | ||||||||||||||||||
2015 | $ | 3,995 | ||||||||||||||||
2016 | $ | 4,061 | ||||||||||||||||
2017 | $ | 4,078 | ||||||||||||||||
2018 | $ | 3,946 | ||||||||||||||||
2019 | $ | 3,882 | ||||||||||||||||
2020–2024 | $ | 18,112 | ||||||||||||||||
Schedule of Net (Benefit) Costs | The total (benefit) cost arising from the Company’s other postretirement plans consists of the following components: | |||||||||||||||||
Postretirement Plans | ||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||
Service cost | $ | 1,500 | $ | 2,488 | $ | 3,113 | ||||||||||||
Interest cost | 1,448 | 1,848 | 2,735 | |||||||||||||||
Amortization of prior service credit | (783 | ) | (4,247 | ) | (5,608 | ) | ||||||||||||
Recognized actuarial gain | (2,076 | ) | (2,141 | ) | (1,478 | ) | ||||||||||||
Net Periodic Cost (Benefit) | 89 | (2,052 | ) | (1,238 | ) | |||||||||||||
Curtailment | (1,292 | ) | (41,623 | ) | 438 | |||||||||||||
Settlement | — | (11,927 | ) | — | ||||||||||||||
Total Benefit for the Year | $ | (1,203 | ) | $ | (55,602 | ) | $ | (800 | ) | |||||||||
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||
Current year actuarial loss (gain) | $ | 4,448 | $ | (3,298 | ) | $ | (11,493 | ) | ||||||||||
Amortization of prior service credit | 783 | 4,247 | 5,608 | |||||||||||||||
Recognized actuarial gain | 2,076 | 2,141 | 1,478 | |||||||||||||||
Curtailment and settlement | 360 | 32,329 | — | |||||||||||||||
Total Recognized in Other Comprehensive Income (Before Tax Effects) | $ | 7,667 | $ | 35,419 | $ | (4,407 | ) | |||||||||||
Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effect) | $ | 6,464 | $ | (20,183 | ) | $ | (5,207 | ) | ||||||||||
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | AOCI included the following components of unrecognized net periodic benefit for the postretirement plans: | |||||||||||||||||
As of December 31 | ||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||
Unrecognized actuarial gain | $ | (7,404 | ) | $ | (13,928 | ) | ||||||||||||
Unrecognized prior service credit | (1,163 | ) | (2,306 | ) | ||||||||||||||
Gross Amount | (8,567 | ) | (16,234 | ) | ||||||||||||||
Deferred tax liability | 3,427 | 6,494 | ||||||||||||||||
Net Amount | $ | (5,140 | ) | $ | (9,740 | ) | ||||||||||||
Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss) | During 2015, the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans: | |||||||||||||||||
(in thousands) | 2015 | |||||||||||||||||
Actuarial gain recognition | $ | (996 | ) | |||||||||||||||
Prior service credit recognition | $ | (502 | ) | |||||||||||||||
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A change of one percentage point in the assumed health care cost trend rates would have the following effects: | |||||||||||||||||
1% | 1% | |||||||||||||||||
(in thousands) | Increase | Decrease | ||||||||||||||||
Benefit obligation at end of year | $ | 2,478 | $ | (2,255 | ) | |||||||||||||
Service cost plus interest cost | $ | 257 | $ | (227 | ) | |||||||||||||
Other_NonOperating_Income_Expe1
Other Non-Operating Income (Expense) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Nonoperating Income (Expense) [Abstract] | ||||||||||||
Summary of Other Non-Operating Income (Expense) | A summary of non-operating income (expense) is as follows: | |||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Gain on sale of Classified Ventures | $ | 396,553 | $ | — | $ | — | ||||||
Gain on Berkshire marketable equity securities exchange | 266,733 | — | — | |||||||||
Gain on sale of headquarters building | 127,670 | — | — | |||||||||
Gain on sale of intangible assets | 75,249 | — | — | |||||||||
Foreign currency (losses) gains, net | (11,129 | ) | (13,382 | ) | 3,132 | |||||||
(Losses) gain on sales or write-down of marketable equity securities | (3,044 | ) | (9,559 | ) | (17,564 | ) | ||||||
(Losses) gains on sales or write-downs of cost method investments, net | (94 | ) | (1,761 | ) | 6,639 | |||||||
Other, net | 1,321 | 951 | 2,337 | |||||||||
Total Other Non-Operating Income (Expense) | $ | 853,259 | $ | (23,751 | ) | $ | (5,456 | ) | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Summary of Other Comprehensive Income (Loss) | The other comprehensive (loss) income consists of the following components: | |||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | |||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Translation adjustments arising during the year | $ | (16,061 | ) | $ | — | $ | (16,061 | ) | ||||||||||||
Adjustment for sales of businesses with foreign operations | (404 | ) | — | (404 | ) | |||||||||||||||
(16,465 | ) | — | (16,465 | ) | ||||||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Unrealized gains for the year | 62,719 | (25,088 | ) | 37,631 | ||||||||||||||||
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 | ) | |||||||||||||||
(202,555 | ) | 81,022 | (121,533 | ) | ||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||
Actuarial loss | (149,482 | ) | 59,792 | (89,690 | ) | |||||||||||||||
Prior service cost | (1,600 | ) | 640 | (960 | ) | |||||||||||||||
Amortization of net actuarial gain included in net income | (29,412 | ) | 11,765 | (17,647 | ) | |||||||||||||||
Amortization of net prior service credit included in net income | (407 | ) | 163 | (244 | ) | |||||||||||||||
Curtailments and settlements | 8 | (3 | ) | 5 | ||||||||||||||||
(180,893 | ) | 72,357 | (108,536 | ) | ||||||||||||||||
Cash flow hedge: | ||||||||||||||||||||
Gain for the year | 867 | (347 | ) | 520 | ||||||||||||||||
Other Comprehensive Loss | $ | (399,046 | ) | $ | 153,032 | $ | (246,014 | ) | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | |||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Translation adjustments arising during the year | $ | (1,059 | ) | $ | — | $ | (1,059 | ) | ||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Unrealized gains for the year | 95,629 | (38,251 | ) | 57,378 | ||||||||||||||||
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income | 9,554 | (3,822 | ) | 5,732 | ||||||||||||||||
105,183 | (42,073 | ) | 63,110 | |||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||
Actuarial gain | 762,806 | (305,123 | ) | 457,683 | ||||||||||||||||
Amortization of net actuarial loss included in net income | 3,096 | (1,238 | ) | 1,858 | ||||||||||||||||
Amortization of net prior service credit included in net income | (1,383 | ) | 553 | (830 | ) | |||||||||||||||
Curtailments and settlements | (124,051 | ) | 49,617 | (74,434 | ) | |||||||||||||||
640,468 | (256,191 | ) | 384,277 | |||||||||||||||||
Cash flow hedge: | ||||||||||||||||||||
Gain for the year | 520 | (208 | ) | 312 | ||||||||||||||||
Other Comprehensive Income | $ | 745,112 | $ | (298,472 | ) | $ | 446,640 | |||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Before-Tax | Income | After-Tax | ||||||||||||||||||
(in thousands) | Amount | Tax | Amount | |||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||
Translation adjustments arising during the year | $ | 5,622 | $ | — | $ | 5,622 | ||||||||||||||
Adjustment for sales of businesses with foreign operations | (888 | ) | — | (888 | ) | |||||||||||||||
4,734 | — | 4,734 | ||||||||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Unrealized gains for the year | 33,098 | (13,239 | ) | 19,859 | ||||||||||||||||
Reclassification adjustment for write-down on available-for-sale securities, net of gain, included in net income | 17,226 | (6,890 | ) | 10,336 | ||||||||||||||||
50,324 | (20,129 | ) | 30,195 | |||||||||||||||||
Pension and other postretirement plans: | ||||||||||||||||||||
Actuarial gain | 82,470 | (32,987 | ) | 49,483 | ||||||||||||||||
Amortization of net actuarial loss included in net income | 9,368 | (3,746 | ) | 5,622 | ||||||||||||||||
Amortization of net prior service credit included in net income | (1,859 | ) | 744 | (1,115 | ) | |||||||||||||||
Other adjustments | (745 | ) | 299 | (446 | ) | |||||||||||||||
89,234 | (35,690 | ) | 53,544 | |||||||||||||||||
Cash flow hedge: | ||||||||||||||||||||
Loss for the year | (1,581 | ) | 633 | (948 | ) | |||||||||||||||
Other Comprehensive Income | $ | 142,711 | $ | (55,186 | ) | $ | 87,525 | |||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income (Loss) | The accumulated balances related to each component of other comprehensive (loss) 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 | |||||||||||||||||||
As of December 31, 2012 | $ | 26,072 | $ | 110,553 | $ | 117,169 | $ | (940 | ) | $ | 252,854 | |||||||||
Other comprehensive income (loss) before reclassifications | (1,059 | ) | 57,378 | 383,249 | (178 | ) | 439,390 | |||||||||||||
Net amount reclassified from accumulated other comprehensive income | — | 5,732 | 1,028 | 490 | 7,250 | |||||||||||||||
Net other comprehensive income (loss) | (1,059 | ) | 63,110 | 384,277 | 312 | 446,640 | ||||||||||||||
As of December 31, 2013 | 25,013 | 173,663 | 501,446 | (628 | ) | 699,494 | ||||||||||||||
Other comprehensive (loss) income before reclassifications | (16,061 | ) | 37,631 | (90,645 | ) | 12 | (69,063 | ) | ||||||||||||
Net amount reclassified from accumulated other comprehensive income | (404 | ) | (159,164 | ) | (17,891 | ) | 508 | (176,951 | ) | |||||||||||
Net other comprehensive (loss) income | (16,465 | ) | (121,533 | ) | (108,536 | ) | 520 | (246,014 | ) | |||||||||||
As of December 31, 2014 | $ | 8,548 | $ | 52,130 | $ | 392,910 | $ | (108 | ) | $ | 453,480 | |||||||||
Summary of Amounts and Line Items of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income are as follows: | |||||||||||||||||||
Year Ended December 31 | Affected Line Item in the Consolidated Statement of Operations | |||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||
Foreign Currency Translation Adjustments: | ||||||||||||||||||||
Adjustment for sales of businesses with foreign operations | $ | (404 | ) | $ | — | $ | (888 | ) | Income from discontinued operations, net of tax | |||||||||||
Unrealized Gains on Available-for-Sale Securities: | ||||||||||||||||||||
Realized (gain) loss for the year | (265,274 | ) | 9,554 | 17,226 | Other expense, net | |||||||||||||||
106,110 | (3,822 | ) | (6,890 | ) | -1 | |||||||||||||||
(159,164 | ) | 5,732 | 10,336 | Net of tax | ||||||||||||||||
Pension and Other Postretirement Plans: | ||||||||||||||||||||
Amortization of net actuarial (gain) loss | (29,412 | ) | 3,096 | 9,368 | -2 | |||||||||||||||
Amortization of net prior service credit | (407 | ) | (1,383 | ) | (1,859 | ) | -2 | |||||||||||||
(29,819 | ) | 1,713 | 7,509 | Before tax | ||||||||||||||||
11,928 | (685 | ) | (3,002 | ) | Income taxes | |||||||||||||||
(17,891 | ) | 1,028 | 4,507 | Net of tax | ||||||||||||||||
Cash Flow Hedge | ||||||||||||||||||||
847 | 816 | 306 | Interest expense | |||||||||||||||||
(339 | ) | (326 | ) | (122 | ) | Provision for income taxes | ||||||||||||||
508 | 490 | 184 | Net of tax | |||||||||||||||||
Total reclassification for the year | $ | (176,951 | ) | $ | 7,250 | $ | 14,139 | Net of tax | ||||||||||||
____________ | ||||||||||||||||||||
-1 | Benefits of $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the year ended December 31, 2014. The remaining $107.3 million for the year relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 7). The amounts for 2013 and 2012 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 14). |
Leases_and_Other_Commitments_T
Leases and Other Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases And Other Commitments [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2014, future minimum rental payments under noncancelable operating leases approximate the following: | |||
(in thousands) | ||||
2015 | $ | 122,527 | ||
2016 | 115,772 | |||
2017 | 101,638 | |||
2018 | 83,628 | |||
2019 | 66,966 | |||
Thereafter | 347,329 | |||
$ | 837,860 | |||
____________ | ||||
Includes a Kaplan lease signed January 31, 2015 with a total obligation of $16.5 million. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Summary of Segment Reporting Information, by Operating Segment | Company information broken down by operating segment and education division: | |||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Operating Revenues | ||||||||||||
Education | $ | 2,160,417 | $ | 2,163,734 | $ | 2,184,532 | ||||||
Cable | 798,134 | 807,309 | 787,117 | |||||||||
Television broadcasting | 363,836 | 308,306 | 328,396 | |||||||||
Other businesses | 212,907 | 128,803 | 72,837 | |||||||||
Corporate office | — | — | — | |||||||||
Intersegment elimination | (128 | ) | (241 | ) | (296 | ) | ||||||
$ | 3,535,166 | $ | 3,407,911 | $ | 3,372,586 | |||||||
Income (Loss) from Operations | ||||||||||||
Education | $ | 65,463 | $ | 50,989 | $ | (106,424 | ) | |||||
Cable | 178,722 | 169,735 | 154,581 | |||||||||
Television broadcasting | 187,833 | 145,192 | 162,131 | |||||||||
Other businesses | (21,086 | ) | (23,468 | ) | (33,010 | ) | ||||||
Corporate office | (3,000 | ) | (23,279 | ) | (28,665 | ) | ||||||
$ | 407,932 | $ | 319,169 | $ | 148,613 | |||||||
Equity in Earnings of Affiliates, Net | 100,370 | 13,215 | 14,086 | |||||||||
Interest Expense, Net | (34,450 | ) | (33,803 | ) | (32,551 | ) | ||||||
Other Income (Expense), Net | 853,259 | (23,751 | ) | (5,456 | ) | |||||||
Income from Continuing Operations before Income Taxes | $ | 1,327,111 | $ | 274,830 | $ | 124,692 | ||||||
Depreciation of Property, Plant and Equipment | ||||||||||||
Education | $ | 61,737 | $ | 89,622 | $ | 101,009 | ||||||
Cable | 128,733 | 128,184 | 129,107 | |||||||||
Television broadcasting | 8,409 | 8,746 | 9,253 | |||||||||
Other businesses | 3,931 | 2,177 | 770 | |||||||||
Corporate office | 836 | 626 | — | |||||||||
$ | 203,646 | $ | 229,355 | $ | 240,139 | |||||||
Amortization of Intangible Assets and Impairment of Goodwill and | ||||||||||||
Other Long-Lived Assets | ||||||||||||
Education | $ | 24,941 | $ | 11,753 | $ | 127,876 | ||||||
Cable | 181 | 220 | 211 | |||||||||
Television broadcasting | 32 | — | — | |||||||||
Other businesses | 10,516 | 3,416 | 3,016 | |||||||||
Corporate office | — | — | — | |||||||||
$ | 35,670 | $ | 15,389 | $ | 131,103 | |||||||
Net Pension (Credit) Expense | ||||||||||||
Education | $ | 15,418 | $ | 16,538 | $ | 11,584 | ||||||
Cable | 3,585 | 3,708 | 2,540 | |||||||||
Television broadcasting | 1,355 | 3,961 | 5,046 | |||||||||
Other businesses | 748 | 610 | 169 | |||||||||
Corporate office | (82,301 | ) | (41,836 | ) | (27,871 | ) | ||||||
$ | (61,195 | ) | $ | (17,019 | ) | $ | (8,532 | ) | ||||
Capital Expenditures | ||||||||||||
Education | $ | 33,528 | $ | 45,421 | $ | 51,105 | ||||||
Cable | 165,787 | 160,246 | 150,525 | |||||||||
Television broadcasting | 11,295 | 12,131 | 6,122 | |||||||||
Other businesses | 5,110 | 2,005 | 1,451 | |||||||||
Corporate office | 7,074 | 309 | — | |||||||||
$ | 222,794 | $ | 220,112 | $ | 209,203 | |||||||
Asset information for the Company’s business segments is as follows: | ||||||||||||
As of December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Identifiable Assets | ||||||||||||
Education | $ | 1,781,543 | $ | 1,921,037 | ||||||||
Cable | 1,253,764 | 1,215,320 | ||||||||||
Television broadcasting | 305,426 | 383,251 | ||||||||||
Other businesses | 518,807 | 171,539 | ||||||||||
Corporate office | 524,627 | 371,484 | ||||||||||
$ | 4,384,167 | $ | 4,062,631 | |||||||||
Investments in Marketable Equity Securities | 193,793 | 487,156 | ||||||||||
Investments in Affiliates | 19,811 | 15,754 | ||||||||||
Prepaid Pension Cost | 1,152,488 | 1,245,505 | ||||||||||
Assets of Discontinued Operations | 2,060 | — | ||||||||||
Total Assets | $ | 5,752,319 | $ | 5,811,046 | ||||||||
Education [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Schedule of Restructuring Costs | Across all Kaplan businesses, restructuring costs of $16.8 million, $36.4 million and $45.2 million were recorded in 2014, 2013 and 2012, respectively, as follows: | |||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Accelerated depreciation | $ | 2,062 | $ | 16,856 | $ | 17,230 | ||||||
Lease obligation losses | 1,750 | 9,351 | 9,794 | |||||||||
Severance | 5,075 | 6,289 | 14,349 | |||||||||
Accelerated amortization of intangible assets | — | — | 2,595 | |||||||||
Software asset write-offs | 7,689 | — | — | |||||||||
Other | 230 | 3,862 | 1,274 | |||||||||
$ | 16,806 | $ | 36,358 | $ | 45,242 | |||||||
Summary of Segment Reporting Information, by Operating Segment | The Company’s education division comprises the following operating segments: | |||||||||||
Year Ended December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Operating Revenues | ||||||||||||
Higher education | $ | 1,010,058 | $ | 1,080,908 | $ | 1,149,407 | ||||||
Test preparation | 304,662 | 293,201 | 284,252 | |||||||||
Kaplan international | 840,915 | 783,588 | 741,826 | |||||||||
Kaplan corporate and other | 6,094 | 7,990 | 15,039 | |||||||||
Intersegment elimination | (1,312 | ) | (1,953 | ) | (5,992 | ) | ||||||
$ | 2,160,417 | $ | 2,163,734 | $ | 2,184,532 | |||||||
Income (Loss) from Operations | ||||||||||||
Higher education | $ | 83,069 | $ | 71,584 | $ | 27,245 | ||||||
Test preparation | (4,730 | ) | 4,118 | (10,799 | ) | |||||||
Kaplan international | 69,153 | 51,653 | 47,120 | |||||||||
Kaplan corporate and other | (82,034 | ) | (76,701 | ) | (171,036 | ) | ||||||
Intersegment elimination | 5 | 335 | 1,046 | |||||||||
$ | 65,463 | $ | 50,989 | $ | (106,424 | ) | ||||||
Depreciation of Property, Plant and Equipment | ||||||||||||
Higher education | $ | 29,187 | $ | 43,892 | $ | 58,514 | ||||||
Test preparation | 12,547 | 19,194 | 19,718 | |||||||||
Kaplan international | 19,297 | 16,154 | 20,975 | |||||||||
Kaplan corporate and other | 706 | 10,382 | 1,802 | |||||||||
$ | 61,737 | $ | 89,622 | $ | 101,009 | |||||||
Amortization of Intangible Assets | $ | 7,738 | $ | 8,503 | $ | 16,283 | ||||||
Impairment of Goodwill and Other Long-Lived Assets | $ | 17,203 | $ | 3,250 | $ | 111,593 | ||||||
Pension Expense | ||||||||||||
Higher education | $ | 10,514 | $ | 11,714 | $ | 7,943 | ||||||
Test preparation | 2,888 | 2,674 | 2,007 | |||||||||
Kaplan international | 356 | 363 | 189 | |||||||||
Kaplan corporate and other | 1,660 | 1,787 | 1,445 | |||||||||
$ | 15,418 | $ | 16,538 | $ | 11,584 | |||||||
Capital Expenditures | ||||||||||||
Higher education | $ | 11,551 | $ | 10,879 | $ | 26,406 | ||||||
Test preparation | 1,143 | 7,008 | 8,211 | |||||||||
Kaplan international | 20,802 | 27,472 | 16,728 | |||||||||
Kaplan corporate and other | 32 | 62 | (240 | ) | ||||||||
$ | 33,528 | $ | 45,421 | $ | 51,105 | |||||||
Asset information for the Company’s education division is as follows: | ||||||||||||
As of December 31 | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Identifiable Assets | ||||||||||||
Higher education | $ | 749,421 | $ | 859,208 | ||||||||
Test preparation | 167,055 | 173,435 | ||||||||||
Kaplan international | 838,148 | 864,507 | ||||||||||
Kaplan corporate and other | 26,919 | 23,887 | ||||||||||
