Graham (GHC) 10-Q 1 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 27, 2018
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		4,382,549

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Operating Revenues	$ 672,677	$ 676,087	$ 1,332,113	$ 1,258,804
Operating Costs and Expenses [Abstract]
Operating	440,655	381,747	805,806	707,434
Selling, General and Administrative Expenses	141,378	208,973	366,423	434,262
Depreciation of property, plant and equipment	13,619	15,871	28,261	30,523
Amortization of intangible assets	11,399	10,531	21,783	17,367
Impairment of goodwill and other long-lived assets	0	9,224	0	9,224
Total Operating Costs and Expenses	607,051	626,346	1,222,273	1,198,810
Income from Operations	65,626	49,741	109,840	59,994
Equity in earnings of affiliates, net	931	1,331	3,510	1,980
Interest income	1,901	1,173	3,273	2,536
Interest expense	(17,165)	(9,035)	(25,236)	(17,164)
Debt extinguishment costs	(11,378)	0	(11,378)	0
Non-operating pension and postretirement benefit income, net	23,041	18,620	44,427	37,421
Loss on marketable equity securities, net	(2,554)	0	(16,656)	0
Other income, net	2,333	4,069	11,520	4,918
Income Before Income Taxes	62,735	65,899	119,300	89,685
Provision for Income Taxes	16,100	23,900	29,700	26,600
Net Income	46,635	41,999	89,600	63,085
Net Income Attributable to Noncontrolling Interests	(69)	(3)	(143)	(3)
Net Income Attributable to Graham Holdings Company Common Stockholders	$ 46,566	$ 41,996	$ 89,457	$ 63,082
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share in dollars per share	$ 8.69	$ 7.51	$ 16.52	$ 11.29
Basic average number of common shares outstanding in shares	5,325	5,539	5,380	5,537
Diluted net income per common share in dollars per share	$ 8.63	$ 7.46	$ 16.40	$ 11.21
Diluted average number of common shares outstanding in shares	5,362	5,577	5,417	5,573

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 46,635	$ 41,999	$ 89,600	$ 63,085
Foreign currency translation adjustments:
Translation adjustments arising during the period	(31,167)	9,638	(19,603)	23,306
Unrealized gains on available-for-sale securities:
Unrealized gains for the period, net	0	13,976	0	23,534
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	70	120	146	240
Amortization of net actuarial gain included in net income	(3,294)	(1,568)	(4,661)	(3,391)
Total pension and other postretirement plans, before tax	(3,224)	(1,448)	(4,515)	(3,151)
Cash flow hedge gain (loss)	371	(19)	607	(143)
Other Comprehensive (Loss) Income, Before Tax	(34,020)	22,147	(23,511)	43,546
Income tax benefit (expense) related to items of other comprehensive (loss) income	799	(5,008)	1,102	(8,125)
Other Comprehensive (Loss) Income, Net of Tax	(33,221)	17,139	(22,409)	35,421
Comprehensive Income	13,414	59,138	67,191	98,506
Comprehensive income attributable to noncontrolling interests	(69)	(3)	(143)	(3)
Total Comprehensive Income Attributable to Graham Holdings Company	$ 13,345	$ 59,135	$ 67,048	$ 98,503

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 288,593	$ 390,014
Restricted cash	14,148	17,552
Investments in marketable equity securities and other investments	474,110	557,153
Accounts receivable, net	563,580	620,319
Income taxes receivable	0	23,901
Inventories and contracts in progress	76,005	60,612
Other current assets	78,721	66,253
Total Current Assets	1,495,157	1,735,804
Property, Plant and Equipment, Net	265,502	259,358
Investments in Affiliates	133,550	128,590
Goodwill, Net	1,280,357	1,299,710
Indefinite-Lived Intangible Assets	100,444	102,195
Amortized Intangible Assets, Net	236,597	237,976
Prepaid Pension Cost	1,090,509	1,056,777
Deferred Income Taxes	15,367	15,367
Deferred Charges and Other Assets	113,450	102,046
Total Assets	4,730,933	4,937,823
Current Liabilities
Accounts payable and accrued liabilities	457,300	526,323
Deferred revenue	248,437	339,454
Income taxes payable	10,463	6,109
Mandatorily redeemable noncontrolling interest	16,500	0
Current portion of long-term debt	6,553	6,726
Dividends declared	7,134	0
Total Current Liabilities	746,387	878,612
Postretirement Benefits Other Than Pensions	21,359	20,865
Accrued Compensation and Related Benefits	178,571	193,024
Other Liabilities	60,716	65,977
Deferred Income Taxes	362,986	362,701
Mandatorily Redeemable Noncontrolling Interest	0	10,331
Long-Term Debt	478,774	486,561
Total Liabilities	1,848,793	2,018,071
Redeemable Noncontrolling Interest	4,750	4,607
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	374,502	370,700
Retained earnings	6,061,932	5,791,724
Accumulated other comprehensive income (loss), net of tax
Cumulative foreign currency translation adjustment	(13,289)	6,314
Unrealized gain on available-for-sale securities	0	194,889
Unrealized gain on pensions and other postretirement plans	331,238	334,536
Cash Flow Hedge	308	(184)
Cost of Class B common stock held in treasury	(3,897,301)	(3,802,834)
Total Equity	2,877,390	2,915,145
Total Liabilities and Equity	$ 4,730,933	$ 4,937,823

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities
Net Income	$ 89,600	$ 63,085
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairment	50,044	57,113
Net pension benefit	(36,868)	(29,517)
Loss on marketable equity securities, net	16,656	0
Stock-based compensation expense, net	3,262	5,204
(Gain) loss on disposition of businesses, property, plant and equipment and investments, net	(12,598)	402
Debt extinguishment costs	10,563	0
Foreign exchange loss (gain)	2,089	(5,194)
Equity in earnings of affiliates, net of distributions	(2,945)	(1,966)
(Benefit) provision for deferred income taxes	(4,140)	14,370
Change in operating assets and liabilities:
Accounts receivable, net	79,007	122,122
Accounts payable and accrued liabilities	(72,017)	(63,654)
Deferred revenue	(46,193)	(29,706)
Income taxes receivable	26,323	6,374
Other assets and other liabilities, net	(33,980)	(7,425)
Other	1,735	360
Net Cash Provided by Operating Activities	70,538	131,568
Cash Flows from Investing Activities
Proceeds from sales of marketable equity securities	66,741	0
Purchases of property, plant and equipment	(40,506)	(29,947)
Advance related to Kaplan University transaction and loan to affiliate	(28,061)	0
Investments in certain businesses, net of cash acquired	(24,717)	(299,938)
Net (payments) proceeds from disposition of businesses, property, plant and equipment and investments	(13,332)	1,760
Investments in equity affiliates, cost method and other investments	(6,310)	(10,527)
Return of investment in equity affiliates	2,056	3,527
Net Cash Used in Investing Activities	(44,129)	(335,125)
Cash Flows from Financing Activities
Repayments of borrowings and early redemption premium	(410,569)	(1,214)
Issuance of borrowings	400,000	0
Common shares repurchased	(94,092)	(395)
Dividends paid	(14,453)	(14,201)
Payments of debt financing costs	(6,924)	0
Other	(844)	(3,329)
Net Cash Used in Financing Activities	(126,882)	(19,139)
Effect Of Currency Exchange Rate Change	(4,352)	7,026
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(104,825)	(215,670)
Beginning Cash and Cash Equivalents and Restricted Cash	407,566	670,816
Ending Cash and Cash Equivalents and Restricted Cash	$ 302,741	$ 455,146

Organization, Basis of Presenta

Organization, Basis of Presentation and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
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 seven television broadcasting stations, several websites and print publications, and a marketing solutions provider. The Company’s other business operations include manufacturing and home health and hospice services. On March 22, 2018, Kaplan completed the sale of the institutional assets and operations of Kaplan University (KU) to an Indiana non-profit, public-benefit corporation that is a subsidiary affiliated with Purdue University (Purdue) (see Note 2). The gain on the sale of the institutional assets of KU is included in other income, net, in the Condensed Consolidated Statement of Operations. As a result of the transaction, Kaplan reorganized its higher education operations into the following two operating segments for the purpose of making operating decisions and assessing performance: Higher Education and Professional (U.S.) (see Note 16). The higher education segment comprises the historical KU for-profit postsecondary education business and the current non-academic operations support services provided to the new university, Purdue University Global. The Professional (U.S.) segment comprises the KU School of Professional and Continuing Education, which provides professional training and exam preparation for professional certifications and licensures. 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 and six months ended June 30, 2018 and 2017 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 Current Report on Form 8-K filed on May 21, 2018. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. 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. The standard permits two implementation approaches, full retrospective, requiring retrospective application of the new guidance with a restatement of prior years, or modified retrospective, requiring prospective application of the new guidance with disclosure of results under the old guidance in the first year of adoption. The Company adopted the new guidance on January 1, 2018 using the modified retrospective approach for contracts not completed as of the adoption date. Upon adoption of the new guidance, the Company recorded a net increase to the opening balance of retained earnings of $7.4 million . This adjustment was driven by changes in the timing of recognition of both revenues and expenses. A change in revenue recognition at a manufacturing business resulted in the acceleration of revenue and associated expenses as revenue is now recognized over time versus at a point in time. A change in the contract term at an education business resulted in a different revenue recognition pattern from previous recognition. Finally, the Company’s treatment of certain commissions paid to employees and agents at its education division changed. The Company previously expensed such commissions as incurred. Upon adoption of the new guidance, the Company capitalizes certain commission costs as an incremental cost of obtaining a contract and subsequently amortizes the cost as the tuition services are delivered to students. The cumulative effect of the changes to the Company’s Condensed Consolidated Balance Sheet as a result of adopting the new guidance was as follows: (in thousands) Balance as of December 31, 2017 Adjustments Balance as of January 1, 2018 Assets Accounts receivable, net $ 620,319 $ 2,142 $ 622,461 Inventories and contracts in progress 60,612 903 61,515 Other current assets 66,253 6,343 72,596 Liabilities Accounts payable and accrued liabilities $ 526,323 $ 88 $ 526,411 Deferred revenue 339,454 (346 ) 339,108 Deferred income taxes 362,701 2,197 364,898 Equity Retained earnings $ 5,791,724 $ 7,449 $ 5,799,173 Under the modified retrospective method of adoption, the Company is required to disclose the impact the adoption of the revenue guidance had on its Condensed Consolidated Statement of Operations. If the company continued to follow its accounting policies under the previous guidance, expenses would be $ 3.8 million lower for the quarter ended June 30, 2018 . Revenue recognized would be similar under the previous guidance for the quarter ended June 30, 2018 . For the six months ended June 30, 2018 , revenue and expenses would be $1.3 million and $0.8 million lower, respectively. This is primarily due to the net impact of the change in the timing of the recognition of revenue and costs to obtain a contract. 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. The Company adopted this guidance in the first quarter of 2018 and recorded a cumulative adjustment of $194.9 million to retained earnings on its Condensed Consolidated Balance Sheet related to unrealized gains of available-for-sale securities, net of tax, previously classified within accumulated other comprehensive income. Results for reporting periods beginning after January 1, 2018 are presented under this new guidance, with any changes in fair value recognized in net income. In addition, the Company elected the measurement alternative to measure cost method investments that do not have a readily determinable fair value at cost less impairment, adjusted by observable price changes with any fair value changes recognized in net income. 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; however, the recognition of right-of-use assets and lease liabilities is expected to have a material effect on its Condensed Consolidated Balance Sheet. In March 2017, the FASB issued new guidance that changes the presentation of net periodic pension cost and net periodic postretirement benefit cost for defined benefit plans. The guidance requires an issuer to disaggregate the service cost component of net periodic pension and postretirement benefit cost from other components. Under the new guidance, service cost will be included in the same line item(s) as other compensation costs arising from services rendered by employees during the period, while the other components will be recognized after income from operations. The guidance is effective for interim and fiscal years beginning after December 15, 2017. The guidance must be applied retrospectively; however, a practical expedient is available which permits an employer to use amounts previously disclosed in its pension and postretirement plans footnote for the prior comparative periods. The Company adopted the new standard in the first quarter of 2018. In combination with the presentation change to net periodic pension cost and net periodic postretirement benefit cost, the Company allocated its costs associated with fringe benefits between operating expenses and selling, general and administrative expenses. Previously, costs related to fringe benefits were generally classified as selling, general and administrative expenses. The amounts in the previously issued financial statements have been reclassified to conform to the reclassified presentation. The effect of these changes to the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2017 is as follows: As Previously Reported Adjustment Upon Adoption (in thousands) Three Months Ended June 30, 2017 Operating expenses $ 358,252 $ 23,495 $ 381,747 Selling, general and administrative expenses 213,848 (4,875 ) 208,973 Income from Operations 68,361 (18,620 ) 49,741 Non-operating pension and postretirement benefit income, net — 18,620 18,620 Income Before Income Taxes 65,899 — 65,899 Six Months Ended June 30, 2017 Operating expenses $ 658,918 $ 48,516 $ 707,434 Selling, general and administrative expenses 445,357 (11,095 ) 434,262 Income from Operations 97,415 (37,421 ) 59,994 Non-operating pension and postretirement benefit income, net — 37,421 37,421 Income Before Income Taxes 89,685 — 89,685

