Graham (GHC) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-06714
Entity Registrant Name	GRAHAM HOLDINGS CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0182885
Entity Address, Address Line One	1300 North 17th Street
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	703
Local Phone Number	345-6300
Title of 12(b) Security	Class B Common Stock, par value $1.00 per share
Trading Symbol	GHC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000104889
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		964,001
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		4,350,385

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Operating Revenues	$ 738,820	$ 674,766	$ 2,168,621	$ 2,006,879
Operating Costs and Expenses [Abstract]
Operating	517,935	448,920	1,498,928	1,254,726
Selling, general and administrative	175,322	131,081	472,124	497,504
Depreciation of property, plant and equipment	15,351	13,648	42,758	41,909
Amortization of intangible assets	13,572	12,269	39,512	34,052
Impairment of long-lived assets	372	8,109	1,065	8,109
Total Operating Costs and Expenses	722,552	614,027	2,054,387	1,836,300
Income from Operations	16,268	60,739	114,234	170,579
Equity in earnings of affiliates, net	4,683	9,537	7,829	13,047
Interest income	1,474	611	4,753	3,884
Interest expense	(6,776)	(6,135)	(22,587)	(31,371)
Debt Extinguishment Costs	0	0	0	(11,378)
Non-operating pension and postretirement benefit income, net	19,556	22,214	51,737	66,641
Gain on marketable equity securities, net	17,404	44,962	49,261	28,306
Other income, net	5,556	3,142	36,135	14,662
Income Before Income Taxes	58,165	135,070	241,362	254,370
Provision for Income Taxes	15,200	10,000	59,500	39,700
Net Income	42,965	125,070	181,862	214,670
Net Loss (Income) Attributable to Noncontrolling Interests	180	(6)	112	(149)
Net Income Attributable to Graham Holdings Company Common Stockholders	$ 43,145	$ 125,064	$ 181,974	$ 214,521
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share in dollars per share	$ 8.12	$ 23.43	$ 34.24	$ 39.81
Basic average number of common shares outstanding in shares	5,285	5,302	5,285	5,354
Diluted net income per common share in dollars per share	$ 8.05	$ 23.28	$ 33.96	$ 39.54
Diluted average number of common shares outstanding in shares	5,329	5,337	5,328	5,390

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 42,965	$ 125,070	$ 181,862	$ 214,670
Foreign currency translation adjustments:
Translation adjustments arising during the period	(16,684)	(2,844)	(17,755)	(22,447)
Pension and other postretirement plans:
Amortization of net prior service (credit) cost included in net income	(932)	69	(3,210)	215
Amortization of net actuarial gain included in net income	(511)	(3,295)	(1,534)	(7,956)
Total pension and other postretirement plans, before tax	(1,443)	(3,226)	(4,744)	(7,741)
Cash flow hedges (loss) gain	(477)	(6)	(904)	601
Other Comprehensive Loss, Before Tax	(18,604)	(6,076)	(23,403)	(29,587)
Income tax benefit related to items of other comprehensive loss	518	874	1,512	1,976
Other Comprehensive Loss, Net of Tax	(18,086)	(5,202)	(21,891)	(27,611)
Comprehensive Income	24,879	119,868	159,971	187,059
Comprehensive loss (income) attributable to noncontrolling interests	180	(6)	112	(149)
Total Comprehensive Income Attributable to Graham Holdings Company	$ 25,059	$ 119,862	$ 160,083	$ 186,910

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 142,264	$ 253,256
Restricted cash	15,143	10,859
Investments in marketable equity securities and other investments	554,211	514,581
Accounts receivable, net	612,141	582,280
Income taxes receivable	9,440	19,166
Inventories and contracts in progress	113,196	69,477
Other current assets	87,863	82,723
Total Current Assets	1,534,258	1,532,342
Property, Plant and Equipment, Net	370,882	293,085
Lease Right-of-Use Assets	503,830	0
Investments in Affiliates	163,986	143,813
Goodwill, Net	1,345,393	1,297,712
Indefinite-Lived Intangible Assets	144,477	99,052
Amortized Intangible Assets, Net	245,393	263,261
Prepaid Pension Cost	1,038,676	1,003,558
Deferred Income Taxes	11,400	13,388
Deferred Charges and Other Assets	129,451	117,830
Total Assets	5,487,746	4,764,041
Current Liabilities
Accounts payable and accrued liabilities	477,522	486,578
Deferred revenue	337,573	308,728
Income taxes payable	6,668	10,496
Current portion of lease liabilities	78,114	0
Current portion of long-term debt	81,697	6,360
Dividends declared	7,387	0
Total Current Liabilities	988,961	812,162
Accrued Compensation and Related Benefits	177,116	179,652
Other Liabilities	27,398	57,901
Deferred Income Taxes	348,054	322,421
Lease Liabilities	462,868	0
Long-Term Debt	420,535	470,777
Total Liabilities	2,424,932	1,842,913
Redeemable Noncontrolling Interest	3,903	4,346
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	379,923	378,837
Retained earnings	6,388,546	6,236,125
Accumulated other comprehensive income, net of tax
Cumulative foreign currency translation adjustment	(47,025)	(29,270)
Unrealized gain on pensions and other postretirement plans	229,373	232,836
Cash flow hedges	(410)	263
Cost of Class B common stock held in treasury	(3,918,397)	(3,922,009)
Total Common Stockholders' Equity	3,052,010	2,916,782
Noncontrolling Interest	6,901	0
Total Equity	3,058,911	2,916,782
Total Liabilities and Equity	$ 5,487,746	$ 4,764,041

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities
Net Income	$ 181,862,000	$ 214,670,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment of long-lived assets	83,335,000	84,070,000
Amortization of lease right-of-use asset	61,797,000	0
Net pension benefit and special separation benefit expense	(33,061,000)	(55,458,000)
Gain on marketable equity securities and cost method investments, net	(54,341,000)	(36,793,000)
Gain on disposition of businesses, property, plant and equipment and investments, net	(28,871,000)	(13,379,000)
Provision for doubtful trade and other receivables	21,532,000	7,858,000
Debt extinguishment costs	0	10,563,000
Stock-based compensation expense, net	4,752,000	5,172,000
Foreign exchange (gain) loss	(1,284,000)	2,205,000
Write-down of cost method investments	0	2,500,000
Equity in earnings of affiliates, net of distributions	(3,882,000)	(10,294,000)
Provision (benefit) for deferred income taxes	26,310,000	(10,867,000)
Change in operating assets and liabilities:
Accounts receivable, net	(47,308,000)	47,342,000
Inventories	(11,969,000)	(10,913,000)
Accounts payable and accrued liabilities	(60,708,000)	(95,100,000)
Deferred revenue	24,920,000	38,148,000
Income taxes receivable	5,526,000	23,073,000
Other assets and other liabilities, net	(96,913,000)	(12,844,000)
Other	587,000	1,905,000
Net Cash Provided by Operating Activities	72,284,000	191,858,000
Cash Flows from Investing Activities
Investments in certain businesses, net of cash acquired	(162,060,000)	(111,451,000)
Purchases of property, plant and equipment	(75,712,000)	(58,850,000)
Net proceeds (payments) from disposition of businesses, property, plant and equipment and investments	53,785,000	(13,483,000)
Investments in equity affiliates, cost method and other investments	(25,836,000)	(10,679,000)
Proceeds from sales of marketable equity securities	17,586,000	66,741,000
Purchases of marketable equity securities	(7,499,000)	0
Loan to related party and advance related to Kaplan University transaction	(3,500,000)	(28,061,000)
Return of investment in equity affiliates	786,000	4,521,000
Net Cash Used in Investing Activities	(202,450,000)	(151,262,000)
Cash Flows from Financing Activities
Common shares repurchased	0	(110,848,000)
Issuance of borrowings	30,000,000	400,000,000
Net borrowing under revolving credit facility	5,000,000	0
Net proceeds from vehicle floor plan payable	15,106,000	0
Dividends paid	(22,167,000)	(21,564,000)
Issuance of noncontrolling interest	6,536,000	0
Purchase of noncontrolling interest	(550,000)	(16,500,000)
Repayments of borrowings and early redemption premium	(7,901,000)	(417,112,000)
Payments of debt financing costs	(33,000)	(6,490,000)
Other	(356,000)	5,303,000
Net Cash Provided by (Used in) Financing Activities	25,635,000	(167,211,000)
Effect Of Currency Exchange Rate Change	(2,177,000)	(4,216,000)
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(106,708,000)	(130,831,000)
Beginning Cash and Cash Equivalents and Restricted Cash	264,115,000	407,566,000
Ending Cash and Cash Equivalents and Restricted Cash	$ 157,407,000	$ 276,735,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Common Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
As of at Dec. 31, 2017	$ 2,915,145	$ 20,000	$ 370,700	$ 5,791,724	$ 535,555	$ (3,802,834)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	42,965			42,965
Net income attributable to redeemable noncontrolling interests	(73)			(73)
Dividends on common stock	(14,638)			(14,638)
Repurchase of Class B Common Stock	(79,001)					(79,001)
Issuance of Class B common stock, net of restricted stock awards and forfeitures	(70)		(189)			119
Amortization of unearned stock compensation and stock option expense	2,325		2,325
Other comprehensive income (loss), net of income taxes	10,812				10,812
As of at Mar. 31, 2018	2,884,388	20,000	372,836	6,021,790	351,478	(3,881,716)	0
As of at Dec. 31, 2017	4,607
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	73
As of at Mar. 31, 2018	4,680
As of at Dec. 31, 2017	2,915,145	20,000	370,700	5,791,724	535,555	(3,802,834)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	214,670
Other comprehensive income (loss), net of income taxes	(27,611)
As of at Sep. 30, 2018	2,974,831	20,000	376,412	6,179,422	313,055	(3,914,058)	0
As of at Dec. 31, 2017	4,607
As of at Sep. 30, 2018	4,706
As of at Mar. 31, 2018	2,884,388	20,000	372,836	6,021,790	351,478	(3,881,716)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	46,635			46,635
Net income attributable to redeemable noncontrolling interests	(70)			(70)
Dividends on common stock	(6,949)			(6,949)
Repurchase of Class B Common Stock	(15,091)					(15,091)
Issuance of Class B common stock, net of restricted stock awards and forfeitures	(990)		(496)			(494)
Amortization of unearned stock compensation and stock option expense	2,162		2,162
Other comprehensive income (loss), net of income taxes	(33,221)				(33,221)
As of at Jun. 30, 2018	2,876,864	20,000	374,502	6,061,406	318,257	(3,897,301)	0
As of at Mar. 31, 2018	4,680
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	70
As of at Jun. 30, 2018	4,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	125,070			125,070
Net income attributable to redeemable noncontrolling interests	(6)			(6)
Dividends on common stock	(7,048)			(7,048)
Repurchase of Class B Common Stock	(16,757)					(16,757)
Issuance of Class B common stock, net of restricted stock awards and forfeitures	(27)		(27)
Amortization of unearned stock compensation and stock option expense	1,937		1,937
Other comprehensive income (loss), net of income taxes	(5,202)				(5,202)
Other	0
As of at Sep. 30, 2018	2,974,831	20,000	376,412	6,179,422	313,055	(3,914,058)	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	6
Other	(50)
As of at Sep. 30, 2018	4,706
As of at Dec. 31, 2018	2,916,782	20,000	378,837	6,236,125	203,829	(3,922,009)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	81,702			81,702
Issuance of noncontrolling interest	6,000						6,000
Net (income) loss attributable to noncontrolling interest	0			62			(62)
Net income attributable to redeemable noncontrolling interests	(16)			(16)
Change in redemption value of redeemable noncontrolling interest	(54)		(54)
Dividends on common stock	(14,779)			(14,779)
Issuance of Class B common stock, net of restricted stock awards and forfeitures	(28)		(3,783)			3,755
Amortization of unearned stock compensation and stock option expense	1,639		1,639
Other comprehensive income (loss), net of income taxes	8,290				8,290
Purchase of redeemable noncontrolling interest	0
As of at Mar. 31, 2019	2,999,536	20,000	376,639	6,303,094	212,119	(3,918,254)	5,938
As of at Dec. 31, 2018	4,346
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	16
Change in redemption value of redeemable noncontrolling interests	54
Purchase of redeemable noncontrolling interest	(550)
As of at Mar. 31, 2019	3,866
As of at Dec. 31, 2018	2,916,782	20,000	378,837	6,236,125	203,829	(3,922,009)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	181,862
Other comprehensive income (loss), net of income taxes	(21,891)
As of at Sep. 30, 2019	3,058,911	20,000	379,923	6,388,546	181,938	(3,918,397)	6,901
As of at Dec. 31, 2018	4,346
As of at Sep. 30, 2019	3,903
As of at Mar. 31, 2019	2,999,536	20,000	376,639	6,303,094	212,119	(3,918,254)	5,938
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	57,195			57,195
Net (income) loss attributable to noncontrolling interest	0			(104)			104
Net income attributable to redeemable noncontrolling interests	(10)			(10)
Dividends on common stock	(7,388)			(7,388)
Amortization of unearned stock compensation and stock option expense	1,616		1,616
Other comprehensive income (loss), net of income taxes	(12,095)				(12,095)
As of at Jun. 30, 2019	3,038,854	20,000	378,255	6,352,787	200,024	(3,918,254)	6,042
As of at Mar. 31, 2019	3,866
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	10
As of at Jun. 30, 2019	3,876
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	42,965			42,965
Issuance of noncontrolling interest	536						536
Net (income) loss attributable to noncontrolling interest	0			207			(207)
Acquisition of noncontrolling interest	530						530
Net income attributable to redeemable noncontrolling interests	(27)			(27)
Dividends on common stock	(7,386)			(7,386)
Issuance of Class B common stock, net of restricted stock awards and forfeitures	(144)		(1)			(143)
Amortization of unearned stock compensation and stock option expense	1,669		1,669
Other comprehensive income (loss), net of income taxes	(18,086)				(18,086)
As of at Sep. 30, 2019	3,058,911	$ 20,000	$ 379,923	$ 6,388,546	$ 181,938	$ (3,918,397)	$ 6,901
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	27
As of at Sep. 30, 2019	$ 3,903