$ | 1,781,543 | $ | 1,921,037 | |||||||||
Summary_of_Quarterly_Operating1
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Results of Operations and Comprehensive Income | Quarterly results of operations and comprehensive income for the year ended December 31, 2014, is as follows: | ||||||||||||||||
(in thousands, except per share amounts) | First | Second Quarter | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | |||||||||||||||
Operating Revenues | |||||||||||||||||
Education | $ | 522,154 | $ | 542,964 | $ | 543,918 | $ | 551,381 | |||||||||
Subscriber | 191,128 | 187,723 | 183,161 | 184,035 | |||||||||||||
Advertising | 78,247 | 82,475 | 81,583 | 101,271 | |||||||||||||
Other | 45,012 | 61,249 | 90,209 | 88,656 | |||||||||||||
836,541 | 874,411 | 898,871 | 925,343 | ||||||||||||||
Operating Costs and Expenses | |||||||||||||||||
Operating | 376,463 | 395,627 | 398,922 | 391,348 | |||||||||||||
Selling, general and administrative | 325,275 | 322,240 | 358,189 | 319,854 | |||||||||||||
Depreciation of property, plant and equipment | 53,217 | 51,989 | 53,074 | 45,366 | |||||||||||||
Amortization of intangible assets | 2,717 | 2,995 | 7,405 | 5,251 | |||||||||||||
Impairment of intangible and other long-lived assets | — | — | — | 17,302 | |||||||||||||
757,672 | 772,851 | 817,590 | 779,121 | ||||||||||||||
Income from Operations | 78,869 | 101,560 | 81,281 | 146,222 | |||||||||||||
Equity in earnings of affiliates, net | 4,052 | 91,503 | 4,613 | 202 | |||||||||||||
Interest income | 599 | 641 | 529 | 367 | |||||||||||||
Interest expense | (8,820 | ) | (8,557 | ) | (9,330 | ) | (9,879 | ) | |||||||||
Other income, net | 133,273 | 268,114 | 64,526 | 387,346 | |||||||||||||
Income from Continuing Operations Before Income Taxes | 207,973 | 453,261 | 141,619 | 524,258 | |||||||||||||
Provision for Income Taxes | 77,400 | 78,600 | 58,200 | 191,900 | |||||||||||||
Income from Continuing Operations | 130,573 | 374,661 | 83,419 | 332,358 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | 1,732 | 375,189 | (6,980 | ) | 2,308 | ||||||||||||
Net Income | 132,305 | 749,850 | 76,439 | 334,666 | |||||||||||||
Net Loss (Income) Attributable to Noncontrolling Interests | 219 | 499 | 121 | (256 | ) | ||||||||||||
Net Income Attributable to Graham Holdings Company | 132,524 | 750,349 | 76,560 | 334,410 | |||||||||||||
Redeemable Preferred Stock Dividends | (426 | ) | (212 | ) | (209 | ) | — | ||||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 132,098 | $ | 750,137 | $ | 76,351 | $ | 334,410 | |||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Income from continuing operations | $ | 130,366 | $ | 374,948 | $ | 83,331 | $ | 332,102 | |||||||||
Income (loss) from discontinued operations, net of tax | 1,732 | 375,189 | (6,980 | ) | 2,308 | ||||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 132,098 | $ | 750,137 | $ | 76,351 | $ | 334,410 | |||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Basic income per common share from continuing operations | $ | 17.62 | $ | 50.39 | $ | 14.38 | $ | 57.31 | |||||||||
Basic income (loss) per common share from discontinued operations | 0.23 | 50.41 | (1.20 | ) | 0.4 | ||||||||||||
Basic net income per common share | $ | 17.85 | $ | 100.8 | $ | 13.18 | $ | 57.71 | |||||||||
Diluted income per common share from continuing operations | $ | 17.56 | $ | 50.22 | $ | 14.32 | $ | 57.01 | |||||||||
Diluted income (loss) per common share from discontinued operations | 0.23 | 50.26 | (1.20 | ) | 0.4 | ||||||||||||
Diluted net income per common share | $ | 17.79 | $ | 100.48 | $ | 13.12 | $ | 57.41 | |||||||||
Basic average number of common shares outstanding | 7,275 | 7,284 | 5,671 | 5,678 | |||||||||||||
Diluted average number of common shares outstanding | 7,352 | 7,363 | 5,757 | 5,770 | |||||||||||||
2014 Quarterly comprehensive income | $ | 146,115 | $ | 593,463 | $ | 68,246 | $ | 240,005 | |||||||||
The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding and the reduction in shares outstanding as a result of the Berkshire exchange transaction that closed on June 30, 2014. | |||||||||||||||||
Quarterly results of operations and comprehensive income for the year ended December 31, 2013, is as follows: | |||||||||||||||||
(in thousands, except per share amount) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (1) | Quarter | ||||||||||||||
Operating Revenues | |||||||||||||||||
Education | $ | 524,639 | $ | 544,878 | $ | 543,599 | $ | 550,618 | |||||||||
Subscriber | 186,790 | 192,273 | 190,302 | 186,297 | |||||||||||||
Advertising | 69,122 | 79,898 | 73,549 | 87,692 | |||||||||||||
Other | 36,865 | 50,103 | 48,651 | 42,635 | |||||||||||||
817,416 | 867,152 | 856,101 | 867,242 | ||||||||||||||
Operating Costs and Expenses | |||||||||||||||||
Operating | 374,516 | 392,500 | 393,010 | 372,471 | |||||||||||||
Selling, general and administrative | 333,894 | 318,731 | 327,062 | 331,814 | |||||||||||||
Depreciation of property, plant and equipment | 58,910 | 56,849 | 54,672 | 58,924 | |||||||||||||
Amortization of intangible assets | 3,362 | 2,950 | 2,468 | 3,359 | |||||||||||||
Impairment of intangibles and other long-lived assets | — | — | — | 3,250 | |||||||||||||
770,682 | 771,030 | 777,212 | 769,818 | ||||||||||||||
Income from Operations | 46,734 | 96,122 | 78,889 | 97,424 | |||||||||||||
Equity in earnings of affiliates, net | 3,418 | 3,868 | 5,892 | 37 | |||||||||||||
Interest income | 510 | 522 | 642 | 590 | |||||||||||||
Interest expense | (8,960 | ) | (9,048 | ) | (9,221 | ) | (8,838 | ) | |||||||||
Other (expense) income, net | (4,083 | ) | (12,858 | ) | 8,110 | (14,920 | ) | ||||||||||
Income from Continuing Operations Before Income Taxes | 37,619 | 78,606 | 84,312 | 74,293 | |||||||||||||
Provision for Income Taxes | 15,800 | 31,700 | 29,900 | 24,100 | |||||||||||||
Income from Continuing Operations | 21,819 | 46,906 | 54,412 | 50,193 | |||||||||||||
(Loss) Income from Discontinued Operations, Net of Tax | (16,560 | ) | (1,772 | ) | (23,988 | ) | 106,335 | ||||||||||
Net Income | 5,259 | 45,134 | 30,424 | 156,528 | |||||||||||||
Net Income Attributable to Noncontrolling Interests | (97 | ) | (253 | ) | (75 | ) | (55 | ) | |||||||||
Net Income Attributable to Graham Holdings Company | 5,162 | 44,881 | 30,349 | 156,473 | |||||||||||||
Redeemable Preferred Stock Dividends | (444 | ) | (206 | ) | (205 | ) | — | ||||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | |||||||||
Amounts Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Income from continuing operations | $ | 21,278 | $ | 46,447 | $ | 54,132 | $ | 50,138 | |||||||||
(Loss) income from discontinued operations, net of tax | (16,560 | ) | (1,772 | ) | (23,988 | ) | 106,335 | ||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 4,718 | $ | 44,675 | $ | 30,144 | $ | 156,473 | |||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||
Basic income per common share from continuing operations | $ | 2.87 | $ | 6.26 | $ | 7.29 | $ | 6.79 | |||||||||
Basic (loss) income per common share from discontinued operations | (2.23 | ) | (0.24 | ) | (3.22 | ) | 14.41 | ||||||||||
Basic net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.07 | $ | 21.2 | |||||||||
Diluted income per common share from continuing operations | $ | 2.87 | $ | 6.26 | $ | 7.28 | $ | 6.77 | |||||||||
Diluted (loss) income per common share from discontinued operations | (2.23 | ) | (0.24 | ) | (3.23 | ) | 14.37 | ||||||||||
Diluted net income per common share | $ | 0.64 | $ | 6.02 | $ | 4.05 | $ | 21.14 | |||||||||
Basic average number of common shares outstanding | 7,227 | 7,229 | 7,231 | 7,266 | |||||||||||||
Diluted average number of common shares outstanding | 7,266 | 7,283 | 7,337 | 7,347 | |||||||||||||
2013 Quarterly comprehensive income | $ | 29,129 | $ | 61,125 | $ | 37,533 | $ | 555,695 | |||||||||
________________ | |||||||||||||||||
(1) Other revenue and operating expenses of $29.9 million from the third quarter of 2013 have been revised to correctly present revenue on a net basis for certain third quarter contracts that were previously reported on a gross basis. The amounts did not impact net income, and the Company concluded that the amounts were not material to the Company’s consolidated financial statements. | |||||||||||||||||
The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding. | |||||||||||||||||
Schedule Of Quarterly Impact From Certain Items | Quarterly impact from certain items in 2014 and 2013 (after-tax and diluted EPS amounts): | ||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Ÿ | Charges of $20.2 million in connection with early retirement program expense and related charges, restructuring charges and software asset write-offs at the education division and corporate office ($2.9 million, $6.7 million, $8.7 million and $1.9 million in the first, second, third and fourth quarters, respectively) | $ | (0.39 | ) | $ | (0.90 | ) | $ | (1.50 | ) | $ | (0.33 | ) | ||||
Ÿ | Intangible and other long-lived assets impairment charge of $11.2 million at Kaplan and other businesses | $ | (1.92 | ) | |||||||||||||
Ÿ | Gain of $249.8 million from the sale of Classified Ventures | $ | 42.89 | ||||||||||||||
Ÿ | Gain of $58.2 million from the Classified Ventures' sale of apartments.com | $ | 7.8 | ||||||||||||||
Ÿ | Gain of $266.7 million from the Berkshire exchange transaction | $ | 35.73 | ||||||||||||||
Ÿ | Gain of $81.8 million on the sale of the corporate headquarters building | $ | 11.13 | ||||||||||||||
Ÿ | Gain of $48.2 million from the sale of wireless licenses at the cable division | $ | 8.29 | ||||||||||||||
Ÿ | Losses, net, of $7.1 million for non-operating unrealized foreign currency (losses) gains ($3.2 million gain, $1.9 million gain, $6.8 million loss and $5.5 million loss in the first, second, third and fourth quarters, respectively) | $ | 0.44 | $ | 0.25 | $ | (1.16 | ) | $ | (0.94 | ) | ||||||
2013 | |||||||||||||||||
Ÿ | Charges of $25.3 million in connection with severance and restructuring at the education division ($6.1 million, $3.9 million, $3.1 million and $12.2 million in the first, second, third and fourth quarters, respectively) | $ | (0.85 | ) | $ | (0.54 | ) | $ | (0.42 | ) | $ | (1.66 | ) | ||||
Ÿ | Intangible and other long-lived assets impairment charge of $3.2 million at Kaplan | $ | (0.44 | ) | |||||||||||||
Ÿ | Write-down of marketable equity security of $6.7 million | $ | (0.91 | ) | |||||||||||||
Ÿ | Losses, net, of $8.6 million for non-operating unrealized foreign currency (losses) gains ($3.0 million loss, $8.1 million loss, $5.0 million gain and $2.6 million loss in the first, second, third and fourth quarters, respectively) | $ | (0.41 | ) | $ | (1.11 | ) | $ | 0.69 | $ | (0.35 | ) | |||||
Organization_and_Nature_of_Ope1
Organization and Nature of Operations (Narrative) (Details) | Dec. 31, 2014 | Feb. 12, 2015 |
Category | campus | |
Education [Member] | ||
Product Information [Line Items] | ||
Number of education business categories | 3 | |
Television Broadcasting [Member] | ||
Product Information [Line Items] | ||
Number of television broadcast stations owned | 5 | |
Number of major national networks each station is affiliated with | 1 | |
Subsequent Event [Member] | Higher Education [Member] | ||
Product Information [Line Items] | ||
Number of nationally accredited ground campuses | 38 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Significant Accounting Policies [Line Items] | |||
Net Cash Used in Investing Activities | $229,015,000 | ($7,765,000) | ($234,736,000) |
Net Cash Provided by Operating Activities | 372,370,000 | 310,228,000 | 483,907,000 |
Maximum amount of time between receipt and application of Federal aid funds | 3 days | ||
Revision Adjustment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Net Cash Used in Investing Activities | 17,636,000 | -6,693,000 | |
Net Cash Provided by Operating Activities | -17,636,000 | 6,693,000 | |
Impact on previously reported cash and cash equivalents, Consolidated Balance Sheets or Consolidated Statement of Operations | 0 | ||
Previously Reported [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Net Cash Used in Investing Activities | -25,401,000 | -228,043,000 | |
Net Cash Provided by Operating Activities | $327,864,000 | $477,214,000 | |
Minimum [Member] | Machinery and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life (in years) | 3 years | ||
Minimum [Member] | Building [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life (in years) | 20 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Amortized Intangible Assets, Useful Life (in years) | 10 years | ||
Investment maturity length | 3 months | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life (in years) | 20 years | ||
Maximum [Member] | Building [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life (in years) | 50 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Revision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (decrease) in accounts payable and accrued liabilities | ($39,199) | $20,290 | ($27,531) |
Net Cash Provided by Operating Activities | 372,370 | 310,228 | 483,907 |
Purchases of property, plant and equipment | -237,292 | -206,457 | -224,688 |
Net Cash Used in Investing Activities | 229,015 | -7,765 | -234,736 |
Previously Reported [Member] | |||
Increase (decrease) in accounts payable and accrued liabilities | 37,926 | -34,224 | |
Net Cash Provided by Operating Activities | 327,864 | 477,214 | |
Purchases of property, plant and equipment | -224,093 | -217,995 | |
Net Cash Used in Investing Activities | -25,401 | -228,043 | |
Revision Adjustment [Member] | |||
Increase (decrease) in accounts payable and accrued liabilities | -17,636 | 6,693 | |
Net Cash Provided by Operating Activities | -17,636 | 6,693 | |
Purchases of property, plant and equipment | 17,636 | -6,693 | |
Net Cash Used in Investing Activities | $17,636 | ($6,693) |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Oct. 01, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jan. 31, 2015 | |
school | school | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale and/or disposition | $351,133,000 | $157,449,000 | $23,759,000 | |||||||||
Provision (benefit) from income taxes | 4,408,000 | -20,559,000 | -3,868,000 | |||||||||
Kaplan China [Member] | Kaplan International [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of schools sold | 3 | |||||||||||
Pre-tax gain (loss) on sale and/or disposition | 3,100,000 | |||||||||||
Sale Of Publishing Subsidiaries [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale and/or disposition | 157,500,000 | |||||||||||
Amount received for all issued and outstanding equity securities | 250,000,000 | |||||||||||
Sale Of Publishing Subsidiaries [Member] | Previously Reported [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
After-tax gain (loss) on sale and/or disposition | 100,000,000 | |||||||||||
Sale Of Publishing Subsidiaries [Member] | Adjustment [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
After-tax gain (loss) on sale and/or disposition | -3,000,000 | |||||||||||
Daily Herald [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale and/or disposition | 100,000 | |||||||||||
Sale of Kaplan Learning Technologies [Member] | Education [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale and/or disposition | 3,100,000 | |||||||||||
Sale of Kaplan EduNeering [Member] | Education [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale and/or disposition | 29,500,000 | |||||||||||
Sale of Kidum [Member] | Education [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale and/or disposition | 3,600,000 | |||||||||||
Sales of Kaplan EduNeering and Kaplan Learning Technologies [Member] | Education [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Provision (benefit) from income taxes | 23,200,000 | |||||||||||
Disposition of Avenue 100 Media Solutions Inc. [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Value of subsidiary | 0 | |||||||||||
Tax benefit on goodwill and other intangible asset impairment charges | 0 | |||||||||||
Disposition of Avenue 100 Media Solutions Inc. [Member] | Other Businesses [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale and/or disposition | -5,700,000 | |||||||||||
Provision (benefit) from income taxes | 44,500,000 | |||||||||||
Berkshire Exchange Transaction [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
After-tax gain (loss) on sale and/or disposition | ($375,000,000) | |||||||||||
Subsequent Event [Member] | Kaplan China [Member] | Kaplan International [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of schools sold | 1 |
Discontinued_Operations_Summar
Discontinued Operations (Summarized Income (Loss) from Discontinued Operations, Net Of Tax) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operation, Additional Disclosures [Abstract] | |||||||||||
Operating revenues | $46,980 | $462,658 | $679,640 | ||||||||
Operating costs and expenses | -37,257 | -519,162 | -690,963 | ||||||||
Gain (loss) from discontinued operations | 9,723 | -56,504 | -11,323 | ||||||||
Provision (benefit) for income taxes | 4,408 | -20,559 | -3,868 | ||||||||
Net Gain (Loss) from Discontinued Operations | 5,315 | -35,945 | -7,455 | ||||||||
Gain on sales and disposition of discontinued operations | 351,133 | 157,449 | 23,759 | ||||||||
(Benefit) provision for income taxes on sales and disposition of discontinued operations | -15,801 | 57,489 | -64,591 | ||||||||
Income from Discontinued Operations, Net of Tax | $2,308 | ($6,980) | $375,189 | $1,732 | $106,335 | ($23,988) | ($1,772) | ($16,560) | $372,249 | $64,015 | $80,895 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2014 | Dec. 31, 2012 | Jun. 30, 2014 | Apr. 01, 2014 | Jul. 03, 2014 | |
Schedule of Investments [Line Items] | ||||||||||||||||
Commercial paper and money market investments | $594,300,000 | $431,800,000 | $594,300,000 | $431,800,000 | ||||||||||||
Company's investments in marketable equity securities | 193,793,000 | 487,156,000 | 193,793,000 | 487,156,000 | ||||||||||||
Net unrealized gains | 86,884,000 | 289,438,000 | 86,884,000 | 289,438,000 | ||||||||||||
Gain on Berkshire exchange | 266,733,000 | 0 | 0 | |||||||||||||
New investments in marketable equity securities | 49,900,000 | 15,000,000 | 45,000,000 | |||||||||||||
Proceeds from sales of marketable equity securities | 3,600,000 | 2,000,000 | ||||||||||||||
(Loss) gain on sales of marketable equity securities | 900,000 | 500,000 | ||||||||||||||
Pre-tax gain on equity method investment | 202,000 | 4,613,000 | 91,503,000 | 4,052,000 | 37,000 | 5,892,000 | 3,868,000 | 3,418,000 | 100,370,000 | 13,215,000 | 14,086,000 | |||||
Pre-tax gain (loss) on sale of equity method investment | 396,553,000 | 0 | 0 | |||||||||||||
Classified Ventures' sale of apartments.com [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Cash distribution from equity method investment | 95,000,000 | |||||||||||||||