Acquisitions and Dispositions o

Acquisitions and Dispositions of Businesses	6 Months Ended
	Jun. 30, 2018
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions of Businesses	ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions . On July 31, 2018, Dekko closed on an agreement to acquire 100% of the issued and outstanding shares of Furnlite, Inc., a Fallston, NC-based manufacturer of power and data solutions for the hospitality and residential furniture industry. Dekko’s primary reasons for the acquisition are to complement existing product offerings and to provide potential synergies across the businesses. The acquisition will be included in other businesses. On July 12, 2018, Kaplan closed on its agreement to acquire 100% of the issued and outstanding shares of the College for Financial Planning (CFFP), a provider of financial education and training to individuals pursuing the Certified Financial Planner certification, a Master of Science in Personal Financial Planning, or a Master of Science in Finance. The acquisition is expected to expand Kaplan’s financial education product offerings and will be included in the Professional (U.S.) division. In the first six months of 2018 , the Company acquired three businesses in its education division for $26.2 million . In May 2018, Kaplan acquired a 100% interest in Professional Publications, Inc. (PPI), an independent publisher of professional licensing exam review materials and a leader in engineering, surveying, architecture, and interior design licensure exam review, by purchasing all of its issued and outstanding shares. This acquisition is expected to provide certain strategic benefits in the future. This acquisition is included in the Professional (U.S.) division. In January and February 2018, Kaplan acquired the assets of i-Human Patients, Inc., a leader in cloud-based, interactive patient encounter simulations for medical and nursing professionals and educators, and another small business in its test preparation and international divisions, respectively. These acquisitions are expected to provide strategic benefits in the future. During 2017 , the Company acquired six businesses, two in its education division, two in its television broadcasting division, one in its healthcare division and one in other businesses for $318.9 million in cash and contingent consideration, and the assumption of $59.1 million in certain pension and postretirement obligations. On January 17, 2017, the Company closed on its agreement with Nexstar Broadcasting Group, Inc. and Media General, Inc. to acquire the assets of WCWJ, a CW affiliate television station in Jacksonville, FL and WSLS, an NBC affiliate television station in Roanoke, VA, for cash and the assumption of certain pension obligations. The acquisition of WCWJ and WSLS will complement the other stations that GMG operates. Both of these acquisitions are included in television broadcasting. In February 2017, Kaplan acquired a 100% interest in Genesis Training Institute, a Dubai-based provider of professional development training in the United Arab Emirates, by purchasing all of its issued and outstanding shares. Additionally, Kaplan acquired a 100% interest in Red Marker Pty Ltd, an Australia-based regulatory technology company by purchasing all of its outstanding shares. These acquisitions are expected to provide certain strategic benefits in the future. Both of these acquisitions are included in Kaplan international. In April 2017, the Company acquired 97.72% of the issued and outstanding shares of Hoover Treated Wood Products, Inc., a Thomson, GA-based supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative applications for $206.8 million , net of cash acquired. The fair value of the redeemable noncontrolling interest in Hoover was $3.7 million at the acquisition date, determined using a market approach. The minority shareholders have an option to put some of their shares to the Company starting in 2019 and the remaining shares starting in 2021. The Company has an option to buy the shares of minority shareholders starting in 2027. This acquisition is consistent with the Company’s ongoing strategy of investing in companies with a history of profitability and strong management. Hoover is included in other businesses. At the end of June 2017, Graham Healthcare Group (GHG) acquired a 100% interest in Hometown Home Health and Hospice, a Lapeer, MI-based healthcare services provider by purchasing all of its issued and outstanding shares. This acquisition expands GHG’s service area in Michigan. GHG is included in healthcare. Acquisition-related costs for acquisitions that closed during 2018 were $0.6 million and were expensed as incurred. Acquisition-related costs for acquisitions that closed during the first six months of 2017 were $3.5 million and were expensed as incurred. The aggregate purchase price of the 2018 and 2017 acquisitions was allocated as follows (2018 on a preliminary basis): Purchase Price Allocation Six Months Ended Twelve Months Ended (in thousands) June 30, 2018 December 31, 2017 Accounts receivable $ 734 $ 12,502 Inventory 381 25,253 Property, plant and equipment 867 29,921 Goodwill 9,629 143,149 Indefinite-lived intangible assets — 33,800 Amortized intangible assets 20,644 170,658 Other assets 339 1,880 Pension and other postretirement benefits liabilities — (59,116 ) Other liabilities (3,085 ) (12,177 ) Deferred income taxes (4,460 ) (37,289 ) Redeemable noncontrolling interest — (3,666 ) Aggregate purchase price, net of cash acquired $ 25,049 $ 304,915 The 2018 fair values recorded were based upon preliminary valuations and the estimates and assumptions used in such valuations are subject to change 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 and other intangibles are not yet finalized. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded due to these acquisitions is attributable to the assembled workforces of the acquired companies and expected synergies. The Company expects to deduct $0.7 million of goodwill for income tax purposes for the acquisitions completed during the first six months of 2018. The Company expects to deduct $11.0 million of goodwill for income tax purposes for the acquisitions completed in 2017 . 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 losses for the companies acquired in 2018 of $2.1 million and $0.8 million , respectively, for the second quarter of 2018, and aggregate revenues and operating losses of $2.5 million and $0.9 million , respectively, for the first six months of 2018 . The following unaudited pro forma financial information presents the Company’s results as if the 2018 acquisitions had occurred at the beginning of 2017 . The unaudited pro forma information also includes the 2017 acquisitions as if they occurred at the beginning of 2016 : Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Operating revenues $ 677,743 $ 688,504 $ 1,337,712 $ 1,330,929 Net income 46,558 48,045 89,633 72,313 These pro forma results were based on estimates and assumptions, which the Company believes are reasonable, and include the historical results of operations of the acquired companies and adjustments for depreciation and amortization of identified assets and the effect of pre-acquisition transaction related expenses incurred by the Company and the acquired entities. The pro forma information does not include efficiencies, cost reductions and synergies expected to result from the acquisitions. 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. Kaplan University Transaction. On April 27, 2017, certain subsidiaries of Kaplan entered into a Contribution and Transfer Agreement to contribute the institutional assets and operations of Kaplan University to an Indiana non-profit, public-benefit corporation that is a subsidiary affiliated with Purdue University. The closing of the transactions contemplated by the Transfer Agreement occurred on March 22, 2018. At the same time, the parties entered into a Transition and Operations Support Agreement (TOSA) pursuant to which Kaplan will provide key non-academic operations support to the new university. The new university will operate almost exclusively online as a new Indiana public university affiliated with Purdue under the name Purdue University Global. As part of the transfer to Purdue University Global, KU transferred students, academic personnel, faculty and operations, property leases for KU’s campuses and learning centers, Kaplan-owned academic curricula and content related to KU courses. The operations support activities that Kaplan will provide to Purdue University Global will include technology support, help-desk functions, human resources support for transferred faculty and employees, admissions support, financial aid administration, marketing and advertising, back-office business functions, certain test preparation and domestic and international student recruiting services. The transfer of KU does not include any of the assets of the KU School of Professional and Continuing Education, which provides professional training and exam preparation for professional certifications and licensures, nor does it include the transfer of other Kaplan businesses such as Kaplan Test Preparation and Kaplan International. Those entities, programs and business lines will remain part of Kaplan. Kaplan received nominal cash consideration upon transfer of the institutional assets. Pursuant to the TOSA, Kaplan is not entitled to receive any reimbursement of costs incurred in providing support functions, or any fee, unless and until Purdue University Global has first covered all of its operating costs (subject to a cap). If Purdue University Global achieves cost efficiencies in its operations, then Purdue University Global may be entitled to an additional payment equal to 20 percent of such cost efficiencies (Purdue Efficiency Payment). In addition, during each of Purdue University Global’s first five years, prior to any payment to Kaplan, Purdue University Global is entitled to a priority payment of $10 million per year beyond costs. To the extent Purdue University Global’s revenue is insufficient to pay the $10 million per year priority payment, Kaplan is required to advance an amount to Purdue University Global to cover such insufficiency. At closing, Kaplan paid to Purdue University Global an advance in the amount of $20 million, representing, and in lieu of, priority payments for Purdue University Global’s fiscal years ending June 30, 2019 and June 30, 2020. To the extent that there are sufficient revenues to pay the Purdue Efficiency Payment, Purdue University Global is reimbursed for its operating costs (subject to a cap) and the priority payment to Purdue University Global is paid. To the extent there is remaining revenue, Kaplan will then receive reimbursement for its operating costs (subject to a cap) of providing the support activities. If Kaplan achieves cost efficiencies in its operations, then Kaplan may be entitled to an additional payment equal to 20 percent of such cost efficiencies (Kaplan Efficiency Payment). If there are sufficient revenues, Kaplan may also receive a fee equal to 12.5 percent of Purdue University Global’s revenue. The fee will increase to 13 percent beginning with Purdue University Global’s fiscal year ending June 30, 2023 and continuing through Purdue University Global’s fiscal year ending June 30, 2027, and then the fee will return to 12.5 percent thereafter. Subject to certain limitations, a portion of the fee that is earned by Kaplan in one year may be carried over and instead paid to Kaplan in subsequent years. After the first five years of the TOSA, Kaplan and Purdue University Global will be entitled to payments in a manner consistent with the structure described above, except that (i) Purdue University Global will no longer be entitled to a priority payment and (ii) to the extent that there are sufficient revenues after payment of the Kaplan Efficiency Payment (if any), Purdue University Global will be entitled to an annual payment equal to 10 percent of the remaining revenue after the Kaplan Efficiency Payment (if any) is paid and subject to certain other adjustments. The TOSA has a 30-year initial term, which will automatically renew for five-year periods unless terminated. After the sixth year, Purdue University Global has the right to terminate the agreement upon payment of a termination fee equal to 1.25 times Purdue University Global’s revenue for the preceding 12-month period, which payment would be made pursuant to a 10-year note, and at the election of Purdue University Global, it may receive for no additional consideration certain assets used by Kaplan to provide the support activities pursuant to the TOSA. At the end of the 30-year term, if Purdue University Global does not renew the TOSA, Purdue University Global will be obligated to make a final payment of 75% of its total revenue earned during the preceding 12-month period, which payment will be made pursuant to a 10-year note, and at the election of Purdue University Global, it may receive for no additional consideration certain assets used by Kaplan to provide the support activities pursuant to the TOSA. Either party may terminate the TOSA at any time if Purdue University Global generates (i) $25 million in cash operating losses for three consecutive years or (ii) aggregate cash operating losses greater than $75 million at any point during the initial term. Operating loss is defined as the amount of revenue Purdue University Global generates minus the sum of (1) Purdue University Global’s and Kaplan’s respective costs in performing academic and support functions and (2) the $10 million priority payment to Purdue University Global in each of the first five years. Upon termination for any reason, Purdue University Global will retain the assets that Kaplan contributed pursuant to the Transfer Agreement. Each party also has certain termination rights in connection with a material default or material breach of the TOSA by the other party. Pursuant to the U.S. Department of Education (ED) requirements, Purdue assumes responsibility for any liability arising from the operation of the institution. This assumption will not limit Kaplan’s obligation to indemnify Purdue for pre-closing liabilities under the Transfer Agreement. As a result of the transfer of KU, Kaplan will no longer own or operate KU or any other institution participating in student financial aid programs that have been created under Title IV of the U.S. Federal Higher Education Act of 1965, as amended. Consequently, Kaplan is no longer responsible for operating KU. However, pursuant to the TOSA, Kaplan will be performing functions that fall within the ED's definition of a third-party servicer and will, therefore, assume certain regulatory responsibilities that require approval by the ED. The third-party servicer arrangement between Kaplan and Purdue University Global is also subject to information security requirements established by the Federal Trade Commission as well as all aspects of the Family Educational Rights and Privacy Act. As a third-party servicer, Kaplan may be required to undergo an annual compliance audit of its administration of the Title IV functions or services that it performs. As a result of the KU Transaction, the Company recorded a pre-tax gain of $4.3 million in the first quarter of 2018. For financial reporting purposes, Kaplan may receive payment of additional consideration for the sale of the institutional assets as part of the fee to the extent there are sufficient revenues available after paying all amounts required by the TOSA. The Company recorded a $1.4 million contingent consideration gain related to the disposition in the second quarter of 2018. The revenue and operating income related to the KU business disposed of are as follows: Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Revenue $ — $ 111,619 $ 91,526 $ 222,493 Operating income — 12,788 213 16,797 Sale of Businesses. In February 2018, Kaplan completed the sale of a small business which was included in Test Preparation. In February 2017, GHG completed the sale of Celtic Healthcare of Maryland. In the fourth quarter of 2017, Kaplan Australia completed the sale of a small business, which was included in Kaplan International. As a result of these sales, the Company reported gains (losses) in other non-operating income (see Note 13) . Other Transactions. In June 2018, the Company incurred $6.2 million of interest expense related to the mandatorily redeemable noncontrolling interest redemption settlement at GHG. The mandatorily redeemable noncontrolling interest was redeemed and paid in July 2018.

Investments

Investments	6 Months Ended
	Jun. 30, 2018
Investments [Abstract]
Investments	INVESTMENTS As of June 30, 2018 and December 31, 2017 , the Company had money market investments of $157.2 million and $217.6 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 June 30, December 31, (in thousands) Total cost $ 239,904 $ 269,343 Gross unrealized gains 213,013 266,972 Total Fair Value $ 452,917 $ 536,315 There were no purchases of marketable equity securities during the first six months of 2018 and 2017 . During the first six months of 2018 , the gross cumulative realized gains from the sales of marketable equity securities were $37.3 million . The total proceeds from such sales were $66.7 million . There were no sales of marketable equity securities for the first six months of 2017 . The loss on marketable equity securities comprised the following: Three Months Ended Six Months Ended (in thousands) June 30, 2018 June 30, 2018 Loss on marketable equity securities, net $ (2,554 ) $ (16,656 ) Less: Net losses in earnings from marketable equity securities sold 1,660 4,271 Net unrealized losses in earnings from marketable equity securities still held at the end of the period $ (894 ) $ (12,385 ) As of June 30, 2018 , the Company held an approximate 11% interest in Intersection Holdings, LLC, and in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 42.5% interest in Residential Hospice Illinois, a 40% interest in the joint venture formed between GHG and a Michigan hospital, and a 40% interest in the joint venture formed between GHG and Allegheny Health Network (AHN). For the three and six months ended June 30, 2018 , the Company recorded $3.3 million and $7.0 million , respectively, in revenue for services provided to the affiliates of GHG. For the three and six months ended June 30, 2017 , the Company recorded $5.0 million and $9.6 million , respectively, in revenue for services provided to the affiliates of GHG. Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with York University. KIHL agreed to loan the joint venture £25 million , of which £16 million was advanced as of December 31, 2017 . In the second quarter of 2018, KIHL advanced a final amount of £6 million in additional funding to the joint venture under this agreement, bringing the total amount advanced to £22 million as of June 30, 2018 . The loan will be repayable over 25 years at an interest rate of 7% and the loan is guaranteed by the University of York. The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments. The carrying amount of these investments was $19.9 million as of June 30, 2018 and December 31, 2017 .

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2018
Accounts and Notes Receivable, Net [Abstract]
Accounts Receivable	ACCOUNTS RECEIVABLE Accounts receivable consist of the following: As of June 30, December 31, (in thousands) Receivables from contracts with customers, less doubtful accounts of $17,019 and $22,975 $ 476,658 $ 600,215 Other receivables 86,922 20,104 $ 563,580 $ 620,319 Bad debt expense was $0.3 million and $6.4 million for the three months ended June 30, 2018 and 2017 , respectively; and $6.1 million and $12.2 million for the six months ended June 30, 2018 and 2017 , respectively.

Inventories and Contracts in Pr

Inventories and Contracts in Progress	6 Months Ended
	Jun. 30, 2018
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Inventories and Contracts in Progress	INVENTORIES AND CONTRACTS IN PROGRESS Inventories and contracts in progress consist of the following: As of June 30, December 31, (in thousands) Raw materials $ 37,069 $ 30,429 Work-in-process 12,674 10,258 Finished goods 18,614 18,851 Contracts in progress 7,648 1,074 $ 76,005 $ 60,612