Organization, Basis of Presenta

Organization, Basis of Presentation and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
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, automotive dealerships, restaurants and entertainment venues and home health and hospice services. 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 nine months ended September 30, 2019 and 2018 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 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 February 2016, the Financial Accounting Standards Board (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 previous guidance for operating leases. This new guidance supersedes all prior guidance. The guidance is effective for interim and fiscal years beginning after December 15, 2018. The standard provides two methods of adoption under the modified retrospective approach. Under the comparative date method, lessees and lessors are required to recognize and measure leases as of the beginning of the earliest period presented. Under the effective date method, lessees and lessors are required to recognize and measure leases as of the period of adoption. The Company adopted the new guidance on January 1, 2019 using the effective date method. The Company elected the available package of transition practical expedients, which allowed the Company to use its historical assessments of whether contracts are or contain leases, lease classification and initial direct costs. Additionally, the Company elected the transition practical expedient to use hindsight to determine the lease term. Upon adoption of the new guidance, the Company recognized right-of-use assets of $ 369.3 million and lease liabilities of $ 418.3 million . The cumulative effect of the changes to the Company’s Condensed Consolidated Balance Sheets as a result of adopting the new guidance was as follows: Balance as of December 31, 2018 Adjustments Balance as of January 1, 2019 Assets Other current assets $ 82,723 $ (5,595 ) $ 77,128 Lease Right-of-Use Assets — 369,333 369,333 Liabilities Accounts payable and accrued liabilities $ 486,578 $ (14,029 ) $ 472,549 Current portion of lease liabilities — 86,747 86,747 Other Liabilities 57,901 (40,500 ) 17,401 Lease Liabilities — 331,520 331,520

Acquisitions and Dispositions o

Acquisitions and Dispositions of Businesses	9 Months Ended
	Sep. 30, 2019
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions of Businesses	ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions . In the first nine months of 2019, the Company acquired seven businesses; one in education, two in healthcare, one in manufacturing, and three in other businesses for $191.6 million in cash and contingent consideration and the assumption of $25.8 million in floor plan payables. On January 31, 2019, the Company acquired an interest in two automotive dealerships for cash and the assumption of floor plan payables (see Note 5) . In connection with the acquisition, the automotive subsidiary of the Company borrowed $30 million to finance the acquisition and entered into an interest rate swap to fix the interest rate on the debt at 4.7% per annum (see Note 8) . The Company has a 90% interest in the automotive subsidiary. The Company also entered into a management services agreement with an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. Mr. Ourisman and his team will operate and manage the dealerships. In addition, the Company advanced $3.5 million to the minority shareholder, an entity controlled by Mr. Ourisman, at an interest rate of 6% per annum. The acquisition is expected to provide benefits in the future by diversifying the Company’s business operations and is included in other businesses. In July 2019, Graham Healthcare Group (GHG) acquired an interest in a small business which is expected to provide certain strategic benefits in the future and is included in healthcare. On July 11, 2019, Kaplan acquired Heverald, the owner of ESL Education, Europe’s largest language-travel agency and Alpadia, a chain of German and French language schools and junior summer camps. The acquisition is expected to provide synergies within Kaplan’s International English business and is included in its international division. On July 31, 2019, the Company announced the closing of its acquisition of Clyde’s Restaurant Group (CRG). CRG owns and operates 13 restaurants and entertainment venues in the Washington, DC metropolitan area, including Old Ebbitt Grill and The Hamilton, two of the top 20 highest grossing independent restaurants in the United States. CRG is managed by its existing management team as a wholly-owned subsidiary of the Company. The acquisition is expected to provide benefits in the future by diversifying the Company’s business operations and is included in other businesses. In September 2019, Joyce/Dayton Corp. acquired the assets of a small business. The acquisition is expected to complement current product offerings and is included in manufacturing. During 2018 , the Company acquired eight businesses, five in education, one in manufacturing, one in healthcare, and one in SocialCode for $121.1 million in cash and contingent consideration. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition. In January and February 2018, Kaplan acquired the assets of i-Human Patients, Inc., a provider of cloud-based, interactive patient encounter simulations for medical and nursing professionals and educators, and another small business in test preparation and international, respectively. These acquisitions are expected to provide strategic benefits in the future. In May 2018, Kaplan acquired a 100% interest in Professional Publications, Inc. (PPI), an independent publisher of professional licensing exam review materials and 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 Professional (U.S.). On July 12, 2018, Kaplan acquired 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 is included in Professional (U.S.). On July 31, 2018, Dekko acquired 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 industries. Dekko’s primary reasons for the acquisition are to complement existing product offerings and to provide potential synergies across the businesses. The acquisition is included in manufacturing. In August 2018, SocialCode acquired 100% of the membership interests of Marketplace Strategy (MPS), a Cleveland-based digital marketing agency that provides strategy consulting, optimization services, advertising management and creative solutions on online marketplaces including Amazon. SocialCode’s primary reason for the acquisition is to expand its platform offerings. In September 2018, GHG acquired the assets of a small business and Kaplan acquired the test preparation and study guide assets of Barron’s Educational Series, a New York-based education publishing company. The acquisitions are expected to complement the healthcare and test preparation services currently offered by GHG and Kaplan, respectively. GHG is included in the healthcare division. The Barron’s Educational Series acquisition is included in test preparation. Acquisition-related costs for acquisitions that closed during the first nine months of 2019 were $2.3 million and were expensed as incurred. Acquisition-related costs for acquisitions that closed during the first nine months of 2018 were $1.2 million and were expensed as incurred. The aggregate purchase price of the 2019 and 2018 acquisitions was allocated as follows (2019 on a preliminary basis), based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Nine Months Ended Year Ended (in thousands) September 30, 2019 December 31, 2018 Accounts receivable $ 4,697 $ 2,344 Inventory 31,750 1,268 Property, plant and equipment 52,577 1,518 Lease Right-of-Use Assets 100,933 — Goodwill 63,387 41,840 Indefinite-lived intangible assets 46,900 — Amortized intangible assets 21,291 78,427 Other assets 8,352 5,198 Floor plan payables (25,755 ) — Other liabilities (38,828 ) (7,678 ) Deferred income taxes (2,191 ) (4,900 ) Current and noncurrent lease liabilities (97,996 ) — Noncontrolling interest (530 ) — Aggregate purchase price, net of cash acquired $ 164,587 $ 118,017 The 2019 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 $49.0 million and $32.3 million of goodwill for income tax purposes for the acquisitions completed in 2019, and 2018 , respectively. 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 2019 of $96.2 million and $2.0 million , respectively, for the third quarter of 2019. The Company’s Condensed Consolidated Statements of Operations include aggregate revenues and operating losses of $199.6 million and $0.5 million , respectively, for the first nine months of 2019. The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2018 . The unaudited pro forma information also includes the 2018 acquisitions as if they occurred at the beginning of 2017 : Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Operating revenues $ 750,076 $ 787,808 $ 2,267,502 $ 2,349,342 Net income 43,849 125,761 178,551 217,589 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 March 22, 2018, the Company closed on the Kaplan University (KU) transaction and 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 related to the sale of the institutional assets as part of its fee to the extent there are sufficient revenues available after paying all amounts required by the Transition and Operations Support Agreement (TOSA). The Company did not recognize any contingent consideration as part of the initial disposition. The Company recorded a $0.5 million contingent consideration gain in each of the three months ended September 30, 2019 and September 30, 2018. In the nine months ended September 30, 2019 and September 30, 2018, the Company recorded a $0.9 million and $1.9 million contingent consideration gain, respectively. The revenue and operating income related to the KU business disposed of are as follows: (in thousands) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenue $ — $ 91,526 Operating income — 213 Sale of Businesses. In February 2018, Kaplan completed the sale of a small business which was included in Test Preparation. In September 2018, 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 in other non-operating income (see Note 13) . Other Transactions. In March 2019, a Hoover minority shareholder put some of his shares to the Company, which had a redemption value of $0.6 million . Following the redemption, the Company owns 98.01% of Hoover. 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	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments	INVESTMENTS Money Market Investments. As of September 30, 2019 , the Company had no money market investments, compared to $75.5 million at December 31, 2018 , that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets. Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following: As of September 30, December 31, (in thousands) Total cost $ 282,349 $ 282,563 Gross unrealized gains 253,215 216,111 Gross unrealized losses — (2,284 ) Total Fair Value $ 535,564 $ 496,390 The Company purchased $7.5 million of marketable equity securities during the first nine months of 2019 . There were no purchases of marketable equity securities during the first nine months of 2018 . During the first nine months of 2019 , the gross cumulative realized gains from the sales of marketable equity securities were $9.6 million . The total proceeds from such sales were $17.6 million . During the first nine 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 . The gain on marketable equity securities comprised the following: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Gain on marketable equity securities, net $ 17,404 $ 44,962 $ 49,261 $ 28,306 Less: Net losses (gains) in earnings from marketable equity securities sold and donated 61 — (2,919 ) 4,271 Net unrealized gains in earnings from marketable equity securities still held at the end of the period $ 17,465 $ 44,962 $ 46,342 $ 32,577 Investments in Affiliates. As of September 30, 2019 , 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 nine months ended September 30, 2019 , the Company recorded $2.4 million and $7.0 million , respectively in revenue for services provided to the affiliates of GHG. For the three and nine months ended September 30, 2018 , the Company recorded $2.5 million and $9.5 million , respectively, in revenue for services provided to the affiliates of GHG. In the third quarter of 2018, the Company recorded $7.9 million in gains in equity in earnings of affiliates related to two of its investments. In the second quarter of 2019, the Company made an investment in Framebridge, a custom framing service company based in Washington, DC. The Company accounts for this investment under the equity method, and included it in Investments in Affiliates on the Condensed Consolidated Balance Sheet. Timothy J. O’Shaughnessy, President and Chief Executive Officer of Graham Holdings Company, is a personal investor in Framebridge and serves as Chairman of the Board. In February 2019, the Company sold its interest in Gimlet Media. In connection with this sale, the Company recorded a gain of $29.0 million in the first quarter of 2019. The total proceeds from the sale were $33.5 million . 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 . The loan is repayable over 25 years at an interest rate of 7% and the loan is guaranteed by the University of York. Cost Method Investments. The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments, which are recorded at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer. The carrying value of these investments was $38.5 million and $30.6 million as of September 30, 2019 and December 31, 2018 , respectively. During the three and nine months ended September 30, 2019, the Company recorded gains of $3.7 million and $5.1 million , respectively, to those equity securities based on observable transactions. During the three and nine months ended September 30, 2018, the Company recorded gains of $8.5 million to those equity securities based on observable transactions and an impairment loss of $2.5 million .

