Graham (GHC) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		964,001
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,654,132

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Revenues [Abstract]
Education	$ 401,006	$ 500,602
Advertising	68,158	66,454
Other	132,576	80,369
Total Operating Revenues	601,740	647,425
Operating Costs and Expenses [Abstract]
Operating	291,632	309,223
Selling, general and administrative	235,213	302,405
Depreciation of property, plant and equipment	16,761	22,197
Amortization of intangible assets	6,262	4,738
Total Operating Costs and Expenses	549,868	638,563
Income from Operations	51,872	8,862
Equity in earnings (losses) of affiliates, net	1,004	(404)
Interest income	591	559
Interest expense	(7,948)	(8,501)
Other income (expense), net	15,096	(1,105)
Income (Loss) from Continuing Operations Before Income Taxes	60,615	(589)
Provision for Income Taxes	22,400	900
Income (Loss) from Continuing Operations	38,215	(1,489)
Income from Discontinued Operations, Net of Tax	0	23,289
Net Income	38,215	21,800
Net Income Attributable to Noncontrolling Interests	(435)	(774)
Net Income Attributable to Graham Holdings Company	37,780	21,026
Redeemable Preferred Stock Dividends	0	(420)
Net Income Attributable to Graham Holdings Company Common Stockholders	37,780	20,606
Amounts Attributable to Graham Holdings Company Common Stockholders
Income (loss) from continuing operations	37,780	(2,683)
Income from discontinued operations, net of tax	0	23,289
Net Income Attributable to Graham Holdings Company Common Stockholders	$ 37,780	$ 20,606
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic income (loss) per common share from continuing operations in dollars per share	$ 6.63	$ (0.58)
Basic income per common share from discontinued operations in dollars per share	0	4.09
Basic net income per common share in dollars per share	$ 6.63	$ 3.51
Basic average number of common shares outstanding in shares	5,623	5,704
Diluted income (loss) per common share from continuing operations in dollars per share	$ 6.59	$ (0.58)
Diluted income per common share from discontinued operations in dollars per share	0	4.06
Diluted net income per common share in dollars per share	$ 6.59	$ 3.48
Diluted average number of common shares outstanding in shares	5,652	5,791

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 38,215	$ 21,800
Foreign currency translation adjustments:
Translation adjustments arising during the period	3,845	(12,088)
Adjustment for sale of a business with foreign operations	0	(41)
Total foreign currency translation adjustments, before tax	3,845	(12,129)
Unrealized gains (losses) on available-for-sale securities:
Unrealized gains (losses) for the period, net	343	(8,878)
Reclassification adjustment for realization of gain on sale of available-for-sale securities included in net income	(1,754)	0
Total unrealized gains (losses) on available-for-sale securities, before tax	(1,411)	(8,878)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	104	69
Amortization of net actuarial gain included in net income	290	629
Total pension and other postretirement plans, before tax	394	698
Cash flow hedge gain	0	179
Other Comprehensive Income (Loss), Before Tax	2,828	(20,130)
Income tax benefit related to items of other comprehensive income (loss)	407	3,202
Other Comprehensive Income (Loss), Net of Tax	3,235	(16,928)
Comprehensive Income	41,450	4,872
Comprehensive income attributable to noncontrolling interests	(435)	(774)
Total Comprehensive Income Attributable to Graham Holdings Company	$ 41,015	$ 4,098

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 530,587	$ 754,207
Restricted cash	34,633	20,745
Investments in marketable equity securities and other investments	384,175	379,445
Accounts receivable, net	535,574	572,435
Income taxes receivable	29,826	48,383
Inventories and contracts in progress	31,729	32,068
Other current assets	58,965	53,439
Total Current Assets	1,605,489	1,860,722
Property, Plant and Equipment, Net	224,986	231,123
Investments in Affiliates	60,582	59,229
Goodwill, Net	1,180,924	1,017,513
Indefinite-Lived Intangible Assets, Net	73,779	21,885
Amortized Intangible Assets, Net	106,921	107,191
Prepaid Pension Cost	992,103	979,970
Deferred Charges and Other Assets	67,741	75,192
Total Assets	4,312,525	4,352,825
Current Liabilities
Accounts payable and accrued liabilities	399,127	428,014
Deferred revenue	329,885	297,135
Dividends declared	6,820	0
Total Current Liabilities	735,832	725,149
Postretirement Benefits Other Than Pensions	33,808	33,947
Accrued Compensation and Related Benefits	189,808	203,280
Other Liabilities	70,522	70,678
Deferred Income Taxes	416,116	403,316
Long-Term Debt	399,914	399,800
Total Liabilities	1,846,000	1,836,170
Redeemable Noncontrolling Interest	26,392	25,957
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	360,229	356,887
Retained earnings	5,471,698	5,447,677
Accumulated other comprehensive income, net of tax
Cumulative foreign currency translation adjustment	(1,004)	(4,849)
Unrealized gain on available-for-sale securities	57,653	58,500
Unrealized gain on pensions and other postretirement plans	261,266	261,029
Cost of Class B common stock held in treasury	(3,729,709)	(3,648,546)
Total Equity	2,440,133	2,490,698
Total Liabilities and Equity	$ 4,312,525	$ 4,352,825

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net Income	$ 38,215	$ 21,800
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,023	63,314
Net pension benefit	(12,059)	(11,432)
Stock-based compensation expense, net	3,254	5,017
Foreign exchange loss	5,443	6,827
Gain on disposition of businesses, investments and other assets, net	(20,449)	(4,515)
Equity in (earnings) losses of affiliates, net of distributions	(1,004)	594
Provision (benefit) for deferred income taxes	2,037	(114)
Change in assets and liabilities:
Restricted cash	(13,888)	(7,340)
Accounts receivable, net	41,749	59,741
Accounts payable and accrued liabilities	(45,930)	(28,337)
Deferred revenue	17,695	(11,621)
Income taxes receivable	17,926	(117,452)
Other assets and other liabilities, net	(9,187)	(22,625)
Other	169	272
Net Cash Provided by (Used in) Operating Activities	46,994	(45,871)
Cash Flows from Investing Activities
Investments in certain businesses, net of cash acquired	(198,179)	0
Purchases of marketable equity securities	(13,271)	0
Proceeds from sales of marketable equity securities	4,392	0
Purchases of property, plant and equipment	(10,690)	(47,595)
Investments in equity affiliates and cost method investments	(389)	(905)
Net proceeds from sales of businesses, property, plant and equipment and other assets	21,285	(4,331)
Net Cash Used in Investing Activities	(196,852)	(52,831)
Cash Flows from Financing Activities
Common shares repurchased	(81,346)	0
Dividends paid	(6,938)	(15,645)
Repayments of borrowings	0	(39,343)
Other	13,427	4,606
Net Cash Used in Financing Activities	(74,857)	(50,382)
Effect of Currency Exchange Rate Change	1,095	(5,535)
Net Decrease in Cash and Cash Equivalents	(223,620)	(154,619)
Beginning Cash and Cash Equivalents, Including Cash of Discontinued Operations		773,986
Beginning Cash and Cash Equivalents	754,207
Ending Cash and Cash Equivalents	$ 530,587	$ 619,367

Organization, Basis of Presenta

Organization, Basis of Presentation and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Recent Accounting Pronouncements	ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS Graham Holdings Company (the Company), is a diversified education and media company. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States. The Company’s media operations comprise the ownership and operation of five television broadcasting stations. The Company's other business operations include home health and hospice services and manufacturing. Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three months ended March 31, 2016 and 2015 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented. Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. 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 Condensed 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 Condensed Consolidated Financial Statements. In April 2015, the FASB issued new guidance that simplifies the presentation of debt issuance costs. The new guidance requires that debt issuance costs be reported in the balance sheet as a direct deduction from the gross amount of debt instead of classified as a deferred asset. The guidance is effective for interim and fiscal years beginning after December 15, 2015. The Company adopted the new guidance retrospectively as of January 1, 2016. Therefore, prior periods have been adjusted to reflect this guidance which resulted in the reclassification of $0.1 million of unamortized debt issuance costs related to the Company's 7.25% unsecured notes from deferred charges and other assets to long-term debt within its Condensed Consolidated Balance Sheet as of December 31, 2015. 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 Condensed Consolidated Financial Statements. In February 2016, the FASB issued new guidance that requires, among other things, a lessee to recognize a right-of-use asset representing an entity's right to use the underlying asset for the lease term and a liability for lease payments on its balance sheet, regardless of classification of a lease as operating or financing. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities and account for the lease similar to existing guidance for operating leases today. This new guidance supersedes all prior guidance. The guidance is effective for interim and fiscal years beginning after December 15, 2018. Early adoption is permitted. The standard requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements. In March 2016, the FASB issued new guidance that simplifies the accounting for stock-based compensation. The new guidance (i) requires all excess tax benefits and tax deficiencies to be recognized in the income statement with the tax effects of vested or exercised awards treated as discrete items. Additionally, excess tax benefits will be recognized regardless of whether the benefit reduces taxes payable in the current period, effectively eliminating the APIC pool, (ii) concludes excess tax benefits should be classified as an operating activity in the statement of cash flows, (iii) requires an entity to make an entity-wide accounting policy election to either estimate a forfeiture rate for awards or account for forfeitures as they occur, (iv) changes the threshold for equity classification for cash settlements of awards for withholding requirements to the maximum statutory tax rate in the applicable jurisdiction and (v) concludes cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity in the statement of cash flows. The guidance is effective for interim and fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [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, Inc. (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, 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 Condensed Consolidated Statements of Operations as income from discontinued operations, net of tax, for 2015. The Company did not reclassify its Statements of Cash Flows to reflect the various discontinued operations. Cash flows from Cable ONE for the three months ended March 31, 2015 are combined with the cash flows from operations within each of the categories presented. Cash flows from Cable ONE are as follows: Three Months Ended (in thousands) March 31, 2015 Net Cash Provided by Operating Activities $ 39,216 Net Cash Used in Investing Activities (37,409 ) 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. An additional school in China was sold by Kaplan in January of 2015 that resulted in a pre-tax loss of $0.7 million . The results of operations of the schools in China are included in the Company’s Condensed Consolidated Statements of Operations as income from discontinued operations, net of tax, for 2015. The summarized income from discontinued operations, net of tax, is presented below: Three Months Ended (in thousands) March 31, 2015 Operating revenues $ 198,723 Operating costs and expenses (161,031 ) Operating income 37,692 Non-operating expense (19 ) Income from discontinued operations 37,673 Provision for income taxes 13,600 Net Income from Discontinued Operations 24,073 Loss on sale of discontinued operations (732 ) Provision for income taxes on disposition of discontinued operations 52 Income from Discontinued Operations, Net of Tax $ 23,289

