Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | |||
Dec. 31, 2015 | Feb. 23, 2016 | Jul. 01, 2015 | Jun. 30, 2015 | |
Entity Information [Line Items] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2015 | |||
Document Fiscal Year Focus | 2,015 | |||
Document Fiscal Period Focus | FY | |||
Trading Symbol | ghc | |||
Entity Registrant Name | GRAHAM HOLDINGS CO | |||
Entity Central Index Key | 104,889 | |||
Current Fiscal Year End Date | --12-31 | |||
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 | $ 5.2 | ||
Class A Common Stock [Member] | ||||
Entity Information [Line Items] | ||||
Entity Common Stock, Shares Outstanding | 964,001 | |||
Class B Common Stock [Member] | ||||
Entity Information [Line Items] | ||||
Entity Common Stock, Shares Outstanding | 4,672,230 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Revenues | |||||||||||
Education | $ 421,491 | $ 481,687 | $ 523,625 | $ 500,602 | $ 551,381 | $ 543,918 | $ 542,964 | $ 522,154 | $ 1,927,405 | $ 2,160,417 | $ 2,163,734 |
Advertising | 74,435 | 68,898 | 70,137 | 66,454 | 91,561 | 72,951 | 73,587 | 70,115 | 279,924 | 308,214 | 275,024 |
Other | 120,441 | 90,847 | 87,128 | 80,369 | 84,683 | 86,336 | 57,031 | 40,351 | 378,785 | 268,401 | 161,844 |
Total Operating Revenues | 616,367 | 641,432 | 680,890 | 647,425 | 727,625 | 703,205 | 673,582 | 632,620 | 2,586,114 | 2,737,032 | 2,600,602 |
Operating Costs and Expenses | |||||||||||
Operating | 283,780 | 302,029 | 311,121 | 309,223 | 317,687 | 326,395 | 321,163 | 296,507 | 1,206,153 | 1,261,753 | 1,210,863 |
Selling, general and administrative | 239,783 | 285,563 | 276,412 | 302,405 | 269,779 | 309,583 | 276,502 | 276,294 | 1,104,163 | 1,132,157 | 1,123,965 |
Depreciation of property, plant and equipment | 15,640 | 14,460 | 25,609 | 22,197 | 18,618 | 18,664 | 18,201 | 19,430 | 77,906 | 74,913 | 101,171 |
Amortization of intangible assets | 5,120 | 4,512 | 4,647 | 4,738 | 5,215 | 7,354 | 2,936 | 2,682 | 19,017 | 18,187 | 11,919 |
Impairment of goodwill and other long-lived assets | 4,233 | 248,591 | 6,876 | 0 | 259,700 | 17,302 | 3,250 | ||||
Total Operating Costs and Expenses | 548,556 | 855,155 | 624,665 | 638,563 | 628,601 | 661,996 | 618,802 | 594,913 | 2,666,939 | 2,504,312 | 2,451,168 |
(Loss) Income from Operations | 67,811 | (213,723) | 56,225 | 8,862 | 99,024 | 41,209 | 54,780 | 37,707 | (80,825) | 232,720 | 149,434 |
Equity in (losses) earnings of affiliates, net | (35) | 95 | (353) | (404) | 202 | 4,613 | 91,503 | 4,052 | (697) | 100,370 | 13,215 |
Interest income | 546 | 481 | 323 | 559 | 367 | 529 | 641 | 599 | 1,909 | 2,136 | 2,264 |
Interest expense | (7,975) | (7,830) | (8,348) | (8,501) | (8,922) | (9,298) | (8,525) | (8,788) | (32,654) | (35,533) | (35,931) |
Other (expense) income, net | 21,262 | (40,458) | 11,678 | (1,105) | 387,346 | (10,723) | 268,114 | 133,273 | (8,623) | 778,010 | (23,751) |
(Loss) Income from Continuing Operations Before Income Taxes | 81,609 | (261,435) | 59,525 | (589) | 478,017 | 26,330 | 406,513 | 166,843 | (120,890) | 1,077,703 | 105,231 |
Provision for Income Taxes | 30,500 | (30,500) | 19,600 | 900 | 172,000 | 16,100 | 61,900 | 62,300 | 20,500 | 312,300 | 40,500 |
(Loss) Income from Continuing Operations | 51,109 | (230,935) | 39,925 | (1,489) | 306,017 | 10,230 | 344,613 | 104,543 | (141,390) | 765,403 | 64,731 |
Income from Discontinued Operations, Net of Tax | 0 | 379 | 18,502 | 23,289 | 28,649 | 66,209 | 405,237 | 27,762 | 42,170 | 527,857 | 172,614 |
Net (Loss) Income | 51,109 | (230,556) | 58,427 | 21,800 | 334,666 | 76,439 | 749,850 | 132,305 | (99,220) | 1,293,260 | 237,345 |
Net (Income) Loss Attributable to Noncontrolling Interests | 60 | (287) | (434) | (774) | (256) | 121 | 499 | 219 | (1,435) | 583 | (480) |
Net (Loss) Income Attributable to Graham Holdings Company | 51,169 | (230,843) | 57,993 | 21,026 | 334,410 | 76,560 | 750,349 | 132,524 | (100,655) | 1,293,843 | 236,865 |
Redeemable Preferred Stock Dividends | 0 | 0 | (211) | (420) | 0 | (209) | (212) | (426) | (631) | (847) | (855) |
Net (Loss) Income Attributable to Graham Holdings Company Common Stockholders | 51,169 | (230,843) | 57,782 | 20,606 | 334,410 | 76,351 | 750,137 | 132,098 | (101,286) | 1,292,996 | 236,010 |
Amounts Attributable to Graham Holdings Company Common Stockholders | |||||||||||
(Loss) income from continuing operations | 51,169 | (231,222) | 39,280 | (2,683) | 305,761 | 10,142 | 344,900 | 104,336 | (143,456) | 765,139 | 63,396 |
Income from Discontinued Operations, Net of Tax | 0 | 379 | 18,502 | 23,289 | 28,649 | 66,209 | 405,237 | 27,762 | 42,170 | 527,857 | 172,614 |
Net (loss) income attributable to Graham Holdings Company common stockholders | $ 51,169 | $ (230,843) | $ 57,782 | $ 20,606 | $ 334,410 | $ 76,351 | $ 750,137 | $ 132,098 | $ (101,286) | $ 1,292,996 | $ 236,010 |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||
Basic (loss) income per common share from continuing operations in dollars per share | $ 8.78 | $ (40.32) | $ 6.74 | $ (0.58) | $ 52.76 | $ 1.73 | $ 46.35 | $ 14.10 | $ (25.23) | $ 115.88 | $ 8.62 |
Basic income per common share from discontinued operations in dollars per share | 0 | 0.07 | 3.18 | 4.09 | 4.95 | 11.45 | 54.45 | 3.75 | 7.36 | 79.93 | 23.48 |
Basic net (loss) income per common share in dollars per share | $ 8.78 | $ (40.25) | $ 9.92 | $ 3.51 | $ 57.71 | $ 13.18 | $ 100.80 | $ 17.85 | $ (17.87) | $ 195.81 | $ 32.10 |
Basic average number of common shares outstanding in shares | 5,746 | 5,738 | 5,720 | 5,704 | 5,678 | 5,671 | 7,284 | 7,275 | 5,727 | 6,470 | 7,238 |
Diluted (loss) income per common share from continuing operations in dollars per share | $ 8.72 | $ (40.32) | $ 6.71 | $ (0.58) | $ 52.48 | $ 1.73 | $ 46.20 | $ 14.05 | $ (25.23) | $ 115.40 | $ 8.61 |
Diluted income per common share from discontinued operations in dollars per share | 0 | 0.07 | 3.16 | 4.06 | 4.93 | 11.39 | 54.28 | 3.74 | 7.36 | 79.63 | 23.44 |
Diluted net (loss) income per common share in dollars per share | $ 8.72 | $ (40.25) | $ 9.87 | $ 3.48 | $ 57.41 | $ 13.12 | $ 100.48 | $ 17.79 | $ (17.87) | $ 195.03 | $ 32.05 |
Diluted average number of common shares outstanding in shares | 5,834 | 5,837 | 5,805 | 5,791 | 5,770 | 5,757 | 7,363 | 7,352 | 5,727 | 6,559 | 7,333 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net (Loss) Income | $ (99,220) | $ 1,293,260 | $ 237,345 |
Foreign currency translation adjustments: | |||
Translation adjustments arising during the year | (18,898) | (16,061) | (1,059) |
Adjustment for sales of businesses with foreign operations | 5,501 | (404) | 0 |
Total foreign currency translation adjustments | (13,397) | (16,465) | (1,059) |
Unrealized gains on available-for-sale securities: | |||
Unrealized gains for the year | 10,620 | 62,719 | 95,629 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income | (4) | (265,274) | 9,554 |
Total unrealized gains on available-for-sale securities | 10,616 | (202,555) | 105,183 |
Pension and other postretirement plans: | |||
Actuarial (loss) gain | (211,054) | (149,482) | 762,806 |
Prior service cost | 0 | (1,600) | 0 |
Amortization of net actuarial (gain) loss included in net income | (9,906) | (29,412) | 3,096 |
Amortization of net prior service cost (credit) included in net income | 275 | (407) | (1,383) |
Curtailments and settlements included in net income | 51 | 8 | (124,051) |
Curtailments and settlements included in distribution to Cable ONE | 834 | 0 | 0 |
Total pension and other postretirement plans | (219,800) | (180,893) | 640,468 |
Cash flow hedge gain | 179 | 867 | 520 |
Other Comprehensive (Loss) Income, Before Tax | (222,402) | (399,046) | 745,112 |
Income tax benefit (expense) related to items of other comprehensive (loss) income | 83,602 | 153,032 | (298,472) |
Other Comprehensive (Loss) Income, Net of Tax | (138,800) | (246,014) | 446,640 |
Comprehensive (Loss) Income | (238,020) | 1,047,246 | 683,985 |
Comprehensive (income) loss attributable to noncontrolling interests | (1,435) | 583 | (503) |
Total Comprehensive (Loss) Income Attributable to Graham Holdings Company | $ (239,455) | $ 1,047,829 | $ 683,482 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 754,207 | $ 772,751 |
Restricted cash | 20,745 | 24,898 |
Investments in marketable equity securities and other investments | 379,445 | 226,752 |
Accounts receivable, net | 572,435 | 571,357 |
Income taxes receivable | 48,383 | 0 |
Deferred income taxes | 0 | 934 |
Inventories and contracts in progress | 32,068 | 11,309 |
Other current assets | 53,439 | 81,462 |
Current assets of discontinued operations (includes $1,235 of cash) | 0 | 1,240 |
Total Current Assets | 1,860,722 | 1,690,703 |
Property, Plant and Equipment, Net | 231,123 | 860,829 |
Investments in Affiliates | 59,229 | 19,811 |
Goodwill, Net | 1,017,513 | 1,348,710 |
Indefinite-Lived Intangible Assets, Net | 21,885 | 516,753 |
Amortized Intangible Assets, Net | 107,191 | 96,947 |
Prepaid Pension Cost | 979,970 | 1,152,488 |
Deferred Charges and Other Assets | 75,318 | 65,258 |
Noncurrent assets of discontinued operations | 0 | 820 |
Total Assets | 4,352,951 | 5,752,319 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 428,014 | 464,342 |
Deferred revenue | 297,135 | 410,146 |
Income taxes payable | 0 | 128,895 |
Short-term borrowings | 0 | 46,375 |
Current liabilities of discontinued operations | 0 | 1,034 |
Total Current Liabilities | 725,149 | 1,050,792 |
Postretirement Benefits Other Than Pensions | 33,947 | 37,962 |
Accrued Compensation and Related Benefits | 203,280 | 244,082 |
Other Liabilities | 70,678 | 91,789 |
Deferred Income Taxes | 403,316 | 754,960 |
Long-Term Debt | 399,926 | 399,545 |
Total Liabilities | $ 1,836,296 | $ 2,579,130 |
Commitments and Contingencies | ||
Redeemable Noncontrolling Interests | $ 25,957 | $ 21,904 |
Redeemable Preferred Stock, Series A, $1 par value, with a redemption and liquidation value of $1,000 per share; 23,000 shares authorized; none and 10,510 shares issued and outstanding | 0 | 10,510 |
Preferred Stock, $1 par value; 977,000 shares authorized, none issued | 0 | 0 |
Common Stockholders’ Equity | ||
Capital in excess of par value | 356,887 | 303,789 |
Retained earnings | 5,447,677 | 6,008,506 |
Accumulated other comprehensive income, net of taxes | ||
Cumulative foreign currency translation adjustment | (4,849) | 8,548 |
Unrealized gain on available-for-sale securities | 58,500 | 52,130 |
Unrealized gain on pensions and other postretirement plans | 261,029 | 392,910 |
Cash flow hedge | 0 | (108) |
Cost of 14,196,146 and 14,201,211 shares of Class B common stock held in treasury | (3,648,546) | (3,645,476) |
Total Common Stockholders’ Equity | 2,490,698 | 3,140,299 |
Noncontrolling Interests | 0 | 476 |
Total Equity | 2,490,698 | 3,140,775 |
Total Liabilities and Equity | 4,352,951 | 5,752,319 |
Class A Common Stock [Member] | ||
Common Stockholders’ Equity | ||
Common stock | 964 | 975 |
Accumulated other comprehensive income, net of taxes | ||
Total Equity | 964 | 975 |
Class B Common Stock [Member] | ||
Common Stockholders’ Equity | ||
Common stock | 19,036 | 19,025 |
Accumulated other comprehensive income, net of taxes | ||
Total Equity | $ 19,036 | $ 19,025 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 0 | 10,510 |
Redeemable Preferred Stock, shares outstanding | 0 | 10,510 |
Preferred Stock, par value per share | $ 1 | $ 1 |
Preferred Stock, shares authorized | 977,000 | 977,000 |
Preferred Stock, shares issued | 0 | 0 |
Cash held for sale | $ 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 | 964,001 | 974,823 |
Common Stock, shares outstanding | 964,001 | 974,823 |
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 | 19,035,999 | 19,025,177 |
Common Stock, shares outstanding | 4,839,853 | 4,823,966 |
Treasury Stock | 14,196,146 | 14,201,211 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net (Loss) Income | $ (99,220) | $ 1,293,260 | $ 237,345 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of property, plant and equipment | 149,659 | 205,284 | 251,262 |
Amortization of intangible assets | 19,078 | 19,097 | 13,598 |
Goodwill and other long-lived asset impairment charges | 259,700 | 25,076 | 3,250 |
Net pension (benefit) expense | (65,433) | (69,406) | 1,927 |
Early retirement and special separation benefit program expense | 4,606 | 8,374 | 22,700 |
Stock-based compensation expense, net | 48,033 | 17,577 | 25,163 |
Foreign exchange loss | 15,564 | 11,129 | 13,382 |
Net loss (gain) on sales and disposition of businesses | (18,095) | 351,133 | 157,449 |
Net loss (gain) on dispositions, sales or write-downs of marketable equity securities and cost method investments | 1,378 | (263,595) | 11,325 |
Gain on sale of an equity affiliate | (4,827) | (396,553) | 0 |
Equity in losses (earnings) of affiliates, including impairment charges, net of distributions | 1,118 | (96,517) | 1,661 |
Provision for deferred income taxes | 4,060 | 49,143 | 11,595 |
Net (gain) loss on sales or write-downs of property, plant and equipment | (18,265) | (119,399) | 4,746 |
Net gain on sale of intangible assets | 0 | (75,249) | 0 |
Change in assets and liabilities: | |||
Decrease (increase) in restricted cash | 4,153 | 58,871 | (55,231) |
Increase in accounts receivable, net | (87,165) | (96,844) | (81,989) |
(Increase) decrease in inventories | (1,778) | (2,413) | 851 |
Increase (decrease) in accounts payable and accrued liabilities | 62,901 | (39,199) | 20,290 |
(Decrease) increase in deferred revenue | (51,825) | 37,291 | (3,434) |
(Increase) in income taxes receivable and increase in income taxes payable | (174,326) | 146,692 | (18,352) |
(Increase) decrease in other assets and other liabilities, net | (11,972) | 8,791 | 3,491 |
Other | 1,270 | 2,093 | 4,097 |
Net Cash Provided by Operating Activities | 74,804 | 372,370 | 310,228 |
Cash Flows from Investing Activities | |||
Investments in certain businesses, net of cash acquired | (159,320) | (206,035) | (20,027) |
Purchases of marketable equity securities | (145,807) | (49,998) | (14,997) |
Purchases of property, plant and equipment | (136,859) | (237,292) | (206,457) |
Investments in equity affiliates and cost method investments | (25,340) | (10,283) | (13,076) |
Net proceeds from sales of businesses, property, plant and equipment and other assets | 41,683 | 644,342 | 248,105 |
Investments in commercial paper | 0 | (249,795) | 0 |
Proceeds from maturities of commercial paper | 0 | 249,795 | 0 |
Net distribution from equity affiliate | 0 | 93,481 | 0 |
Other | 73 | (5,200) | (1,313) |
Net Cash (Used in) Provided by Investing Activities | (425,570) | 229,015 | (7,765) |
Cash Flows from Financing Activities | |||
Issuance of borrowings | 550,000 | 0 | 0 |
Cash distributed to Cable ONE in spin-off | (94,115) | 0 | 0 |
Dividends paid | (53,721) | (68,114) | (863) |
Repayments of borrowings | (44,815) | (1,538) | (240,121) |
Common shares repurchased, including the Berkshire Exchange transaction | (22,979) | (327,718) | (4,196) |
Proceeds from exercise of stock options | 15,312 | 7,462 | 5,682 |
Excess tax benefit on share-based payment awards | 11,828 | 1,901 | 684 |
Redemption of redeemable preferred stock | (10,510) | 0 | 0 |
Payments of financing costs | (9,944) | 0 | 0 |
Other | 1,095 | (609) | (4,616) |
Net Cash Provided by (Used in) Financing Activities | 342,151 | (388,616) | (243,430) |
Effect of Currency Exchange Rate Change | (11,164) | (8,502) | (1,745) |
Net (Decrease) Increase in Cash and Cash Equivalents | (19,779) | 204,267 | 57,288 |
Cash and Cash Equivalents at Beginning of Year | 772,751 | 569,719 | 512,431 |
Cash and Cash Equivalents at Beginning of Year, Including Cash of Discontinued Operations | 773,986 | ||
Cash and Cash Equivalents at End of Year | 754,207 | 772,751 | 569,719 |
Cash and Cash Equivalents at End of Year, Including Cash of Discontinued Operations | 773,986 | ||
Cash paid during the year for: | |||
Income taxes | 209,000 | 188,000 | 144,500 |
Interest | $ 33,000 | $ 35,000 | $ 35,500 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Common Shareholders' Equity - USD ($) $ in Thousands | 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 A Common Stock [Member]Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member]Common Stock [Member] |
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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) 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 taxes) | (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 | 288,129 | 4,782,777 | 25,013 | 173,663 | 501,446 | (628) | (2,490,333) | 221 | 1,169 | 18,831 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) 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 taxes) | (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 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) for the year | (99,220) | (99,220) | |||||||||||
Net income attributable to noncontrolling interest | (1,435) | ||||||||||||
Contribution of noncontrolling interest to a joint venture | (476) | ||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | (1,435) | ||||||||||||
Change in redemption value of redeemable noncontrolling interests | (2,601) | ||||||||||||
Dividends paid on common stock | (53,090) | ||||||||||||
Dividends paid on redeemable preferred stock | (631) | (631) | |||||||||||
Repurchase of Class B common stock | (22,979) | ||||||||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | (13,244) | 19,909 | |||||||||||
Amortization of unearned stock compensation and stock option expense | 57,115 | ||||||||||||
Change in foreign currency translation adjustment (net of taxes) | (13,397) | (13,397) | |||||||||||
Change in unrealized gain on available-for-sale securities (net of taxes) | 6,370 | 6,370 | |||||||||||
Adjustment for pensions and other postretirement plans (net of taxes) | (131,881) | (132,739) | |||||||||||
Conversion of Class A common stock to Class B common stock | $ (11) | $ 11 | |||||||||||
Spin-Off of Cable ONE | 7,285 | (406,453) | 858 | ||||||||||
Taxes arising from employee stock plans | 4,543 | ||||||||||||
Cash flow hedge | 108 | ||||||||||||
As of at Dec. 31, 2015 | $ 2,490,698 | $ 356,887 | $ 5,447,677 | $ (4,849) | $ 58,500 | $ 261,029 | $ 0 | $ (3,648,546) | $ 0 | $ 964 | $ 19,036 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
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 five television broadcasting stations. On July 1, 2015, the Company completed the spin-off of its wholly owned subsidiary, Cable One, Inc. (Cable ONE), by way of a distribution of all of the issued and outstanding shares of Cable ONE common stock, on a pro rata basis, to the Company’s stockholders. The operating results of Cable ONE have been presented in income from discontinued operations, net of tax, for all periods presented. On September 3, 2015, Kaplan completed the sale of substantially all of the assets of its Kaplan Higher Education (KHE) Campuses business, consisting of 38 nationally accredited ground campuses and certain related assets, to Education Corporation of America (ECA) in exchange for a preferred equity interest in ECA. The loss on the sale of the KHE Campuses business is included in other (expense) income, net, in the Consolidated Statement of Operations. 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 television broadcasting, several websites and print publications, and a marketing solutions provider. 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. Reclassifications. Certain amounts in previously issued financial statements have been reclassified to conform with the 2015 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 net realizable values and are based on the first-in, first-out (FIFO) method. Inventory costs include direct material, direct and indirect labor, and applicable manufacturing overhead. The Company allocates manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on hand relative to historical usage, estimated future usage, and technological developments. 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. 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 trade names and trademarks, licenses and accreditation. 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. 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 the estimated fair value of each reporting unit and indefinite-lived intangible asset. 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 values 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 Statements of Operations. Fair value estimates are based on a review of the investees’ product development activities, historical financial results and projected discounted cash flows. The Company includes cost method investments in deferred charges and other assets in the Company’s Consolidated Balance Sheets. 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 undergraduate 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. 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. SocialCode LLC (SocialCode), a wholly owned subsidiary, is a social-media marketing technology and services company helping companies maximize their marketing efforts on social-media platforms such as Facebook, Twitter, Instagram and Pinterest. Donald E. Graham, the Chairman of the Company’s Board, was a member of the Board of Directors of Facebook, Inc. in 2013, 2014, and through June 10, 2015. SocialCode’s revenues are reported on a net basis; therefore, the Company’s Statements of Operations exclude the media acquisition costs incurred related to the relevant advertising platforms. 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 Balance Sheets. 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 Company’s Consolidated Balance Sheets 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. 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 recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheets 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 expected return on plan assets 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. Redeemable Noncontrolling Interests. The Company’s redeemable noncontrolling interests represent the noncontrolling interests in Celtic Healthcare (Celtic) and Residential Healthcare (Residential), each of which is 80% owned. The minority shareholders in Celtic have 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 shareholders in 2022. The minority shareholders in Residential 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 Company presents the redeemable noncontrolling interests at the greater of their carrying amount or redemption value at the end of each reporting period in the Consolidated Balance Sheets. Changes in the redemption value are recorded to capital in excess of par value in the Company’s Consolidated Balance Sheets. 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 disposal of a component is reported as discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. 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 May 2014, the Financial Accounting Standards Board (FASB) issued comprehensive new guidance that supersedes all existing revenue recognition guidance. In August 2015, the FASB issued an amendment to the guidance that defers the effective date by one year. 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. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016. 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. In September 2015, the FASB issued new guidance that simplifies the accounting for measurement period adjustments for an acquirer in a business combination. The new guidance requires an acquirer to recognize any adjustments to the provisional purchase accounting in the reporting period that the adjustment amounts are determined, by eliminating the requirement to retrospectively account for those adjustments. The guidance requires that the acquirer records, in the financial statements of the same period the adjustment is determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in the provisional amounts. The amount of the change is calculated as if the accounting had been completed at the acquisition date. The guidance is effective for interim and fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its Consolidated Financial Statements. In November 2015, the FASB issued new guidance that simplifies the balance sheet presentation of deferred taxes. The new guidance requires that all deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance is effective for interim and fiscal years beginning after December 15, 2016, with early application permitted. The Company adopted the new guidance prospectively as of December 31, 2015. Therefore, prior periods have not been adjusted to reflect this adoption. In January 2016, the FASB issued new guidance that substantially revises the recognition, measurement and presentation of financial assets and financial liabilities. The new guidance, among other things, requires, (i) equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, with some exceptions, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iv) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, and (v) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is not permitted. The Company is in the process of evaluating the impact of this new guidance on its Consolidated Financial Statements. Other new pronouncements issued but not effective until after December 31, 2015, are not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operation, Additional Disclosures [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Cable ONE Spin-Off. On July 1, 2015 (the Distribution Date), the Company completed the spin-off of Cable ONE as an independent, publicly traded company. The transaction was structured as a tax-free spin-off of Cable ONE to the stockholders of the Company as one share of Cable ONE common stock was distributed for every share of Class A and Class B common stock of Graham Holdings outstanding on the June 15, 2015, record date. Cable ONE is now an independent public company trading on the New York Stock Exchange under the symbol “CABO”. After the spin-off, the Company does not beneficially own any shares of Cable ONE common stock. The results of operations of Cable ONE are included in the Company’s Consolidated Statements of Operations as income from discontinued operations, net of tax, for all periods presented. In order to implement the spin-off, the Company entered into certain agreements with Cable ONE to give effect to the legal and structural separation and to allocate various assets, liabilities and obligations between the Company and Cable ONE. In addition to executing the spin-off in the manner provided in the agreements, Cable ONE distributed $450 million in cash to the Company in June 2015 using the proceeds from their issuance of unsecured notes of $450 million . Also, in connection with the spin-off, the Company modified the terms of 10,830 restricted stock awards in the second quarter of 2015 affecting 21 Cable ONE employees. The modification resulted in the acceleration of the vesting period of 6,324 restricted stock awards and the forfeiture of 4,506 restricted stock awards. The Company recorded incremental stock compensation expense, net of forfeitures, in the second quarter of 2015 amounting to $3.7 million , which is reflected as discontinued operations in the Company’s Consolidated Financial Statements. The spin-off resulted in a modification of some of the Company’s outstanding restricted stock awards and stock options due to the equity restructuring on July 1, 2015. The holders of restricted stock awards received Cable ONE restricted common stock, on a pro rata basis, as part of the distribution, while the stock options were modified to add an antidilution provision. The modification of the restricted stock awards resulted in an estimated incremental stock compensation expense of $3.0 million that will be recognized over the remaining service periods of the unvested restricted stock awards through the end of 2018. The modification of some of the stock options resulted in an incremental stock compensation expense of $23.5 million , of which $18.8 million related to fully vested stock options was recognized as a one-time expense in the third quarter of 2015, with the remaining $4.7 million to be recognized over the remaining service periods of the unvested stock options through the end of 2018. The $18.8 million expense is included in the Company’s corporate office segment results and in selling, general and administrative in the Company’s Consolidated Statements of Operations. As a result of the spin-off, Cable ONE assumed the liability related to their employees participating in the Company’s Supplemental Executive Retirement Plan (SERP), and the Company eliminated the accrual of pension benefits for all Cable ONE employees related to their future service. As a result, the Company remeasured the accumulated and projected benefit obligation of the pension and SERP as of July 1, 2015. A pension curtailment gain of $2.2 million was recorded in the third quarter of 2015 in income from discontinued operations, net of tax. On July 1, 2015, the Company divested the following assets and liabilities which net to $406.5 million , or $312.3 million net of cash retained by Cable ONE on the Distribution Date: As of (in thousands) July 1, 2015 Cash and cash equivalents $ 94,115 Accounts receivable, net 29,778 Other current assets 14,182 Total current assets 138,075 Property, plant and equipment, net 612,812 Goodwill, net 85,488 Indefinite-lived intangible assets, net 496,321 Amortized intangible assets, net 510 Deferred charges and other assets 22,541 Total Assets $ 1,355,747 Accounts payable and accrued liabilities $ 70,920 Income taxes payable 2,962 Deferred revenue 21,883 Short-term borrowings 2,500 Total current liabilities 98,265 Accrued compensation and related benefits 24,227 Other liabilities 57 Deferred income taxes 279,245 Long-term debt 547,500 Total Liabilities $ 949,294 Net assets divested in the Spin-Off $ 406,453 Cash flows from Cable ONE for the years ended December 31, 2015 , 2014 and 2013 are combined with the cash flows from operations within each of the categories presented. Cash flows from Cable ONE are as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Net Cash Provided by Operating Activities $ 109,772 $ 251,506 $ 228,605 Net Cash Used in Investing Activities (74,416 ) (78,405 ) (140,181 ) Spin-Off Costs: One-time spin-off transaction, financing, and related costs of $7.4 million and $3.5 million in 2015 and 2014, respectively, are included in discontinued operations, net of tax. Other 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 that resulted in a pre-tax loss of $3.1 million . An additional school in China was sold by Kaplan in January 2015 that resulted in a pre-tax loss of $0.7 million . On June 30, 2014, the Company and Berkshire Hathaway Inc. (Berkshire) 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. 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 results of operations of Cable ONE, the schools in China, WPLG, the Publishing Subsidiaries and The Herald, for 2015 , 2014 and 2013 , where applicable, are included in the Company’s Consolidated Statements of Operations as income 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 from discontinued operations, net of tax, is presented below: Year Ended December 31 (in thousands) 2015 2014 2013 Operating revenues $ 397,404 $ 845,114 $ 1,269,966 Operating costs and expenses (325,379 ) (660,180 ) (1,156,735 ) Operating income 72,025 184,934 113,231 Non-operating (expense) income (1,288 ) 74,196 (136 ) Income from discontinued operations 70,737 259,130 113,095 Provision for income taxes 27,783 98,207 40,441 Net Income from Discontinued Operations 42,954 160,923 72,654 (Loss) gain on dispositions of discontinued operations (732 ) 351,133 157,449 Provision (benefit) for income taxes on dispositions of discontinued operations 52 (15,801 ) 57,489 Income from Discontinued Operations, Net of Tax $ 42,170 $ 527,857 $ 172,614 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments | INVESTMENTS Commercial Paper and Money Market Investments. As of December 31, 2015 and 2014 , the Company had commercial paper and money market investments of $433.0 million and $594.3 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) 2015 2014 Total cost $ 253,062 $ 106,909 Gross unrealized gains 97,741 86,884 Gross unrealized losses (240 ) — Total Fair Value $ 350,563 $ 193,793 At December 31, 2015 and 2014, the Company owned 28,000 shares in Markel Corporation (Markel) valued at $24.7 million and $19.1 million , respectively. The Co-Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. The Company invested $146.2 million , $50.0 million and $15.0 million in marketable equity securities during 2015 , 2014 and 2013 , respectively. During 2014, the proceeds from the sale of marketable securities were $5.8 million and net realized losses were $2.6 million . During 2013 , proceeds from sales of marketable equity securities were $3.6 million and net realized gains on such sales were $0.9 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. At the end of 2013 , the Company’s investment in Strayer Education, Inc. had been in an unrealized loss position for about six month s . 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 write-down of the investment in 2013. Investments in Affiliates. In the second quarter of 2015, the Company acquired approximately 20% of HomeHero, a company that created and manages an online senior home care marketplace. At December 31, 2015 , the Company also held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois, a 40% interest in the joint venture formed between Celtic and Allegheny Health Network (AHN) and interests in several other affiliates (see Note 7). 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 was held in escrow until received in the fourth quarter of 2015. The Company recorded a pre-tax gain of $396.6 million in connection with the sale in the fourth quarter of 2014. |
Accounts Receivable, Accounts P