Pre-tax gain on equity method investment | 90,900,000 | |||||||||||||||
Classified Ventures LLC [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Ownership percentage of investment in affiliate | 16.50% | |||||||||||||||
Proceeds from sale of equity method investment | 408,500,000 | |||||||||||||||
Amount of cash proceeds held in escrow | 16,500,000 | |||||||||||||||
Pre-tax gain (loss) on sale of equity method investment | 396,600,000 | |||||||||||||||
Residential Home Health Illinois [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Ownership percentage of investment in affiliate | 40.00% | 40.00% | 40.00% | |||||||||||||
Residential Hospice Illinois [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Ownership percentage of investment in affiliate | 42.50% | 42.50% | 42.50% | |||||||||||||
Bowater Mersey Paper Company [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Pre-tax gain (loss) on sale of equity method investment | 0 | |||||||||||||||
Percentage of equity method investment ownership sold | 49.00% | 49.00% | ||||||||||||||
Fair value of investment owned | 0 | 0 | ||||||||||||||
Berkshire Hathaway Inc [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Company's investments in marketable equity securities | 444,200,000 | 444,200,000 | ||||||||||||||
Percentage of total fair value of the Company's investments in marketable equity securities | 91.00% | 91.00% | ||||||||||||||
Percentage of common stock held by investee company | 23.00% | 23.00% | ||||||||||||||
Net unrealized gains | 286,900,000 | 286,900,000 | ||||||||||||||
Berkshire Hathaway Inc [Member] | Class A Common Stock [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Shares held in investee company | 2,214 | 2,214 | ||||||||||||||
Berkshire Hathaway Inc [Member] | Class B Common Stock [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Shares held in investee company | 424,250 | 424,250 | ||||||||||||||
Strayer Education Inc. [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Impairment write-down on a marketable equity security | 10,400,000 | 18,000,000 | ||||||||||||||
Amount of time investment had been in an unrealized loss position | about six months | about six months | ||||||||||||||
Corinthian Colleges, Inc. [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Impairment write-down on a marketable equity security | 500,000 | |||||||||||||||
Proceeds from sales of marketable equity securities | 5,800,000 | |||||||||||||||
(Loss) gain on sales of marketable equity securities | -2,600,000 | |||||||||||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Gain on Berkshire exchange | $266,700,000 | |||||||||||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | Class A Common Stock [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Number of Berkshire shares exchanged | 2,107 | 2,107 | ||||||||||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | Class B Common Stock [Member] | ||||||||||||||||
Schedule of Investments [Line Items] | ||||||||||||||||
Number of Berkshire shares exchanged | 1,278 | 1,278 |
Investments_Investments_in_Mar
Investments (Investments in Marketable Equity Securities) (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ||
Total cost | $106,909 | $197,718 |
Net unrealized gains | 86,884 | 289,438 |
Total Fair Value | $193,793 | $487,156 |
Accounts_Receivable_Accounts_P2
Accounts Receivable, Accounts Payable and Accrued Liabilities (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable, Net [Abstract] | |||
Trade accounts receivable, less estimated returns, doubtful accounts and allowances | $538,532 | $407,234 | |
Other receivables | 32,825 | 21,419 | |
Accounts receivable, net | 571,357 | 428,653 | |
Returns, doubtful accounts and allowances | 32,598 | 33,834 | 35,462 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | 35,462 | 50,225 | |
Additions - Charged to Costs and Expenses | 57,245 | 70,693 | |
Deductions | -58,873 | -85,456 | |
Balance at End of Period | 32,598 | 33,834 | 35,462 |
Accounts payable and accrued liabilities | 303,111 | 343,620 | |
Accrued compensation and related benefits | 161,231 | 162,079 | |
Total accounts payable and accrued liabilities | 464,342 | 505,699 | |
Allowance for doubtful accounts and returns [Member] | |||
Accounts Receivable, Net [Abstract] | |||
Returns, doubtful accounts and allowances | 32,598 | 33,834 | 33,612 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | 33,834 | 33,612 | 48,199 |
Additions - Charged to Costs and Expenses | 47,356 | 57,245 | 55,605 |
Deductions | -48,592 | -57,023 | -70,192 |
Balance at End of Period | 32,598 | 33,834 | 33,612 |
Allowance for advertising rate adjustments and discounts [Member] | |||
Accounts Receivable, Net [Abstract] | |||
Returns, doubtful accounts and allowances | 0 | 1,850 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | 1,850 | 2,026 | |
Additions - Charged to Costs and Expenses | 0 | 15,088 | |
Deductions | -1,850 | -15,264 | |
Balance at End of Period | $0 | $1,850 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $18,052 | $32,618 |
Buildings | 157,250 | 299,652 |
Machinery, equipment and fixtures | 2,357,264 | 2,289,966 |
Leasehold improvements | 214,119 | 294,548 |
Construction in progress | 71,156 | 94,615 |
Property, plant and equipment, gross | 2,817,841 | 3,011,399 |
Less accumulated depreciation | -1,957,012 | -2,083,857 |
Property, plant and equipment, net | $860,829 | $927,542 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||||||||||
Depreciation of property, plant and equipment | $45,366,000 | $53,074,000 | $51,989,000 | $53,217,000 | $58,924,000 | $54,672,000 | $56,849,000 | $58,910,000 | $203,646,000 | $229,355,000 | $240,139,000 |
Impairment of Long-Lived Assets Held-for-use | $13,600,000 |
Acquisitions_Dispositions_and_2
Acquisitions, Dispositions and Exchanges (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-14 | Jul. 03, 2014 | Nov. 30, 2012 | Apr. 01, 2014 | Aug. 01, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 12, 2015 | |
business | business | business | business | business | business | business | business | school | school | campus | ||||
Business Acquisition [Line Items] | ||||||||||||||
Cost of acquisition | $210,200,000 | $23,800,000 | $55,600,000 | |||||||||||
Number of businesses acquired | 9 | 6 | 5 | |||||||||||
Revenues of acquired companies since acquisition date | 81,000,000 | |||||||||||||
Operating loss of acquired companies since acquisition date | -7,100,000 | |||||||||||||
Gain on Berkshire exchange | 266,733,000 | 0 | 0 | |||||||||||
Effective tax rate | 30.60% | |||||||||||||
Residential Hospice Illinois [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Ownership percentage of investment in affiliate | 42.50% | 42.50% | ||||||||||||
Residential Home Health Illinois [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Ownership percentage of investment in affiliate | 40.00% | 40.00% | ||||||||||||
Residential Healthcare Group Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of interest acquired | 80.00% | |||||||||||||
Celtic Healthcare, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Fair value of the noncontrolling interest | 5,900,000 | |||||||||||||
Education [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 3 | 1 | 3 | |||||||||||
Higher Education [Member] | Subsequent Event [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of nationally accredited ground campuses | 38 | |||||||||||||
Television Broadcasting [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 1 | |||||||||||||
Other Businesses [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 2 | 4 | 1 | |||||||||||
Other Businesses [Member] | Joyce/Dayton Corp [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 1 | |||||||||||||
Other Businesses [Member] | Residential Healthcare Group Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 1 | |||||||||||||
Other Businesses [Member] | Celtic Healthcare, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 1 | |||||||||||||
Other Businesses [Member] | VNA-TIP Healthcare [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 1 | |||||||||||||
Other Businesses [Member] | Forney Corporation [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of businesses acquired | 1 | |||||||||||||
Residential Healthcare Group Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Fair value of the noncontrolling interest | 17,100,000 | |||||||||||||
Kaplan China [Member] | Education [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Noncontrolling interest purchased | 15.00% | |||||||||||||
Kaplan China [Member] | Kaplan International [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of schools sold | 3 | |||||||||||||
Kaplan China [Member] | Kaplan International [Member] | Subsequent Event [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of schools sold | 1 | |||||||||||||
Berkshire Exchange Transaction [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Amount of cash exchanged to Berkshire | 327,700,000 | 327,700,000 | ||||||||||||
After-tax gain (loss) on sale and/or disposition | 375,000,000 | |||||||||||||
Treasury stock increase | 1,165,400,000 | 1,165,400,000 | ||||||||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Gain on Berkshire exchange | 266,700,000 | |||||||||||||
Berkshire Exchange Transaction [Member] | WPLG [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated fair value of business exchanged | 438,000,000 | 438,000,000 | ||||||||||||
Class A Common Stock [Member] | Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of Berkshire shares exchanged | 2,107 | 2,107 | ||||||||||||
Class B Common Stock [Member] | Berkshire Exchange Transaction [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of shares received in Berkshire Hathaway agreement | 1,620,190 | 1,620,190 | 1,620,190 | |||||||||||
Class B Common Stock [Member] | Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of Berkshire shares exchanged | 1,278 | 1,278 | ||||||||||||
Common Class A and B [Member] | Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Fair value of available-for-sale equity securities exchanged | $400,300,000 | $400,300,000 |
Acquisitions_Dispositions_and_3
Acquisitions, Dispositions and Exchanges Acquisitions, Dispositions and Exchanges (Acquired assets and liabilities assumed) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Goodwill | $1,348,710 | $1,288,622 | $1,317,915 |
2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 4,143 | ||
Accounts receivable | 15,912 | ||
Other current assets | 6,724 | ||
Property, plant and equipment | 12,834 | ||
Investments in Affiliates | 8,556 | ||
Goodwill | 128,919 | ||
Indefinite-lived intangible assets | 12,051 | ||
Amortized intangible assets | 73,766 | ||
Other noncurrent assets | 1,215 | ||
Current liabilities | -17,180 | ||
Noncurrent liabilities | -19,654 | ||
Redeemable oncontrolling interest | -17,108 | ||
Total | 210,178 | ||
Weighted Average Life | 7 years | ||
Non-compete Agreements [Member] | 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | 430 | ||
Weighted Average Life | 3 years | ||
Student and Customer Relationships [Member] | 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | 51,532 | ||
Weighted Average Life | 6 years | ||
Databases and Technology [Member] | 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | 150 | ||
Weighted Average Life | 3 years | ||
Trade Names and Trademarks [Member] | 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | 20,254 | ||
Weighted Average Life | 8 years | ||
Other [Member] | 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | 1,400 | ||
Weighted Average Life | 3 years | ||
Trade name [Member] | 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived intangible assets | 11,900 | ||
Other [Member] | 2014 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived intangible assets | $151 |
Acquisitions_Dispositions_and_4
Acquisitions, Dispositions and Exchanges Acquisitions, Dispositions and Exchanges (Pro Forma Financials) (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acqusitions, Dispositions and Exchanges [Abstract] | ||
Pro Forma Operating revenues | $3,595,121 | $3,547,856 |
Pro Forma Net income (loss) | $1,292,421 | $227,556 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible and other long-lived assets | $17,302,000 | $0 | $0 | $0 | $3,250,000 | $0 | $0 | $0 | $25,100,000 | $3,300,000 | |
Goodwill and other long-lived asset impairment charges | 17,302,000 | 3,250,000 | 111,593,000 | ||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Gain on sale of intangible asset | 75,249,000 | 0 | 0 | ||||||||
Amortization of Intangible Assets | |||||||||||
Amortization of intangible assets | 5,251,000 | 7,405,000 | 2,995,000 | 2,717,000 | 3,359,000 | 2,468,000 | 2,950,000 | 3,362,000 | 18,368,000 | 12,139,000 | 19,510,000 |
Estimated amortization of intangible assets, 2015 | 19,000,000 | 19,000,000 | |||||||||
Estimated amortization of intangible assets, 2016 | 18,000,000 | 18,000,000 | |||||||||
Estimated amortization of intangible assets, 2017 | 14,000,000 | 14,000,000 | |||||||||
Estimated amortization of intangible assets, 2018 | 13,000,000 | 13,000,000 | |||||||||
Estimated amortization of intangible assets, 2019 | 12,000,000 | 12,000,000 | |||||||||
Estimated amortization of intangible assets, after 2019 | 21,000,000 | 21,000,000 | |||||||||
Discontinued Operations [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible and other long-lived assets | 7,800,000 | ||||||||||
Cable [Member] | Wireless Licenses [Member] | |||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Gain on sale of intangible asset | 75,200,000 | ||||||||||
Kaplan International [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 1,100,000 | ||||||||||
Number of businesses that recorded impairment of intangible and other long-lived assets | 1 | 1 | |||||||||
Impairment of intangible and other long-lived assets | 3,300,000 | ||||||||||
Kaplan International [Member] | Discontinued Operations [Member] | Kaplan China [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 7,800,000 | ||||||||||
Test Preparation [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 1,800,000 | ||||||||||
Goodwill and other long-lived asset impairment charges | 111,600,000 | ||||||||||
Higher Education [Member] | |||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | 700,000 | ||||||||||
Other Businesses [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Number of businesses that recorded impairment of intangible and other long-lived assets | 1 | ||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $100,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $1,396,963 | $1,485,946 |
Accumulated impairment losses, beginning balance | -108,341 | -168,031 |
Goodwill, net, beginning balance | 1,288,622 | 1,317,915 |
Reallocation, net | 0 | |
Acquisitions | 128,919 | 7,934 |
Dispositions | -40,083 | -13,602 |
Reclassification to discontinued operations | -810 | |
Foreign currency exchange rate changes and other | -27,938 | -23,625 |
Goodwill, ending balance | 1,457,051 | 1,396,963 |
Accumulated impairment losses, ending balance | -108,341 | -108,341 |
Goodwill, net, ending balance | 1,348,710 | 1,288,622 |
Education [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,073,433 | 1,097,058 |
Accumulated impairment losses, beginning balance | -102,259 | -102,259 |
Goodwill, net, beginning balance | 971,174 | 994,799 |
Reallocation, net | 0 | |
Acquisitions | 14,963 | 0 |
Dispositions | -2,422 | 0 |
Reclassification to discontinued operations | -810 | |
Foreign currency exchange rate changes and other | -27,938 | -23,625 |
Goodwill, ending balance | 1,057,226 | 1,073,433 |
Accumulated impairment losses, ending balance | -102,259 | -102,259 |
Goodwill, net, ending balance | 954,967 | 971,174 |
Higher Education [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 409,016 | 409,184 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 409,016 | 409,184 |
Acquisitions | 1,052 | |
Dispositions | 0 | |
Reclassification to discontinued operations | 0 | |
Foreign currency exchange rate changes and other | -184 | -168 |
Goodwill, ending balance | 409,884 | 409,016 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 409,884 | 409,016 |
Test Preparation [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 152,187 | 152,187 |
Accumulated impairment losses, beginning balance | -102,259 | -102,259 |
Goodwill, net, beginning balance | 49,928 | 49,928 |
Acquisitions | 13,911 | |
Dispositions | 0 | |
Reclassification to discontinued operations | 0 | |
Foreign currency exchange rate changes and other | 0 | 0 |
Goodwill, ending balance | 166,098 | 152,187 |
Accumulated impairment losses, ending balance | -102,259 | -102,259 |
Goodwill, net, ending balance | 63,839 | 49,928 |
Kaplan International [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 512,230 | 535,687 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 512,230 | 535,687 |
Acquisitions | 0 | |
Dispositions | -2,422 | |
Reclassification to discontinued operations | -810 | |
Foreign currency exchange rate changes and other | -27,754 | -23,457 |
Goodwill, ending balance | 481,244 | 512,230 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 481,244 | 512,230 |
Cable [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 85,488 | 85,488 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 85,488 | 85,488 |
Reallocation, net | 0 | |
Acquisitions | 0 | 0 |
Dispositions | 0 | 0 |
Reclassification to discontinued operations | 0 | |
Foreign currency exchange rate changes and other | 0 | 0 |
Goodwill, ending balance | 85,488 | 85,488 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 85,488 | 85,488 |
Newspaper Publishing [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 0 | 81,183 |
Accumulated impairment losses, beginning balance | 0 | -65,772 |
Goodwill, net, beginning balance | 0 | 15,411 |
Reallocation, net | -1,809 | |
Acquisitions | 0 | 0 |
Dispositions | 0 | -13,602 |
Reclassification to discontinued operations | 0 | |
Foreign currency exchange rate changes and other | 0 | 0 |
Goodwill, ending balance | 0 | 0 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 0 | 0 |
Television Broadcasting [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 203,165 | 203,165 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 203,165 | 203,165 |
Reallocation, net | 0 | |
Acquisitions | 2,841 | 0 |
Dispositions | -37,661 | 0 |
Reclassification to discontinued operations | 0 | |
Foreign currency exchange rate changes and other | 0 | 0 |
Goodwill, ending balance | 168,345 | 203,165 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 168,345 | 203,165 |
Other Businesses [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 34,877 | 19,052 |
Accumulated impairment losses, beginning balance | -6,082 | 0 |
Goodwill, net, beginning balance | 28,795 | 19,052 |
Reallocation, net | 1,809 | |