Investments

Investments	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Investments	INVESTMENTS As of March 31, 2016 and December 31, 2015 , the Company had commercial paper and money market investments of $395.3 million and $433.0 million , respectively, that are classified as cash, cash equivalents and restricted cash in the Company's Condensed Consolidated Balance Sheets. Investments in marketable equity securities comprised the following: As of March 31, December 31, (in thousands) Total cost $ 261,662 $ 253,062 Gross unrealized gains 100,508 97,741 Gross unrealized losses (4,419 ) (240 ) Total Fair Value $ 357,751 $ 350,563 The Company settled on $13.3 million of marketable equity securities during the first three months of 2016 , of which, $12.9 million was purchased in the first quarter. There were no new investments in marketable equity securities during the first three months of 2015 . During the first three months of 2016 , the net realized gains from sales of marketable equity securities were $1.8 million . The total proceeds from such sales were $6.0 million , of which, $1.6 million settled in April 2016. There were no sales of marketable equity securities in the first three months of 2015 . As of March 31, 2016 , the Company held an approximate 20% interest in HomeHero and interests in several other affiliates; Residential Healthcare held a 40% interest in Residential Home Health Illinois and a 42.5% interest in Residential Hospice Illinois; and Celtic Healthcare held a 40% interest in the joint venture formed between Celtic Healthcare and Allegheny Health Network (AHN) (see Note 4).

Acquisitions and Dispositions o

Acquisitions and Dispositions of Businesses	3 Months Ended
	Mar. 31, 2016
Acqusitions and Dispositions [Abstract]
Acquisitions and Dispositions of Businesses	ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions . In January and February 2016, Kaplan acquired a 100% interest in Mander Portman Woodward, a leading provider of high-quality, bespoke education to U.K. and international students in London, Cambridge and Birmingham; and a 100% interest in Osborne Books, a leading educational publisher of learning resources for accounting qualifications in the U.K. These acquisitions totaled $208.3 million and are included in Kaplan International. In the first three months of 2015 , the Company did no t make any acquisitions. Acquisition-related costs were expensed as incurred and were not significant. The aggregate purchase price of these 2016 acquisitions was allocated as follows on a preliminary basis: Weighted Average Life Purchase Price Allocation (in thousands) Cash and cash equivalents $ 8,370 Accounts receivable 6,065 Other current assets 748 Property, plant and equipment 1,940 Goodwill 161,399 Indefinite-lived intangible assets Trade names and trademarks 53,110 Amortized intangible assets Student and customer relationships 3 years 4,767 Trade names and trademarks 5 years 1,347 3 years 6,114 Current liabilities (18,353 ) Noncurrent liabilities (11,094 ) $ 208,299 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 no tax basis 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 Condensed Consolidated Statements of Operations include aggregate revenues and operating income for the companies acquired in 2016 of $11.4 million and $3.8 million , respectively, for the first three months of 2016 . The following unaudited pro forma financial information presents the Company’s results as if the acquisitions had occurred at the beginning of 2015 : Three Months Ended (in thousands) 2016 2015 Operating revenues $ 601,919 $ 700,310 Net income 40,092 25,574 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. 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 a 100% interest in SmartPros, a provider of accredited professional education and training, primarily in accountancy, which is included in Higher Education. 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 2). Sale of Businesses. In January 2016, Kaplan completed the sale of Colloquy, which was included in Kaplan Corporate and Other. 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: Three Months Ended (in thousands) Revenue $ 61,087 Operating loss (3,014 ) 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. 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. Other. In January 2015, Celtic and AHN 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 and the sold Kaplan China school, which have been reclassified to discontinued operations, net of tax (see Note 2).

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Amortization of intangible assets for the three months ended March 31, 2016 and 2015 was $6.3 million and $4.7 million , respectively. Amortization of intangible assets is estimated to be approximately $19 million for the remainder of 2016 , $21 million in 2017 , $19 million in 2018 , $17 million in 2019 , $15 million in 2020 and $16 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Broadcasting Other Businesses Total Balance 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 Acquisitions 160,894 — 505 161,399 Foreign currency exchange rate changes 2,012 — — 2,012 Balance as of March 31, 2016 Goodwill 1,169,002 168,345 200,509 1,537,856 Accumulated impairment losses (350,850 ) — (6,082 ) (356,932 ) $ 818,152 $ 168,345 $ 194,427 $ 1,180,924 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 Balance 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 Acquisitions — — 160,894 160,894 Foreign currency exchange rate changes 113 — 1,899 2,012 Balance as of March 31, 2016 Goodwill 392,570 166,098 610,334 1,169,002 Accumulated impairment losses (248,591 ) (102,259 ) — (350,850 ) $ 143,979 $ 63,839 $ 610,334 $ 818,152 Other intangible assets consist of the following: As of March 31, 2016 As of December 31, 2015 (in thousands) Useful Life Range Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 113,549 $ 44,266 $ 69,283 $ 108,806 $ 40,280 $ 68,526 Trade names and trademarks 2–10 years 55,181 25,384 29,797 53,848 23,941 29,907 Databases and technology 3–5 years 4,617 4,178 439 4,617 4,114 503 Noncompete agreements 2–5 years 1,381 1,093 288 1,381 1,012 369 Other 1–7 years 10,109 2,995 7,114 10,095 2,209 7,886 $ 184,837 $ 77,916 $ 106,921 $ 178,747 $ 71,556 $ 107,191 Indefinite-Lived Intangible Assets Trade names and trademarks $ 72,945 $ 21,051 Licensure and accreditation 834 834 $ 73,779 $ 21,885

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	DEBT The Company’s borrowings consist of the following: As of March 31, December 31, (in thousands) 7.25% unsecured notes due February 1, 2019 (1) $ 398,710 $ 398,596 Other indebtedness 1,204 1,204 Total Debt $ 399,914 $ 399,800 ___________ _ (1) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. The Company’s other indebtedness at March 31, 2016 is at an interest rate of 6% and matures in 2019 . 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). 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. The Credit Agreement contains terms and conditions, including remedies in the event of a default by the Company, typical of facilities of this type. As of March 31, 2016 , the Company is in compliance with all financial covenants. During the three months ended March 31, 2016 and 2015 , the Company had average borrowings outstanding of approximately $399.9 million and $434.5 million , respectively, at average annual interest rates of approximately 7.2% and 7.1% , respectively. During the three months ended March 31, 2016 and 2015 , the Company incurred net interest expense of $7.4 million and $7.9 million , respectively. At March 31, 2016 , the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $433.1 million , compared with the carrying amount of $398.7 million . At December 31, 2015 , the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $436.6 million , compared with the carrying amount of $398.6 million . The carrying value of the Company’s other unsecured debt at March 31, 2016 approximates fair value.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 (in thousands) Level 1 Level 2 Total Assets Money market investments (1) $ — $ 295,407 $ 295,407 Commercial paper (2) 99,852 — 99,852 Marketable equity securities (3) 357,751 — 357,751 Other current investments (4) 8,222 18,202 26,424 Total Financial Assets $ 465,825 $ 313,609 $ 779,434 Liabilities Deferred compensation plan liabilities (5) $ — $ 45,138 $ 45,138 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 ____________ (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. 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. (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.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	EARNINGS (LOSS) PER SHARE The Company's unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The following reflects the Company's income (loss) from continuing operations and share data used in the basic and diluted earnings (loss) per share computations using the two-class method: Three Months Ended (in thousands, except per share amounts) 2016 2015 Numerator: Numerator for basic earnings (loss) per share: Income (loss) from continuing operations attributable to Graham Holdings Company common stockholders $ 37,780 $ (2,683 ) Less: Dividends paid-common stock outstanding and unvested restricted shares (13,758 ) (30,870 ) Undistributed earnings (loss) 24,022 (33,553 ) Percent allocated to common stockholders (1) 98.64 % 100.00 % 23,695 (33,553 ) Add: Dividends paid-common stock outstanding 13,574 30,228 Numerator for basic earnings (loss) per share $ 37,269 $ (3,325 ) Add: Additional undistributed earnings due to dilutive stock options 2 — Numerator for diluted earnings (loss) per share $ 37,271 $ (3,325 ) Denominator: Denominator for basic earnings (loss) per share: Weighted average shares outstanding 5,623 5,704 Add: Effect of dilutive stock options 29 — Denominator for diluted earnings (loss) per share 5,652 5,704 Graham Holdings Company Common Stockholders: Basic earnings (loss) per share from continuing operations $ 6.63 $ (0.58 ) Diluted earnings (loss) per share from continuing operations $ 6.59 $ (0.58 ) ____________ (1) Percent of undistributed losses allocated to common stockholders is 100% in the first quarter of 2015 as participating securities are not contractually obligated to share in losses. Diluted earnings (loss) per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended (in thousands) 2016 2015 Weighted average restricted stock 38 54 Weighted average stock options — 33 The diluted earnings per share amounts for the three months ended March 31, 2016 exclude the effects of 102,000 stock options outstanding as their inclusion would have been antidilutive due to a market condition. The diluted loss per share amounts for the three months ended March 31, 2015 exclude the effects of 50,000 stock options outstanding as their inclusion would have been antidilutive due to a market condition. The diluted earnings per share amounts for the three months ended March 31, 2016 exclude the effects of 6,100 restricted stock awards as their inclusion would have been antidilutive due to a performance condition. The diluted loss per share amounts for the three months ended March 31, 2015 exclude the effects of 5,850 restricted stock awards, as their inclusion would have been antidilutive due to a performance condition. In the three months ended March 31, 2016 and March 31, 2015 , the Company declared regular dividends totaling $2.42 and $5.30 , respectively.