Accounts Receivable, Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 Trade accounts receivable, less doubtful accounts and allowances of $27,854 and $32,598 $ 553,780 $ 538,532 Other receivables 18,655 32,825 $ 572,435 $ 571,357 The changes in allowance for doubtful accounts and allowance for advertising rate adjustments and discounts were as follows: (in thousands) Balance at Beginning of Period Additions – Charged to Costs and Expenses Deductions Balance at End of Period 2015 Allowance for doubtful accounts $ 32,598 $ 39,982 $ (44,726 ) $ 27,854 2014 Allowance for doubtful accounts $ 33,834 $ 47,356 $ (48,592 ) $ 32,598 2013 Allowance for doubtful accounts $ 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 Accounts payable and accrued liabilities consist of the following: As of December 31 (in thousands) 2015 2014 Accounts payable and accrued liabilities $ 285,321 $ 303,111 Accrued compensation and related benefits 142,693 161,231 $ 428,014 $ 464,342 Cash overdrafts of $1.1 million are included in accounts payable and accrued liabilities at December 31, 2015 . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 Land $ 10,410 $ 18,052 Buildings 83,642 157,250 Machinery, equipment and fixtures 438,388 2,357,264 Leasehold improvements 205,018 214,119 Construction in progress 13,517 71,156 750,975 2,817,841 Less accumulated depreciation (519,852 ) (1,957,012 ) $ 231,123 $ 860,829 Depreciation expense was $77.9 million , $74.9 million and $101.2 million in 2015 , 2014 and 2013 , respectively. In the second quarter of 2015, as a result of the sale of Kaplan’s KHE Campuses business, Kaplan recorded a $6.9 million impairment charge. In 2014, as a result of restructuring activities at KHE Campuses, Kaplan recorded an impairment charge of $13.6 million . The Company estimated the fair value of the property, plant, and equipment using a market approach. |
Acquisitions and Dispositions o
Acquisitions and Dispositions of Businesses | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions And Dispositions [Abstract] | |
Acquisitions and Dispositions of Businesses | ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions. The Company completed business acquisitions totaling approximately $163.3 million in 2015 ; $210.2 million in 2014 ; and $23.8 million in 2013 . The assets and liabilities of the companies acquired have been recorded at their estimated fair values at the date of acquisition. During 2015, the Company acquired two businesses. On November 13, 2015, the Company acquired a 100% interest in Group Dekko, a Garrett, IN-based manufacturer of electrical solutions for applications across three business lines: workspace power solutions, architectural lighting, and electrical components and assemblies, which is included in other businesses. On December 22, 2015, Kaplan acquired SmartPros, a leading provider of accredited professional education and training, primarily in accountancy, which is included in Higher Education. Acquisition-related costs were expensed as incurred and were not significant. The aggregate purchase price of these 2015 acquisitions was allocated as follows on a preliminary basis: Weighted Average Life Purchase Price Allocation (in thousands) Cash and cash equivalents $ 3,501 Accounts receivable 30,537 Inventory 20,593 Other current assets 1,013 Property, plant and equipment 28,872 Goodwill 76,156 Indefinite-lived intangible assets Trade names and trademarks 7,400 Amortized intangible assets Student and customer relationships 7 years 22,200 Trade names and trademarks 7 years 1,800 Other 6 years 7,900 6 years 31,900 Other noncurrent assets 200 Current liabilities (28,826 ) Noncurrent liabilities (8,066 ) $ 163,280 The fair values recorded were based upon preliminary valuations and the estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period (up to one year from the acquisition date). The recording of deferred tax assets or liabilities, working capital, and the final amount of residual goodwill are not yet finalized. The Company expects to deduct $20.0 million of goodwill for income tax purposes from these two acquisitions. 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 income for the companies acquired in 2015 of $22.4 million and $0.1 million , respectively, for 2015 . The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2014 : Year Ended December 31 (in thousands) 2015 2014 Operating revenues $ 2,741,001 $ 2,900,660 Net (loss) income $ (93,103 ) $ 1,292,343 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 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. The purchase price allocation mostly comprised goodwill, other intangible assets and other current assets. 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. In January and February 2016, Kaplan acquired Mander Portman Woodward, a leading provider of high-quality, bespoke education to U.K. and international students in London, Cambridge and Birmingham; and Osborne Books, a leading educational publisher of learning resources for accounting qualifications in the U.K., for approximately $205 million, both of which will be included in Kaplan International. Spin-Off. On July 1, 2015, the Company completed the spin-off of Cable ONE, by way of a distribution of all the issued and outstanding shares of Cable ONE common stock, on a pro rata basis, to the Company’s stockholders (see Note 3). Sale of Businesses. On September 3, 2015, Kaplan completed the sale of 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 Education Corporation of America (ECA). KHE Campuses schools that have been closed or are in the process of closing are not included in the sale transaction. In connection with the sale agreement, if required by the U.S. Department of Education (ED) in connection with its post-closing review of the transaction, Kaplan will provide a letter of credit or other credit support with the ED of up to approximately $45 million ; any such letter of credit or other credit support could be drawn by the ED in the event that ECA defaults on its obligations to students. If issued, such letter of credit or other credit support would have a term of two years, after which Kaplan would have no further obligations. The revenue and operating losses related to schools that were sold as part of the ECA transaction are as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Revenue $ 167,093 $ 268,895 $ 284,085 Operating income (loss) 612 (7,748 ) (5,499 ) In the second quarter of 2015, Kaplan recorded a $6.9 million long-lived assets impairment charge in connection with the KHE Campuses business. In the third quarter of 2015, Kaplan sold Franklyn Scholar, which was part of Kaplan International. In the second quarter of 2015, the Company sold The Root, a component of Slate, and Kaplan sold two small businesses, Structuralia, which was part of Kaplan International, and Fire and EMS Training, which was part of Kaplan Higher Education. As a result of these sales, the Company reported net losses in other non-operating (expense) income (see Note 15). 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. In January 2016, Kaplan completed the sale of Colloquy, which is included in Kaplan Corporate and Other. 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. 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. Other. In January 2015, Celtic and Allegheny Health Network closed on the formation of a joint venture to combine each other’s home health and hospice assets in the western Pennsylvania region. Although Celtic manages the operations of the joint venture, Celtic holds a 40% interest in the joint venture, so the operating results of the joint venture are not consolidated and the pro rata operating results are included in the Company’s equity in earnings of affiliates. Celtic’s revenues from the western Pennsylvania region that are now part of the joint venture made up 29% of total Celtic revenues in 2014. The Company’s income from continuing operations excludes Cable ONE, the sold Kaplan China schools, WPLG, the Publishing Subsidiaries and The Herald, which have been reclassified to discontinued operations (see Note 3). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS In the third quarter of 2015, as a result of continued declines in student enrollments at KHE and the challenging industry operating environment, the Company performed an interim impairment review of its goodwill and long-lived assets at the KHE reporting unit. The KHE reporting unit failed the step one goodwill impairment test. As a result of the step two analysis, the Company recorded a $248.6 million goodwill impairment charge. The Company estimated the fair value of the KHE reporting unit utilizing a discounted cash flow model, supported by a market approach. A substantial portion of the impairment charge is due to the amount of unrecognized intangible assets identified in the step two analysis. In addition, in the fourth quarter of 2015, Kaplan recorded intangible asset impairment charges of $0.9 million related to one of the Kaplan International businesses and $0.5 million related to a KTP business. The fair values of these intangible assets were estimated using an income approach. In November 2015, the Company announced that Trove, a digital innovation team included in other businesses, would largely be integrated into SocialCode and that Trove’s existing offerings would be discontinued. In connection with this action, the Company recorded a $2.8 million goodwill impairment charge in the fourth quarter of 2015. 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. Amortization of intangible assets for the years ended December 31, 2015 , 2014 and 2013 , was $19.0 million , $18.2 million and $11.9 million , respectively. Amortization of intangible assets is estimated to be approximately $23 million in 2016 , $19 million in 2017 , $17 million in 2018 , $16 million in 2019 , $14 million in 2020 and $18 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. As a result of the Cable ONE spin-off, this gain is now reported in discontinued operations. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Cable Television Broadcasting Other Businesses Total 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 Measurement period adjustment — — — 4,570 4,570 Acquisitions 11,515 — — 60,071 71,586 Impairment (248,591 ) — — (2,810 ) (251,401 ) Dispositions (33,502 ) (85,488 ) — (7,819 ) (126,809 ) Foreign currency exchange rate changes (29,143 ) — — — (29,143 ) As of December 31, 2015 Goodwill 1,006,096 — 168,345 202,814 1,377,255 Accumulated impairment losses (350,850 ) — — (8,892 ) (359,742 ) $ 655,246 $ — $ 168,345 $ 193,922 $ 1,017,513 The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Higher Education Test Preparation Kaplan International Total 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 Acquisitions 11,515 — — 11,515 Impairment (248,591 ) — — (248,591 ) Dispositions (28,738 ) — (4,764 ) (33,502 ) Foreign currency exchange rate changes (204 ) — (28,939 ) (29,143 ) As of December 31, 2015 Goodwill 392,457 166,098 447,541 1,006,096 Accumulated impairment losses (248,591 ) (102,259 ) — (350,850 ) $ 143,866 $ 63,839 $ 447,541 $ 655,246 Other intangible assets consist of the following: As of December 31, 2015 As of December 31, 2014 (in thousands) Useful Life Range Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Amortized Intangible Assets Noncompete agreements 2–5 years $ 1,381 $ 1,012 $ 369 $ 2,500 $ 1,590 $ 910 Student and customer relationships 2–10 years 108,806 40,280 68,526 104,685 47,539 57,146 Databases and technology 3–5 years 4,617 4,114 503 10,501 8,827 1,674 Trade names and trademarks 2–10 years 53,848 23,941 29,907 55,452 19,724 35,728 Other 1–7 years (1) 10,095 2,209 7,886 8,969 7,480 1,489 $ 178,747 $ 71,556 $ 107,191 $ 182,107 $ 85,160 $ 96,947 Indefinite-Lived Intangible Assets Franchise agreements $ — $ 496,321 Trade names and trademarks 21,051 13,651 Licensure and accreditation 834 6,781 $ 21,885 $ 516,753 ____________ (1) The Company’s other amortized intangible assets maximum useful life was 25 years as of December 31, 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES (Loss) income from continuing operations before income taxes consists of the following: Year Ended December 31 (in thousands) 2015 2014 2013 U.S. $ (142,705 ) $ 1,025,101 $ 91,538 Non-U.S. 21,815 52,602 13,693 $ (120,890 ) $ 1,077,703 $ 105,231 The provision for income taxes on income from continuing operations consists of the following: (in thousands) Current Deferred Total Year Ended December 31, 2015 U.S. Federal $ 5,728 $ 20,890 $ 26,618 State and Local 402 (10,749 ) (10,347 ) Non-U.S. 2,441 1,788 4,229 $ 8,571 $ 11,929 $ 20,500 Year Ended December 31, 2014 U.S. Federal $ 215,450 $ 38,684 $ 254,134 State and Local 23,737 27,257 50,994 Non-U.S. 10,485 (3,313 ) 7,172 $ 249,672 $ 62,628 $ 312,300 Year Ended December 31, 2013 U.S. Federal $ 11,514 $ 26,568 $ 38,082 State and Local 4,614 (10,641 ) (6,027 ) Non-U.S. 10,015 (1,570 ) 8,445 $ 26,143 $ 14,357 $ 40,500 The provision for income taxes on continuing operations differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 35% to the (loss) income from continuing operations before taxes as a result of the following: Year Ended December 31 (in thousands) 2015 2014 2013 U.S. Federal taxes at statutory rate $ (42,311 ) $ 377,196 $ 36,831 State and local taxes, net of U.S. Federal tax (3,441 ) 38,106 (1,279 ) Valuation allowances against state tax benefits, net of U.S. Federal tax (3,285 ) (4,960 ) (2,638 ) Tax-free stock transactions — (91,540 ) — Tax provided on non-U.S. subsidiary earnings and distributions at more than the expected U.S. Federal statutory tax rate 2,688 2,186 767 Valuation allowances against non-U.S. income tax benefits 6,789 (2,477 ) 7,233 Australian tax benefit for capital loss on sale of stock (6,358 ) — — Goodwill impairments and dispositions 63,889 — — U.S. Federal Manufacturing Deduction tax benefits (625 ) (6,789 ) (1,858 ) Other, net 3,154 578 1,444 Provision for Income Taxes $ 20,500 $ 312,300 $ 40,500 During 2015 , 2014 and 2013 , in addition to the income tax provision for continuing operations presented above, the Company also recorded tax expense or benefits on discontinued operations. Income from discontinued operations and net (loss) gain on dispositions of discontinued operations have been reclassified from previously reported income from operations and reported separately as income from discontinued operations, net of tax. Tax expense of $27.8 million , $82.4 million , and $97.9 million were recorded in discontinued operations in 2015 , 2014 and 2013 , respectively. Deferred income taxes consist of the following: As of December 31 (in thousands) 2015 2014 Accrued postretirement benefits $ 13,763 $ 16,785 Other benefit obligations 108,349 122,241 Accounts receivable 12,840 17,925 State income tax loss carryforwards 19,550 17,942 U.S. Federal income tax loss carryforwards 5,007 2,368 U.S. Federal foreign income tax credit carryforwards 1,374 837 Non-U.S. income tax loss carryforwards 26,921 30,460 Non-U.S. capital loss carryforwards 10,055 — Other 44,858 50,134 Deferred Tax Assets 242,717 258,692 Valuation allowances (69,545 ) (65,521 ) Deferred Tax Assets, Net $ 173,172 $ 193,171 Property, plant and equipment 17,465 139,765 Prepaid pension cost 386,916 463,714 Unrealized gain on available-for-sale securities 39,010 34,764 Goodwill and other intangible assets 133,097 308,954 Deferred Tax Liabilities $ 576,488 $ 947,197 Deferred Income Tax Liabilities, Net $ 403,316 $ 754,026 The Company has $420.2 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) 2016 $ 4.7 2017 2.6 2018 9.5 2019 3.7 2020 4.8 2021 and after 394.9 Total $ 420.2 The Company has recorded at December 31, 2015 , $19.5 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 $14.2 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) 2016 $ 3.4 2017 2.5 2018 2.1 2019 2.0 2020 1.8 2021 and after 2.4 Total $ 14.2 The Company has established at December 31, 2015 , $5.0 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 $1.4 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, $0.8 million of these foreign tax credits will expire in 2023, and $0.6 million will expire in 2025. The Company has established at December 31, 2015 , $1.4 million of U.S. Federal deferred tax assets with respect to these U.S. Federal foreign tax credit carryforwards. The Company has $96.2 million of non-U.S. income tax loss carryforwards, as a result of operating losses and carryforwards obtained through prior stock acquisitions that are available to offset future non-U.S. taxable income and has recorded, with respect to these losses, $26.9 million in non-U.S. deferred income tax assets. The Company has established $26.8 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 $96.2 million of non-U.S. income tax loss carryforwards consist of $88.4 million in losses that may be carried forward indefinitely; $5.1 million of losses that, if unutilized, will expire in varying amounts through 2020 ; and $2.6 million of losses that, if unutilized, will start to expire after 2020 . The Company has $33.5 million of non-U.S. capital loss carryfowards, as a result of Kaplan Australia selling the stock of Franklyn Scholar in 2015 that may be carried forward indefinitely and are available to offset future Australian capital gains. The Company recorded a $10.1 million non-U.S. deferred income tax asset, and has established a full valuation allowance against this non-U.S. deferred tax asset since the Company has determined that it is more likely than not that the Australian capital loss carryforwards may not be fully utilized to reduce Australian taxable income in the future. 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, 2015 $ 65,521 $ 4,024 — $ 69,545 December 31, 2014 $ 72,767 $ 889 $ (8,135 ) $ 65,521 December 31, 2013 $ 78,109 $ 4,595 $ (9,937 ) $ 72,767 The Company has established $27.9 million in valuation allowances against deferred state tax assets recognized, net of U.S. Federal tax. As stated above, approximately $19.5 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 deferred 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 deferred 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 established $41.7 million in valuation allowances against non-U.S. deferred tax assets, and, as stated above, $26.8 million of the non-U.S. valuation allowances relate to non-U.S. income tax loss carryforwards and $10.1 million relate to non-U.S. capital 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, 2015 and 2014 , net U.S. Federal and state deferred income tax liabilities of about $17.5 million and $10.6 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 $71.8 million and $57.9 million at December 31, 2015 and 2014 , respectively; these differences would not result in any additional U.S. Federal and state deferred tax liabilities at December 31, 2015, and would result in approximately $1.4 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 . 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 and other businesses, and these are largely related to the education division’s operations in Australia. These non-U.S. 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 with respect to capital loss carryforwards to the 2013 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 2011. 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) 2015 2014 2013 Beginning unrecognized tax benefits $ 19,817 $ — $ — Increases related to current year tax positions — 19,817 — Increases related to prior year tax positions — — — Decreases related to prior year tax positions (2,486 ) — — Decreases related to settlement with tax authorities — — — Decreases due to lapse of applicable statutes of limitations — — — Ending unrecognized tax benefits $ 17,331 $ 19,817 $ — 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 $5.1 million state tax benefit, net of $1.8 million federal tax expense, will reduce the effective tax rate in the future if recognized. The Company identified and corrected a 2014 classification error in the tax footnote related to the presentation of state unrecognized tax benefits where state net operating loss carryforwards exist. The Company assessed the classification error and concluded it was not material to 2014. The Company classifies interest and penalties related to uncertain tax positions as a component of interest and other expenses, respectively. As of December 31, 2015 , the Company has accrued $0.3 million of interest related to the unrecognized tax benefits. The Company has not accrued any penalties related to the unrecognized tax benefits. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company’s borrowings consist of the following: As of December 31 (in thousands) 2015 2014 7.25% unsecured notes due February 1, 2019 $ 398,722 $ 398,308 AUD Revolving credit borrowing — 40,927 Other indebtedness 1,204 6,685 Total Debt 399,926 445,920 Less: current portion — (46,375 ) Total Long-Term Debt $ 399,926 $ 399,545 The Company did not borrow funds under its USD revolving credit facility in 2015 or 2014 . The Company’s other indebtedness at December 31, 2015 , is at an interest rate of 6% and matures in 2017 . The Company’s other indebtedness at December 31, 2014 , is at interest rates of 0% to 6% and matures between 2015 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. In June 2015, Cable ONE issued $550 million in debt. With the Cable ONE spin-off effective on July 1, 2015, the Cable ONE debt is no longer an obligation of the Company. On June 17, 2015, the Company terminated its U.S. $450 million , AUD 50 million four-year revolving credit facility dated June 17, 2011. No borrowings were outstanding under the 2011 Credit Agreement at the time of termination. On June 29, 2015, the Company entered into a credit agreement (the Credit Agreement) providing for a new U.S. $200 million five-year revolving credit facility (the Facility) with each of the lenders party thereto, Wells Fargo Bank, National Association as Administrative Agent (Wells Fargo), JPMorgan Chase Bank, N.A., as Syndication Agent, and HSBC Bank USA, National Association, as Documentation Agent (the Credit Agreement). The Company is required to pay a commitment fee on a quarterly basis, based on the Company’s leverage ratio, of between 0.15% and 0.25% of the amount of the Facility. Any borrowings are made on an unsecured basis and bear interest at the Company’s option, either at (a) a fluctuating interest rate equal to the highest of Wells Fargo’s prime rate, 0.50 percent above the Federal funds rate or the one-month Eurodollar rate plus 1% , or (b) the Eurodollar rate for the applicable interest period as defined in the Credit Agreement, which is generally a periodic rate equal to LIBOR, in each case plus an applicable margin that depends on the Company’s consolidated debt to consolidated adjusted EBITDA (as determined pursuant to the Credit Agreement, “leverage ratio”). The Company may draw on the Facility for general corporate purposes. The Facility will expire on July 1, 2020, 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 requires the Company to maintain a leverage ratio of not greater than 3.5 to 1.0 and a consolidated interest coverage ratio of at least 3.5 to 1.0 based upon the ratio of consolidated adjusted EBITDA to consolidated interest expense as determined pursuant to the Credit Agreement. As of December 31, 2015 , the Company is in compliance with all financial covenants. 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 paid the Company variable interest on the AUD 50 million notional amount at the three-month bank bill rate, and the Company paid 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 qualified as a cash flow hedge. As such, any changes in the fair value of these interest rate swaps were recorded in other comprehensive income on the Consolidated Balance Sheets until earnings were affected by the variability of cash flows. On March 9, 2015, the Company repaid the AUD 50 million borrowed under its revolving credit facility. On the same day, the AUD 50 million interest rate swap agreements matured. During 2015 and 2014 , the Company had average borrowings outstanding of approximately $428.4 million and $450.9 million , respectively, at average annual interest rates of approximately 7.1% and 7.0% , respectively. The Company incurred net interest expense of $30.7 million , $33.4 million and $33.7 million during 2015 , 2014 and 2013 , respectively. At December 31, 2015 and 2014 , the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $436.6 million and $450.3 million , respectively, compared with the carrying amount of $398.7 million and $398.3 million . The carrying value of the Company’s other unsecured debt at December 31, 2015 , approximates fair value. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in thousands) Level 1 Level 2 Total Assets Money market investments (1) $ — $ 433,040 $ 433,040 Marketable equity securities (3) 350,563 — 350,563 Other current investments (4) 12,822 16,060 28,882 Total Financial Assets $ 363,385 $ 449,100 $ 812,485 Liabilities Deferred compensation plan liabilities (5) $ — $ 48,055 $ 48,055 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 Interest rate swap (6) — 179 179 Total Financial Liabilities $ — $ 70,840 $ 70,840 ____________ (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. For the year ended December 31, 2015, the Company recorded goodwill and other long-lived assets impairment charges of $259.7 million . 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. 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. The Company used a discounted cash flow model to determine the estimated fair value of the reporting unit. A market value approach was also utilized to supplement the discounted cash flow model. The Company made estimates and assumptions regarding future cash flows, discount rates, long-term growth rates and market values to determine the reporting unit’s estimated fair value. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity [Abstract] | |
Redeemable Preferred Stock | REDEEMABLE PREFERRED STOCK On October 1, 2015, the Company redeemed its Series A preferred stock with a par value of $1.00 per share and a liquidation preference of $1,000 per share. The 10,510 shares outstanding were redeemed at the redemption price of $1,000 per share for $10.5 million . Prior to redemption, dividends on the Series A preferred stock were 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 was not convertible into any other security of the Company, and the holders thereof had no voting rights except with respect to any proposed changes in the preferences and special rights of such stock. |
Capital Stock, Stock Awards, an
Capital Stock, Stock Awards, and Stock Options | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014 , the Company’s Class A shareholders converted 10,822 , or 1% , and 194,250 , or 17% , 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. During 2015 and 2013 , the Company purchased a total of 46,226 and 33,024 shares, respectively, of its Class B common stock at a cost of approximately $23.0 million and $17.7 million , respectively. As part of the exchange transaction with Berkshire in 2014 , the Company acquired 1,620,190 shares of its Class B common stock at a cost of approximately $1,165.4 million . On May 14, 2015, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock. The Company did not announce a ceiling price or time limit for the purchases. The authorization included 159,219 shares that remained under the previous authorization. At December 31, 2015 , the Company had remaining authorization from the Board of Directors to purchase up to 453,774 shares of Class B common stock. Shares acquired as part of the exchange transaction received separate authorization by the Company’s Board of Directors. 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, 2015 , there were 4,625 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. As a result of the Cable ONE spin-off, the number of Class B common stock authorized for issuance under the 2012 Plan was increased from 500,000 shares to 772,588 shares. The individual award limit under the 2012 Plan was also increased from 50,000 shares to 77,258 shares per calendar year. At December 31, 2015 , there were 624,839 shares reserved for issuance under the 2012 incentive compensation plan. Of this number, 181,553 shares were subject to stock awards and stock options outstanding and 443,286 shares were available for future awards. Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2015 was as follows: Number of Shares Average Grant-Date Fair Value Beginning of year, unvested 117,111 $ 463.64 Awarded 47,245 935.28 Vested (45,638 ) 684.97 Forfeited (37,243 ) 491.42 End of Year, Unvested 81,475 637.70 In connection with the spin-off of Cable ONE, the Company modified the terms of 10,830 restricted stock awards in the second quarter of 2015 affecting 21 Cable ONE employees. The modification resulted in the acceleration of the vesting period of 6,324 restricted stock awards and the forfeiture of 4,506 restricted stock awards, the effects of which are reflected in the above activity. The Company recorded incremental stock compensation expense, net of forfeitures, in the second quarter of 2015 amounting to $3.7 million , which is reflected in discontinued operations in the Company’s consolidated financial statements. The spin-off also resulted in a modification of some of the Company’s outstanding restricted stock awards. The holders of restricted stock awards received Cable ONE restricted common stock, on a pro rata basis, as part of the distribution. The modification of the restricted stock awards resulted in an estimated incremental stock compensation expense of $3.0 million that will be recognized over the remaining service periods of the unvested restricted stock awards through the end of 2018. In the fourth quarter of 2015, the Company also modified the terms of an additional 9,800 restricted stock awards affecting one now former employee. The modification resulted in the acceleration of the vesting period of 9,412 restricted stock awards and the forfeiture of 388 restricted stock awards, the effects of which are reflected in the above activity. As a result, the Company recorded incremental stock compensation expense, net of forfeitures, of $6.0 million . 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 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, 2015 , the aforementioned restriction will lapse in 2016 for 10,675 shares, in 2017 for 29,850 shares, in 2018 for 14,450 shares and in 2019 for 26,500 shares. Also, in early 2016 , the Company issued stock awards of 200 shares. Stock-based compensation costs resulting from Company stock awards were $25.3 million , $15.4 million and $35.2 million in 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , there was $29.4 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 1.8 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, 2015 , there were 87,019 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 2015 and 2014, grants were issued which vest over six years. Activity related to options outstanding for the year ended December 31, 2015 was as follows: Number of Shares Average Option Price Beginning of year 151,694 $ 682.68 Granted 5,000 871.86 Exercised (25,925 ) 421.72 Expired or forfeited (750 ) 376.79 Outstanding before spin-off of Cable ONE 130,019 743.75 Outstanding after spin-off of Cable ONE (1) 200,895 $ 481.34 Granted 24,742 866.58 Exercised (14,602 ) 278.54 Expired or forfeited (19,313 ) 426.80 End of Year 191,722 552.00 ____________ (1) Adjusted due to the anti-dilution provision added as a result of the spin-off of Cable ONE. In connection with the spin-off of Cable ONE, the Company modified outstanding stock options to add an antidilution provision. This resulted in an incremental stock compensation expense of $23.5 million , of which $18.8 million related to fully vested stock options was recognized as a one-time expense in the third quarter of 2015, with the remaining $4.7 million to be recognized over the remaining service periods of the unvested stock options through the end of 2018. The $18.8 million expense is included in the Company’s corporate office segment results and in selling, general and administrative in the Consolidated Statements of Operations. 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 Statements of Operations in 2013. Of the shares covered by options outstanding at the end of 2015 , 101,826 are now exercisable; 17,772 will become exercisable in 2016 ; 17,000 will become exercisable in 2017 ; 17,000 will become exercisable in 2018 ; 17,000 will become exercisable in 2019 ; 17,000 will become exercisable in 2020; and 4,124 will become exercisable in 2021. For 2015 , 2014 and 2013 , the Company recorded expense of $22.9 million , $2.7 million and $3.5 million related to stock options, respectively. Information related to stock options outstanding and exercisable at December 31, 2015 , is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Shares Outstanding at 12/31/2015 Weighted Average Remaining Contractual Life (years) Weighted Shares Exercisable at 12/31/2015 Weighted Weighted $239–284 9,374 4.6 $ 255.69 8,602 4.3 $ 256.69 325 77,258 5.1 325.26 77,258 5.1 325.26 422 3,090 2.4 421.91 3,090 2.4 421.91 719 77,258 8.8 719.15 12,876 8.8 719.15 805–872 24,742 9.9 866.58 — — — 191,722 7.2 552.00 101,826 5.5 372.21 At December 31, 2015 , the intrinsic value for all options outstanding, exercisable and unvested was $14.7 million , $14.5 million and $0.2 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 $484.97 at December 31, 2015 . At December 31, 2015 , there were 89,896 unvested options related to this plan with an average exercise price of $755.65 and a weighted average remaining contractual term of 9.1 years. At December 31, 2014 , there were 81,500 unvested options with an average exercise price of $863.72 and a weighted average remaining contractual term of 8.9 years. As of December 31, 2015 , total unrecognized stock-based compensation expense related to stock options was $10.7 million , which is expected to be recognized on a straight-line basis over a weighted average period of approximately 5.0 years. There were 40,527 options exercised during 2015 . The total intrinsic value of options exercised during 2015 was $19.5 million ; a tax benefit from these stock option exercises of $7.8 million was realized. 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 option exercises of $1.3 million was realized. During 2015 and 2014, the Company granted 24,742 and 50,000 options at an exercise price above the fair market value of its common stock at the date of grant, respectively. All other options granted during 2015 and 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 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 2015 , 2014 and 2013 was $155.00 , $178.95 and $91.74 , respectively. The fair value of options at date of grant was estimated using the Black-Scholes method utilizing the following assumptions: 2015 2014 2013 Expected life (years) 7–8 7–8 7 Interest rate 1.88%–2.17% 2.15%–2.45% 1.31% Volatility 31.59%–32.69% 30.75%–32.10% 31.80% Dividend yield 0.81%–1.18% 1.30%–1.54% 2.63% 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, 2015 , 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 2016 , the committee set the fair value price at $1,240 per share. During 2015 and 2013, respectively, 2,500 and 5,000 options were awarded to a Kaplan senior manager at a price of $1,180 and $973 per share, respectively, that would have vested over a four -year period. No options were awarded during 2014 ; no options were exercised during 2015 , 2014 or 2013 ; and due to 2015 forfeitures, there were no options outstanding at December 31, 2015 . Kaplan recorded a stock compensation credit of $1.8 million in 2015 , and expense of $0.9 million and $2.9 million in 2014 and 2013 , respectively. At December 31, 2015 , the Company’s accrual balance related to the Kaplan restricted shares totaled $8.9 million . There were no payouts in 2015 , 2014 or 2013 . 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) 2015 2014 2013 Numerator: Numerator for basic (loss) earnings per share: (Loss) income from continuing operations attributable to Graham Holdings Company common stockholders $ (143,456 ) $ 765,139 $ 63,396 Less: Dividends paid–common stock outstanding and unvested restricted shares (53,090 ) (67,267 ) — Undistributed (losses) earnings (196,546 ) 697,872 63,396 Percent allocated to common stockholders (1) 100.00 % 97.98 % 98.45 % (196,546 ) 683,780 62,413 Add: Dividends paid–common stock outstanding 52,050 66,012 — Numerator for (loss) earnings per share (144,496 ) 749,792 62,413 Add: Additional undistributed earnings due to dilutive stock options — 64 2 Numerator for diluted (loss) earnings per share $ (144,496 ) $ 749,856 $ 62,415 Denominator: Denominator for basic (loss) earnings per share: Weighted average shares outstanding 5,727 6,470 7,238 Add: Effect of dilutive stock options — 27 12 Denominator for diluted (loss) earnings per share 5,727 6,497 7,250 Graham Holdings Company Common Stockholders: Basic (loss) earnings per share from continuing operations $ (25.23 ) $ 115.88 $ 8.62 Diluted (loss) earnings per share from continuing operations $ (25.23 ) $ 115.40 $ 8.61 ____________ (1) Percent of undistributed losses allocated to common stockholders is 100% in 2015 as participating securities are not contractually obligated to share in losses. Diluted (loss) 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) 2015 2014 2013 Weighted average restricted stock 52 62 83 Weighted average stock options 39 — — The 2015 , 2014 and 2013 diluted earnings per share amounts exclude the effects of 102,000 , 52,000 and 10,000 stock options outstanding, respectively, as their inclusion would have been antidilutive. The 2015 , 2014 and 2013 diluted earnings per share amounts also exclude the effects of 6,250 , 5,175 and 5,500 restricted stock awards, respectively, as their inclusion would have been antidilutive. In 2015 and 2014 , the Company declared regular dividends totaling $9.10 and $10.20 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 Plan