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2019
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable	ACCOUNTS RECEIVABLE Accounts receivable consist of the following: As of September 30, December 31, (in thousands) Receivables from contracts with customers, less doubtful accounts of $13,060 and $14,775 $ 582,944 $ 538,021 Other receivables 29,197 44,259 $ 612,141 $ 582,280 Bad debt expense was $0.4 million and $1.8 million for the three months ended September 30, 2019 and 2018 , respectively; and $0.5 million and $7.9 million for the nine months ended September 30, 2019 and 2018 , respectively.

Inventories, Contracts in Progr

Inventories, Contracts in Progress and Vehicle Floor Plan Payable	9 Months Ended
	Sep. 30, 2019
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Inventories, Contracts in Progress and Vehicle Floor Plan Payable	INVENTORIES, CONTRACTS IN PROGRESS AND VEHICLE FLOOR PLAN PAYABLE Inventories and contracts in progress consist of the following: As of September 30, December 31, (in thousands) Raw materials $ 35,776 $ 37,248 Work-in-process 11,176 11,633 Finished goods 62,451 17,861 Contracts in progress 3,793 2,735 $ 113,196 $ 69,477 The Company finances all new vehicle inventory through a standardized floor plan facility (the “floor plan facility”) with SunTrust Bank. The new vehicle floor plan facility bears interest at variable rates that are based on LIBOR plus 1.15% per annum. The weighted average interest rate for the floor plan facility was 3.4% for both the three and nine months ended September 30, 2019 . As of September 30, 2019 , the aggregate capacity under the floor plan facility was $50 million , of which $40.9 million had been utilized, and is included in accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheet. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows. The floor plan facility is collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and contains a number of covenants, including, among others, covenants restricting the dealership subsidiary with respect to the creation of liens and changes in ownership, officers and key management personnel. The Company was in compliance with all of these restrictive covenants as of September 30, 2019 . The floor plan interest expense related to the new vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against operating expense in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three and nine months ended September 30, 2019 , the Company recognized a reduction in operating expense of $0.4 million and $1.6 million , respectively, related to manufacturer floor plan assistance.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	LEASES The Company has operating leases for substantially all of its educational facilities, corporate offices and other facilities used in conducting its business, as well as certain equipment. The Company determines if an arrangement is a lease at inception. Operating leases are included in lease right-of-use (“ROU”) assets, current portion of lease liabilities, and lease liabilities on the Company’s Condensed Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets also include any initial direct costs, prepaid lease payments and lease incentives received, when applicable. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on December 31, 2018 for operating leases that commenced prior to that date. The Company’s lease terms may include options to extend or terminate the lease by one to 10 years or more when it is reasonably certain that the option will be exercised. Leases with a term of twelve months or less are not recorded on the balance sheet; however, lease expense for these leases is recognized on a straight-line basis. The Company has elected the practical expedient to not separate lease components from nonlease components. As such, lease expense includes these nonlease components, when applicable. Fixed lease expense is recognized on a straight-line basis over the lease term. Variable lease expense is recognized when incurred. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants. In some instances, the Company subleases its leased real estate facilities to third parties. The Company does not have significant financing leases. The components of lease expense were as follows: (in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 26,242 $ 75,531 Short-term and month-to-month lease cost 4,502 14,275 Variable lease cost 5,601 15,563 Sublease income (5,222 ) (14,915 ) Total net lease cost $ 31,123 $ 90,454 In connection with the sale of the KHE Campuses business, the Company is the guarantor of several leases for which it has established ROU assets and lease liabilities (see Note 15). Any net lease cost or sublease income related to these leases is recorded in other non-operating income. Due to an early lease termination, the Company recorded a $0.1 million gain related to these leases for the three months ended September 30, 2019 . The total net lease cost related to these leases was $0.5 million for the nine months ended September 30, 2019 . Supplemental information related to leases was as follows: (in thousands) Nine Months Ended September 30, 2019 Cash Flow Information: Operating cash flows from operating leases (payments) $ 88,369 Right-of-use assets obtained in exchange for new operating lease liabilities (noncash) 205,455 As of September 30, 2019 Balance Sheet Information: Lease right-of-use assets $ 503,830 Current lease liabilities $ 78,114 Noncurrent lease liabilities 462,868 Total lease liabilities $ 540,982 Weighted average remaining lease term (years) 10.8 Weighted average discount rate 4.3 % Maturities of lease liabilities were as follows: (in thousands) September 30, 2019 2019 $ 20,271 2020 103,515 2021 86,245 2022 71,147 2023 62,384 Thereafter 358,758 Total payments 702,320 Less: Imputed interest (161,338 ) Total $ 540,982 As of September 30, 2019 , the Company has entered into operating leases, including educational and other facilities, that have not yet commenced that have minimum lease payments of $3.9 million . These operating leases will commence in fiscal years 2019 and 2020 with lease terms of one to 12 years . Disclosure related to periods prior to the adoption of new lease accounting guidance At December 31, 2018, future minimum rental payments under noncancelable operating leases approximate the following: (in thousands) December 31, 2018 2019 $ 101,009 2020 84,945 2021 72,031 2022 53,709 2023 47,091 Thereafter 115,948 $ 474,733 Minimum payments have not been reduced by minimum sublease rentals of $66.0 million due in the future under noncancelable subleases.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS The Company changed the presentation of its segments in the third quarter of 2019 into the following eight reportable segments: Kaplan International, Higher Education, Test Preparation, Professional (U.S.), Television Broadcasting, Manufacturing, Healthcare and SocialCode (see Note 16). In the third quarter of 2018, the Healthcare business recorded an intangible asset impairment charge of $7.9 million following the decision to discontinue the use of the Celtic tradename. The fair value of the intangible asset was estimated using an income approach. Amortization of intangible assets for the three months ended September 30, 2019 and 2018 was $13.6 million and $12.3 million , respectively. Amortization of intangible assets for the nine months ended September 30, 2019 and 2018 was $39.5 million and $34.1 million , respectively. Amortization of intangible assets is estimated to be approximately $14 million for the remainder of 2019 , $53 million in 2020 , $47 million in 2021 , $41 million in 2022 , $33 million in 2023 and $57 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Broadcasting Manufacturing Healthcare SocialCode Other Businesses Total Balance as of December 31, 2018 Goodwill $ 1,128,699 $ 190,815 $ 231,479 $ 69,626 $ 15,860 $ 7,685 $ 1,644,164 Accumulated impairment losses (331,151 ) — (7,616 ) — — (7,685 ) (346,452 ) 797,548 190,815 223,863 69,626 15,860 — 1,297,712 Acquisitions 6,391 — 2,714 8,283 — 45,999 63,387 Foreign currency exchange rate changes (15,706 ) — — — — — (15,706 ) Balance as of September 30, 2019 Goodwill 1,119,384 190,815 234,193 77,909 15,860 53,684 1,691,845 Accumulated impairment losses (331,151 ) — (7,616 ) — — (7,685 ) (346,452 ) $ 788,233 $ 190,815 $ 226,577 $ 77,909 $ 15,860 $ 45,999 $ 1,345,393 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, 2018 Goodwill $ 583,424 $ 174,564 $ 166,920 $ 203,791 $ 1,128,699 Accumulated impairment losses — (111,324 ) (102,259 ) (117,568 ) (331,151 ) 583,424 63,240 64,661 86,223 797,548 Acquisitions 6,391 — — — 6,391 Foreign currency exchange rate changes (15,760 ) — — 54 (15,706 ) Balance as of September 30, 2019 Goodwill 574,055 174,564 166,920 203,845 1,119,384 Accumulated impairment losses — (111,324 ) (102,259 ) (117,568 ) (331,151 ) $ 574,055 $ 63,240 $ 64,661 $ 86,277 $ 788,233 Other intangible assets consist of the following: As of September 30, 2019 As of December 31, 2018 (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 $ 291,662 $ 136,319 $ 155,343 $ 282,761 $ 114,429 $ 168,332 Trade names and trademarks 2–10 years 92,568 46,204 46,364 87,285 39,825 47,460 Network affiliation agreements 10 years 17,400 4,712 12,688 17,400 3,408 13,992 Databases and technology 3–6 years 30,274 12,221 18,053 27,041 8,471 18,570 Noncompete agreements 2–5 years 1,353 931 422 1,088 838 250 Other 1–8 years 24,890 12,367 12,523 24,530 9,873 14,657 $ 458,147 $ 212,754 $ 245,393 $ 440,105 $ 176,844 $ 263,261 Indefinite-Lived Intangible Assets Trade names and trademarks $ 97,527 $ 80,102 Franchise agreements 28,000 — FCC licenses 18,800 18,800 Licensure and accreditation 150 150 $ 144,477 $ 99,052