Pension and Postretirement Plan

Pension and Postretirement Plans	3 Months Ended
	Mar. 31, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Pension and Postretirement Plans	PENSION AND POSTRETIREMENT PLANS Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans, including a portion included in discontinued operations, consists of the following components: Three Months Ended March 31 (in thousands) 2016 2015 Service cost $ 5,342 $ 7,252 Interest cost 13,073 12,780 Expected return on assets (30,548 ) (31,545 ) Amortization of prior service cost 74 81 Net Periodic Benefit $ (12,059 ) $ (11,432 ) For the three months ended March 31, 2015 , the net periodic benefit for the Company's pension plans, as reported above, includes costs of $1.0 million reported in discontinued operations. The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP), including a portion included in discontinued operations, consists of the following components: Three Months Ended March 31 (in thousands) 2016 2015 Service cost $ 246 $ 509 Interest cost 1,096 1,135 Amortization of prior service cost 114 114 Recognized actuarial loss 665 878 Net Periodic Cost $ 2,121 $ 2,636 For the three months ended March 31, 2015 , the net periodic cost for the Company's SERP, as reported above, includes costs of $0.1 million reported in discontinued operations. Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of a relatively small number of stocks and high-quality fixed-income securities that are held by a third-party trustee. The assets of the Company’s pension plan were allocated as follows: As of March 31, December 31, U.S. equities 68 % 62 % U.S. fixed income 17 % 13 % International equities 15 % 25 % 100 % 100 % Essentially all of the assets are actively managed by two investment companies. The goal of the investment managers is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both of these managers may invest in a combination of equity and fixed-income securities and cash. The managers are not permitted to invest in securities of the Company or in alternative investments. The investment managers cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway or more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval by the Plan administrator. As of March 31, 2016 , the managers can invest no more than 24% of the assets in specified international exchanges, 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 was managed internally by the Company in the first quarter of 2016. In the second quarter of 2016, the Company plans to begin managing approximately 44% of the pension assets internally, of which the majority will be invested in U.S. Stock Index Funds. The investment goal of the internally managed assets is consistent with the other externally managed assets. The remaining 56% of plan assets will still be managed by the two investment companies. In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks. The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of March 31, 2016 . Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At March 31, 2016 , the pension plan held common stock in one investment that exceeded 10% of total plan assets, valued at $250.1 million , or 12% of total plan assets. At December 31, 2015 , the pension plan held common stock in two investments that exceeded 10% of total plan assets, valued at $562.6 million , or 25% of total plan assets. At December 31, 2015 , the pension plan held investments in one foreign country that exceeded 10% of total plan assets, valued at $332.4 million , or 15% of total plan assets. Other Postretirement Plans. The total cost arising from the Company’s other postretirement plans consists of the following components: Three Months Ended March 31 (in thousands) 2016 2015 Service cost $ 346 $ 333 Interest cost 308 325 Amortization of prior service credit (84 ) (126 ) Recognized actuarial gain (375 ) (249 ) Net Periodic Cost $ 195 $ 283

Other Non-Operating Income (Exp

Other Non-Operating Income (Expense)	3 Months Ended
	Mar. 31, 2016
Other Nonoperating Income (Expense) [Abstract]
Other Non-Operating Income (Expense)	OTHER NON-OPERATING INCOME (EXPENSE) A summary of non-operating income (expense) is as follows: Three Months Ended (in thousands) 2016 2015 Gain on sale of a business $ 18,931 $ — Foreign currency loss, net (5,443 ) (6,827 ) Gain on formation of joint venture — 5,972 Gain on sale of marketable equity securities 1,754 — Other, net (146 ) (250 ) Total Other Non-Operating Income (Expense) $ 15,096 $ (1,105 ) In the first quarter of 2016, Kaplan sold Colloquy, which was a part of Kaplan corporate and other, for a gain of $18.9 million . 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 4). 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.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The other comprehensive income (loss) consists of the following components: Three Months Ended March 31 2016 2015 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 3,845 $ — $ 3,845 $ (12,088 ) $ — $ (12,088 ) Adjustment for sale of a business with foreign operations — — — (41 ) — (41 ) 3,845 — 3,845 (12,129 ) — (12,129 ) Unrealized (losses) gains on available-for-sale securities: Unrealized gains (losses) for the period, net 343 (137 ) 206 (8,878 ) 3,552 (5,326 ) Reclassification of realized gain on sale of available-for-sale securities included in net income (1,754 ) 701 (1,053 ) — — — (1,411 ) 564 (847 ) (8,878 ) 3,552 (5,326 ) Pension and other postretirement plans: Amortization of net prior service cost included in net income 104 (41 ) 63 69 (27 ) 42 Amortization of net actuarial gain included in net income 290 (116 ) 174 629 (252 ) 377 394 (157 ) 237 698 (279 ) 419 Cash flow hedge: Gain for the period — — — 179 (71 ) 108 Other Comprehensive Income (Loss) $ 2,828 $ 407 $ 3,235 $ (20,130 ) $ 3,202 $ (16,928 ) The accumulated balances related to each component of other comprehensive income (loss) 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 Accumulated Other Comprehensive Income Balance as of December 31, 2015 $ (4,849 ) $ 58,500 $ 261,029 $ 314,680 Other comprehensive income before reclassifications 3,845 206 — 4,051 Net amount reclassified from accumulated other comprehensive income — (1,053 ) 237 (816 ) Other comprehensive income (loss), net of tax 3,845 (847 ) 237 3,235 Balance as of March 31, 2016 $ (1,004 ) $ 57,653 $ 261,266 $ 317,915 The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Affected Line Item in the Condensed Consolidated Statement of Operations (in thousands) 2016 2015 Foreign Currency Translation Adjustments: Adjustment for sales of businesses with foreign operations $ — $ (41 ) Income from Discontinued Operations, Net of Tax Unrealized Gains on Available-for-sale Securities: Realized gain for the period (1,754 ) — Other income (expense), net 701 — Provision for Income Taxes (1,053 ) — Net of Tax Pension and Other Postretirement Plans: Amortization of net prior service cost 104 69 (1) Amortization of net actuarial gain 290 629 (1) 394 698 Before tax (157 ) (279 ) Provision for Income Taxes 237 419 Net of Tax Cash Flow Hedge — 132 Interest expense — (53 ) Provision for Income Taxes — 79 Net of Tax Total reclassification for the period $ (816 ) $ 457 Net of Tax ____________ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9).