Pension and Postretirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
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. Cable ONE Spin-Off. On July 1, 2015, as part of the spin-off, Cable ONE assumed the liability related to their employees participating in the Company’s SERP. The Company also eliminated the accrual of pension benefits for all Cable ONE employees related to their future service. As a result of the spin-off of Cable ONE, the Company remeasured the accumulated and projected benefit obligation of the pension plan and SERP as of July 1, 2015, and recorded curtailment and settlement gains. The new measurement basis was used for the recognition of the SERP cost recorded in the third quarter of 2015 and the pension benefit recorded for the first two months of the third quarter of 2015. The curtailment gain on the spin-off of Cable ONE is included in income from discontinued operations, net of tax. The settlement gain on the spin-off of Cable ONE is included in the SERP liability distributed to Cable ONE (see Note 3). KHE Campuses Sale. On September 3, 2015, the Company eliminated the accrual of pension benefits for almost all of the KHE Campuses employees related to their future service. As a result, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of September 3, 2015, and the Company recorded a curtailment gain in the third quarter of 2015. The new measurement basis was used for the recognition of the Company’s pension benefit beginning in September 2015. The curtailment gain on the sale of the KHE Campuses is included in the loss on the sale of the KHE Campuses and reported in other (expense) income, net in the Consolidated Statement of Operations. 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, 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 fourth quarter of 2015, the Company recorded $0.9 million related to a Special Incentive Program for certain Corporate employees, which is being funded from the assets of the Company’s pension plan. In the third quarter of 2015, the Company recorded $3.7 million related to a Special Incentive Program for certain Kaplan employees, which is being funded from the assets of the Company’s pension plan. In the first quarter of 2014, the Company recorded $4.5 million related to a Separation Incentive Program for certain Corporate employees, which was 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 was 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 was funded from the assets of the Company’s pension plan. The 2013 early retirement program and special separation benefit expenses are included in income from discontinued operations, net of tax. 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) 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 1,317,480 $ 1,126,344 Service cost 26,294 27,792 Interest cost 52,613 51,825 Amendments 4,606 8,374 Actuarial (gain) loss (57,834 ) 172,548 Benefits paid (85,542 ) (69,854 ) Curtailment (3,319 ) — Settlement — 451 Benefit Obligation at End of Year $ 1,254,298 $ 1,317,480 Change in Plan Assets Fair value of assets at beginning of year $ 2,469,968 $ 2,371,849 Actual return on plan assets (150,158 ) 167,154 Benefits paid (85,542 ) (69,854 ) Settlement — 819 Fair Value of Assets at End of Year $ 2,234,268 $ 2,469,968 Funded Status $ 979,970 $ 1,152,488 SERP As of December 31 (in thousands) 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 116,083 $ 91,169 Service cost 1,946 1,493 Interest cost 4,550 4,397 Amendments — 4,022 Actuarial (gain) loss (6,544 ) 19,168 Benefits paid (6,083 ) (4,166 ) Curtailment (4,948 ) — Benefit Obligation at End of Year $ 105,004 $ 116,083 Change in Plan Assets Fair value of assets at beginning of year $ — $ — Employer contributions and other 6,083 4,166 Benefits paid (6,083 ) (4,166 ) Fair Value of Assets at End of Year $ — $ — Funded Status $ (105,004 ) $ (116,083 ) The accumulated benefit obligation for the Company’s pension plans at December 31, 2015 and 2014 , was $1,219.7 million and $1,281.5 million , respectively. The accumulated benefit obligation for the Company’s SERP at December 31, 2015 and 2014 , was $102.5 million and $114.1 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) 2015 2014 2015 2014 Noncurrent asset $ 979,970 $ 1,152,488 $ — $ — Current liability — — (5,442 ) (6,275 ) Noncurrent liability — — (99,562 ) (109,808 ) Recognized Asset (Liability) $ 979,970 $ 1,152,488 $ (105,004 ) $ (116,083 ) Key assumptions utilized for determining the benefit obligation are as follows: Pension Plans SERP As of December 31 As of December 31 2015 2014 2015 2014 Discount rate 4.3 % 4.0 % 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % 4.0 % 4.0 % The Company made no contributions to its pension plans in 2015 , 2014 and 2013 , and the Company does no t expect to make any contributions in 2016 . The Company made contributions to its SERP of $6.1 million and $4.2 million for the years ended December 31, 2015 and 2014 , respectively. As the plan is unfunded, the Company makes contributions to the SERP based on actual benefit payments. At December 31, 2015 , future estimated benefit payments, excluding charges for early retirement programs, are as follows: (in thousands) Pension Plans SERP 2016 $ 87,688 $ 5,563 2017 $ 81,694 $ 5,650 2018 $ 78,356 $ 5,986 2019 $ 77,389 $ 6,314 2020 $ 77,209 $ 6,368 2021–2025 $ 389,597 $ 33,315 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) 2015 2014 2013 Service cost $ 26,294 $ 27,792 $ 46,115 Interest cost 52,613 51,825 55,821 Expected return on assets (130,571 ) (120,472 ) (105,574 ) Amortization of prior service cost 320 329 2,809 Recognized actuarial (gain) loss (11,925 ) (28,880 ) 2,756 Net Periodic (Benefit) Cost for the Year (63,269 ) (69,406 ) 1,927 Curtailment (3,267 ) — (43,930 ) Settlement — — 39,995 Early retirement programs and special separation benefit expense 4,606 8,374 22,700 Total (Benefit) Cost for the Year $ (61,930 ) $ (61,032 ) $ 20,692 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial loss (gain) $ 222,894 $ 125,866 $ (750,328 ) Amortization of prior service cost (320 ) (329 ) (2,809 ) Recognized net actuarial gain (loss) 11,925 28,880 (2,756 ) Curtailment and settlement (51 ) (368 ) 94,520 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ 234,448 $ 154,049 $ (661,373 ) Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) $ 172,518 $ 93,017 $ (640,681 ) SERP Year Ended December 31 (in thousands) 2015 2014 2013 Service cost $ 1,946 $ 1,493 $ 1,612 Interest cost 4,550 4,397 4,148 Amortization of prior service cost 457 47 55 Recognized actuarial loss 3,015 1,544 2,481 Net Periodic Cost for the Year 9,968 7,481 8,296 Special separation benefit expense — 2,422 — Settlement — — (2,575 ) Total Cost for the Year $ 9,968 $ 9,903 $ 5,721 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial (gain) loss $ (6,544 ) $ 19,168 $ (9,180 ) Current year prior service cost — 1,600 — Amortization of prior service cost (457 ) (47 ) (55 ) Recognized net actuarial loss (3,015 ) (1,544 ) (2,481 ) Curtailment and settlement (834 ) — (2,798 ) Total Recognized in Other Comprehensive Income (Before Tax Effects) $ (10,850 ) $ 19,177 $ (14,514 ) Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects) $ (882 ) $ 29,080 $ (8,793 ) The net periodic (benefit) cost for the Company’s pension plans, as reported above, includes pension cost of $1.9 million , $3.7 million and $22.7 million reported in discontinued operations for 2015 , 2014 and 2013 , respectively. The net periodic cost for the Company’s SERP, as reported above, includes cost of $0.2 million , $0.5 million and $1.4 million reported in discontinued operations for 2015 , 2014 and 2013 , respectively. The curtailment gain of $2.2 million related to the Cable ONE spin-off is also included in discontinued operations for 2015. The curtailment gain of $1.1 million related to the sale of the KHE Campuses business is included in other (expense) income, net. The early retirement programs and special separation benefit expenses are also included in discontinued operations for 2013 . 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 2015 2014 2013 2015 2014 2013 Discount rate (1) 4.4%/4.0% 4.8% 4.0% 4.4%/4.0% 4.8% 4.0% Expected return on plan assets 6.5% 6.5% 6.5% — — — Rate of compensation increase 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% ___________ _ (1) As a result of the spin-off of Cable ONE and the sale of the KHE Campuses business, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of July 1, 2015 and September 3, 2015, respectively. As a result of the spin-off of Cable ONE, the accumulated and projected benefit obligation of the SERP was remeasured as of July 1, 2015. The remeasurement changed the discount rate from 4.0% for the first six months to 4.4% for the second half of 2015. 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) 2015 2014 2015 2014 Unrecognized actuarial (gain) loss $ (451,076 ) $ (685,895 ) $ 26,497 $ 36,890 Unrecognized prior service cost 662 1,033 1,232 1,689 Gross Amount (450,414 ) (684,862 ) 27,729 38,579 Deferred tax liability (asset) 180,166 273,945 (11,091 ) (15,432 ) Net Amount $ (270,248 ) $ (410,917 ) $ 16,638 $ 23,147 During 2016 , the Company expects to recognize the following amortization components of net periodic cost for the defined benefit plans: 2016 (in thousands) Pension Plans SERP Actuarial loss recognition $ — $ 2,329 Prior service cost recognition $ 291 $ 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 2015 2014 U.S. equities 62 % 59 % U.S. fixed income 13 % 13 % International equities 25 % 28 % 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 at the time of purchase 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, 2015 , 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, 2015 . 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, 2015 and 2014 , the pension plan held common stock in two investments that exceeded 10% of total plan assets. These investments were valued at $562.6 million and $730.6 million at December 31, 2015 and 2014 , respectively, or approximately 25% and 30% , respectively, of total plan assets. At December 31, 2015 and 2014 , the pension plan held investments in one foreign country that exceeded 10% of total plan assets. These investments were valued at $332.4 million and $468.0 million at December 31, 2015 and 2014 , respectively, or approximately 15% and 19% , 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, 2015 (in thousands) Level 1 Level 2 Total Cash equivalents and other short-term investments $ 256,364 $ 33,909 $ 290,273 Equity securities U.S. equities 1,378,158 — 1,378,158 International equities 564,263 — 564,263 Total Investments $ 2,198,785 $ 33,909 $ 2,232,694 Receivables 1,574 Total $ 2,234,268 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 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. 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) 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 41,957 $ 40,014 Service cost 1,331 1,500 Interest cost 1,299 1,448 Actuarial (gain) loss (5,296 ) 4,448 Curtailment — (932 ) Benefits paid, net of Medicare subsidy (1,900 ) (4,521 ) Benefit Obligation at End of Year $ 37,391 $ 41,957 Change in Plan Assets Fair value of assets at beginning of year $ — $ — Employer contributions 1,900 4,521 Benefits paid, net of Medicare subsidy (1,900 ) (4,521 ) Fair Value of Assets at End of Year $ — $ — Funded Status $ (37,391 ) $ (41,957 ) 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) 2015 2014 Current liability $ (3,444 ) $ (3,995 ) Noncurrent liability (33,947 ) (37,962 ) Recognized Liability $ (37,391 ) $ (41,957 ) The discount rates utilized for determining the benefit obligation at December 31, 2015 and 2014 , for the postretirement plans were 3.45% and 3.25% , respectively. The assumed health care cost trend rate used in measuring the postretirement benefit obligation at December 31, 2015 , was 7.54% for pre-age 65, decreasing to 4.5% in the year 2024 and thereafter. The assumed health care cost trend rate used in measuring the postretirement benefit obligation at December 31, 2015 , was 9.18% for post-age 65, decreasing to 4.5% in the year 2024 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 $ 2,195 $ (2,001 ) Service cost plus interest cost $ 260 $ (229 ) The Company made contributions to its postretirement benefit plans of $1.9 million and $4.5 million for the years ended December 31, 2015 and 2014 , respectively. As the plans are unfunded, the Company makes contributions to its postretirement plans based on actual benefit payments. At December 31, 2015 , future estimated benefit payments are as follows: (in thousands) Postretirement Plans 2016 $ 3,444 2017 $ 3,482 2018 $ 3,381 2019 $ 3,385 2020 $ 3,654 2021–2025 $ 16,922 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) 2015 2014 2013 Service cost $ 1,331 $ 1,500 $ 2,488 Interest cost 1,299 1,448 1,848 Amortization of prior service credit (502 ) (783 ) (4,247 ) Recognized actuarial gain (996 ) (2,076 ) (2,141 ) Net Periodic Cost (Benefit) 1,132 89 (2,052 ) Curtailment — (1,292 ) (41,623 ) Settlement — — (11,927 ) Total Cost (Benefit) for the Year $ 1,132 $ (1,203 ) $ (55,602 ) Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial (gain) loss $ (5,296 ) $ 4,448 $ (3,298 ) Amortization of prior service credit 502 783 4,247 Recognized actuarial gain 996 2,076 2,141 Curtailment and settlement — 360 32,329 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ (3,798 ) $ 7,667 $ 35,419 Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) $ (2,666 ) $ 6,464 $ (20,183 ) The net periodic cost (benefit), as reported above, includes a benefit of $2.9 million included in discontinued operations for 2013 . 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. 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, 2015 , 2014 and 2013 , were 3.25% , 3.80% and 3.30% , respectively. AOCI included the following components of unrecognized net periodic benefit for the postretirement plans: As of December 31 (in thousands) 2015 2014 Unrecognized actuarial gain $ (11,704 ) $ (7,404 ) Unrecognized prior service credit (661 ) (1,163 ) Gross Amount (12,365 ) (8,567 ) Deferred tax liability 4,946 3,427 Net Amount $ (7,419 ) $ (5,140 ) During 2016 , the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans: (in thousands) 2016 Actuarial gain recognition $ (1,502 ) Prior service credit recognition $ (335 ) Multiemployer Pension Plans . In 2015 and 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. The Company’s total contributions to all multiemployer pension plans amounted to $0.1 million in each year for 2015 , 2014 and 2013 . Savings Plans. The Company recorded expense associated with retirement benefits provided under incentive savings plans (primarily 401(k) plans) of approximately $7.6 million in 2015 , $8.6 million in 2014 and $8.0 million in 2013 . |
Other Non-Operating (Expense) I
Other Non-Operating (Expense) Income | 12 Months Ended |
Dec. 31, 2015 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Non-Operating (Expense) Income | OTHER NON-OPERATING (EXPENSE) INCOME A summary of non-operating (expense) income is as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Net losses on sales of businesses $ (23,335 ) $ — $ — Gain on sale of property, plant and equipment 21,379 127,670 — Foreign currency losses, net (15,564 ) (11,129 ) (13,382 ) Gain on formation of a joint venture 5,972 — — Gain on sale of Classified Ventures 4,827 396,553 — Gain on Berkshire marketable equity securities exchange — 266,733 — Losses on sales or write-downs of cost method investments, net (1,124 ) (94 ) (1,761 ) Losses on sales or write-down of marketable equity securities (14 ) (3,044 ) (9,559 ) Other, net (764 ) 1,321 951 Total Other Non-Operating (Expense) Income $ (8,623 ) $ 778,010 $ (23,751 ) In the fourth quarter of 2015, the Company sold a portion of the Robinson Terminal real estate remaining from the sale of the Publishing Subsidiaries, for a gain of $21.4 million . In the third quarter of 2015, Kaplan sold the KHE Campuses business, and Franklyn Scholar, which was part of Kaplan International, for a total loss of $26.3 million . In the second quarter of 2015, the Company sold The Root and Kaplan sold two small businesses for a total gain of $2.9 million . In the second quarter of 2015, the Company benefited from a favorable $4.8 million out of period adjustment to the gain on the sale of Classified Ventures related to the fourth quarter of 2014. With respect to this error, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2015 and 2014 and the related interim periods, based on its consideration of quantitative and qualitative factors. In January 2015, Celtic contributed assets to a joint venture entered into with AHN in exchange for a 40% equity interest, resulting in the Company recording a $6.0 million gain (see Note 7). The Company used an income and market approach to value the equity interest. The measurement of the equity interest in the joint venture is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. 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 was 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. 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 Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ (18,898 ) $ — $ (18,898 ) Adjustment for sales of businesses with foreign operations 5,501 — 5,501 (13,397 ) — (13,397 ) Unrealized gains on available-for-sale securities: Unrealized gains for the year 10,620 (4,248 ) 6,372 Reclassification adjustment for realization of gain on sale of available-for-sale securities included in net income (4 ) 2 (2 ) 10,616 (4,246 ) 6,370 Pension and other postretirement plans: Actuarial loss (211,054 ) 84,421 (126,633 ) Amortization of net actuarial gain included in net income (9,906 ) 3,962 (5,944 ) Amortization of net prior service cost included in net income 275 (110 ) 165 Curtailments and settlements included in net income 51 (21 ) 30 Curtailments and settlements included in distribution to Cable ONE 834 (333 ) 501 (219,800 ) 87,919 (131,881 ) Cash flow hedge: Gain for the year 179 (71 ) 108 Other Comprehensive Loss $ (222,402 ) $ 83,602 $ (138,800 ) 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 The accumulated balances related to each component of other comprehensive (loss) income are as follows: (in thousands, net of taxes) Cumulative Foreign Currency Translation Adjustment Unrealized Gain on Available-for- Sale Securities Unrealized Gain on Pensions and Other Postretirement Plans Cash Flow Hedge Accumulated Other Comprehensive Income 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 Other comprehensive (loss) income before reclassifications (18,898 ) 6,372 (126,132 ) 29 (138,629 ) Net amount reclassified from accumulated other comprehensive income 5,501 (2 ) (5,749 ) 79 (171 ) Net other comprehensive (loss) income (13,397 ) 6,370 (131,881 ) 108 (138,800 ) As of December 31, 2015 $ (4,849 ) $ 58,500 $ 261,029 $ — $ 314,680 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) 2015 2014 2013 Foreign Currency Translation Adjustments: Adjustment for sales of businesses with foreign operations $ 5,501 $ (404 ) $ — (1) Unrealized Gains on Available-for-Sale Securities: Realized (gain) loss for the year (4 ) (265,274 ) 9,554 Other (expense) income, net 2 106,110 (3,822 ) (2) (2 ) (159,164 ) 5,732 Net of tax Pension and Other Postretirement Plans: Amortization of net actuarial (gain) loss (9,906 ) (29,412 ) 3,096 (3) Amortization of net prior service cost (credit) 275 (407 ) (1,383 ) (3) Curtailment gains 51 — — (3) (9,580 ) (29,819 ) 1,713 Before tax 3,831 11,928 (685 ) Income taxes (5,749 ) (17,891 ) 1,028 Net of tax Cash Flow Hedge 132 847 816 Interest expense (53 ) (339 ) (326 ) Provision for income taxes 79 508 490 Net of tax Total reclassification for the year $ (171 ) $ (176,951 ) $ 7,250 Net of tax ___________ _ (1) The amount for 2015 was recorded in other (expense) income, net and the amount for 2014 was recorded in income from discontinued operations, net of tax. (2) 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 2015 and 2013 were recorded in Provision for Income Taxes. (3) 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, 2015 | |
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, 2015 , future minimum rental payments under noncancelable operating leases approximate the following: (in thousands) 2016 $ 106,253 2017 95,675 2018 80,188 2019 69,839 2020 54,351 Thereafter 214,050 $ 620,356 Minimum payments have not been reduced by minimum sublease rentals of $98.7 million due in the future under noncancelable subleases. Rent expense under operating leases, including a portion reported in discontinued operations, was approximately $102.6 million , $105.5 million and $118.5 million in 2015 , 2014 and 2013 , respectively. Sublease income was approximately $6.7 million , $5.4 million and $5.4 million in 2015 , 2014 and 2013 , 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, 2015 , such commitments amounted to approximately $21.8 million . If such programs are not produced, the Company’s commitment would expire without obligation. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 former 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. However, to date, the ED has not issued the final report. At this time, Kaplan cannot predict the contents of the pending final program review determination or the ultimate impact the proceedings may have on Kaplan. 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 Circuit. Arguments on both appeals were heard on February 3, 2015. On March 11, 2015, the appellate court issued a decision affirming the lower court’s dismissal of all of Gillespie’s claims and three of the four Diaz claims, but reversing and remanding on Diaz’s claim that incentive compensation for admissions representatives was improperly based solely on enrollment counts. Kaplan filed an answer to Diaz’s amended complaint on September 11, 2015. Kaplan filed a motion to dismiss, and a hearing was held on December 17, 2015. Based on a recent appellate court ruling, the judge requested further details on the pending motion related to the first-to-file bar to Diaz’s complaint. Pending a ruling on the motion, the court allowed discovery to proceed. Kaplan is preparing initial disclosures. 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 was again granted summary judgment on March 9, 2015. Plaintiff has appealed this judgment and briefing is ongoing. Despite the sale of the nationally accredited Kaplan Higher Education Campuses business, Kaplan retains liability for these claims. 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 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 former 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 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. On July 23, 2015, Kaplan reached agreement with the Attorney General’s office to resolve the matter for $1,375,000 , with the settlement taking the form of an Assurance of Discontinuance. Kaplan admitted no wrongdoing, vigorously disputes the allegations made by the Massachusetts Attorney General and denies all claims that its business conduct in Massachusetts was in any way unfair or deceptive. 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’ former 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 higher 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 (HEA), 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, representations made to current and prospective students, 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. Prior to the sale of the KHE Campuses business in September 2015, in accordance with ED regulations, some KHE schools operated individually, while others were 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 was assigned its own identification number, known as an OPEID number. As a result, as of the end of 2014, the schools in KHE had a total of 25 OPEID numbers. As a result of the sale of the KHE Campuses business in September 2015, at the end of 2015, the schools remaining in KHE have a total of 3 OPEID numbers. By the end of June 2016, KHE will have only one OPEID number for Kaplan University. 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, 2015 , 2014 and 2013 , approximately $628 million , $806 million and $819 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. On February 23, 2015, the ED began a review of Kaplan University. The review 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. On December 17, 2015, Kaplan University received a notice from the ED that it had been placed on provisional certification status until September 30, 2018, in connection with the open and ongoing ED program review. The ED has not notified Kaplan University of any negative findings. However, at this time, Kaplan cannot predict the outcome of this review, when it will be completed or any liability or other limitations that the ED may place on Kaplan University as a result of this review. During the period of provisional certification, Kaplan University must obtain prior ED approval to open a new location, add an educational program, acquire another school or make any other significant change. In addition, there are four open program reviews at campuses that were part of the KHE Campuses business, including the ED’s final reports on the program reviews at KHE’s Broomall, PA, and Pittsburgh, PA locations. Kaplan retains responsibility for any financial obligation resulting from the ED program reviews at the KHE Campuses business that were open at the time of sale of the campuses to ECA. 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, an institution 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. Kaplan University derived less than 79% and less than 81% of its receipts from Title IV programs in 2015 and 2014 , respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
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 four reportable segments: KHE, KTP, Kaplan International, and television broadcasting. 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 and online postsecondary and career programs. KHE also includes the domestic professional training and other continuing education businesses. KTP includes Kaplan’s standardized test preparation programs. Kaplan International includes professional training and postsecondary education businesses largely 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. The education division’s operating results exclude these businesses as they are included in discontinued operations, net of tax, for all periods presented. 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 $44.4 million , $16.8 million and $36.4 million were recorded in 2015 , 2014 and 2013 , respectively, as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Accelerated depreciation $ 17,956 $ 2,062 $ 16,856 Lease obligation losses 8,240 1,750 9,351 Severance and Special Incentive Program expense 17,968 5,075 6,289 Software asset write-offs — 7,689 — Other 209 230 3,862 $ 44,373 $ 16,806 $ 36,358 KHE incurred restructuring costs of $12.9 million , $6.5 million and $19.5 million in 2015 , 2014 and 2013 , respectively, primarily from severance and Special Incentive Program expense, lease obligation losses and accelerated depreciation. 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, and the September 2015 sale of the KHE Campuses business. 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 closed on September 3, 2015. In addition, Kaplan recorded a $6.9 million and $13.6 million other long-lived asset impairment charge in connection with its KHE Campuses business, in the second quarter of 2015 and fourth quarter of 2014, respectively. Kaplan International incurred restructuring costs of $1.3 million , $0.2 million and $5.8 million in 2015 , 2014 and 2013 , respectively. These restructuring costs were largely in Australia and included severance charges, lease obligations, and accelerated depreciation. Kaplan Corporate incurred restructuring costs of $29.4 million in 2015 related to accelerated depreciation, severance and Special Incentive Program expense and lease obligations losses. Total accrued restructuring costs at Kaplan were $24.2 million and $12.7 million at the end of 2015 and 2014 , respectively. 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. Other Businesses. Other businesses includes the following: - Celtic Healthcare (Celtic) and Residential Healthcare Group, Inc. (Residential, acquired in July 2014), providers of home health and hospice services; - Group Dekko, a Garrett, IN-based manufacturer of electrical workspace solutions, architectural lighting, and electrical components and assemblies (acquired in November 2015); Joyce/Dayton Corp., a Dayton, OH-based manufacturer of screw jacks and other linear motion systems (acquired in May 2014); and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications (acquired August 2013); and - SocialCode, a marketing solutions provider helping companies with marketing on social-media platforms; and The Slate Group and Foreign Policy Group, which publish online and print magazines and websites. In November 2015, the Company announced that Trove, a digital innovation team that builds products and technologies in the news space, would largely be integrated into SocialCode. 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 2015 , 2014 and 2013 totaled approximately $660 million , $712 million and $658 million , respectively, primarily from Kaplan’s operations outside the U.S. Additionally, revenues in 2015 , 2014 and 2013 totaled approximately $319 million , $351 million , and $317 million , respectively, from Kaplan’s operations in the U.K. The Company’s long-lived assets in non-U.S. countries (excluding goodwill and other intangible assets), totaled approximately $59 million and $58 million at December 31, 2015 and 2014 , respectively. Company information broken down by operating segment and education division: Year Ended December 31 (in thousands) 2015 2014 2013 Operating Revenues Education $ 1,927,521 $ 2,160,417 $ 2,163,734 Television broadcasting 359,192 363,836 308,306 Other businesses 299,517 212,907 128,803 Corporate office — — — Intersegment elimination (116 ) (128 ) (241 ) $ 2,586,114 $ 2,737,032 $ 2,600,602 (Loss) Income from Operations Education $ (223,456 ) $ 65,463 $ 50,989 Television broadcasting 164,927 187,833 145,192 Other businesses (13,667 ) (21,086 ) (23,468 ) Corporate office (8,629 ) 510 (23,279 ) $ (80,825 ) $ 232,720 $ 149,434 Equity in (Losses) Earnings of Affiliates, Net (697 ) 100,370 13,215 Interest Expense, Net (30,745 ) (33,397 ) (33,667 ) Other (Expense) Income, Net (8,623 ) 778,010 (23,751 ) (Loss) Income from Continuing Operations before Income Taxes $ (120,890 ) $ 1,077,703 $ 105,231 Depreciation of Property, Plant and Equipment Education $ 61,177 $ 61,737 $ 89,622 Television broadcasting 9,551 8,409 8,746 Other businesses 6,168 3,931 2,177 Corporate office 1,010 836 626 $ 77,906 $ 74,913 $ 101,171 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 262,353 $ 24,941 $ 11,753 Television broadcasting 252 32 — Other businesses 16,112 10,516 3,416 Corporate office — — — $ 278,717 $ 35,489 $ 15,169 Net Pension (Credit) Expense Education $ 18,804 $ 15,418 $ 16,538 Television broadcasting 1,620 1,355 3,961 Other businesses 964 748 610 Corporate office (81,945 ) (82,301 ) (41,836 ) $ (60,557 ) $ (64,780 ) $ (20,727 ) Capital Expenditures Education $ 42,220 $ 33,528 $ 45,421 Television broadcasting 9,998 11,295 12,131 Other businesses 9,504 5,110 2,005 Corporate office 311 7,074 309 $ 62,033 $ 57,007 $ 59,866 Asset information for the Company’s business segments is as follows: As of December 31 (in thousands) 2015 2014 Identifiable Assets Education $ 1,454,520 $ 1,781,543 Television broadcasting 312,243 305,426 Other businesses 712,161 518,807 Corporate office 484,265 1,778,391 $ 2,963,189 $ 4,384,167 Investments in Marketable Equity Securities 350,563 193,793 Investments in Affiliates 59,229 19,811 Prepaid Pension Cost 979,970 1,152,488 Assets of Discontinued Operations — 2,060 Total Assets $ 4,352,951 $ 5,752,319 The Company’s education division comprises the following operating segments: Year Ended December 31 (in thousands) 2015 2014 2013 Operating Revenues Higher education $ 849,625 $ 1,010,058 $ 1,080,908 Test preparation 301,607 304,662 293,201 Kaplan international 770,273 840,915 783,588 Kaplan corporate and other 6,502 6,094 7,990 Intersegment elimination (486 ) (1,312 ) (1,953 ) $ 1,927,521 $ 2,160,417 $ 2,163,734 Income (Loss) from Operations Higher education $ 55,572 $ 83,069 $ 71,584 Test preparation 16,798 (4,730 ) 4,118 Kaplan international 53,661 69,153 51,653 Kaplan corporate and other (349,583 ) (82,034 ) (76,701 ) Intersegment elimination 96 5 335 $ (223,456 ) $ 65,463 $ 50,989 Depreciation of Property, Plant and Equipment Higher education $ 17,937 $ 29,187 $ 43,892 Test preparation 9,045 12,547 19,194 Kaplan international 17,811 19,297 16,154 Kaplan corporate and other 16,384 706 10,382 $ 61,177 $ 61,737 $ 89,622 Amortization of Intangible Assets $ 5,523 $ 7,738 $ 8,503 Impairment of Goodwill and Other Long-Lived Assets $ 256,830 $ 17,203 $ 3,250 Pension Expense Higher education $ 10,849 $ 10,514 $ 11,714 Test preparation 3,101 2,888 2,674 Kaplan international 424 356 363 Kaplan corporate and other 4,430 1,660 1,787 $ 18,804 $ 15,418 $ 16,538 Capital Expenditures Higher education $ 10,202 $ 11,551 $ 10,879 Test preparation 8,720 1,143 7,008 Kaplan international 22,673 20,802 27,472 Kaplan corporate and other 625 32 62 $ 42,220 $ 33,528 $ 45,421 In the third quarter of 2015 , a favorable $3.0 million out of period revenue adjustment was included at the test preparation segment that related to prior periods from 2011 through the second quarter of 2015. With respect to this error, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2015 and prior years and the related interim periods, based on its consideration of quantitative and qualitative factors. Asset information for the Company’s education division is as follows: As of December 31 (in thousands) 2015 2014 Identifiable Assets Higher education $ 447,282 $ 749,421 Test preparation 134,535 167,055 Kaplan international 826,475 838,148 Kaplan corporate and other 46,228 26,919 $ 1,454,520 $ 1,781,543 |