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	DEBT The Company’s borrowings consist of the following: As of September 30, December 31, (in thousands) 5.75% unsecured notes due June 1, 2026 (1) $ 395,212 $ 394,675 U.K. credit facility (2) 73,683 82,366 Commercial note 28,250 — USD revolving credit facility 5,000 — Other indebtedness 87 96 Total Debt $ 502,232 $ 477,137 Less: current portion (81,697 ) (6,360 ) Total Long-Term Debt $ 420,535 $ 470,777 ___________ _ (1) The carrying value is net of $4.8 million and $5.3 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively. (2) The carrying value is net of $0.1 million and $0.2 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively. As of September 30, 2019, there was $5.0 million outstanding under the Company’s revolving credit facility at an interest rate of 5.5% ; this was fully repaid on October 1, 2019. The Company’s other indebtedness at September 30, 2019 and December 31, 2018 is at an interest rate of 2% and matures in 2026 . On January 31, 2019, the Company’s automotive subsidiary entered into a Commercial Note with SunTrust Bank in an aggregate principal amount of $30 million . The Commercial Note is payable over a 10 year period in monthly installments of $0.25 million , plus accrued and unpaid interest, due on the first of each month, with a final payment on January 31, 2029. The Commercial Note bears interest at LIBOR plus an applicable interest rate of 1.75% or 2% per annum, in each case determined on a quarterly basis based upon the automotive subsidiary’s Adjusted Leverage Ratio. The Commercial Note contains terms and conditions, including remedies in the event of a default by the automotive subsidiary. On the same date, the Company’s automotive subsidiary entered into an interest rate swap agreement with a total notional value of $30 million and a maturity date of January 31, 2029. The interest rate swap agreement will pay the automotive subsidiary variable interest on the $30 million notional amount at the one-month LIBOR, and the automotive subsidiary will pay counterparties a fixed rate of 2.7% , effectively resulting in a total fixed interest rate of 4.7% on the outstanding borrowings at the current applicable margin of 2.0% . The interest rate swap agreement was entered into to convert the variable rate borrowing under the Commercial Note into a fixed rate borrowing. Based on the terms of the interest rate swap agreement and the underlying borrowing, the interest rate swap was determined to be effective and thus qualifies as a cash flow hedge. As such, changes in the fair value of the interest rate swap are recorded in other comprehensive income on the accompanying Condensed Consolidated Balance Sheets until earnings are affected by the variability of cash flows. 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. 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, N.A., as Administrative Agent (Wells Fargo), JPMorgan Chase Bank, N.A., as Syndication Agent, and HSBC Bank USA, N.A. 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, N.A., 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 September 30, 2019 . During the three months ended September 30, 2019 and 2018 , the Company had average borrowings outstanding of approximately $501.1 million and $480.6 million , respectively, at average annual interest rates of approximately 5.1% . During the three months ended September 30, 2019 and 2018 , the Company incurred net interest expense of $5.3 million and $5.5 million , respectively. During the nine months ended September 30, 2019 and 2018 , the Company had average borrowings outstanding of approximately $499.7 million and $529.2 million , respectively, at average annual interest rates of approximately 5.1% and 5.7% , respectively. During the nine months ended September 30, 2019 and 2018 , the Company incurred net interest expense of $17.8 million and $27.5 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 September 30, 2019 , the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $432.3 million , compared with the carrying amount of $395.2 million . At December 31, 2018 , the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $406.7 million , compared with the carrying amount of $394.7 million . The carrying value of the Company’s other unsecured debt at September 30, 2019 and December 31, 2018 approximates fair value.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 (in thousands) Level 1 Level 2 Total Assets Marketable equity securities (1) $ 535,564 $ — $ 535,564 Other current investments (2) 13,601 5,045 18,646 Interest rate swap (3) — 162 162 Total Financial Assets $ 549,165 $ 5,207 $ 554,372 Liabilities Deferred compensation plan liabilities (4) $ — $ 33,195 $ 33,195 Interest rate swap (5) — 706 706 Total Financial Liabilities $ — $ 33,901 $ 33,901 As of December 31, 2018 (in thousands) Level 1 Level 2 Total Assets Money market investments (6) $ — $ 75,500 $ 75,500 Marketable equity securities (1) 496,390 — 496,390 Other current investments (2) 11,203 6,988 18,191 Interest rate swap (3) — 369 369 Total Financial Assets $ 507,593 $ 82,857 $ 590,450 Liabilities Deferred compensation plan liabilities (4) $ — $ 36,080 $ 36,080 ____________ (1) 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. (2) 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. (3) Included in Other Current 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. (4) 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. (5) 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. (6) The Company’s money market investments are included in Cash and Cash Equivalents and the value considers the liquidity of the counterparty. During the three and nine months ended September 30, 2019, the Company recorded other long-lived asset impairment charges of $0.4 million and $1.1 million , respectively. In the third quarter of 2018, the Company recorded an other long-lived asset impairment charges of $8.1 million . The remeasurement of 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 other long-lived assets and made estimates and assumptions regarding future cash flows and discount rates. During the three and nine months ended September 30, 2019, the Company recorded gains of $3.7 million and $5.1 million , respectively, to equity securities that are accounted for as cost method investments based on observable transactions. During the three and nine months ended September 30, 2018, the Company recorded gains of $8.5 million to equity securities that are accounted for as cost method investments based on observable transactions.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS The Company generated 79% and 77% of its revenue from U.S. domestic sales for the three and nine months ended September 30, 2019 , respectively. The remaining 21% and 23% of revenue was generated from non-U.S. sales for the three and nine months ended September 30, 2019 , respectively. For the three and nine months ended September 30, 2018 , 78% and 76% of revenue was from U.S. domestic sales, respectively. The remaining 22% and 24% was generated from non-U.S. sales in the three and nine months ended September 30, 2018 , respectively. For the three months ended September 30, 2019 , the Company recognized 70% of its revenue over time as control of the services and goods transferred to the customer, and 30% at a point in time, when the customer obtained control of the promised goods. For the nine months ended September 30, 2019 , the Company recognized 74% of its revenue over time, and 26% at a point in time. For the three and nine months ended September 30, 2018 , the Company recognized 80% of its revenue over time, and the remaining 20% at a point in time. 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: As of September 30, December 31, % (in thousands) Change Deferred revenue $ 341,682 $ 311,214 10 The majority of the change in the deferred revenue balance is related to the cyclical nature of services at the Kaplan international division. During the nine months ended September 30, 2019 , the Company recognized $254.4 million related to the Company’s deferred revenue balance as of December 31, 2018 . Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of September 30, 2019 , KTP’s deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than twelve months was $8.9 million . KTP expects to recognize 66% of this revenue over the next twelve months and the remainder thereafter. Costs to Obtain a Contract. The following table presents changes in the Company’s costs to obtain a contract asset: (in thousands) Balance at Beginning of Period Costs associated with new contracts Less: Costs amortized during the period Other Balance at End of Period 2019 $ 21,311 $ 29,381 $ (34,729 ) $ (312 ) $ 15,651 The majority of other activity is related to currency translation adjustments during the nine months ended September 30, 2019 . Amortization expense for costs to obtain a contract was $9.2 million for the three months ended September 30, 2019 .

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
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 Nine Months Ended (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator: Numerator for basic earnings per share: Net income attributable to Graham Holdings Company common stockholders $ 43,145 $ 125,064 $ 181,974 $ 214,521 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,386 ) (7,048 ) (29,554 ) (28,635 ) Undistributed earnings 35,759 118,016 152,420 185,886 Percent allocated to common stockholders 99.44 % 99.34 % 99.44 % 99.34 % 35,559 117,235 151,570 184,657 Add: Dividends paid-common stock outstanding 7,345 7,001 29,389 28,447 Numerator for basic earnings per share $ 42,904 $ 124,236 $ 180,959 $ 213,104 Add: Additional undistributed earnings due to dilutive stock options 2 5 7 8 Numerator for diluted earnings per share $ 42,906 $ 124,241 $ 180,966 $ 213,112 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 5,285 5,302 5,285 5,354 Add: Effect of dilutive stock options 44 35 43 36 Denominator for diluted earnings per share 5,329 5,337 5,328 5,390 Graham Holdings Company Common Stockholders: Basic earnings per share $ 8.12 $ 23.43 $ 34.24 $ 39.81 Diluted earnings per share $ 8.05 $ 23.28 $ 33.96 $ 39.54 Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Weighted average restricted stock 14 21 12 23 The diluted earnings per share amounts for the three and nine months ended September 30, 2019 and September 30, 2018 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 nine months ended September 30, 2018 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 nine months ended September 30, 2019 , the Company declared regular dividends totaling $1.39 and $5.56 per common share, respectively. In the three and nine months ended September 30, 2018 , the Company declared regular dividends totaling $1.33 and $5.32 per common share, respectively.