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS The Company reorganized its operations in the first quarter of 2018 into the following six operating segments for the purpose of making operating decisions and assessing performance: Kaplan International, Higher Education, Test Preparation, Professional (U.S.), Television Broadcasting and Healthcare (see Note 16). The reorganization changed the composition of the reporting units within the education division, and resulted in the reassignment of the assets and liabilities to the reporting units affected. The goodwill was allocated to the affected reporting units using the relative fair value approach. As a result of the reassignment and allocation, the Company performed an interim review of the carrying value of goodwill at the education division for possible impairment on both a pre and post-reorganization basis. No impairment of goodwill was indicated at the pre- and post-reorganization reporting units. In the second quarter of 2017, as a result of a challenging operating environment, the Forney reporting unit recorded a goodwill and other long-lived asset impairment charge of $9.2 million . The Company performed an interim review of the goodwill and other long-lived assets of the reporting unit by utilizing a discounted cash flow model to estimate the fair value. The carrying value of the reporting unit exceeded the estimated fair value, resulting in a goodwill impairment charge for the amount by which the carrying value exceeded the reporting unit’s estimated fair value. Forney is included in other businesses. Amortization of intangible assets for the three months ended June 30, 2018 and 2017 was $11.4 million and $10.5 million , respectively. Amortization of intangible assets for the six months ended June 30, 2018 and 2017 was $21.8 million and $17.4 million , respectively. Amortization of intangible assets is estimated to be approximately $22 million for the remainder of 2018 , $42 million in 2019 , $39 million in 2020 , $34 million in 2021 , $28 million in 2022 and $72 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Broadcasting Healthcare Other Businesses Total Balance as of December 31, 2017 Goodwill $ 1,171,812 $ 190,815 $ 69,409 $ 233,825 $ 1,665,861 Accumulated impairment losses (350,850 ) — — (15,301 ) (366,151 ) 820,962 190,815 69,409 218,524 1,299,710 Acquisitions 9,629 — — — 9,629 Dispositions (11,191 ) — — — (11,191 ) Foreign currency exchange rate changes (17,791 ) — — — (17,791 ) Balance as of June 30, 2018 Goodwill 1,132,760 190,815 69,409 233,825 1,626,809 Accumulated impairment losses (331,151 ) — — (15,301 ) (346,452 ) $ 801,609 $ 190,815 $ 69,409 $ 218,524 $ 1,280,357 The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Kaplan International Higher Education Test Preparation Professional (U.S.) Total Balance as of December 31, 2017 Goodwill $ 615,861 $ 205,494 $ 166,098 $ 184,359 $ 1,171,812 Accumulated impairment losses — (131,023 ) (102,259 ) (117,568 ) (350,850 ) 615,861 74,471 63,839 66,791 820,962 Acquisitions 26 — 473 9,130 9,629 Dispositions — (11,191 ) — — (11,191 ) Foreign currency exchange rate changes (17,690 ) (40 ) — (61 ) (17,791 ) Balance as of June 30, 2018 Goodwill 598,197 174,564 166,571 193,428 1,132,760 Accumulated impairment losses — (111,324 ) (102,259 ) (117,568 ) (331,151 ) $ 598,197 $ 63,240 $ 64,312 $ 75,860 $ 801,609 Other intangible assets consist of the following: As of June 30, 2018 As of December 31, 2017 (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 (1) $ 261,312 $ 98,381 $ 162,931 $ 260,464 $ 83,690 $ 176,774 Trade names and trademarks 2–10 years 64,110 27,708 36,402 50,286 25,596 24,690 Network affiliation agreements 10 years 17,400 2,538 14,862 17,400 1,668 15,732 Databases and technology 3–6 years 24,197 7,416 16,781 19,563 5,008 14,555 Noncompete agreements 2–5 years 1,093 687 406 930 467 463 Other 1–8 years 13,430 8,215 5,215 13,430 7,668 5,762 $ 381,542 $ 144,945 $ 236,597 $ 362,073 $ 124,097 $ 237,976 Indefinite-Lived Intangible Assets Trade names and trademarks $ 81,494 $ 82,745 FCC licenses 18,800 18,800 Licensure and accreditation 150 650 $ 100,444 $ 102,195 ____________ (1) As of December 31, 2017, the student and customer relationships’ minimum useful life was 1 year.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	DEBT The Company’s borrowings consist of the following: As of June 30, December 31, (in thousands) 5.75% unsecured notes due June 1, 2026 (1) $ 393,894 $ — 7.25% unsecured notes due February 1, 2019 — 399,507 UK Credit facility (2) 91,330 93,671 Other indebtedness 103 109 Total Debt $ 485,327 $ 493,287 Less: current portion (6,553 ) (6,726 ) Total Long-Term Debt $ 478,774 $ 486,561 ___________ _ (1) The carrying value is net of $6.1 million of unamortized debt issuance costs as of June 30, 2018 . (2) The carrying value is net of $0.3 million and $0.4 million of unamortized debt issuance costs as of June 30, 2018 and December 31, 2017 , respectively. The Company’s other indebtedness at June 30, 2018 and December 31, 2017 is at an interest rate of 2% and matures in 2026 . On May 30, 2018, the Company issued $400 million senior unsecured fixed-rate notes due June 1, 2026 (the Notes). The Notes are guaranteed, jointly and severally, on a senior unsecured basis, by certain of the Company’s existing and future domestic subsidiaries, as described in the terms of the indenture, dated as of May 30, 2018 (the Indenture). The Notes have a coupon rate of 5.75% per annum, payable semi-annually on June 1 and December 1, beginning on December 1, 2018. The Company may redeem the Notes in whole or in part at any time at the respective redemption prices described in the Indenture. On June 29, 2018, the Company used the net proceeds from the sale of the Notes, together with cash on hand, to redeem the $400 million of 7.25% notes due February 1, 2019. The Company incurred $11.4 million in debt extinguishment costs in relation to the early termination of the 7.25% notes. In combination with the issuance of the Notes, the Company and certain of the Company’s domestic subsidiaries named therein as guarantors entered into an amended and restated credit agreement providing for a U.S. $300 million five -year revolving credit facility (the Revolving Credit Facility) with each of the lenders party thereto, certain of the Company’s foreign subsidiaries from time to time party thereto as foreign borrowers, Wells Fargo Bank, National Association, as Administrative Agent (Wells Fargo), JPMorgan Chase Bank, N.A., as Syndication Agent, and HSBC Bank USA, National Association and Bank of America, N.A. as Documentation Agents (the Amended and Restated Credit Agreement), which amends and restates the Company’s existing Five Year Credit Agreement, dated as of June 29, 2015, among the Company, certain of its domestic subsidiaries as guarantors, the several lenders from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent (the Existing Credit Agreement). The Amended and Restated Credit Agreement amends the Existing Credit Agreement to (i) extend the maturity of the Revolving Credit Facility to May 30, 2023, unless the Company and the lenders agree to further extend the term, (ii) increase the aggregate principal amount of the Revolving Credit Facility to U.S. $300 million , consisting of a U.S. Dollar tranche of U.S. $200 million for borrowings in U.S. Dollars and a multicurrency tranche equivalent to U.S. $100 million for borrowings in U.S. Dollars and certain foreign currencies, (iii) provide for borrowings under the Revolving Credit Facility in U.S. Dollars and certain other foreign currencies specified in the Amended and Restated Credit Agreement, (iv) permit certain foreign subsidiaries of the Company to be added to the Amended and Restated Credit Agreement as foreign borrowers thereunder and (v) effect certain other modifications to the Existing Credit Agreement. Under the Amended and Restated Credit Agreement, the Company is required to pay a commitment fee on a quarterly basis, based on the Company’s leverage ratio, of between 0.15% and 0.25% of the amount of the average daily unused portion of the Revolving Credit Facility. Any borrowings under the Amended and Restated Credit Agreement are made on an unsecured basis and bear interest at the Company’s option, either at (a) a fluctuating interest rate equal to the highest of Wells Fargo’s prime rate, 0.5 percent above the Federal funds rate or the one-month Eurodollar rate plus 1% , or (b) the Eurodollar rate for the applicable currency and interest period as defined in the Amended and Restated Credit Agreement, which is generally a periodic rate equal to LIBOR, CDOR, BBSY or SOR, as applicable, in the case of each of clauses (a) and (b) plus an applicable margin that depends on the Company’s consolidated debt to consolidated adjusted EBITDA (as determined pursuant to the Amended and Restated Credit Agreement, Total Net Leverage Ratio). The Company and its foreign subsidiaries may draw on the Revolving Credit Facility for general corporate purposes. Any outstanding borrowings must be repaid on or prior to the final termination date. The Amended and Restated Credit Agreement contains terms and conditions, including remedies in the event of a default by the Company, typical of facilities of this type and requires the Company to maintain a Total Net Leverage Ratio of not greater than 3.5 to 1.0 and a consolidated interest coverage ratio of at least 3.5 to 1.0 based upon the ratio of consolidated adjusted EBITDA to consolidated interest expense as determined pursuant to the Amended and Restated Credit Agreement. The Company is in compliance with all financial covenants as of June 30, 2018. During the three months ended June 30, 2018 and 2017 , the Company had average borrowings outstanding of approximately $591.7 million and $495.6 million , respectively, at average annual interest rates of approximately 5.8% and 6.2% , respectively. During the three months ended June 30, 2018 and 2017 , the Company incurred net interest expense of $15.3 million and $7.9 million , respectively. During the six months ended June 30, 2018 and 2017 , the Company had average borrowings outstanding of approximately $550.7 million and $494.5 million , respectively, at average annual interest rates of approximately 6.0% and 6.2% , respectively. During the six months ended June 30, 2018 and 2017 , the Company incurred net interest expense of $22.0 million and $14.6 million , respectively. In June 2018, the Company incurred $6.2 million of interest expense related to the mandatorily redeemable noncontrolling interest redemption settlement at GHG (see Note 2). The fair value of the mandatorily redeemable noncontrolling interest is based on the redemption value resulting from a negotiated settlement. At June 30, 2018 , the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $405.0 million , compared with the carrying amount of $393.9 million . At December 31, 2017 , the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $414.7 million , compared with the carrying amount of $399.5 million . The carrying value of the Company’s other unsecured debt at June 30, 2018 and December 31, 2017 approximates fair value.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 157,154 $ — $ 157,154 Marketable equity securities (2) 452,917 — — 452,917 Other current investments (3) 12,214 8,979 — 21,193 Interest rate swap (4) — 421 — 421 Total Financial Assets $ 465,131 $ 166,554 $ — $ 631,685 Liabilities Deferred compensation plan liabilities (5) $ — $ 36,573 $ — $ 36,573 Mandatorily redeemable noncontrolling interest (7) — — 16,500 16,500 Total Financial Liabilities $ — $ 36,573 $ 16,500 $ 53,073 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 217,628 $ — $ 217,628 Marketable equity securities (2) 536,315 — — 536,315 Other current investments (3) 9,831 11,007 — 20,838 Total Financial Assets $ 546,146 $ 228,635 $ — $ 774,781 Liabilities Deferred compensation plan liabilities (5) $ — $ 43,414 $ — $ 43,414 Interest rate swap (6) — 244 — 244 Mandatorily redeemable noncontrolling interest (7) — — 10,331 10,331 Total Financial Liabilities $ — $ 43,658 $ 10,331 $ 53,989 ____________ (1) The Company’s money market investments are included in Cash and Cash Equivalents and Restricted Cash and the value considers the liquidity of the counterparty. (2) The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. Investments in marketable securities were classified as available-for-sale in 2017 prior to the adoption of the new accounting guidance (see Note 1). (3) 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 fair value hierarchy. (4) Included in Deferred Charges and Other Assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (5) Includes Graham Holdings Company’s Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company’s Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income. (6) Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (7) As of June 30, 2018, the fair value of the mandatorily redeemable noncontrolling interest is based on the redemption value resulting from a negotiated settlement. The mandatorily redeemable noncontrolling interest was redeemed and paid in July 2018. As of December 31, 2017, the fair value of the mandatorily redeemable noncontrolling interest is based on an EBITDA multiple, adjusted for working capital and other items, which approximates fair value. In the second quarter of 2017, the Company recorded a goodwill and other long-lived asset impairment charge of $9.2 million . The remeasurement of the goodwill and other long-lived assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. The Company used a discounted cash flow model to determine the estimated fair value of the reporting unit and made estimates and assumptions regarding future cash flows, discount rates and long-term growth rates.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Tax Cuts and Jobs Act (the Tax Act) was enacted in December 2017, making significant changes to the Internal Revenue Code. The SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. SAB 118 allows the registrant to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The ultimate impact may materially differ from these provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions the Company made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Act. In accordance with SAB 118, the Company has calculated a reasonable estimate of the impact of the Tax Act and recorded a provisional amount in its financial statements based on its understanding of the Tax Act and guidance available as of the date of this filing. The Company expects to complete its analysis within the measurement period in accordance with SAB 118. Changes as a result of the Tax Act include, but are not limited to, a reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018; the imposition of a one-time transition tax on historic earnings of certain non-U.S. subsidiaries that were previously tax deferred; and the imposition of new U.S. taxes on certain non-U.S. earnings. The Company estimates that it will not incur, and did not record, any liability with respect to the one-time U.S. transition tax imposed by the Tax Act on unremitted non-U.S. subsidiary earnings. The Company estimates that unremitted non-U.S. subsidiary earnings, when distributed, will not be subject to tax except to the extent non-U.S. withholding taxes are imposed. Further, the Tax Act provides a 100% dividends received deduction for distributions from non-U.S. subsidiaries after December 31, 2017, subject to certain holding period requirements. The Tax Act establishes a new regime, the Global Intangible Low Taxed Income (GILTI) tax, that may currently subject to U.S. tax the operations of non-U.S. subsidiaries. The GILTI tax is imposed annually based on all current year non-U.S. operations starting January 1, 2018. The Company has not yet decided whether to elect to record the GILTI tax regime as either a deferred tax accounting item or as a periodic tax expense. The company estimated the 2018 annual GILTI tax expense and included this current period GILTI tax provision estimate when determining the tax provision for the first half of 2018. The valuation allowances established against deferred state income tax assets may increase or decrease within the next 12 months, based on operating results or the market value of investment holdings. The Company will be monitoring future results on a quarterly basis to determine whether the valuation allowances provided against deferred state tax assets should be increased or decreased, as future circumstances warrant. The Company anticipates that the education division may release valuation allowances against state deferred tax assets of approximately $22.7 million within the next 12 months, as the education division may generate positive operating results that would support the realization of these deferred tax assets.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue Recognition. The following table presents the Company’s revenue disaggregated by revenue source for the three and six months ended June 30, 2018 and June 30, 2017 : Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Education Revenue Kaplan international $ 184,303 $ 171,747 $ 367,885 $ 336,309 Higher education 85,981 111,840 185,811 222,951 Test preparation 68,604 75,730 127,755 140,298 Professional (U.S.) 31,057 27,364 64,413 60,563 Kaplan corporate and other 442 57 727 71 Intersegment elimination (382 ) (239 ) (1,087 ) (796 ) 370,005 386,499 745,504 759,396 Television broadcasting 114,086 106,102 222,888 197,598 Manufacturing 126,462 120,672 243,868 182,570 Healthcare 38,208 38,220 75,829 75,119 SocialCode 14,770 14,855 28,069 27,429 Other 9,167 9,739 16,000 16,692 Intersegment elimination (21 ) — (45 ) — Total Revenue $ 672,677 $ 676,087 $ 1,332,113 $ 1,258,804 During the three and six months ended June 30, 2018, the Company generated 75% of its revenues from U.S. domestic sales and 25% from non-U.S. sales. In the three and six months ended June 30, 2018, the Company recognized 80% of its revenue over time as control of the services and goods transferred to the customer. The remaining 20% of revenues were recognized at a point in time, when the customer obtained control of the promised goods. The determination of the method by which the Company measures its progress towards the satisfaction of its performance obligations requires judgment and is described below for each revenue stream. The Company identifies a contract for revenue recognition when there is approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. The Company evaluates each contract to determine the number of distinct performance obligations in the contract, which requires the use of judgment. Education Revenue. Education revenue is primarily derived from postsecondary education services, professional education and test preparation services provided both domestically and abroad. Generally tuition and other fees are paid upfront and recorded in deferred revenue in advance of the date when education services are provided to the student. In some instances, installment billing is available to students which reduces the amount of cash consideration received in advance of performing the service. The contractual terms and conditions associated with installment billing indicate that the student is liable for the total contract price, therefore mitigating the Company’s exposure to losses associated with nonpayment. The Company determined the installment billing does not represent a significant financing component. Kaplan International (KI) . KI provides higher education, professional education, and test preparation services and materials to students primarily in the United Kingdom, Singapore, and Australia. Some KI contracts consist of one performance obligation that is a combination of indistinct promises to the student, while other KI contracts include multiple performance obligations as the promises in the contract are both capable of being distinct and distinct within the context of the contract. One KI business offers an option whereby students receive future services at a discount that is accounted for as a material right. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. KI generally determines standalone selling prices based on prices charged to students. Revenue is recognized ratably over the instruction period or access period for higher education, professional education and test preparation services. KI generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and delivery of these services. Course materials determined to be a separate performance obligation are recognized at the point in time when control transfers to the student, generally when the products are delivered to the student. Higher Education (KHE) . In the first quarter of 2018, KHE provided postsecondary education services to students through KU’s online programs and fixed-facility colleges. These contracts consisted either of one performance obligation that is a combination of distinct promises to a student, or two performance obligations if the student also enrolled in the Kaplan Tuition Cap, which established a maximum amount of tuition that KHE may charge students for higher education services. The Kaplan Tuition Cap was accounted for as a material right. The transaction price of a higher education contract was stated in the contract and known at the time of contract inception, therefore no variable consideration existed. A portion of the transaction price was allocated to the material right, if applicable, based on the expected value method. Higher education services revenue was recognized ratably over the instruction period. The Company used the time elapsed method, an input measure, as it best depicts the simultaneous consumption and delivery of higher education services. On March 22, 2018, Kaplan contributed the institutional assets and operations of KU to Purdue University Global (see Note 2). Subsequent to the transaction, KHE provides non-academic operations support services to Purdue University Global pursuant to the TOSA. This contract has a thirty year term and consists of one performance obligation, which represents a series of daily promises to provide support services to Purdue University Global. The transaction price is entirely made up of variable consideration related to the reimbursement of KU support costs and the KU fee. The TOSA outlines a payment structure, which dictates how cash will be distributed at the end of Purdue University Global’s fiscal year, which is the 30th of June. The collectability of the KU support costs and KU fee is entirely dependent on the availability of cash at the end of the fiscal year. This variable consideration is constrained based on fiscal year forecasts prepared for Purdue University Global. The forecasts are updated throughout the fiscal year until the uncertainty is ultimately resolved, which is at the end of each fiscal year for Purdue University Global. As KHE’s performance obligation is made up of a series, the variable consideration is allocated to the distinct service period to which it relates, which is the Purdue University Global fiscal year. Support services revenue is recognized over time based on the expenses incurred to date and the percentage of expected reimbursement. KU fee revenue is also recognized over time based on the amount of Purdue University Global revenue recognized to date and the percentage of fee expected to be collected for the fiscal year. The Company used these input measures as Purdue Global University simultaneously receives and consumes the benefits of the services provided by KHE. Kaplan Test Preparation (KTP) . KTP offers test preparation services and materials to students related to pre-college, graduate, health and bar review products. Generally KTP contracts include promises for test preparation services and course materials. As each promise is both capable of being distinct and distinct in the context of the contract, each promise is accounted for as a separate performance obligation. As the transaction price is stated in the contract and known at the time of contract inception, no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. KTP generally determines standalone selling prices based on prices charged to students. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. Test preparation services revenue is recognized ratably over the period of access. At KTP, an estimate of average access period is developed for each course, and this estimate is evaluated on an ongoing basis and adjusted as necessary. KTP generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and availability of access to test preparation services. Revenue associated with distinct course materials is recognized at the point in time when control transfers to the student, generally when the products are delivered to the student. KTP offers a guarantee on certain courses that gives students the ability to repeat a course if they are not satisfied with their exam score. The Company accounts for this guarantee as a separate performance obligation. Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of June 30, 2018 , KTP’s deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than twelve months was $6.0 million . KTP expects to recognize 86% of this revenue over the next twelve months and the remainder thereafter. Kaplan Professional (U.S.) (KP): KP provides professional training and exam preparation for professional certifications and licensures to students. KP contracts include promises for professional education services and course materials. Generally KP revenue contracts consist of multiple performance obligations as each distinct promise is both capable of being distinct and distinct in the context of the contract. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. KP generally determines standalone selling prices based on the prices charged to students. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. Professional education services revenue is recognized ratably over the period of access. KP generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and availability of access to professional education services. Revenue associated with distinct course materials is recognized at the point in time when control transfers to the student, generally when the products are delivered to the student. Television Broadcasting Revenue. Television broadcasting revenue at Graham Media Group (GMG) is primarily comprised of television and internet advertising revenue, and retransmission revenue. Television Advertising Revenue . GMG accounts for the series of advertisements included in television advertising contracts as one performance obligation. GMG recognizes advertising revenue, net of agency commissions, over time. The Company elected the right to invoice practical expedient, an output method, as GMG has the right to consideration that equals the value provided to the customer for advertisements delivered to date. As a result of the election to use the right to invoice practical expedient, GMG does not determine the transaction price or allocate any variable consideration at contract inception. Rather, GMG recognizes revenue commensurate with the amount to which GMG has the right to invoice the customer. Payment is typically received in arrears within sixty days of revenue recognition. Retransmission Revenue . Retransmission revenue represents compensation paid by cable, satellite and other multichannel video programming distributors (MVPDs) to retransmit GMG’s stations’ broadcasts in its designated market area. The retransmission rights granted to MVPDs are accounted for as a license of functional intellectual property as the retransmitted broadcast provides significant standalone functionality. As such, each retransmission contract with an MVPD includes one performance obligation for each station’s retransmission license. GMG recognizes revenue using the usage-based royalty method in which revenue is recognized in the month the broadcast is retransmitted based on the number of MVPD subscribers and the applicable per user rate identified in the retransmission contract. Payment is typically received in arrears within sixty days of revenue recognition. Manufacturing Revenue. Manufacturing revenue consists primarily of product sales generated by four businesses: Hoover, Dekko, Joyce and Forney. The Company has determined that each item ordered by the customer is a distinct performance obligation as it has standalone value and is distinct within the context of the contract. For arrangements with multiple performance obligations, the Company initially allocates the transaction price to each obligation based on its standalone selling price, which is the retail price charged to customers. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. The Company sells some products and services with a right of return. This right of return constitutes variable consideration and is constrained from revenue recognition on a portfolio basis, using the expected value method until the refund period expires. The Company recognizes revenue when or as control transfers to the customer. Some manufacturing revenue is recognized ratably over the manufacturing period, if the product created for the customer does not have an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. The determination of the method by which the Company measures its progress towards the satisfaction of its performance obligations requires judgment. The Company measures its progress for these products using the units delivered method, an output measure. These arrangements represented 27% and 28% of the manufacturing revenue recognized in the three and six months ended June 30, 2018. Other manufacturing revenue is recognized at the point in time when control transfers to the customer, generally when the products are shipped. Some customers have a bill and hold arrangement with the Company. Revenue for bill and hold arrangements is recognized when control transfers to the customer, even though the customer does not have physical possession of the goods. Control transfers when the bill-and-hold arrangement has been requested from the customer, the product is identified as belonging to the customer and is ready for physical transfer, and the product cannot be directed for use by anyone but the customer. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within ninety days of delivery. The Company evaluated the terms of the warranties and guarantees offered by its manufacturing businesses and determined that these should not be accounted for as a separate performance obligation as a distinct service is not identified. Healthcare Revenue. The Company contracts with patients to provide home health or hospice services. Payment is typically received from third party payors such as Medicare, Medicaid, and private insurers. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the patient as the party who benefits from its healthcare services and as such, the patient is its customer. The Company determined that healthcare services contracts generally have one performance obligation to provide healthcare services to patients. The transaction price reflects the amount of revenue the Company expects to receive in exchange for providing these services. As the transaction price for healthcare services is known at the time of contract inception, no variable consideration exists. Healthcare revenue is recognized ratably over the period of care. The Company generally uses the time-elapsed method, an input measure as it best depicts the simultaneous delivery and consumption of healthcare services. Payment is received from third party payors within sixty days after a claim is filed, or in some cases in two installments, one during the contract and one after the services have been provided. Medicare is the most common third party payor. Home health revenue contracts may be modified to account for changes in the patient’s plan of care. The Company identifies contract modifications when the modification changes the existing enforceable rights and obligations. As modifications to the plan of care modify the original performance obligation, the Company accounts for the contract modification as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Other Revenue . The Company recognizes revenue associated with management services it provides to its affiliates. The Company accounts for the management services provided as one performance obligation and recognizes revenue over time as the services are delivered. The Company uses the right to invoice practical expedient, an output method, as the Company’s right to revenue corresponds directly with the value delivered to the affiliate. As a result of the election to use the right to invoice practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the affiliate which is based on contractually identified percentages. Payment is received monthly in arrears. SocialCode Revenue. SocialCode generates media management revenue in exchange for providing social media marketing solutions to its clients. The Company determined that SocialCode contracts generally have one performance obligation made up of a series of promises to manage the client’s media spend on advertising platforms for the duration of the contract period. SocialCode recognizes revenue, net of media acquisition costs, over time as media management services are delivered to the customer. Generally, SocialCode recognizes revenue using the right to invoice practical expedient, an output method, as SocialCode’s right to revenue corresponds directly with the value delivered to its customer. As a result of the election to use the right to invoice practical expedient, SocialCode does not determine the transaction price or allocate any variable consideration at contract inception. Rather, SocialCode recognizes revenue commensurate with the amount to which it has the right to invoice the customer which is a function of the cost of social media placement plus a management fee, less any applicable discounts. Payment is typically received within forty-five days of revenue recognition. SocialCode evaluates whether it is the principal (i.e. presents revenue on a gross basis) or agent (i.e. presents revenue on a net basis) in its contracts. SocialCode presents revenue for media management services net of media acquisition costs, as an agent, as SocialCode does not control the media before placement on social media platforms. Other Revenue. Other revenue primarily includes advertising and circulation revenue from Slate, Panoply and Foreign Policy. The Company accounts for other advertising revenues consistently with the advertising revenue streams addressed above. Circulation revenue consists of fees that provide customers access to online and print publications. The Company recognizes circulation revenue ratably over the subscription period beginning on the date that the publication is made available to the customer. Circulation revenue contracts are generally annual or monthly subscription contracts that are paid in advance of delivery of performance obligations. Accounting Policy Elections. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of the good as a fulfillment cost rather than as an additional promised service. Therefore, revenue for these performance obligations is recognized when control of the good transfers to the customer, which is when the good is ready for shipment. The Company accrues the related shipping and handling costs over the period when revenue is recognized. The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. Practical Expedients. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the amount of revenue recognized is based on the amount to which the Company has the right to invoice the customer for services performed, (iii) contracts for which the consideration received is a usage-based royalty promised in exchange for a license of intellectual property and (iv) contracts for which variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation. With the exception of the education division, the Company expenses costs to obtain a contract as incurred as all contracts are less than one year. Deferred Revenue. The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance, including amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance during the six months ended June 30, 2018: As of June 30, January 1, % (in thousands) Change Deferred revenue $ 252,348 $ 342,640 (26) The majority of the change in the deferred revenue balance is related to the KU Transaction and cyclical nature of services at the Kaplan international division. During the six months ended June 30, 2018, the Company recognized $221.5 million related to the Company’s deferred revenue balance as of January 1, 2018. Costs to Obtain a Contract. The Company incurs costs to obtain a contract that are both incremental and expected to be recovered as the costs would not have been incurred if the contract was not obtained and the revenue from the contract exceeds the associated cost. The revenue guidance provides a practical expedient to expense sales commissions as incurred in instances where the amortization period is one year or less. The amortization period is defined in the guidance as the contract term, inclusive of any expected contract renewal periods. The Company has elected to apply this practical expedient to all contracts except for contracts in its education division. In the education division costs to obtain a contract are amortized over the applicable amortization period except for cases in which commissions paid on initial contracts and renewals are commensurate. The Company amortizes these costs to obtain a contract on a straight line basis over the amortization period. These expenses are included as operating expenses in the Company’s Condensed Consolidated Statement of Operations. The following table presents changes in the Company’s costs to obtain a contract asset during the six months ended June 30, 2018: (in thousands) Balance at Beginning of Period Costs associated with new contracts Less: Costs amortized during the period Other Balance at End of Period 2018 $ 16,043 $ 20,957 $ (22,779 ) $ (497 ) $ 13,724 The majority of other activity is related to currency translation adjustments during the six months ended June 30, 2018. Amortization expense for costs to obtain a contract was $11.6 million for the three months ended June 30, 2018.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Numerator for basic earnings per share: Net income attributable to Graham Holdings Company common stockholders $ 46,566 $ 41,996 $ 89,457 $ 63,082 Less: Dividends paid-common stock outstanding and unvested restricted shares (6,948 ) (7,080 ) (21,587 ) (21,282 ) Undistributed earnings 39,618 34,916 67,870 41,800 Percent allocated to common stockholders 99.33 % 99.06 % 99.33 % 99.06 % 39,352 34,588 67,416 41,407 Add: Dividends paid-common stock outstanding 6,901 7,013 21,444 21,082 Numerator for basic earnings per share $ 46,253 $ 41,601 $ 88,860 $ 62,489 Add: Additional undistributed earnings due to dilutive stock options 2 3 3 3 Numerator for diluted earnings per share $ 46,255 $ 41,604 $ 88,863 $ 62,492 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 5,325 5,539 5,380 5,537 Add: Effect of dilutive stock options 37 38 37 36 Denominator for diluted earnings per share 5,362 5,577 5,417 5,573 Graham Holdings Company Common Stockholders: Basic earnings per share $ 8.69 $ 7.51 $ 16.52 $ 11.29 Diluted earnings per share $ 8.63 $ 7.46 $ 16.40 $ 11.21 Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Weighted average restricted stock 21 29 24 28 The diluted earnings per share amounts for the three and six months ended June 30, 2018 and June 30, 2017 exclude the effects of 104,000 stock options outstanding, as their inclusion would have been antidilutive due to a market condition. The diluted earnings per share amounts for the three and six months ended June 30, 2018 and June 30, 2017 exclude the effects of 5,250 restricted stock awards, as their inclusion would have been antidilutive due to a performance condition. In the three and six months ended June 30, 2018 , the Company declared regular dividends totaling $1.33 and $3.99 per common share, respectively. In the three and six months ended June 30, 2017 , the Company declared regular dividends totaling $1.27 and $3.81 per common share, respectively.