Summary of Quarterly Operating
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , is as follows: (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Operating Revenues Education $ 500,602 $ 523,625 $ 481,687 $ 421,491 Advertising 66,454 70,137 68,898 74,435 Other 80,369 87,128 90,847 120,441 647,425 680,890 641,432 616,367 Operating Costs and Expenses Operating 309,223 311,121 302,029 283,780 Selling, general and administrative 302,405 276,412 285,563 239,783 Depreciation of property, plant and equipment 22,197 25,609 14,460 15,640 Amortization of intangible assets 4,738 4,647 4,512 5,120 Impairment of goodwill and other long-lived assets — 6,876 248,591 4,233 638,563 624,665 855,155 548,556 Income (Loss) from Operations 8,862 56,225 (213,723 ) 67,811 Equity in (losses) earnings of affiliates, net (404 ) (353 ) 95 (35 ) Interest income 559 323 481 546 Interest expense (8,501 ) (8,348 ) (7,830 ) (7,975 ) Other (expense) income, net (1,105 ) 11,678 (40,458 ) 21,262 (Loss) Income from Continuing Operations Before Income Taxes (589 ) 59,525 (261,435 ) 81,609 Provision (Benefit) for Income Taxes 900 19,600 (30,500 ) 30,500 (Loss) Income from Continuing Operations (1,489 ) 39,925 (230,935 ) 51,109 Income from Discontinued Operations, Net of Tax 23,289 18,502 379 — Net Income (Loss) 21,800 58,427 (230,556 ) 51,109 Net (Income) Loss Attributable to Noncontrolling Interests (774 ) (434 ) (287 ) 60 Net Income (Loss) Attributable to Graham Holdings Company 21,026 57,993 (230,843 ) 51,169 Redeemable Preferred Stock Dividends (420 ) (211 ) — — Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders $ 20,606 $ 57,782 $ (230,843 ) $ 51,169 Amounts Attributable to Graham Holdings Company Common Stockholders (Loss) income from continuing operations $ (2,683 ) $ 39,280 $ (231,222 ) $ 51,169 Income from discontinued operations, net of tax 23,289 18,502 379 — Net income (loss) attributable to Graham Holdings Company common stockholders $ 20,606 $ 57,782 $ (230,843 ) $ 51,169 Per Share Information Attributable to Graham Holdings Company Common Stockholders Basic (loss) income per common share from continuing operations $ (0.58 ) $ 6.74 $ (40.32 ) $ 8.78 Basic income per common share from discontinued operations 4.09 3.18 0.07 — Basic net income (loss) per common share $ 3.51 $ 9.92 $ (40.25 ) $ 8.78 Diluted (loss) income per common share from continuing operations $ (0.58 ) $ 6.71 $ (40.32 ) $ 8.72 Diluted income per common share from discontinued operations 4.06 3.16 0.07 — Diluted net income (loss) per common share $ 3.48 $ 9.87 $ (40.25 ) $ 8.72 Basic average number of common shares outstanding 5,704 5,720 5,738 5,746 Diluted average number of common shares outstanding 5,791 5,805 5,837 5,834 2015 Quarterly comprehensive income $ 4,098 $ 56,304 $ (235,556 ) $ (64,301 ) 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 results of operations and comprehensive income for the year ended December 31, 2014 , is as follows: (in thousands, except per share amount) First Quarter Second Quarter Third Quarter Fourth Quarter Operating Revenues Education $ 522,154 $ 542,964 $ 543,918 $ 551,381 Advertising 70,115 73,587 72,951 91,561 Other 40,351 57,031 86,336 84,683 632,620 673,582 703,205 727,625 Operating Costs and Expenses Operating 296,507 321,163 326,395 317,687 Selling, general and administrative 276,294 276,502 309,583 269,779 Depreciation of property, plant and equipment 19,430 18,201 18,664 18,618 Amortization of intangible assets 2,682 2,936 7,354 5,215 Impairment of intangibles and other long-lived assets — — — 17,302 594,913 618,802 661,996 628,601 Income from Operations 37,707 54,780 41,209 99,024 Equity in earnings of affiliates, net 4,052 91,503 4,613 202 Interest income 599 641 529 367 Interest expense (8,788 ) (8,525 ) (9,298 ) (8,922 ) Other income (expense), net 133,273 268,114 (10,723 ) 387,346 Income from Continuing Operations Before Income Taxes 166,843 406,513 26,330 478,017 Provision for Income Taxes 62,300 61,900 16,100 172,000 Income from Continuing Operations 104,543 344,613 10,230 306,017 Income from Discontinued Operations, Net of Tax 27,762 405,237 66,209 28,649 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 $ 104,336 $ 344,900 $ 10,142 $ 305,761 Income from discontinued operations, net of tax 27,762 405,237 66,209 28,649 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 $ 14.10 $ 46.35 $ 1.73 $ 52.76 Basic income per common share from discontinued operations 3.75 54.45 11.45 4.95 Basic net income per common share $ 17.85 $ 100.80 $ 13.18 $ 57.71 Diluted income per common share from continuing operations $ 14.05 $ 46.20 $ 1.73 $ 52.48 Diluted income per common share from discontinued operations 3.74 54.28 11.39 4.93 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 impact from certain items in 2015 and 2014 (after-tax and diluted EPS amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Goodwill and long-lived assets impairment charges of $225.2 million at Kaplan and other businesses ($4.4 million, $217.1 million and $3.7 million in the second, third and fourth quarters, respectively) $ (0.75 ) $ (37.85 ) $ (0.63 ) Charges of $28.9 million related to restructuring at the education division, corporate office and other businesses ($6.8 million, $10.7 million, $5.8 million and $5.5 million in the first, second, third and fourth quarters, respectively) $ (1.17 ) $ (1.82 ) $ (1.00 ) $ (0.96 ) Charges of $15.3 million related to the modification of stock option awards in conjunction with the Cable ONE spin-off and the modification of restricted stock awards ($11.6 million and $3.7 million in the third and fourth quarters, respectively) $ (1.99 ) $ (0.63 ) Non-operating losses, net, of $15.7 million arising from the sales of five businesses and an investment, and on the formation of a joint venture ($3.6 million gain, $5.0 million gain and $24.3 million loss in the first, second and third quarters, respectively) $ 0.50 $ 0.85 $ (4.16 ) Gain of $13.2 million from the sale of land $ 2.27 Losses, net, of $9.7 million for non-operating unrealized foreign currency (losses) gains ($4.4 million loss, $2.3 million gain, $8.0 million loss and $0.4 million gain in the first, second, third and fourth quarters, respectively) $ (0.75 ) $ 0.39 $ (1.37 ) $ 0.07 2014 Charges of $20.2 million related to restructuring and early retirement program expense and related charges 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 ) Intangible and other long-lived assets impairment charge of $11.2 million at Kaplan and other businesses $ (1.92 ) Gain of $249.8 million from the sale of Classified Ventures $ 42.89 Gain of $58.2 million from the Classified Ventures ’ sale of apartments.com $ 7.80 Gain of $266.7 million from the Berkshire exchange transaction $ 35.73 Gain of $81.8 million on the sale of the corporate headquarters building $ 11.13 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 ) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 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 net realizable values and are based on the first-in, first-out (FIFO) method. Inventory costs include direct material, direct and indirect labor, and applicable manufacturing overhead. The Company allocates manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on hand relative to historical usage, estimated future usage, and technological developments. |
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. |
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 trade names and trademarks, licenses and accreditation. 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. 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 the estimated fair value of each reporting unit and indefinite-lived intangible asset. 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 values 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 Statements of Operations. 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 undergraduate 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. 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. SocialCode LLC (SocialCode), a wholly owned subsidiary, is a social-media marketing technology and services company helping companies maximize their marketing efforts on social-media platforms such as Facebook, Twitter, Instagram and Pinterest. Donald E. Graham, the Chairman of the Company’s Board, was a member of the Board of Directors of Facebook, Inc. in 2013, 2014, and through June 10, 2015. SocialCode’s revenues are reported on a net basis; therefore, the Company’s Statements of Operations exclude the media acquisition costs incurred related to the relevant advertising platforms. 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 Balance Sheets. |
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 Company’s Consolidated Balance Sheets 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. 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 recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheets 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 expected return on plan assets 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. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interests. The Company’s redeemable noncontrolling interests represent the noncontrolling interests in Celtic Healthcare (Celtic) and Residential Healthcare (Residential), each of which is 80% owned. The minority shareholders in Celtic have 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 shareholders in 2022. The minority shareholders in Residential 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 Company presents the redeemable noncontrolling interests at the greater of their carrying amount or redemption value at the end of each reporting period in the Consolidated Balance Sheets. Changes in the redemption value are recorded to capital in excess of par value in the Company’s Consolidated Balance Sheets. |
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 disposal of a component is reported as discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. 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 May 2014, the Financial Accounting Standards Board (FASB) issued comprehensive new guidance that supersedes all existing revenue recognition guidance. In August 2015, the FASB issued an amendment to the guidance that defers the effective date by one year. 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. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016. 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. In September 2015, the FASB issued new guidance that simplifies the accounting for measurement period adjustments for an acquirer in a business combination. The new guidance requires an acquirer to recognize any adjustments to the provisional purchase accounting in the reporting period that the adjustment amounts are determined, by eliminating the requirement to retrospectively account for those adjustments. The guidance requires that the acquirer records, in the financial statements of the same period the adjustment is determined, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in the provisional amounts. The amount of the change is calculated as if the accounting had been completed at the acquisition date. The guidance is effective for interim and fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its Consolidated Financial Statements. In November 2015, the FASB issued new guidance that simplifies the balance sheet presentation of deferred taxes. The new guidance requires that all deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance is effective for interim and fiscal years beginning after December 15, 2016, with early application permitted. The Company adopted the new guidance prospectively as of December 31, 2015. Therefore, prior periods have not been adjusted to reflect this adoption. In January 2016, the FASB issued new guidance that substantially revises the recognition, measurement and presentation of financial assets and financial liabilities. The new guidance, among other things, requires, (i) equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, with some exceptions, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (iv) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements, and (v) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The guidance is effective for interim and fiscal years beginning after December 15, 2017. Early adoption is not permitted. The Company is in the process of evaluating the impact of this new guidance on its Consolidated Financial Statements. Other new pronouncements issued but not effective until after December 31, 2015, are not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Summarized Income (Loss) from Discontinued Operations, Net Of Tax | The summarized income from discontinued operations, net of tax, is presented below: Year Ended December 31 (in thousands) 2015 2014 2013 Operating revenues $ 397,404 $ 845,114 $ 1,269,966 Operating costs and expenses (325,379 ) (660,180 ) (1,156,735 ) Operating income 72,025 184,934 113,231 Non-operating (expense) income (1,288 ) 74,196 (136 ) Income from discontinued operations 70,737 259,130 113,095 Provision for income taxes 27,783 98,207 40,441 Net Income from Discontinued Operations 42,954 160,923 72,654 (Loss) gain on dispositions of discontinued operations (732 ) 351,133 157,449 Provision (benefit) for income taxes on dispositions of discontinued operations 52 (15,801 ) 57,489 Income from Discontinued Operations, Net of Tax $ 42,170 $ 527,857 $ 172,614 |
Cable Spin-Off [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Summarized Income (Loss) from Discontinued Operations, Net Of Tax | On July 1, 2015, the Company divested the following assets and liabilities which net to $406.5 million , or $312.3 million net of cash retained by Cable ONE on the Distribution Date: As of (in thousands) July 1, 2015 Cash and cash equivalents $ 94,115 Accounts receivable, net 29,778 Other current assets 14,182 Total current assets 138,075 Property, plant and equipment, net 612,812 Goodwill, net 85,488 Indefinite-lived intangible assets, net 496,321 Amortized intangible assets, net 510 Deferred charges and other assets 22,541 Total Assets $ 1,355,747 Accounts payable and accrued liabilities $ 70,920 Income taxes payable 2,962 Deferred revenue 21,883 Short-term borrowings 2,500 Total current liabilities 98,265 Accrued compensation and related benefits 24,227 Other liabilities 57 Deferred income taxes 279,245 Long-term debt 547,500 Total Liabilities $ 949,294 Net assets divested in the Spin-Off $ 406,453 |
Cable Spin-Off [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Cash Flows [Table Text Block] | Cash flows from Cable ONE are as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Net Cash Provided by Operating Activities $ 109,772 $ 251,506 $ 228,605 Net Cash Used in Investing Activities (74,416 ) (78,405 ) (140,181 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investments in Marketable Equity Securities | Investments in marketable equity securities consist of the following: As of December 31 (in thousands) 2015 2014 Total cost $ 253,062 $ 106,909 Gross unrealized gains 97,741 86,884 Gross unrealized losses (240 ) — Total Fair Value $ 350,563 $ 193,793 |
Accounts Receivable, Accounts31
Accounts Receivable, Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consist of the following: As of December 31 (in thousands) 2015 2014 Trade accounts receivable, less doubtful accounts and allowances of $27,854 and $32,598 $ 553,780 $ 538,532 Other receivables 18,655 32,825 $ 572,435 $ 571,357 |
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 allowance for advertising rate adjustments and discounts were as follows: (in thousands) Balance at Beginning of Period Additions – Charged to Costs and Expenses Deductions Balance at End of Period 2015 Allowance for doubtful accounts $ 32,598 $ 39,982 $ (44,726 ) $ 27,854 2014 Allowance for doubtful accounts $ 33,834 $ 47,356 $ (48,592 ) $ 32,598 2013 Allowance for doubtful accounts $ 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 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: As of December 31 (in thousands) 2015 2014 Accounts payable and accrued liabilities $ 285,321 $ 303,111 Accrued compensation and related benefits 142,693 161,231 $ 428,014 $ 464,342 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consist of the following: As of December 31 (in thousands) 2015 2014 Land $ 10,410 $ 18,052 Buildings 83,642 157,250 Machinery, equipment and fixtures 438,388 2,357,264 Leasehold improvements 205,018 214,119 Construction in progress 13,517 71,156 750,975 2,817,841 Less accumulated depreciation (519,852 ) (1,957,012 ) $ 231,123 $ 860,829 |
Acqusitions and Dispositions of
Acqusitions and Dispositions of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions and Dispositions of Businesses [Abstract] | |
Schedule of assets acquired and liabilities assumed [Table Text Block] | The aggregate purchase price of these 2015 acquisitions was allocated as follows on a preliminary basis: Weighted Average Life Purchase Price Allocation (in thousands) Cash and cash equivalents $ 3,501 Accounts receivable 30,537 Inventory 20,593 Other current assets 1,013 Property, plant and equipment 28,872 Goodwill 76,156 Indefinite-lived intangible assets Trade names and trademarks 7,400 Amortized intangible assets Student and customer relationships 7 years 22,200 Trade names and trademarks 7 years 1,800 Other 6 years 7,900 6 years 31,900 Other noncurrent assets 200 Current liabilities (28,826 ) Noncurrent liabilities (8,066 ) $ 163,280 |
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 2014 : Year Ended December 31 (in thousands) 2015 2014 Operating revenues $ 2,741,001 $ 2,900,660 Net (loss) income $ (93,103 ) $ 1,292,343 |
Information related to a Disposal Group [Table Text Block] | The revenue and operating losses related to schools that were sold as part of the ECA transaction are as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Revenue $ 167,093 $ 268,895 $ 284,085 Operating income (loss) 612 (7,748 ) (5,499 ) |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Cable Television Broadcasting Other Businesses Total 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 Measurement period adjustment — — — 4,570 4,570 Acquisitions 11,515 — — 60,071 71,586 Impairment (248,591 ) — — (2,810 ) (251,401 ) Dispositions (33,502 ) (85,488 ) — (7,819 ) (126,809 ) Foreign currency exchange rate changes (29,143 ) — — — (29,143 ) As of December 31, 2015 Goodwill 1,006,096 — 168,345 202,814 1,377,255 Accumulated impairment losses (350,850 ) — — (8,892 ) (359,742 ) $ 655,246 $ — $ 168,345 $ 193,922 $ 1,017,513 |
Other Intangible Assets | Other intangible assets consist of the following: As of December 31, 2015 As of December 31, 2014 (in thousands) Useful Life Range Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Amortized Intangible Assets Noncompete agreements 2–5 years $ 1,381 $ 1,012 $ 369 $ 2,500 $ 1,590 $ 910 Student and customer relationships 2–10 years 108,806 40,280 68,526 104,685 47,539 57,146 Databases and technology 3–5 years 4,617 4,114 503 10,501 8,827 1,674 Trade names and trademarks 2–10 years 53,848 23,941 29,907 55,452 19,724 35,728 Other 1–7 years (1) 10,095 2,209 7,886 8,969 7,480 1,489 $ 178,747 $ 71,556 $ 107,191 $ 182,107 $ 85,160 $ 96,947 Indefinite-Lived Intangible Assets Franchise agreements $ — $ 496,321 Trade names and trademarks 21,051 13,651 Licensure and accreditation 834 6,781 $ 21,885 $ 516,753 ____________ (1) The Company’s other amortized intangible assets maximum useful life was 25 years as of December 31, 2014. |
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 Education Test Preparation Kaplan International Total 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 Acquisitions 11,515 — — 11,515 Impairment (248,591 ) — — (248,591 ) Dispositions (28,738 ) — (4,764 ) (33,502 ) Foreign currency exchange rate changes (204 ) — (28,939 ) (29,143 ) As of December 31, 2015 Goodwill 392,457 166,098 447,541 1,006,096 Accumulated impairment losses (248,591 ) (102,259 ) — (350,850 ) $ 143,866 $ 63,839 $ 447,541 $ 655,246 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Income From Continuing Operations Before Income Taxes, Domestic and Foreign | (Loss) income from continuing operations before income taxes consists of the following: Year Ended December 31 (in thousands) 2015 2014 2013 U.S. $ (142,705 ) $ 1,025,101 $ 91,538 Non-U.S. 21,815 52,602 13,693 $ (120,890 ) $ 1,077,703 $ 105,231 |
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, 2015 U.S. Federal $ 5,728 $ 20,890 $ 26,618 State and Local 402 (10,749 ) (10,347 ) Non-U.S. 2,441 1,788 4,229 $ 8,571 $ 11,929 $ 20,500 Year Ended December 31, 2014 U.S. Federal $ 215,450 $ 38,684 $ 254,134 State and Local 23,737 27,257 50,994 Non-U.S. 10,485 (3,313 ) 7,172 $ 249,672 $ 62,628 $ 312,300 Year Ended December 31, 2013 U.S. Federal $ 11,514 $ 26,568 $ 38,082 State and Local 4,614 (10,641 ) (6,027 ) Non-U.S. 10,015 (1,570 ) 8,445 $ 26,143 $ 14,357 $ 40,500 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes on continuing operations differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 35% to the (loss) income from continuing operations before taxes as a result of the following: Year Ended December 31 (in thousands) 2015 2014 2013 U.S. Federal taxes at statutory rate $ (42,311 ) $ 377,196 $ 36,831 State and local taxes, net of U.S. Federal tax (3,441 ) 38,106 (1,279 ) Valuation allowances against state tax benefits, net of U.S. Federal tax (3,285 ) (4,960 ) (2,638 ) Tax-free stock transactions — (91,540 ) — Tax provided on non-U.S. subsidiary earnings and distributions at more than the expected U.S. Federal statutory tax rate 2,688 2,186 767 Valuation allowances against non-U.S. income tax benefits 6,789 (2,477 ) 7,233 Australian tax benefit for capital loss on sale of stock (6,358 ) — — Goodwill impairments and dispositions 63,889 — — U.S. Federal Manufacturing Deduction tax benefits (625 ) (6,789 ) (1,858 ) Other, net 3,154 578 1,444 Provision for Income Taxes $ 20,500 $ 312,300 $ 40,500 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes consist of the following: As of December 31 (in thousands) 2015 2014 Accrued postretirement benefits $ 13,763 $ 16,785 Other benefit obligations 108,349 122,241 Accounts receivable 12,840 17,925 State income tax loss carryforwards 19,550 17,942 U.S. Federal income tax loss carryforwards 5,007 2,368 U.S. Federal foreign income tax credit carryforwards 1,374 837 Non-U.S. income tax loss carryforwards 26,921 30,460 Non-U.S. capital loss carryforwards 10,055 — Other 44,858 50,134 Deferred Tax Assets 242,717 258,692 Valuation allowances (69,545 ) (65,521 ) Deferred Tax Assets, Net $ 173,172 $ 193,171 Property, plant and equipment 17,465 139,765 Prepaid pension cost 386,916 463,714 Unrealized gain on available-for-sale securities 39,010 34,764 Goodwill and other intangible assets 133,097 308,954 Deferred Tax Liabilities $ 576,488 $ 947,197 Deferred Income Tax Liabilities, Net $ 403,316 $ 754,026 |
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, 2015 $ 65,521 $ 4,024 — $ 69,545 December 31, 2014 $ 72,767 $ 889 $ (8,135 ) $ 65,521 December 31, 2013 $ 78,109 $ 4,595 $ (9,937 ) $ 72,767 |
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) 2015 2014 2013 Beginning unrecognized tax benefits $ 19,817 $ — $ — Increases related to current year tax positions — 19,817 — Increases related to prior year tax positions — — — Decreases related to prior year tax positions (2,486 ) — — Decreases related to settlement with tax authorities — — — Decreases due to lapse of applicable statutes of limitations — — — Ending unrecognized tax benefits $ 17,331 $ 19,817 $ — |
State [Member] | |
Schedule of Income Tax Loss Carryforwards | The Company has $420.2 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) 2016 $ 4.7 2017 2.6 2018 9.5 2019 3.7 2020 4.8 2021 and after 394.9 Total $ 420.2 |
U.S. Federal [Member] | |
Schedule of Income Tax Loss Carryforwards | The Company has $14.2 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) 2016 $ 3.4 2017 2.5 2018 2.1 2019 2.0 2020 1.8 2021 and after 2.4 Total $ 14.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components of Debt | The Company’s borrowings consist of the following: As of December 31 (in thousands) 2015 2014 7.25% unsecured notes due February 1, 2019 $ 398,722 $ 398,308 AUD Revolving credit borrowing — 40,927 Other indebtedness 1,204 6,685 Total Debt 399,926 445,920 Less: current portion — (46,375 ) Total Long-Term Debt $ 399,926 $ 399,545 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (in thousands) Level 1 Level 2 Total Assets Money market investments (1) $ — $ 433,040 $ 433,040 Marketable equity securities (3) 350,563 — 350,563 Other current investments (4) 12,822 16,060 28,882 Total Financial Assets $ 363,385 $ 449,100 $ 812,485 Liabilities Deferred compensation plan liabilities (5) $ — $ 48,055 $ 48,055 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 Interest rate swap (6) — 179 179 Total Financial Liabilities $ — $ 70,840 $ 70,840 ____________ (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. |
Capital Stock, Stock Awards and
Capital Stock, Stock Awards and Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Stock, Stock Awards, and Stock Options [Abstract] | |
Activity Related to Stock Awards | Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2015 was as follows: Number of Shares Average Grant-Date Fair Value Beginning of year, unvested 117,111 $ 463.64 Awarded 47,245 935.28 Vested (45,638 ) 684.97 Forfeited (37,243 ) 491.42 End of Year, Unvested 81,475 637.70 |
Activity Related to Stock Options | Activity related to options outstanding for the year ended December 31, 2015 was as follows: Number of Shares Average Option Price Beginning of year 151,694 $ 682.68 Granted 5,000 871.86 Exercised (25,925 ) 421.72 Expired or forfeited (750 ) 376.79 Outstanding before spin-off of Cable ONE 130,019 743.75 Outstanding after spin-off of Cable ONE (1) 200,895 $ 481.34 Granted 24,742 866.58 Exercised (14,602 ) 278.54 Expired or forfeited (19,313 ) 426.80 End of Year 191,722 552.00 ____________ (1) Adjusted due to the anti-dilution provision added as a result of the spin-off of Cable ONE. |
Information related to Stock Options Outstanding and Exercisable | Information related to stock options outstanding and exercisable at December 31, 2015 , is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Shares Outstanding at 12/31/2015 Weighted Average Remaining Contractual Life (years) Weighted Shares Exercisable at 12/31/2015 Weighted Weighted $239–284 9,374 4.6 $ 255.69 8,602 4.3 $ 256.69 325 77,258 5.1 325.26 77,258 5.1 325.26 422 3,090 2.4 421.91 3,090 2.4 421.91 719 77,258 8.8 719.15 12,876 8.8 719.15 805–872 24,742 9.9 866.58 — — — 191,722 7.2 552.00 101,826 5.5 372.21 |
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: 2015 2014 2013 Expected life (years) 7–8 7–8 7 Interest rate 1.88%–2.17% 2.15%–2.45% 1.31% Volatility 31.59%–32.69% 30.75%–32.10% 31.80% Dividend yield 0.81%–1.18% 1.30%–1.54% 2.63% |
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) 2015 2014 2013 Numerator: Numerator for basic (loss) earnings per share: (Loss) income from continuing operations attributable to Graham Holdings Company common stockholders $ (143,456 ) $ 765,139 $ 63,396 Less: Dividends paid–common stock outstanding and unvested restricted shares (53,090 ) (67,267 ) — Undistributed (losses) earnings (196,546 ) 697,872 63,396 Percent allocated to common stockholders (1) 100.00 % 97.98 % 98.45 % (196,546 ) 683,780 62,413 Add: Dividends paid–common stock outstanding 52,050 66,012 — Numerator for (loss) earnings per share (144,496 ) 749,792 62,413 Add: Additional undistributed earnings due to dilutive stock options — 64 2 Numerator for diluted (loss) earnings per share $ (144,496 ) $ 749,856 $ 62,415 Denominator: Denominator for basic (loss) earnings per share: Weighted average shares outstanding 5,727 6,470 7,238 Add: Effect of dilutive stock options — 27 12 Denominator for diluted (loss) earnings per share 5,727 6,497 7,250 Graham Holdings Company Common Stockholders: Basic (loss) earnings per share from continuing operations $ (25.23 ) $ 115.88 $ 8.62 Diluted (loss) earnings per share from continuing operations $ (25.23 ) $ 115.40 $ 8.61 ____________ (1) Percent of undistributed losses allocated to common stockholders is 100% in 2015 as participating securities are not contractually obligated to share in losses. |
Antidilutive Weighted Average Restricted Stock and Options [Table Text Block] | Diluted (loss) 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) 2015 2014 2013 Weighted average restricted stock 52 62 83 Weighted average stock options 39 — — |
Pension and Postretirement Pl39
Pension and Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2015 2014 Noncurrent asset $ 979,970 $ 1,152,488 $ — $ — Current liability — — (5,442 ) (6,275 ) Noncurrent liability — — (99,562 ) (109,808 ) Recognized Asset (Liability) $ 979,970 $ 1,152,488 $ (105,004 ) $ (116,083 ) |
Schedule of Estimated Benefit Payments | At December 31, 2015 , future estimated benefit payments, excluding charges for early retirement programs, are as follows: (in thousands) Pension Plans SERP 2016 $ 87,688 $ 5,563 2017 $ 81,694 $ 5,650 2018 $ 78,356 $ 5,986 2019 $ 77,389 $ 6,314 2020 $ 77,209 $ 6,368 2021–2025 $ 389,597 $ 33,315 |
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) 2015 2014 2015 2014 Unrecognized actuarial (gain) loss $ (451,076 ) $ (685,895 ) $ 26,497 $ 36,890 Unrecognized prior service cost 662 1,033 1,232 1,689 Gross Amount (450,414 ) (684,862 ) 27,729 38,579 Deferred tax liability (asset) 180,166 273,945 (11,091 ) (15,432 ) Net Amount $ (270,248 ) $ (410,917 ) $ 16,638 $ 23,147 |
Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss) | During 2016 , the Company expects to recognize the following amortization components of net periodic cost for the defined benefit plans: 2016 (in thousands) Pension Plans SERP Actuarial loss recognition $ — $ 2,329 Prior service cost recognition $ 291 $ 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 2015 2014 2013 2015 2014 2013 Discount rate (1) 4.4%/4.0% 4.8% 4.0% 4.4%/4.0% 4.8% 4.0% Expected return on plan assets 6.5% 6.5% 6.5% — — — Rate of compensation increase 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% ___________ _ (1) As a result of the spin-off of Cable ONE and the sale of the KHE Campuses business, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of July 1, 2015 and September 3, 2015, respectively. As a result of the spin-off of Cable ONE, the accumulated and projected benefit obligation of the SERP was remeasured as of July 1, 2015. The remeasurement changed the discount rate from 4.0% for the first six months to 4.4% for the second half of 2015. |
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 2015 2014 2015 2014 Discount rate 4.3 % 4.0 % 4.3 % 4.0 % Rate of compensation increase 4.0 % 4.0 % 4.0 % 4.0 % |
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) 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 1,317,480 $ 1,126,344 Service cost 26,294 27,792 Interest cost 52,613 51,825 Amendments 4,606 8,374 Actuarial (gain) loss (57,834 ) 172,548 Benefits paid (85,542 ) (69,854 ) Curtailment (3,319 ) — Settlement — 451 Benefit Obligation at End of Year $ 1,254,298 $ 1,317,480 Change in Plan Assets Fair value of assets at beginning of year $ 2,469,968 $ 2,371,849 Actual return on plan assets (150,158 ) 167,154 Benefits paid (85,542 ) (69,854 ) Settlement — 819 Fair Value of Assets at End of Year $ 2,234,268 $ 2,469,968 Funded Status $ 979,970 $ 1,152,488 |