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation and Legal Matters. The Company and its subsidiaries are involved in various legal proceedings that arise in the ordinary course of its business. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company's business, financial condition, results of operations or cash flows. Also, based on currently available information, management is of the opinion that the exposure to future material losses from existing legal proceedings is not reasonably possible, or that future material losses in excess of the amounts accrued are not reasonably possible. Certain Kaplan subsidiaries are subject to two 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). In August 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. In October 2012, the court entered summary judgment in favor of the Company as to the sole remaining employment claim in the Diaz complaint. In July 2013, the court likewise entered summary judgment in favor of the Company on all remaining claims in the Gillespie complaint. Diaz and Gillespie each appealed to the U.S. Court of Appeals for the Eleventh Judicial Court. Arguments on both appeals were heard In February 2015. In March 2015, the 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 one remaining claim alleging that incentive compensation for admissions representatives was improperly based on enrollment counts. Kaplan filed an answer to Diaz's amended complaint in September 2015 and a renewed motion to dismiss, and a hearing was held in December 2015. In March 2016, the Court denied the motion to dismiss and discovery is proceeding in the case. In February 2016, Gillespie filed a new motion with the District Court alleging that the Court improperly refused to consider a motion to vacate while the case was on appeal; Kaplan filed an opposition to this motion. In February 2016, Acquire Learning filed a statement of claim against Kaplan Australia and Kaplan Inc. in the Victorian Supreme Court, alleging breaches of warranty in connection with Acquire's September 2015 purchase of Franklyn Scholar from Kaplan Australia, and seeking payment under the indemnity provisions of the sale agreement. The alleged breaches of warranty relate to certain courses which were the subject of Victorian Government Department of Education and Training audits and subsequent repayment demands. Kaplan Australia filed its "Defence and Counterclaim" in April 2016, denying the allegations and bringing claims against Acquire. ED Program Reviews. ED has undertaken program reviews at various KHE locations. Currently, there are five open program reviews, four of which are at campuses that were formerly a 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. 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. 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.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS The Company has four reportable segments: Kaplan Higher Education, Kaplan Test Preparation, Kaplan International and television broadcasting. The following table summarizes financial information related to each of the Company's business segments: Three Months Ended March 31 (in thousands) 2016 2015 Operating Revenues Education $ 401,076 $ 500,602 Television broadcasting 92,018 83,564 Other businesses 108,716 63,259 Corporate office — — Intersegment elimination (70 ) — $ 601,740 $ 647,425 Income (Loss) from Operations Education $ 14,488 $ (22,849 ) Television broadcasting 41,220 38,562 Other businesses (5,730 ) (5,162 ) Corporate office 1,894 (1,689 ) $ 51,872 $ 8,862 Equity in Earnings (Losses) of Affiliates, Net 1,004 (404 ) Interest Expense, Net (7,357 ) (7,942 ) Other Income (Expense), Net 15,096 (1,105 ) Income (Loss) from Continuing Operations Before Income Taxes $ 60,615 $ (589 ) Depreciation of Property, Plant and Equipment Education $ 11,103 $ 18,528 Television broadcasting 2,377 2,109 Other businesses 3,027 1,302 Corporate office 254 258 $ 16,761 $ 22,197 Amortization of Intangible Assets Education $ 1,681 $ 1,507 Television broadcasting 63 63 Other businesses 4,518 3,168 Corporate office — — $ 6,262 $ 4,738 Net Pension (Credit) Expense Education $ 3,109 $ 3,947 Television broadcasting 439 391 Other businesses 254 193 Corporate office (15,861 ) (16,938 ) $ (12,059 ) $ (12,407 ) Asset information for the Company’s business segments are as follows: As of (in thousands) March 31, December 31, Identifiable Assets Education $ 1,419,547 $ 1,454,520 Television broadcasting 310,055 312,243 Other businesses 697,543 712,161 Corporate office 474,944 484,139 $ 2,902,089 $ 2,963,063 Investments in Marketable Equity Securities 357,751 350,563 Investments in Affiliates 60,582 59,229 Prepaid Pension Cost 992,103 979,970 Total Assets $ 4,312,525 $ 4,352,825 The Company’s education division comprises the following operating segments: Three Months Ended March 31 (in thousands) 2016 2015 Operating Revenues Higher education $ 165,549 $ 237,568 Test preparation 66,462 69,226 Kaplan international 169,287 192,081 Kaplan corporate and other 125 1,859 Intersegment elimination (347 ) (132 ) $ 401,076 $ 500,602 Income (Loss) from Operations Higher education $ 21,306 $ 593 Test preparation (2,310 ) (4,334 ) Kaplan international 4,897 7,717 Kaplan corporate and other (9,405 ) (26,857 ) Intersegment elimination — 32 $ 14,488 $ (22,849 ) Depreciation of Property, Plant and Equipment Higher education $ 4,175 $ 4,828 Test preparation 1,781 2,890 Kaplan international 5,060 4,654 Kaplan corporate and other 87 6,156 $ 11,103 $ 18,528 Amortization of Intangible Assets $ 1,681 $ 1,507 Pension Expense Higher education $ 1,905 $ 2,532 Test preparation 768 775 Kaplan international 67 106 Kaplan corporate and other 369 534 $ 3,109 $ 3,947 Identifiable assets for the Company’s education division consist of the following: As of (in thousands) March 31, December 31, Identifiable assets Higher education $ 238,885 $ 447,282 Test preparation 142,501 134,535 Kaplan international 990,326 826,475 Kaplan corporate and other 47,835 46,228 $ 1,419,547 $ 1,454,520

Organization, Basis of Presen19

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three months ended March 31, 2016 and 2015 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation, which includes the reclassification of the results of operations of certain businesses as discontinued operations for all periods presented.
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements	Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates.
Recently Adopted and Issued Accounting Pronouncements	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 Condensed 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 Condensed Consolidated Financial Statements. In April 2015, the FASB issued new guidance that simplifies the presentation of debt issuance costs. The new guidance requires that debt issuance costs be reported in the balance sheet as a direct deduction from the gross amount of debt instead of classified as a deferred asset. The guidance is effective for interim and fiscal years beginning after December 15, 2015. The Company adopted the new guidance retrospectively as of January 1, 2016. Therefore, prior periods have been adjusted to reflect this guidance which resulted in the reclassification of $0.1 million of unamortized debt issuance costs related to the Company's 7.25% unsecured notes from deferred charges and other assets to long-term debt within its Condensed Consolidated Balance Sheet as of December 31, 2015. 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 Condensed Consolidated Financial Statements. In February 2016, the FASB issued new guidance that requires, among other things, a lessee to recognize a right-of-use asset representing an entity's right to use the underlying asset for the lease term and a liability for lease payments on its balance sheet, regardless of classification of a lease as operating or financing. For leases with a term of twelve months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and liabilities and account for the lease similar to existing guidance for operating leases today. This new guidance supersedes all prior guidance. The guidance is effective for interim and fiscal years beginning after December 15, 2018. Early adoption is permitted. The standard requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements. In March 2016, the FASB issued new guidance that simplifies the accounting for stock-based compensation. The new guidance (i) requires all excess tax benefits and tax deficiencies to be recognized in the income statement with the tax effects of vested or exercised awards treated as discrete items. Additionally, excess tax benefits will be recognized regardless of whether the benefit reduces taxes payable in the current period, effectively eliminating the APIC pool, (ii) concludes excess tax benefits should be classified as an operating activity in the statement of cash flows, (iii) requires an entity to make an entity-wide accounting policy election to either estimate a forfeiture rate for awards or account for forfeitures as they occur, (iv) changes the threshold for equity classification for cash settlements of awards for withholding requirements to the maximum statutory tax rate in the applicable jurisdiction and (v) concludes cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity in the statement of cash flows. The guidance is effective for interim and fiscal years beginning after December 15, 2016. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summarized Discontinued Operations Information	The summarized income from discontinued operations, net of tax, is presented below: Three Months Ended (in thousands) March 31, 2015 Operating revenues $ 198,723 Operating costs and expenses (161,031 ) Operating income 37,692 Non-operating expense (19 ) Income from discontinued operations 37,673 Provision for income taxes 13,600 Net Income from Discontinued Operations 24,073 Loss on sale of discontinued operations (732 ) Provision for income taxes on disposition of discontinued operations 52 Income from Discontinued Operations, Net of Tax $ 23,289
Cable Spin-Off [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operations Cash Flows	Cash flows from Cable ONE are as follows: Three Months Ended (in thousands) March 31, 2015 Net Cash Provided by Operating Activities $ 39,216 Net Cash Used in Investing Activities (37,409 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Investments [Abstract]
Investments in Marketable Equity Securities	Investments in marketable equity securities comprised the following: As of March 31, December 31, (in thousands) Total cost $ 261,662 $ 253,062 Gross unrealized gains 100,508 97,741 Gross unrealized losses (4,419 ) (240 ) Total Fair Value $ 357,751 $ 350,563

Acquisitions and Dispositions22

Acquisitions and Dispositions of Businesses (Tables)	3 Months Ended
	Mar. 31, 2016
Acqusitions and Dispositions [Abstract]
Schedule of assets acquired and liabilities assumed	Acquisition-related costs were expensed as incurred and were not significant. The aggregate purchase price of these 2016 acquisitions was allocated as follows on a preliminary basis: Weighted Average Life Purchase Price Allocation (in thousands) Cash and cash equivalents $ 8,370 Accounts receivable 6,065 Other current assets 748 Property, plant and equipment 1,940 Goodwill 161,399 Indefinite-lived intangible assets Trade names and trademarks 53,110 Amortized intangible assets Student and customer relationships 3 years 4,767 Trade names and trademarks 5 years 1,347 3 years 6,114 Current liabilities (18,353 ) Noncurrent liabilities (11,094 ) $ 208,299
Acquisition Pro Forma Financial Information [Table Text Block]	The following unaudited pro forma financial information presents the Company’s results as if the acquisitions had occurred at the beginning of 2015 : Three Months Ended (in thousands) 2016 2015 Operating revenues $ 601,919 $ 700,310 Net income 40,092 25,574
Information related to Disposal Group Held for Sale	The revenue and operating losses related to schools that were sold as part of the ECA transaction are as follows: Three Months Ended (in thousands) Revenue $ 61,087 Operating loss (3,014 )

Goodwill and Other Intangible23

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Broadcasting Other Businesses Total Balance 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 Acquisitions 160,894 — 505 161,399 Foreign currency exchange rate changes 2,012 — — 2,012 Balance as of March 31, 2016 Goodwill 1,169,002 168,345 200,509 1,537,856 Accumulated impairment losses (350,850 ) — (6,082 ) (356,932 ) $ 818,152 $ 168,345 $ 194,427 $ 1,180,924
Other Intangible Assets	Other intangible assets consist of the following: As of March 31, 2016 As of December 31, 2015 (in thousands) Useful Life Range Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 113,549 $ 44,266 $ 69,283 $ 108,806 $ 40,280 $ 68,526 Trade names and trademarks 2–10 years 55,181 25,384 29,797 53,848 23,941 29,907 Databases and technology 3–5 years 4,617 4,178 439 4,617 4,114 503 Noncompete agreements 2–5 years 1,381 1,093 288 1,381 1,012 369 Other 1–7 years 10,109 2,995 7,114 10,095 2,209 7,886 $ 184,837 $ 77,916 $ 106,921 $ 178,747 $ 71,556 $ 107,191 Indefinite-Lived Intangible Assets Trade names and trademarks $ 72,945 $ 21,051 Licensure and accreditation 834 834 $ 73,779 $ 21,885
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 Balance 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 Acquisitions — — 160,894 160,894 Foreign currency exchange rate changes 113 — 1,899 2,012 Balance as of March 31, 2016 Goodwill 392,570 166,098 610,334 1,169,002 Accumulated impairment losses (248,591 ) (102,259 ) — (350,850 ) $ 143,979 $ 63,839 $ 610,334 $ 818,152