Pension and Postretirement Plan

Pension and Postretirement Plans	6 Months Ended
	Jun. 30, 2018
Retirement Benefits, Description [Abstract]
Pension and Postretirement Plans	PENSION AND POSTRETIREMENT PLANS In the first quarter of 2018, the Company adopted new guidance which requires the presentation of service cost in the same line item as other compensation costs arising from services by employees during the period, while the other components of the net periodic benefit are recognized in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statement of Operations. On March 22, 2018, the Company eliminated the accrual of pension benefits for certain Kaplan University employees related to their future service. As a result, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of March 22, 2018, and the Company recorded a curtailment gain in the first quarter of 2018. The new measurement basis was used for the recognition of the Company’s pension benefit following the remeasurement. The curtailment gain on the Kaplan University transaction is included in the gain on the Kaplan University transaction and reported in Other income, net on the Condensed Consolidated Statement of Operations. Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans consists of the following components: Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2018 2017 2018 2017 Service cost $ 4,317 $ 4,591 $ 9,257 $ 9,505 Interest cost 11,844 11,979 23,099 23,965 Expected return on assets (32,796 ) (30,403 ) (65,282 ) (60,740 ) Amortization of prior service cost 36 43 78 86 Recognized actuarial gain (2,974 ) (1,039 ) (4,020 ) (2,333 ) Net Periodic Benefit (19,573 ) (14,829 ) (36,868 ) (29,517 ) Curtailment gain — — (806 ) — Total Benefit $ (19,573 ) $ (14,829 ) $ (37,674 ) $ (29,517 ) The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components: Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2018 2017 2018 2017 Service cost $ 204 $ 215 $ 409 $ 429 Interest cost 966 1,058 1,932 2,116 Amortization of prior service cost 78 114 156 228 Recognized actuarial loss 601 443 1,202 887 Net Periodic Cost $ 1,849 $ 1,830 $ 3,699 $ 3,660 Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of a U.S. stock index fund, 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 June 30, December 31, U.S. equities 49 % 53 % U.S. stock index fund 31 % 30 % U.S. fixed income 11 % 11 % International equities 9 % 6 % 100 % 100 % The Company manages approximately 44% of the pension assets internally, of which the majority is invested in a U.S. stock index fund with the remaining investments in Berkshire Hathaway stock and short-term fixed income securities. The remaining 56% of plan assets are managed by two investment companies. The goal for the investments is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both investment 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 from the Plan administrator. As of June 30, 2018 , the investment managers can invest no more than 23% of the assets they manage 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. 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 June 30, 2018 . 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 June 30, 2018 and December 31, 2017 , the pension plan held investments in one common stock and one U.S. stock index fund that exceeded 10% of total plan assets. These investments were valued at $1,053.4 million and $1,079.3 million at June 30, 2018 and December 31, 2017 , respectively, or approximately 45% and 46% , respectively, 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 June 30 Six Months Ended June 30 (in thousands) 2018 2017 2018 2017 Service cost $ 268 $ 257 $ 536 $ 514 Interest cost 169 194 339 389 Amortization of prior service credit (44 ) (37 ) (88 ) (74 ) Recognized actuarial gain (921 ) (972 ) (1,843 ) (1,945 ) Net Periodic Benefit $ (528 ) $ (558 ) $ (1,056 ) $ (1,116 )

Other Non-Operating Income

Other Non-Operating Income	6 Months Ended
	Jun. 30, 2018
Other Nonoperating Income (Expense) [Abstract]
Other Non-Operating Income	OTHER NON-OPERATING INCOME A summary of non-operating income is as follows: Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Gain (loss) on sales of businesses $ 1,334 $ — $ 7,241 $ (342 ) Gain on sale of a cost method investment — — 2,845 — Gain on sale of land 2,542 — 2,542 — Foreign currency (loss) gain, net (2,266 ) 3,466 (2,089 ) 5,194 Other, net 723 603 981 66 Total Other Non-Operating Income $ 2,333 $ 4,069 $ 11,520 $ 4,918 In the second quarter of 2018 , the Company recorded a $1.4 million contingent consideration gain related to the sale of a business (see Note 2). In the first quarter of 2018 , the Company recorded a $5.9 million gain on the sale of two businesses in the education division, including a gain of $4.3 million on the Kaplan University transaction (see Note 2).

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The other comprehensive (loss) income consists of the following components: Three Months Ended June 30 2018 2017 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 $ (31,167 ) $ — $ (31,167 ) $ 9,638 $ — $ 9,638 Unrealized gains on available-for-sale securities: Unrealized gains for the period, net — — — 13,976 (5,591 ) 8,385 Pension and other postretirement plans: Amortization of net prior service cost included in net income 70 (19 ) 51 120 (48 ) 72 Amortization of net actuarial gain included in net income (3,294 ) 888 (2,406 ) (1,568 ) 627 (941 ) (3,224 ) 869 (2,355 ) (1,448 ) 579 (869 ) Cash flow hedge: Gain (loss) for the period 371 (70 ) 301 (19 ) 4 (15 ) Other Comprehensive (Loss) Income $ (34,020 ) $ 799 $ (33,221 ) $ 22,147 $ (5,008 ) $ 17,139 Six Months Ended June 30 2018 2017 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 $ (19,603 ) $ — $ (19,603 ) $ 23,306 $ — $ 23,306 Unrealized gains on available-for-sale securities: Unrealized gains for the period, net — — — 23,534 (9,414 ) 14,120 Pension and other postretirement plans: Amortization of net prior service cost included in net income 146 (40 ) 106 240 (96 ) 144 Amortization of net actuarial gain included in net income (4,661 ) 1,257 (3,404 ) (3,391 ) 1,356 (2,035 ) (4,515 ) 1,217 (3,298 ) (3,151 ) 1,260 (1,891 ) Cash flow hedge: Gain (loss) for the period 607 (115 ) 492 (143 ) 29 (114 ) Other Comprehensive (Loss) Income $ (23,511 ) $ 1,102 $ (22,409 ) $ 43,546 $ (8,125 ) $ 35,421 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 Cash Flow Hedge Accumulated Other Comprehensive Income Balance as of December 31, 2017 $ 6,314 $ 194,889 $ 334,536 $ (184 ) $ 535,555 Reclassification of unrealized gains on available-for-sale-securities to retained earnings as a result of adoption of new guidance — (194,889 ) — — (194,889 ) Other comprehensive (loss) income before reclassifications (19,603 ) — — 526 (19,077 ) Net amount reclassified from accumulated other comprehensive income (loss) — — (3,298 ) (34 ) (3,332 ) Other comprehensive (loss) income, net of tax (19,603 ) — (3,298 ) 492 (22,409 ) Balance as of June 30, 2018 $ (13,289 ) $ — $ 331,238 $ 308 $ 318,257 The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Six Months Ended Affected Line Item in the Condensed Consolidated Statement of Operations (in thousands) 2018 2017 2018 2017 Pension and Other Postretirement Plans: Amortization of net prior service cost $ 70 $ 120 $ 146 $ 240 (1) Amortization of net actuarial gain (3,294 ) (1,568 ) (4,661 ) (3,391 ) (1) (3,224 ) (1,448 ) (4,515 ) (3,151 ) Before tax 869 579 1,217 1,260 Provision for Income Taxes (2,355 ) (869 ) (3,298 ) (1,891 ) Net of Tax Cash Flow Hedge (45 ) 41 (42 ) 72 Interest expense 9 (8 ) 8 (14 ) Provision for Income Taxes (36 ) 33 (34 ) 58 Net of Tax Total reclassification for the period $ (2,391 ) $ (836 ) $ (3,332 ) $ (1,833 ) Net of Tax ____________ (1) These accumulated other comprehensive income components are components of net periodic pension and postretirement plan cost (see Note 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation, Legal and Other Matters . The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, defamation, invasion of privacy; trademark, copyright and patent infringement; U.S. False Claims Act (False Claims Act) violations; violations of applicable wage and hour laws; and statutory or common law claims involving current and former students and employees. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial condition, results of operations or cash flows. However, based on currently available information, management believes it is reasonably possible that future losses from existing and threatened legal, regulatory and other proceedings in excess of the amounts recorded could reach approximately $35 million . Her Majesty’s Revenue and Customs (HMRC), a department of the U.K. government responsible for the collection of taxes, has raised assessments against the Kaplan U.K. Pathways business for Value Added Tax (VAT) relating to 2017 and earlier years, which have been paid by Kaplan. Kaplan is continuing to pay the disputed VAT for subsequent periods. Kaplan has challenged these assessments and the case is currently on appeal to a tax tribunal with a hearing expected later in 2018 or 2019. The Company believes it has met all requirements under U.K. VAT law and expects to recover the £15.4 million receivable related to the assessments that have been paid. If the Company does not prevail in this case, a pre-tax charge of £15.4 million will be recorded to operating expense in the Company’s condensed consolidated statement of operations. In March 2018, HMRC issued VAT guidance with an effective date of May 31, 2018 that could impact the U.K. Pathways business if this guidance were to become law; this new guidance is separate from the VAT case discussed above. The Company is in the process of reviewing this new guidance, and considering the possibility that this guidance could be part of U.K. legislation in the future. If the Company is not successful in preserving a valid exemption under U.K. VAT law, the U.K Pathways business would incur additional VAT expense in the future. Department of Education (ED) Program Reviews. The ED has undertaken program reviews at various KHE locations. On February 23, 2015, the ED began a review of Kaplan University (KU). The review will assess Kaplan’s administration of its Title IV and Higher Education Act programs and will initially focus on the 2013 to 2014 and 2014 to 2015 award years. The ED has not notified KHE 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 KHE as a result of this review. In addition, there are two open program reviews at campuses that were part of the KHE Campuses business prior to its sale in 2015 to Education Corporation of America (ECA), and we await the ED’s final reports on the program reviews at former KHE Broomall, PA; and Pittsburgh, PA, locations. Kaplan retains responsibility for any financial obligation resulting from the ED program reviews at KU and KHE Campuses business that were open at the time of sale. 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	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS As a result of the Kaplan University transaction, the Company reorganized its operations in the first quarter of 2018 into the following six reportable segments for the purpose of making operating decisions and assessing performance: Kaplan International, Kaplan Higher Education, Kaplan Test Preparation, Kaplan Professional (U.S.), Television Broadcasting and Healthcare. Kaplan reorganized its higher education operations into the following two operating segments: Higher Education and Professional (U.S.). The higher education segment comprises the historical KU for-profit postsecondary education business and the current non-academic operations support services provided to the new university, Purdue University Global. The Professional (U.S.) segment comprises the KU School of Professional and Continuing Education, which provides professional training and exam preparation for professional certifications and licensures. The business segments disclosed in the condensed consolidated financial statements are based on this new organizational structure and information reviewed by the Company’s management to evaluate the business segment results. Segment operating results have been restated to reflect this organizational change. The following table summarizes the financial information related to each of the Company’s business segments: Three Months Ended Six months ended June 30 June 30 (in thousands) 2018 2017 2018 2017 Operating Revenues Education $ 370,005 $ 386,499 $ 745,504 $ 759,396 Television broadcasting 114,086 106,102 222,888 197,598 Healthcare 38,208 38,220 75,829 75,119 Other businesses 150,399 145,266 287,937 226,691 Corporate office — — — — Intersegment elimination (21 ) — (45 ) — $ 672,677 $ 676,087 $ 1,332,113 $ 1,258,804 Income (Loss) from Operations Education $ 37,554 $ 33,331 $ 60,254 $ 42,768 Television broadcasting 41,118 39,777 81,660 66,260 Healthcare 764 384 (627 ) (542 ) Other businesses (1,054 ) (9,302 ) (4,749 ) (18,940 ) Corporate office (12,756 ) (14,449 ) (26,698 ) (29,552 ) $ 65,626 $ 49,741 $ 109,840 $ 59,994 Equity in Earnings (Losses) of Affiliates, Net 931 1,331 3,510 1,980 Interest Expense, Net (15,264 ) (7,862 ) (21,963 ) (14,628 ) Debt Extinguishment Costs (11,378 ) — (11,378 ) — Non-Operating Pension and Postretirement Benefit Income, Net 23,041 18,620 44,427 37,421 Loss on Marketable Equity Securities, Net (2,554 ) — (16,656 ) — Other Income, Net 2,333 4,069 11,520 4,918 Income Before Income Taxes $ 62,735 $ 65,899 $ 119,300 $ 89,685 Depreciation of Property, Plant and Equipment Education $ 6,839 $ 8,325 $ 14,445 $ 16,909 Television broadcasting 2,974 2,991 6,045 5,585 Healthcare 647 1,194 1,300 2,263 Other businesses 2,906 3,070 5,965 5,185 Corporate office 253 291 506 581 $ 13,619 $ 15,871 $ 28,261 $ 30,523 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 1,663 $ 1,323 $ 2,812 $ 2,443 Television broadcasting 1,408 970 2,816 1,872 Healthcare 1,809 1,644 3,617 3,298 Other businesses 6,519 15,818 12,538 18,978 Corporate office — — — — $ 11,399 $ 19,755 $ 21,783 $ 26,591 Pension Expense Education $ 1,878 $ 2,153 $ 4,542 $ 4,859 Television broadcasting 601 479 1,094 972 Healthcare 165 166 287 332 Other businesses 378 249 667 566 Corporate office 1,295 1,544 2,667 2,776 $ 4,317 $ 4,591 $ 9,257 $ 9,505 Asset information for the Company’s business segments are as follows: As of (in thousands) June 30, 2018 December 31, 2017 Identifiable Assets Education $ 1,543,166 $ 1,592,097 Television broadcasting 454,180 455,884 Healthcare 119,231 129,856 Other businesses 790,735 855,399 Corporate office 146,645 182,905 $ 3,053,957 $ 3,216,141 Marketable Equity Securities 452,917 536,315 Investments in Affiliates 133,550 128,590 Prepaid Pension Cost 1,090,509 1,056,777 Total Assets $ 4,730,933 $ 4,937,823 The Company’s education division comprises the following operating segments: Three Months Ended Six months ended June 30 June 30 (in thousands) 2018 2017 2018 2017 Operating Revenues Kaplan international $ 184,303 $ 171,747 $ 367,885 $ 336,309 Higher education 85,981 111,840 185,811 222,951 Test preparation 68,604 75,730 127,755 140,298 Professional (U.S.) 31,057 27,364 64,413 60,563 Kaplan corporate and other 442 57 727 71 Intersegment elimination (382 ) (239 ) (1,087 ) (796 ) $ 370,005 $ 386,499 $ 745,504 $ 759,396 Income (Loss) from Operations Kaplan international $ 24,187 $ 15,954 $ 44,591 $ 23,661 Higher education 11,219 13,140 12,574 15,586 Test preparation 6,120 5,741 6,641 2,877 Professional (U.S.) 4,780 4,571 14,095 14,729 Kaplan corporate and other (8,763 ) (6,045 ) (17,658 ) (14,108 ) Intersegment elimination 11 (30 ) 11 23 $ 37,554 $ 33,331 $ 60,254 $ 42,768 Depreciation of Property, Plant and Equipment Kaplan international $ 3,764 $ 3,609 $ 7,738 $ 7,291 Higher education 1,274 2,484 3,132 5,132 Test preparation 973 1,332 1,951 2,673 Professional (U.S.) 670 765 1,312 1,548 Kaplan corporate and other 158 135 312 265 $ 6,839 $ 8,325 $ 14,445 $ 16,909 Amortization of Intangible Assets $ 1,663 $ 1,323 $ 2,812 $ 2,443 Pension Expense Kaplan international $ 84 $ 87 $ 167 $ 174 Higher education 804 1,742 2,210 3,484 Test preparation 729 911 1,458 1,822 Professional (U.S.) 290 302 580 604 Kaplan corporate and other (29 ) (889 ) 127 (1,225 ) $ 1,878 $ 2,153 $ 4,542 $ 4,859 Asset information for the Company’s education division is as follows: As of (in thousands) June 30, 2018 December 31, 2017 Identifiable assets Kaplan international $ 1,049,790 $ 1,115,919 Higher education 224,272 231,986 Test preparation 132,067 130,938 Professional (U.S.) 121,711 91,630 Kaplan corporate and other 15,326 21,624 $ 1,543,166 $ 1,592,097