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) 2015 2014 2013 Service cost $ 26,294 $ 27,792 $ 46,115 Interest cost 52,613 51,825 55,821 Expected return on assets (130,571 ) (120,472 ) (105,574 ) Amortization of prior service cost 320 329 2,809 Recognized actuarial (gain) loss (11,925 ) (28,880 ) 2,756 Net Periodic (Benefit) Cost for the Year (63,269 ) (69,406 ) 1,927 Curtailment (3,267 ) — (43,930 ) Settlement — — 39,995 Early retirement programs and special separation benefit expense 4,606 8,374 22,700 Total (Benefit) Cost for the Year $ (61,930 ) $ (61,032 ) $ 20,692 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial loss (gain) $ 222,894 $ 125,866 $ (750,328 ) Amortization of prior service cost (320 ) (329 ) (2,809 ) Recognized net actuarial gain (loss) 11,925 28,880 (2,756 ) Curtailment and settlement (51 ) (368 ) 94,520 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ 234,448 $ 154,049 $ (661,373 ) Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) $ 172,518 $ 93,017 $ (640,681 ) |
Allocation of the Assets of the Company's Pension Plans | The assets of the Company’s pension plans were allocated as follows: As of December 31 2015 2014 U.S. equities 62 % 59 % U.S. fixed income 13 % 13 % International equities 25 % 28 % 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, 2015 (in thousands) Level 1 Level 2 Total Cash equivalents and other short-term investments $ 256,364 $ 33,909 $ 290,273 Equity securities U.S. equities 1,378,158 — 1,378,158 International equities 564,263 — 564,263 Total Investments $ 2,198,785 $ 33,909 $ 2,232,694 Receivables 1,574 Total $ 2,234,268 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 |
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) 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 116,083 $ 91,169 Service cost 1,946 1,493 Interest cost 4,550 4,397 Amendments — 4,022 Actuarial (gain) loss (6,544 ) 19,168 Benefits paid (6,083 ) (4,166 ) Curtailment (4,948 ) — Benefit Obligation at End of Year $ 105,004 $ 116,083 Change in Plan Assets Fair value of assets at beginning of year $ — $ — Employer contributions and other 6,083 4,166 Benefits paid (6,083 ) (4,166 ) Fair Value of Assets at End of Year $ — $ — Funded Status $ (105,004 ) $ (116,083 ) |
Schedule of Net (Benefit) Costs | SERP Year Ended December 31 (in thousands) 2015 2014 2013 Service cost $ 1,946 $ 1,493 $ 1,612 Interest cost 4,550 4,397 4,148 Amortization of prior service cost 457 47 55 Recognized actuarial loss 3,015 1,544 2,481 Net Periodic Cost for the Year 9,968 7,481 8,296 Special separation benefit expense — 2,422 — Settlement — — (2,575 ) Total Cost for the Year $ 9,968 $ 9,903 $ 5,721 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial (gain) loss $ (6,544 ) $ 19,168 $ (9,180 ) Current year prior service cost — 1,600 — Amortization of prior service cost (457 ) (47 ) (55 ) Recognized net actuarial loss (3,015 ) (1,544 ) (2,481 ) Curtailment and settlement (834 ) — (2,798 ) Total Recognized in Other Comprehensive Income (Before Tax Effects) $ (10,850 ) $ 19,177 $ (14,514 ) Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects) $ (882 ) $ 29,080 $ (8,793 ) |
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) 2015 2014 Change in Benefit Obligation Benefit obligation at beginning of year $ 41,957 $ 40,014 Service cost 1,331 1,500 Interest cost 1,299 1,448 Actuarial (gain) loss (5,296 ) 4,448 Curtailment — (932 ) Benefits paid, net of Medicare subsidy (1,900 ) (4,521 ) Benefit Obligation at End of Year $ 37,391 $ 41,957 Change in Plan Assets Fair value of assets at beginning of year $ — $ — Employer contributions 1,900 4,521 Benefits paid, net of Medicare subsidy (1,900 ) (4,521 ) Fair Value of Assets at End of Year $ — $ — Funded Status $ (37,391 ) $ (41,957 ) |
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) 2015 2014 Current liability $ (3,444 ) $ (3,995 ) Noncurrent liability (33,947 ) (37,962 ) Recognized Liability $ (37,391 ) $ (41,957 ) |
Schedule of Estimated Benefit Payments | At December 31, 2015 , future estimated benefit payments are as follows: (in thousands) Postretirement Plans 2016 $ 3,444 2017 $ 3,482 2018 $ 3,381 2019 $ 3,385 2020 $ 3,654 2021–2025 $ 16,922 |
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) 2015 2014 2013 Service cost $ 1,331 $ 1,500 $ 2,488 Interest cost 1,299 1,448 1,848 Amortization of prior service credit (502 ) (783 ) (4,247 ) Recognized actuarial gain (996 ) (2,076 ) (2,141 ) Net Periodic Cost (Benefit) 1,132 89 (2,052 ) Curtailment — (1,292 ) (41,623 ) Settlement — — (11,927 ) Total Cost (Benefit) for the Year $ 1,132 $ (1,203 ) $ (55,602 ) Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial (gain) loss $ (5,296 ) $ 4,448 $ (3,298 ) Amortization of prior service credit 502 783 4,247 Recognized actuarial gain 996 2,076 2,141 Curtailment and settlement — 360 32,329 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ (3,798 ) $ 7,667 $ 35,419 Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) $ (2,666 ) $ 6,464 $ (20,183 ) |
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) 2015 2014 Unrecognized actuarial gain $ (11,704 ) $ (7,404 ) Unrecognized prior service credit (661 ) (1,163 ) Gross Amount (12,365 ) (8,567 ) Deferred tax liability 4,946 3,427 Net Amount $ (7,419 ) $ (5,140 ) |
Schedule of Expected Net Periodic Cost to be Recognized in Accumulated Other Comprehensive Income (Loss) | During 2016 , the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans: (in thousands) 2016 Actuarial gain recognition $ (1,502 ) Prior service credit recognition $ (335 ) |
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 $ 2,195 $ (2,001 ) Service cost plus interest cost $ 260 $ (229 ) |
Other Non-Operating (Expense)40
Other Non-Operating (Expense) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Nonoperating Income (Expense) [Abstract] | |
Summary of Other Non-Operating Income (Expense) | A summary of non-operating (expense) income is as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Net losses on sales of businesses $ (23,335 ) $ — $ — Gain on sale of property, plant and equipment 21,379 127,670 — Foreign currency losses, net (15,564 ) (11,129 ) (13,382 ) Gain on formation of a joint venture 5,972 — — Gain on sale of Classified Ventures 4,827 396,553 — Gain on Berkshire marketable equity securities exchange — 266,733 — Losses on sales or write-downs of cost method investments, net (1,124 ) (94 ) (1,761 ) Losses on sales or write-down of marketable equity securities (14 ) (3,044 ) (9,559 ) Other, net (764 ) 1,321 951 Total Other Non-Operating (Expense) Income $ (8,623 ) $ 778,010 $ (23,751 ) |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ (18,898 ) $ — $ (18,898 ) Adjustment for sales of businesses with foreign operations 5,501 — 5,501 (13,397 ) — (13,397 ) Unrealized gains on available-for-sale securities: Unrealized gains for the year 10,620 (4,248 ) 6,372 Reclassification adjustment for realization of gain on sale of available-for-sale securities included in net income (4 ) 2 (2 ) 10,616 (4,246 ) 6,370 Pension and other postretirement plans: Actuarial loss (211,054 ) 84,421 (126,633 ) Amortization of net actuarial gain included in net income (9,906 ) 3,962 (5,944 ) Amortization of net prior service cost included in net income 275 (110 ) 165 Curtailments and settlements included in net income 51 (21 ) 30 Curtailments and settlements included in distribution to Cable ONE 834 (333 ) 501 (219,800 ) 87,919 (131,881 ) Cash flow hedge: Gain for the year 179 (71 ) 108 Other Comprehensive Loss $ (222,402 ) $ 83,602 $ (138,800 ) 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 |
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 Foreign Currency Translation Adjustment Unrealized Gain on Available-for- Sale Securities Unrealized Gain on Pensions and Other Postretirement Plans Cash Flow Hedge Accumulated Other Comprehensive Income 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 Other comprehensive (loss) income before reclassifications (18,898 ) 6,372 (126,132 ) 29 (138,629 ) Net amount reclassified from accumulated other comprehensive income 5,501 (2 ) (5,749 ) 79 (171 ) Net other comprehensive (loss) income (13,397 ) 6,370 (131,881 ) 108 (138,800 ) As of December 31, 2015 $ (4,849 ) $ 58,500 $ 261,029 $ — $ 314,680 |
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) 2015 2014 2013 Foreign Currency Translation Adjustments: Adjustment for sales of businesses with foreign operations $ 5,501 $ (404 ) $ — (1) Unrealized Gains on Available-for-Sale Securities: Realized (gain) loss for the year (4 ) (265,274 ) 9,554 Other (expense) income, net 2 106,110 (3,822 ) (2) (2 ) (159,164 ) 5,732 Net of tax Pension and Other Postretirement Plans: Amortization of net actuarial (gain) loss (9,906 ) (29,412 ) 3,096 (3) Amortization of net prior service cost (credit) 275 (407 ) (1,383 ) (3) Curtailment gains 51 — — (3) (9,580 ) (29,819 ) 1,713 Before tax 3,831 11,928 (685 ) Income taxes (5,749 ) (17,891 ) 1,028 Net of tax Cash Flow Hedge 132 847 816 Interest expense (53 ) (339 ) (326 ) Provision for income taxes 79 508 490 Net of tax Total reclassification for the year $ (171 ) $ (176,951 ) $ 7,250 Net of tax ___________ _ (1) The amount for 2015 was recorded in other (expense) income, net and the amount for 2014 was recorded in income from discontinued operations, net of tax. (2) 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 2015 and 2013 were recorded in Provision for Income Taxes. (3) 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, 2015 | |
Leases And Other Commitments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2015 , future minimum rental payments under noncancelable operating leases approximate the following: (in thousands) 2016 $ 106,253 2017 95,675 2018 80,188 2019 69,839 2020 54,351 Thereafter 214,050 $ 620,356 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 2014 2013 Operating Revenues Education $ 1,927,521 $ 2,160,417 $ 2,163,734 Television broadcasting 359,192 363,836 308,306 Other businesses 299,517 212,907 128,803 Corporate office — — — Intersegment elimination (116 ) (128 ) (241 ) $ 2,586,114 $ 2,737,032 $ 2,600,602 (Loss) Income from Operations Education $ (223,456 ) $ 65,463 $ 50,989 Television broadcasting 164,927 187,833 145,192 Other businesses (13,667 ) (21,086 ) (23,468 ) Corporate office (8,629 ) 510 (23,279 ) $ (80,825 ) $ 232,720 $ 149,434 Equity in (Losses) Earnings of Affiliates, Net (697 ) 100,370 13,215 Interest Expense, Net (30,745 ) (33,397 ) (33,667 ) Other (Expense) Income, Net (8,623 ) 778,010 (23,751 ) (Loss) Income from Continuing Operations before Income Taxes $ (120,890 ) $ 1,077,703 $ 105,231 Depreciation of Property, Plant and Equipment Education $ 61,177 $ 61,737 $ 89,622 Television broadcasting 9,551 8,409 8,746 Other businesses 6,168 3,931 2,177 Corporate office 1,010 836 626 $ 77,906 $ 74,913 $ 101,171 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 262,353 $ 24,941 $ 11,753 Television broadcasting 252 32 — Other businesses 16,112 10,516 3,416 Corporate office — — — $ 278,717 $ 35,489 $ 15,169 Net Pension (Credit) Expense Education $ 18,804 $ 15,418 $ 16,538 Television broadcasting 1,620 1,355 3,961 Other businesses 964 748 610 Corporate office (81,945 ) (82,301 ) (41,836 ) $ (60,557 ) $ (64,780 ) $ (20,727 ) Capital Expenditures Education $ 42,220 $ 33,528 $ 45,421 Television broadcasting 9,998 11,295 12,131 Other businesses 9,504 5,110 2,005 Corporate office 311 7,074 309 $ 62,033 $ 57,007 $ 59,866 Asset information for the Company’s business segments is as follows: As of December 31 (in thousands) 2015 2014 Identifiable Assets Education $ 1,454,520 $ 1,781,543 Television broadcasting 312,243 305,426 Other businesses 712,161 518,807 Corporate office 484,265 1,778,391 $ 2,963,189 $ 4,384,167 Investments in Marketable Equity Securities 350,563 193,793 Investments in Affiliates 59,229 19,811 Prepaid Pension Cost 979,970 1,152,488 Assets of Discontinued Operations — 2,060 Total Assets $ 4,352,951 $ 5,752,319 |
Education [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Restructuring Costs | Across all Kaplan businesses, restructuring costs of $44.4 million , $16.8 million and $36.4 million were recorded in 2015 , 2014 and 2013 , respectively, as follows: Year Ended December 31 (in thousands) 2015 2014 2013 Accelerated depreciation $ 17,956 $ 2,062 $ 16,856 Lease obligation losses 8,240 1,750 9,351 Severance and Special Incentive Program expense 17,968 5,075 6,289 Software asset write-offs — 7,689 — Other 209 230 3,862 $ 44,373 $ 16,806 $ 36,358 |
Summary of Segment Reporting Information, by Operating Segment | The Company’s education division comprises the following operating segments: Year Ended December 31 (in thousands) 2015 2014 2013 Operating Revenues Higher education $ 849,625 $ 1,010,058 $ 1,080,908 Test preparation 301,607 304,662 293,201 Kaplan international 770,273 840,915 783,588 Kaplan corporate and other 6,502 6,094 7,990 Intersegment elimination (486 ) (1,312 ) (1,953 ) $ 1,927,521 $ 2,160,417 $ 2,163,734 Income (Loss) from Operations Higher education $ 55,572 $ 83,069 $ 71,584 Test preparation 16,798 (4,730 ) 4,118 Kaplan international 53,661 69,153 51,653 Kaplan corporate and other (349,583 ) (82,034 ) (76,701 ) Intersegment elimination 96 5 335 $ (223,456 ) $ 65,463 $ 50,989 Depreciation of Property, Plant and Equipment Higher education $ 17,937 $ 29,187 $ 43,892 Test preparation 9,045 12,547 19,194 Kaplan international 17,811 19,297 16,154 Kaplan corporate and other 16,384 706 10,382 $ 61,177 $ 61,737 $ 89,622 Amortization of Intangible Assets $ 5,523 $ 7,738 $ 8,503 Impairment of Goodwill and Other Long-Lived Assets $ 256,830 $ 17,203 $ 3,250 Pension Expense Higher education $ 10,849 $ 10,514 $ 11,714 Test preparation 3,101 2,888 2,674 Kaplan international 424 356 363 Kaplan corporate and other 4,430 1,660 1,787 $ 18,804 $ 15,418 $ 16,538 Capital Expenditures Higher education $ 10,202 $ 11,551 $ 10,879 Test preparation 8,720 1,143 7,008 Kaplan international 22,673 20,802 27,472 Kaplan corporate and other 625 32 62 $ 42,220 $ 33,528 $ 45,421 In the third quarter of 2015 , a favorable $3.0 million out of period revenue adjustment was included at the test preparation segment that related to prior periods from 2011 through the second quarter of 2015. With respect to this error, the Company has concluded that it was not material to the Company’s financial position or results of operations for 2015 and prior years and the related interim periods, based on its consideration of quantitative and qualitative factors. Asset information for the Company’s education division is as follows: As of December 31 (in thousands) 2015 2014 Identifiable Assets Higher education $ 447,282 $ 749,421 Test preparation 134,535 167,055 Kaplan international 826,475 838,148 Kaplan corporate and other 46,228 26,919 $ 1,454,520 $ 1,781,543 |
Summary of Quarterly Operatin44
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , is as follows: (in thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Operating Revenues Education $ 500,602 $ 523,625 $ 481,687 $ 421,491 Advertising 66,454 70,137 68,898 74,435 Other 80,369 87,128 90,847 120,441 647,425 680,890 641,432 616,367 Operating Costs and Expenses Operating 309,223 311,121 302,029 283,780 Selling, general and administrative 302,405 276,412 285,563 239,783 Depreciation of property, plant and equipment 22,197 25,609 14,460 15,640 Amortization of intangible assets 4,738 4,647 4,512 5,120 Impairment of goodwill and other long-lived assets — 6,876 248,591 4,233 638,563 624,665 855,155 548,556 Income (Loss) from Operations 8,862 56,225 (213,723 ) 67,811 Equity in (losses) earnings of affiliates, net (404 ) (353 ) 95 (35 ) Interest income 559 323 481 546 Interest expense (8,501 ) (8,348 ) (7,830 ) (7,975 ) Other (expense) income, net (1,105 ) 11,678 (40,458 ) 21,262 (Loss) Income from Continuing Operations Before Income Taxes (589 ) 59,525 (261,435 ) 81,609 Provision (Benefit) for Income Taxes 900 19,600 (30,500 ) 30,500 (Loss) Income from Continuing Operations (1,489 ) 39,925 (230,935 ) 51,109 Income from Discontinued Operations, Net of Tax 23,289 18,502 379 — Net Income (Loss) 21,800 58,427 (230,556 ) 51,109 Net (Income) Loss Attributable to Noncontrolling Interests (774 ) (434 ) (287 ) 60 Net Income (Loss) Attributable to Graham Holdings Company 21,026 57,993 (230,843 ) 51,169 Redeemable Preferred Stock Dividends (420 ) (211 ) — — Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders $ 20,606 $ 57,782 $ (230,843 ) $ 51,169 Amounts Attributable to Graham Holdings Company Common Stockholders (Loss) income from continuing operations $ (2,683 ) $ 39,280 $ (231,222 ) $ 51,169 Income from discontinued operations, net of tax 23,289 18,502 379 — Net income (loss) attributable to Graham Holdings Company common stockholders $ 20,606 $ 57,782 $ (230,843 ) $ 51,169 Per Share Information Attributable to Graham Holdings Company Common Stockholders Basic (loss) income per common share from continuing operations $ (0.58 ) $ 6.74 $ (40.32 ) $ 8.78 Basic income per common share from discontinued operations 4.09 3.18 0.07 — Basic net income (loss) per common share $ 3.51 $ 9.92 $ (40.25 ) $ 8.78 Diluted (loss) income per common share from continuing operations $ (0.58 ) $ 6.71 $ (40.32 ) $ 8.72 Diluted income per common share from discontinued operations 4.06 3.16 0.07 — Diluted net income (loss) per common share $ 3.48 $ 9.87 $ (40.25 ) $ 8.72 Basic average number of common shares outstanding 5,704 5,720 5,738 5,746 Diluted average number of common shares outstanding 5,791 5,805 5,837 5,834 2015 Quarterly comprehensive income $ 4,098 $ 56,304 $ (235,556 ) $ (64,301 ) 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 results of operations and comprehensive income for the year ended December 31, 2014 , is as follows: (in thousands, except per share amount) First Quarter Second Quarter Third Quarter Fourth Quarter Operating Revenues Education $ 522,154 $ 542,964 $ 543,918 $ 551,381 Advertising 70,115 73,587 72,951 91,561 Other 40,351 57,031 86,336 84,683 632,620 673,582 703,205 727,625 Operating Costs and Expenses Operating 296,507 321,163 326,395 317,687 Selling, general and administrative 276,294 276,502 309,583 269,779 Depreciation of property, plant and equipment 19,430 18,201 18,664 18,618 Amortization of intangible assets 2,682 2,936 7,354 5,215 Impairment of intangibles and other long-lived assets — — — 17,302 594,913 618,802 661,996 628,601 Income from Operations 37,707 54,780 41,209 99,024 Equity in earnings of affiliates, net 4,052 91,503 4,613 202 Interest income 599 641 529 367 Interest expense (8,788 ) (8,525 ) (9,298 ) (8,922 ) Other income (expense), net 133,273 268,114 (10,723 ) 387,346 Income from Continuing Operations Before Income Taxes 166,843 406,513 26,330 478,017 Provision for Income Taxes 62,300 61,900 16,100 172,000 Income from Continuing Operations 104,543 344,613 10,230 306,017 Income from Discontinued Operations, Net of Tax 27,762 405,237 66,209 28,649 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 $ 104,336 $ 344,900 $ 10,142 $ 305,761 Income from discontinued operations, net of tax 27,762 405,237 66,209 28,649 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 $ 14.10 $ 46.35 $ 1.73 $ 52.76 Basic income per common share from discontinued operations 3.75 54.45 11.45 4.95 Basic net income per common share $ 17.85 $ 100.80 $ 13.18 $ 57.71 Diluted income per common share from continuing operations $ 14.05 $ 46.20 $ 1.73 $ 52.48 Diluted income per common share from discontinued operations 3.74 54.28 11.39 4.93 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. |
Schedule Of Quarterly Impact From Certain Items | Quarterly impact from certain items in 2015 and 2014 (after-tax and diluted EPS amounts): First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Goodwill and long-lived assets impairment charges of $225.2 million at Kaplan and other businesses ($4.4 million, $217.1 million and $3.7 million in the second, third and fourth quarters, respectively) $ (0.75 ) $ (37.85 ) $ (0.63 ) Charges of $28.9 million related to restructuring at the education division, corporate office and other businesses ($6.8 million, $10.7 million, $5.8 million and $5.5 million in the first, second, third and fourth quarters, respectively) $ (1.17 ) $ (1.82 ) $ (1.00 ) $ (0.96 ) Charges of $15.3 million related to the modification of stock option awards in conjunction with the Cable ONE spin-off and the modification of restricted stock awards ($11.6 million and $3.7 million in the third and fourth quarters, respectively) $ (1.99 ) $ (0.63 ) Non-operating losses, net, of $15.7 million arising from the sales of five businesses and an investment, and on the formation of a joint venture ($3.6 million gain, $5.0 million gain and $24.3 million loss in the first, second and third quarters, respectively) $ 0.50 $ 0.85 $ (4.16 ) Gain of $13.2 million from the sale of land $ 2.27 Losses, net, of $9.7 million for non-operating unrealized foreign currency (losses) gains ($4.4 million loss, $2.3 million gain, $8.0 million loss and $0.4 million gain in the first, second, third and fourth quarters, respectively) $ (0.75 ) $ 0.39 $ (1.37 ) $ 0.07 2014 Charges of $20.2 million related to restructuring and early retirement program expense and related charges 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 ) Intangible and other long-lived assets impairment charge of $11.2 million at Kaplan and other businesses $ (1.92 ) Gain of $249.8 million from the sale of Classified Ventures $ 42.89 Gain of $58.2 million from the Classified Ventures ’ sale of apartments.com $ 7.80 Gain of $266.7 million from the Berkshire exchange transaction $ 35.73 Gain of $81.8 million on the sale of the corporate headquarters building $ 11.13 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 ) |
Organization and Nature of Op45
Organization and Nature of Operations (Narrative) (Details) | Dec. 31, 2015TelevisionStationnetworkCategory | Sep. 03, 2015campus | Feb. 12, 2015campus |
Education [Member] | |||
Product Information [Line Items] | |||
Number of education business categories | Category | 3 | ||
Television Broadcasting [Member] | |||
Product Information [Line Items] | |||
Number of television broadcast stations owned | TelevisionStation | 5 | ||
Number of major national networks each station is affiliated with | network | 1 | ||
Higher Education [Member] | KHE Campuses [Member] | Education [Member] | |||
Product Information [Line Items] | |||
Number of nationally accredited ground campuses sold | campus | 38 | 38 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Line Items] | |
Maximum amount of time between receipt and application of Federal aid funds | 3 days |
Celtic Healthcare Inc [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Ownership percentage of redeemable noncontrolling interest | 80.00% |
Residential Healthcare Group Inc [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Ownership percentage of redeemable noncontrolling interest | 80.00% |
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] | |
Investment maturity length | 3 months |
Amortized Intangible Assets, Useful Life (in years) | 10 years |
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 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) | Jul. 01, 2015 | Oct. 01, 2013 | Jun. 30, 2015 | Jan. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of shares forfeited due to modification | 37,243 | |||||||||
Net assets divested | $ 406,453,000 | |||||||||
Net assets divested, net of cash | 312,300,000 | |||||||||
Pre-tax gain (loss) on sale and/or disposition | $ 732,000 | $ (351,133,000) | $ (157,449,000) | |||||||
Cable Spin-Off [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
GHC dividend received from Cable ONE | $ 450,000,000 | |||||||||
Kaplan China [Member] | Kaplan International [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 | $ (700,000) | (3,100,000) | ||||||||
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) | |||||||||
Cable Spin-Off [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cable ONE, unsecured notes | 450,000,000 | |||||||||
Cable Spin-Off [Member] | Cable [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cable ONE, unsecured notes | $ 550,000,000 | |||||||||
Berkshire Exchange Transaction [Member] | WPLG [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 | |||||||||
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 | |||||||||
After-tax gain (loss) on sale and/or disposition | 100,000,000 | |||||||||
Amount received for all issued and outstanding equity securities | $ 250,000,000 | |||||||||
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) | |||||||||
Pension Plan [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Curtailment gain | 3,267,000 | 0 | $ 43,930,000 | |||||||
Pension Plan [Member] | Discontinued Operations [Member] | Cable Spin-Off [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Curtailment gain | 2,200,000 | |||||||||
July 2015 through December 2018 [Member] | Restricted Stock [Member] | Cable Spin-Off [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Incremental stock compensation from modification | 3,000,000 | |||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Net assets divested | $ 406,453,000 | |||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Discontinued Operations [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Spin-off Costs | $ 7,400,000 | $ 3,500,000 |
Disontinued Operations (Carryin
Disontinued Operations (Carrying Amount of Assets and Liabilities Included in Discontinued Operations) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Jul. 01, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 1,235 | ||
Total current assets | $ 0 | 1,240 | |
Total current liabilities | $ 0 | $ 1,034 | |
Net assets divested in the Spin-Off | $ 406,453 | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | 94,115 | ||
Accounts receivable, net | 29,778 | ||
Other current assets | 14,182 | ||
Total current assets | 138,075 | ||
Property, plant and equipment, net | 612,812 | ||
Goodwill, net | 85,488 | ||
Indefinite-lived intangible assets, net | 496,321 | ||
Amortized intangible assets, net | 510 | ||
Deferred charges and other assets | 22,541 | ||
Total Assets | 1,355,747 | ||
Accounts payable and accrued liabilities | 70,920 | ||
Income taxes payable | 2,962 | ||
Deferred revenue | 21,883 | ||
Short-term borrowings | 2,500 | ||
Total current liabilities | 98,265 | ||
Accrued compensation and related benefits | 24,227 | ||
Other liabilities | 57 | ||
Deferred income taxes | 279,245 | ||
Long-term debt | 547,500 | ||
Total Liabilities | 949,294 | ||
Net assets divested in the Spin-Off | $ 406,453 |
Discontinued Operations (Cash F
Discontinued Operations (Cash Flows from Discontinued Operations) (Details 2) - Cable Spin-Off [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Cash Provided by Operating Activities | $ 109,772 | $ 251,506 | $ 228,605 |
Net Cash Used in Investing Activities | $ (74,416) | $ (78,405) | $ (140,181) |
Discontinued Operations (Summar
Discontinued Operations (Summarized Income (Loss) from Discontinued Operations, Net Of Tax) (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Operating revenues | $ 397,404 | $ 845,114 | $ 1,269,966 | ||||||||
Operating costs and expenses | (325,379) | (660,180) | (1,156,735) | ||||||||
Operating income | 72,025 | 184,934 | 113,231 | ||||||||
Non-operating (expense) income | (1,288) | 74,196 | (136) | ||||||||
Income from discontinued operations | 70,737 | 259,130 | 113,095 | ||||||||
Provision for income taxes | 27,783 | 98,207 | 40,441 | ||||||||
Net Income from Discontinued Operations | 42,954 | 160,923 | 72,654 | ||||||||
(Loss) gain on dispositions of discontinued operations | (732) | 351,133 | 157,449 | ||||||||
Provision (benefit) for income taxes on dispositions of discontinued operations | 52 | (15,801) | 57,489 | ||||||||
Income from Discontinued Operations, Net of Tax | $ 0 | $ 379 | $ 18,502 | $ 23,289 | $ 28,649 | $ 66,209 | $ 405,237 | $ 27,762 | $ 42,170 | $ 527,857 | $ 172,614 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | Oct. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2015 | Apr. 01, 2014 |
Schedule of Investments [Line Items] | |||||||||||||||
Commercial paper and money market investments | $ 433,000 | $ 594,300 | $ 433,000 | $ 594,300 | |||||||||||
Marketable equity securities | 350,563 | 193,793 | 350,563 | 193,793 | |||||||||||
New investments in marketable equity securities | 146,200 | 50,000 | $ 15,000 | ||||||||||||
Proceeds from sales of marketable equity securities | 5,800 | 3,600 | |||||||||||||
(Loss) gain on sales of marketable equity securities | (2,600) | 900 | |||||||||||||
Gain on share exchange | 0 | 266,733 | 0 | ||||||||||||
Pre-tax gain on equity method investment | $ (35) | $ 95 | $ (353) | $ (404) | $ 202 | $ 4,613 | $ 91,503 | $ 4,052 | (697) | 100,370 | 13,215 | ||||
Pre-tax gain (loss) on sale of equity method investment | $ 4,827 | $ 396,553 | $ 0 | ||||||||||||
Markel Corporation [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Number of shares held in investment | 28,000 | 28,000 | 28,000 | 28,000 | |||||||||||
Marketable equity securities | $ 24,700 | $ 19,100 | $ 24,700 | $ 19,100 | |||||||||||
HomeHero [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Percentage of interest acquired | 20.00% | ||||||||||||||
Residential Home Health Illinois [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 40.00% | 40.00% | |||||||||||||
Residential Hospice Illinois [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 42.50% | 42.50% | |||||||||||||
Celtic Healthcare Allegheny Health Network Joint Venture [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 40.00% | 40.00% | 40.00% | ||||||||||||
Classified Ventures' sale of apartments.com [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Cash distribution from equity method investment | $ 95,000 | ||||||||||||||
Pre-tax gain on equity method investment | $ 90,900 | ||||||||||||||
Classified Ventures LLC [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 16.50% | ||||||||||||||
Proceeds from sale of equity method investment, including amount held in escrow | $ 408,500 | ||||||||||||||
Proceeds from sale of equity method investment | $ 16,500 | ||||||||||||||
Pre-tax gain (loss) on sale of equity method investment | $ 396,600 | ||||||||||||||
Strayer Education Inc. [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Amount of time investment had been in an unrealized loss position | about six months | ||||||||||||||
Impairment write-down on a marketable equity security | $ 10,400 | ||||||||||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Gain on share exchange | $ 266,700 | ||||||||||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | Class A Common Stock [Member] | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Number of 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 shares exchanged | 1,278 | 1,278 |
Investments (Investments in Mar
Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments [Abstract] | ||
Total cost | $ 253,062 | $ 106,909 |
Gross unrealized gains | 97,741 | 86,884 |
Gross unrealized losses | (240) | 0 |
Total Fair Value | $ 350,563 | $ 193,793 |
Accounts Receivable, Accounts53
Accounts Receivable, Accounts Payable and Accrued Liabilities (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract] | |
Cash overdrafts | $ 1.1 |
Accounts Receivable, Accounts54
Accounts Receivable, Accounts Payable and Accrued Liabilities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable, Net [Abstract] | |||
Trade accounts receivable, less doubtful accounts and allowances | $ 553,780 | $ 538,532 | |
Other receivables | 18,655 | 32,825 | |
Accounts receivable, net | 572,435 | 571,357 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowance for Doubtful Accounts Receivable | 27,854 | 32,598 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | 33,834 | $ 35,462 | |
Additions - Charged to Costs and Expenses | 57,245 | ||
Deductions | (58,873) | ||
Balance at End of Period | 33,834 | ||
Accounts payable and accrued liabilities | 285,321 | 303,111 | |
Accrued compensation and related benefits | 142,693 | 161,231 | |
Total accounts payable and accrued liabilities | 428,014 | 464,342 | |
Allowance for doubtful accounts[Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | 32,598 | 33,834 | 33,612 |
Additions - Charged to Costs and Expenses | 39,982 | 47,356 | 57,245 |
Deductions | (44,726) | (48,592) | (57,023) |
Balance at End of Period | $ 27,854 | 32,598 | 33,834 |
Allowance for advertising rate adjustments and discounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | $ 0 | 1,850 | |
Additions - Charged to Costs and Expenses | 0 | ||
Deductions | (1,850) | ||
Balance at End of Period | $ 0 |
Property, Plant and Equipment55
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Depreciation of property, plant and equipment | $ 15,640 | $ 14,460 | $ 25,609 | $ 22,197 | $ 18,618 | $ 18,664 | $ 18,201 | $ 19,430 | $ 77,906 | $ 74,913 | $ 101,171 |
Higher Education [Member] | Education [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property plant and equipment impairment charges | $ 6,900 | $ 13,600 |
Property, Plant and Equipment56
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 10,410 | $ 18,052 |
Buildings | 83,642 | 157,250 |
Machinery, equipment and fixtures | 438,388 | 2,357,264 |
Leasehold improvements | 205,018 | 214,119 |
Construction in progress | 13,517 | 71,156 |
Property, plant and equipment, gross | 750,975 | 2,817,841 |
Less accumulated depreciation | (519,852) | (1,957,012) |
Property, plant and equipment, net | $ 231,123 | $ 860,829 |
Acquisitions and Dispositions57
Acquisitions and Dispositions of Businesses (Narrative) (Details) $ in Thousands | Sep. 03, 2015USD ($)campus | Jun. 30, 2014USD ($)shares | Jan. 31, 2015school | Feb. 19, 2016USD ($) | Jun. 30, 2015USD ($)business | Dec. 31, 2014USD ($) | Sep. 30, 2014school | Jun. 30, 2014USD ($)shares | Jun. 30, 2013 | Dec. 31, 2015USD ($)business | Dec. 31, 2014USD ($)business | Dec. 31, 2013USD ($)business | Nov. 13, 2015business | Feb. 12, 2015campus | Jul. 03, 2014USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Cost of acquisition | $ 163,300 | $ 210,200 | $ 23,800 | ||||||||||||