Acquisitions | 111,115 | 7,934 |
Dispositions | 0 | 0 |
Reclassification to discontinued operations | 0 | |
Foreign currency exchange rate changes and other | 0 | 0 |
Goodwill, ending balance | 145,992 | 34,877 |
Accumulated impairment losses, ending balance | -6,082 | -6,082 |
Goodwill, net, ending balance | $139,910 | $28,795 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 182,107 | 128,543 |
Accumulated Amortization | 85,160 | 88,955 |
Net Carrying Amount | 96,947 | 39,588 |
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 516,753 | 541,278 |
Franchise Agreements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 496,321 | 496,321 |
Wireless Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 0 | 22,150 |
Licensure and Accreditation [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 6,781 | 7,171 |
Other [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 13,651 | 15,636 |
Non-compete Agreements [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,500 | 13,540 |
Accumulated Amortization | 1,590 | 12,622 |
Net Carrying Amount | 910 | 918 |
Student and Customer Relationships [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 104,685 | 72,050 |
Accumulated Amortization | 47,539 | 45,718 |
Net Carrying Amount | 57,146 | 26,332 |
Databases and Technology [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,501 | 10,790 |
Accumulated Amortization | 8,827 | 6,991 |
Net Carrying Amount | 1,674 | 3,799 |
Trade Names and Trademarks [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 55,452 | 22,327 |
Accumulated Amortization | 19,724 | 16,052 |
Net Carrying Amount | 35,728 | 6,275 |
Other [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,969 | 9,836 |
Accumulated Amortization | 7,480 | 7,572 |
Net Carrying Amount | 1,489 | 2,264 |
Minimum [Member] | Non-compete Agreements [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | 2 years |
Minimum [Member] | Student and Customer Relationships [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | 2 years |
Minimum [Member] | Databases and Technology [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 3 years | 3 years |
Minimum [Member] | Trade Names and Trademarks [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | 2 years |
Minimum [Member] | Other [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 1 year | 1 year |
Maximum [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 10 years | |
Maximum [Member] | Non-compete Agreements [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 5 years | 5 years |
Maximum [Member] | Student and Customer Relationships [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 10 years | 10 years |
Maximum [Member] | Databases and Technology [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 5 years | 5 years |
Maximum [Member] | Trade Names and Trademarks [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 10 years | 10 years |
Maximum [Member] | Other [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 25 years | 25 years |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Tax (benefits) expenses with respect to losses from discontinued operations | ($11,400,000) | $36,900,000 | ($68,500,000) |
Deferred state income tax asset | 26,077,000 | 30,036,000 | |
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards | 2,368,000 | 2,613,000 | |
Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards | 837,000 | 8,265,000 | |
Deferred tax assets with respect to non U.S. income tax loss carryforwards | 30,460,000 | 32,600,000 | |
Valuation Allowance, Amount | 73,656,000 | 72,767,000 | |
Penalties and interest accrued related to the unrecognized tax benefits | 0 | 0 | 0 |
State [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards to expire | 494,100,000 | ||
Deferred state income tax asset | 26,100,000 | ||
Valuation Allowance, Amount | 38,800,000 | ||
Valuation allowance related to operating loss carryforwards | 26,100,000 | ||
Unrecognized tax benefit that would impact the effective tax rate | 7,000,000 | ||
U.S. Federal [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards obtained as a result of prior stock acqusitions | 6,700,000 | ||
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards | 2,400,000 | ||
Foreign tax credit carryforwards | 800,000 | ||
Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards | 800,000 | ||
Valuation Allowance, Amount | 0 | ||
Federal tax impact of unrecognized tax benefits that would impact the effective tax rate | 2,400,000 | ||
non-U.S. [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards as a result of operating losses and prior stock acquisitions | 104,300,000 | ||
Deferred tax assets with respect to non U.S. income tax loss carryforwards | 30,500,000 | ||
Valuation allowance against the deferred tax assets recorded for the tax losses carryforward | 29,200,000 | ||
Tax loss carryforwards from operating losses and prior stock acquisitions that can be carried forward indefinitely | 96,100,000 | ||
Valuation Allowance, Amount | 34,900,000 | ||
non-U.S. [Member] | Through 2019 [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards subject to expiration | 1,600,000 | ||
non-U.S. [Member] | After 2019 [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards subject to expiration | 6,600,000 | ||
U.S. Federal and State [Member] | |||
Income Taxes [Line Items] | |||
Deferred income tax liabilities related to undistributed earnings of investments in non-U.S. subsidiaries | 10,600,000 | 7,700,000 | |
Excess of book value over tax basis of investment | 57,900,000 | 66,800,000 | |
Additional deferred tax liabilitites due to excess of book value over tax basis of investment | 1,400,000 | 5,900,000 | |
Capital loss and foreign tax credit carrybacks to 2010 tax year [Member] | U.S. Federal [Member] | |||
Income Taxes [Line Items] | |||
Income Taxes Receivable | $10,500,000 |
Income_Taxes_Income_from_Opera
Income Taxes (Income from Operations) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Loss) from Operations before Extraordinary Items [Abstract] | |||||||||||
U.S. | $1,274,509 | $261,137 | $108,233 | ||||||||
Non-U.S. | 52,602 | 13,693 | 16,459 | ||||||||
Income from Continuing Operations Before Income Taxes | $524,258 | $141,619 | $453,261 | $207,973 | $74,293 | $84,312 | $78,606 | $37,619 | $1,327,111 | $274,830 | $124,692 |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes Components) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
U.S. Federal, Current | $294,965 | $70,152 | $101,804 | ||||||||
State and Local, Current | 35,432 | 10,273 | 13,509 | ||||||||
Non-U.S. | 10,485 | 10,015 | 12,604 | ||||||||
Total income tax, Current | 340,882 | 90,440 | 127,917 | ||||||||
U.S. Federal, Deferred | 44,860 | 22,438 | -48,685 | ||||||||
State and Local, Deferred | 23,671 | -9,808 | -5,135 | ||||||||
Non-U.S. | -3,313 | -1,570 | -697 | ||||||||
Total income tax, Deferred | 65,218 | 11,060 | -54,517 | ||||||||
U.S. Federal, Total | 339,825 | 92,590 | 53,119 | ||||||||
State and Local, Total | 59,103 | 465 | 8,374 | ||||||||
Non-U.S. | 7,172 | 8,445 | 11,907 | ||||||||
Total provision for income tax | $191,900 | $58,200 | $78,600 | $77,400 | $24,100 | $29,900 | $31,700 | $15,800 | $406,100 | $101,500 | $73,400 |
Income_Taxes_Income_Tax_Reconc
Income Taxes (Income Tax Reconciliation) (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||||||||||
U.S. Federal taxes at statutory rate | $464,489 | $96,191 | $43,642 | ||||||||
State and local taxes, net of U.S. Federal tax | 35,242 | 2,941 | 8,887 | ||||||||
Tax-free stock transactions | -91,540 | 0 | 0 | ||||||||
Tax provided on non-U.S. subsidiary earnings and distributions at less than the expected U.S. Federal statutory tax rate | 2,186 | 767 | -6,950 | ||||||||
Goodwill impairments | 0 | 0 | 12,776 | ||||||||
U.S. Federal Manufacturing Deducation tax benefits | -6,789 | -4,397 | -2,393 | ||||||||
Other, net | 1,814 | 1,403 | 4,915 | ||||||||
Total provision for income tax | 191,900 | 58,200 | 78,600 | 77,400 | 24,100 | 29,900 | 31,700 | 15,800 | 406,100 | 101,500 | 73,400 |
State [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Valuation allowance against tax benefits | 3,175 | -2,638 | -3,443 | ||||||||
non-U.S. [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Valuation allowance against tax benefits | ($2,477) | $7,233 | $15,966 |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Taxes Components) (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Income Tax Liabilities [Line Items] | ||
Accrued postretirement benefits | $16,785,000 | $15,408,000 |
Other benefit obligations | 122,241,000 | 101,923,000 |
Accounts receivable | 17,925,000 | 24,911,000 |
State income tax loss carryforwards | 26,077,000 | 30,036,000 |
U.S. Federal income tax loss carryforwards | 2,368,000 | 2,613,000 |
U.S Federal foreign income tax credit carryforwards | 837,000 | 8,265,000 |
Non-U.S. income tax loss carryforwards | 30,460,000 | 32,600,000 |
Other | 50,134,000 | 61,753,000 |
Deferred tax assets | 266,827,000 | 277,509,000 |
Valuation allowance | -73,656,000 | -72,767,000 |
Deferred tax assets, net | 193,171,000 | 204,742,000 |
Property, plant and equipment | 139,765,000 | 134,627,000 |
Unrealized gain on available-for-sale securities | 34,764,000 | 115,785,000 |
Goodwill and other intangible assets | 308,954,000 | 293,749,000 |
Deferred tax liabilities | 947,197,000 | 1,041,888,000 |
Deferred Income Tax Liabilities, Net | 754,026,000 | 837,146,000 |
Pension Plan, Defined Benefit [Member] | ||
Deferred Income Tax Liabilities [Line Items] | ||
Prepaid pension cost | $463,714,000 | $497,727,000 |
Income_Taxes_Operating_Loss_Ca
Income Taxes (Operating Loss Carryforwards) (Details 5) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | $494.10 |
U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 6.7 |
2015 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 4.7 |
2015 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 0.7 |
2016 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 6.1 |
2016 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 0.7 |
2017 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 3.7 |
2017 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 0.7 |
2018 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 10.8 |
2018 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 0.7 |
2019 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 4.8 |
2019 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 0.7 |
2020 and after [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 464 |
2020 and after [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | $3.20 |
Income_Taxes_Deferred_Tax_Vall
Income Taxes (Deferred Tax Valluation Allowances) (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | $35,462 | $50,225 | |
Deductions | -58,873 | -85,456 | |
Balance at End of Period | 32,598 | 33,834 | 35,462 |
Additions Charged to Costs and Expenses | 57,245 | 70,693 | |
Deferred Tax Valuation Allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | 72,767 | 78,109 | 59,179 |
Tax Expense and Revaluation | 889 | -5,342 | 18,930 |
Deductions | 0 | 0 | 0 |
Balance at End of Period | $73,656 | $72,767 | $78,109 |
Income_Taxes_Income_Taxes_Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits Rollforward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning unrecognized tax benefits | $0 | $0 | $0 |
Increases related to current year tax positions | 7,000 | 0 | 0 |
Increases related to prior year tax positions | 0 | 0 | 0 |
Decrease related to prior year tax positions | 0 | 0 | 0 |
Decreases related to settlement with tax authorities | 0 | 0 | 0 |
Decreases due to lapse of applicable statute of limitations | 0 | 0 | 0 |
Ending unrecognized tax benefits | $7,000 | $0 | $0 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 17, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2012 | Jun. 17, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 07, 2011 | Jun. 17, 2011 | Sep. 07, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | 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] | Four-Year Revolving Credit Agreement Dated, June 17, 2011 [Member] | USD $450 million portion of Revolver [Member] | USD $450 million portion of Revolver [Member] | USD $450 million portion of Revolver [Member] | USD $450 million portion of Revolver [Member] | AUD $50 million portion of Revolver [Member] | AUD $50 million portion of Revolver [Member] | AUD $50 million portion of Revolver [Member] | AUD $50 million portion of Revolver [Member] | Interest Rate Swap [Member] | Other Indebtedness [Member] | Other Indebtedness [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | AUD | AUD | USD ($) | ||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings outstanding | $0 | $0 | $240,000,000 | $40,927,000 | $44,625,000 | 50,000,000 | ||||||||||||
Interest rate of debt instrument | 7.25% | 7.25% | 7.25% | 1.51% | ||||||||||||||
Minimum interest rate | 0.00% | 0.00% | ||||||||||||||||
Maximum interest rate | 6.00% | 6.00% | ||||||||||||||||
Debt Instrument, Maturity year, start | 1-Jan-15 | 1-Jan-14 | ||||||||||||||||
Debt Instrument, Maturity year, end | 31-Dec-17 | 31-Dec-17 | ||||||||||||||||
Debt Instrument, Maturity date | 1-Feb-19 | |||||||||||||||||
Face amount of debt issued | 400,000,000 | |||||||||||||||||
Notes repurchase percentage of principal amount to be eligible for redemption | 101.00% | |||||||||||||||||
Average borrowings outstanding | 450,900,000 | 471,400,000 | ||||||||||||||||
Weighted average interest rate of borrowings | 7.00% | 6.70% | ||||||||||||||||
Net interest expense incurred | 34,500,000 | 33,800,000 | 32,600,000 | |||||||||||||||
Fair value of debt instrument | 450,300,000 | 475,200,000 | ||||||||||||||||
Current borrowing capacity | 450,000,000 | 50,000,000 | ||||||||||||||||
Maximum borrowing capacity | 700,000,000 | |||||||||||||||||
Minimum fee percentage for line of credit facility | 0.08% | |||||||||||||||||
Maximum fee percentage for line of credit facility | 0.20% | |||||||||||||||||
Line of credit facility, Expiration date | 17-Jun-15 | |||||||||||||||||
Line of credit facility minimum requirement of shareholder's equity | 1,500,000,000 | |||||||||||||||||
Carrying value of debt instrument | 398,308,000 | 397,893,000 | 398,300,000 | 397,900,000 | ||||||||||||||
Debt Instrument, Interest Rate Terms | Any borrowings are made on an unsecured basis and bear interest at (a) for U.S. dollar borrowings, at the Company’s option, either (i) a fluctuating interest rate equal to the highest of JPMorgan’s prime rate, 0.50 percent above the Federal funds rate or the one-month eurodollar rate plus 1%, or (ii) the eurodollar rate for the applicable interest period; or (b) for Australian dollar borrowings, the bank bill rate, in each case plus an applicable margin that depends on the Company’s long-term debt ratings. | |||||||||||||||||
Types Of Interest Rate Derivatives Used | interest rate swap | |||||||||||||||||
Notional Amount of Cash Flow Hedge Instruments | $50,000,000 | |||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.53% |
Debt_Details_1
Debt (Details 1) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 07, 2011 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD [Member] | USD [Member] | USD [Member] | AUD [Member] | AUD [Member] | AUD [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | AUD | |||
Debt Instrument [Line Items] | ||||||||
7.25% unsecured notes due February 1, 2019 | $398,308 | $397,893 | ||||||
Revolving credit borrowing | 0 | 0 | 240,000 | 40,927 | 44,625 | 50,000 | ||
Other indebtedness | 6,685 | 8,258 | ||||||
Total Debt | 445,920 | 450,776 | ||||||
Less: current portion | -46,375 | -3,168 | ||||||
Total Long-Term Debt | $399,545 | $447,608 | ||||||
Interest rate of debt instrument | 1.51% |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impairment of intangible and other long-lived assets | $17,302 | $0 | $0 | $0 | $3,250 | $0 | $0 | $0 | $25,100 | $3,300 |
Discontinued Operations [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impairment of intangible and other long-lived assets | $7,800 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ||||
Marketable equity securities | $193,793 | $487,156 | ||
7.25% Unsecured Notes due February 1, 2019 [Member] | ||||
Liabilities | ||||
7.25% unsecured notes | 450,300 | 475,200 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Assets | ||||
Money market investments | 368,131 | [1] | 431,836 | [1] |
Commercial paper | 226,197 | [2] | ||
Marketable equity securities | 193,793 | [3] | 487,156 | [3] |
Other current investments | 32,959 | [4] | 35,162 | [4] |
Total Financial Assets | 821,080 | 954,154 | ||
Liabilities | ||||
Deferred compensation plan liabilities | 70,661 | [5] | 67,603 | [5] |
Interest rate swap | 179 | [6] | 1,047 | [6] |
Total Financial Liabilities | 562,111 | 588,499 | ||
Fair Value, Measurements, Recurring [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ||||
Liabilities | ||||
7.25% unsecured notes | 450,344 | [7] | 475,224 | [7] |
Fair Value, Measurements, Recurring [Member] | AUD $50 million portion of Revolver [Member] | ||||
Liabilities | ||||
AUD revolving credit borrowing | 40,927 | [7] | 44,625 | [7] |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets | ||||
Money market investments | 0 | [1] | 0 | [1] |
Commercial paper | 226,197 | [2] | ||
Marketable equity securities | 193,793 | [3] | 487,156 | [3] |
Other current investments | 11,788 | [4] | 11,826 | [4] |
Total Financial Assets | 431,778 | 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] | Fair Value, Measurements, Recurring [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ||||
Liabilities | ||||
7.25% unsecured notes | 0 | [7] | 0 | [7] |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | AUD $50 million portion of Revolver [Member] | ||||
Liabilities | ||||
AUD revolving credit borrowing | 0 | [7] | 0 | [7] |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets | ||||
Money market investments | 368,131 | [1] | 431,836 | [1] |
Commercial paper | 0 | [2] | ||
Marketable equity securities | 0 | [3] | 0 | [3] |
Other current investments | 21,171 | [4] | 23,336 | [4] |
Total Financial Assets | 389,302 | 455,172 | ||
Liabilities | ||||
Deferred compensation plan liabilities | 70,661 | [5] | 67,603 | [5] |
Interest rate swap | 179 | [6] | 1,047 | [6] |
Total Financial Liabilities | 562,111 | 588,499 | ||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | 7.25% Unsecured Notes due February 1, 2019 [Member] | ||||
Liabilities | ||||
7.25% unsecured notes | 450,344 | [7] | 475,224 | [7] |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | AUD $50 million portion of Revolver [Member] | ||||
Liabilities | ||||
AUD revolving credit borrowing | $40,927 | [7] | $44,625 | [7] |
[1] | The Company’s money market investments are included in cash, cash equivalents and restricted cash. | |||