Organization, Basis of Presen22

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2018
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 and six months ended June 30, 2018 and 2017 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 Current Report on Form 8-K filed on May 21, 2018. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
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. The standard permits two implementation approaches, full retrospective, requiring retrospective application of the new guidance with a restatement of prior years, or modified retrospective, requiring prospective application of the new guidance with disclosure of results under the old guidance in the first year of adoption. The Company adopted the new guidance on January 1, 2018 using the modified retrospective approach for contracts not completed as of the adoption date. Upon adoption of the new guidance, the Company recorded a net increase to the opening balance of retained earnings of $7.4 million . This adjustment was driven by changes in the timing of recognition of both revenues and expenses. A change in revenue recognition at a manufacturing business resulted in the acceleration of revenue and associated expenses as revenue is now recognized over time versus at a point in time. A change in the contract term at an education business resulted in a different revenue recognition pattern from previous recognition. Finally, the Company’s treatment of certain commissions paid to employees and agents at its education division changed. The Company previously expensed such commissions as incurred. Upon adoption of the new guidance, the Company capitalizes certain commission costs as an incremental cost of obtaining a contract and subsequently amortizes the cost as the tuition services are delivered to students. The cumulative effect of the changes to the Company’s Condensed Consolidated Balance Sheet as a result of adopting the new guidance was as follows: (in thousands) Balance as of December 31, 2017 Adjustments Balance as of January 1, 2018 Assets Accounts receivable, net $ 620,319 $ 2,142 $ 622,461 Inventories and contracts in progress 60,612 903 61,515 Other current assets 66,253 6,343 72,596 Liabilities Accounts payable and accrued liabilities $ 526,323 $ 88 $ 526,411 Deferred revenue 339,454 (346 ) 339,108 Deferred income taxes 362,701 2,197 364,898 Equity Retained earnings $ 5,791,724 $ 7,449 $ 5,799,173 Under the modified retrospective method of adoption, the Company is required to disclose the impact the adoption of the revenue guidance had on its Condensed Consolidated Statement of Operations. If the company continued to follow its accounting policies under the previous guidance, expenses would be $ 3.8 million lower for the quarter ended June 30, 2018 . Revenue recognized would be similar under the previous guidance for the quarter ended June 30, 2018 . For the six months ended June 30, 2018 , revenue and expenses would be $1.3 million and $0.8 million lower, respectively. This is primarily due to the net impact of the change in the timing of the recognition of revenue and costs to obtain a contract. 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. The Company adopted this guidance in the first quarter of 2018 and recorded a cumulative adjustment of $194.9 million to retained earnings on its Condensed Consolidated Balance Sheet related to unrealized gains of available-for-sale securities, net of tax, previously classified within accumulated other comprehensive income. Results for reporting periods beginning after January 1, 2018 are presented under this new guidance, with any changes in fair value recognized in net income. In addition, the Company elected the measurement alternative to measure cost method investments that do not have a readily determinable fair value at cost less impairment, adjusted by observable price changes with any fair value changes recognized in net income. 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; however, the recognition of right-of-use assets and lease liabilities is expected to have a material effect on its Condensed Consolidated Balance Sheet. In March 2017, the FASB issued new guidance that changes the presentation of net periodic pension cost and net periodic postretirement benefit cost for defined benefit plans. The guidance requires an issuer to disaggregate the service cost component of net periodic pension and postretirement benefit cost from other components. Under the new guidance, service cost will be included in the same line item(s) as other compensation costs arising from services rendered by employees during the period, while the other components will be recognized after income from operations. The guidance is effective for interim and fiscal years beginning after December 15, 2017. The guidance must be applied retrospectively; however, a practical expedient is available which permits an employer to use amounts previously disclosed in its pension and postretirement plans footnote for the prior comparative periods. The Company adopted the new standard in the first quarter of 2018. In combination with the presentation change to net periodic pension cost and net periodic postretirement benefit cost, the Company allocated its costs associated with fringe benefits between operating expenses and selling, general and administrative expenses. Previously, costs related to fringe benefits were generally classified as selling, general and administrative expenses. The amounts in the previously issued financial statements have been reclassified to conform to the reclassified presentation. The effect of these changes to the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2017 is as follows: As Previously Reported Adjustment Upon Adoption (in thousands) Three Months Ended June 30, 2017 Operating expenses $ 358,252 $ 23,495 $ 381,747 Selling, general and administrative expenses 213,848 (4,875 ) 208,973 Income from Operations 68,361 (18,620 ) 49,741 Non-operating pension and postretirement benefit income, net — 18,620 18,620 Income Before Income Taxes 65,899 — 65,899 Six Months Ended June 30, 2017 Operating expenses $ 658,918 $ 48,516 $ 707,434 Selling, general and administrative expenses 445,357 (11,095 ) 434,262 Income from Operations 97,415 (37,421 ) 59,994 Non-operating pension and postretirement benefit income, net — 37,421 37,421 Income Before Income Taxes 89,685 — 89,685

Organization, Basis of Presen23

Organization, Basis of Presentation and Recent Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncement, Early Adoption [Line Items]
Schedule of Prospective Adoption of New Accounting Pronouncements	The cumulative effect of the changes to the Company’s Condensed Consolidated Balance Sheet as a result of adopting the new guidance was as follows: (in thousands) Balance as of December 31, 2017 Adjustments Balance as of January 1, 2018 Assets Accounts receivable, net $ 620,319 $ 2,142 $ 622,461 Inventories and contracts in progress 60,612 903 61,515 Other current assets 66,253 6,343 72,596 Liabilities Accounts payable and accrued liabilities $ 526,323 $ 88 $ 526,411 Deferred revenue 339,454 (346 ) 339,108 Deferred income taxes 362,701 2,197 364,898 Equity Retained earnings $ 5,791,724 $ 7,449 $ 5,799,173
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The effect of these changes to the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2017 is as follows: As Previously Reported Adjustment Upon Adoption (in thousands) Three Months Ended June 30, 2017 Operating expenses $ 358,252 $ 23,495 $ 381,747 Selling, general and administrative expenses 213,848 (4,875 ) 208,973 Income from Operations 68,361 (18,620 ) 49,741 Non-operating pension and postretirement benefit income, net — 18,620 18,620 Income Before Income Taxes 65,899 — 65,899 Six Months Ended June 30, 2017 Operating expenses $ 658,918 $ 48,516 $ 707,434 Selling, general and administrative expenses 445,357 (11,095 ) 434,262 Income from Operations 97,415 (37,421 ) 59,994 Non-operating pension and postretirement benefit income, net — 37,421 37,421 Income Before Income Taxes 89,685 — 89,685

Acquisitions and Dispositions24

Acquisitions and Dispositions of Businesses (Tables)	6 Months Ended
	Jun. 30, 2018
Acquisitions And Dispositions [Abstract]
Schedule of assets acquired and liabilities assumed	The aggregate purchase price of the 2018 and 2017 acquisitions was allocated as follows (2018 on a preliminary basis): Purchase Price Allocation Six Months Ended Twelve Months Ended (in thousands) June 30, 2018 December 31, 2017 Accounts receivable $ 734 $ 12,502 Inventory 381 25,253 Property, plant and equipment 867 29,921 Goodwill 9,629 143,149 Indefinite-lived intangible assets — 33,800 Amortized intangible assets 20,644 170,658 Other assets 339 1,880 Pension and other postretirement benefits liabilities — (59,116 ) Other liabilities (3,085 ) (12,177 ) Deferred income taxes (4,460 ) (37,289 ) Redeemable noncontrolling interest — (3,666 ) Aggregate purchase price, net of cash acquired $ 25,049 $ 304,915
Acquisition Pro Forma Financial Information	The following unaudited pro forma financial information presents the Company’s results as if the 2018 acquisitions had occurred at the beginning of 2017 . The unaudited pro forma information also includes the 2017 acquisitions as if they occurred at the beginning of 2016 : Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Operating revenues $ 677,743 $ 688,504 $ 1,337,712 $ 1,330,929 Net income 46,558 48,045 89,633 72,313
Information related to Disposal Group	The revenue and operating income related to the KU business disposed of are as follows: Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Revenue $ — $ 111,619 $ 91,526 $ 222,493 Operating income — 12,788 213 16,797

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Investments [Abstract]
Investments in Marketable Equity Securities	Investments in marketable equity securities comprised the following: As of June 30, December 31, (in thousands) Total cost $ 239,904 $ 269,343 Gross unrealized gains 213,013 266,972 Total Fair Value $ 452,917 $ 536,315
Loss on Marketable Equity Securities	The loss on marketable equity securities comprised the following: Three Months Ended Six Months Ended (in thousands) June 30, 2018 June 30, 2018 Loss on marketable equity securities, net $ (2,554 ) $ (16,656 ) Less: Net losses in earnings from marketable equity securities sold 1,660 4,271 Net unrealized losses in earnings from marketable equity securities still held at the end of the period $ (894 ) $ (12,385 )

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2018
Accounts and Notes Receivable, Net [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following: As of June 30, December 31, (in thousands) Receivables from contracts with customers, less doubtful accounts of $17,019 and $22,975 $ 476,658 $ 600,215 Other receivables 86,922 20,104 $ 563,580 $ 620,319

Inventories and Contracts in 27

Inventories and Contracts in Progress (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Schedule of Inventories and Contracts in Progress [Table Text Block]	Inventories and contracts in progress consist of the following: As of June 30, December 31, (in thousands) Raw materials $ 37,069 $ 30,429 Work-in-process 12,674 10,258 Finished goods 18,614 18,851 Contracts in progress 7,648 1,074 $ 76,005 $ 60,612

Goodwill and Other Intangible28

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Broadcasting Healthcare Other Businesses Total Balance as of December 31, 2017 Goodwill $ 1,171,812 $ 190,815 $ 69,409 $ 233,825 $ 1,665,861 Accumulated impairment losses (350,850 ) — — (15,301 ) (366,151 ) 820,962 190,815 69,409 218,524 1,299,710 Acquisitions 9,629 — — — 9,629 Dispositions (11,191 ) — — — (11,191 ) Foreign currency exchange rate changes (17,791 ) — — — (17,791 ) Balance as of June 30, 2018 Goodwill 1,132,760 190,815 69,409 233,825 1,626,809 Accumulated impairment losses (331,151 ) — — (15,301 ) (346,452 ) $ 801,609 $ 190,815 $ 69,409 $ 218,524 $ 1,280,357
Other Intangible Assets	Other intangible assets consist of the following: As of June 30, 2018 As of December 31, 2017 (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 (1) $ 261,312 $ 98,381 $ 162,931 $ 260,464 $ 83,690 $ 176,774 Trade names and trademarks 2–10 years 64,110 27,708 36,402 50,286 25,596 24,690 Network affiliation agreements 10 years 17,400 2,538 14,862 17,400 1,668 15,732 Databases and technology 3–6 years 24,197 7,416 16,781 19,563 5,008 14,555 Noncompete agreements 2–5 years 1,093 687 406 930 467 463 Other 1–8 years 13,430 8,215 5,215 13,430 7,668 5,762 $ 381,542 $ 144,945 $ 236,597 $ 362,073 $ 124,097 $ 237,976 Indefinite-Lived Intangible Assets Trade names and trademarks $ 81,494 $ 82,745 FCC licenses 18,800 18,800 Licensure and accreditation 150 650 $ 100,444 $ 102,195 ____________ (1) As of December 31, 2017, the student and customer relationships’ minimum useful life was 1 year.
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) Kaplan International Higher Education Test Preparation Professional (U.S.) Total Balance as of December 31, 2017 Goodwill $ 615,861 $ 205,494 $ 166,098 $ 184,359 $ 1,171,812 Accumulated impairment losses — (131,023 ) (102,259 ) (117,568 ) (350,850 ) 615,861 74,471 63,839 66,791 820,962 Acquisitions 26 — 473 9,130 9,629 Dispositions — (11,191 ) — — (11,191 ) Foreign currency exchange rate changes (17,690 ) (40 ) — (61 ) (17,791 ) Balance as of June 30, 2018 Goodwill 598,197 174,564 166,571 193,428 1,132,760 Accumulated impairment losses — (111,324 ) (102,259 ) (117,568 ) (331,151 ) $ 598,197 $ 63,240 $ 64,312 $ 75,860 $ 801,609

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Components of Debt	The Company’s borrowings consist of the following: As of June 30, December 31, (in thousands) 5.75% unsecured notes due June 1, 2026 (1) $ 393,894 $ — 7.25% unsecured notes due February 1, 2019 — 399,507 UK Credit facility (2) 91,330 93,671 Other indebtedness 103 109 Total Debt $ 485,327 $ 493,287 Less: current portion (6,553 ) (6,726 ) Total Long-Term Debt $ 478,774 $ 486,561 ___________ _ (1) The carrying value is net of $6.1 million of unamortized debt issuance costs as of June 30, 2018 . (2) The carrying value is net of $0.3 million and $0.4 million of unamortized debt issuance costs as of June 30, 2018 and December 31, 2017 , respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 157,154 $ — $ 157,154 Marketable equity securities (2) 452,917 — — 452,917 Other current investments (3) 12,214 8,979 — 21,193 Interest rate swap (4) — 421 — 421 Total Financial Assets $ 465,131 $ 166,554 $ — $ 631,685 Liabilities Deferred compensation plan liabilities (5) $ — $ 36,573 $ — $ 36,573 Mandatorily redeemable noncontrolling interest (7) — — 16,500 16,500 Total Financial Liabilities $ — $ 36,573 $ 16,500 $ 53,073 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 217,628 $ — $ 217,628 Marketable equity securities (2) 536,315 — — 536,315 Other current investments (3) 9,831 11,007 — 20,838 Total Financial Assets $ 546,146 $ 228,635 $ — $ 774,781 Liabilities Deferred compensation plan liabilities (5) $ — $ 43,414 $ — $ 43,414 Interest rate swap (6) — 244 — 244 Mandatorily redeemable noncontrolling interest (7) — — 10,331 10,331 Total Financial Liabilities $ — $ 43,658 $ 10,331 $ 53,989 ____________ (1) The Company’s money market investments are included in Cash and Cash Equivalents and Restricted Cash and the value considers the liquidity of the counterparty. (2) The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. Investments in marketable securities were classified as available-for-sale in 2017 prior to the adoption of the new accounting guidance (see Note 1). (3) 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 fair value hierarchy. (4) Included in Deferred Charges and Other Assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (5) Includes Graham Holdings Company’s Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company’s Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income. (6) Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (7) As of June 30, 2018, the fair value of the mandatorily redeemable noncontrolling interest is based on the redemption value resulting from a negotiated settlement. The mandatorily redeemable noncontrolling interest was redeemed and paid in July 2018. As of December 31, 2017, the fair value of the mandatorily redeemable noncontrolling interest is based on an EBITDA multiple, adjusted for working capital and other items, which approximates fair value.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	The following table presents the Company’s revenue disaggregated by revenue source for the three and six months ended June 30, 2018 and June 30, 2017 : Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Education Revenue Kaplan international $ 184,303 $ 171,747 $ 367,885 $ 336,309 Higher education 85,981 111,840 185,811 222,951 Test preparation 68,604 75,730 127,755 140,298 Professional (U.S.) 31,057 27,364 64,413 60,563 Kaplan corporate and other 442 57 727 71 Intersegment elimination (382 ) (239 ) (1,087 ) (796 ) 370,005 386,499 745,504 759,396 Television broadcasting 114,086 106,102 222,888 197,598 Manufacturing 126,462 120,672 243,868 182,570 Healthcare 38,208 38,220 75,829 75,119 SocialCode 14,770 14,855 28,069 27,429 Other 9,167 9,739 16,000 16,692 Intersegment elimination (21 ) — (45 ) — Total Revenue $ 672,677 $ 676,087 $ 1,332,113 $ 1,258,804
Contract with Customer, Liability [Abstract]
Contract with Customer, Asset and Liability	The following table presents the change in the Company’s deferred revenue balance during the six months ended June 30, 2018: As of June 30, January 1, % (in thousands) Change Deferred revenue $ 252,348 $ 342,640 (26)
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost	The following table presents changes in the Company’s costs to obtain a contract asset during the six months ended June 30, 2018: (in thousands) Balance at Beginning of Period Costs associated with new contracts Less: Costs amortized during the period Other Balance at End of Period 2018 $ 16,043 $ 20,957 $ (22,779 ) $ (497 ) $ 13,724

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Summary of Earnings Per Share, Basic and Diluted	The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Numerator for basic earnings per share: Net income attributable to Graham Holdings Company common stockholders $ 46,566 $ 41,996 $ 89,457 $ 63,082 Less: Dividends paid-common stock outstanding and unvested restricted shares (6,948 ) (7,080 ) (21,587 ) (21,282 ) Undistributed earnings 39,618 34,916 67,870 41,800 Percent allocated to common stockholders 99.33 % 99.06 % 99.33 % 99.06 % 39,352 34,588 67,416 41,407 Add: Dividends paid-common stock outstanding 6,901 7,013 21,444 21,082 Numerator for basic earnings per share $ 46,253 $ 41,601 $ 88,860 $ 62,489 Add: Additional undistributed earnings due to dilutive stock options 2 3 3 3 Numerator for diluted earnings per share $ 46,255 $ 41,604 $ 88,863 $ 62,492 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 5,325 5,539 5,380 5,537 Add: Effect of dilutive stock options 37 38 37 36 Denominator for diluted earnings per share 5,362 5,577 5,417 5,573 Graham Holdings Company Common Stockholders: Basic earnings per share $ 8.69 $ 7.51 $ 16.52 $ 11.29 Diluted earnings per share $ 8.63 $ 7.46 $ 16.40 $ 11.21
Antidilutive Weighted Average Restricted Stock and Options	Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Weighted average restricted stock 21 29 24 28