Number of businesses acquired | business | 2 | 9 | 6 | ||||||||||||
Revenues of acquired companies since acquisition date | $ 22,400 | ||||||||||||||
Operating income of acquired companies since acquisition date | 100 | ||||||||||||||
Gain on share exchange | $ 0 | $ 266,733 | $ 0 | ||||||||||||
Residential Hospice Illinois [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 42.50% | ||||||||||||||
Residential Home Health Illinois [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 40.00% | ||||||||||||||
Celtic Healthcare Allegheny Health Network Joint Venture [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% | ||||||||||||||
Group Dekko [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of business lines | business | 3 | ||||||||||||||
Percentage of interest acquired | 100.00% | ||||||||||||||
2015 Acquisitions [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Goodwill expected to be deductible for income tax purposes | $ 20,000 | ||||||||||||||
Education [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of businesses acquired | business | 3 | 1 | |||||||||||||
Number Of Businesses Disposed | business | 2 | ||||||||||||||
Kaplan International [Member] | Subsequent Event [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Cost of acquisition | $ 205,000 | ||||||||||||||
Television Broadcasting [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of businesses acquired | business | 1 | ||||||||||||||
Other Businesses [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of businesses acquired | business | 2 | 4 | |||||||||||||
Residential Healthcare Group Inc [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Fair value of redeemable noncontrolling interest acquired | $ 17,100 | ||||||||||||||
Residential Healthcare Group Inc [Member] | Residential Hospice Illinois [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 42.50% | ||||||||||||||
Residential Healthcare Group Inc [Member] | Residential Home Health Illinois [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 40.00% | ||||||||||||||
Kaplan China [Member] | Education [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Noncontrolling interest purchased | 15.00% | ||||||||||||||
Celtic Healthcare Inc [Member] | Celtic Healthcare Allegheny Health Network Joint Venture [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage of investment in affiliate | 40.00% | ||||||||||||||
Percentage of Celtic Revenue | 29.00% | ||||||||||||||
Sale Of KHE Campuses Business [Member] | Education [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Maximum letter of credit or other credit support | $ 45,000 | ||||||||||||||
Term for letter of credit (in years) | 2 years | ||||||||||||||
Berkshire Exchange Transaction [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Amount of Cash Exchanged | $ 327,700 | $ 327,700 | |||||||||||||
Treasury stock increase | 1,165,400 | ||||||||||||||
Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Gain on share exchange | 266,700 | ||||||||||||||
Berkshire Exchange Transaction [Member] | WPLG [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
After-tax gain (loss) on sale and/or disposition | 375,000 | ||||||||||||||
Estimated fair value of business exchanged | $ 438,000 | $ 438,000 | |||||||||||||
Class A Common Stock [Member] | Berkshire Exchange Transaction [Member] | Berkshire Hathaway Inc [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of shares exchanged | shares | 2,107 | 2,107 | |||||||||||||
Class B Common Stock [Member] | Berkshire Exchange Transaction [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of Shares Received in Exchange | shares | 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 shares exchanged | shares | 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 | $ 400,300 | |||||||||||||
Kaplan International [Member] | Kaplan China [Member] | Education [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of schools sold | school | 1 | 3 | |||||||||||||
Higher Education [Member] | Education [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Other long-lived assets impairment charge | $ 6,900 | $ 13,600 | |||||||||||||
Higher Education [Member] | KHE Campuses [Member] | Education [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of nationally accredited ground campuses sold | campus | 38 | 38 |
Acquisitions and Dispositions58
Acquisitions and Dispositions of Businesses (Acquired assets and liabilities assumed) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,017,513 | $ 1,348,710 | $ 1,288,622 |
2015 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 3,501 | ||
Accounts receivable | 30,537 | ||
Inventory | 20,593 | ||
Other current assets | 1,013 | ||
Property, plant and equipment | 28,872 | ||
Goodwill | 76,156 | ||
Amortized intangible assets | 31,900 | ||
Other noncurrent assets | 200 | ||
Current liabilities | (28,826) | ||
Noncurrent liabilities | (8,066) | ||
Total | $ 163,280 | ||
Weighted Average Life (in years) | 6 years | ||
Student and Customer Relationships [Member] | 2015 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | $ 22,200 | ||
Weighted Average Life (in years) | 7 years | ||
Trade Names and Trademarks [Member] | 2015 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | $ 1,800 | ||
Weighted Average Life (in years) | 7 years | ||
Other [Member] | 2015 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Amortized intangible assets | $ 7,900 | ||
Weighted Average Life (in years) | 6 years | ||
Other [Member] | 2015 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Indefinite-lived intangible assets | $ 7,400 |
Acquisitions and Dispositions59
Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Acqusitions, Dispositions and Exchanges [Abstract] | ||
Pro Forma Operating revenues | $ 2,741,001 | $ 2,900,660 |
Pro Forma Net income (loss) | $ (93,103) | $ 1,292,343 |
Acquisitions and Dispositions60
Acquisitions and Dispositions of Businesses (Significant Component) (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquisitions and Dispositions of Businesses [Abstract] | |||
Disposal Group, Not Discontinued Operation, Revenue | $ 167,093 | $ 268,895 | $ 284,085 |
Disposal Group, Not Discontinued Operation, Operating Income (Loss) | $ 612 | $ (7,748) | $ (5,499) |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 251,401 | ||
Other Businesses [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 2,800 | 2,810 | |
Education [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 248,591 | ||
Higher Education [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 248,600 | $ 248,591 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Indefinite-lived Intangible Assets) (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)business | Dec. 31, 2013USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Gain on sale of intangible asset | $ 0 | $ 75,249 | $ 0 | |
Higher Education [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | 700 | |||
Other Businesses [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 100 | |||
Number of businesses that recorded impairment of intangible and other long-lived assets | business | 1 | |||
Discontinued Operations [Member] | Wireless Licenses [Member] | Cable [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Gain on sale of intangible asset | $ 75,200 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets (Finite-lived Intangible Assets) (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)business | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)business | Dec. 31, 2013USD ($)business | |
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible and other long-lived assets | $ 17,302 | $ 0 | $ 0 | $ 0 | $ 25,100 | $ 3,300 | |||||
Amortization of Intangible Assets | |||||||||||
Amortization of intangible assets | $ 5,120 | $ 4,512 | $ 4,647 | $ 4,738 | $ 5,215 | $ 7,354 | $ 2,936 | $ 2,682 | $ 19,017 | 18,187 | $ 11,919 |
Estimated amortization of intangible assets, 2016 | 23,000 | 23,000 | |||||||||
Estimated amortization of intangible assets, 2017 | 19,000 | 19,000 | |||||||||
Estimated amortization of intangible assets, 2018 | 17,000 | 17,000 | |||||||||
Estimated amortization of intangible assets, 2019 | 16,000 | 16,000 | |||||||||
Estimated amortization of intangible assets, 2020 | 14,000 | 14,000 | |||||||||
Estimated amortization of intangible assets, after 2020 | 18,000 | $ 18,000 | |||||||||
Discontinued Operations [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible and other long-lived assets | 7,800 | ||||||||||
Test Preparation [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $ 500 | $ 1,800 | |||||||||
Number of businesses that recorded impairment of intangible and other long-lived assets | business | 1 | 1 | |||||||||
Kaplan International [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $ 900 | $ 1,100 | |||||||||
Number of businesses that recorded impairment of intangible and other long-lived assets | business | 1 | 1 | 1 | ||||||||
Impairment of intangible and other long-lived assets | $ 3,300 | ||||||||||
Kaplan International [Member] | Discontinued Operations [Member] | Kaplan China [Member] | |||||||||||
Amortized Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $ 7,800 |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 1,457,051 | $ 1,396,963 | ||
Accumulated impairment losses, beginning balance | (108,341) | (108,341) | ||
Goodwill, net, beginning balance | 1,348,710 | 1,288,622 | ||
Measurement period adjustment | 4,570 | |||
Acquisitions | 71,586 | 128,919 | ||
Impairment | (251,401) | |||
Dispositions | (126,809) | (40,083) | ||
Reclassification to discontinued operations | (810) | |||
Foreign currency exchange rate changes | (29,143) | (27,938) | ||
Goodwill, ending balance | $ 1,377,255 | 1,377,255 | 1,457,051 | |
Accumulated impairment losses, ending balance | (359,742) | (359,742) | (108,341) | |
Goodwill, net, ending balance | 1,017,513 | 1,017,513 | 1,348,710 | |
Education [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 1,057,226 | 1,073,433 | ||
Accumulated impairment losses, beginning balance | (102,259) | (102,259) | ||
Goodwill, net, beginning balance | 954,967 | 971,174 | ||
Measurement period adjustment | 0 | |||
Acquisitions | 11,515 | 14,963 | ||
Impairment | (248,591) | |||
Dispositions | (33,502) | (2,422) | ||
Reclassification to discontinued operations | (810) | |||
Foreign currency exchange rate changes | (29,143) | (27,938) | ||
Goodwill, ending balance | 1,006,096 | 1,006,096 | 1,057,226 | |
Accumulated impairment losses, ending balance | (350,850) | (350,850) | (102,259) | |
Goodwill, net, ending balance | 655,246 | 655,246 | 954,967 | |
Higher Education [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 409,884 | 409,016 | ||
Accumulated impairment losses, beginning balance | 0 | 0 | ||
Goodwill, net, beginning balance | 409,884 | 409,016 | ||
Acquisitions | 11,515 | 1,052 | ||
Impairment | $ (248,600) | (248,591) | ||
Dispositions | (28,738) | 0 | ||
Reclassification to discontinued operations | 0 | |||
Foreign currency exchange rate changes | (204) | (184) | ||
Goodwill, ending balance | 392,457 | 392,457 | 409,884 | |
Accumulated impairment losses, ending balance | (248,591) | (248,591) | 0 | |
Goodwill, net, ending balance | 143,866 | 143,866 | 409,884 | |
Test Preparation [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 166,098 | 152,187 | ||
Accumulated impairment losses, beginning balance | (102,259) | (102,259) | ||
Goodwill, net, beginning balance | 63,839 | 49,928 | ||
Acquisitions | 0 | 13,911 | ||
Impairment | 0 | |||
Dispositions | 0 | 0 | ||
Reclassification to discontinued operations | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | ||
Goodwill, ending balance | 166,098 | 166,098 | 166,098 | |
Accumulated impairment losses, ending balance | (102,259) | (102,259) | (102,259) | |
Goodwill, net, ending balance | 63,839 | 63,839 | 63,839 | |
Kaplan International [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 481,244 | 512,230 | ||
Accumulated impairment losses, beginning balance | 0 | 0 | ||
Goodwill, net, beginning balance | 481,244 | 512,230 | ||
Acquisitions | 0 | 0 | ||
Impairment | 0 | |||
Dispositions | (4,764) | (2,422) | ||
Reclassification to discontinued operations | (810) | |||
Foreign currency exchange rate changes | (28,939) | (27,754) | ||
Goodwill, ending balance | 447,541 | 447,541 | 481,244 | |
Accumulated impairment losses, ending balance | 0 | 0 | 0 | |
Goodwill, net, ending balance | 447,541 | 447,541 | 481,244 | |
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 | ||
Measurement period adjustment | 0 | |||
Acquisitions | 0 | 0 | ||
Impairment | 0 | |||
Dispositions | (85,488) | 0 | ||
Reclassification to discontinued operations | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | ||
Goodwill, ending balance | 0 | 0 | 85,488 | |
Accumulated impairment losses, ending balance | 0 | 0 | 0 | |
Goodwill, net, ending balance | 0 | 0 | 85,488 | |
Television Broadcasting [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 168,345 | 203,165 | ||
Accumulated impairment losses, beginning balance | 0 | 0 | ||
Goodwill, net, beginning balance | 168,345 | 203,165 | ||
Measurement period adjustment | 0 | |||
Acquisitions | 0 | 2,841 | ||
Impairment | 0 | |||
Dispositions | 0 | (37,661) | ||
Reclassification to discontinued operations | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | ||
Goodwill, ending balance | 168,345 | 168,345 | 168,345 | |
Accumulated impairment losses, ending balance | 0 | 0 | 0 | |
Goodwill, net, ending balance | 168,345 | 168,345 | 168,345 | |
Other Businesses [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 145,992 | 34,877 | ||
Accumulated impairment losses, beginning balance | (6,082) | (6,082) | ||
Goodwill, net, beginning balance | 139,910 | 28,795 | ||
Measurement period adjustment | 4,570 | |||
Acquisitions | 60,071 | 111,115 | ||
Impairment | (2,800) | (2,810) | ||
Dispositions | (7,819) | 0 | ||
Reclassification to discontinued operations | 0 | |||
Foreign currency exchange rate changes | 0 | 0 | ||
Goodwill, ending balance | 202,814 | 202,814 | 145,992 | |
Accumulated impairment losses, ending balance | (8,892) | (8,892) | (6,082) | |
Goodwill, net, ending balance | $ 193,922 | $ 193,922 | $ 139,910 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Amortized Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 178,747 | $ 182,107 | |
Accumulated Amortization | 71,556 | 85,160 | |
Net Carrying Amount | 107,191 | 96,947 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Net Carrying Amount | 21,885 | 516,753 | |
Non-compete Agreements [Member] | |||
Amortized Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,381 | 2,500 | |
Accumulated Amortization | 1,012 | 1,590 | |
Net Carrying Amount | 369 | 910 | |
Student and Customer Relationships [Member] | |||
Amortized Intangible Assets [Line Items] | |||
Gross Carrying Amount | 108,806 | 104,685 | |
Accumulated Amortization | 40,280 | 47,539 | |
Net Carrying Amount | 68,526 | 57,146 | |
Databases and Technology [Member] | |||
Amortized Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,617 | 10,501 | |
Accumulated Amortization | 4,114 | 8,827 | |
Net Carrying Amount | 503 | 1,674 | |
Trade Names and Trademarks [Member] | |||
Amortized Intangible Assets [Line Items] | |||
Gross Carrying Amount | 53,848 | 55,452 | |
Accumulated Amortization | 23,941 | 19,724 | |
Net Carrying Amount | 29,907 | 35,728 | |
Other [Member] | |||
Amortized Intangible Assets [Line Items] | |||
Gross Carrying Amount | 10,095 | 8,969 | |
Accumulated Amortization | 2,209 | 7,480 | |
Net Carrying Amount | $ 7,886 | $ 1,489 | |
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] | 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) | [1] | 7 years | 25 years |
Franchise Agreements [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Net Carrying Amount | $ 0 | $ 496,321 | |
Trade Names and Trademarks [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Net Carrying Amount | 21,051 | 13,651 | |
Licensure and Accreditation [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Net Carrying Amount | $ 834 | $ 6,781 | |
[1] | The Company’s other amortized intangible assets maximum useful life was 25 years as of December 31, 2014. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Federal statutory income tax rate | 35.00% | 35.00% | |
Tax (benefits) expenses with respect to losses from discontinued operations | $ 27,800,000 | $ 82,400,000 | $ 97,900,000 |
Deferred state income tax asset | 19,550,000 | 17,942,000 | |
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards | 5,007,000 | 2,368,000 | |
Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards | 1,374,000 | 837,000 | |
Deferred tax assets with respect to non U.S. income tax loss carryforwards | 26,921,000 | 30,460,000 | |
Non-U.S.deferred tax asset related to capital loss carryforwards | 10,055,000 | 0 | |
Valuation Allowance, Amount | 69,545,000 | 65,521,000 | |
Interest accrued related to unrecognized tax benefits | 300,000 | ||
Penalties accrued related to unrecognized tax benefits | 0 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards to expire | 420,200,000 | ||
Deferred state income tax asset | 19,500,000 | ||
Valuation Allowance, Amount | 27,900,000 | ||
Valuation allowance related to operating loss carryforwards | 19,500,000 | ||
Unrecognized tax benefit that would impact the effective tax rate | 5,100,000 | ||
U.S. Federal [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards obtained as a result of prior stock acqusitions | 14,200,000 | ||
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards | 5,000,000 | ||
Foreign tax credit carryforwards | 1,400,000 | ||
Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards | 1,400,000 | ||
Federal tax impact of unrecognized tax benefits that would impact the effective tax rate | 1,800,000 | ||
U.S. Federal [Member] | Expire in 2023 [Member] | |||
Income Taxes [Line Items] | |||
Foreign tax credit carryforwards | 800,000 | ||
U.S. Federal [Member] | Expire in 2025 [Member] | |||
Income Taxes [Line Items] | |||
Foreign tax credit carryforwards | 600,000 | ||
non-U.S. [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards as a result of operating losses and prior stock acquisitions | 96,200,000 | ||
Deferred tax assets with respect to non U.S. income tax loss carryforwards | 26,900,000 | ||
Valuation allowance against the deferred tax assets recorded for the tax losses carryforward | 26,800,000 | ||
Tax loss carryforwards from operating losses and prior stock acquisitions that can be carried forward indefinitely | 88,400,000 | ||
Non-U.S.deferred tax asset related to capital loss carryforwards | 10,100,000 | ||
Valuation Allowance, Amount | 41,700,000 | ||
non-U.S. [Member] | Through 2020 [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards subject to expiration | 5,100,000 | ||
non-U.S. [Member] | After 2020 [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards subject to expiration | 2,600,000 | ||
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 | 17,500,000 | 10,600,000 | |
Excess of book value over tax basis of investment | 71,800,000 | 57,900,000 | |
Additional deferred tax liabilitites due to excess of book value over tax basis of investment | 0 | $ 1,400,000 | |
Capital loss carryforwards to 2013 tax year [Member] | U.S. Federal [Member] | |||
Income Taxes [Line Items] | |||
Income Taxes Receivable | 10,500,000 | ||
Capital loss carryforward [Member] | non-U.S. [Member] | |||
Income Taxes [Line Items] | |||
Carryforward amount | 33,500,000 | ||
Valuation Allowance, Amount | $ 10,100,000 |
Income Taxes (Income from Opera
Income Taxes (Income from Operations) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Operations before Extraordinary Items [Abstract] | |||||||||||
U.S. | $ (142,705) | $ 1,025,101 | $ 91,538 | ||||||||
Non-U.S. | 21,815 | 52,602 | 13,693 | ||||||||
(Loss) Income from Continuing Operations Before Income Taxes | $ 81,609 | $ (261,435) | $ 59,525 | $ (589) | $ 478,017 | $ 26,330 | $ 406,513 | $ 166,843 | $ (120,890) | $ 1,077,703 | $ 105,231 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes Components) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
U.S. Federal, Current | $ 5,728 | $ 215,450 | $ 11,514 | ||||||||
State and Local, Current | 402 | 23,737 | 4,614 | ||||||||
Non-U.S. | 2,441 | 10,485 | 10,015 | ||||||||
Total income tax, Current | 8,571 | 249,672 | 26,143 | ||||||||
U.S. Federal, Deferred | 20,890 | 38,684 | 26,568 | ||||||||
State and Local, Deferred | (10,749) | 27,257 | (10,641) | ||||||||
Non-U.S. | 1,788 | (3,313) | (1,570) | ||||||||
Total income tax, Deferred | 11,929 | 62,628 | 14,357 | ||||||||
U.S. Federal, Total | 26,618 | 254,134 | 38,082 | ||||||||
State and Local, Total | (10,347) | 50,994 | (6,027) | ||||||||
Non-U.S. | 4,229 | 7,172 | 8,445 | ||||||||
Total provision for income tax | $ 30,500 | $ (30,500) | $ 19,600 | $ 900 | $ 172,000 | $ 16,100 | $ 61,900 | $ 62,300 | $ 20,500 | $ 312,300 | $ 40,500 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation) (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||||||||||
U.S. Federal taxes at statutory rate | $ (42,311) | $ 377,196 | $ 36,831 | ||||||||
State and local taxes, net of U.S. Federal tax | (3,441) | 38,106 | (1,279) | ||||||||
Tax-free stock transactions | 0 | (91,540) | 0 | ||||||||
Tax provided on non-U.S. subsidiary earnings and distributions at more (less) than the expected U.S. Federal statutory tax rate | 2,688 | 2,186 | 767 | ||||||||
Australian tax benefit for capital loss on sale of stock | (6,358) | 0 | 0 | ||||||||
Goodwill impairments and dispositions | 63,889 | 0 | 0 | ||||||||
U.S. Federal Manufacturing Deducation tax benefits | (625) | (6,789) | (1,858) | ||||||||
Other, net | 3,154 | 578 | 1,444 | ||||||||
Total provision for income tax | $ 30,500 | $ (30,500) | $ 19,600 | $ 900 | $ 172,000 | $ 16,100 | $ 61,900 | $ 62,300 | 20,500 | 312,300 | 40,500 |
State [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Valuation allowance against tax benefits | (3,285) | (4,960) | (2,638) | ||||||||
non-U.S. [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Valuation allowance against tax benefits | $ 6,789 | $ (2,477) | $ 7,233 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes Components) (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Income Tax Liabilities [Line Items] | ||
Accrued postretirement benefits | $ 13,763 | $ 16,785 |
Other benefit obligations | 108,349 | 122,241 |
Accounts receivable | 12,840 | 17,925 |
State income tax loss carryforwards | 19,550 | 17,942 |
U.S. Federal income tax loss carryforwards | 5,007 | 2,368 |
U.S Federal foreign income tax credit carryforwards | 1,374 | 837 |
Non-U.S. income tax loss carryforwards | 26,921 | 30,460 |
Non-U.S. capital loss carryforwards | 10,055 | 0 |
Other | 44,858 | 50,134 |
Deferred tax assets | 242,717 | 258,692 |
Valuation allowance | (69,545) | (65,521) |
Deferred tax assets, net | 173,172 | 193,171 |
Property, plant and equipment | 17,465 | 139,765 |
Unrealized gain on available-for-sale securities | 39,010 | 34,764 |
Goodwill and other intangible assets | 133,097 | 308,954 |
Deferred tax liabilities | 576,488 | 947,197 |
Deferred Income Tax Liabilities, Net | 403,316 | 754,026 |
Pension Plan [Member] | ||
Deferred Income Tax Liabilities [Line Items] | ||
Prepaid pension cost | $ 386,916 | $ 463,714 |
Income Taxes (Operating Loss Ca
Income Taxes (Operating Loss Carryforwards) (Details 5) $ in Millions | Dec. 31, 2015USD ($) |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | $ 420.2 |
U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 14.2 |
2016 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 4.7 |
2016 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 3.4 |
2017 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 2.6 |
2017 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 2.5 |
2018 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 9.5 |
2018 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 2.1 |
2019 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 3.7 |
2019 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 2 |
2020 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 4.8 |
2020 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 1.8 |
2021 and after [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 394.9 |
2021 and after [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | $ 2.4 |
Income Taxes (Deferred Tax Vall
Income Taxes (Deferred Tax Valluation Allowances) (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | $ 33,834 | $ 35,462 | |
Deductions | (58,873) | ||
Balance at End of Period | 33,834 | ||
Deferred Tax Valuation Allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Begining of Period | $ 65,521 | 72,767 | 78,109 |
Tax Expense and Revaluation | 4,024 | 889 | 4,595 |
Deductions | 0 | (8,135) | (9,937) |
Balance at End of Period | $ 69,545 | $ 65,521 | $ 72,767 |
Income Taxes Income Taxes (Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits Rollforward) (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning unrecognized tax benefits | $ 19,817 | $ 0 | $ 0 |
Increases related to current year tax positions | 0 | 19,817 | 0 |
Increases related to prior year tax positions | 0 | 0 | 0 |
Decrease related to prior year tax positions | (2,486) | 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 | $ 17,331 | $ 19,817 | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Jun. 29, 2015USD ($) | Mar. 09, 2015AUD | Sep. 07, 2011USD ($) | Jan. 31, 2009USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 17, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 17, 2015AUD | Sep. 07, 2011AUD |
Debt Instrument [Line Items] | |||||||||||
Average borrowings outstanding | $ 428,400,000 | $ 450,900,000 | |||||||||
Weighted average interest rate of borrowings | 7.10% | 7.00% | |||||||||
Net interest expense incurred | $ 30,700,000 | $ 33,400,000 | $ 33,700,000 | ||||||||
7.25% Unsecured Notes due February 1, 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 7.25% | 7.25% | 7.25% | ||||||||
Face amount of debt issued | $ 400,000,000 | ||||||||||
Debt Instrument, Term | 10 years | ||||||||||
Debt Instrument, Maturity date | Feb. 1, 2019 | ||||||||||
Notes repurchase percentage of principal amount to be eligible for redemption | 101.00% | ||||||||||
Fair value of debt instrument | $ 436,600,000 | $ 450,300,000 | |||||||||
Carrying value of debt instrument | 398,722,000 | 398,308,000 | |||||||||
Four-Year Revolving Credit Agreement Dated, June 17, 2011 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings outstanding | $ 0 | ||||||||||
Debt Instrument, Term | 4 years | ||||||||||
Five-Year Revolving Credit Agreement Dated June 29, 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Current borrowing capacity | $ 200,000,000 | ||||||||||
Covenant, Leverage Ratio, Maximum | 3.5 | ||||||||||
Covenant, Interest Coverage Ratio, Minimum | 3.5 | ||||||||||
USD $450 million portion of Revolver [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings outstanding | 0 | 0 | |||||||||
Termination Of Credit Agreement | $ 450,000,000 | ||||||||||
AUD $50 million portion of Revolver [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings outstanding | $ 0 | $ 40,927,000 | AUD 50,000,000 | ||||||||
Termination Of Credit Agreement | AUD | AUD 50,000,000 | ||||||||||
Proceeds from (Repayments of) Lines of Credit | AUD | AUD (50,000,000) | ||||||||||
Interest Rate Swap [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Types of interest rate derivatives used | interest rate swap | ||||||||||
Notional amount of cash flow hedge | $ 50,000,000 | AUD 50,000,000 | |||||||||
Interest rate swap percentage rate | 4.5275% | 4.5275% | |||||||||
Notional amount of derivative matured | AUD | AUD 50,000,000 | ||||||||||
Other Indebtedness [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 6.00% | ||||||||||
Minimum interest rate | 0.00% | ||||||||||
Maximum interest rate | 6.00% | ||||||||||
Debt Instrument, Maturity year, start | Jan. 1, 2015 | ||||||||||
Debt Instrument, Maturity year, end | Dec. 31, 2017 | Dec. 31, 2017 | |||||||||
Minimum [Member] | Five-Year Revolving Credit Agreement Dated June 29, 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused Capacity, Commitment Fee Percentage | 0.15% | ||||||||||
Maximum [Member] | Five-Year Revolving Credit Agreement Dated June 29, 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||
Eurodollar [Member] | Five-Year Revolving Credit Agreement Dated June 29, 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis Spread on Variable Rate | 1.00% | ||||||||||
Federal Funds Effective Swap Rate [Member] | Five-Year Revolving Credit Agreement Dated June 29, 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis Spread on Variable Rate | 0.50% | ||||||||||
Cable Spin-Off [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt issued | $ 450,000,000 | ||||||||||
Cable Spin-Off [Member] | Cable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt issued | $ 550,000,000 |
Debt (Details 1)
Debt (Details 1) | Dec. 31, 2015USD ($) | Jun. 17, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 07, 2011AUD | Jan. 31, 2009 |
Debt Instrument [Line Items] | |||||
Other indebtedness | $ 1,204,000 | $ 6,685,000 | |||
Total Debt | 399,926,000 | 445,920,000 | |||
Less: current portion | 0 | (46,375,000) | |||
Total Long-Term Debt | 399,926,000 | 399,545,000 | |||
7.25% Unsecured Notes due February 1, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured notes | $ 398,722,000 | $ 398,308,000 | |||
Interest rate of debt instrument | 7.25% | 7.25% | 7.25% | ||
Four-Year Revolving Credit Agreement Dated, June 17, 2011 [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit borrowing | $ 0 | ||||
USD [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit borrowing | $ 0 | $ 0 | |||
AUD [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit borrowing | $ 0 | $ 40,927,000 | AUD 50,000,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Impairment of goodwill and other long-lived assets | $ 4,233 | $ 248,591 | $ 6,876 | $ 0 | $ 259,700 | $ 17,302 | $ 3,250 | ||||
Impairment of intangible and other long-lived assets | $ 17,302 | $ 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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Marketable equity securities | $ 350,563 | $ 193,793 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Money market investments | [1] | 433,040 | 368,131 |
Commercial paper | [2] | 226,197 | |
Marketable equity securities | [3] | 350,563 | 193,793 |
Other current investments | [4] | 28,882 | 32,959 |
Total Financial Assets | 812,485 | 821,080 | |
Liabilities | |||
Deferred compensation plan liabilities | [5] | 48,055 | 70,661 |
Interest rate swap | [6] | 179 | |
Total Financial Liabilities | 70,840 | ||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Money market investments | [1] | 0 | 0 |
Commercial paper | [2] | 226,197 | |
Marketable equity securities | [3] | 350,563 | 193,793 |
Other current investments | [4] | 12,822 | 11,788 |
Total Financial Assets | 363,385 | 431,778 | |
Liabilities | |||
Deferred compensation plan liabilities | [5] | 0 | 0 |
Interest rate swap | [6] | 0 | |
Total Financial Liabilities | 0 | ||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets | |||
Money market investments | [1] | 433,040 | 368,131 |
Commercial paper | [2] | 0 | |
Marketable equity securities | [3] | 0 | 0 |
Other current investments | [4] | 16,060 | 21,171 |
Total Financial Assets | 449,100 | 389,302 | |
Liabilities | |||
Deferred compensation plan liabilities | [5] | $ 48,055 | 70,661 |
Interest rate swap | [6] | 179 | |
Total Financial Liabilities | $ 70,840 | ||
[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. |
Redeemable Preferred Stock (Det
Redeemable Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Temporary Equity [Abstract] | |||||
Redeemable Preferred Stock, par value per share | $ 1 | $ 1 | $ 1 | ||
Redeemable Preferred Stock, liquidation value per share | $ 1,000 | $ 1,000 | $ 1,000 | ||
Redeemable preferred shares outstanding | 10,510 | 0 | 10,510 | ||
Redeemable Preferred Stock, redemption value per share | $ 1,000 | $ 1,000 | $ 1,000 | ||
Redeemable preferred stock redemption amount | $ 10,500 | $ 10,510 | $ 0 | $ 0 | |
Number of times dividends payable in a year per share | four times a year | ||||
Dividends payable per share | $ 80 |
Capital Stock, Stock Awards, 79
Capital Stock, Stock Awards, and Stock Options (Narrative) (Details) | Jul. 03, 2015USD ($) | Jul. 01, 2015USD ($) | Jan. 31, 2016$ / shares | Dec. 31, 2012$ / shares | Feb. 25, 2016shares | Dec. 31, 2015USD ($)employee$ / sharesshares | Jun. 30, 2015USD ($)employeeshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)employee$ / sharesshares | Sep. 30, 2015shares | May. 14, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Antidilutive Restricted Stock | 52,000 | 62,000 | 83,000 | |||||||||
Cost of shares repurchased by company | $ | $ 22,979,000 | $ 327,718,000 | $ 4,196,000 | |||||||||
Shares subject to award outstanding | 81,475 | 81,475 | 117,111 | |||||||||
Number of shares forfeited due to modification | 37,243 | |||||||||||
Number of shares awarded in 2016 | 47,245 | |||||||||||
Stock options outstanding | 191,722 | 191,722 | ||||||||||
Antidilutive securities, shares | 39,000 | 0 | 0 | |||||||||
Dividends declared per common share | $ / shares | $ 9.1 | $ 10.2 | ||||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,250 | 5,175 | 5,500 | |||||||||
Kaplan Stock Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercised, Number of Shares | 0 | 0 | 0 | |||||||||
Number of shares granted | 2,500 | 0 | 5,000 | |||||||||
Stock options outstanding | 0 | 0 | ||||||||||
Employee Stock Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 102,000 | 52,000 | 10,000 | |||||||||
Senior Manager [Member] | Kaplan Stock Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 4 years | 4 years | ||||||||||
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 | $ / shares | $ 9.8 | |||||||||||
Education [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
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 | $ | (1,800,000) | $ 900,000 | $ 2,900,000 | |||||||||
Accrual balance related to stock based compensation | $ | $ 8,900,000 | $ 8,900,000 | ||||||||||
Class A Common Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Conversion of Class A shares to Class B | 10,822 | 194,250 | ||||||||||
Conversion of stock from Class A to Class B, percentage | 1.00% | 17.00% | ||||||||||