Pension and Postretirement Plan

Pension and Postretirement Plans	9 Months Ended
	Sep. 30, 2019
Retirement Benefits, Description [Abstract]
Pension and Postretirement Plans	PENSION AND POSTRETIREMENT PLANS 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 September 30 Nine Months Ended September 30 (in thousands) 2019 2018 2019 2018 Service cost $ 5,142 $ 4,473 $ 15,326 $ 13,730 Interest cost 11,743 11,844 35,078 34,943 Expected return on assets (30,832 ) (31,969 ) (91,955 ) (97,251 ) Amortization of prior service cost 824 36 2,058 114 Recognized actuarial gain — (2,974 ) — (6,994 ) Net Periodic Benefit (13,123 ) (18,590 ) (39,493 ) (55,458 ) Curtailment gain — — — (806 ) Special separation benefit expense (175 ) — 6,432 — Total Benefit $ (13,298 ) $ (18,590 ) $ (33,061 ) $ (56,264 ) In the second quarter of 2019, the Company offered a Separation Incentive Program (SIP) for certain Kaplan employees, which was funded from the assets of the Company’s pension plan. The Company recorded $6.4 million in expense related to the SIP for the nine months ended September 30, 2019. The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components: Three Months Ended September 30 Nine Months Ended September 30 (in thousands) 2019 2018 2019 2018 Service cost $ 214 $ 205 $ 643 $ 614 Interest cost 1,079 967 3,236 2,899 Amortization of prior service cost 85 77 254 233 Recognized actuarial loss 579 600 1,736 1,802 Net Periodic Cost $ 1,957 $ 1,849 $ 5,869 $ 5,548 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 September 30, December 31, U.S. equities 55 % 53 % U.S. stock index fund 21 % 28 % U.S. fixed income 17 % 13 % International equities 7 % 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. One investment manager cannot invest more than 15% of the assets at the time of purchase in the stock of Alphabet and Berkshire Hathaway, no more than 30% of the assets it manages in specified international exchanges at the time the investment is made, and no less than 5% of the assets could be invested in fixed-income securities. The other investment manager cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway, no more than 15% of the assets it manages 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. Excluding the exceptions noted above, the investment managers cannot invest 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. In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks. The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of September 30, 2019 . Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At September 30, 2019 and December 31, 2018 , 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 $853.3 million and $945.6 million at September 30, 2019 and December 31, 2018 , respectively, or approximately 35% and 45% , 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 September 30 Nine Months Ended September 30 (in thousands) 2019 2018 2019 2018 Service cost $ — $ 267 $ — $ 803 Interest cost 72 170 216 509 Amortization of prior service credit (1,841 ) (44 ) (5,522 ) (132 ) Recognized actuarial gain (1,090 ) (921 ) (3,270 ) (2,764 ) Net Periodic Benefit $ (2,859 ) $ (528 ) $ (8,576 ) $ (1,584 )

Other Non-Operating Income

Other Non-Operating Income	9 Months Ended
	Sep. 30, 2019
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 Nine Months Ended (in thousands) 2019 2018 2019 2018 Gain on sale of an equity affiliate $ — $ — $ 28,994 $ — Gain on cost method investments 3,669 8,487 5,080 8,487 Foreign currency gain (loss), net 661 (116 ) 1,284 (2,205 ) Impairment of a cost method investment — (2,500 ) — (2,500 ) Gain on sales of businesses 486 916 907 8,157 Gain on sale of cost method investments 259 — 259 2,845 (Loss) gain on sale of property, plant and equipment (38 ) — (82 ) 2,542 Other gain (loss), net 519 (3,645 ) (307 ) (2,664 ) Total Other Non-Operating Income $ 5,556 $ 3,142 $ 36,135 $ 14,662 In the third quarter of 2019, the Company recorded a $3.7 million gain resulting from observable price changes in the fair value of equity securities accounted for under the cost method. In the first quarter of 2019, the Company recorded a $1.3 million gain resulting from observable price changes in the fair value of equity securities accounted for under the cost method. In the first quarter of 2019, the Company recorded a $29.0 million gain on the sale of the Company’s interest in Gimlet Media. In the third quarter of 2018, the Company recorded an $8.5 million gain resulting from observable price changes in the fair value of equity securities accounted for under the cost method. In the first nine months of 2018, the Company recorded an $8.2 million gain on the sale of three businesses in the education division, including a gain of $4.3 million on the Kaplan University transaction and a $1.9 million in contingent consideration gains related to the sale of a business (see Note 2).

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The other comprehensive loss consists of the following components: Three Months Ended September 30 2019 2018 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 $ (16,684 ) $ — $ (16,684 ) $ (2,844 ) $ — $ (2,844 ) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (932 ) 252 (680 ) 69 (18 ) 51 Amortization of net actuarial gain included in net income (511 ) 138 (373 ) (3,295 ) 891 (2,404 ) (1,443 ) 390 (1,053 ) (3,226 ) 873 (2,353 ) Cash flow hedges: Loss for the period (477 ) 128 (349 ) (6 ) 1 (5 ) Other Comprehensive Loss $ (18,604 ) $ 518 $ (18,086 ) $ (6,076 ) $ 874 $ (5,202 ) Nine Months Ended September 30 2019 2018 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 $ (17,755 ) $ — $ (17,755 ) $ (22,447 ) $ — $ (22,447 ) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (3,210 ) 867 (2,343 ) 215 (58 ) 157 Amortization of net actuarial gain included in net income (1,534 ) 414 (1,120 ) (7,956 ) 2,148 (5,808 ) (4,744 ) 1,281 (3,463 ) (7,741 ) 2,090 (5,651 ) Cash flow hedges: (Loss) gain for the period (904 ) 231 (673 ) 601 (114 ) 487 Other Comprehensive Loss $ (23,403 ) $ 1,512 $ (21,891 ) $ (29,587 ) $ 1,976 $ (27,611 ) 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 Pensions and Other Postretirement Plans Cash Flow Hedges Accumulated Other Comprehensive Income Balance as of December 31, 2018 $ (29,270 ) $ 232,836 $ 263 $ 203,829 Other comprehensive loss before reclassifications (17,755 ) — (562 ) (18,317 ) Net amount reclassified from accumulated other comprehensive income (loss) — (3,463 ) (111 ) (3,574 ) Other comprehensive loss, net of tax (17,755 ) (3,463 ) (673 ) (21,891 ) Balance as of September 30, 2019 $ (47,025 ) $ 229,373 $ (410 ) $ 181,938 The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Nine Months Ended Affected Line Item in the Condensed Consolidated Statements of Operations (in thousands) 2019 2018 2019 2018 Pension and Other Postretirement Plans: Amortization of net prior service (credit) cost $ (932 ) $ 69 $ (3,210 ) $ 215 (1) Amortization of net actuarial gain (511 ) (3,295 ) (1,534 ) (7,956 ) (1) (1,443 ) (3,226 ) (4,744 ) (7,741 ) Before tax 390 873 1,281 2,090 Provision for Income Taxes (1,053 ) (2,353 ) (3,463 ) (5,651 ) Net of Tax Cash Flow Hedges (24 ) (59 ) (151 ) (101 ) Interest expense 11 11 40 19 Provision for Income Taxes (13 ) (48 ) (111 ) (82 ) Net of Tax Total reclassification for the period $ (1,066 ) $ (2,401 ) $ (3,574 ) $ (5,733 ) 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 and Regulatory Ma