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Components of Debt	The Company’s borrowings consist of the following: As of March 31, December 31, (in thousands) 7.25% unsecured notes due February 1, 2019 (1) $ 398,710 $ 398,596 Other indebtedness 1,204 1,204 Total Debt $ 399,914 $ 399,800 ___________ _ (1) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of March 31, 2016 (in thousands) Level 1 Level 2 Total Assets Money market investments (1) $ — $ 295,407 $ 295,407 Commercial paper (2) 99,852 — 99,852 Marketable equity securities (3) 357,751 — 357,751 Other current investments (4) 8,222 18,202 26,424 Total Financial Assets $ 465,825 $ 313,609 $ 779,434 Liabilities Deferred compensation plan liabilities (5) $ — $ 45,138 $ 45,138 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 ____________ (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. 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. (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.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Summary of Earnings Per Share from Continuing Operations, Basic and Diluted	The following reflects the Company's income (loss) from continuing operations and share data used in the basic and diluted earnings (loss) per share computations using the two-class method: Three Months Ended (in thousands, except per share amounts) 2016 2015 Numerator: Numerator for basic earnings (loss) per share: Income (loss) from continuing operations attributable to Graham Holdings Company common stockholders $ 37,780 $ (2,683 ) Less: Dividends paid-common stock outstanding and unvested restricted shares (13,758 ) (30,870 ) Undistributed earnings (loss) 24,022 (33,553 ) Percent allocated to common stockholders (1) 98.64 % 100.00 % 23,695 (33,553 ) Add: Dividends paid-common stock outstanding 13,574 30,228 Numerator for basic earnings (loss) per share $ 37,269 $ (3,325 ) Add: Additional undistributed earnings due to dilutive stock options 2 — Numerator for diluted earnings (loss) per share $ 37,271 $ (3,325 ) Denominator: Denominator for basic earnings (loss) per share: Weighted average shares outstanding 5,623 5,704 Add: Effect of dilutive stock options 29 — Denominator for diluted earnings (loss) per share 5,652 5,704 Graham Holdings Company Common Stockholders: Basic earnings (loss) per share from continuing operations $ 6.63 $ (0.58 ) Diluted earnings (loss) per share from continuing operations $ 6.59 $ (0.58 ) ____________ (1) Percent of undistributed losses allocated to common stockholders is 100% in the first quarter of 2015 as participating securities are not contractually obligated to share in losses.
Antidilutive Weighted Average Restricted Stock and Options	Diluted earnings (loss) per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended (in thousands) 2016 2015 Weighted average restricted stock 38 54 Weighted average stock options — 33

Pension and Postretirement Pl27

Pension and Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Defined Benefit Pension Plan [Member]
Schedule of Net Benefit Costs	Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans, including a portion included in discontinued operations, consists of the following components: Three Months Ended March 31 (in thousands) 2016 2015 Service cost $ 5,342 $ 7,252 Interest cost 13,073 12,780 Expected return on assets (30,548 ) (31,545 ) Amortization of prior service cost 74 81 Net Periodic Benefit $ (12,059 ) $ (11,432 )
Schedule of Allocation of Plan Assets	The assets of the Company’s pension plan were allocated as follows: As of March 31, December 31, U.S. equities 68 % 62 % U.S. fixed income 17 % 13 % International equities 15 % 25 % 100 % 100 %
Supplemental Executive Retirement Plan (SERP) [Member]
Schedule of Net Benefit Costs	The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP), including a portion included in discontinued operations, consists of the following components: Three Months Ended March 31 (in thousands) 2016 2015 Service cost $ 246 $ 509 Interest cost 1,096 1,135 Amortization of prior service cost 114 114 Recognized actuarial loss 665 878 Net Periodic Cost $ 2,121 $ 2,636
Other Postretirement Benefit Plan, Defined Benefit [Member]
Schedule of Net Benefit Costs	Other Postretirement Plans. The total cost arising from the Company’s other postretirement plans consists of the following components: Three Months Ended March 31 (in thousands) 2016 2015 Service cost $ 346 $ 333 Interest cost 308 325 Amortization of prior service credit (84 ) (126 ) Recognized actuarial gain (375 ) (249 ) Net Periodic Cost $ 195 $ 283

Other Non-Operating Income (E28

Other Non-Operating Income (Expense) (Tables)	3 Months Ended
	Mar. 31, 2016
Other Nonoperating Income (Expense) [Abstract]
Summary of Other Non-Operating (Expense) Income	A summary of non-operating income (expense) is as follows: Three Months Ended (in thousands) 2016 2015 Gain on sale of a business $ 18,931 $ — Foreign currency loss, net (5,443 ) (6,827 ) Gain on formation of joint venture — 5,972 Gain on sale of marketable equity securities 1,754 — Other, net (146 ) (250 ) Total Other Non-Operating Income (Expense) $ 15,096 $ (1,105 )

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Other Comprehensive (Loss) Income	The other comprehensive income (loss) consists of the following components: Three Months Ended March 31 2016 2015 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 3,845 $ — $ 3,845 $ (12,088 ) $ — $ (12,088 ) Adjustment for sale of a business with foreign operations — — — (41 ) — (41 ) 3,845 — 3,845 (12,129 ) — (12,129 ) Unrealized (losses) gains on available-for-sale securities: Unrealized gains (losses) for the period, net 343 (137 ) 206 (8,878 ) 3,552 (5,326 ) Reclassification of realized gain on sale of available-for-sale securities included in net income (1,754 ) 701 (1,053 ) — — — (1,411 ) 564 (847 ) (8,878 ) 3,552 (5,326 ) Pension and other postretirement plans: Amortization of net prior service cost included in net income 104 (41 ) 63 69 (27 ) 42 Amortization of net actuarial gain included in net income 290 (116 ) 174 629 (252 ) 377 394 (157 ) 237 698 (279 ) 419 Cash flow hedge: Gain for the period — — — 179 (71 ) 108 Other Comprehensive Income (Loss) $ 2,828 $ 407 $ 3,235 $ (20,130 ) $ 3,202 $ (16,928 )
Summary of Changes in Accumulated Other Comprehensive (Loss) Income	The accumulated balances related to each component of other comprehensive income (loss) 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 Accumulated Other Comprehensive Income Balance as of December 31, 2015 $ (4,849 ) $ 58,500 $ 261,029 $ 314,680 Other comprehensive income before reclassifications 3,845 206 — 4,051 Net amount reclassified from accumulated other comprehensive income — (1,053 ) 237 (816 ) Other comprehensive income (loss), net of tax 3,845 (847 ) 237 3,235 Balance as of March 31, 2016 $ (1,004 ) $ 57,653 $ 261,266 $ 317,915
Summary of Amounts and Line Items of reclassifications Out of Accumulated Other Comprehensive (Loss) Income	The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Affected Line Item in the Condensed Consolidated Statement of Operations (in thousands) 2016 2015 Foreign Currency Translation Adjustments: Adjustment for sales of businesses with foreign operations $ — $ (41 ) Income from Discontinued Operations, Net of Tax Unrealized Gains on Available-for-sale Securities: Realized gain for the period (1,754 ) — Other income (expense), net 701 — Provision for Income Taxes (1,053 ) — Net of Tax Pension and Other Postretirement Plans: Amortization of net prior service cost 104 69 (1) Amortization of net actuarial gain 290 629 (1) 394 698 Before tax (157 ) (279 ) Provision for Income Taxes 237 419 Net of Tax Cash Flow Hedge — 132 Interest expense — (53 ) Provision for Income Taxes — 79 Net of Tax Total reclassification for the period $ (816 ) $ 457 Net of Tax ____________ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9).