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 | 46,226 | 33,024 | ||||||||||
Cost of shares repurchased by company | $ | $ 23,000,000 | $ 17,700,000 | ||||||||||
Number of shares authorized to be repurchased | 500,000 | |||||||||||
Number of shares authorized to be repurchased remaining under previous authorization | 159,219 | |||||||||||
Authorized shares remaining for repurchase | 453,774 | 453,774 | ||||||||||
Market value of company's stock | $ / shares | $ 484.97 | $ 484.97 | ||||||||||
Class B Common Stock [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares affected by modification of terms | 9,800 | |||||||||||
Number of employees affected by modification of terms of share awards | employee | 1 | |||||||||||
Number of share awards with accelerated vesting | 9,412 | |||||||||||
Number of shares forfeited due to modification | 388 | |||||||||||
Incremental stock compensation expense, net of forfeitures, due to modification | $ | $ 6,000,000 | |||||||||||
Share awards outstanding, restriction will lapse in 2016 | 10,675 | |||||||||||
Share awards outstanding, restriction will lapse in 2017 | 29,850 | |||||||||||
Share awards outstanding, restriction will lapse in 2018 | 14,450 | |||||||||||
Share awards outstanding, restriction will lapse in 2019 | 26,500 | |||||||||||
Stock-based compensation expense | $ | $ 25,300,000 | $ 15,400,000 | 35,200,000 | |||||||||
Total unrecognized compensation expense | $ | 29,400,000 | $ 29,400,000 | ||||||||||
Years over which cost expected to be recognized | 1 year 9 months 18 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 | $ | $ 22,900,000 | $ 2,700,000 | $ 3,500,000 | |||||||||
Total unrecognized compensation expense | $ | $ 10,700,000 | $ 10,700,000 | ||||||||||
Years over which cost expected to be recognized | 5 years | |||||||||||
Options outstanding exercisable now | 101,826 | 101,826 | ||||||||||
Options outstanding exercisable in 2016 | 17,772 | 17,772 | ||||||||||
Options outstanding exercisable in 2017 | 17,000 | 17,000 | ||||||||||
Options outstanding exercisable in 2018 | 17,000 | 17,000 | ||||||||||
Options outstanding exercisable in 2019 | 17,000 | 17,000 | ||||||||||
Options outstanding exercisable in 2020 | 17,000 | 17,000 | ||||||||||
Options outstanding exercisable in 2021 | 4,124 | 4,124 | ||||||||||
Intrinsic value of options outstanding | $ | $ 14,700,000 | $ 14,700,000 | ||||||||||
Intrinsic value of options exercisable | $ | 14,500,000 | 14,500,000 | ||||||||||
Intrinsic value of options unvested | $ | $ 200,000 | $ 200,000 | ||||||||||
Options unvested, shares | 89,896 | 89,896 | 81,500 | |||||||||
Options unvested, average exercise price | $ / shares | $ 755.65 | $ 755.65 | $ 863.72 | |||||||||
Options unvested, weighted average remaining contractual term, years | 9 years 1 month 6 days | 8 years 10 months 24 days | ||||||||||
Exercised, Number of Shares | 40,527 | 19,125 | 14,500 | |||||||||
Intrinsic value of options exercised | $ | $ 19,500,000 | $ 6,700,000 | $ 3,200,000 | |||||||||
Tax benefit from stock option exercises | $ | $ 7,800,000 | $ 2,700,000 | $ 1,300,000 | |||||||||
Weighted average fair value, granted options | $ / shares | $ 155 | $ 178.95 | $ 91.74 | |||||||||
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] | ||||||||||||
Number of shares granted | 24,742 | 50,000 | ||||||||||
Class B Common Stock [Member] | Subsequent Event [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares awarded in 2016 | 200 | |||||||||||
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 | employee | 102 | |||||||||||
Number of share awards with accelerated vesting | 45,374 | |||||||||||
Number of shares forfeited due to modification | 26,450 | |||||||||||
Number of shares modified by the elimination of a market condition and vesting terms | 15,000 | |||||||||||
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 | employee | 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 | 4,625 | 4,625 | ||||||||||
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 | 87,019 | 87,019 | ||||||||||
Shares reserved for stock awards granted under the plan | 1,900,000 | 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] | ||||||||||||
Individual award limit authorization | 50,000 | 77,258 | ||||||||||
Shares reserved for issuance | 624,839 | 624,839 | ||||||||||
Shares reserved for stock awards granted under the plan | 500,000 | 772,588 | ||||||||||
Shares subject to award outstanding | 181,553 | 181,553 | ||||||||||
Shares available for future awards | 443,286 | 443,286 | ||||||||||
Class B Common Stock [Member] | 2012 Incentive Compensation Plan [Member] | 2015 and 2014 Options 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] | Senior Manager [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares subject to award outstanding | 7,206 | 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 | $ / shares | $ 1,240 | |||||||||||
Kaplan Stock Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Fair value of company common stock | $ / shares | $ 1,180 | $ 973 | ||||||||||
Berkshire Exchange Transaction [Member] | Class B Common Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares repurchased by company | 1,620,190 | |||||||||||
Cost of shares repurchased by company | $ | $ 1,165,400,000 | |||||||||||
Cable Spin-Off [Member] | Class B Common Stock [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares affected by modification of terms | 10,830 | |||||||||||
Number of share awards with accelerated vesting | 6,324 | |||||||||||
Number of shares forfeited due to modification | 4,506 | |||||||||||
Cable Spin-Off [Member] | Class B Common Stock [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 | $ | $ 23,500,000 | |||||||||||
Cable Spin-Off [Member] | Class B Common Stock [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 | $ | $ 3,700,000 | |||||||||||
Cable Spin-Off [Member] | Class B Common Stock [Member] | Cable [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of employees affected by modification of terms of share awards | employee | 21 | |||||||||||
Cable Spin-Off [Member] | July 2015 through December 2018 [Member] | Class B Common Stock [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 | $ | 4,700,000 | |||||||||||
Cable Spin-Off [Member] | Q3 2015 [Member] | Class B Common Stock [Member] | Corporate Office [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 | $ | $ 18,800,000 | |||||||||||
Cable Spin-Off [Member] | July 2015 through December 2018 [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 | $ | $ 3,000,000 |
Capital Stock, Stock Awards, 80
Capital Stock, Stock Awards, and Stock Options (Stock Awards Rollforward) (Details 1) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
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 | shares | 117,111 |
Awarded, Number of Shares | shares | 47,245 |
Vested, Number of Shares | shares | (45,638) |
Forfeited, Number of Shares | shares | (37,243) |
End of year, unvested, Number of Shares | shares | 81,475 |
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) | $ / shares | $ 463.64 |
Awarded, Average Grant-Date Fair Value (in dollars per share) | $ / shares | 935.28 |
Vested, Average Grant-Date Fair Value (in dollars per share) | $ / shares | 684.97 |
Forfeited, Average Grant-Date Fair Value (in dollars per share) | $ / shares | 491.42 |
End of year, Average Grant-Date Fair Value (in dollars per share) | $ / shares | $ 637.70 |
Capital Stock, Stock Awards, 81
Capital Stock, Stock Awards, and Stock Options (Stock Options Rollforward) (Details 2) - $ / shares | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
End, Number of Shares | 191,722 | 191,722 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
End, Average Option Price (in dollars per share) | $ 552 | $ 552 | |
Before Spin-off of Cable ONE [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning, Number of Shares | 130,019 | 151,694 | 151,694 |
Granted, Number of Shares | 5,000 | ||
Exercised, Number of Shares | (25,925) | ||
Expired or forfeited, Number of Shares | (750) | ||
End, Number of Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning, Average Option Price (in dollars per share) | $ 743.75 | $ 682.68 | $ 682.68 |
Granted, Average Option Price (in dollars per share) | 871.86 | ||
Exercised, Average Option Price (in dollars per share) | 421.72 | ||
Expired or forfeited, Average Option Price (in dollars per share) | $ 376.79 | ||
End, Average Option Price (in dollars per share) | |||
After Spin-Off of Cable ONE [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning, Number of Shares | 200,895 | ||
Granted, Number of Shares | 24,742 | ||
Exercised, Number of Shares | (14,602) | ||
Expired or forfeited, Number of Shares | (19,313) | ||
End, Number of Shares | 191,722 | 191,722 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning, Average Option Price (in dollars per share) | $ 481.34 | ||
Granted, Average Option Price (in dollars per share) | 866.58 | ||
Exercised, Average Option Price (in dollars per share) | 278.54 | ||
Expired or forfeited, Average Option Price (in dollars per share) | 426.80 | ||
End, Average Option Price (in dollars per share) | $ 552 | $ 552 |
Capital Stock, Stock Awards, 82
Capital Stock, Stock Awards, and Stock Options (Options Outstanding and Exercisable) (Details 3) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares Outstanding | shares | 191,722 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 7 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 552 |
Options Exercisable, Shares Exercisable | shares | 101,826 |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 5 years 6 months |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 372.21 |
Exercise Price Range of $239-$284 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Low Exercise Price Range | 239 |
High Exercise Price Range | $ 284 |
Options Outstanding, Shares Outstanding | shares | 9,374 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 4 years 7 months 6 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 255.69 |
Options Exercisable, Shares Exercisable | shares | 8,602 |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 4 years 3 months 18 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 256.69 |
Exercise Price $325 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Low Exercise Price Range | $ 325 |
Options Outstanding, Shares Outstanding | shares | 77,258 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 5 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 325.26 |
Options Exercisable, Shares Exercisable | shares | 77,258 |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 5 years 1 month 6 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 325.26 |
Exercise Price $422 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Low Exercise Price Range | $ 422 |
Options Outstanding, Shares Outstanding | shares | 3,090 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 2 years 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 421.91 |
Options Exercisable, Shares Exercisable | shares | 3,090 |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 2 years 4 months 24 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 421.91 |
Exercise Price $719 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Low Exercise Price Range | $ 719 |
Options Outstanding, Shares Outstanding | shares | 77,258 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 8 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 719.15 |
Options Exercisable, Shares Exercisable | shares | 12,876 |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 8 years 9 months 18 days |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 719.15 |
Exercise Price Range of $805-$872 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Low Exercise Price Range | 805 |
High Exercise Price Range | $ 872 |
Options Outstanding, Shares Outstanding | shares | 24,742 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 9 years 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 866.58 |
Options Exercisable, Shares Exercisable | shares | 0 |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 0 years |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Capital Stock, Stock Awards, 83
Capital Stock, Stock Awards, and Stock Options (Fair Value Assumptions) (Details 4) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 7 years | ||
Interest rate | 1.31% | ||
Volatility (percentage) | 31.80% | ||
Dividend yield | 2.63% | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 7 years | 7 years | |
Interest rate, minimum | 1.88% | 2.15% | |
Volatility, minimum (percentage) | 31.59% | 30.75% | |
Dividend yield | 0.81% | 1.30% | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 8 years | 8 years | |
Interest rate, maximum | 2.17% | 2.45% | |
Volatility, maximum (percentage) | 32.69% | 32.10% | |
Dividend yield | 1.18% | 1.54% |
Capital Stock, Stock Awards, 84
Capital Stock, Stock Awards, and Stock Options (Earnings Per Share) (Details 5) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | |||||||||||
(Loss) income from continuing operations attributable to Graham Holdings Company common stockholders | $ 51,169 | $ (231,222) | $ 39,280 | $ (2,683) | $ 305,761 | $ 10,142 | $ 344,900 | $ 104,336 | $ (143,456) | $ 765,139 | $ 63,396 |
Less: Dividends paid–common stock outstanding and unvested restricted shares | (53,090) | (67,267) | 0 | ||||||||
Undistributed (losses) earnings | $ (196,546) | $ 697,872 | $ 63,396 | ||||||||
Percent allocated to common stockholders (1) | 100.00% | 97.98% | 98.45% | ||||||||
Undistributed (losses) earnings allocated to common stockholders | $ (196,546) | $ 683,780 | $ 62,413 | ||||||||
Add: Dividends paid–common stock outstanding | 52,050 | 66,012 | 0 | ||||||||
Numerator for (loss) earnings per share | (144,496) | 749,792 | 62,413 | ||||||||
Add: Additional undistributed earnings due to dilutive stock options | 0 | 64 | 2 | ||||||||
Numerator for diluted (loss) earnings per share | $ (144,496) | $ 749,856 | $ 62,415 | ||||||||
Denominator for basic (loss) earnings per share (shares) | 5,746 | 5,738 | 5,720 | 5,704 | 5,678 | 5,671 | 7,284 | 7,275 | 5,727 | 6,470 | 7,238 |
Denominator for diluted (loss) earnings per share (shares) | 5,727 | 6,497 | 7,250 | ||||||||
Income Per Share From Continuing Operations To Common Stockholders [Abstract] | |||||||||||
Basic (loss) income per common share from continuing operations in dollars per share | $ 8.78 | $ (40.32) | $ 6.74 | $ (0.58) | $ 52.76 | $ 1.73 | $ 46.35 | $ 14.10 | $ (25.23) | $ 115.88 | $ 8.62 |
Diluted (loss) income per common share from continuing operations in dollars per share | $ 8.72 | $ (40.32) | $ 6.71 | $ (0.58) | $ 52.48 | $ 1.73 | $ 46.20 | $ 14.05 | $ (25.23) | $ 115.40 | $ 8.61 |
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) | 0 | 27 | 12 |
Capital Stock, Stock Awards, 85
Capital Stock, Stock Awards, and Stock Options (Antidilutive Shares) (Details 6) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Shares [Abstract] | |||
Antidilutive Restricted Stock | 52 | 62 | 83 |
Antidilutive Options | 39 | 0 | 0 |
Pension and Postretirement Pl86
Pension and Postretirement Plans (Narrative) (Details) | Oct. 01, 2013USD ($) | Mar. 31, 2013USD ($) | Feb. 28, 2013USD ($) | Dec. 31, 2015USD ($)countryInvestmentcompanies | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($)countryInvestment | Sep. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2015USD ($)countrymultiemployer_planInvestmentcompanies | Dec. 31, 2014USD ($)countrymultiemployer_planInvestment | Dec. 31, 2013USD ($) |
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Early retirement and special separation benefit program expense | $ 4,606,000 | $ 8,374,000 | $ 22,700,000 | |||||||||
Expense associated with the retirement benefits provided under incentive savings plans | 7,600,000 | 8,600,000 | 8,000,000 | |||||||||
Pension Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Early retirement and special separation benefit program expense | 4,606,000 | 8,374,000 | 22,700,000 | |||||||||
Accumulated benefit obligation | $ 1,219,700,000 | $ 1,281,500,000 | 1,219,700,000 | 1,281,500,000 | ||||||||
Company contributions | 0 | 0 | 0 | |||||||||
Estimated employer contributions in next fiscal year | 0 | |||||||||||
Net Periodic Cost (Benefit) for the Year | $ (63,269,000) | $ (69,406,000) | 1,927,000 | |||||||||
Number of investment companies actively managing plan assets | companies | 2 | 2 | ||||||||||
Amount of plan assets managed internally by the company | $ 0 | |||||||||||
Percentage of total plan assets | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||
Curtailment | $ 3,267,000 | $ 0 | 43,930,000 | |||||||||
Settlement | 0 | 0 | (39,995,000) | |||||||||
Pension Plans [Member] | Discontinued Operations [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Net Periodic Cost (Benefit) for the Year | 1,900,000 | 3,700,000 | 22,700,000 | |||||||||
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 and special separation benefit program expense | 0 | 2,422,000 | 0 | |||||||||
Accumulated benefit obligation | $ 102,500,000 | $ 114,100,000 | 102,500,000 | 114,100,000 | ||||||||
Company contributions | 6,083,000 | 4,166,000 | ||||||||||
Net Periodic Cost (Benefit) for the Year | 9,968,000 | 7,481,000 | 8,296,000 | |||||||||
Settlement | 0 | 0 | 2,575,000 | |||||||||
Supplemental Executive Retirement Plan (SERP) [Member] | Discontinued Operations [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Net Periodic Cost (Benefit) for the Year | 200,000 | 500,000 | 1,400,000 | |||||||||
Other Postretirement Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Company contributions | 1,900,000 | 4,521,000 | ||||||||||
Net Periodic Cost (Benefit) for the Year | 1,132,000 | 89,000 | (2,052,000) | |||||||||
Curtailment | $ 0 | $ 1,292,000 | $ 41,623,000 | |||||||||
Discount rate to determine benefit obligation | 3.45% | 3.25% | 3.45% | 3.25% | ||||||||
Discount rate to determine periodic cost | 3.25% | 3.80% | 3.30% | |||||||||
Settlement | $ 0 | $ 0 | $ 11,927,000 | |||||||||
Other Postretirement Plans [Member] | Discontinued Operations [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Net Periodic Cost (Benefit) for the Year | (2,900,000) | |||||||||||
Other Postretirement Plans [Member] | Pre-Age 65 [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Assumed health care cost trend rate | 7.54% | |||||||||||
Direction of change for assumed health care cost trend rate | decreasing | |||||||||||
Ultimate health care cost trend rate | 4.50% | |||||||||||
Year that rate reaches ultimate trend rate | 2,024 | 2,024 | ||||||||||
Other Postretirement Plans [Member] | Post-Age 65 [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Assumed health care cost trend rate | 9.18% | |||||||||||
Direction of change for assumed health care cost trend rate | decreasing | |||||||||||
Ultimate health care cost trend rate | 4.50% | |||||||||||
Year that rate reaches ultimate trend rate | 2,024 | 2,024 | ||||||||||
Other Postretirement Plans [Member] | Daily Herald [Member] | Discontinued Operations [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Settlement | 3,500,000 | |||||||||||
Multiemployer Pension Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Number of multiemployer plans contributed to | multiemployer_plan | 1 | 1 | ||||||||||
Contributions to multiemployer pension plans | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||
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 | Investment | 2 | 2 | 2 | 2 | ||||||||
Value of investments | $ 562,600,000 | $ 730,600,000 | $ 562,600,000 | $ 730,600,000 | ||||||||
Percentage of total plan assets | 25.00% | 30.00% | 25.00% | 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 | country | 1 | 1 | 1 | 1 | ||||||||
Value of investments | $ 332,400,000 | $ 468,000,000 | $ 332,400,000 | $ 468,000,000 | ||||||||
Percentage of total plan assets | 15.00% | 19.00% | 15.00% | 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 and special separation benefit 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 and special separation benefit program expense | $ 20,400,000 | |||||||||||
Education [Member] | Special Incentive Program [Member] | Pension Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Early retirement and special separation benefit program expense | $ 3,700,000 | |||||||||||
Corporate Office [Member] | Special Incentive Program [Member] | Pension Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Early retirement and special separation benefit program expense | $ 900,000 | |||||||||||
Corporate Office [Member] | Separation Incentive Program [Member] | Pension Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Early retirement and special separation benefit program expense | $ 4,500,000 | |||||||||||
Corporate Office [Member] | Voluntary Retirement Incentive Program [Member] | Pension Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Early retirement and special separation benefit 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 and special separation benefit 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 | |||||||||||
Cable Spin-Off [Member] | Pension Plans [Member] | Discontinued Operations [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Curtailment | $ 2,200,000 | |||||||||||
Sale Of KHE Campuses Business [Member] | Pension Plans [Member] | ||||||||||||
Retirement Benefits Disclosure [Line Items] | ||||||||||||
Curtailment | $ 1,100,000 |
Pension and Postretirement Pl87
Pension and Postretirement Plans (Obligation, Asset, and Funding Information) (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | $ 1,317,480,000 | $ 1,126,344,000 | |
Service cost | 26,294,000 | 27,792,000 | $ 46,115,000 |
Interest cost | 52,613,000 | 51,825,000 | 55,821,000 |
Amendments | 4,606,000 | 8,374,000 | |
Actuarial (gain) loss | (57,834,000) | 172,548,000 | |
Benefits paid | (85,542,000) | (69,854,000) | |
Curtailment | (3,319,000) | 0 | |
Settlement | 0 | 451,000 | |
Benefit obligation at end of year | 1,254,298,000 | 1,317,480,000 | 1,126,344,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 2,469,968,000 | 2,371,849,000 | |
Actual return on plan assets | (150,158,000) | 167,154,000 | |
Employer contributions and other | 0 | 0 | 0 |
Benefits paid | (85,542,000) | (69,854,000) | |
Settlement | 0 | 819,000 | |
Fair value of assets at end of year | 2,234,268,000 | 2,469,968,000 | 2,371,849,000 |
Funded status | 979,970,000 | 1,152,488,000 | |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | 116,083,000 | 91,169,000 | |
Service cost | 1,946,000 | 1,493,000 | 1,612,000 |
Interest cost | 4,550,000 | 4,397,000 | 4,148,000 |
Amendments | 0 | 4,022,000 | |
Actuarial (gain) loss | (6,544,000) | 19,168,000 | |
Benefits paid | (6,083,000) | (4,166,000) | |
Curtailment | (4,948,000) | 0 | |
Benefit obligation at end of year | 105,004,000 | 116,083,000 | 91,169,000 |
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 | 6,083,000 | 4,166,000 | |
Benefits paid | (6,083,000) | (4,166,000) | |
Fair value of assets at end of year | 0 | 0 | 0 |
Funded status | (105,004,000) | (116,083,000) | |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | 41,957,000 | 40,014,000 | |
Service cost | 1,331,000 | 1,500,000 | 2,488,000 |
Interest cost | 1,299,000 | 1,448,000 | 1,848,000 |
Actuarial (gain) loss | (5,296,000) | 4,448,000 | |
Curtailment | 0 | (932,000) | |
Benefits paid, net of Medicare subsidy | (1,900,000) | (4,521,000) | |
Benefit obligation at end of year | 37,391,000 | 41,957,000 | 40,014,000 |
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 | 1,900,000 | 4,521,000 | |
Benefits paid, net of Medicare subsidy | (1,900,000) | (4,521,000) | |
Fair value of assets at end of year | 0 | 0 | $ 0 |
Funded status | $ (37,391,000) | $ (41,957,000) |
Pension and Postretirement Pl88
Pension and Postretirement Plans (Consolidated Balance Sheet) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | $ 979,970 | $ 1,152,488 |
Current liability | 0 | 0 |
Noncurrent liability | 0 | 0 |
Recognized asset (liability) | 979,970 | 1,152,488 |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | 0 | 0 |
Current liability | (5,442) | (6,275) |
Noncurrent liability | (99,562) | (109,808) |
Recognized asset (liability) | (105,004) | (116,083) |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liability | (3,444) | (3,995) |
Noncurrent liability | (33,947) | (37,962) |
Recognized asset (liability) | $ (37,391) | $ (41,957) |
Pension and Postretirement Pl89
Pension and Postretirement Plans (Key Assumptions - Obligation) (Details 3) - Benefit Obligation [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (percent) | 4.30% | 4.00% |
Rate of compensation increase (percent) | 4.00% | 4.00% |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (percent) | 4.30% | 4.00% |
Rate of compensation increase (percent) | 4.00% | 4.00% |
Pension and Postretirement Pl90
Pension and Postretirement Plans (Future Estimated Benefit Payments) (Details 4) $ in Thousands | Dec. 31, 2015USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 87,688 |
2,017 | 81,694 |
2,018 | 78,356 |
2,019 | 77,389 |
2,020 | 77,209 |
2021-2025 | 389,597 |
Supplemental Executive Retirement Plan (SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 5,563 |
2,017 | 5,650 |
2,018 | 5,986 |
2,019 | 6,314 |
2,020 | 6,368 |
2021-2025 | 33,315 |
Other Postretirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 3,444 |
2,017 | 3,482 |
2,018 | 3,381 |
2,019 | 3,385 |
2,020 | 3,654 |
2021-2025 | $ 16,922 |
Pension and Postretirement Pl91
Pension and Postretirement Plans (Total Benefit/Cost) (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Early retirement programs and special separation benefit expense | $ 4,606 | $ 8,374 | $ 22,700 |
Total Cost (Benefit) for the Year | (60,557) | (64,780) | (20,727) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | 211,054 | 149,482 | (762,806) |
Current year prior service cost | 0 | 1,600 | 0 |
Amortization of prior service credit (cost) | (275) | 407 | 1,383 |
Recognized net actuarial gain (loss) | 9,906 | 29,412 | (3,096) |
Curtailments and settlements | (51) | (8) | 124,051 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 219,800 | 180,893 | (640,468) |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 26,294 | 27,792 | 46,115 |
Interest cost | 52,613 | 51,825 | 55,821 |
Expected return on assets | (130,571) | (120,472) | (105,574) |
Amortization of prior service cost (credit) | 320 | 329 | 2,809 |
Recognized actuarial loss (gain) | (11,925) | (28,880) | 2,756 |
Net Periodic Cost (Benefit) for the Year | (63,269) | (69,406) | 1,927 |
Curtailment | (3,267) | 0 | (43,930) |
Settlement | 0 | 0 | 39,995 |
Early retirement programs and special separation benefit expense | 4,606 | 8,374 | 22,700 |
Total Cost (Benefit) for the Year | (61,930) | (61,032) | 20,692 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | 222,894 | 125,866 | (750,328) |
Amortization of prior service credit (cost) | (320) | (329) | (2,809) |
Recognized net actuarial gain (loss) | 11,925 | 28,880 | (2,756) |
Curtailments and settlements | (51) | (368) | 94,520 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 234,448 | 154,049 | (661,373) |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | 172,518 | 93,017 | (640,681) |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,946 | 1,493 | 1,612 |
Interest cost | 4,550 | 4,397 | 4,148 |
Amortization of prior service cost (credit) | 457 | 47 | 55 |
Recognized actuarial loss (gain) | 3,015 | 1,544 | 2,481 |
Net Periodic Cost (Benefit) for the Year | 9,968 | 7,481 | 8,296 |
Settlement | 0 | 0 | (2,575) |
Early retirement programs and special separation benefit expense | 0 | 2,422 | 0 |
Total Cost (Benefit) for the Year | 9,968 | 9,903 | 5,721 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | (6,544) | 19,168 | (9,180) |
Current year prior service cost | 0 | 1,600 | 0 |
Amortization of prior service credit (cost) | (457) | (47) | (55) |
Recognized net actuarial gain (loss) | (3,015) | (1,544) | (2,481) |
Curtailments and settlements | (834) | 0 | (2,798) |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | (10,850) | 19,177 | (14,514) |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | (882) | 29,080 | (8,793) |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,331 | 1,500 | 2,488 |
Interest cost | 1,299 | 1,448 | 1,848 |
Amortization of prior service cost (credit) | (502) | (783) | (4,247) |
Recognized actuarial loss (gain) | (996) | (2,076) | (2,141) |
Net Periodic Cost (Benefit) for the Year | 1,132 | 89 | (2,052) |
Curtailment | 0 | (1,292) | (41,623) |
Settlement | 0 | 0 | (11,927) |
Total Cost (Benefit) for the Year | 1,132 | (1,203) | (55,602) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial gain (loss) | (5,296) | 4,448 | (3,298) |
Amortization of prior service credit (cost) | 502 | 783 | 4,247 |
Recognized net actuarial gain (loss) | 996 | 2,076 | 2,141 |
Curtailments and settlements | 0 | 360 | 32,329 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | (3,798) | 7,667 | 35,419 |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | $ (2,666) | $ 6,464 | $ (20,183) |
Pension and Postretirement Pl92
Pension and Postretirement Plans (Key Assumptions - Cost) (Details 6) - Periodic Cost [Member] | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | [1] | Jun. 30, 2015 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Discount rate (percent) | 4.40% | 4.00% | 4.80% | 4.00% | |||
Expected return on plan assets (percent) | 6.50% | 6.50% | 6.50% | ||||
Rate of compensation increase (percent) | 4.00% | 4.00% | 4.00% | ||||
Supplemental Executive Retirement Plan (SERP) [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Discount rate (percent) | 4.40% | 4.00% | 4.80% | 4.00% | |||
Expected return on plan assets (percent) | 0.00% | 0.00% | 0.00% | ||||
Rate of compensation increase (percent) | 4.00% | 4.00% | 4.00% | ||||
[1] | As a result of the spin-off of Cable ONE and the sale of the KHE Campuses business, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of July 1, 2015 and September 3, 2015, respectively. As a result of the spin-off of Cable ONE, the accumulated and projected benefit obligation of the SERP was remeasured as of July 1, 2015. The remeasurement changed the discount rate from 4.0% for the first six months to 4.4% for the second half of 2015. |
Pension and Postretirement Pl93
Pension and Postretirement Plans (Accumulated Other Comprehensive Income) (Details 7) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount | $ (261,029) | $ (392,910) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial (gain) loss | (451,076) | (685,895) |
Unrecognized prior service cost | 662 | 1,033 |
Gross amount | (450,414) | (684,862) |
Deferred tax liability (asset) | 180,166 | 273,945 |
Net amount | (270,248) | (410,917) |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial (gain) loss | 26,497 | 36,890 |
Unrecognized prior service cost | 1,232 | 1,689 |
Gross amount | 27,729 | 38,579 |
Deferred tax liability (asset) | (11,091) | (15,432) |
Net amount | 16,638 | 23,147 |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial (gain) loss | (11,704) | (7,404) |
Unrecognized prior service cost | (661) | (1,163) |
Gross amount | (12,365) | (8,567) |
Deferred tax liability (asset) | 4,946 | 3,427 |
Net amount | $ (7,419) | $ (5,140) |
Pension and Postretirement Pl94
Pension and Postretirement Plans (Future Amortization of Net Periodic Cost) (Details 8) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | $ 0 |
Prior service cost recognition | 291 |
Supplemental Executive Retirement Plan (SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | 2,329 |
Prior service cost recognition | 457 |
Other Postretirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | (1,502) |
Prior service cost recognition | $ (335) |
Pension and Postretirement Pl95
Pension and Postretirement Plans (Asset Allocation) (Details 9) - Pension Plans [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 100.00% | 100.00% |
Equity securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 62.00% | 59.00% |
Equity securities [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 25.00% | 28.00% |
Fixed income securities [Member] | U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 13.00% | 13.00% |
Pension and Postretirement Pl96
Pension and Postretirement Plans (Fair Value of Pension Plan Assets) (Details 10) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | $ 2,234,268 | $ 2,469,968 |
Cash equivalents and other short-term investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 290,273 | 417,046 |
U.S. equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1,378,158 | 1,454,011 |
International equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 564,263 | 691,505 |
Total investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 2,232,694 | 2,562,562 |
Receivables [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1,574 | (92,594) |
Level 1 [Member] | Cash equivalents and other short-term investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 256,364 | 275,963 |
Level 1 [Member] | U.S. equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 1,378,158 | 1,454,011 |
Level 1 [Member] | International equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 564,263 | 691,505 |
Level 1 [Member] | Total investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 2,198,785 | 2,421,479 |
Level 2 [Member] | Cash equivalents and other short-term investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | 33,909 | 141,083 |
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] | Total investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets at fair value | $ 33,909 | $ 141,083 |
Pension and Postretirement Pl97
Pension and Postretirement Plans (Assumed Health Care Cost Trend Rates) (Details 11) - Other Postretirement Benefit Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Benefit obligation at end of year, 1% Increase | $ 2,195 |
Benefit obligation at end of year, 1% Decrease | (2,001) |
Service cost plus interest cost, 1% Increase | 260 |
Service cost plus interest cost, 1% Decrease | $ (229) |
Other Non-Operating (Expense)98
Other Non-Operating (Expense) Income (Narrative) (Details) $ in Thousands | Oct. 01, 2014USD ($) | Jun. 30, 2014USD ($)shares | Mar. 27, 2014USD ($) | Jan. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)business | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2014 |
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Gain on sale of land | $ 21,400 | |||||||||||