[2] | The Company’s commercial paper investments with original maturities of 90 days or less are included in cash and cash equivalents. | |||
[3] | The Company’s investments in marketable equity securities are classified as available-for-sale. | |||
[4] | Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. | |||
[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. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income. | |||
[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 10 for carrying amount of these notes and borrowing. |
Redeemable_Preferred_Stock_Det
Redeemable Preferred Stock (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Temporary Equity [Abstract] | ||
Redeemable Preferred Stock, par value per share | $1 | $1 |
Redeemable Preferred Stock, liquidation value per share | $1,000 | $1,000 |
Redeemable by at any time on or after | 1-Oct-15 | |
Redeemable Preferred Stock, redemption value per share | $1,000 | $1,000 |
Preferred stock repurchase election | 0 years 2 months | |
Number of times dividends payable in a year per share | four times a year | |
Dividends payable per share | $80 |
Capital_Stock_Stock_Awards_and2
Capital Stock, Stock Awards, and Stock Options (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 2 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Dec. 31, 2012 | Feb. 26, 2015 | Jun. 30, 2014 | Dec. 31, 2011 | Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cost of shares repurchased by company | $327,718,000 | $4,196,000 | $103,196,000 | ||||||
Shares subject to award outstanding | 117,111 | 114,479 | 207,917 | 207,917 | 77,319 | ||||
Number of shares forfeited due to modification | 7,384 | 92,018 | 7,616 | ||||||
Awarded, Number of Shares | 21,114 | 70,165 | 145,348 | ||||||
Shares subject to stock options outstanding | 151,694 | 121,694 | 125,694 | 125,694 | 129,044 | ||||
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 4 months 24 days | ||||||||
Options Outstanding, Weighted Average Exercise Price | $682.68 | $469.76 | $478.32 | $478.32 | $494.95 | ||||
Granted, Number of Shares | 55,000 | 15,000 | 7,500 | ||||||
Exercised, Number of Shares | -19,125 | -14,500 | 0 | ||||||
Exercised, Average Option Price (in dollars per share) | $409.44 | $391.83 | $0 | ||||||
Dividends declared per common share | $10.20 | $9.80 | |||||||
Options Exercisable, Weighted Average Remaining Contractual Life | 5 years 7 months 6 days | ||||||||
Exercise Price $1,111 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares subject to stock options outstanding | 50,000 | ||||||||
Options Outstanding, Weighted Average Remaining Contractual Life | 9 years 9 months 18 days | ||||||||
Options Outstanding, Weighted Average Exercise Price | $1,111.20 | ||||||||
Options Exercisable, Weighted Average Remaining Contractual Life | 0 years | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Antidilutive securities, shares | 5,175 | 5,500 | 52,200 | ||||||
Kaplan Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares subject to stock options outstanding | 5,000 | ||||||||
Granted, Number of Shares | 0 | 5,000 | 0 | ||||||
Exercised, Number of Shares | 0 | 0 | 0 | ||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Antidilutive securities, shares | 52,000 | 10,000 | 124,694 | ||||||
Senior Manager [Member] | Kaplan Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 4 years | ||||||||
Subsequent Event [Member] | Kaplan Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, Number of Shares | 2,500 | ||||||||
Maximum [Member] | Kaplan Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 5 years | ||||||||
Minimum [Member] | Kaplan Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 4 years | ||||||||
Accelerated dividends in lieu of regular quarterly dividends in 2013 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividends declared per common share | $9.80 | ||||||||
Education [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Accrual balance related to stock based compensation | 10,800,000 | ||||||||
Stock compensation payouts | 0 | 0 | 0 | 0 | |||||
Education [Member] | Kaplan Stock Option and Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based Compensation Expense | 900,000 | 2,900,000 | -1,100,000 | ||||||
Class A Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Conversion of Class A shares to Class B | 194,250 | 50,310 | |||||||
Conversion of stock from Class A to Class B, percentage | 17.00% | 4.00% | |||||||
Common Stock, shares outstanding | 974,823 | 1,169,073 | |||||||
Class B Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Right to elect Board of Directors percentage | 30.00% | ||||||||
Shares repurchased by company | 33,024 | 301,231 | |||||||
Cost of shares repurchased by company | 17,700,000 | 103,200,000 | |||||||
Number of shares authorized to be repurchased | 750,000 | ||||||||
Number of shares authorized to be repurchased remaining under previous authorization | 43,573 | ||||||||
Authorized shares remaining for repurchase | 159,219 | ||||||||
Market value of company's stock | $863.71 | ||||||||
Common Stock, shares outstanding | 4,823,966 | 6,218,051 | |||||||
Class B Common Stock [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share awards outstanding, restriction will lapse in 2015 | 31,825 | ||||||||
Share awards outstanding, restriction will lapse in 2016 | 20,425 | ||||||||
Share awards outstanding, restriction will lapse in 2017 | 46,996 | ||||||||
Share awards outstanding, restriction will lapse in 2018 | 17,865 | ||||||||
Stock-based Compensation Expense | 15,400,000 | 35,200,000 | 11,400,000 | ||||||
Total unrecognized compensation expense | 26,000,000 | ||||||||
Years over which cost expected to be recognized | 1 year 6 months 21 days | ||||||||
Class B Common Stock [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based Compensation Expense | 2,700,000 | 3,500,000 | 2,900,000 | ||||||
Total unrecognized compensation expense | 10,500,000 | ||||||||
Years over which cost expected to be recognized | 5 years 2 months 12 days | ||||||||
Options outstanding exercisable now | 70,194 | ||||||||
Options outstanding exercisable in 2015 | 27,208 | ||||||||
Options outstanding exercisable in 2016 | 14,708 | ||||||||
Options outstanding exercisable in 2017 | 13,334 | ||||||||
Options outstanding exercisable in 2018 | 9,583 | ||||||||
Options outstanding exercisable in 2019 | 8,333 | ||||||||
Options outstanding exercisable in 2020 | 8,334 | ||||||||
Intrinsic value of options outstanding | 39,800,000 | ||||||||
Intrinsic value of options exercisable | 27,500,000 | ||||||||
Intrinsic value of options unvested | 12,300,000 | ||||||||
Options unvested, shares | 81,500 | 48,500 | |||||||
Options unvested, average exercise price | $863.72 | $442.02 | |||||||
Options unvested, weighted average remaining contractual term, years | 8 years 10 months 24 days | 7 years 10 months 24 days | |||||||
Intrinsic value of options exercised | 6,700,000 | 3,200,000 | |||||||
Tax benefit from stock option exercises | 2,700,000 | 1,300,000 | |||||||
Weighted average fair value, granted options | $178.95 | $91.74 | $91.71 | ||||||
Exercised, Number of Shares | -19,125 | -14,500 | 0 | ||||||
Class B Common Stock [Member] | Employee Stock Option [Member] | Exercise Price Above Fair Market Value of Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, Number of Shares | 50,000 | ||||||||
Class B Common Stock [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Awarded, Number of Shares | 23,475 | ||||||||
Class B Common Stock [Member] | Subsequent Event [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, Number of Shares | 5,000 | ||||||||
Class B Common Stock [Member] | Sale Of Publishing Subsidiaries [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares affected by modification of terms | 86,824 | ||||||||
Number of employees affected by modification of terms of share awards | 102 | ||||||||
Number of share awards with accelerated vesting | 45,374 | ||||||||
Number of shares modified by the elimination of a market condition and vesting terms | 15,000 | ||||||||
Number of shares forfeited due to modification | 26,450 | ||||||||
Number of shares offered to settle in cash due to modification | 26,124 | ||||||||
Cash paid for the settlement of shares due to modification | 13,100,000 | ||||||||
Class B Common Stock [Member] | Sale Of Publishing Subsidiaries [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares affected by modification of terms | 4,500 | ||||||||
Number of employees affected by modification of terms of share awards | 6 | ||||||||
Number of share awards with accelerated vesting | 4,250 | ||||||||
Number of stock options forfeited due to modification | 250 | ||||||||
Class B Common Stock [Member] | Sale Of Publishing Subsidiaries [Member] | Discontinued Operations [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Incremental stock compensation expense, net of forfeitures, due to modification | 19,900,000 | ||||||||
Class B Common Stock [Member] | Sale Of Publishing Subsidiaries [Member] | Discontinued Operations [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Incremental stock compensation expense, net of forfeitures, due to modification | 800,000 | ||||||||
Class B Common Stock [Member] | 2001 Incentive Compensation Plan [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares reserved for issuance | 37,825 | ||||||||
Class B Common Stock [Member] | 2003 Employee Stock Option Plan [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares reserved for issuance | 81,694 | ||||||||
Shares reserved for options granted under the plan | 1,900,000 | ||||||||
Class B Common Stock [Member] | 2003 Employee Stock Option Plan [Member] | Maximum [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 10 years | ||||||||
Class B Common Stock [Member] | 2003 Employee Stock Option Plan [Member] | Minimum [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 4 years | ||||||||
Class B Common Stock [Member] | 2012 Incentive Compensation Plan [Member] | Stock Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares reserved for issuance | 460,726 | ||||||||
Shares subject to award outstanding | 149,286 | ||||||||
Shares available for future awards | 311,440 | ||||||||
Class B Common Stock [Member] | 2012 Incentive Compensation Plan [Member] | 2014 Option Granted [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 6 years | ||||||||
Class B Common Stock [Member] | 2012 Incentive Compensation Plan [Member] | Maximum [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 10 years | ||||||||
Class B Common Stock [Member] | 2012 Incentive Compensation Plan [Member] | Minimum [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 4 years | ||||||||
Kaplan Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of company common stock | $973 | ||||||||
Kaplan Restricted Stock [Member] | Senior Manager [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock, shares outstanding | 7,206 | ||||||||
Kaplan Restricted Stock [Member] | Subsequent Event [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of company common stock | 1,180 | ||||||||
Berkshire Exchange Transaction [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Repurchase of Class B common stock | $1,165,400,000 | $1,165,400,000 | |||||||
Berkshire Exchange Transaction [Member] | Class B Common Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares received in Berkshire Hathaway agreement | 1,620,190 | 1,620,190 |
Capital_Stock_Stock_Awards_and3
Capital Stock, Stock Awards, and Stock Options (Stock Awards Rollforward) (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning of year, unvested, Number of Shares | 114,479 | 207,917 | 77,319 |
Awarded, Number of Shares | 21,114 | 70,165 | 145,348 |
Vested, Number of Shares | -11,098 | -71,585 | -7,134 |
Forfeited, Number of Shares | -7,384 | -92,018 | -7,616 |
End of year, unvested, Number of Shares | 117,111 | 114,479 | 207,917 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning of year, Average Grant-Date Fair Value (in dollars per share) | $424.65 | $350.21 | $424.45 |
Awarded, Average Grant-Date Fair Value (in dollars per share) | $683.44 | $562.29 | $321.56 |
Vested, Average Grant-Date Fair Value (in dollars per share) | $523.95 | $515.09 | $499.06 |
Forfeited, Average Grant-Date Fair Value (in dollars per share) | $396.91 | $300.86 | $417.79 |
End of year, Average Grant-Date Fair Value (in dollars per share) | $463.64 | $424.65 | $350.21 |
Capital_Stock_Stock_Awards_and4
Capital Stock, Stock Awards, and Stock Options (Stock Options Rollforward) (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning of year, Number of Shares | 121,694 | 125,694 | 129,044 |
Granted, Number of Shares | 55,000 | 15,000 | 7,500 |
Exercised, Number of Shares | -19,125 | -14,500 | 0 |
Expired or forfeited, Number of Shares | -5,875 | -4,500 | -10,850 |
End of year, Number of Shares | 151,694 | 121,694 | 125,694 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning of year, Average Option Price (in dollars per share) | $469.76 | $478.32 | $494.95 |
Granted, Average Option Price (in dollars per share) | $1,070.43 | $373.03 | $378 |
Exercised, Average Option Price (in dollars per share) | $409.44 | $391.83 | $0 |
Expired or forfeited, Average Option Price (in dollars per share) | $791.81 | $637.53 | $605.82 |
End of year, Average Option Price (in dollars per share) | $682.68 | $469.76 | $478.32 |
Capital_Stock_Stock_Awards_and5
Capital Stock, Stock Awards, and Stock Options (Options Outstanding and Exercisable) (Details 3) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares Outstanding | 151,694 | 121,694 | 125,694 | 129,044 |
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 4 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price | $682.68 | $469.76 | $478.32 | $494.95 |
Options Exercisable, Shares Exercisable | 70,194 | |||
Options Exercisable, Weighted Average Remaining Contractual Life | 5 years 7 months 6 days | |||
Options Exercisable, Weighted Average Exercise Price | $427.47 | |||
Exercise Price Range of $369-$396 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares Outstanding | 32,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 9 months 18 days | |||
Options Outstanding, Weighted Average Exercise Price | $383.37 | |||
Options Exercisable, Shares Exercisable | 18,000 | |||
Options Exercisable, Weighted Average Remaining Contractual Life | 5 years 9 months 18 days | |||
Options Exercisable, Weighted Average Exercise Price | $390.58 | |||
Exercise Price Range of $419-$439 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares Outstanding | 10,694 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 6 months | |||
Options Outstanding, Weighted Average Exercise Price | $423.05 | |||
Options Exercisable, Shares Exercisable | 10,694 | |||
Options Exercisable, Weighted Average Remaining Contractual Life | 4 years 6 months | |||
Options Exercisable, Weighted Average Exercise Price | $423.05 | |||
Exercise Price $503 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares Outstanding | 50,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days | |||
Options Outstanding, Weighted Average Exercise Price | $502.58 | |||
Options Exercisable, Shares Exercisable | 37,500 | |||
Options Exercisable, Weighted Average Remaining Contractual Life | 6 years 2 months 12 days | |||
Options Exercisable, Weighted Average Exercise Price | $502.58 | |||
Exercise Price $652-$653 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares Outstanding | 7,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 4 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price | $659.65 | |||
Options Exercisable, Shares Exercisable | 2,000 | |||
Options Exercisable, Weighted Average Remaining Contractual Life | 3 years 4 months 24 days | |||
Options Exercisable, Weighted Average Exercise Price | $651.91 | |||
Exercise Price $730 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares Outstanding | 2,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 1 year 10 months 24 days | |||
Options Outstanding, Weighted Average Exercise Price | $729.67 | |||
Options Exercisable, Shares Exercisable | 2,000 | |||
Options Exercisable, Weighted Average Remaining Contractual Life | 1 year 10 months 24 days | |||
Options Exercisable, Weighted Average Exercise Price | $729.67 | |||
Exercise Price $1,111 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares Outstanding | 50,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 9 years 9 months 18 days | |||
Options Outstanding, Weighted Average Exercise Price | $1,111.20 | |||
Options Exercisable, Shares Exercisable | 0 | |||
Options Exercisable, Weighted Average Remaining Contractual Life | 0 years | |||
Options Exercisable, Weighted Average Exercise Price | $0 |
Capital_Stock_Stock_Awards_and6
Capital Stock, Stock Awards, and Stock Options (Fair Value Assumptions) (Details 4) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 7 years | 7 years | |
Interest rate, minimum | 2.15% | 1.31% | 1.04% |
Interest rate, maximum | 2.45% | 1.27% | |
Volatility, minimum | 30.75% | 31.80% | 31.71% |
Volatility, maximum | 32.10% | 31.80% | |
Dividend yield | 2.63% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 7 years | ||
Dividend yield | 1.30% | 2.54% | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 8 years | ||
Dividend yield | 1.54% | 2.60% |
Capital_Stock_Stock_Awards_and7
Capital Stock, Stock Awards, and Stock Options (Earnings Per Share) (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations attributable to Graham Holdings Company common stockholders | $332,102 | $83,331 | $374,948 | $130,366 | $50,138 | $54,132 | $46,447 | $21,278 | $920,747 | $171,995 | $50,323 |
Less: Dividends paid–common stock outstanding and unvested restricted shares | -67,267 | 0 | -146,432 | ||||||||
Undistributed earnings (losses) | 853,480 | 171,995 | -96,109 | ||||||||
Percent allocated to common stockholders (1) | 97.98% | 98.45% | 100.00% | ||||||||
Undistributed earnings allocated to common stockholders | 836,246 | 169,329 | -96,109 | ||||||||
Add: Dividends paid–common stock outstanding | 66,012 | 0 | 143,175 | ||||||||
Numerator for basic earnings per share | 902,258 | 169,329 | 47,066 | ||||||||
Add: Additional undistributed earnings due to dilutive stock options | 79 | 5 | 0 | ||||||||
Numerator for diluted earnings per share | $902,337 | $169,334 | $47,066 | ||||||||
Denominator for basic earnings per share (shares) | 5,678 | 5,671 | 7,284 | 7,275 | 7,266 | 7,231 | 7,229 | 7,227 | 6,470 | 7,238 | 7,360 |
Denominator for diluted earnings per share (shares) | 6,497 | 7,250 | 7,360 | ||||||||
Income Per Share From Continuing Operations To Common Stockholders [Abstract] | |||||||||||
Basic earnings per share from continuing operations (in dollars per share) | $57.31 | $14.38 | $50.39 | $17.62 | $6.79 | $7.29 | $6.26 | $2.87 | $139.44 | $23.39 | $6.40 |