Pension and Postretirement Pl33

Pension and Postretirement Plans (Tables)	6 Months Ended
	Jun. 30, 2018
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 consists of the following components: Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2018 2017 2018 2017 Service cost $ 4,317 $ 4,591 $ 9,257 $ 9,505 Interest cost 11,844 11,979 23,099 23,965 Expected return on assets (32,796 ) (30,403 ) (65,282 ) (60,740 ) Amortization of prior service cost 36 43 78 86 Recognized actuarial gain (2,974 ) (1,039 ) (4,020 ) (2,333 ) Net Periodic Benefit (19,573 ) (14,829 ) (36,868 ) (29,517 ) Curtailment gain — — (806 ) — Total Benefit $ (19,573 ) $ (14,829 ) $ (37,674 ) $ (29,517 )
Schedule of Allocation of Plan Assets	The assets of the Company’s pension plan were allocated as follows: As of June 30, December 31, U.S. equities 49 % 53 % U.S. stock index fund 31 % 30 % U.S. fixed income 11 % 11 % International equities 9 % 6 % 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) consists of the following components: Three Months Ended June 30 Six Months Ended June 30 (in thousands) 2018 2017 2018 2017 Service cost $ 204 $ 215 $ 409 $ 429 Interest cost 966 1,058 1,932 2,116 Amortization of prior service cost 78 114 156 228 Recognized actuarial loss 601 443 1,202 887 Net Periodic Cost $ 1,849 $ 1,830 $ 3,699 $ 3,660
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 June 30 Six Months Ended June 30 (in thousands) 2018 2017 2018 2017 Service cost $ 268 $ 257 $ 536 $ 514 Interest cost 169 194 339 389 Amortization of prior service credit (44 ) (37 ) (88 ) (74 ) Recognized actuarial gain (921 ) (972 ) (1,843 ) (1,945 ) Net Periodic Benefit $ (528 ) $ (558 ) $ (1,056 ) $ (1,116 )

Other Non-Operating Income (Tab

Other Non-Operating Income (Tables)	6 Months Ended
	Jun. 30, 2018
Other Nonoperating Income (Expense) [Abstract]
Summary of non-operating income	A summary of non-operating income is as follows: Three Months Ended Six Months Ended (in thousands) 2018 2017 2018 2017 Gain (loss) on sales of businesses $ 1,334 $ — $ 7,241 $ (342 ) Gain on sale of a cost method investment — — 2,845 — Gain on sale of land 2,542 — 2,542 — Foreign currency (loss) gain, net (2,266 ) 3,466 (2,089 ) 5,194 Other, net 723 603 981 66 Total Other Non-Operating Income $ 2,333 $ 4,069 $ 11,520 $ 4,918

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Other Comprehensive (Loss) Income	The other comprehensive (loss) income consists of the following components: Three Months Ended June 30 2018 2017 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 $ (31,167 ) $ — $ (31,167 ) $ 9,638 $ — $ 9,638 Unrealized gains on available-for-sale securities: Unrealized gains for the period, net — — — 13,976 (5,591 ) 8,385 Pension and other postretirement plans: Amortization of net prior service cost included in net income 70 (19 ) 51 120 (48 ) 72 Amortization of net actuarial gain included in net income (3,294 ) 888 (2,406 ) (1,568 ) 627 (941 ) (3,224 ) 869 (2,355 ) (1,448 ) 579 (869 ) Cash flow hedge: Gain (loss) for the period 371 (70 ) 301 (19 ) 4 (15 ) Other Comprehensive (Loss) Income $ (34,020 ) $ 799 $ (33,221 ) $ 22,147 $ (5,008 ) $ 17,139 Six Months Ended June 30 2018 2017 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 $ (19,603 ) $ — $ (19,603 ) $ 23,306 $ — $ 23,306 Unrealized gains on available-for-sale securities: Unrealized gains for the period, net — — — 23,534 (9,414 ) 14,120 Pension and other postretirement plans: Amortization of net prior service cost included in net income 146 (40 ) 106 240 (96 ) 144 Amortization of net actuarial gain included in net income (4,661 ) 1,257 (3,404 ) (3,391 ) 1,356 (2,035 ) (4,515 ) 1,217 (3,298 ) (3,151 ) 1,260 (1,891 ) Cash flow hedge: Gain (loss) for the period 607 (115 ) 492 (143 ) 29 (114 ) Other Comprehensive (Loss) Income $ (23,511 ) $ 1,102 $ (22,409 ) $ 43,546 $ (8,125 ) $ 35,421
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 Cash Flow Hedge Accumulated Other Comprehensive Income Balance as of December 31, 2017 $ 6,314 $ 194,889 $ 334,536 $ (184 ) $ 535,555 Reclassification of unrealized gains on available-for-sale-securities to retained earnings as a result of adoption of new guidance — (194,889 ) — — (194,889 ) Other comprehensive (loss) income before reclassifications (19,603 ) — — 526 (19,077 ) Net amount reclassified from accumulated other comprehensive income (loss) — — (3,298 ) (34 ) (3,332 ) Other comprehensive (loss) income, net of tax (19,603 ) — (3,298 ) 492 (22,409 ) Balance as of June 30, 2018 $ (13,289 ) $ — $ 331,238 $ 308 $ 318,257
Summary of Amounts and Line Items of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Six Months Ended Affected Line Item in the Condensed Consolidated Statement of Operations (in thousands) 2018 2017 2018 2017 Pension and Other Postretirement Plans: Amortization of net prior service cost $ 70 $ 120 $ 146 $ 240 (1) Amortization of net actuarial gain (3,294 ) (1,568 ) (4,661 ) (3,391 ) (1) (3,224 ) (1,448 ) (4,515 ) (3,151 ) Before tax 869 579 1,217 1,260 Provision for Income Taxes (2,355 ) (869 ) (3,298 ) (1,891 ) Net of Tax Cash Flow Hedge (45 ) 41 (42 ) 72 Interest expense 9 (8 ) 8 (14 ) Provision for Income Taxes (36 ) 33 (34 ) 58 Net of Tax Total reclassification for the period $ (2,391 ) $ (836 ) $ (3,332 ) $ (1,833 ) Net of Tax ____________ (1) These accumulated other comprehensive income components are components of net periodic pension and postretirement plan cost (see Note 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The following table summarizes the financial information related to each of the Company’s business segments: Three Months Ended Six months ended June 30 June 30 (in thousands) 2018 2017 2018 2017 Operating Revenues Education $ 370,005 $ 386,499 $ 745,504 $ 759,396 Television broadcasting 114,086 106,102 222,888 197,598 Healthcare 38,208 38,220 75,829 75,119 Other businesses 150,399 145,266 287,937 226,691 Corporate office — — — — Intersegment elimination (21 ) — (45 ) — $ 672,677 $ 676,087 $ 1,332,113 $ 1,258,804 Income (Loss) from Operations Education $ 37,554 $ 33,331 $ 60,254 $ 42,768 Television broadcasting 41,118 39,777 81,660 66,260 Healthcare 764 384 (627 ) (542 ) Other businesses (1,054 ) (9,302 ) (4,749 ) (18,940 ) Corporate office (12,756 ) (14,449 ) (26,698 ) (29,552 ) $ 65,626 $ 49,741 $ 109,840 $ 59,994 Equity in Earnings (Losses) of Affiliates, Net 931 1,331 3,510 1,980 Interest Expense, Net (15,264 ) (7,862 ) (21,963 ) (14,628 ) Debt Extinguishment Costs (11,378 ) — (11,378 ) — Non-Operating Pension and Postretirement Benefit Income, Net 23,041 18,620 44,427 37,421 Loss on Marketable Equity Securities, Net (2,554 ) — (16,656 ) — Other Income, Net 2,333 4,069 11,520 4,918 Income Before Income Taxes $ 62,735 $ 65,899 $ 119,300 $ 89,685 Depreciation of Property, Plant and Equipment Education $ 6,839 $ 8,325 $ 14,445 $ 16,909 Television broadcasting 2,974 2,991 6,045 5,585 Healthcare 647 1,194 1,300 2,263 Other businesses 2,906 3,070 5,965 5,185 Corporate office 253 291 506 581 $ 13,619 $ 15,871 $ 28,261 $ 30,523 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 1,663 $ 1,323 $ 2,812 $ 2,443 Television broadcasting 1,408 970 2,816 1,872 Healthcare 1,809 1,644 3,617 3,298 Other businesses 6,519 15,818 12,538 18,978 Corporate office — — — — $ 11,399 $ 19,755 $ 21,783 $ 26,591 Pension Expense Education $ 1,878 $ 2,153 $ 4,542 $ 4,859 Television broadcasting 601 479 1,094 972 Healthcare 165 166 287 332 Other businesses 378 249 667 566 Corporate office 1,295 1,544 2,667 2,776 $ 4,317 $ 4,591 $ 9,257 $ 9,505 Asset information for the Company’s business segments are as follows: As of (in thousands) June 30, 2018 December 31, 2017 Identifiable Assets Education $ 1,543,166 $ 1,592,097 Television broadcasting 454,180 455,884 Healthcare 119,231 129,856 Other businesses 790,735 855,399 Corporate office 146,645 182,905 $ 3,053,957 $ 3,216,141 Marketable Equity Securities 452,917 536,315 Investments in Affiliates 133,550 128,590 Prepaid Pension Cost 1,090,509 1,056,777 Total Assets $ 4,730,933 $ 4,937,823
Education [Member]
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	Three Months Ended Six months ended June 30 June 30 (in thousands) 2018 2017 2018 2017 Operating Revenues Kaplan international $ 184,303 $ 171,747 $ 367,885 $ 336,309 Higher education 85,981 111,840 185,811 222,951 Test preparation 68,604 75,730 127,755 140,298 Professional (U.S.) 31,057 27,364 64,413 60,563 Kaplan corporate and other 442 57 727 71 Intersegment elimination (382 ) (239 ) (1,087 ) (796 ) $ 370,005 $ 386,499 $ 745,504 $ 759,396 Income (Loss) from Operations Kaplan international $ 24,187 $ 15,954 $ 44,591 $ 23,661 Higher education 11,219 13,140 12,574 15,586 Test preparation 6,120 5,741 6,641 2,877 Professional (U.S.) 4,780 4,571 14,095 14,729 Kaplan corporate and other (8,763 ) (6,045 ) (17,658 ) (14,108 ) Intersegment elimination 11 (30 ) 11 23 $ 37,554 $ 33,331 $ 60,254 $ 42,768 Depreciation of Property, Plant and Equipment Kaplan international $ 3,764 $ 3,609 $ 7,738 $ 7,291 Higher education 1,274 2,484 3,132 5,132 Test preparation 973 1,332 1,951 2,673 Professional (U.S.) 670 765 1,312 1,548 Kaplan corporate and other 158 135 312 265 $ 6,839 $ 8,325 $ 14,445 $ 16,909 Amortization of Intangible Assets $ 1,663 $ 1,323 $ 2,812 $ 2,443 Pension Expense Kaplan international $ 84 $ 87 $ 167 $ 174 Higher education 804 1,742 2,210 3,484 Test preparation 729 911 1,458 1,822 Professional (U.S.) 290 302 580 604 Kaplan corporate and other (29 ) (889 ) 127 (1,225 ) $ 1,878 $ 2,153 $ 4,542 $ 4,859 Asset information for the Company’s education division is as follows: As of (in thousands) June 30, 2018 December 31, 2017 Identifiable assets Kaplan international $ 1,049,790 $ 1,115,919 Higher education 224,272 231,986 Test preparation 132,067 130,938 Professional (U.S.) 121,711 91,630 Kaplan corporate and other 15,326 21,624 $ 1,543,166 $ 1,592,097

Organization, Basis of Presen37

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018TelevisionStationSegment
Percentage of ownership indicating control for consolidation purposes	more than 50%
Television Broadcasting [Member]
Number of television broadcast stations | TelevisionStation	7
Kaplan University Transaction [Member] | Education [Member] | Higher Education [Member]
Number Of Operating Segments | Segment	2

Organization, Basis of Presen38

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 6,061,932		$ 6,061,932			$ 5,799,173	$ 5,791,724
Revenues	(672,677)	$ (676,087)	(1,332,113)	$ (1,258,804)
Costs and Expenses	(607,051)	$ (626,346)	(1,222,273)	$ (1,198,810)
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings						$ 7,449
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings							$ 5,791,724
Revenues			(1,300)
Costs and Expenses	$ (3,800)		$ (800)
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption					$ 194,900

Organization, Basis of Presen39

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Item Effected [Line Items]
Accounts receivable, net	$ 563,580	$ 622,461	$ 620,319
Inventories and contracts in progress	76,005	61,515	60,612
Other current assets	78,721	72,596	66,253
Accounts payable and accrued liabilities	457,300	526,411	526,323
Deferred revenue	248,437	339,108	339,454
Deferred income taxes		364,898
Retained earnings	$ 6,061,932	5,799,173	5,791,724
Accounting Standards Update 2014-09 [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Item Effected [Line Items]
Accounts receivable, net			620,319
Inventories and contracts in progress			60,612
Other current assets			66,253
Accounts payable and accrued liabilities			526,323
Deferred revenue			339,454
Deferred income taxes			362,701
Retained earnings			$ 5,791,724
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Item Effected [Line Items]
Accounts receivable, net		2,142
Inventories and contracts in progress		903
Other current assets		6,343
Accounts payable and accrued liabilities		88
Deferred revenue		(346)
Deferred income taxes		2,197
Retained earnings		$ 7,449

Organization, Basis of Presen40

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements)(Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating expenses	$ 440,655	$ 381,747	$ 805,806	$ 707,434
Selling, General and Administrative Expenses	141,378	208,973	366,423	434,262
Income from Operations	65,626	49,741	109,840	59,994
Non-operating pension and postretirement benefit income	(23,041)	(18,620)	(44,427)	(37,421)
Income before income taxes	$ 62,735	65,899	$ 119,300	89,685
Accounting Standards Update 2017-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating expenses		381,747		707,434
Selling, General and Administrative Expenses		208,973		434,262
Income from Operations		49,741		59,994
Non-operating pension and postretirement benefit income		18,620		37,421
Income before income taxes		65,899		89,685
Accounting Standards Update 2017-07 [Member] | Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating expenses		358,252		658,918
Selling, General and Administrative Expenses		213,848		445,357
Income from Operations		68,361		97,415
Non-operating pension and postretirement benefit income		0		0
Income before income taxes		65,899		89,685
Accounting Standards Update 2017-07 [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating expenses		23,495		48,516
Selling, General and Administrative Expenses		(4,875)		(11,095)
Income from Operations		(18,620)		(37,421)
Non-operating pension and postretirement benefit income		18,620		37,421
Income before income taxes		$ 0		$ 0

Acquisitions and Dispositions41

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Thousands	Jul. 31, 2018business	Jul. 12, 2018business	Feb. 28, 2018business	Jan. 31, 2018business	Apr. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)business	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)business	May 31, 2018	Feb. 28, 2017
Business Acquisition [Line Items]
Number of businesses acquired | business									6
Acqusition purchase price | $									$ 318,900
Pension and other post retirement benefits liabilities | $									(59,100)
Purchase Price Net of Cash | $							$ 24,717	$ 299,938
Business Acquisition, Transaction Costs | $						$ 600	600	$ 3,500
Goodwill expected to be deductible for income tax purposes | $						700	700		$ 11,000
Revenues of acquired companies since acquisition date | $						2,100	2,500
Operating loss of acquired companies since acquisition date | $						$ (800)	$ (900)
Education [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business							3		2
Acqusition purchase price | $							$ 26,200
Education [Member] | Professional (U.S.) [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business							1
Education [Member] | Professional (U.S.) [Member] | Professional Publications, Inc. [Member]
Business Acquisition [Line Items]
Percentage of interest acquired										100.00%
Education [Member] | Test Preparation [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business			1
Education [Member] | Kaplan International [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business				1
Education [Member] | Kaplan International [Member] | Genesis [Member]
Business Acquisition [Line Items]
Percentage of interest acquired											100.00%
Education [Member] | Kaplan International [Member] | Red Marker [Member]
Business Acquisition [Line Items]
Percentage of interest acquired											100.00%
Television Broadcasting [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business									2
Other Businesses [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business									1
Other Businesses [Member] | Hoover Treated Wood Products [Member]
Business Acquisition [Line Items]
Percentage of interest acquired					97.72%
Purchase Price Net of Cash | $					$ 206,800
Redeemable noncontrolling interest | $					$ 3,700
Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business									1
Graham Healthcare Group [Member] | Hometown Home Health and Hospice [Member]
Business Acquisition [Line Items]
Percentage of interest acquired								100.00%
Subsequent Event [Member] | Education [Member] | Professional (U.S.) [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business		1
Subsequent Event [Member] | Education [Member] | Professional (U.S.) [Member] | College for Financial Planning [Member]
Business Acquisition [Line Items]
Percentage of interest acquired		100.00%
Subsequent Event [Member] | Other Businesses [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business	1
Subsequent Event [Member] | Other Businesses [Member] | Fernlite, Inc. [Member]
Business Acquisition [Line Items]
Percentage of interest acquired	100.00%

Acquisitions and Dispositions42

Acquisitions and Dispositions of Businesses (Dispositions and Other) (Narrative) (Details) $ in Thousands	Mar. 22, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)business	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on the sale of businesses		$ 1,334		$ 0	$ 7,241	$ (342)
Gain Related to Contingent Consideration		1,400
Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on the sale of businesses			$ 5,900
Number of businesses disposed | business			2
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
First Five Years of Transition and Operations Support Agreement	5 years
Transition and Operations Support Agreement Initial Term	30 years
Transition and Operations Support Agreement Renewal Periods	5 years
Transition and Operations Support Agreement Buy-Out Option Eligible Year	6 years
Number of Consecutive Years of Purdue University Global Cash Operating Losses	3 years
Gain on the sale of businesses			$ 4,300
Gain Related to Contingent Consideration		1,400
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | Minimum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual Purdue University Global Cash Operating Losses	$ 25,000
Aggregate Purdue University Global cash operating losses	$ 75,000
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | Purdue University Global [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of Cost Efficiencies	20.00%
Advance Related To Kaplan University Transaction	$ 20,000
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | Kaplan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of Cost Efficiencies	20.00%
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | March 22, 2018 through June 30, 2022 [Member] | Kaplan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Kaplan Share of Purdue University Global Revenue	12.50%
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | March 22, 2018 through June 30, 2023 [Member] | Purdue University Global [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount of Priority Payment Per Year Beyond Costs	$ 10,000
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | July 1, 2022 through June 30, 2027 [Member] | Kaplan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Kaplan Share of Purdue University Global Revenue	13.00%
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | After June 30, 2023 [Member] | Purdue University Global [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of Revenue After Kaplan Efficiency Payment	10.00%
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | After June 30, 2024 [Member] | Kaplan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Kaplan University Transaction Termination Fee	125.00%
Purdue University Global Final Payment Note Duration	10 years
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | After June 30, 2027 [Member] | Kaplan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Kaplan Share of Purdue University Global Revenue	12.50%
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | After June 30, 2048 [Member] | Kaplan [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Kaplan University Transaction Termination Fee	75.00%
Purdue University Global Final Payment Note Duration	10 years
Graham Healthcare Group [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Change in redemption value of manditorily redeemable noncontrolling interest		$ 6,200