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The following table summarizes financial information related to each of the Company's business segments: Three Months Ended March 31 (in thousands) 2016 2015 Operating Revenues Education $ 401,076 $ 500,602 Television broadcasting 92,018 83,564 Other businesses 108,716 63,259 Corporate office — — Intersegment elimination (70 ) — $ 601,740 $ 647,425 Income (Loss) from Operations Education $ 14,488 $ (22,849 ) Television broadcasting 41,220 38,562 Other businesses (5,730 ) (5,162 ) Corporate office 1,894 (1,689 ) $ 51,872 $ 8,862 Equity in Earnings (Losses) of Affiliates, Net 1,004 (404 ) Interest Expense, Net (7,357 ) (7,942 ) Other Income (Expense), Net 15,096 (1,105 ) Income (Loss) from Continuing Operations Before Income Taxes $ 60,615 $ (589 ) Depreciation of Property, Plant and Equipment Education $ 11,103 $ 18,528 Television broadcasting 2,377 2,109 Other businesses 3,027 1,302 Corporate office 254 258 $ 16,761 $ 22,197 Amortization of Intangible Assets Education $ 1,681 $ 1,507 Television broadcasting 63 63 Other businesses 4,518 3,168 Corporate office — — $ 6,262 $ 4,738 Net Pension (Credit) Expense Education $ 3,109 $ 3,947 Television broadcasting 439 391 Other businesses 254 193 Corporate office (15,861 ) (16,938 ) $ (12,059 ) $ (12,407 ) Asset information for the Company’s business segments are as follows: As of (in thousands) March 31, December 31, Identifiable Assets Education $ 1,419,547 $ 1,454,520 Television broadcasting 310,055 312,243 Other businesses 697,543 712,161 Corporate office 474,944 484,139 $ 2,902,089 $ 2,963,063 Investments in Marketable Equity Securities 357,751 350,563 Investments in Affiliates 60,582 59,229 Prepaid Pension Cost 992,103 979,970 Total Assets $ 4,312,525 $ 4,352,825
Education [Member]
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The Company’s education division comprises the following operating segments: Three Months Ended March 31 (in thousands) 2016 2015 Operating Revenues Higher education $ 165,549 $ 237,568 Test preparation 66,462 69,226 Kaplan international 169,287 192,081 Kaplan corporate and other 125 1,859 Intersegment elimination (347 ) (132 ) $ 401,076 $ 500,602 Income (Loss) from Operations Higher education $ 21,306 $ 593 Test preparation (2,310 ) (4,334 ) Kaplan international 4,897 7,717 Kaplan corporate and other (9,405 ) (26,857 ) Intersegment elimination — 32 $ 14,488 $ (22,849 ) Depreciation of Property, Plant and Equipment Higher education $ 4,175 $ 4,828 Test preparation 1,781 2,890 Kaplan international 5,060 4,654 Kaplan corporate and other 87 6,156 $ 11,103 $ 18,528 Amortization of Intangible Assets $ 1,681 $ 1,507 Pension Expense Higher education $ 1,905 $ 2,532 Test preparation 768 775 Kaplan international 67 106 Kaplan corporate and other 369 534 $ 3,109 $ 3,947 Identifiable assets for the Company’s education division consist of the following: As of (in thousands) March 31, December 31, Identifiable assets Higher education $ 238,885 $ 447,282 Test preparation 142,501 134,535 Kaplan international 990,326 826,475 Kaplan corporate and other 47,835 46,228 $ 1,419,547 $ 1,454,520

Organization, Basis of Presen31

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016TelevisionStation
Percentage of ownership indicating control for consolidation purposes	more than 50%
Television Broadcasting [Member]
Number of television broadcast stations	5

Organization, Basis of Presen32

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements) (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
7.25% Unsecured Notes due February 1, 2019 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs	$ 0.1	$ 0.1
Debt Instrument, Interest Rate, Stated Percentage	7.25%	7.25%
Deferred Charges and Other Assets [Member] | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs		$ (0.1)
Long-term Debt [Member] | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs		$ 0.1

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2015USD ($)school	Mar. 31, 2015USD ($)	Sep. 30, 2014school
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale and/or disposition		$ 732
Kaplan International [Member] | Kaplan China [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)
Kaplan International [Member] | Education [Member] | Kaplan China [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of schools sold | school	1		3

Discontinued Operations (Cash F

Discontinued Operations (Cash Flows from Discontinued Operations) (Details 1) - Cable Spin-Off [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Cash Provided by Operating Activities, Discontinued Operations	$ 39,216
Net Cash Used in Investing Activities, Discontinued Operations	$ (37,409)

Discontinued Operations (Summar

Discontinued Operations (Summarized Income (Loss) from Discontinued Operations, Net Of Tax) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Operating revenues		$ 198,723
Operating costs and expenses		(161,031)
Operating income		37,692
Non-operating expense		(19)
Income from discontinued operations		37,673
Provision for income taxes		13,600
Net Income from Discontinued Operations		24,073
Loss on sale of discontinued operations		(732)
Provision for income taxes on disposition of discontinued operations		52
Income from Discontinued Operations, Net of Tax	$ 0	$ 23,289

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jan. 31, 2015
Schedule of Investments [Line Items]
Commercial paper and money market investments		$ 395,300		$ 433,000
Marketable equity securities		357,751		$ 350,563
Cash paid for new marketable equity securities		13,271	$ 0
Marketable equity securities purchased		12,900
(Loss) gain on sales of marketable equity securities		1,800
Proceeds from sales of marketable equity securities		$ 6,000	$ 0
Subsequent Event [Member]
Schedule of Investments [Line Items]
Proceeds from Q1 sales of marketable securities settled in April 2016	$ 1,600
Markel Corporation [Member]
Schedule of Investments [Line Items]
Number of shares held in investment				28,000
HomeHero [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		20.00%
Residential Home Health Illinois [Member] | Residential Healthcare [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40.00%
Residential Hospice Illinois [Member] | Residential Healthcare [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		42.50%
Celtic Healthcare Allegheny Health Network Joint Venture [Member] | Celtic Healthcare [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40.00%			40.00%

Investments (Investments in Mar

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments [Abstract]
Total cost	$ 261,662	$ 253,062
Gross unrealized gains	100,508	97,741
Gross unrealized losses	(4,419)	(240)
Total Fair Value	$ 357,751	$ 350,563

Acquisitions and Dispositions38

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)business	Mar. 31, 2015business	Feb. 29, 2016	Jan. 31, 2016	Dec. 22, 2015	Nov. 13, 2015business
Business Acquisition [Line Items]
Number of businesses acquired | business	2	0
Acqusition purchase price	$ 208,300,000
Revenues of acquired companies since acquisition date	11,400,000
Operating income of acquired companies since acquisition date	3,800,000
Mander Portman Woodward [Member] | Education [Member]
Business Acquisition [Line Items]
Percentage of interest acquired				100.00%
Osborne Books [Member] | Education [Member]
Business Acquisition [Line Items]
Percentage of interest acquired			100.00%
Group Dekko [Member]
Business Acquisition [Line Items]
Percentage of interest acquired						100.00%
Number of Business Lines | business						3
SmartPros [Member] | Education [Member]
Business Acquisition [Line Items]
Percentage of interest acquired					100.00%
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Goodwill expected to be deductible for income tax purposes	$ 0

Acquisitions and Dispositions39

Acquisitions and Dispositions of Businesses (Dispositions) (Narrative) (Details) $ in Millions	Sep. 03, 2015USD ($)campus	Jan. 31, 2015school	Jun. 30, 2015business	Sep. 30, 2014school	Dec. 31, 2014	Mar. 31, 2016
Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses disposed | business			2
Education [Member] | Sale of KHE Campuses business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum letter of credit or other credit support | $	$ 45
Term for letter of credit	2 years
KHE Campuses [Member] | Education [Member] | Higher Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of nationally accredited ground campuses sold | campus	38
Kaplan China [Member] | Education [Member] | Kaplan International [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of schools sold | school		1		3
Celtic Healthcare Inc [Member] | Celtic Healthcare Allegheny Health Network Joint Venture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage		40.00%				40.00%
Percentage of revenue					29.00%

Acquisitions and Dispositions40

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill, Net	$ 1,180,924	$ 1,017,513
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Cash and Cash Equivalents	8,370
Accounts receivable	6,065
Other current assets	748
Property, plant and equipment	1,940
Goodwill, Net	161,399
Amortized intangible assets	6,114
Current liabilities	(18,353)
Noncurrent liabilities	(11,094)
Total	$ 208,299
Weighted Average Life (in years)	3 years
Trade Names and Trademarks [Member] | 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 53,110
Student and Customer Relationships [Member] | 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 4,767
Weighted Average Life (in years)	3 years
Trade Names and Trademarks [Member] | 2016 Acquisitions [Member]
Business Acquisition [Line Items]
Amortized intangible assets	$ 1,347
Weighted Average Life (in years)	5 years

Acquisitions and Dispositions41

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Acquisitions And Dispositions [Abstract]
Pro Forma Operating revenues	$ 601,919	$ 700,310
Pro Forma Net income (loss)	$ 40,092	$ 25,574

Acquisitions and Dispositions42

Acquisitions and Dispositions of Businesses (Significant Component) (Details 3) $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Acqusitions and Dispositions [Abstract]
Disposal Group, Not Discontinued Operation, Revenue	$ 61,087
Disposal Group, Not Discontinued Operation, Operating Loss	$ (3,014)

Goodwill and Other Intangible43

Goodwill and Other Intangible Assets (Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Amortization of Intangible Assets
Amortization of intangible assets	$ 6,262	$ 4,738
Estimated amortization of intangible assets, remainder of 2016	19,000
Estimated amortization of intangible assets, 2017	21,000
Estimated amortization of intangible assets, 2018	19,000
Estimated amortization of intangible assets, 2019	17,000
Estimated amortization of intangible assets, 2020	15,000
Estimated amortization of intangible assets, after 2020	$ 16,000

Goodwill and Other Intangible44

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 1,377,255
Accumulated impairment losses, beginning balance	(359,742)
Goodwill, net, beginning balance	1,017,513
Acquisitions	161,399
Foreign currency exchange rate changes	2,012
Goodwill, ending balance	1,537,856
Accumulated impairment losses, ending balance	(356,932)
Goodwill, net, ending balance	1,180,924
Education [Member]
Goodwill [Line Items]
Goodwill, beginning balance	1,006,096
Accumulated impairment losses, beginning balance	(350,850)
Goodwill, net, beginning balance	655,246
Acquisitions	160,894
Foreign currency exchange rate changes	2,012
Goodwill, ending balance	1,169,002
Accumulated impairment losses, ending balance	(350,850)
Goodwill, net, ending balance	818,152
Education [Member] | Higher Education [Member]
Goodwill [Line Items]
Goodwill, beginning balance	392,457
Accumulated impairment losses, beginning balance	(248,591)
Goodwill, net, beginning balance	143,866
Acquisitions	0
Foreign currency exchange rate changes	113
Goodwill, ending balance	392,570
Accumulated impairment losses, ending balance	(248,591)
Goodwill, net, ending balance	143,979
Education [Member] | Test Preparation [Member]
Goodwill [Line Items]
Goodwill, beginning balance	166,098
Accumulated impairment losses, beginning balance	(102,259)
Goodwill, net, beginning balance	63,839
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	166,098
Accumulated impairment losses, ending balance	(102,259)
Goodwill, net, ending balance	63,839
Education [Member] | Kaplan International [Member]
Goodwill [Line Items]
Goodwill, beginning balance	447,541
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	447,541
Acquisitions	160,894
Foreign currency exchange rate changes	1,899
Goodwill, ending balance	610,334
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	610,334
Television Broadcasting [Member]
Goodwill [Line Items]
Goodwill, beginning balance	168,345
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	168,345
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	168,345
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	168,345
Other Businesses [Member]
Goodwill [Line Items]
Goodwill, beginning balance	202,814
Accumulated impairment losses, beginning balance	(8,892)
Goodwill, net, beginning balance	193,922
Acquisitions	505
Foreign currency exchange rate changes	0
Goodwill, ending balance	200,509
Accumulated impairment losses, ending balance	(6,082)
Goodwill, net, ending balance	$ 194,427