Diluted earnings per share from continuing operations (in dollars per share) | $57.01 | $14.32 | $50.22 | $17.56 | $6.77 | $7.28 | $6.26 | $2.87 | $138.88 | $23.36 | $6.40 |
Employee Stock Option [Member] | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | |||||||||||
Add: Effect of dilutive stock options (shares) | 27 | 12 | 0 |
Capital_Stock_Stock_Awards_and8
Capital Stock, Stock Awards, and Stock Options Capital Stock, Stock Awards, and Stock Options (Antidilutive Shares) (Details 6) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Shares [Abstract] | |||
Weighted average restricted stock | 62 | 83 | 44 |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | |
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | $8,374,000 | $22,700,000 | $8,508,000 | |||||||
Net Periodic Cost (Benefit) for the Year | -69,406,000 | 1,927,000 | 16,044,000 | |||||||
Expense associated with the retirement benefits provided under incentive savings plans | 9,200,000 | 8,700,000 | 12,200,000 | |||||||
Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 8,374,000 | 22,700,000 | 8,508,000 | |||||||
Accumulated benefit obligation | 1,281,500,000 | 1,091,100,000 | 1,281,500,000 | |||||||
Company contributions | 0 | 0 | 0 | |||||||
Estimated employer contributions in next fiscal year | 0 | |||||||||
Net Periodic Cost (Benefit) for the Year | -69,406,000 | 1,927,000 | 16,044,000 | |||||||
Number of investment companies actively managing plan assets | 2 | 2 | ||||||||
Amount of plan assets managed internally by the company | 0 | |||||||||
Percentage of total plan assets | 100.00% | 100.00% | 100.00% | |||||||
Curtailment | 0 | 43,930,000 | 0 | |||||||
Pension Plans [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Net Periodic Cost (Benefit) for the Year | 200,000 | 18,900,000 | 24,600,000 | |||||||
Pension Plans [Member] | Sale Of Publishing Subsidiaries [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Pension plan assets transferred from plan | 318,000,000 | |||||||||
Supplemental Executive Retirement Plan (SERP) [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 2,422,000 | 0 | 0 | |||||||
Accumulated benefit obligation | 114,100,000 | 89,300,000 | 114,100,000 | |||||||
Company contributions | 4,166,000 | 4,101,000 | ||||||||
Net Periodic Cost (Benefit) for the Year | 7,481,000 | 8,296,000 | 7,595,000 | |||||||
Supplemental Executive Retirement Plan (SERP) [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Net Periodic Cost (Benefit) for the Year | 200,000 | 1,000,000 | 900,000 | |||||||
Other Postretirement Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Company contributions | 4,521,000 | 3,671,000 | ||||||||
Net Periodic Cost (Benefit) for the Year | 89,000 | -2,052,000 | -1,238,000 | |||||||
Curtailment | 1,292,000 | 41,623,000 | -438,000 | |||||||
Discount rate to determine benefit obligation | 3.25% | 3.80% | 3.25% | |||||||
Discount rate to determine periodic cost | 3.80% | 3.30% | 3.90% | |||||||
Other Postretirement Plans [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Net Periodic Cost (Benefit) for the Year | -2,900,000 | -2,900,000 | ||||||||
Other Postretirement Plans [Member] | Pre-Age 65 [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Assumed health care cost trend rate | 7.50% | |||||||||
Direction of change for assumed health care cost trend rate | decreasing | |||||||||
Ultimate health care cost trend rate | 5.00% | |||||||||
Year that rate reaches ultimate trend rate | 2025 | 2025 | ||||||||
Other Postretirement Plans [Member] | Post-Age 65 MA-PD Plan [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Assumed health care cost trend rate | 14.90% | |||||||||
Direction of change for assumed health care cost trend rate | decreasing | |||||||||
Ultimate health care cost trend rate | 5.00% | |||||||||
Year that rate reaches ultimate trend rate | 2021 | 2021 | ||||||||
Other Postretirement Plans [Member] | Post-Age 65 Non MA-PD Plan [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Assumed health care cost trend rate | 6.50% | |||||||||
Direction of change for assumed health care cost trend rate | decreasing | |||||||||
Ultimate health care cost trend rate | 5.00% | |||||||||
Year that rate reaches ultimate trend rate | 2021 | 2021 | ||||||||
Other Postretirement Plans [Member] | Washington Post Newspaper [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Curtailment | 400,000 | |||||||||
Other Postretirement Plans [Member] | Daily Herald [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Curtailment gain | -3,500,000 | |||||||||
Multiemployer Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Number of multiemployer plans contributed to | 1 | |||||||||
Contributions to multiemployer pension plans | 100,000 | 100,000 | 200,000 | |||||||
Multiemployer Pension Plans [Member] | Daily Herald [Member] | GCIU Employer's Trust Fund [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Multiemployer pension plan withdrawal charge | 900,000 | |||||||||
Multiemployer Pension Plans [Member] | Daily Herald [Member] | Western Conference Teamsters Pension Trust Fund [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Multiemployer pension plan withdrawal charge | 400,000 | |||||||||
Berkshire Hathaway Common Stock [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator | 20.00% | |||||||||
Foreign Investments [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Defined benefit plan, target allocation maximum percentage of assets, equity securities | 24.00% | |||||||||
Single Equity Concentration [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator | 10.00% | |||||||||
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | 2 | 1 | 2 | |||||||
Value of investments | 730,600,000 | 382,100,000 | 730,600,000 | |||||||
Percentage of total plan assets | 30.00% | 16.00% | 30.00% | |||||||
Fixed income securities [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Defined benefit plan, target allocation percentage of assets, fixed-income securities, range minimum | 10.00% | |||||||||
Geographic Concentration [Member] | Foreign Investments [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Number of foreign countries for which the companys pension plan holds investments that exceed 10% of total plan assets | 1 | 1 | 1 | |||||||
Value of investments | 468,000,000 | 398,900,000 | 468,000,000 | |||||||
Percentage of total plan assets | 19.00% | 17.00% | 19.00% | |||||||
Defined Benefit Plan Assets Total [Member] | Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Minimum percentage of plan assets considered as significant concentrations in pension plans | 10.00% | |||||||||
Special Separation Benefits [Member] | Pension Plans [Member] | Washington Post Newspaper [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 2,300,000 | |||||||||
Voluntary Retirement Incentive Program [Member] | Pension Plans [Member] | Washington Post Newspaper [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 7,500,000 | 20,400,000 | ||||||||
Voluntary Retirement Incentive Program [Member] | Pension Plans [Member] | Post-Newsweek Media [Member] | Discontinued Operations [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 1,000,000 | |||||||||
Corporate Office [Member] | Separation Incentive Program [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 4,500,000 | |||||||||
Corporate Office [Member] | Voluntary Retirement Incentive Program [Member] | Pension Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 3,900,000 | |||||||||
Corporate Office [Member] | Voluntary Retirement Incentive Program [Member] | Supplemental Executive Retirement Plan (SERP) [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Early retirement program expense | 2,400,000 | |||||||||
Corporate Office [Member] | Exchange of WPLG, Separation Incentive Program and VRIP [Member] | Other Postretirement Plans [Member] | ||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||
Curtailment | $1,300,000 |
Pension_and_Postretirement_Pla3
Pension and Postretirement Plans (Obligation, Asset, and Funding Information) (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | $1,126,344,000 | $1,466,322,000 | |
Service cost | 27,792,000 | 46,115,000 | 40,344,000 |
Interest cost | 51,825,000 | 55,821,000 | 59,124,000 |
Amendments | 8,374,000 | 22,700,000 | |
Actuarial (gain) loss | 172,548,000 | -156,385,000 | |
Benefits paid | -69,854,000 | -81,162,000 | |
Curtailment | 0 | -55,690,000 | |
Settlement | 451,000 | -171,377,000 | |
Benefit obligation at end of year | 1,317,480,000 | 1,126,344,000 | 1,466,322,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 2,371,849,000 | 2,071,145,000 | |
Actual return on plan assets | 167,154,000 | 699,518,000 | |
Employer contributions and other | 0 | 0 | 0 |
Benefits paid | -69,854,000 | -81,162,000 | |
Settlement | 819,000 | -317,652,000 | |
Fair value of assets at end of year | 2,469,968,000 | 2,371,849,000 | 2,071,145,000 |
Funded status | 1,152,488,000 | 1,245,505,000 | |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | 91,169,000 | 104,062,000 | |
Service cost | 1,493,000 | 1,612,000 | 1,467,000 |
Interest cost | 4,397,000 | 4,148,000 | 4,241,000 |
Amendments | 4,022,000 | 0 | |
Actuarial (gain) loss | 19,168,000 | -9,180,000 | |
Benefits paid | -4,166,000 | -4,101,000 | |
Curtailment | 0 | -2,059,000 | |
Settlement | 0 | -3,313,000 | |
Benefit obligation at end of year | 116,083,000 | 91,169,000 | 104,062,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 0 | 0 | |
Employer contributions and other | 4,166,000 | 4,101,000 | |
Benefits paid | -4,166,000 | -4,101,000 | |
Fair value of assets at end of year | 0 | 0 | 0 |
Funded status | -116,083,000 | -91,169,000 | |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | 40,014,000 | 63,868,000 | |
Service cost | 1,500,000 | 2,488,000 | 3,113,000 |
Interest cost | 1,448,000 | 1,848,000 | 2,735,000 |
Actuarial (gain) loss | 4,448,000 | -3,298,000 | |
Benefits paid, net of Medicare subsidy | -4,521,000 | -3,671,000 | |
Curtailment | -932,000 | -21,221,000 | |
Benefit obligation at end of year | 41,957,000 | 40,014,000 | 63,868,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 0 | 0 | |
Employer contributions and other | 4,521,000 | 3,671,000 | |
Benefits paid, net of Medicare subsidy | -4,521,000 | -3,671,000 | |
Fair value of assets at end of year | 0 | 0 | 0 |
Funded status | ($41,957,000) | ($40,014,000) |
Pension_and_Postretirement_Pla4
Pension and Postretirement Plans (Consolidated Balance Sheet) (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | $1,152,488 | $1,245,505 |
Current liability | 0 | 0 |
Noncurrent liability | 0 | 0 |
Recognized asset (liability) | 1,152,488 | 1,245,505 |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | 0 | 0 |
Current liability | -6,275 | -4,251 |
Noncurrent liability | -109,808 | -86,918 |
Recognized asset (liability) | -116,083 | -91,169 |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liability | -3,995 | -3,795 |
Noncurrent liability | -37,962 | -36,219 |
Recognized asset (liability) | ($41,957) | ($40,014) |
Pension_and_Postretirement_Pla5
Pension and Postretirement Plans (Key Assumptions - Obligation) (Details 3) (Benefit Obligation [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.00% | 4.80% |
Rate of compensation increase | 4.00% | 4.00% |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.00% | 4.80% |
Rate of compensation increase | 4.00% | 4.00% |
Pension_and_Postretirement_Pla6
Pension and Postretirement Plans (Future Estimated Benefit Payments) (Details 4) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $87,271 |
2016 | 80,239 |
2017 | 78,592 |
2018 | 77,576 |
2019 | 78,589 |
2020-2024 | 398,372 |
Supplemental Executive Retirement Plan (SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 6,399 |
2016 | 5,875 |
2017 | 5,964 |
2018 | 6,257 |
2019 | 6,719 |
2020-2024 | 34,875 |
Other Postretirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 3,995 |
2016 | 4,061 |
2017 | 4,078 |
2018 | 3,946 |
2019 | 3,882 |
2020-2024 | $18,112 |
Pension_and_Postretirement_Pla7
Pension and Postretirement Plans (Total Benefit/Cost) (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net Periodic Cost (Benefit) for the Year | ($69,406) | $1,927 | $16,044 |
Early retirement programs and special separation benefit expense | 8,374 | 22,700 | 8,508 |
Total Cost (Benefit) for the Year | -61,195 | -17,019 | -8,532 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | 149,482 | -762,806 | -82,470 |
Current year prior service cost | 1,600 | 0 | 0 |
Amortization of prior service credit (cost) | 407 | 1,383 | 1,859 |
Recognized net actuarial gain (loss) | 29,412 | -3,096 | -9,368 |
Curtailments and settlements | -8 | 124,051 | 0 |
Other adjustments | 0 | 0 | 745 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 180,893 | -640,468 | -89,234 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 27,792 | 46,115 | 40,344 |
Interest cost | 51,825 | 55,821 | 59,124 |
Expected return on assets | -120,472 | -105,574 | -96,132 |
Amortization of prior service cost (credit) | 329 | 2,809 | 3,695 |
Recognized actuarial loss (gain) | -28,880 | 2,756 | 9,013 |
Net Periodic Cost (Benefit) for the Year | -69,406 | 1,927 | 16,044 |
Curtailment | 0 | -43,930 | 0 |
Settlement | 0 | 39,995 | 0 |
Early retirement programs and special separation benefit expense | 8,374 | 22,700 | 8,508 |
Total Cost (Benefit) for the Year | -61,032 | 20,692 | 24,552 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | 125,866 | -750,328 | -79,405 |
Amortization of prior service credit (cost) | -329 | -2,809 | -3,695 |
Recognized net actuarial gain (loss) | 28,880 | -2,756 | -9,013 |
Curtailments and settlements | -368 | 94,520 | 0 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 154,049 | -661,373 | -92,113 |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | 93,017 | -640,681 | -67,561 |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,493 | 1,612 | 1,467 |
Interest cost | 4,397 | 4,148 | 4,241 |
Amortization of prior service cost (credit) | 47 | 55 | 54 |
Recognized actuarial loss (gain) | 1,544 | 2,481 | 1,833 |
Net Periodic Cost (Benefit) for the Year | 7,481 | 8,296 | 7,595 |
Settlement | 0 | -2,575 | 0 |
Early retirement programs and special separation benefit expense | 2,422 | 0 | 0 |
Total Cost (Benefit) for the Year | 9,903 | 5,721 | 7,595 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | 19,168 | -9,180 | 8,428 |
Current year prior service cost | 1,600 | 0 | 0 |
Amortization of prior service credit (cost) | -47 | -55 | -54 |
Recognized net actuarial gain (loss) | -1,544 | -2,481 | -1,833 |
Curtailments and settlements | 0 | -2,798 | 0 |
Other adjustments | 0 | 0 | 745 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 19,177 | -14,514 | 7,286 |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | 29,080 | -8,793 | 14,881 |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,500 | 2,488 | 3,113 |
Interest cost | 1,448 | 1,848 | 2,735 |
Amortization of prior service cost (credit) | -783 | -4,247 | -5,608 |
Recognized actuarial loss (gain) | -2,076 | -2,141 | -1,478 |
Net Periodic Cost (Benefit) for the Year | 89 | -2,052 | -1,238 |
Curtailment | -1,292 | -41,623 | 438 |
Settlement | 0 | -11,927 | 0 |
Total Cost (Benefit) for the Year | -1,203 | -55,602 | -800 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | 4,448 | -3,298 | -11,493 |
Amortization of prior service credit (cost) | 783 | 4,247 | 5,608 |
Recognized net actuarial gain (loss) | 2,076 | 2,141 | 1,478 |
Curtailments and settlements | 360 | 32,329 | 0 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 7,667 | 35,419 | -4,407 |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | $6,464 | ($20,183) | ($5,207) |
Pension_and_Postretirement_Pla8
Pension and Postretirement Plans (Key Assumptions - Cost) (Details 6) (Periodic Cost [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.80% | 4.00% | 4.70% |
Expected return on plan assets | 6.50% | 6.50% | 6.50% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.80% | 4.00% | 4.70% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Pension_and_Postretirement_Pla9
Pension and Postretirement Plans (Accumulated Other Comprehensive Income) (Details 7) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount | ($392,910) | ($501,446) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial (gain) loss | -685,895 | -840,273 |
Unrecognized prior service cost | 1,033 | 1,362 |
Gross amount | -684,862 | -838,911 |
Deferred tax liability (asset) | 273,945 | 335,564 |
Net amount | -410,917 | -503,347 |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial (gain) loss | 36,890 | 19,266 |
Unrecognized prior service cost | 1,689 | 136 |
Gross amount | 38,579 | 19,402 |
Deferred tax liability (asset) | -15,432 | -7,761 |
Net amount | 23,147 | 11,641 |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial (gain) loss | -7,404 | -13,928 |
Unrecognized prior service cost | -1,163 | -2,306 |
Gross amount | -8,567 | -16,234 |
Deferred tax liability (asset) | 3,427 | 6,494 |
Net amount | ($5,140) | ($9,740) |
Recovered_Sheet1
Pension and Postretirement Plans (Future Amortization of Net Periodic Cost) (Details 8) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | $0 |
Prior service cost recognition | 324 |
Supplemental Executive Retirement Plan (SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | 3,449 |
Prior service cost recognition | 457 |
Other Postretirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | -996 |
Prior service cost recognition | ($502) |
Recovered_Sheet2
Pension and Postretirement Plans (Asset Allocation) (Details 9) (Pension Plans [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 100.00% | 100.00% |
U.S. equities [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 59.00% | 58.00% |
U.S. Fixed Income [Member] | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 13.00% | 12.00% |
International equities [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 28.00% | 30.00% |
Recovered_Sheet3
Pension and Postretirement Plans (Fair Value of Pension Plan Assets) (Details 10) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | $2,469,968 | $2,371,849 |
Cash equivalents and other short-term investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 417,046 | 281,463 |
U.S. equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1,454,011 | 1,383,738 |
International equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 691,505 | 699,649 |
Corporate debt securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 5,147 | |
Total investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 2,562,562 | 2,369,997 |
Receivables [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | -92,594 | 1,852 |
Level 1 [Member] | Cash equivalents and other short-term investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 275,963 | 196,757 |
Level 1 [Member] | U.S. equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1,454,011 | 1,383,738 |
Level 1 [Member] | International equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 691,505 | 699,649 |