Contingencies and Regulatory Matters	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Regulatory Matters	CONTINGENCIES AND REGULATORY MATTERS 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 and invasion of privacy; trademark, copyright and patent infringement; 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 $15 million . On September 3, 2015, Kaplan sold to ECA substantially all of the assets of KHE nationally accredited on-ground Title IV eligible schools (KHE Campuses). The transaction included the transfer of certain real estate leases that were guaranteed by Kaplan. As part of the transaction, Kaplan retained liability for, among other things, obligations arising under certain lease guarantees. ECA is currently in receivership, has terminated all of its higher education operations and has sold the New England College of Business (NECB). The receiver has repudiated all of ECA’s real estate leases. Although ECA is required to indemnify Kaplan for any amounts Kaplan must pay due to ECA’s failure to fulfill its obligations under real estate leases guaranteed by Kaplan, ECA’s financial situation and the existence of secured and unsecured creditors make it unlikely that Kaplan will recover from ECA. In the second half of 2018, the Company recorded an estimated $17.5 million in losses on guarantor lease obligations in connection with this transaction in other non-operating expense. The Company continues to monitor the status of these obligations and there was no significant change to estimated losses in the first nine months of 2019. 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 years 2014 to 2017, which have been paid by Kaplan. In September 2017, in a case captioned Kaplan International Colleges UK Limited v. The Commissioners for Her Majesty’s Revenue and Customs, Kaplan challenged these assessments. The Company believes it has met all requirements under U.K. VAT law and is entitled to recover the £17.3 million receivable related to the assessments and subsequent payments that have been paid through September 30, 2019. Following a hearing held in January 2019 before the First Tier Tax Tribunal, all issues related to EU law in the case were referred to the Court of Justice of the European Union. In the third quarter of 2019, the Company has recorded a full provision of £17.3 million against this receivable to expense, due to recent developments in the case. Of this amount, £14.1 million relates to years 2014 to 2018. If the Company ultimately prevails in this case, the provision will be reversed and a pre-tax credit will be recorded as a reduction to expense in the Company’s Condensed Consolidated Statement of Operations. The result of the case is expected to be known by the end of 2020. In a separate matter, there was a legal case awaiting judgment at the Supreme Court in the U.K. as of December 31, 2018 that could have impacted U.K. Pathways’ ability to receive the benefit of an exemption from charging its students VAT on tuition fees. The case could have reversed or amended the law and guidance permitting private providers to qualify as a “college of a university” and, therefore, receive the benefit of an exemption from charging its students VAT on tuition fees. However the Supreme Court decided the case in the college’s favor. The result was more favorable to private providers working in collaboration with a university than the opposing view. The Supreme Court emphasized five key tests for a private provider to satisfy so that it could exempt its services as a “college of a university”, even if it did not have a constitutional link to the university. Satisfying these tests would generally show that the college had a sufficiently close relationship with the university and its activities were sufficiently integrated with the university, to constitute a “college of a university”. Although the new test has now been incorporated into official HMRC guidance, it is not yet clear how HMRC will apply the Supreme Court judgment and the five key tests in practice. Department of Education (ED) Program Reviews. The ED has undertaken program reviews at various KHE locations. In February 2015, the ED began a program review assessing KU’s administration of its Title IV and Higher Education Act programs during the 2013-2014 and 2014-2015 award years. In 2018, Kaplan contributed the institutional assets and operations of KU to Purdue Global, and the university became Purdue Global, under the ownership and control of Purdue University. However, Kaplan retained liability for any financial obligations the ED might impose under this program review and that are the result of actions taken during the time that Kaplan owned the institution. In September 2018, the ED issued a Preliminary Program Report (Preliminary Report) and none of the initial findings in the Preliminary Report carried material financial liability. Although the program review technically covers only the 2013-2015 award years, the ED included a review of the treatment of student financial aid refunds for students who withdrew from a program prior to completion in 2017-2018. In August 2019, the ED issued a Final Program Report, with a nominal financial liability. There were two other open program reviews at campuses that were part of the KHE Campuses business prior to its sale in 2015 to ECA. The ED’s reports on the program reviews at former KHE Broomall, PA, and Pittsburgh, PA, locations were recently finalized with no additional financial obligation. Regulatory Matters. In November 2018, Kaplan Learning Institute in Singapore (KLI) was notified by SkillsFuture Singapore (SSG), a statutory board under the Singapore Ministry of Education, that its right to deliver workforce skills qualifications (WSQ) courses under the Leadership & People Management framework would be suspended for six months from December 1, 2018. In June 2019, SSG notified KLI that from July 1, 2019, SSG was suspending KLI’s WSQ Approved Training Organization status for twelve months and terminating its WSQ course accreditation and funding due to findings of non-compliance with WSQ assessment principles. Kaplan Singapore has subsequently begun the process of voluntarily de-registering KLI as a Private Education institution. These actions have and will continue to adversely impact Kaplan Singapore’s revenues and operating results for 2019, as compared to 2018.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS The Company changed the presentation of its segments in the third quarter of 2019 into the following eight reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Test Preparation, Kaplan Professional (U.S.), Television Broadcasting, Manufacturing, Healthcare, and SocialCode. The following tables summarize the financial information related to each of the Company’s business segments: Three Months Ended March 31, June 30, September 30, (in thousands) 2019 2019 2019 Operating Revenues Education $ 372,454 $ 367,763 $ 357,319 Television broadcasting 108,223 116,628 115,161 Manufacturing 115,157 114,873 111,676 Healthcare 37,728 40,641 40,688 SocialCode 13,447 16,382 15,975 Other businesses 45,230 81,359 98,225 Corporate office — — — Intersegment elimination (40 ) (44 ) (224 ) $ 692,199 $ 737,602 $ 738,820 Income (Loss) from Operations Education $ 25,595 $ 26,305 $ (7,161 ) Television broadcasting 35,540 44,494 36,813 Manufacturing 3,274 4,692 6,845 Healthcare 2,329 2,598 1,208 SocialCode (4,018 ) (975 ) (378 ) Other businesses (8,493 ) (5,913 ) (9,029 ) Corporate office (14,224 ) (13,238 ) (12,030 ) $ 40,003 $ 57,963 $ 16,268 Equity in Earnings of Affiliates, Net 1,679 1,467 4,683 Interest Expense, Net (5,725 ) (6,807 ) (5,302 ) Non-Operating Pension and Postretirement Benefit Income, Net 19,928 12,253 19,556 Gain on Marketable Equity Securities, Net 24,066 7,791 17,404 Other Income, Net 29,351 1,228 5,556 Income Before Income Taxes $ 109,302 $ 73,895 $ 58,165 Depreciation of Property, Plant and Equipment Education $ 6,201 $ 6,137 $ 6,258 Television broadcasting 3,239 3,293 3,307 Manufacturing 2,433 2,384 2,671 Healthcare 610 607 566 SocialCode 152 384 356 Other businesses 648 837 1,974 Corporate office 240 242 219 $ 13,523 $ 13,884 $ 15,351 Amortization of Intangible Assets and Impairment of Long-Lived Assets Education $ 3,567 $ 4,070 $ 3,944 Television broadcasting 1,408 1,408 1,408 Manufacturing 6,530 6,528 6,522 Healthcare 1,398 1,410 1,914 SocialCode 157 157 156 Other businesses — — — Corporate office — — — $ 13,060 $ 13,573 $ 13,944 Pension Service Cost Education $ 2,664 $ 2,522 $ 2,603 Television broadcasting 731 780 762 Manufacturing 25 15 20 Healthcare 183 63 123 SocialCode 248 191 219 Other businesses 201 161 215 Corporate office 1,169 1,231 1,200 $ 5,221 $ 4,963 $ 5,142 Three Months Ended March 31, June 30, September 30, December 31, (in thousands) 2018 2018 2018 2018 Operating Revenues Education $ 375,499 $ 370,005 $ 358,601 $ 346,910 Television broadcasting 108,802 114,086 130,014 152,647 Manufacturing 117,406 126,462 126,028 117,723 Healthcare 37,621 38,208 35,486 37,960 SocialCode 13,299 14,770 13,781 16,878 Other businesses 6,833 9,167 10,856 17,024 Corporate office — — — — Intersegment elimination (24 ) (21 ) — (55 ) $ 659,436 $ 672,677 $ 674,766 $ 689,087 Income (Loss) from Operations Education $ 22,700 $ 37,554 $ 22,262 $ 14,620 Television broadcasting 40,542 41,118 55,453 73,420 Manufacturing 8,628 8,665 5,146 6,412 Healthcare (1,391 ) 764 (8,702 ) 928 SocialCode (3,781 ) (1,742 ) 5,124 (682 ) Other businesses (8,542 ) (7,977 ) (5,657 ) (5,840 ) Corporate office (13,942 ) (12,756 ) (12,887 ) (13,276 ) $ 44,214 $ 65,626 $ 60,739 $ 75,582 Equity in Earnings of Affiliates, Net 2,579 931 9,537 1,426 Interest Expense, Net (6,699 ) (15,264 ) (5,524 ) (5,062 ) Debt Extinguishment Costs — (11,378 ) — — Non-Operating Pension and Postretirement Benefit Income 21,386 23,041 22,214 53,900 (Loss) Gain on Marketable Equity Securities, Net (14,102 ) (2,554 ) 44,962 (44,149 ) Other Income (Loss), Net 9,187 2,333 3,142 (12,559 ) Income from Continuing Operations Before Income Taxes $ 56,565 $ 62,735 $ 135,070 $ 69,138 Depreciation of Property, Plant and Equipment Education $ 7,606 $ 6,839 $ 6,685 $ 6,969 Television broadcasting 3,071 2,974 3,198 3,961 Manufacturing 2,451 2,331 2,333 2,400 Healthcare 653 647 648 629 SocialCode 233 200 187 177 Other businesses 375 375 345 428 Corporate office 253 253 252 249 $ 14,642 $ 13,619 $ 13,648 $ 14,813 Amortization of Intangible Assets and Impairment of Long-lived Assets Education $ 1,149 $ 1,663 $ 2,682 $ 3,868 Television broadcasting 1,408 1,408 1,408 1,408 Manufacturing 5,936 5,935 6,345 6,530 Healthcare 1,808 1,809 9,839 1,399 SocialCode 83 584 104 157 Other businesses — — — — Corporate office — — — — $ 10,384 $ 11,399 $ 20,378 $ 13,362 Pension Service Cost Education $ 2,664 $ 1,878 $ 2,107 $ 2,104 Television broadcasting 493 601 544 550 Manufacturing 17 19 18 18 Healthcare 122 165 143 143 SocialCode 156 205 181 181 Other businesses 116 154 147 161 Corporate office 1,372 1,295 1,333 1,334 $ 4,940 $ 4,317 $ 4,473 $ 4,491 Nine months ended Year Ended September 30 December 31 (in thousands) 2019 2018 2018 2017 Operating Revenues Education $ 1,097,536 $ 1,104,105 $ 1,451,015 $ 1,516,776 Television broadcasting 340,012 352,902 505,549 409,916 Manufacturing 341,706 369,896 487,619 414,193 Healthcare 119,057 111,315 149,275 154,202 SocialCode 45,804 41,850 58,728 62,077 Other businesses 224,814 26,856 43,880 34,733 Corporate office — — — — Intersegment elimination (308 ) (45 ) (100 ) (51 ) $ 2,168,621 $ 2,006,879 $ 2,695,966 $ 2,591,846 Income (Loss) from Operations Education $ 44,739 $ 82,516 $ 97,136 $ 77,687 Television broadcasting 116,847 137,113 210,533 139,258 Manufacturing 14,811 22,439 28,851 14,947 Healthcare 6,135 (9,329 ) (8,401 ) (2,569 ) SocialCode (5,371 ) (399 ) (1,081 ) (3,674 ) Other businesses (23,435 ) (22,176 ) (28,016 ) (30,536 ) Corporate office (39,492 ) (39,585 ) (52,861 ) (58,710 ) $ 114,234 $ 170,579 $ 246,161 $ 136,403 Equity in Earnings (Losses) of Affiliates, Net 7,829 13,047 14,473 (3,249 ) Interest Expense, Net (17,834 ) (27,487 ) (32,549 ) (27,305 ) Debt Extinguishment Costs — (11,378 ) (11,378 ) — Non-Operating Pension and Postretirement Benefit Income, Net 51,737 66,641 120,541 72,699 Gain (Loss) on Marketable Equity Securities, Net 49,261 28,306 (15,843 ) — Other Income, Net 36,135 14,662 2,103 4,241 Income Before Income Taxes $ 241,362 $ 254,370 $ 323,508 $ 182,789 Depreciation of Property, Plant and Equipment Education $ 18,596 $ 21,130 $ 28,099 $ 32,906 Television broadcasting 9,839 9,243 13,204 12,179 Manufacturing 7,488 7,115 9,515 9,173 Healthcare 1,783 1,948 2,577 4,583 SocialCode 892 620 797 1,004 Other businesses 3,459 1,095 1,523 1,546 Corporate office 701 758 1,007 1,118 $ 42,758 $ 41,909 $ 56,722 $ 62,509 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 11,581 $ 5,494 $ 9,362 $ 5,162 Television broadcasting 4,224 4,224 5,632 6,349 Manufacturing 19,580 18,216 24,746 31,052 Healthcare 4,722 13,456 14,855 7,905 SocialCode 470 771 928 333 Other businesses — — — — Corporate office — — — — $ 40,577 $ 42,161 $ 55,523 $ 50,801 Pension Service Cost Education $ 7,789 $ 6,649 $ 8,753 $ 9,720 Television broadcasting 2,273 1,638 2,188 1,942 Manufacturing 60 54 72 79 Healthcare 369 430 573 665 SocialCode 658 542 723 593 Other businesses 577 417 578 453 Corporate office 3,600 4,000 5,334 5,235 $ 15,326 $ 13,730 $ 18,221 $ 18,687 Capital Expenditures Education $ 54,159 $ 27,520 Television broadcasting 27,013 16,802 Manufacturing 14,806 8,012 Healthcare 1,741 2,987 SocialCode 113 756 Other businesses 235 1,003 Corporate office — — $ 98,067 $ 57,080 Asset information for the Company’s business segments are as follows: As of (in thousands) September 30, 2019 December 31, 2018 Identifiable Assets Education $ 1,925,819 $ 1,568,747 Television broadcasting 470,915 452,853 Manufacturing 577,244 593,111 Healthcare 132,068 108,596 SocialCode 238,253 213,394 Other businesses 333,720 20,608 Corporate office 71,501 162,971 $ 3,749,520 $ 3,120,280 Investments in Marketable Equity Securities 535,564 496,390 Investments in Affiliates 163,986 143,813 Prepaid Pension Cost 1,038,676 1,003,558 Total Assets $ 5,487,746 $ 4,764,041 The Company’s education division comprises the following operating segments: Three Months Ended Nine months ended September 30 September 30 (in thousands) 2019 2018 2019 2018 Operating Revenues Kaplan international $ 178,169 $ 167,668 $ 552,505 $ 535,553 Higher education 78,712 89,269 237,780 275,080 Test preparation 64,710 67,749 191,533 195,504 Professional (U.S.) 33,820 34,302 110,181 98,715 Kaplan corporate and other 2,450 143 7,121 870 Intersegment elimination (542 ) (530 ) (1,584 ) (1,617 ) $ 357,319 $ 358,601 $ 1,097,536 $ 1,104,105 Income (Loss) from Operations Kaplan international $ (14,226 ) $ 8,375 $ 35,596 $ 52,966 Higher education 5,177 6,042 9,813 18,616 Test preparation 4,959 10,572 8,794 17,213 Professional (U.S.) 4,939 6,768 20,943 20,863 Kaplan corporate and other (8,011 ) (9,452 ) (30,405 ) (27,110 ) Intersegment elimination 1 (43 ) (2 ) (32 ) $ (7,161 ) $ 22,262 $ 44,739 $ 82,516 Depreciation of Property, Plant and Equipment Kaplan international $ 3,600 $ 3,759 $ 11,198 $ 11,497 Higher education 840 915 2,066 4,047 Test preparation 774 1,033 2,358 2,984 Professional (U.S.) 978 859 2,802 2,171 Kaplan corporate and other 66 119 172 431 $ 6,258 $ 6,685 $ 18,596 $ 21,130 Amortization of Intangible Assets $ 3,944 $ 2,682 $ 10,888 $ 5,494 Impairment of Long-lived Assets $ — $ — $ 693 $ — Pension Service Cost Kaplan international $ 114 $ 66 $ 341 $ 233 Higher education 1,136 1,050 3,401 3,260 Test preparation 847 577 2,534 2,035 Professional (U.S.) 340 291 1,017 871 Kaplan corporate and other 166 123 496 250 $ 2,603 $ 2,107 $ 7,789 $ 6,649 Asset information for the Company’s education division is as follows: As of (in thousands) September 30, 2019 December 31, 2018 Identifiable assets Kaplan international $ 1,336,238 $ 1,101,040 Higher education 202,553 126,752 Test preparation 165,471 145,308 Professional (U.S.) 154,568 166,916 Kaplan corporate and other 66,989 28,731 $ 1,925,819 $ 1,568,747