Acquisitions and Dispositions43

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 1,280,357	$ 1,299,710
Pension and other post retirement benefits liabilities		(59,100)
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable	734	12,502
Inventory	381	25,253
Property, plant and equipment	867	29,921
Goodwill	9,629	143,149
Indefinite-lived intangible assets	0	33,800
Amortized intangible assets	20,644	170,658
Other assets	339	1,880
Pension and other post retirement benefits liabilities	0	(59,116)
Other liabilities	(3,085)	(12,177)
Deferred income tax liability	(4,460)	(37,289)
Redeemable noncontrolling interest	0	(3,666)
Aggregate purchase price, net of cash acquired	$ 25,049	$ 304,915

Acquisitions and Dispositions44

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Acquisitions And Dispositions [Abstract]
Pro Forma Operating Revenues	$ 677,743	$ 688,504	$ 1,337,712	$ 1,330,929
Pro Forma Net Income	$ 46,558	$ 48,045	$ 89,633	$ 72,313

Acquisitions and Dispositions45

Acquisitions and Dispositions of Businesses (Significant Component) (Details 3) - Kaplan University Transaction [Member] - Education [Member] - Higher Education [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Revenue	$ 0	$ 111,619	$ 91,526	$ 222,493
Disposal Group, Not Discontinued Operation, Operating Income	$ 0	$ 12,788	$ 213	$ 16,797

Investments (Narrative) (Detail

Investments (Narrative) (Details) £ in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018GBP (£)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018GBP (£)	Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)
Schedule of Investments [Line Items]
Money Market Investments	$ 157.2			$ 157.2			$ 217.6
Payments to Acquire Marketable Securities				0	$ 0
Cumulative Realized Gain (Loss) on Marketable securities				37.3
Proceeds from sales of marketable equity securities				66.7	0
Equity Securities without Readily Determinable Fair Value	19.9			19.9			$ 19.9
Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Revenue from Related Parties	$ 3.3		$ 5	$ 7	$ 9.6
Intersection Holdings [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	11.00%			11.00%		11.00%
Residential Home Health Illinois [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%			40.00%		40.00%
Residential Hospice Illinois [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	42.50%			42.50%		42.50%
Residential Healthcare Michigan hospital joint venture [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%			40.00%		40.00%
Celtic Healthcare Allegheny Health Network Joint Venture [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%			40.00%		40.00%
York Joint Venture [Member] | KIHL [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	45.00%			45.00%		45.00%
Loan commitment to affiliate | £						£ 25
Advances to Affiliate | £						£ 22		£ 16
Payments to Fund Long-term Loans to Related Parties | £		£ 6
Loan Receivable, Payment Terms	25 years	25 years
Loan Receivable Fixed Interest Rate	7.00%	7.00%

Investments (Investments in Mar

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investments [Abstract]
Total Cost	$ 239,904
Total cost		$ 269,343
Gross unrealized gains	213,013
Gross unrealized gains		266,972
Total Fair Value	$ 452,917
Total Fair Value		$ 536,315

Investments (Gain (Loss) on Mar

Investments (Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Investments [Abstract]
Loss on marketable equity securities, net	$ (2,554)	$ 0	$ (16,656)	$ 0
Less: Net losses in earnings from marketable equity securities sold	1,660		4,271
Net unrealized losses in earnings from marketable equity securities still held at the end of the period	$ (894)		$ (12,385)

Accounts Receivable (Narrative)

Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accounts and Notes Receivable, Net [Abstract]
Bad debt expense	$ 0.3	$ 6.4	$ 6.1	$ 12.2

Accounts Receivable (Details 1)

Accounts Receivable (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Accounts and Notes Receivable, Net [Abstract]
Receivable from contracts with customers, less doubtful accounts	$ 476,658		$ 600,215
Other Receivables	86,922		20,104
Accounts receivable, net	563,580	$ 622,461	620,319
Allowance for doubtful accounts	$ 17,019		$ 22,975

Inventories and Contracts in 51

Inventories and Contracts in Progress (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 37,069		$ 30,429
Work-in-process	12,674		10,258
Finished goods	18,614		18,851
Contracts in progress	7,648		1,074
Inventories and contracts in progress	$ 76,005	$ 61,515	$ 60,612

Goodwill and Other Intangible52

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018Segment
Goodwill [Line Items]
Number of reportable segments	6

Goodwill and Other Intangible53

Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amortized Intangible Assets [Line Items]
Goodwill and other long-lived asset impairment charge	$ 0	$ 9,224	$ 0	$ 9,224
Amortization of Intangible Assets
Amortization of intangible assets	11,399	10,531	21,783	$ 17,367
Estimated amortization of intangible assets, remainder of 2018	22,000		22,000
Estimated amortization of intangible assets, 2019	42,000		42,000
Estimated amortization of intangible assets, 2020	39,000		39,000
Estimated amortization of intangible assets, 2021	34,000		34,000
Estimated amortization of intangible assets, 2022	28,000		28,000
Estimated amortization of intangible assets, after 2022	$ 72,000		$ 72,000
Other Businesses [Member] | Forney [Member]
Amortized Intangible Assets [Line Items]
Goodwill and other long-lived asset impairment charge		$ 9,200

Goodwill and Other Intangible54

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,665,861
Accumulated impairment losses, beginning balance	(366,151)
Goodwill, net, beginning balance	1,299,710
Acquisitions	9,629
Dispositions	(11,191)
Foreign currency exchange rate changes	(17,791)
Goodwill, ending balance	1,626,809
Accumulated impairment losses, ending balance	(346,452)
Goodwill, net, ending balance	1,280,357
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,171,812
Accumulated impairment losses, beginning balance	(350,850)
Goodwill, net, beginning balance	820,962
Acquisitions	9,629
Dispositions	(11,191)
Foreign currency exchange rate changes	(17,791)
Goodwill, ending balance	1,132,760
Accumulated impairment losses, ending balance	(331,151)
Goodwill, net, ending balance	801,609
Education [Member] | Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	615,861
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	615,861
Acquisitions	26
Dispositions	0
Foreign currency exchange rate changes	(17,690)
Goodwill, ending balance	598,197
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	598,197
Education [Member] | Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	205,494
Accumulated impairment losses, beginning balance	(131,023)
Goodwill, net, beginning balance	74,471
Acquisitions	0
Dispositions	(11,191)
Foreign currency exchange rate changes	(40)
Goodwill, ending balance	174,564
Accumulated impairment losses, ending balance	(111,324)
Goodwill, net, ending balance	63,240
Education [Member] | Test Preparation [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	166,098
Accumulated impairment losses, beginning balance	(102,259)
Goodwill, net, beginning balance	63,839
Acquisitions	473
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	166,571
Accumulated impairment losses, ending balance	(102,259)
Goodwill, net, ending balance	64,312
Education [Member] | Professional (U.S.) [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	184,359
Accumulated impairment losses, beginning balance	(117,568)
Goodwill, net, beginning balance	66,791
Acquisitions	9,130
Dispositions	0
Foreign currency exchange rate changes	(61)
Goodwill, ending balance	193,428
Accumulated impairment losses, ending balance	(117,568)
Goodwill, net, ending balance	75,860
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	190,815
Acquisitions	0
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	190,815
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	190,815
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	69,409
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	69,409
Acquisitions	0
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	69,409
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	69,409
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	233,825
Accumulated impairment losses, beginning balance	(15,301)
Goodwill, net, beginning balance	218,524
Acquisitions	0
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	233,825
Accumulated impairment losses, ending balance	(15,301)
Goodwill, net, ending balance	$ 218,524

Goodwill and Other Intangible55

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2018	Dec. 31, 2017
Amortized Intangible Assets [Line Items]
Gross Carrying Amount		$ 381,542	$ 362,073
Accumulated Amortization		144,945	124,097
Net Carrying Amount		236,597	237,976
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets		100,444	102,195
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets		81,494	82,745
FCC licenses [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets		18,800	18,800
Licensure and Accreditation [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets		150	650
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount		261,312	260,464
Accumulated Amortization		98,381	83,690
Net Carrying Amount		$ 162,931	$ 176,774
Student and Customer Relationships [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	[1]	2 years	1 year
Student and Customer Relationships [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	[1]	10 years	10 years
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount		$ 64,110	$ 50,286
Accumulated Amortization		27,708	25,596
Net Carrying Amount		$ 36,402	$ 24,690
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
Network Affiliation Agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life		10 years	10 years
Gross Carrying Amount		$ 17,400	$ 17,400
Accumulated Amortization		2,538	1,668
Net Carrying Amount		14,862	15,732
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount		24,197	19,563
Accumulated Amortization		7,416	5,008
Net Carrying Amount		$ 16,781	$ 14,555
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		6 years	6 years
Non-compete Agreements [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount		$ 1,093	$ 930
Accumulated Amortization		687	467
Net Carrying Amount		$ 406	$ 463
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		$ 13,430	$ 13,430
Accumulated Amortization		8,215	7,668
Net Carrying Amount		$ 5,215	$ 5,762
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		8 years	8 years
[1]	As of December 31, 2017, the student and customer relationships’ minimum useful life was 1 year.

Debt (Narrative) (Details)

Debt (Narrative) (Details)		Jun. 29, 2018USD ($)	May 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Debt extinguishment costs					$ (11,378,000)		$ 0	$ (11,378,000)	$ 0
Average borrowings outstanding					$ 591,700,000		$ 495,600,000	$ 550,700,000	$ 494,500,000
Weighted average interest rate of borrowings					5.80%		6.20%	6.00%	6.20%
Net interest expense incurred					$ 15,300,000		$ 7,900,000	$ 22,000,000	$ 14,600,000
Interest expense					17,165,000		$ 9,035,000	25,236,000	$ 17,164,000
Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member]
Debt Instrument [Line Items]
Borrowings outstanding	[1]			$ 91,330,000	$ 91,330,000	$ 93,671,000		$ 91,330,000
Unamortized Debt Issuance Expense						$ 400,000
Other Indebtedness [Member]
Debt Instrument [Line Items]
Interest rate				2.00%	2.00%	2.00%		2.00%
Maturity year						Dec. 31, 2026		Dec. 31, 2026
5.75% Unsecured Notes due June 1, 2026 [Member]
Debt Instrument [Line Items]
Interest rate			5.75%
Debt Instrument, Face Amount			$ 400,000,000
Fair value of debt instrument				$ 405,000,000	$ 405,000,000			$ 405,000,000
Carrying value of debt instrument	[2]			393,894,000	393,894,000	$ 0		393,894,000
7.25% Unsecured Notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Interest rate		7.25%				7.25%
Redemption of Notes Outstanding		$ 400,000,000
Debt extinguishment costs		$ 11,400,000
Fair value of debt instrument						$ 414,700,000
Carrying value of debt instrument				0	$ 0	$ 399,507,000		$ 0
Five-Year Credit Agreement dated May 30, 2018 [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity			$ 300,000,000
Debt covenant net leverage ratio, maximum			3.5
Debt covenant interest coverage ratio, minimum			3.5
Term of debt instrument			5 years
Five-Year Credit Agreement dated May 30, 2018 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.15%
Five-Year Credit Agreement dated May 30, 2018 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.25%
Five-Year Credit Agreement dated May 30, 2018 [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument [Line Items]
Applicable interest rate margin			0.50%
Five-Year Credit Agreement dated May 30, 2018 [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Applicable interest rate margin			1.00%
USD $200 million portion of revolver [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity			$ 200,000,000
Multicurrency $100 million portion of revolver [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity			$ 100,000,000
Graham Healthcare Group [Member] | Securities Subject to Mandatory Redemption [Member]
Debt Instrument [Line Items]
Interest expense				$ 6,200,000
[1]	The carrying value is net of $0.3 million and $0.4 million of unamortized debt issuance costs as of June 30, 2018 and December 31, 2017
[2]	The carrying value is net of $6.1 million of unamortized debt issuance costs as of June 30, 2018.

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Other indebtedness		$ 103	$ 109
Total Debt		485,327	493,287
Less: current portion		(6,553)	(6,726)
Total Long-Term Debt		478,774	486,561
5.75% Unsecured Notes due June 1, 2026 [Member]
Debt Instrument [Line Items]
Unsecured notes	[1]	393,894	0
Unamortized debt issuance costs		6,100
7.25% Unsecured Notes due February 1, 2019 [Member]
Debt Instrument [Line Items]
Unsecured notes		0	399,507
Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member]
Debt Instrument [Line Items]
UK Credit Facility	[2]	91,330	93,671
Unamortized debt issuance costs		$ 300	$ 400
[1]	The carrying value is net of $6.1 million of unamortized debt issuance costs as of June 30, 2018.
[2]	The carrying value is net of $0.3 million and $0.4 million of unamortized debt issuance costs as of June 30, 2018 and December 31, 2017

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of goodwill and other long-lived assets	$ 0	$ 9,224	$ 0	$ 9,224

Fair Value Measurements (Detail

Fair Value Measurements (Details 1) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Assets
Money Market Investments		$ 157,200	$ 217,600
Marketable equity securities		452,917
Marketable equity securities			536,315
Fair Value, Measurements, Recurring [Member]
Assets
Money Market Investments	[1]	157,154	217,628
Marketable equity securities	[2]	452,917
Marketable equity securities	[2]		536,315
Other current investments	[3]	21,193	20,838
Interest Rate Swap	[4]	421
Total Financial Assets		631,685	774,781
Liabilities
Deferred compensation plan liabilities	[5]	36,573	43,414
Interest rate swap	[6]		244
Mandatorily redeemable noncontrolling interest	[7]	16,500	10,331
Total Financial Liabilities		53,073	53,989
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	452,917
Marketable equity securities	[2]		536,315
Other current investments	[3]	12,214	9,831
Interest Rate Swap	[4]	0
Total Financial Assets		465,131	546,146
Liabilities
Deferred compensation plan liabilities	[5]	0	0
Interest rate swap	[6]		0
Mandatorily redeemable noncontrolling interest	[7]	0	0
Total Financial Liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets
Money Market Investments	[1]	157,154	217,628
Marketable equity securities	[2]	0
Marketable equity securities	[2]		0
Other current investments	[3]	8,979	11,007
Interest Rate Swap	[4]	421
Total Financial Assets		166,554	228,635
Liabilities
Deferred compensation plan liabilities	[5]	36,573	43,414
Interest rate swap	[6]		244
Mandatorily redeemable noncontrolling interest	[7]	0	0
Total Financial Liabilities		36,573	43,658
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	0
Marketable equity securities	[2]		0
Other current investments	[3]	0	0
Interest Rate Swap	[4]	0
Total Financial Assets		0	0
Liabilities
Deferred compensation plan liabilities	[5]	0	0
Interest rate swap	[6]		0
Mandatorily redeemable noncontrolling interest	[7]	16,500	10,331
Total Financial Liabilities		$ 16,500	$ 10,331
[1]	The Company’s money market investments are included in Cash and Cash Equivalents and Restricted Cash and the value considers the liquidity of the counterparty.
[2]	The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. Investments in marketable securities were classified as available-for-sale in 2017 prior to the adoption of the new accounting guidance (see Note 1).
[3]	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 fair value hierarchy.
[4]	Included in Deferred Charges and Other Assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.
[5]	Includes Graham Holdings Company’s Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company’s Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits. These plans measure the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income.
[6]	Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.
[7]	As of June 30, 2018, the fair value of the mandatorily redeemable noncontrolling interest is based on the redemption value resulting from a negotiated settlement. The mandatorily redeemable noncontrolling interest was redeemed and paid in July 2018. As of December 31, 2017, the fair value of the mandatorily redeemable noncontrolling interest is based on an EBITDA multiple, adjusted for working capital and other items, which approximates fair value.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2019USD ($)
Scenario, Forecast [Member] | State and Local Jurisdiction [Member] | Education [Member]
Income Taxes [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (22.7)

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) $ in Thousands	Mar. 22, 2018	Jun. 30, 2018USD ($)business	Jun. 30, 2018USD ($)business	Mar. 22, 2018	Jun. 30, 2018USD ($)business
Disaggregation of Revenue [Line Items]
Maximum Term of Contract					1 year
Deferred revenue recognized in period related to beginning balance					$ 221,500
Costs amortized during the period			$ 11,600		$ (22,779)
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Number of Performance Obligations					1
Number of Business Lines | business		1	1		1
Higher Education [Member]
Disaggregation of Revenue [Line Items]
Number of Performance Obligations		1		1
Number of Performance Obligations In Contract With Tuition Cap				2
Transition and Operations Support Agreement Initial Term	30 years
Test Preparation [Member] | Long-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount		$ 6,000	$ 6,000		$ 6,000
Revenue Remaining Performance Obligation Percentage of Revenue Expected to be Recognized Over Next 12 Months		86.00%	86.00%		86.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		12 months	12 months		12 months
Minimum Term of Contract					12 months
Television Broadcasting [Member] | Advertising Revenue [Member]
Disaggregation of Revenue [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					60 days
Television Broadcasting [Member] | Retransmission Revenue [Member]
Disaggregation of Revenue [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					60 days
Manufacturing [Member]
Disaggregation of Revenue [Line Items]
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					90 days
Number of Business Lines | business		4	4		4
Healthcare [Member]
Disaggregation of Revenue [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					60 days
Healthcare [Member] | Other Healthcare Services [Member]
Disaggregation of Revenue [Line Items]
Number of Performance Obligations					1
SocialCode [Member]
Disaggregation of Revenue [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					45 days
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue			80.00%		80.00%
Transferred over Time [Member] | Manufacturing [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue			27.00%		28.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue			20.00%		20.00%
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue			75.00%		75.00%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue			25.00%		25.00%