Level 1 [Member] | Corporate debt securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | |
Level 1 [Member] | Total investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 2,421,479 | 2,280,144 |
Level 2 [Member] | Cash equivalents and other short-term investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 141,083 | 84,706 |
Level 2 [Member] | U.S. equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | International equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 0 | 0 |
Level 2 [Member] | Corporate debt securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 5,147 | |
Level 2 [Member] | Total investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | $141,083 | $89,853 |
Recovered_Sheet4
Pension and Postretirement Plans (Assumed Health Care Cost Trend Rates) (Details 11) (Other Postretirement Benefit Plan [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit obligation at end of year, 1% Increase | $2,478 |
Benefit obligation at end of year, 1% Decrease | -2,255 |
Service cost plus interest cost, 1% Increase | 257 |
Service cost plus interest cost, 1% Decrease | ($227) |
Other_NonOperating_Income_Expe2
Other Non-Operating Income (Expense) Other Non-Operating Income (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||
Mar. 27, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Investment [Line Items] | ||||||||
Proceeds from sale of headquarters building | $158,000,000 | |||||||
Gain on sale of an equity affiliate | 396,553,000 | 0 | 0 | |||||
Gain on sale of intangible asset | 75,249,000 | 0 | 0 | |||||
Gain on Berkshire exchange | 266,733,000 | 0 | 0 | |||||
Gain (Loss) On Sale of Building | 127,700,000 | 127,670,000 | 0 | 0 | ||||
Classified Ventures LLC [Member] | ||||||||
Investment [Line Items] | ||||||||
Gain on sale of an equity affiliate | 396,553,000 | 0 | 0 | |||||
Cable [Member] | Wireless Licenses [Member] | ||||||||
Investment [Line Items] | ||||||||
Proceeds from Sale of Intangible Assets | 98,800,000 | |||||||
Gain on sale of intangible asset | 75,200,000 | |||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | ||||||||
Investment [Line Items] | ||||||||
Gain on Berkshire exchange | $266,700,000 | |||||||
Berkshire Exchange Transaction [Member] | Class B Common Stock [Member] | Berkshire Hathaway Inc [Member] | ||||||||
Investment [Line Items] | ||||||||
Number of Berkshire shares exchanged | 1,278 | |||||||
Berkshire Exchange Transaction [Member] | Common Class A [Member] | Berkshire Hathaway Inc [Member] | ||||||||
Investment [Line Items] | ||||||||
Number of Berkshire shares exchanged | 2,107 |
Other_NonOperating_Income_Expe3
Other Non-Operating Income (Expense) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | |||||||||||
Gain on sale of an equity affiliate | $396,553 | $0 | $0 | ||||||||
Gain on Berkshire exchange | 266,733 | 0 | 0 | ||||||||
Marketable Securities, Realized Gain (Loss) | -3,044 | -9,559 | -17,564 | ||||||||
Gain (Loss) On Sale of Building | 127,700 | 127,670 | 0 | 0 | |||||||
Gain on sale of intangible asset | 75,249 | 0 | 0 | ||||||||
Foreign currency (losses) gains, net | -11,129 | -13,382 | 3,132 | ||||||||
Cost-method Investments, Realized Gain (Loss) | -94 | -1,761 | 6,639 | ||||||||
Other, net | 1,321 | 951 | 2,337 | ||||||||
Other income (expense), net | 387,346 | 64,526 | 268,114 | 133,273 | -14,920 | 8,110 | -12,858 | -4,083 | 853,259 | -23,751 | -5,456 |
Classified Ventures LLC [Member] | |||||||||||
Investment [Line Items] | |||||||||||
Gain on sale of an equity affiliate | $396,553 | $0 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency translation adjustments: | |||
Translation adjustments arising during the period, before tax | ($16,061) | ($1,059) | $5,622 |
Translation adjustments arising during the period, income tax | 0 | 0 | 0 |
Translation adjustments arising during the period, after tax | -16,061 | -1,059 | 5,622 |
Adjustment for sales of businesses with foreign operations, before tax | -404 | 0 | -888 |
Adjustment for sales of businesses with foreign operations, income tax | 0 | 0 | |
Adjustment for sales of businesses with foreign operations, after tax | -404 | -888 | |
Total foreign currency translation adjustments, before tax | -16,465 | -1,059 | 4,734 |
Total foreign currency translation adjustments, income tax | 0 | 0 | |
Total foreign currency translation adjustments, after tax | -16,465 | 4,734 | |
Unrealized gains (losses) on available-for-sale securities: | |||
Unrealized gains (losses) for the period, before tax | 62,719 | 95,629 | 33,098 |
Unrealized gains (losses) for the period, income tax | -25,088 | -38,251 | -13,239 |
Unrealized gains (losses) for the period, after tax | 37,631 | 57,378 | 19,859 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, before tax | -265,274 | 9,554 | 17,226 |
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 | -3,822 | -6,890 |
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 | 5,732 | 10,336 |
Total unrealized gains (losses) on available-for-sale securities, before tax | -202,555 | 105,183 | 50,324 |
Total unrealized gains (losses) on available-for-sale securities, income tax | 81,022 | -42,073 | -20,129 |
Total unrealized gains (losses) on available-for-sale securities, after tax | -121,533 | 63,110 | 30,195 |
Pension and other postretirement plans: | |||
Actuarial (loss) gain | -149,482 | 762,806 | 82,470 |
Actuarial (loss) gain, income tax | 59,792 | -305,123 | -32,987 |
Actuarial (loss) gain, after tax | -89,690 | 457,683 | 49,483 |
Prior service cost, before tax | -1,600 | 0 | 0 |
Prior service cost, income tax | 640 | ||
Prior service cost, after tax | -960 | ||
Amortization of net actuarial (gain) loss included in net income, before tax | -29,412 | 3,096 | 9,368 |
Amortization of net actuarial (gain) loss included in net income, income tax | 11,765 | -1,238 | -3,746 |
Amortization of net actuarial (gain) loss included in net income, after tax | -17,647 | 1,858 | 5,622 |
Amortization of net prior service credit included in net income | -407 | -1,383 | -1,859 |
Amortization of net prior service credit included in net income, income tax | 163 | 553 | 744 |
Amortization of net prior service credit included in net income, after tax | -244 | -830 | -1,115 |
Curtailment and settlement gain included in net income, before tax | 8 | -124,051 | 0 |
Curtailment and settlement gain included in net income, income tax | -3 | 49,617 | |
Curtailment and settlement gain included in net income, after tax | 5 | -74,434 | |
Other Adjustments, before tax | 0 | 0 | -745 |
Other adjustments, income tax | 299 | ||
Other adjustments, net of tax | -446 | ||
Total pension and other postretirement plans, before tax | -180,893 | 640,468 | 89,234 |
Total pension and other postretirement plans, income tax | 72,357 | -256,191 | -35,690 |
Total pension and other postretirement plans, after tax | -108,536 | 384,277 | 53,544 |
Cash flow hedge: | |||
Gain (loss) for the period, before tax | 867 | 520 | -1,581 |
Gain (loss) for the period, income tax | -347 | -208 | 633 |
Gain (loss) for the period, after tax | 520 | 312 | -948 |
Other Comprehensive (Loss) Income, Before Tax | -399,046 | 745,112 | 142,711 |
Other Comprehensive (Loss) Income, Income Tax | 153,032 | -298,472 | -55,186 |
Other Comprehensive (Loss) Income, Net of Tax | ($246,014) | $446,640 | $87,525 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | $699,494 | $252,854 | |
Other comprehensive income (loss) before reclassifications | -69,063 | 439,390 | |
Net amount reclassified from accumulated other comprehensive income | -176,951 | 7,250 | |
Other Comprehensive (Loss) Income, Net of Tax | -246,014 | 446,640 | 87,525 |
Accumulated Other Comprehensive Income, ending balance | 453,480 | 699,494 | 252,854 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | 25,013 | 26,072 | |
Other comprehensive income (loss) before reclassifications | -16,061 | -1,059 | |
Net amount reclassified from accumulated other comprehensive income | -404 | 0 | |
Other Comprehensive (Loss) Income, Net of Tax | -16,465 | -1,059 | |
Accumulated Other Comprehensive Income, ending balance | 8,548 | 25,013 | |
Unrealized Gain (Losses) on Available- for- Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | 173,663 | 110,553 | |
Other comprehensive income (loss) before reclassifications | 37,631 | 57,378 | |
Net amount reclassified from accumulated other comprehensive income | -159,164 | 5,732 | |
Other Comprehensive (Loss) Income, Net of Tax | -121,533 | 63,110 | |
Accumulated Other Comprehensive Income, ending balance | 52,130 | 173,663 | |
Unrealized Gain (Loss) on Pensions and Other Postretirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | 501,446 | 117,169 | |
Other comprehensive income (loss) before reclassifications | -90,645 | 383,249 | |
Net amount reclassified from accumulated other comprehensive income | -17,891 | 1,028 | |
Other Comprehensive (Loss) Income, Net of Tax | -108,536 | 384,277 | |
Accumulated Other Comprehensive Income, ending balance | 392,910 | 501,446 | |
Cash Flow Hedge [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | -628 | -940 | |
Other comprehensive income (loss) before reclassifications | 12 | -178 | |
Net amount reclassified from accumulated other comprehensive income | 508 | 490 | |
Other Comprehensive (Loss) Income, Net of Tax | 520 | 312 | |
Accumulated Other Comprehensive Income, ending balance | ($108) | ($628) |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income (loss) from discontinued operations, net of tax | ($2,308) | $6,980 | ($375,189) | ($1,732) | ($106,335) | $23,988 | $1,772 | $16,560 | ($372,249) | ($64,015) | ($80,895) | |||
Other income (expense), net | -387,346 | -64,526 | -268,114 | -133,273 | 14,920 | -8,110 | 12,858 | 4,083 | -853,259 | 23,751 | 5,456 | |||
Amortization of net prior service credit included in net income | -407 | -1,383 | -1,859 | |||||||||||
Amortization of net actuarial (gain) loss included in net income | -29,412 | 3,096 | 9,368 | |||||||||||
Interest expense | 9,879 | 9,330 | 8,557 | 8,820 | 8,838 | 9,221 | 9,048 | 8,960 | 36,586 | 36,067 | 35,944 | |||
Income from continuing operations before income taxes | -524,258 | -141,619 | -453,261 | -207,973 | -74,293 | -84,312 | -78,606 | -37,619 | -1,327,111 | -274,830 | -124,692 | |||
Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income | 106,110 | -3,822 | -6,890 | |||||||||||
Provision for Income Taxes | 191,900 | 58,200 | 78,600 | 77,400 | 24,100 | 29,900 | 31,700 | 15,800 | 406,100 | 101,500 | 73,400 | |||
Income Net of Tax | -332,358 | -83,419 | -374,661 | -130,573 | -50,193 | -54,412 | -46,906 | -21,819 | -921,011 | -173,330 | -51,292 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income Net of Tax | -176,951 | 7,250 | 14,139 | |||||||||||
Foreign Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income (loss) from discontinued operations, net of tax | -404 | 0 | -888 | |||||||||||
Unrealized Gain (Losses) on Available- for- Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Other income (expense), net | -265,274 | 9,554 | 17,226 | |||||||||||
Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income | 106,110 | [1] | -3,822 | [1] | -6,890 | [1] | ||||||||
Provision for Income Taxes | 1,200 | |||||||||||||
Income Net of Tax | -159,164 | 5,732 | 10,336 | |||||||||||
Unrealized Gain (Losses) 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 Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Amortization of net prior service credit included in net income | -407 | [2] | -1,383 | [2] | -1,859 | [2] | ||||||||
Amortization of net actuarial (gain) loss included in net income | -29,412 | [2] | 3,096 | [2] | 9,368 | [2] | ||||||||
Pension and Other Postretirement Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Income from continuing operations before income taxes | -29,819 | 1,713 | 7,509 | |||||||||||
Provision for Income Taxes | 11,928 | -685 | -3,002 | |||||||||||
Income Net of Tax | -17,891 | 1,028 | 4,507 | |||||||||||
Cash Flow Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||
Interest expense | 847 | 816 | 306 | |||||||||||
Provision for Income Taxes | -339 | -326 | -122 | |||||||||||
Income Net of Tax | $508 | $490 | $184 | |||||||||||
[1] | Benefits of $1.2 million were recorded in Provision for Income Taxes related to the realized loss for the year ended December 31, 2014. The remaining $107.3 million for the year relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 7). The amounts for 2013 and 2012 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 14). |
Leases_and_Other_Commitments_L
Leases and Other Commitments Leases and Other Commitments (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 05, 2015 |
Operating Leased Assets [Line Items] | ||||
Future minimum sublease payments due | $94.20 | |||
Rent expense for operating leases | 105.5 | 118.5 | 127.2 | |
Sublease rental income | 5.4 | 5.4 | 4.4 | |
Television Broadcasting [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Long-term programming purchase commitment | 21 | |||
Subsequent Event [Member] | Kaplan [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Future minimum sublease payments due | $61.50 |
Leases_and_Other_Commitments_D
Leases and Other Commitments (Details 1) (USD $) | Dec. 31, 2014 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | ||
Future minimum lease payments for 2014 | $122,527 | |
Future minimum lease payments for 2015 | 115,772 | |
Future minimum lease payments for 2016 | 101,638 | |
Future minimum lease payments for 2017 | 83,628 | |
Future minimum lease payments for 2018 | 66,966 | |
Future minimum lease payments after 2018 | 347,329 | |
Operating leases, future minimum payments due, total | 837,860 | |
Subsequent Event [Member] | Kaplan [Member] | ||
Operating leases, future minimum payments due, total | $16,500 |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Jul. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 23, 2014 | Oct. 31, 2014 | Feb. 13, 2013 | Aug. 17, 2011 | |
claim | allegations | allegations | Complaint | ||||||
claim | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business | 0 | ||||||||
Percentage Of Receipts From Title IV Programs | 90.00% | ||||||||
Portion of regulations under 90/10 rule | a KHE school would lose its eligibility to participate in Title IV programs for a period of at least two fiscal years if the institution derives more than 90% of its receipts from Title IV programs, as calculated on a cash basis in accordance with the Higher Education Act and applicable ED regulations, in each of two consecutive fiscal years. An institution with Title IV receipts exceeding 90% for a single fiscal year would be placed on provisional certification and may be subject to other enforcement measures. | ||||||||
Jajdelski case [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of allegations not dismissed | 1 | ||||||||
KHE's Broomall, PA location [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Amount payable under agreement | $1,600,000 | ||||||||
Higher Education [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of schools combined into groups for determining Title IV compliance | two or more | ||||||||
Amount of OPEID numbers | 25 | ||||||||
Education division revenue derived from financial aid received by students under Title IV programs | 806,000,000 | 819,000,000 | 882,000,000 | ||||||
Estimated campus OPEID units over 90/10 ratio | 3 | ||||||||
Percentage of revenue of campus OPEID units over 90/10 ratio | 2.60% | ||||||||
Kaplan University [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of Title IV revenue received from largest OPEID reporting unit | 73.00% | ||||||||
Kaplan University [Member] | Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of receipts derived from Title IV | 81.00% | 81.00% | |||||||
Other OPEID units [Member] | Minimum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of receipts derived from Title IV | 65.00% | 69.00% | |||||||
Other OPEID units [Member] | Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of receipts derived from Title IV | 91.00% | 89.00% | |||||||
Education [Member] | AVC related to the FL AG investigation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Investigation costs | 200,000 | ||||||||
Minimum amount of Kaplan Commitment savings to lift condition | 350,000 | ||||||||
Education [Member] | Urquilla-Diaz And Jajdelski Case [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of unsealed cases filed by former employees under the U.S. Federal False Claims Act | 2 | ||||||||
Education [Member] | Diaz Case [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
The number of separate complaints included in the Diaz case that received rulings | 3 | ||||||||
Remaining employment claim in the Diaz complaint | 1 | ||||||||
Education [Member] | Coleman case [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Amount payable under agreement | 1,300,000 | ||||||||
Education [Member] | Coleman case [Member] | Refunds to students [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Amount payable under agreement | $1,100,000 | ||||||||
Number of former students refunded | 289 | ||||||||
Higher Education [Member] | Charlestown And Kenmore Square Campuses [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number Of Allegations Communicated | 12 | ||||||||
Higher Education [Member] | Title IV participating institutions including Broomall, PA and Pittsburgh, PA [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number of pending ED program reviews | 4 |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jan. 31, 2015 | Sep. 30, 2012 | |
Segment | school | campus | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of reportable segments | 6 | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $13,600,000 | |||||||||||||
Prior periods adjustments | 29,900,000 | |||||||||||||
Foreign Revenues | 925,343,000 | 898,871,000 | 874,411,000 | 836,541,000 | 867,242,000 | 856,101,000 | 867,152,000 | 817,416,000 | 3,535,166,000 | 3,407,911,000 | 3,372,586,000 | |||
Education [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of campuses announced to close or consolidate | 5 | 5 | 13 | |||||||||||
Accrued restructuring costs | 12,700,000 | 17,600,000 | 12,700,000 | 17,600,000 | ||||||||||
Higher Education [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Restructuring costs | 6,500,000 | 19,500,000 | 23,400,000 | |||||||||||
Kaplan International [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Restructuring costs | 200,000 | 5,800,000 | 16,400,000 | |||||||||||
Kaplan International [Member] | Related to certain items recorded in 2011 and 2010 [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Prior periods adjustments | 3,900,000 | |||||||||||||
Kaplan International [Member] | Kaplan China [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of schools sold | 3 | |||||||||||||