Organization, Basis of Presen_2

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2019
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 nine months ended September 30, 2019 and 2018 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 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 February 2016, the Financial Accounting Standards Board (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 previous guidance for operating leases. This new guidance supersedes all prior guidance. The guidance is effective for interim and fiscal years beginning after December 15, 2018. The standard provides two methods of adoption under the modified retrospective approach. Under the comparative date method, lessees and lessors are required to recognize and measure leases as of the beginning of the earliest period presented. Under the effective date method, lessees and lessors are required to recognize and measure leases as of the period of adoption. The Company adopted the new guidance on January 1, 2019 using the effective date method. The Company elected the available package of transition practical expedients, which allowed the Company to use its historical assessments of whether contracts are or contain leases, lease classification and initial direct costs. Additionally, the Company elected the transition practical expedient to use hindsight to determine the lease term. Upon adoption of the new guidance, the Company recognized right-of-use assets of $ 369.3 million and lease liabilities of $ 418.3 million . The cumulative effect of the changes to the Company’s Condensed Consolidated Balance Sheets as a result of adopting the new guidance was as follows: Balance as of December 31, 2018 Adjustments Balance as of January 1, 2019 Assets Other current assets $ 82,723 $ (5,595 ) $ 77,128 Lease Right-of-Use Assets — 369,333 369,333 Liabilities Accounts payable and accrued liabilities $ 486,578 $ (14,029 ) $ 472,549 Current portion of lease liabilities — 86,747 86,747 Other Liabilities 57,901 (40,500 ) 17,401 Lease Liabilities — 331,520 331,520

Organization, Basis of Presen_3

Organization, Basis of Presentation and Recent Accounting Pronouncements (Tables)	9 Months Ended
	Sep. 30, 2019
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 Sheets as a result of adopting the new guidance was as follows: Balance as of December 31, 2018 Adjustments Balance as of January 1, 2019 Assets Other current assets $ 82,723 $ (5,595 ) $ 77,128 Lease Right-of-Use Assets — 369,333 369,333 Liabilities Accounts payable and accrued liabilities $ 486,578 $ (14,029 ) $ 472,549 Current portion of lease liabilities — 86,747 86,747 Other Liabilities 57,901 (40,500 ) 17,401 Lease Liabilities — 331,520 331,520

Acquisitions and Dispositions_2

Acquisitions and Dispositions of Businesses (Tables)	9 Months Ended
	Sep. 30, 2019
Acquisitions And Dispositions [Abstract]
Schedule of assets acquired and liabilities assumed	The aggregate purchase price of the 2019 and 2018 acquisitions was allocated as follows (2019 on a preliminary basis), based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Nine Months Ended Year Ended (in thousands) September 30, 2019 December 31, 2018 Accounts receivable $ 4,697 $ 2,344 Inventory 31,750 1,268 Property, plant and equipment 52,577 1,518 Lease Right-of-Use Assets 100,933 — Goodwill 63,387 41,840 Indefinite-lived intangible assets 46,900 — Amortized intangible assets 21,291 78,427 Other assets 8,352 5,198 Floor plan payables (25,755 ) — Other liabilities (38,828 ) (7,678 ) Deferred income taxes (2,191 ) (4,900 ) Current and noncurrent lease liabilities (97,996 ) — Noncontrolling interest (530 ) — Aggregate purchase price, net of cash acquired $ 164,587 $ 118,017
Acquisition Pro Forma Financial Information	The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2018 . The unaudited pro forma information also includes the 2018 acquisitions as if they occurred at the beginning of 2017 : Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Operating revenues $ 750,076 $ 787,808 $ 2,267,502 $ 2,349,342 Net income 43,849 125,761 178,551 217,589
Information related to Disposal Group	The revenue and operating income related to the KU business disposed of are as follows: (in thousands) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenue $ — $ 91,526 Operating income — 213

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments in Marketable Equity Securities	Investments in marketable equity securities consist of the following: As of September 30, December 31, (in thousands) Total cost $ 282,349 $ 282,563 Gross unrealized gains 253,215 216,111 Gross unrealized losses — (2,284 ) Total Fair Value $ 535,564 $ 496,390
Gain on Marketable Equity Securities	The gain on marketable equity securities comprised the following: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Gain on marketable equity securities, net $ 17,404 $ 44,962 $ 49,261 $ 28,306 Less: Net losses (gains) in earnings from marketable equity securities sold and donated 61 — (2,919 ) 4,271 Net unrealized gains in earnings from marketable equity securities still held at the end of the period $ 17,465 $ 44,962 $ 46,342 $ 32,577

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2019
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following: As of September 30, December 31, (in thousands) Receivables from contracts with customers, less doubtful accounts of $13,060 and $14,775 $ 582,944 $ 538,021 Other receivables 29,197 44,259 $ 612,141 $ 582,280

Inventories, Contracts in Pro_2

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Schedule of Inventories and Contracts in Progress	Inventories and contracts in progress consist of the following: As of September 30, December 31, (in thousands) Raw materials $ 35,776 $ 37,248 Work-in-process 11,176 11,633 Finished goods 62,451 17,861 Contracts in progress 3,793 2,735 $ 113,196 $ 69,477

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: (in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 26,242 $ 75,531 Short-term and month-to-month lease cost 4,502 14,275 Variable lease cost 5,601 15,563 Sublease income (5,222 ) (14,915 ) Total net lease cost $ 31,123 $ 90,454
Supplemental Cash Flow And Balance Sheet Information Related To Leases	Supplemental information related to leases was as follows: (in thousands) Nine Months Ended September 30, 2019 Cash Flow Information: Operating cash flows from operating leases (payments) $ 88,369 Right-of-use assets obtained in exchange for new operating lease liabilities (noncash) 205,455 As of September 30, 2019 Balance Sheet Information: Lease right-of-use assets $ 503,830 Current lease liabilities $ 78,114 Noncurrent lease liabilities 462,868 Total lease liabilities $ 540,982 Weighted average remaining lease term (years) 10.8 Weighted average discount rate 4.3 %
Maturities of Operating Lease Liabilities	Maturities of lease liabilities were as follows: (in thousands) September 30, 2019 2019 $ 20,271 2020 103,515 2021 86,245 2022 71,147 2023 62,384 Thereafter 358,758 Total payments 702,320 Less: Imputed interest (161,338 ) Total $ 540,982
Schedule of Future Minimum Rental Payments for Operating Leases	At December 31, 2018, future minimum rental payments under noncancelable operating leases approximate the following: (in thousands) December 31, 2018 2019 $ 101,009 2020 84,945 2021 72,031 2022 53,709 2023 47,091 Thereafter 115,948 $ 474,733

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Broadcasting Manufacturing Healthcare SocialCode Other Businesses Total Balance as of December 31, 2018 Goodwill $ 1,128,699 $ 190,815 $ 231,479 $ 69,626 $ 15,860 $ 7,685 $ 1,644,164 Accumulated impairment losses (331,151 ) — (7,616 ) — — (7,685 ) (346,452 ) 797,548 190,815 223,863 69,626 15,860 — 1,297,712 Acquisitions 6,391 — 2,714 8,283 — 45,999 63,387 Foreign currency exchange rate changes (15,706 ) — — — — — (15,706 ) Balance as of September 30, 2019 Goodwill 1,119,384 190,815 234,193 77,909 15,860 53,684 1,691,845 Accumulated impairment losses (331,151 ) — (7,616 ) — — (7,685 ) (346,452 ) $ 788,233 $ 190,815 $ 226,577 $ 77,909 $ 15,860 $ 45,999 $ 1,345,393
Other Intangible Assets	Other intangible assets consist of the following: As of September 30, 2019 As of December 31, 2018 (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 $ 291,662 $ 136,319 $ 155,343 $ 282,761 $ 114,429 $ 168,332 Trade names and trademarks 2–10 years 92,568 46,204 46,364 87,285 39,825 47,460 Network affiliation agreements 10 years 17,400 4,712 12,688 17,400 3,408 13,992 Databases and technology 3–6 years 30,274 12,221 18,053 27,041 8,471 18,570 Noncompete agreements 2–5 years 1,353 931 422 1,088 838 250 Other 1–8 years 24,890 12,367 12,523 24,530 9,873 14,657 $ 458,147 $ 212,754 $ 245,393 $ 440,105 $ 176,844 $ 263,261 Indefinite-Lived Intangible Assets Trade names and trademarks $ 97,527 $ 80,102 Franchise agreements 28,000 — FCC licenses 18,800 18,800 Licensure and accreditation 150 150 $ 144,477 $ 99,052
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, 2018 Goodwill $ 583,424 $ 174,564 $ 166,920 $ 203,791 $ 1,128,699 Accumulated impairment losses — (111,324 ) (102,259 ) (117,568 ) (331,151 ) 583,424 63,240 64,661 86,223 797,548 Acquisitions 6,391 — — — 6,391 Foreign currency exchange rate changes (15,760 ) — — 54 (15,706 ) Balance as of September 30, 2019 Goodwill 574,055 174,564 166,920 203,845 1,119,384 Accumulated impairment losses — (111,324 ) (102,259 ) (117,568 ) (331,151 ) $ 574,055 $ 63,240 $ 64,661 $ 86,277 $ 788,233