Disaggregation of Revenue (Deta

Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue	$ 672,677	$ 676,087	$ 1,332,113	$ 1,258,804
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Revenue	184,303	171,747	367,885	336,309
Higher Education [Member]
Disaggregation of Revenue [Line Items]
Revenue	85,981	111,840	185,811	222,951
Test Preparation [Member]
Disaggregation of Revenue [Line Items]
Revenue	68,604	75,730	127,755	140,298
Professional (U.S.) [Member]
Disaggregation of Revenue [Line Items]
Revenue	31,057	27,364	64,413	60,563
Kaplan Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	442	57	727	71
Education Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue	(382)	(239)	(1,087)	(796)
Education [Member]
Disaggregation of Revenue [Line Items]
Revenue	370,005	386,499	745,504	759,396
Television Broadcasting [Member]
Disaggregation of Revenue [Line Items]
Revenue	114,086	106,102	222,888	197,598
Manufacturing [Member]
Disaggregation of Revenue [Line Items]
Revenue	126,462	120,672	243,868	182,570
Healthcare [Member]
Disaggregation of Revenue [Line Items]
Revenue	38,208	38,220	75,829	75,119
SocialCode [Member]
Disaggregation of Revenue [Line Items]
Revenue	14,770	14,855	28,069	27,429
Other Businesses [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,167	9,739	16,000	16,692
Business Intersegment Eliminations [Domain]
Disaggregation of Revenue [Line Items]
Revenue	$ (21)	$ 0	$ (45)	$ 0

Contract with Customer Liabilit

Contract with Customer Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jan. 01, 2018
Contract with Customer, Liability [Abstract]
Deferred Revenue	$ 252,348	$ 342,640
Deferred Revenue, Period Decrease Percentage	(26.00%)

Capitalized Contract Cost (Deta

Capitalized Contract Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jan. 01, 2018
Capitalized Contract Cost [Line Items]
Contract costs capitalized during the period		$ 20,957
Costs amortized during the period	$ 11,600	(22,779)
Change in capitalized contract cost, other		(497)
Balance of costs to obtain a contract	$ 13,724	$ 13,724	$ 16,043

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 1.33	$ 1.27	$ 3.99	$ 3.81
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	104,000	104,000	104,000	104,000
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	5,250	5,250	5,250	5,250

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Net income attributable to Graham Holdings Company common stockholders	$ 46,566	$ 41,996	$ 89,457	$ 63,082
Less: Dividends paid-common stock outstanding and unvested restricted shares	(6,948)	(7,080)	(21,587)	(21,282)
Undistributed earnings	$ 39,618	$ 34,916	$ 67,870	$ 41,800
Percent allocated to common stockholders	99.33%	99.06%	99.33%	99.06%
Undistributed Earnings Allocated To Common Stockholders	$ 39,352	$ 34,588	$ 67,416	$ 41,407
Add: Dividends paid-common stock outstanding	6,901	7,013	21,444	21,082
Numerator for basic earnings per share	46,253	41,601	88,860	62,489
Add: Additional undistributed earnings due to dilutive stock options	2	3	3	3
Numerator for diluted earnings per share	$ 46,255	$ 41,604	$ 88,863	$ 62,492
Weighted average shares outstanding (shares)	5,325	5,539	5,380	5,537
Denominator for diluted earnings per share (shares)	5,362	5,577	5,417	5,573
Graham Holdings Company Common Stockholders:
Basic income per common share in dollars per share	$ 8.69	$ 7.51	$ 16.52	$ 11.29
Diluted income per common share in dollars per share	$ 8.63	$ 7.46	$ 16.40	$ 11.21
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)	37	38	37	36

Earnings Per Share (Details 2)

Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Weighted average restricted stock	21	29	24	28

Pension and Postretirement Pl68

Pension and Postretirement Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018USD ($)Investmentcompanies	Dec. 31, 2017USD ($)Investment
Defined Benefit Plan Disclosure [Line Items]
Percent of plan assets managed internally by the company	44.00%
Percent of plan assets managed by investment companies	56.00%
Number of investment companies actively managing plan assets | companies	2
Percentage of total plan assets	100.00%	100.00%
Berkshire Hathaway Common Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator	20.00%
Foreign Investments [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	23.00%
Fixed income securities [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	10.00%
Single Equity Concentration [Member]
Defined Benefit Plan 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 | $	$ 1,053.4	$ 1,079.3
Percentage of total plan assets	45.00%	46.00%
Single Equity Concentration [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets	1	1
Single Equity Concentration [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets	1	1
Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] | Defined Benefit Plan Assets Total [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans	10.00%	10.00%

Pension and Postretirement Pl69

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit)	$ 4,317	$ 4,591	$ 9,257	$ 9,505
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	4,317	4,591	9,257	9,505
Interest cost	11,844	11,979	23,099	23,965
Expected return on assets	(32,796)	(30,403)	(65,282)	(60,740)
Amortization of prior service cost (credit)	36	43	78	86
Recognized actuarial loss (gain)	(2,974)	(1,039)	(4,020)	(2,333)
Net Periodic Benefit	(19,573)	(14,829)	(36,868)	(29,517)
Curtailment gain	0	0	(806)	0
Net Periodic Cost (Benefit)	(19,573)	(14,829)	(37,674)	(29,517)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	204	215	409	429
Interest cost	966	1,058	1,932	2,116
Amortization of prior service cost (credit)	78	114	156	228
Recognized actuarial loss (gain)	601	443	1,202	887
Net Periodic Cost (Benefit)	1,849	1,830	3,699	3,660
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	268	257	536	514
Interest cost	169	194	339	389
Amortization of prior service cost (credit)	(44)	(37)	(88)	(74)
Recognized actuarial loss (gain)	(921)	(972)	(1,843)	(1,945)
Net Periodic Cost (Benefit)	$ (528)	$ (558)	$ (1,056)	$ (1,116)

Pension and Postretirement Pl70

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Jun. 30, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100.00%	100.00%
U.S. [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	49.00%	53.00%
U.S. [Member] | Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	31.00%	30.00%
U.S. [Member] | Fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	11.00%	11.00%
International [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	9.00%	6.00%

Other Non-Operating Income (Nar

Other Non-Operating Income (Narrative) (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)business	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Schedule of Non-Operating Income (Expense) [Line Items]
Gain Related to Contingent Consideration	$ 1,400
Gain (loss) on sales of businesses	1,334		$ 0	$ 7,241	$ (342)
Education [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain (loss) on sales of businesses		$ 5,900
Number of businesses disposed | business		2
Higher Education [Member] | Education [Member] | Kaplan University Transaction [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain Related to Contingent Consideration	$ 1,400
Gain (loss) on sales of businesses		$ 4,300

Other Non-Operating Income (Det

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Nonoperating Income (Expense) [Abstract]
Gain (loss) on sales of businesses	$ 1,334	$ 0	$ 7,241	$ (342)
Gain on sale of a cost method investment	0	0	2,845	0
Gain on sale of land	2,542	0	2,542	0
Foreign currency (loss) gain, net	(2,266)	3,466	(2,089)	5,194
Other, net	723	603	981	66
Total Other Non-Operating Income	$ 2,333	$ 4,069	$ 11,520	$ 4,918

Accumulated Other Comprehensi73

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before tax		$ (34,020)	$ 22,147	$ (23,511)	$ 43,546
Other Comprehensive Income (Loss), income tax		799	(5,008)	1,102	(8,125)
Other Comprehensive Income (Loss), Net of Tax		(33,221)	17,139	(22,409)	35,421
Foreign Currency Translation Adjustment [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax		(31,167)	9,638	(19,603)	23,306
Other Comprehensive Income (Loss) before Reclassifications, Tax		0	0	0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(31,167)	9,638	(19,603)	23,306
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax				0
Other Comprehensive Income (Loss), Net of Tax				(19,603)
Unrealized Gains (Losses) on Available-for-Sale Securities [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax		0	13,976	0	23,534
Other Comprehensive Income (Loss) before Reclassifications, Tax		0	(5,591)	0	(9,414)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	8,385	0	14,120
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax				0
Other Comprehensive Income (Loss), Net of Tax				0
Pension and Other Postretirement Plans [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax				0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		(3,224)	(1,448)	(4,515)	(3,151)
Reclassification from AOCI, Current Period, Tax		869	579	1,217	1,260
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(2,355)	(869)	(3,298)	(1,891)
Other Comprehensive Income (Loss), before tax		(3,224)	(1,448)	(4,515)	(3,151)
Other Comprehensive Income (Loss), income tax		869	579	1,217	1,260
Other Comprehensive Income (Loss), Net of Tax		(2,355)	(869)	(3,298)	(1,891)
Net Prior Service Cost [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	70	120	146	240
Reclassification from AOCI, Current Period, Tax		(19)	(48)	(40)	(96)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		51	72	106	144
Net Actuarial (Gain) Loss [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(3,294)	(1,568)	(4,661)	(3,391)
Reclassification from AOCI, Current Period, Tax		888	627	1,257	1,356
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(2,406)	(941)	(3,404)	(2,035)
Cash Flow Hedge [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax				526
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax				(34)
Other Comprehensive Income (Loss), before tax		371	(19)	607	(143)
Other Comprehensive Income (Loss), income tax		(70)	4	(115)	29
Other Comprehensive Income (Loss), Net of Tax		$ 301	$ (15)	$ 492	$ (114)
[1]	These accumulated other comprehensive income components are components of net periodic pension and postretirement plan cost (see Note 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Accumulated Other Comprehensi74

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), beginning balance			$ 2,915,145
Other Comprehensive (Loss) Income, Net of Tax	$ (33,221)	$ 17,139	(22,409)	$ 35,421
Accumulated Other Comprehensive Income (Loss), ending balance	2,877,390		2,877,390
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), beginning balance			535,555
Reclassification from accumulated other comprehensive income to retained earnings as a result of adoption of new guidance			(194,889)
Other comprehensive (loss) income before reclassifications			(19,077)
Net amount reclassified from accumulated other comprehensive income (loss)			(3,332)
Other Comprehensive (Loss) Income, Net of Tax			(22,409)
Accumulated Other Comprehensive Income (Loss), ending balance	318,257		318,257
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), beginning balance			6,314
Reclassification from accumulated other comprehensive income to retained earnings as a result of adoption of new guidance			0
Other comprehensive (loss) income before reclassifications	(31,167)	9,638	(19,603)	23,306
Net amount reclassified from accumulated other comprehensive income (loss)			0
Other Comprehensive (Loss) Income, Net of Tax			(19,603)
Accumulated Other Comprehensive Income (Loss), ending balance	(13,289)		(13,289)
Unrealized Gain on Available-for-Sale Securities [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), beginning balance			194,889
Reclassification from accumulated other comprehensive income to retained earnings as a result of adoption of new guidance			(194,889)
Other comprehensive (loss) income before reclassifications	0	8,385	0	14,120
Net amount reclassified from accumulated other comprehensive income (loss)			0
Other Comprehensive (Loss) Income, Net of Tax			0
Accumulated Other Comprehensive Income (Loss), ending balance	0		0
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 (Loss), beginning balance			334,536
Reclassification from accumulated other comprehensive income to retained earnings as a result of adoption of new guidance			0
Other comprehensive (loss) income before reclassifications			0
Net amount reclassified from accumulated other comprehensive income (loss)	(2,355)	(869)	(3,298)	(1,891)
Other Comprehensive (Loss) Income, Net of Tax	(2,355)	(869)	(3,298)	(1,891)
Accumulated Other Comprehensive Income (Loss), ending balance	331,238		331,238
Cash Flow Hedge [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Accumulated Other Comprehensive Income (Loss), beginning balance			(184)
Reclassification from accumulated other comprehensive income to retained earnings as a result of adoption of new guidance			0
Other comprehensive (loss) income before reclassifications			526
Net amount reclassified from accumulated other comprehensive income (loss)			(34)
Other Comprehensive (Loss) Income, Net of Tax	301	$ (15)	492	$ (114)
Accumulated Other Comprehensive Income (Loss), ending balance	$ 308		$ 308

Accumulated Other Comprehensi75

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		$ 17,165	$ 9,035	$ 25,236	$ 17,164
Provision for Income Taxes		16,100	23,900	29,700	26,600
Net of Tax		(46,635)	(41,999)	(89,600)	(63,085)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net of Tax		(2,391)	(836)	(3,332)	(1,833)
Foreign Currency Translation Adjustment [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax				0
Unrealized Gain on Available-for-Sale Securities [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax				0
Pension and Other Postretirement Plans [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax		(3,224)	(1,448)	(4,515)	(3,151)
Provision for Income Tax		869	579	1,217	1,260
Reclassifications, net of tax		(2,355)	(869)	(3,298)	(1,891)
Net Prior Service Cost [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	70	120	146	240
Provision for Income Tax		(19)	(48)	(40)	(96)
Reclassifications, net of tax		51	72	106	144
Net Actuarial (Gain) Loss [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	(3,294)	(1,568)	(4,661)	(3,391)
Provision for Income Tax		888	627	1,257	1,356
Reclassifications, net of tax		(2,406)	(941)	(3,404)	(2,035)
Cash Flow Hedge [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax				(34)
Cash Flow Hedge [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		(45)	41	(42)	72
Provision for Income Taxes		9	(8)	8	(14)
Net of Tax		$ (36)	$ 33	$ (34)	$ 58
[1]	These accumulated other comprehensive income components are components of net periodic pension and postretirement plan cost (see Note 12) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies (Details)

Contingencies (Details) $ in Thousands, £ in Millions	Jun. 30, 2018USD ($)claimprogram_review	Jun. 30, 2018GBP (£)claimprogram_review	Dec. 31, 2017USD ($)
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business | claim	0	0
Deferred Charges and Other Assets | $	$ 113,450		$ 102,046
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss | $	$ 35,000
Education [Member] | Sale of KHE Campuses business [Member] | Higher Education [Member]
Loss Contingencies [Line Items]
Number of pending program reviews | program_review	2	2
Her Majesty's Revenue and Customs (HMRC) [Member] | UK Pathways [Member] | Kaplan International [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss | £		£ 15.4
Deferred Charges and Other Assets | £		£ 15.4

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	6 Months Ended
	Jun. 30, 2018Segment
Business Segments [Line Items]
Number of reportable segments	6
Kaplan University Transaction [Member] | Higher Education [Member] | Education [Member]
Business Segments [Line Items]
Number Of Operating Segments	2

Business Segments (Information

Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Operating Revenues	$ 672,677	$ 676,087	$ 1,332,113	$ 1,258,804
Income (Loss) from Operations	65,626	49,741	109,840	59,994
Equity in earnings (losses) of affiliates, net	931	1,331	3,510	1,980
Interest Expense, Net	(15,264)	(7,862)	(21,963)	(14,628)
Debt Extinguishment Costs	(11,378)	0	(11,378)	0
Non-operating pension and postretirement benefit income, net	23,041	18,620	44,427	37,421
Loss on marketable equity securities, net	(2,554)	0	(16,656)	0
Other income, net	2,333	4,069	11,520	4,918
Income Before Income Taxes	62,735	65,899	119,300	89,685
Depreciation of property, plant and equipment	13,619	15,871	28,261	30,523
Amortization of Intangible Assets	11,399	10,531	21,783	17,367
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	11,399	19,755	21,783	26,591
Pension Expense	4,317	4,591	9,257	9,505
Identifiable Assets	3,053,957		3,053,957		$ 3,216,141
Marketable equity securities	452,917		452,917
Marketable Equity Securities					536,315
Investments in Affiliates	133,550		133,550		128,590
Prepaid Pension Cost	1,090,509		1,090,509		1,056,777
Total Assets	4,730,933		4,730,933		4,937,823
Operating Segments [Member] | Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	370,005	386,499	745,504	759,396
Income (Loss) from Operations	37,554	33,331	60,254	42,768
Depreciation of property, plant and equipment	6,839	8,325	14,445	16,909
Amortization of Intangible Assets	1,663	1,323	2,812	2,443
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	1,663	1,323	2,812	2,443
Pension Expense	1,878	2,153	4,542	4,859
Identifiable Assets	1,543,166		1,543,166		1,592,097
Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	442	57	727	71
Income (Loss) from Operations	(8,763)	(6,045)	(17,658)	(14,108)
Depreciation of property, plant and equipment	158	135	312	265
Pension Expense	(29)	(889)	127	(1,225)
Identifiable Assets	15,326		15,326		21,624
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	184,303	171,747	367,885	336,309
Income (Loss) from Operations	24,187	15,954	44,591	23,661
Depreciation of property, plant and equipment	3,764	3,609	7,738	7,291
Pension Expense	84	87	167	174
Identifiable Assets	1,049,790		1,049,790		1,115,919
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	85,981	111,840	185,811	222,951
Income (Loss) from Operations	11,219	13,140	12,574	15,586
Depreciation of property, plant and equipment	1,274	2,484	3,132	5,132
Pension Expense	804	1,742	2,210	3,484
Identifiable Assets	224,272		224,272		231,986
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Test Preparation [Member]
Segment Reporting Information [Line Items]
Operating Revenues	68,604	75,730	127,755	140,298
Income (Loss) from Operations	6,120	5,741	6,641	2,877
Depreciation of property, plant and equipment	973	1,332	1,951	2,673
Pension Expense	729	911	1,458	1,822
Identifiable Assets	132,067		132,067		130,938
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Professional (U.S.) [Member]
Segment Reporting Information [Line Items]
Operating Revenues	31,057	27,364	64,413	60,563
Income (Loss) from Operations	4,780	4,571	14,095	14,729
Depreciation of property, plant and equipment	670	765	1,312	1,548
Pension Expense	290	302	580	604
Identifiable Assets	121,711		121,711		91,630
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(382)	(239)	(1,087)	(796)
Income (Loss) from Operations	11	(30)	11	23
Operating Segments [Member] | Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	114,086	106,102	222,888	197,598
Income (Loss) from Operations	41,118	39,777	81,660	66,260
Depreciation of property, plant and equipment	2,974	2,991	6,045	5,585
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	1,408	970	2,816	1,872
Pension Expense	601	479	1,094	972
Identifiable Assets	454,180		454,180		455,884
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Operating Revenues	38,208	38,220	75,829	75,119
Income (Loss) from Operations	764	384	(627)	(542)
Depreciation of property, plant and equipment	647	1,194	1,300	2,263
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	1,809	1,644	3,617	3,298
Pension Expense	165	166	287	332
Identifiable Assets	119,231		119,231		129,856
Operating Segments [Member] | Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	150,399	145,266	287,937	226,691
Income (Loss) from Operations	(1,054)	(9,302)	(4,749)	(18,940)
Depreciation of property, plant and equipment	2,906	3,070	5,965	5,185
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	6,519	15,818	12,538	18,978
Pension Expense	378	249	667	566
Identifiable Assets	790,735		790,735		855,399
Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	0	0	0	0
Income (Loss) from Operations	(12,756)	(14,449)	(26,698)	(29,552)
Depreciation of property, plant and equipment	253	291	506	581
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	0	0	0	0
Pension Expense	1,295	1,544	2,667	2,776
Identifiable Assets	146,645		146,645		$ 182,905
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (21)	$ 0	$ (45)	$ 0