Gain (loss) on sale of business | $ 2,900 | $ (23,335) | $ 0 | $ 0 | ||||||||
Gain on formation of a joint venture | 5,972 | 0 | 0 | |||||||||
Gain on sale of an equity affiliate | 4,827 | 396,553 | 0 | |||||||||
Gain on share exchange | 0 | 266,733 | 0 | |||||||||
Proceeds from sale of headquarters building | $ 158,000 | |||||||||||
Gain on sale of headquarters building | $ 127,700 | |||||||||||
Education [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Gain (loss) on sale of business | $ (26,300) | |||||||||||
Number Of Businesses Disposed | business | 2 | |||||||||||
Classified Ventures LLC [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Favorable out of period adjustment | $ 4,800 | |||||||||||
Gain on sale of an equity affiliate | $ 4,827 | $ 396,553 | $ 0 | |||||||||
Celtic Healthcare Inc [Member] | Celtic Healthcare Allegheny Health Network Joint Venture [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Gain on formation of a joint venture | $ 6,000 | |||||||||||
Berkshire Hathaway Inc [Member] | Berkshire Exchange Transaction [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Gain on share exchange | $ 266,700 | |||||||||||
Berkshire Hathaway Inc [Member] | Class B Common Stock [Member] | Berkshire Exchange Transaction [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Number of shares exchanged | shares | 1,278 | |||||||||||
Berkshire Hathaway Inc [Member] | Common Class A [Member] | Berkshire Exchange Transaction [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Number of shares exchanged | shares | 2,107 | |||||||||||
Classified Ventures LLC [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Ownership percentage of investment in affiliate | 16.50% | |||||||||||
Proceeds from sale of equity method investment, including amount held in escrow | $ 408,500 | |||||||||||
Proceeds from sale of equity method investment | $ 16,500 | |||||||||||
Gain on sale of an equity affiliate | $ 396,600 | |||||||||||
Celtic Healthcare Allegheny Health Network Joint Venture [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Ownership percentage of investment in affiliate | 40.00% | 40.00% | 40.00% | |||||||||
Celtic Healthcare Allegheny Health Network Joint Venture [Member] | Celtic Healthcare Inc [Member] | ||||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | ||||||||||||
Ownership percentage of investment in affiliate | 40.00% |
Other Non-Operating Income (Exp
Other Non-Operating Income (Expense) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Non-Operating (Expense) Income [Line Items] | |||||||||||
Net losses on sales of businesses | $ 2,900 | $ (23,335) | $ 0 | $ 0 | |||||||
Gain on sale of property, plant and equipment | 21,379 | 127,670 | 0 | ||||||||
Foreign currency losses, net | (15,564) | (11,129) | (13,382) | ||||||||
Gain on formation of a joint venture | 5,972 | 0 | 0 | ||||||||
Gain on sale of Classified Ventures | 4,827 | 396,553 | 0 | ||||||||
Gain on Berkshire marketable equity securities exchange | 0 | 266,733 | 0 | ||||||||
Losses on sales or write-downs of cost method investments, net | (1,124) | (94) | (1,761) | ||||||||
Losses on sales or write-down of marketable equity securities | (14) | (3,044) | (9,559) | ||||||||
Other, net | (764) | 1,321 | 951 | ||||||||
Other (expense) income, net | $ 21,262 | $ (40,458) | $ 11,678 | $ (1,105) | $ 387,346 | $ (10,723) | $ 268,114 | $ 133,273 | (8,623) | 778,010 | (23,751) |
Classified Ventures LLC [Member] | |||||||||||
Schedule of Non-Operating (Expense) Income [Line Items] | |||||||||||
Gain on sale of Classified Ventures | $ 4,827 | $ 396,553 | $ 0 |
Accumulated Other Comprehens100
Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign currency translation adjustments: | |||
Translation adjustments arising during the period, before tax | $ (18,898) | $ (16,061) | $ (1,059) |
Translation adjustments arising during the period, income tax | 0 | 0 | 0 |
Translation adjustments arising during the period, after tax | (18,898) | (16,061) | (1,059) |
Adjustment for sales of businesses with foreign operations, before tax | 5,501 | (404) | 0 |
Adjustment for sales of businesses with foreign operations, income tax | 0 | 0 | |
Adjustment for sales of businesses with foreign operations, after tax | 5,501 | (404) | |
Total foreign currency translation adjustments, before tax | (13,397) | (16,465) | (1,059) |
Total foreign currency translation adjustments, income tax | 0 | 0 | |
Total foreign currency translation adjustments, after tax | (13,397) | (16,465) | |
Unrealized gains (losses) on available-for-sale securities: | |||
Unrealized gains for the period, before tax | 10,620 | 62,719 | 95,629 |
Unrealized gains for the period, income tax | (4,248) | (25,088) | (38,251) |
Unrealized gains for the period, after tax | 6,372 | 37,631 | 57,378 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, before tax | (4) | (265,274) | 9,554 |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, income tax | 2 | 106,110 | (3,822) |
Reclassification adjustment for realization of (gain) loss on exchange, sale or write-down of available-for-sale securities included in net income, after tax | (2) | (159,164) | 5,732 |
Total unrealized gains (losses) on available-for-sale securities, before tax | 10,616 | (202,555) | 105,183 |
Total unrealized gains (losses) on available-for-sale securities, income tax | (4,246) | 81,022 | (42,073) |
Total unrealized gains (losses) on available-for-sale securities, after tax | 6,370 | (121,533) | 63,110 |
Pension and other postretirement plans: | |||
Actuarial (loss) gain, before tax | (211,054) | (149,482) | 762,806 |
Actuarial (loss) gain, income tax | 84,421 | 59,792 | (305,123) |
Actuarial (loss) gain, after tax | (126,633) | (89,690) | 457,683 |
Prior service cost, before tax | 0 | (1,600) | 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 | (9,906) | (29,412) | 3,096 |
Amortization of net actuarial (gain) loss included in net income, income tax | 3,962 | 11,765 | (1,238) |
Amortization of net actuarial (gain) loss included in net income, after tax | (5,944) | (17,647) | 1,858 |
Amortization of net prior service cost (credit) included in net income | 275 | (407) | (1,383) |
Amortization of net prior service credit included in net income, income tax | (110) | 163 | 553 |
Amortization of net prior service credit included in net income, after tax | 165 | (244) | (830) |
Curtailment and settlement gain included in net income, before tax | 51 | 8 | (124,051) |
Curtailment and settlement gain included in net income, income tax | (21) | (3) | 49,617 |
Curtailment and settlement gain included in net income, after tax | 30 | 5 | (74,434) |
Curtailments and settlements included in distribution to Cable ONE, before tax | 834 | 0 | 0 |
Curtailments and settlements included in distribution to Cable ONE, income tax | (333) | ||
Curtailments and settlements included in distribution to Cable ONE, after tax | 501 | ||
Total pension and other postretirement plans, before tax | (219,800) | (180,893) | 640,468 |
Total pension and other postretirement plans, income tax | 87,919 | 72,357 | (256,191) |
Total pension and other postretirement plans, after tax | (131,881) | (108,536) | 384,277 |
Cash flow hedge: | |||
Gain for the year, before tax | 179 | 867 | 520 |
Gain for the year, income tax | (71) | (347) | (208) |
Gain for the year, after tax | 108 | 520 | 312 |
Other Comprehensive (Loss) Income, Before Tax | (222,402) | (399,046) | 745,112 |
Other Comprehensive (Loss) Income, Income Tax | 83,602 | 153,032 | (298,472) |
Other Comprehensive (Loss) Income, Net of Tax | $ (138,800) | $ (246,014) | $ 446,640 |
Accumulated Other Comprehens101
Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | $ 453,480 | $ 699,494 | |
Other comprehensive (loss) income before reclassifications | (138,629) | (69,063) | |
Net amount reclassified from accumulated other comprehensive income | (171) | (176,951) | |
Other Comprehensive (Loss) Income, Net of Tax | (138,800) | (246,014) | $ 446,640 |
Accumulated Other Comprehensive Income, ending balance | 314,680 | 453,480 | 699,494 |
Foreign Currency Translation Adjustments [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | 8,548 | 25,013 | |
Other comprehensive (loss) income before reclassifications | (18,898) | (16,061) | |
Net amount reclassified from accumulated other comprehensive income | 5,501 | (404) | |
Other Comprehensive (Loss) Income, Net of Tax | (13,397) | (16,465) | |
Accumulated Other Comprehensive Income, ending balance | (4,849) | 8,548 | 25,013 |
Unrealized Gain (Losses) on Available- for- Sale Securities [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | 52,130 | 173,663 | |
Other comprehensive (loss) income before reclassifications | 6,372 | 37,631 | |
Net amount reclassified from accumulated other comprehensive income | (2) | (159,164) | |
Other Comprehensive (Loss) Income, Net of Tax | 6,370 | (121,533) | |
Accumulated Other Comprehensive Income, ending balance | 58,500 | 52,130 | 173,663 |
Unrealized Gain (Loss) on Pensions and Other Postretirement Plans [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | 392,910 | 501,446 | |
Other comprehensive (loss) income before reclassifications | (126,132) | (90,645) | |
Net amount reclassified from accumulated other comprehensive income | (5,749) | (17,891) | |
Other Comprehensive (Loss) Income, Net of Tax | (131,881) | (108,536) | |
Accumulated Other Comprehensive Income, ending balance | 261,029 | 392,910 | 501,446 |
Cash Flow Hedge [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated Other Comprehensive Income, beginning balance | (108) | (628) | |
Other comprehensive (loss) income before reclassifications | 29 | 12 | |
Net amount reclassified from accumulated other comprehensive income | 79 | 508 | |
Other Comprehensive (Loss) Income, Net of Tax | 108 | 520 | |
Accumulated Other Comprehensive Income, ending balance | $ 0 | $ (108) | $ (628) |
Accumulated Other Comprehens102
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income from discontinued operations, net of tax | $ 0 | $ (379) | $ (18,502) | $ (23,289) | $ (28,649) | $ (66,209) | $ (405,237) | $ (27,762) | $ (42,170) | $ (527,857) | $ (172,614) | |
Other income (expense), net | (21,262) | 40,458 | (11,678) | 1,105 | (387,346) | 10,723 | (268,114) | (133,273) | 8,623 | (778,010) | 23,751 | |
Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income | 2 | 106,110 | (3,822) | |||||||||
Amortization of net actuarial (gain) loss included in net income | (9,906) | (29,412) | 3,096 | |||||||||
Amortization of net prior service credit included in net income | 275 | (407) | (1,383) | |||||||||
Curtailments and settlements included in net income | 51 | 8 | (124,051) | |||||||||
Interest expense | 7,975 | 7,830 | 8,348 | 8,501 | 8,922 | 9,298 | 8,525 | 8,788 | 32,654 | 35,533 | 35,931 | |
Income from continuing operations before income taxes | (81,609) | 261,435 | (59,525) | 589 | (478,017) | (26,330) | (406,513) | (166,843) | 120,890 | (1,077,703) | (105,231) | |
Provision for Income Taxes | 30,500 | (30,500) | 19,600 | 900 | 172,000 | 16,100 | 61,900 | 62,300 | 20,500 | 312,300 | 40,500 | |
Income Net of Tax | $ (51,109) | $ 230,935 | $ (39,925) | $ 1,489 | $ (306,017) | $ (10,230) | $ (344,613) | $ (104,543) | 141,390 | (765,403) | (64,731) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income Net of Tax | (171) | (176,951) | 7,250 | |||||||||
Foreign Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income from discontinued operations, net of tax | [1] | (404) | ||||||||||
Other income (expense), net | [1] | 5,501 | 0 | |||||||||
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 | (4) | (265,274) | 9,554 | |||||||||
Income tax on unrealized gains on available-for-sale securities reclassified out of accumulated other comprehensive income | [2] | 2 | 106,110 | (3,822) | ||||||||
Provision for Income Taxes | 1,200 | |||||||||||
Income Net of Tax | (2) | (159,164) | 5,732 | |||||||||
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 actuarial (gain) loss included in net income | [3] | (9,906) | (29,412) | 3,096 | ||||||||
Amortization of net prior service credit included in net income | [3] | 275 | (407) | (1,383) | ||||||||
Pension and Other Postretirement Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Curtailments and settlements included in net income | [3] | 51 | 0 | 0 | ||||||||
Income from continuing operations before income taxes | (9,580) | (29,819) | 1,713 | |||||||||
Provision for Income Taxes | 3,831 | 11,928 | (685) | |||||||||
Income Net of Tax | (5,749) | (17,891) | 1,028 | |||||||||
Cash Flow Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest expense | 132 | 847 | 816 | |||||||||
Provision for Income Taxes | (53) | (339) | (326) | |||||||||
Income Net of Tax | $ 79 | $ 508 | $ 490 | |||||||||
[1] | The amount for 2015 was recorded in other (expense) income, net and the amount for 2014 was recorded in income from discontinued operations, net of tax. | |||||||||||
[2] | 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 $107.3 million for the year relates to the reversal of income taxes previously recorded on the unrealized gain of the Company’s investment in Berkshire Hathaway Inc. marketable securities as part of the Berkshire exchange transaction, which qualified as a tax-free distribution under IRC Section 355 and 361 (see Note 7). The amounts for 2015 and 2013 were recorded in Provision for Income Taxes. | |||||||||||
[3] | These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 14). |
Leases and Other Commitments (N
Leases and Other Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Future minimum sublease payments due | $ 98.7 | ||
Rent expense for operating leases | 102.6 | $ 105.5 | $ 118.5 |
Sublease rental income | 6.7 | $ 5.4 | $ 5.4 |
Television Broadcasting [Member] | |||
Operating Leased Assets [Line Items] | |||
Long-term programming purchase commitment | $ 21.8 |
Leases and Other Commitments (D
Leases and Other Commitments (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Leases And Other Commitments [Abstract] | |
Future minimum lease payments for 2016 | $ 106,253 |
Future minimum lease payments for 2017 | 95,675 |
Future minimum lease payments for 2018 | 80,188 |
Future minimum lease payments for 2019 | 69,839 |
Future minimum lease payments for 2020 | 54,351 |
Future minimum lease payments after 2020 | 214,050 |
Operating leases, future minimum payments due, total | $ 620,356 |
Contingencies (Details)
Contingencies (Details) | Jul. 23, 2015USD ($) | Jul. 22, 2011USD ($) | Oct. 31, 2014allegations | Jun. 30, 2016OPEIDnumbers | Dec. 31, 2015USD ($)claimOPEIDnumbersprogram_review | Dec. 31, 2014USD ($)OPEIDnumbersCase | Dec. 31, 2013USD ($) | Mar. 11, 2015claim | Feb. 13, 2013allegations | Aug. 17, 2011claimComplaint |
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 | |||||||||
Portion of regulations under 90/10 rule | an institution 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. | |||||||||
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 | OPEIDnumbers | 3 | 25 | ||||||||
Education division revenue derived from financial aid received by students under Title IV programs | $ | $ 628,000,000 | $ 806,000,000 | $ 819,000,000 | |||||||
Kaplan University [Member] | Maximum [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Percentage of receipts derived from Title IV | 79.00% | 81.00% | ||||||||
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 | Case | 2 | |||||||||
Education [Member] | Diaz Case [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
The number of separate complaints included in the Diaz case that received rulings | Complaint | 3 | |||||||||
Remaining employment claim in the Diaz complaint | 1 | |||||||||
Education [Member] | Diaz Claims [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of claims affirmed for dismissal by US Court of Appeals | 3 | |||||||||
Number of claims appealed | 4 | |||||||||
Education [Member] | Jajdelski case [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of allegations not dismissed | allegations | 1 | |||||||||
Higher Education [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Percentage of receipts from Title IV programs | 90.00% | |||||||||
Higher Education [Member] | Charlestown And Kenmore Square Campuses [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Amount payable under agreement | $ | $ 1,375,000 | |||||||||
Number of allegations communicated | allegations | 12 | |||||||||
Forecast [Member] | Higher Education [Member] | Kaplan University [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Amount of OPEID numbers | OPEIDnumbers | 1 | |||||||||
Sale Of KHE Campuses Business [Member] | Higher Education [Member] | Title IV participating institutions including Broomall, PA and Pittsburgh, PA [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of pending ED program reviews | program_review | 4 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2015school | Dec. 31, 2015USD ($)TelevisionStation | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)campus | Sep. 30, 2014USD ($)school | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)TelevisionStationSegment | Dec. 31, 2014USD ($)campus | Dec. 31, 2013USD ($) | Sep. 03, 2015campus | Feb. 12, 2015campus | Sep. 30, 2012campus | |
Segment Reporting Information [Line Items] | |||||||||||||||
Number of reportable segments | Segment | 4 | ||||||||||||||
Foreign Revenues | $ 616,367 | $ 641,432 | $ 680,890 | $ 647,425 | $ 727,625 | $ 703,205 | $ 673,582 | $ 632,620 | $ 2,586,114 | $ 2,737,032 | $ 2,600,602 | ||||
Television Broadcasting [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of television broadcast stations owned | TelevisionStation | 5 | 5 | |||||||||||||
Education [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring costs | $ 44,373 | 16,806 | 36,358 | ||||||||||||
Accrued restructuring costs | $ 24,200 | 12,700 | 24,200 | 12,700 | |||||||||||
Non U.S. [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Foreign Revenues | 660,000 | 712,000 | 658,000 | ||||||||||||
Foreign assets | $ 59,000 | $ 58,000 | 59,000 | 58,000 | |||||||||||
UNITED KINGDOM | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Foreign Revenues | 319,000 | 351,000 | 317,000 | ||||||||||||
Higher Education [Member] | Education [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring costs | 12,900 | $ 6,500 | 19,500 | ||||||||||||
Number of campuses announced to close or consolidate | campus | 5 | 5 | 13 | ||||||||||||
Other long-lived assets impairment charge | $ 6,900 | $ 13,600 | |||||||||||||
Higher Education [Member] | Education [Member] | KHE Campuses [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of nationally accredited ground campuses sold | campus | 38 | 38 | |||||||||||||
Kaplan International [Member] | Education [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring costs | 1,300 | $ 200 | $ 5,800 | ||||||||||||
Kaplan International [Member] | Education [Member] | Kaplan China [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of schools sold | school | 1 | 3 | |||||||||||||
Kaplan Corporate and Other [Member] | Education [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring costs | $ 29,400 | ||||||||||||||
Related To Certain Items Recorded In 2011 And 2010 [Member] | Test Preparation [Member] | Education [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Immaterial Error Correction Amount | $ 3,000 |
Business Segments (Restructurin
Business Segments (Restructuring Costs) (Details 1) - Education [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Accelerated depreciation | $ 17,956 | $ 2,062 | $ 16,856 |
Lease obligation losses | 8,240 | 1,750 | 9,351 |
Severance and Special Incentive Program Expense | 17,968 | 5,075 | 6,289 |
Software asset write-offs | 0 | 7,689 | 0 |
Other | 209 | 230 | 3,862 |
Total restructuring costs | $ 44,373 | $ 16,806 | $ 36,358 |
Business Segments (Information
Business Segments (Information by Operating Segment) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ 616,367 | $ 641,432 | $ 680,890 | $ 647,425 | $ 727,625 | $ 703,205 | $ 673,582 | $ 632,620 | $ 2,586,114 | $ 2,737,032 | $ 2,600,602 |
Income (loss) from operations | 67,811 | (213,723) | 56,225 | 8,862 | 99,024 | 41,209 | 54,780 | 37,707 | (80,825) | 232,720 | 149,434 |
Equity in (losses) earnings of affiliates, net | (35) | 95 | (353) | (404) | 202 | 4,613 | 91,503 | 4,052 | (697) | 100,370 | 13,215 |
Interest expense, net | (30,745) | (33,397) | (33,667) | ||||||||
Other (expense) income, net | 21,262 | (40,458) | 11,678 | (1,105) | 387,346 | (10,723) | 268,114 | 133,273 | (8,623) | 778,010 | (23,751) |
(Loss) Income from Continuing Operations Before Income Taxes | 81,609 | (261,435) | 59,525 | (589) | 478,017 | 26,330 | 406,513 | 166,843 | (120,890) | 1,077,703 | 105,231 |
Depreciation of property, plant and equipment | 15,640 | 14,460 | 25,609 | 22,197 | 18,618 | 18,664 | 18,201 | 19,430 | 77,906 | 74,913 | 101,171 |
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 278,717 | 35,489 | 15,169 | ||||||||
Amortization of intangible assets | 5,120 | 4,512 | 4,647 | 4,738 | 5,215 | $ 7,354 | $ 2,936 | $ 2,682 | 19,017 | 18,187 | 11,919 |
Impairment of goodwill and other long-lived assets | 4,233 | $ 248,591 | $ 6,876 | $ 0 | 259,700 | 17,302 | 3,250 | ||||
Pension (Credit) Expense | (60,557) | (64,780) | (20,727) | ||||||||
Capital expenditures | 62,033 | 57,007 | 59,866 | ||||||||
Identifiable Assets | 2,963,189 | 4,384,167 | 2,963,189 | 4,384,167 | |||||||
Marketable equity securities | 350,563 | 193,793 | 350,563 | 193,793 | |||||||
Investments in Affiliates | 59,229 | 19,811 | 59,229 | 19,811 | |||||||
Prepaid Pension Cost | 979,970 | 1,152,488 | 979,970 | 1,152,488 | |||||||
Assets of discontinued operations | 0 | 2,060 | 0 | 2,060 | |||||||
Total Assets | 4,352,951 | 5,752,319 | 4,352,951 | 5,752,319 | |||||||
Operating Segments [Member] | Education [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,927,521 | 2,160,417 | 2,163,734 | ||||||||
Income (loss) from operations | (223,456) | 65,463 | 50,989 | ||||||||
Depreciation of property, plant and equipment | 61,177 | 61,737 | 89,622 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 262,353 | 24,941 | 11,753 | ||||||||
Amortization of intangible assets | 5,523 | 7,738 | 8,503 | ||||||||
Impairment of goodwill and other long-lived assets | 256,830 | 17,203 | 3,250 | ||||||||
Pension (Credit) Expense | 18,804 | 15,418 | 16,538 | ||||||||
Capital expenditures | 42,220 | 33,528 | 45,421 | ||||||||
Identifiable Assets | 1,454,520 | 1,781,543 | 1,454,520 | 1,781,543 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 849,625 | 1,010,058 | 1,080,908 | ||||||||
Income (loss) from operations | 55,572 | 83,069 | 71,584 | ||||||||
Depreciation of property, plant and equipment | 17,937 | 29,187 | 43,892 | ||||||||
Pension (Credit) Expense | 10,849 | 10,514 | 11,714 | ||||||||
Capital expenditures | 10,202 | 11,551 | 10,879 | ||||||||
Identifiable Assets | 447,282 | 749,421 | 447,282 | 749,421 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Test Preparation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 301,607 | 304,662 | 293,201 | ||||||||
Income (loss) from operations | 16,798 | (4,730) | 4,118 | ||||||||
Depreciation of property, plant and equipment | 9,045 | 12,547 | 19,194 | ||||||||
Pension (Credit) Expense | 3,101 | 2,888 | 2,674 | ||||||||
Capital expenditures | 8,720 | 1,143 | 7,008 | ||||||||
Identifiable Assets | 134,535 | 167,055 | 134,535 | 167,055 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 770,273 | 840,915 | 783,588 | ||||||||
Income (loss) from operations | 53,661 | 69,153 | 51,653 | ||||||||
Depreciation of property, plant and equipment | 17,811 | 19,297 | 16,154 | ||||||||
Pension (Credit) Expense | 424 | 356 | 363 | ||||||||
Capital expenditures | 22,673 | 20,802 | 27,472 | ||||||||
Identifiable Assets | 826,475 | 838,148 | 826,475 | 838,148 | |||||||
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 6,502 | 6,094 | 7,990 | ||||||||
Income (loss) from operations | (349,583) | (82,034) | (76,701) | ||||||||
Depreciation of property, plant and equipment | 16,384 | 706 | 10,382 | ||||||||
Pension (Credit) Expense | 4,430 | 1,660 | 1,787 | ||||||||
Capital expenditures | 625 | 32 | 62 | ||||||||
Identifiable Assets | 46,228 | 26,919 | 46,228 | 26,919 | |||||||
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (486) | (1,312) | (1,953) | ||||||||
Income (loss) from operations | 96 | 5 | 335 | ||||||||
Operating Segments [Member] | Television Broadcasting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 359,192 | 363,836 | 308,306 | ||||||||
Income (loss) from operations | 164,927 | 187,833 | 145,192 | ||||||||
Depreciation of property, plant and equipment | 9,551 | 8,409 | 8,746 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 252 | 32 | 0 | ||||||||
Pension (Credit) Expense | 1,620 | 1,355 | 3,961 | ||||||||
Capital expenditures | 9,998 | 11,295 | 12,131 | ||||||||
Identifiable Assets | 312,243 | 305,426 | 312,243 | 305,426 | |||||||
Operating Segments [Member] | Other Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 299,517 | 212,907 | 128,803 | ||||||||
Income (loss) from operations | (13,667) | (21,086) | (23,468) | ||||||||
Depreciation of property, plant and equipment | 6,168 | 3,931 | 2,177 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 16,112 | 10,516 | 3,416 | ||||||||
Pension (Credit) Expense | 964 | 748 | 610 | ||||||||
Capital expenditures | 9,504 | 5,110 | 2,005 | ||||||||
Identifiable Assets | 712,161 | 518,807 | 712,161 | 518,807 | |||||||
Operating Segments [Member] | Corporate Office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 0 | 0 | 0 | ||||||||
Income (loss) from operations | (8,629) | 510 | (23,279) | ||||||||
Depreciation of property, plant and equipment | 1,010 | 836 | 626 | ||||||||
Amortization of intangible assets and impairment of goodwill and other long-lived assets | 0 | 0 | 0 | ||||||||
Pension (Credit) Expense | (81,945) | (82,301) | (41,836) | ||||||||
Capital expenditures | 311 | 7,074 | 309 | ||||||||
Identifiable Assets | $ 484,265 | $ 1,778,391 | 484,265 | 1,778,391 | |||||||
Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ (116) | $ (128) | $ (241) |
Summary of Quarterly Operati109
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Quarterly Results) (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Revenues | |||||||||||
Education | $ 421,491 | $ 481,687 | $ 523,625 | $ 500,602 | $ 551,381 | $ 543,918 | $ 542,964 | $ 522,154 | $ 1,927,405 | $ 2,160,417 | $ 2,163,734 |
Advertising | 74,435 | 68,898 | 70,137 | 66,454 | 91,561 | 72,951 | 73,587 | 70,115 | 279,924 | 308,214 | 275,024 |
Other | 120,441 | 90,847 | 87,128 | 80,369 | 84,683 | 86,336 | 57,031 | 40,351 | 378,785 | 268,401 | 161,844 |
Total Operating Revenues | 616,367 | 641,432 | 680,890 | 647,425 | 727,625 | 703,205 | 673,582 | 632,620 | 2,586,114 | 2,737,032 | 2,600,602 |
Operating Costs and Expenses | |||||||||||
Operating | 283,780 | 302,029 | 311,121 | 309,223 | 317,687 | 326,395 | 321,163 | 296,507 | 1,206,153 | 1,261,753 | 1,210,863 |
Selling, general and administrative | 239,783 | 285,563 | 276,412 | 302,405 | 269,779 | 309,583 | 276,502 | 276,294 | 1,104,163 | 1,132,157 | 1,123,965 |
Depreciation of property, plant and equipment | 15,640 | 14,460 | 25,609 | 22,197 | 18,618 | 18,664 | 18,201 | 19,430 | 77,906 | 74,913 | 101,171 |
Amortization of intangible assets | 5,120 | 4,512 | 4,647 | 4,738 | 5,215 | 7,354 | 2,936 | 2,682 | 19,017 | 18,187 | 11,919 |
Impairment of intangible and other long-lived assets | 17,302 | 0 | 0 | 0 | 25,100 | 3,300 | |||||
Impairment of goodwill and other long-lived assets | 4,233 | 248,591 | 6,876 | 0 | 259,700 | 17,302 | 3,250 | ||||
Total Operating Costs and Expenses | 548,556 | 855,155 | 624,665 | 638,563 | 628,601 | 661,996 | 618,802 | 594,913 | 2,666,939 | 2,504,312 | 2,451,168 |
(Loss) Income from Operations | 67,811 | (213,723) | 56,225 | 8,862 | 99,024 | 41,209 | 54,780 | 37,707 | (80,825) | 232,720 | 149,434 |
Equity in (losses) earnings of affiliates, net | (35) | 95 | (353) | (404) | 202 | 4,613 | 91,503 | 4,052 | (697) | 100,370 | 13,215 |
Interest income | 546 | 481 | 323 | 559 | 367 | 529 | 641 | 599 | 1,909 | 2,136 | 2,264 |
Interest expense | (7,975) | (7,830) | (8,348) | (8,501) | (8,922) | (9,298) | (8,525) | (8,788) | (32,654) | (35,533) | (35,931) |
Other (expense) income, net | 21,262 | (40,458) | 11,678 | (1,105) | 387,346 | (10,723) | 268,114 | 133,273 | (8,623) | 778,010 | (23,751) |
(Loss) Income from Continuing Operations Before Income Taxes | 81,609 | (261,435) | 59,525 | (589) | 478,017 | 26,330 | 406,513 | 166,843 | (120,890) | 1,077,703 | 105,231 |
Provision for Income Taxes | 30,500 | (30,500) | 19,600 | 900 | 172,000 | 16,100 | 61,900 | 62,300 | 20,500 | 312,300 | 40,500 |
(Loss) Income from Continuing Operations | 51,109 | (230,935) | 39,925 | (1,489) | 306,017 | 10,230 | 344,613 | 104,543 | (141,390) | 765,403 | 64,731 |
Income from Discontinued Operations, Net of Tax | 0 | 379 | 18,502 | 23,289 | 28,649 | 66,209 | 405,237 | 27,762 | 42,170 | 527,857 | 172,614 |
Net (Loss) Income | 51,109 | (230,556) | 58,427 | 21,800 | 334,666 | 76,439 | 749,850 | 132,305 | (99,220) | 1,293,260 | 237,345 |
Net (Income) Loss Attributable to Noncontrolling Interests | 60 | (287) | (434) | (774) | (256) | 121 | 499 | 219 | (1,435) | 583 | (480) |
Net (Loss) Income Attributable to Graham Holdings Company | 51,169 | (230,843) | 57,993 | 21,026 | 334,410 | 76,560 | 750,349 | 132,524 | (100,655) | 1,293,843 | 236,865 |
Redeemable Preferred Stock Dividends | 0 | 0 | (211) | (420) | 0 | (209) | (212) | (426) | (631) | (847) | (855) |
Net (Loss) Income Attributable to Graham Holdings Company Common Stockholders | 51,169 | (230,843) | 57,782 | 20,606 | 334,410 | 76,351 | 750,137 | 132,098 | (101,286) | 1,292,996 | 236,010 |
Amounts Attributable to Graham Holdings Company Common Stockholders | |||||||||||
(Loss) income from continuing operations | 51,169 | (231,222) | 39,280 | (2,683) | 305,761 | 10,142 | 344,900 | 104,336 | (143,456) | 765,139 | 63,396 |
Income from Discontinued Operations, Net of Tax | 0 | 379 | 18,502 | 23,289 | 28,649 | 66,209 | 405,237 | 27,762 | 42,170 | 527,857 | 172,614 |
Net (Loss) Income Attributable to Graham Holdings Company Common Stockholders | $ 51,169 | $ (230,843) | $ 57,782 | $ 20,606 | $ 334,410 | $ 76,351 | $ 750,137 | $ 132,098 | $ (101,286) | $ 1,292,996 | $ 236,010 |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||
Basic (loss) income per common share from continuing operations in dollars per share | $ 8.78 | $ (40.32) | $ 6.74 | $ (0.58) | $ 52.76 | $ 1.73 | $ 46.35 | $ 14.10 | $ (25.23) | $ 115.88 | $ 8.62 |
Basic income per common share from discontinued operations in dollars per share | 0 | 0.07 | 3.18 | 4.09 | 4.95 | 11.45 | 54.45 | 3.75 | 7.36 | 79.93 | 23.48 |
Basic net (loss) income per common share in dollars per share | 8.78 | (40.25) | 9.92 | 3.51 | 57.71 | 13.18 | 100.80 | 17.85 | (17.87) | 195.81 | 32.10 |
Diluted (loss) income per common share from continuing operations in dollars per share | 8.72 | (40.32) | 6.71 | (0.58) | 52.48 | 1.73 | 46.20 | 14.05 | (25.23) | 115.40 | 8.61 |
Diluted income per common share from discontinued operations in dollars per share | 0 | 0.07 | 3.16 | 4.06 | 4.93 | 11.39 | 54.28 | 3.74 | 7.36 | 79.63 | 23.44 |
Diluted net (loss) income per common share in dollars per share | $ 8.72 | $ (40.25) | $ 9.87 | $ 3.48 | $ 57.41 | $ 13.12 | $ 100.48 | $ 17.79 | $ (17.87) | $ 195.03 | $ 32.05 |
Basic average number of common shares outstanding in shares | 5,746 | 5,738 | 5,720 | 5,704 | 5,678 | 5,671 | 7,284 | 7,275 | 5,727 | 6,470 | 7,238 |
Diluted average number of common shares outstanding in shares | 5,834 | 5,837 | 5,805 | 5,791 | 5,770 | 5,757 | 7,363 | 7,352 | 5,727 | 6,559 | 7,333 |
Quarterly comprehensive income | $ (64,301) | $ (235,556) | $ 56,304 | $ 4,098 | $ 240,005 | $ 68,246 | $ 593,463 | $ 146,115 | $ (239,455) | $ 1,047,829 | $ 683,482 |
Summary of Quarterly Operati110
Summary of Quarterly Operating Results and Comprehensive Income (Unaudited) (Quarterly Impact of Certain Items) (Details 2) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Modification of stock option awards and restricted stock awards, after tax | $ 3.7 | $ 11.6 | $ 15.3 | |||||||
Modification of stock option awards and restricted stock awards, per share (dollars per share) | $ (0.63) | $ (1.99) | ||||||||
Net non-operating gain (loss) on the sale of businesses and an investment and on the formation of a JV, after tax | $ (24.3) | $ 5 | $ 3.6 | (15.7) | ||||||
Net non-operating gain (loss) on the sale of businesses and an investment and on the formation of a JV, per share (dollars per share) | $ (4.16) | $ 0.85 | $ 0.50 | |||||||
Gain on sale of land, after tax | $ 13.2 | 13.2 | ||||||||
Gain on sale of land, per share (dollars per share) | $ 2.27 | |||||||||
Non-operating unrealized foreign currency gains (losses), after tax | $ 0.4 | $ (8) | $ 2.3 | $ (4.4) | $ (5.5) | $ (6.8) | $ 1.9 | $ 3.2 | (9.7) | $ (7.1) |
Non-operating unrealized foreign currency gains (losses), per share (dollars per share) | $ 0.07 | $ (1.37) | $ 0.39 | $ (0.75) | $ (0.94) | $ (1.16) | $ 0.25 | $ 0.44 | ||
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 division and corporate office [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Restructuring and related charges, after tax | $ 1.9 | $ 8.7 | $ 6.7 | $ 2.9 | 20.2 | |||||
Restructuring and related charges, per share (dollars per share) | $ (0.33) | $ (1.50) | $ (0.90) | $ (0.39) | ||||||
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) | |||||||||
Kaplan and other businesses [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Goodwill and other long-lived assets impairment, after tax | $ 3.7 | $ 217.1 | $ 4.4 | 225.2 | ||||||
Goodwill and other long-lived assets impairment, per share (dollars per share) | $ (0.63) | $ (37.85) | $ (0.75) | |||||||
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 | |||||||||
Education division, corporate office and other businesses [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Restructuring and related charges, after tax | $ 5.5 | $ 5.8 | $ 10.7 | $ 6.8 | $ 28.9 | |||||
Restructuring and related charges, per share (dollars per share) | $ (0.96) | $ (1) | $ (1.82) | $ (1.17) | ||||||
Berkshire Exchange Transaction [Member] | ||||||||||
Quarterly Impact of Certain Items [Line Items] | ||||||||||
Gain on Berkshire Exchange, net of tax | $ 266.7 | $ 266.7 | ||||||||
Gain on Berkshire Exchange, per share (dollars per share) | $ 35.73 |