Television Broadcasting [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of television broadcast stations owned | 5 | 5 | ||||||||||||
Education [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Restructuring costs | 16,806,000 | 36,358,000 | 45,242,000 | |||||||||||
Non U.S. [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Foreign Revenues | 712,000,000 | 658,000,000 | 632,000,000 | |||||||||||
Foreign assets | 58,000,000 | 66,000,000 | 58,000,000 | 66,000,000 | ||||||||||
Operating Segments [Member] | Television Broadcasting [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Foreign Revenues | 363,836,000 | 308,306,000 | 328,396,000 | |||||||||||
Operating Segments [Member] | Education [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Foreign Revenues | $2,160,417,000 | $2,163,734,000 | $2,184,532,000 | |||||||||||
Subsequent Event [Member] | Kaplan International [Member] | Kaplan China [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of schools sold | 1 |
Business_Segments_Restructurin
Business Segments (Restructuring Costs) (Details 1) (Education [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Education [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Accelerated depreciation | $2,062 | $16,856 | $17,230 |
Lease obligation losses | 1,750 | 9,351 | 9,794 |
Severance | 5,075 | 6,289 | 14,349 |
Accelerated amortization of intangible assets | 0 | 0 | 2,595 |
Software asset write-offs | 7,689 | 0 | 0 |
Other | 230 | 3,862 | 1,274 |
Total restructuring costs | $16,806 | $36,358 | $45,242 |
Business_Segments_Information_
Business Segments (Information by Operating Segment) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | $925,343 | $898,871 | $874,411 | $836,541 | $867,242 | $856,101 | $867,152 | $817,416 | $3,535,166 | $3,407,911 | $3,372,586 |
Income (loss) from operations | 146,222 | 81,281 | 101,560 | 78,869 | 97,424 | 78,889 | 96,122 | 46,734 | 407,932 | 319,169 | 148,613 |
Equity in earnings of affiliates, net | 202 | 4,613 | 91,503 | 4,052 | 37 | 5,892 | 3,868 | 3,418 | 100,370 | 13,215 | 14,086 |
Interest expense, net | -34,450 | -33,803 | -32,551 | ||||||||
Other income (expense), net | 387,346 | 64,526 | 268,114 | 133,273 | -14,920 | 8,110 | -12,858 | -4,083 | 853,259 | -23,751 | -5,456 |
Income from continuing operations before income taxes | 524,258 | 141,619 | 453,261 | 207,973 | 74,293 | 84,312 | 78,606 | 37,619 | 1,327,111 | 274,830 | 124,692 |
Depreciation of property, plant and equipment | 45,366 | 53,074 | 51,989 | 53,217 | 58,924 | 54,672 | 56,849 | 58,910 | 203,646 | 229,355 | 240,139 |
Amortization of intangible assets | 5,251 | 7,405 | 2,995 | 2,717 | 3,359 | 2,468 | 2,950 | 3,362 | 18,368 | 12,139 | 19,510 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 35,670 | 15,389 | 131,103 | ||||||||
Impairment of goodwill and other long-lived assets | 17,302 | 3,250 | 111,593 | ||||||||
Pension (Credit) Expense | -61,195 | -17,019 | -8,532 | ||||||||
Capital expenditures | 222,794 | 220,112 | 209,203 | ||||||||
Identifiable Assets | 4,384,167 | 4,062,631 | 4,384,167 | 4,062,631 | |||||||
Investment in Marketable Equity Securities | 193,793 | 487,156 | 193,793 | 487,156 | |||||||
Investments in Affiliates | 19,811 | 15,754 | 19,811 | 15,754 | |||||||
Prepaid Pension Cost | 1,152,488 | 1,245,505 | 1,152,488 | 1,245,505 | |||||||
Assets of discontinued operations | 2,060 | 0 | 2,060 | 0 | |||||||
Total Assets | 5,752,319 | 5,811,046 | 5,752,319 | 5,811,046 | |||||||
Operating Segments [Member] | Education [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 2,160,417 | 2,163,734 | 2,184,532 | ||||||||
Income (loss) from operations | 65,463 | 50,989 | -106,424 | ||||||||
Depreciation of property, plant and equipment | 61,737 | 89,622 | 101,009 | ||||||||
Amortization of intangible assets | 7,738 | 8,503 | 16,283 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 24,941 | 11,753 | 127,876 | ||||||||
Impairment of goodwill and other long-lived assets | 17,203 | 3,250 | 111,593 | ||||||||
Pension (Credit) Expense | 15,418 | 16,538 | 11,584 | ||||||||
Capital expenditures | 33,528 | 45,421 | 51,105 | ||||||||
Identifiable Assets | 1,781,543 | 1,921,037 | 1,781,543 | 1,921,037 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 1,010,058 | 1,080,908 | 1,149,407 | ||||||||
Income (loss) from operations | 83,069 | 71,584 | 27,245 | ||||||||
Depreciation of property, plant and equipment | 29,187 | 43,892 | 58,514 | ||||||||
Pension (Credit) Expense | 10,514 | 11,714 | 7,943 | ||||||||
Capital expenditures | 11,551 | 10,879 | 26,406 | ||||||||
Identifiable Assets | 749,421 | 859,208 | 749,421 | 859,208 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Test Preparation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 304,662 | 293,201 | 284,252 | ||||||||
Income (loss) from operations | -4,730 | 4,118 | -10,799 | ||||||||
Depreciation of property, plant and equipment | 12,547 | 19,194 | 19,718 | ||||||||
Pension (Credit) Expense | 2,888 | 2,674 | 2,007 | ||||||||
Capital expenditures | 1,143 | 7,008 | 8,211 | ||||||||
Identifiable Assets | 167,055 | 173,435 | 167,055 | 173,435 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 840,915 | 783,588 | 741,826 | ||||||||
Income (loss) from operations | 69,153 | 51,653 | 47,120 | ||||||||
Depreciation of property, plant and equipment | 19,297 | 16,154 | 20,975 | ||||||||
Pension (Credit) Expense | 356 | 363 | 189 | ||||||||
Capital expenditures | 20,802 | 27,472 | 16,728 | ||||||||
Identifiable Assets | 838,148 | 864,507 | 838,148 | 864,507 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 6,094 | 7,990 | 15,039 | ||||||||
Income (loss) from operations | -82,034 | -76,701 | -171,036 | ||||||||
Depreciation of property, plant and equipment | 706 | 10,382 | 1,802 | ||||||||
Pension (Credit) Expense | 1,660 | 1,787 | 1,445 | ||||||||
Capital expenditures | 32 | 62 | -240 | ||||||||
Identifiable Assets | 26,919 | 23,887 | 26,919 | 23,887 | |||||||
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | -1,312 | -1,953 | -5,992 | ||||||||
Income (loss) from operations | 5 | 335 | 1,046 | ||||||||
Operating Segments [Member] | Cable [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 798,134 | 807,309 | 787,117 | ||||||||
Income (loss) from operations | 178,722 | 169,735 | 154,581 | ||||||||
Depreciation of property, plant and equipment | 128,733 | 128,184 | 129,107 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 181 | 220 | 211 | ||||||||
Pension (Credit) Expense | 3,585 | 3,708 | 2,540 | ||||||||
Capital expenditures | 165,787 | 160,246 | 150,525 | ||||||||
Identifiable Assets | 1,253,764 | 1,215,320 | 1,253,764 | 1,215,320 | |||||||
Operating Segments [Member] | Television Broadcasting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 363,836 | 308,306 | 328,396 | ||||||||
Income (loss) from operations | 187,833 | 145,192 | 162,131 | ||||||||
Depreciation of property, plant and equipment | 8,409 | 8,746 | 9,253 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 32 | 0 | 0 | ||||||||
Pension (Credit) Expense | 1,355 | 3,961 | 5,046 | ||||||||
Capital expenditures | 11,295 | 12,131 | 6,122 | ||||||||
Identifiable Assets | 305,426 | 383,251 | 305,426 | 383,251 | |||||||
Operating Segments [Member] | Other Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 212,907 | 128,803 | 72,837 | ||||||||
Income (loss) from operations | -21,086 | -23,468 | -33,010 | ||||||||
Depreciation of property, plant and equipment | 3,931 | 2,177 | 770 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 10,516 | 3,416 | 3,016 | ||||||||
Pension (Credit) Expense | 748 | 610 | 169 | ||||||||
Capital expenditures | 5,110 | 2,005 | 1,451 | ||||||||
Identifiable Assets | 518,807 | 171,539 | 518,807 | 171,539 | |||||||
Operating Segments [Member] | Corporate Office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | 0 | 0 | 0 | ||||||||
Income (loss) from operations | -3,000 | -23,279 | -28,665 | ||||||||
Depreciation of property, plant and equipment | 836 | 626 | 0 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 0 | 0 | 0 | ||||||||
Pension (Credit) Expense | -82,301 | -41,836 | -27,871 | ||||||||
Capital expenditures | 7,074 | 309 | 0 | ||||||||
Identifiable Assets | 524,627 | 371,484 | 524,627 | 371,484 | |||||||
Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Operating Revenues | ($128) | ($241) | ($296) |
Summary_of_Quarterly_Operating2
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Quarterly Results) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Revenues | ||||||||||||
Education | $551,381,000 | $543,918,000 | $542,964,000 | $522,154,000 | $550,618,000 | $543,599,000 | $544,878,000 | $524,639,000 | $2,160,417,000 | $2,163,734,000 | $2,184,532,000 | |
Subscriber | 184,035,000 | 183,161,000 | 187,723,000 | 191,128,000 | 186,297,000 | 190,302,000 | 192,273,000 | 186,790,000 | 746,047,000 | 755,662,000 | 732,370,000 | |
Advertising | 101,271,000 | 81,583,000 | 82,475,000 | 78,247,000 | 87,692,000 | 73,549,000 | 79,898,000 | 69,122,000 | 343,576,000 | 310,261,000 | 337,621,000 | |
Other | 88,656,000 | 90,209,000 | 61,249,000 | 45,012,000 | 42,635,000 | 48,651,000 | [1] | 50,103,000 | 36,865,000 | 285,126,000 | 178,254,000 | 118,063,000 |
Total Operating Revenues | 925,343,000 | 898,871,000 | 874,411,000 | 836,541,000 | 867,242,000 | 856,101,000 | 867,152,000 | 817,416,000 | 3,535,166,000 | 3,407,911,000 | 3,372,586,000 | |
Operating Costs and Expenses | ||||||||||||
Operating | 391,348,000 | 398,922,000 | 395,627,000 | 376,463,000 | 372,471,000 | 393,010,000 | [1] | 392,500,000 | 374,516,000 | 1,562,360,000 | 1,532,497,000 | 1,535,237,000 |
Selling, general and administrative | 319,854,000 | 358,189,000 | 322,240,000 | 325,275,000 | 331,814,000 | 327,062,000 | 318,731,000 | 333,894,000 | 1,325,558,000 | 1,311,501,000 | 1,317,494,000 | |
Depreciation of property, plant and equipment | 45,366,000 | 53,074,000 | 51,989,000 | 53,217,000 | 58,924,000 | 54,672,000 | 56,849,000 | 58,910,000 | 203,646,000 | 229,355,000 | 240,139,000 | |
Amortization of intangible assets | 5,251,000 | 7,405,000 | 2,995,000 | 2,717,000 | 3,359,000 | 2,468,000 | 2,950,000 | 3,362,000 | 18,368,000 | 12,139,000 | 19,510,000 | |
Impairment of intangible and other long-lived assets | 17,302,000 | 0 | 0 | 0 | 3,250,000 | 0 | 0 | 0 | 25,100,000 | 3,300,000 | ||
Impairment of goodwill and other long-lived assets | 17,302,000 | 3,250,000 | 111,593,000 | |||||||||
Total Operating Costs and Expenses | 779,121,000 | 817,590,000 | 772,851,000 | 757,672,000 | 769,818,000 | 777,212,000 | 771,030,000 | 770,682,000 | 3,127,234,000 | 3,088,742,000 | 3,223,973,000 | |
Income from Operations | 146,222,000 | 81,281,000 | 101,560,000 | 78,869,000 | 97,424,000 | 78,889,000 | 96,122,000 | 46,734,000 | 407,932,000 | 319,169,000 | 148,613,000 | |
Equity in earnings of affiliates, net | 202,000 | 4,613,000 | 91,503,000 | 4,052,000 | 37,000 | 5,892,000 | 3,868,000 | 3,418,000 | 100,370,000 | 13,215,000 | 14,086,000 | |
Interest income | 367,000 | 529,000 | 641,000 | 599,000 | 590,000 | 642,000 | 522,000 | 510,000 | 2,136,000 | 2,264,000 | 3,393,000 | |
Interest expense | -9,879,000 | -9,330,000 | -8,557,000 | -8,820,000 | -8,838,000 | -9,221,000 | -9,048,000 | -8,960,000 | -36,586,000 | -36,067,000 | -35,944,000 | |
Other income (expense), net | 387,346,000 | 64,526,000 | 268,114,000 | 133,273,000 | -14,920,000 | 8,110,000 | -12,858,000 | -4,083,000 | 853,259,000 | -23,751,000 | -5,456,000 | |
Income from Continuing Operations Before Income Taxes | 524,258,000 | 141,619,000 | 453,261,000 | 207,973,000 | 74,293,000 | 84,312,000 | 78,606,000 | 37,619,000 | 1,327,111,000 | 274,830,000 | 124,692,000 | |
Provision for Income Taxes | 191,900,000 | 58,200,000 | 78,600,000 | 77,400,000 | 24,100,000 | 29,900,000 | 31,700,000 | 15,800,000 | 406,100,000 | 101,500,000 | 73,400,000 | |
Income from Continuing Operations | 332,358,000 | 83,419,000 | 374,661,000 | 130,573,000 | 50,193,000 | 54,412,000 | 46,906,000 | 21,819,000 | 921,011,000 | 173,330,000 | 51,292,000 | |
Income (Loss) from Discontinued Operations, Net of Tax | 2,308,000 | -6,980,000 | 375,189,000 | 1,732,000 | 106,335,000 | -23,988,000 | -1,772,000 | -16,560,000 | 372,249,000 | 64,015,000 | 80,895,000 | |
Net Income | 334,666,000 | 76,439,000 | 749,850,000 | 132,305,000 | 156,528,000 | 30,424,000 | 45,134,000 | 5,259,000 | 1,293,260,000 | 237,345,000 | 132,187,000 | |
Net (Income) Loss Attributable to Noncontrolling Interests | -256,000 | 121,000 | 499,000 | 219,000 | -55,000 | -75,000 | -253,000 | -97,000 | 583,000 | -480,000 | -74,000 | |
Net Income Attributable to Graham Holdings Company | 334,410,000 | 76,560,000 | 750,349,000 | 132,524,000 | 156,473,000 | 30,349,000 | 44,881,000 | 5,162,000 | 1,293,843,000 | 236,865,000 | 132,113,000 | |
Redeemable Preferred Stock Dividends | 0 | -209,000 | -212,000 | -426,000 | 0 | -205,000 | -206,000 | -444,000 | -847,000 | -855,000 | -895,000 | |
Net Income Attributable to Graham Holdings Company Common Stockholders | 334,410,000 | 76,351,000 | 750,137,000 | 132,098,000 | 156,473,000 | 30,144,000 | 44,675,000 | 4,718,000 | 1,292,996,000 | 236,010,000 | 131,218,000 | |
Amounts Attributable to Graham Holdings Company Common Stockholders | ||||||||||||
Income from continuing operations | 332,102,000 | 83,331,000 | 374,948,000 | 130,366,000 | 50,138,000 | 54,132,000 | 46,447,000 | 21,278,000 | 920,747,000 | 171,995,000 | 50,323,000 | |
Income (Loss) from Discontinued Operations, Net of Tax | 2,308,000 | -6,980,000 | 375,189,000 | 1,732,000 | 106,335,000 | -23,988,000 | -1,772,000 | -16,560,000 | 372,249,000 | 64,015,000 | 80,895,000 | |
Net Income Attributable to Graham Holdings Company Common Stockholders | 334,410,000 | 76,351,000 | 750,137,000 | 132,098,000 | 156,473,000 | 30,144,000 | 44,675,000 | 4,718,000 | 1,292,996,000 | 236,010,000 | 131,218,000 | |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | ||||||||||||
Basic income per common share from continuing operations in dollars per share | $57.31 | $14.38 | $50.39 | $17.62 | $6.79 | $7.29 | $6.26 | $2.87 | $139.44 | $23.39 | $6.40 | |
Basic income per common share from discontinued operations in dollars per share | $0.40 | ($1.20) | $50.41 | $0.23 | $14.41 | ($3.22) | ($0.24) | ($2.23) | $56.37 | $8.71 | $10.99 | |
Basic net income per common share in dollars per share | $57.71 | $13.18 | $100.80 | $17.85 | $21.20 | $4.07 | $6.02 | $0.64 | $195.81 | $32.10 | $17.39 | |
Diluted income per common share from continuing operations in dollars per share | $57.01 | $14.32 | $50.22 | $17.56 | $6.77 | $7.28 | $6.26 | $2.87 | $138.88 | $23.36 | $6.40 | |
Diluted income per common share from discontinued operations in dollars per share | $0.40 | ($1.20) | $50.26 | $0.23 | $14.37 | ($3.23) | ($0.24) | ($2.23) | $56.15 | $8.69 | $10.99 | |
Diluted net income per common share in dollars per share | $57.41 | $13.12 | $100.48 | $17.79 | $21.14 | $4.05 | $6.02 | $0.64 | $195.03 | $32.05 | $17.39 | |
Basic average number of common shares outstanding in shares | 5,678 | 5,671 | 7,284 | 7,275 | 7,266 | 7,231 | 7,229 | 7,227 | 6,470 | 7,238 | 7,360 | |
Diluted average number of common shares outstanding in shares | 5,770 | 5,757 | 7,363 | 7,352 | 7,347 | 7,337 | 7,283 | 7,266 | 6,559 | 7,333 | 7,404 | |
Quarterly comprehensive income | 240,005,000 | 68,246,000 | 593,463,000 | 146,115,000 | 555,695,000 | 37,533,000 | 61,125,000 | 29,129,000 | 1,047,829,000 | 683,482,000 | 219,609,000 | |
Immaterial revision amount | $29,900,000 | |||||||||||
[1] | Other revenue and operating expenses of $29.9 million from the third quarter of 2013 have been revised to correctly present revenue on a net basis for certain third quarter contracts that were previously reported on a gross basis. The amounts did not impact net income, and the Company concluded that the amounts were not material to the Company’s consolidated financial statements. |
Summary_of_Quarterly_Operating3
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Quarterly Impact of Certain Items) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Write-down of marketable equity securities, after tax | $6.70 | $6.70 | ||||||||
Write-down on marketable equity securities, per share (dollars per share) | ($0.91) | |||||||||
Non-operating unrealized foreign currency gains (losses), after tax | -5.5 | -6.8 | 1.9 | 3.2 | -2.6 | 5 | -8.1 | -3 | -7.1 | -8.6 |
Non-operating unrealized foreign currency gains (losses), per share (dollars per share) | ($0.94) | ($1.16) | $0.25 | $0.44 | ($0.35) | $0.69 | ($1.11) | ($0.41) | ||
Classified Ventures LLC [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Gain on sale of equity method investment, net of tax | 249.8 | 249.8 | ||||||||
Gain on sale of equity method investment, per share (dollars per share) | $42.89 | |||||||||
Classified Ventures' sale of apartments.com [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Gain from equity method investments, net of tax | 58.2 | 58.2 | ||||||||
Gain from equity method investments, per share (dollars per share) | $7.80 | |||||||||
Education [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Severance and restructuring costs, after tax | 12.2 | 3.1 | 3.9 | 6.1 | 25.3 | |||||
Severance and restructuring costs, per share (dollars per share) | ($1.66) | ($0.42) | ($0.54) | ($0.85) | ||||||
Impairment of intangible and other long-lived assets, after tax | 3.2 | 3.2 | ||||||||
Impairment of intangible and other long-lived assets, per share (dollars per share) | ($0.44) | |||||||||
Education division and corporate office [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Early retirement program expense and related charges, restructuring charges and software asset write-offs, after tax | 1.9 | 8.7 | 6.7 | 2.9 | 20.2 | |||||
Early retirement program expense and related charges, restructuring charges and software asset write-offs, per share (dollars per share) | ($0.33) | ($1.50) | ($0.90) | ($0.39) | ||||||
Kaplan and other businesses [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Impairment of intangible and other long-lived assets, after tax | 11.2 | 11.2 | ||||||||
Impairment of intangible and other long-lived assets, per share (dollars per share) | ($1.92) | |||||||||
Corporate Office [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Gain on sale of Corporate headquarters building, net of tax | 81.8 | 81.8 | ||||||||
Gain on sale of Corporate headquarters building, per share (dollars per share) | $11.13 | |||||||||
Cable [Member] | Wireless Licenses [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Gain on sale of intangible assets, net of tax | 48.2 | 48.2 | ||||||||
Gain on sale of intangible assets, per share (dollars per share) | $8.29 | |||||||||
Berkshire Exchange Transaction [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Gain on Berkshire Exchange, net of tax | $266.70 | $266.70 | ||||||||
Gain on Berkshire Exchange, per share (dollars per share) | $35.73 |