Goodwill and Other Intangible45

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 184,837	$ 178,747
Accumulated Amortization	77,916	71,556
Net Carrying Amount	106,921	107,191
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets, Net	73,779	21,885
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets, Net	72,945	21,051
Licensure and Accreditation [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets, Net	834	834
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	113,549	108,806
Accumulated Amortization	44,266	40,280
Net Carrying Amount	$ 69,283	$ 68,526
Student and Customer Relationships [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Student and Customer Relationships [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 55,181	$ 53,848
Accumulated Amortization	25,384	23,941
Net Carrying Amount	$ 29,797	$ 29,907
Trade Names and Trademarks [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Trade Names and Trademarks [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,617	$ 4,617
Accumulated Amortization	4,178	4,114
Net Carrying Amount	$ 439	$ 503
Databases and Technology [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	3 years	3 years
Databases and Technology [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	5 years	5 years
Non-compete Agreements [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,381	$ 1,381
Accumulated Amortization	1,093	1,012
Net Carrying Amount	$ 288	$ 369
Non-compete Agreements [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Non-compete Agreements [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	5 years	5 years
Other [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 10,109	$ 10,095
Accumulated Amortization	2,995	2,209
Net Carrying Amount	$ 7,114	$ 7,886
Other [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	1 year	1 year
Other [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	7 years	7 years

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Thousands		Jun. 29, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Average borrowings outstanding			$ 399,900	$ 434,500
Weighted average interest rate of borrowings			7.20%	7.10%
Net interest expense incurred			$ 7,400	$ 7,900
7.25% Unsecured Notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.25%		7.25%
Fair value of debt instrument			$ 433,100		$ 436,600
Carrying value of debt instrument	[1]		$ 398,710		$ 398,596
Other Indebtedness [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			6.00%
Debt Instrument, Maturity year, end			Dec. 31, 2019
Five-Year Revolving Credit Agreement dated June 29, 2015 [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 200,000
Debt Instrument, Term		5 years
[1]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2016 and December 31, 2015, respectively.

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Other indebtedness		$ 1,204	$ 1,204
Total Debt		399,914	399,800
Total Long-Term Debt		399,914	399,800
7.25% Unsecured Notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Unsecured notes	[1]	$ 398,710	$ 398,596
Debt Instrument, Interest Rate, Stated Percentage		7.25%	7.25%
Unamortized debt issuance costs		$ 100	$ 100
[1]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2016 and December 31, 2015, respectively.

Fair Value Measurements (Detail

Fair Value Measurements (Details 1) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Assets
Marketable equity securities		$ 357,751	$ 350,563
7.25% Unsecured Notes due February 1, 2019 [Member]
Liabilities
Debt instrument		433,100	436,600
Fair Value, Measurements, Recurring [Member]
Assets
Money market investments	[1]	295,407	433,040
Commercial paper	[2]	99,852
Marketable equity securities	[3]	357,751	350,563
Other current investments	[4]	26,424	28,882
Total Financial Assets		779,434	812,485
Liabilities
Deferred compensation plan liabilities	[5]	45,138	48,055
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Money market investments	[1]	0	0
Commercial paper	[2]	99,852
Marketable equity securities	[3]	357,751	350,563
Other current investments	[4]	8,222	12,822
Total Financial Assets		465,825	363,385
Liabilities
Deferred compensation plan liabilities	[5]	0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Money market investments	[1]	295,407	433,040
Commercial paper	[2]	0
Marketable equity securities	[3]	0	0
Other current investments	[4]	18,202	16,060
Total Financial Assets		313,609	449,100
Liabilities
Deferred compensation plan liabilities	[5]	$ 45,138	$ 48,055
[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. 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.
[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.

Earnings (Loss) Per Share (Narr

Earnings (Loss) Per Share (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 2.42	$ 5.3
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	102,000	50,000
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	6,100	5,850

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Income (loss) from continuing operations attributable to Graham Holdings Company common stockholders	$ 37,780	$ (2,683)
Less: Dividends paid-common stock outstanding and unvested restricted shares	(13,758)	(30,870)
Undistributed earnings (loss)	$ 24,022	$ (33,553)
Percent allocated to common stockholders	98.64%	100.00%
Undistributed Earnings (Loss) Allocated To Common Stockholders	$ 23,695	$ (33,553)
Add: Dividends paid-common stock outstanding	13,574	30,228
Numerator for basic earnings (loss) per share	37,269	(3,325)
Add: Additional undistributed earnings due to dilutive stock options	2	0
Numerator for diluted earnings (loss) per share	$ 37,271	$ (3,325)
Weighted average shares outstanding (shares)	5,623	5,704
Denominator for diluted earnings (loss) per share (shares)	5,652	5,704
Graham Holdings Company Common Stockholders:
Basic income (loss) per common share from continuing operations in dollars per share	$ 6.63	$ (0.58)
Diluted income (loss) per common share from continuing operations in dollars per share	$ 6.59	$ (0.58)
Stock Option Plan [Member]
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Add: Effect of dilutive stock options (shares)	29	0

Earnings (Loss) Per Share Earni

Earnings (Loss) Per Share Earnings (Loss) Per Share (Details 2) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted average restricted stock	38	54
Weighted average stock options	0	33

Pension and Postretirement Pl52

Pension and Postretirement Plans (Narrative) (Details)	3 Months Ended			12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016USD ($)Investmentcompanies	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Investment
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)		$ (12,059,000)	$ (11,432,000)
Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)		$ (12,059,000)	(11,432,000)
Number of investment companies actively managing plan assets | companies		2
Amount of plan assets managed internally by the company		$ 0
Percentage of total plan assets		100.00%		100.00%
Defined Benefit Pension Plan [Member] | Scenario, Forecast [Member]
Retirement Benefits Disclosure [Line Items]
Percent of plan assets managed internally by the company	44.00%
Percent of plan assets managed by investment companies	56.00%
Defined Benefit Pension Plan [Member] | Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)			1,000,000
Supplemental Executive Retirement Plan (SERP) [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)		$ 2,121,000	2,636,000
Supplemental Executive Retirement Plan (SERP) [Member] | Discontinued Operations [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)			100,000
Other Postretirement Plans [Member]
Retirement Benefits Disclosure [Line Items]
Net Periodic Cost (Benefit)		$ 195,000	$ 283,000
Berkshire Hathaway Common Stock [Member] | Defined Benefit Pension Plan [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%
Single Equity Concentration [Member] | Defined Benefit Pension Plan [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%
Value of investments		$ 250,100,000		$ 562,600,000
Percentage of total plan assets		12.00%		25.00%
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | Investment		1		2
Foreign Investments [Member] | Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, equity securities		24.00%
Fixed income securities [Member] | Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets, fixed-income securities, range minimum		10.00%
Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] | Defined Benefit Plan Assets Total [Member] | Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans		10.00%		10.00%
Geographic Concentration [Member] | Foreign Investments [Member] | Defined Benefit Pension Plan [Member]
Retirement Benefits Disclosure [Line Items]
Value of investments				$ 332,400,000
Percentage of total plan assets				15.00%
Number of foreign countries for which the companys pension plan holds investments that exceed 10% of total plan assets | Investment				1

Pension and Postretirement Pl53

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit)	$ (12,059)	$ (11,432)
Total Cost (Benefit)	(12,059)	(12,407)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	5,342	7,252
Interest cost	13,073	12,780
Expected return on assets	(30,548)	(31,545)
Amortization of prior service cost (credit)	74	81
Net Periodic Cost (Benefit)	(12,059)	(11,432)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	246	509
Interest cost	1,096	1,135
Amortization of prior service cost (credit)	114	114
Recognized actuarial loss (gain)	665	878
Net Periodic Cost (Benefit)	2,121	2,636
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	346	333
Interest cost	308	325
Amortization of prior service cost (credit)	(84)	(126)
Recognized actuarial loss (gain)	(375)	(249)
Net Periodic Cost (Benefit)	$ 195	$ 283

Pension and Postretirement Pl54

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Mar. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100.00%	100.00%
Equity Securities [Member] | U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	68.00%	62.00%
Equity Securities [Member] | International [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	15.00%	25.00%
Fixed income securities [Member] | U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	17.00%	13.00%

Other Non-Operating Income (E55

Other Non-Operating Income (Expense) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of a business		$ 18,931	$ 0
Gain on Celtic joint venture transaction		$ 0	$ 5,972
Celtic Healthcare Inc [Member] | Celtic Healthcare Allegheny Health Network Joint Venture [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on Celtic joint venture transaction	$ 6,000
Celtic Healthcare Allegheny Health Network Joint Venture [Member] | Celtic Healthcare Inc [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Equity Method Investment, Ownership Percentage	40.00%	40.00%
Kaplan Corporate and Other [Member] | Education [Member] | Colloquy [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of a business		$ 18,900

Other Non-Operating Income (E56

Other Non-Operating Income (Expense) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of a business	$ 18,931	$ 0
Foreign currency loss, net	(5,443)	(6,827)
Gain on formation of joint venture	0	5,972
Gain on sale of marketable equity securities	1,754	0
Other, net	(146)	(250)
Total Other Non-Operating Income (Expense)	$ 15,096	$ (1,105)

Accumulated Other Comprehensi57

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Foreign currency translation adjustments:
Translation adjustments arising during the period, before tax	$ 3,845	$ (12,088)
Translation adjustments arising during the period, income tax	0	0
Translation adjustments arising during the period, after tax	3,845	(12,088)
Adjustment for sale of a business with foreign operations, before tax	0	(41)
Adjustment for sale of a business with foreign operations, income tax	0	0
Adjustment for sale of a business with foreign operations, after tax	0	(41)
Total foreign currency translation adjustments, before tax	3,845	(12,129)
Total foreign currency translation adjustments, income tax	0	0
Total foreign currency translation adjustments, after tax	3,845	(12,129)
Unrealized (losses) gains on available-for-sale securities:
Unrealized gains (losses) for the period, before tax	343	(8,878)
Unrealized gains (losses) for the period, tax	(137)	3,552
Unrealized gains (losses) for the period, after tax	206	(5,326)
Reclassification adjustment for realization of gain on sale of available-for-sale securities included in net income, before tax	(1,754)	0
Reclassification adjustment for realization of gain on sale of available-for-sale securities included in net income, income tax	701	0
Reclassification adjustment for realization of gain on sale of available-for-sale securities included in net income, after tax	(1,053)	0
Total unrealized gains (losses) on available-for-sale securities, before tax	(1,411)	(8,878)
Total unrealized gains (losses) on available-for-sale securities, income tax	564	3,552
Total unrealized gains (losses) on available-for-sale securities, after tax	(847)	(5,326)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	104	69
Amortization of net prior service cost included in net income, income tax	(41)	(27)
Amortization of net prior service cost included in net income, after tax	63	42
Amortization of net actuarial gain included in net income, before tax	290	629
Amortization of net actuarial gain included in net income, income tax	(116)	(252)
Amortization of net actuarial gain included in net income, after tax	174	377
Total pension and other postretirement plans, before tax	394	698
Total pension and other postretirement plans, income tax	(157)	(279)
Total pension and other postretirement plans, after tax	237	419
Cash flow hedge:
Gain for the period, before tax	0	179
Gain for the period, income tax	0	(71)
Gain for the period, after tax	0	108
Other Comprehensive Income (Loss), before tax	2,828	(20,130)
Other Comprehensive Income (Loss), income tax	407	3,202
Other Comprehensive Income (Loss), after tax	$ 3,235	$ (16,928)

Accumulated Other Comprehensi58

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	$ 314,680
Other comprehensive income before reclassifications	4,051
Net amount reclassified from accumulated other comprehensive income	(816)
Other Comprehensive Income (Loss), Net of Tax	3,235	$ (16,928)
Accumulated Other Comprehensive Income, ending balance	317,915
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	(4,849)
Other comprehensive income before reclassifications	3,845
Net amount reclassified from accumulated other comprehensive income	0
Other Comprehensive Income (Loss), Net of Tax	3,845
Accumulated Other Comprehensive Income, ending balance	(1,004)
Unrealized Gain on Available-for-Sale Securities [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income, beginning balance	58,500
Other comprehensive income before reclassifications	206
Net amount reclassified from accumulated other comprehensive income	(1,053)
Other Comprehensive Income (Loss), Net of Tax	(847)
Accumulated Other Comprehensive Income, ending balance	57,653
Unrealized Gain 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	261,029
Other comprehensive income before reclassifications	0
Net amount reclassified from accumulated other comprehensive income	237
Other Comprehensive Income (Loss), Net of Tax	237
Accumulated Other Comprehensive Income, ending balance	$ 261,266

Accumulated Other Comprehensi59

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income from Discontinued Operations, Net of Tax		$ 0	$ (23,289)
Other income (expense), net		(15,096)	1,105
Amortization of net prior service cost included in net income		104	69
Amortization of net actuarial gain included in net income		290	629
Income Before Tax		(60,615)	589
Interest expense		7,948	8,501
Provision for Income Taxes		22,400	900
Income Net of Tax		(38,215)	1,489
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income Net of Tax		(816)	457
Foreign Currency Translation Adjustment [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		0	(41)
Unrealized Gain on Available-for-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other income (expense), net		(1,754)	0
Provision for Income Taxes		701	0
Income Net of Tax		(1,053)	0
Pension and Other Postretirement Plans [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Amortization of net prior service cost included in net income	[1]	104	69
Amortization of net actuarial gain included in net income	[1]	290	629
Pension and Other Postretirement Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Income Before Tax		394	698
Provision for Income Taxes		(157)	(279)
Income Net of Tax		237	419
Cash Flow Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		0	132
Provision for Income Taxes		0	(53)
Income Net of Tax		$ 0	$ 79
[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 9).

Contingencies (Details)

Contingencies (Details)	1 Months Ended		3 Months Ended
	Mar. 31, 2015claim	Aug. 31, 2011claimComplaint	Mar. 31, 2016claimCaseprogram_review
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
Title IV participating institutions including Broomall PA and Pittsburgh PA [Member] | Higher Education [Member]
Loss Contingencies [Line Items]
Number of pending program reviews | program_review			5
Title IV participating institutions including Broomall PA and Pittsburgh PA [Member] | Higher Education [Member] | Sale of KHE Campuses business [Member]
Loss Contingencies [Line Items]
Number of pending program reviews | program_review			4
Diaz Case [Member] | Education [Member]
Loss Contingencies [Line Items]
Separate complaints included In Diaz Case received rulings | Complaint		3
Number of allegations not dismissed		1
Diaz Claims [Member] | Education [Member]
Loss Contingencies [Line Items]
Number of claims affirmed for dismissal by US Court of Appeal	3
Number of claims appealed	4
Number of claims revered and remanded by US Court of Appeal	1
Urquilla-Diaz And Jajdelski Case [Member] | Education [Member]
Loss Contingencies [Line Items]
Number of unsealed cases filed by former employees under the U.S. Federal False Claims Act | Case			2

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016Segment
Business Segments [Line Items]
Number of reportable segments	4

Business Segments (Information

Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Operating Revenues	$ 601,740	$ 647,425
Income (Loss) from Operations	51,872	8,862
Equity in earnings (losses) of affiliates, net	1,004	(404)
Interest Expense, Net	(7,357)	(7,942)
Other income (expense), net	15,096	(1,105)
Income (loss) from Continuing Operations Before Income Taxes	60,615	(589)
Depreciation of property, plant and equipment	16,761	22,197
Amortization of intangible assets	6,262	4,738
Net Pension (Credit) Expense	(12,059)	(12,407)
Identifiable Assets	2,902,089		$ 2,963,063
Investments in Marketable Equity Securities	357,751		350,563
Investments in Affiliates	60,582		59,229
Prepaid Pension Cost	992,103		979,970
Total Assets	4,312,525		4,352,825
Operating Segments [Member] | Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	401,076	500,602
Income (Loss) from Operations	14,488	(22,849)
Depreciation of property, plant and equipment	11,103	18,528
Amortization of intangible assets	1,681	1,507
Net Pension (Credit) Expense	3,109	3,947
Identifiable Assets	1,419,547		1,454,520
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	165,549	237,568
Income (Loss) from Operations	21,306	593
Depreciation of property, plant and equipment	4,175	4,828
Net Pension (Credit) Expense	1,905	2,532
Identifiable Assets	238,885		447,282
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Test Preparation [Member]
Segment Reporting Information [Line Items]
Operating Revenues	66,462	69,226
Income (Loss) from Operations	(2,310)	(4,334)
Depreciation of property, plant and equipment	1,781	2,890
Net Pension (Credit) Expense	768	775
Identifiable Assets	142,501		134,535
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	169,287	192,081
Income (Loss) from Operations	4,897	7,717
Depreciation of property, plant and equipment	5,060	4,654
Net Pension (Credit) Expense	67	106
Identifiable Assets	990,326		826,475
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	125	1,859
Income (Loss) from Operations	(9,405)	(26,857)
Depreciation of property, plant and equipment	87	6,156
Net Pension (Credit) Expense	369	534
Identifiable Assets	47,835		46,228
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(347)	(132)
Income (Loss) from Operations	0	32
Operating Segments [Member] | Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	92,018	83,564
Income (Loss) from Operations	41,220	38,562
Depreciation of property, plant and equipment	2,377	2,109
Amortization of intangible assets	63	63
Net Pension (Credit) Expense	439	391
Identifiable Assets	310,055		312,243
Operating Segments [Member] | Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	108,716	63,259
Income (Loss) from Operations	(5,730)	(5,162)
Depreciation of property, plant and equipment	3,027	1,302
Amortization of intangible assets	4,518	3,168
Net Pension (Credit) Expense	254	193
Identifiable Assets	697,543		712,161
Operating Segments [Member] | Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	0	0
Income (Loss) from Operations	1,894	(1,689)
Depreciation of property, plant and equipment	254	258
Amortization of intangible assets	0	0
Net Pension (Credit) Expense	(15,861)	(16,938)
Identifiable Assets	474,944		$ 484,139
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (70)	$ 0