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Components of Debt	The Company’s borrowings consist of the following: As of September 30, December 31, (in thousands) 5.75% unsecured notes due June 1, 2026 (1) $ 395,212 $ 394,675 U.K. credit facility (2) 73,683 82,366 Commercial note 28,250 — USD revolving credit facility 5,000 — Other indebtedness 87 96 Total Debt $ 502,232 $ 477,137 Less: current portion (81,697 ) (6,360 ) Total Long-Term Debt $ 420,535 $ 470,777 ___________ _ (1) The carrying value is net of $4.8 million and $5.3 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively. (2) The carrying value is net of $0.1 million and $0.2 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of September 30, 2019 (in thousands) Level 1 Level 2 Total Assets Marketable equity securities (1) $ 535,564 $ — $ 535,564 Other current investments (2) 13,601 5,045 18,646 Interest rate swap (3) — 162 162 Total Financial Assets $ 549,165 $ 5,207 $ 554,372 Liabilities Deferred compensation plan liabilities (4) $ — $ 33,195 $ 33,195 Interest rate swap (5) — 706 706 Total Financial Liabilities $ — $ 33,901 $ 33,901 As of December 31, 2018 (in thousands) Level 1 Level 2 Total Assets Money market investments (6) $ — $ 75,500 $ 75,500 Marketable equity securities (1) 496,390 — 496,390 Other current investments (2) 11,203 6,988 18,191 Interest rate swap (3) — 369 369 Total Financial Assets $ 507,593 $ 82,857 $ 590,450 Liabilities Deferred compensation plan liabilities (4) $ — $ 36,080 $ 36,080 ____________ (1) 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. (2) 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. (3) Included in Other Current 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. (4) 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. (5) 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. (6) The Company’s money market investments are included in Cash and Cash Equivalents and the value considers the liquidity of the counterparty.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	The following table presents the change in the Company’s deferred revenue balance: As of September 30, December 31, % (in thousands) Change Deferred revenue $ 341,682 $ 311,214 10
Capitalized Contract Cost	The following table presents changes in the Company’s costs to obtain a contract asset: (in thousands) Balance at Beginning of Period Costs associated with new contracts Less: Costs amortized during the period Other Balance at End of Period 2019 $ 21,311 $ 29,381 $ (34,729 ) $ (312 ) $ 15,651

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 Nine Months Ended (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator: Numerator for basic earnings per share: Net income attributable to Graham Holdings Company common stockholders $ 43,145 $ 125,064 $ 181,974 $ 214,521 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,386 ) (7,048 ) (29,554 ) (28,635 ) Undistributed earnings 35,759 118,016 152,420 185,886 Percent allocated to common stockholders 99.44 % 99.34 % 99.44 % 99.34 % 35,559 117,235 151,570 184,657 Add: Dividends paid-common stock outstanding 7,345 7,001 29,389 28,447 Numerator for basic earnings per share $ 42,904 $ 124,236 $ 180,959 $ 213,104 Add: Additional undistributed earnings due to dilutive stock options 2 5 7 8 Numerator for diluted earnings per share $ 42,906 $ 124,241 $ 180,966 $ 213,112 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 5,285 5,302 5,285 5,354 Add: Effect of dilutive stock options 44 35 43 36 Denominator for diluted earnings per share 5,329 5,337 5,328 5,390 Graham Holdings Company Common Stockholders: Basic earnings per share $ 8.12 $ 23.43 $ 34.24 $ 39.81 Diluted earnings per share $ 8.05 $ 23.28 $ 33.96 $ 39.54
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 Nine Months Ended (in thousands) 2019 2018 2019 2018 Weighted average restricted stock 14 21 12 23

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	9 Months Ended
	Sep. 30, 2019
Defined Benefit Pension Plan [Member]
Schedule of Net Benefit Costs	The total benefit arising from the Company’s defined benefit pension plans consists of the following components: Three Months Ended September 30 Nine Months Ended September 30 (in thousands) 2019 2018 2019 2018 Service cost $ 5,142 $ 4,473 $ 15,326 $ 13,730 Interest cost 11,743 11,844 35,078 34,943 Expected return on assets (30,832 ) (31,969 ) (91,955 ) (97,251 ) Amortization of prior service cost 824 36 2,058 114 Recognized actuarial gain — (2,974 ) — (6,994 ) Net Periodic Benefit (13,123 ) (18,590 ) (39,493 ) (55,458 ) Curtailment gain — — — (806 ) Special separation benefit expense (175 ) — 6,432 — Total Benefit $ (13,298 ) $ (18,590 ) $ (33,061 ) $ (56,264 )
Schedule of Allocation of Plan Assets	The assets of the Company’s pension plan were allocated as follows: As of September 30, December 31, U.S. equities 55 % 53 % U.S. stock index fund 21 % 28 % U.S. fixed income 17 % 13 % International equities 7 % 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 September 30 Nine Months Ended September 30 (in thousands) 2019 2018 2019 2018 Service cost $ 214 $ 205 $ 643 $ 614 Interest cost 1,079 967 3,236 2,899 Amortization of prior service cost 85 77 254 233 Recognized actuarial loss 579 600 1,736 1,802 Net Periodic Cost $ 1,957 $ 1,849 $ 5,869 $ 5,548
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 September 30 Nine Months Ended September 30 (in thousands) 2019 2018 2019 2018 Service cost $ — $ 267 $ — $ 803 Interest cost 72 170 216 509 Amortization of prior service credit (1,841 ) (44 ) (5,522 ) (132 ) Recognized actuarial gain (1,090 ) (921 ) (3,270 ) (2,764 ) Net Periodic Benefit $ (2,859 ) $ (528 ) $ (8,576 ) $ (1,584 )

Other Non-Operating Income (Tab

Other Non-Operating Income (Tables)	9 Months Ended
	Sep. 30, 2019
Other Nonoperating Income (Expense) [Abstract]
Summary of non-operating income	A summary of non-operating income is as follows: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Gain on sale of an equity affiliate $ — $ — $ 28,994 $ — Gain on cost method investments 3,669 8,487 5,080 8,487 Foreign currency gain (loss), net 661 (116 ) 1,284 (2,205 ) Impairment of a cost method investment — (2,500 ) — (2,500 ) Gain on sales of businesses 486 916 907 8,157 Gain on sale of cost method investments 259 — 259 2,845 (Loss) gain on sale of property, plant and equipment (38 ) — (82 ) 2,542 Other gain (loss), net 519 (3,645 ) (307 ) (2,664 ) Total Other Non-Operating Income $ 5,556 $ 3,142 $ 36,135 $ 14,662

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Other Comprehensive Income	The other comprehensive loss consists of the following components: Three Months Ended September 30 2019 2018 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 $ (16,684 ) $ — $ (16,684 ) $ (2,844 ) $ — $ (2,844 ) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (932 ) 252 (680 ) 69 (18 ) 51 Amortization of net actuarial gain included in net income (511 ) 138 (373 ) (3,295 ) 891 (2,404 ) (1,443 ) 390 (1,053 ) (3,226 ) 873 (2,353 ) Cash flow hedges: Loss for the period (477 ) 128 (349 ) (6 ) 1 (5 ) Other Comprehensive Loss $ (18,604 ) $ 518 $ (18,086 ) $ (6,076 ) $ 874 $ (5,202 ) Nine Months Ended September 30 2019 2018 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 $ (17,755 ) $ — $ (17,755 ) $ (22,447 ) $ — $ (22,447 ) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (3,210 ) 867 (2,343 ) 215 (58 ) 157 Amortization of net actuarial gain included in net income (1,534 ) 414 (1,120 ) (7,956 ) 2,148 (5,808 ) (4,744 ) 1,281 (3,463 ) (7,741 ) 2,090 (5,651 ) Cash flow hedges: (Loss) gain for the period (904 ) 231 (673 ) 601 (114 ) 487 Other Comprehensive Loss $ (23,403 ) $ 1,512 $ (21,891 ) $ (29,587 ) $ 1,976 $ (27,611 )
Summary of Changes in Accumulated Other Comprehensive Income (Loss)	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 Pensions and Other Postretirement Plans Cash Flow Hedges Accumulated Other Comprehensive Income Balance as of December 31, 2018 $ (29,270 ) $ 232,836 $ 263 $ 203,829 Other comprehensive loss before reclassifications (17,755 ) — (562 ) (18,317 ) Net amount reclassified from accumulated other comprehensive income (loss) — (3,463 ) (111 ) (3,574 ) Other comprehensive loss, net of tax (17,755 ) (3,463 ) (673 ) (21,891 ) Balance as of September 30, 2019 $ (47,025 ) $ 229,373 $ (410 ) $ 181,938
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 Nine Months Ended Affected Line Item in the Condensed Consolidated Statements of Operations (in thousands) 2019 2018 2019 2018 Pension and Other Postretirement Plans: Amortization of net prior service (credit) cost $ (932 ) $ 69 $ (3,210 ) $ 215 (1) Amortization of net actuarial gain (511 ) (3,295 ) (1,534 ) (7,956 ) (1) (1,443 ) (3,226 ) (4,744 ) (7,741 ) Before tax 390 873 1,281 2,090 Provision for Income Taxes (1,053 ) (2,353 ) (3,463 ) (5,651 ) Net of Tax Cash Flow Hedges (24 ) (59 ) (151 ) (101 ) Interest expense 11 11 40 19 Provision for Income Taxes (13 ) (48 ) (111 ) (82 ) Net of Tax Total reclassification for the period $ (1,066 ) $ (2,401 ) $ (3,574 ) $ (5,733 ) 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)	9 Months Ended
	Sep. 30, 2019
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The following tables summarize the financial information related to each of the Company’s business segments: Three Months Ended March 31, June 30, September 30, (in thousands) 2019 2019 2019 Operating Revenues Education $ 372,454 $ 367,763 $ 357,319 Television broadcasting 108,223 116,628 115,161 Manufacturing 115,157 114,873 111,676 Healthcare 37,728 40,641 40,688 SocialCode 13,447 16,382 15,975 Other businesses 45,230 81,359 98,225 Corporate office — — — Intersegment elimination (40 ) (44 ) (224 ) $ 692,199 $ 737,602 $ 738,820 Income (Loss) from Operations Education $ 25,595 $ 26,305 $ (7,161 ) Television broadcasting 35,540 44,494 36,813 Manufacturing 3,274 4,692 6,845 Healthcare 2,329 2,598 1,208 SocialCode (4,018 ) (975 ) (378 ) Other businesses (8,493 ) (5,913 ) (9,029 ) Corporate office (14,224 ) (13,238 ) (12,030 ) $ 40,003 $ 57,963 $ 16,268 Equity in Earnings of Affiliates, Net 1,679 1,467 4,683 Interest Expense, Net (5,725 ) (6,807 ) (5,302 ) Non-Operating Pension and Postretirement Benefit Income, Net 19,928 12,253 19,556 Gain on Marketable Equity Securities, Net 24,066 7,791 17,404 Other Income, Net 29,351 1,228 5,556 Income Before Income Taxes $ 109,302 $ 73,895 $ 58,165 Depreciation of Property, Plant and Equipment Education $ 6,201 $ 6,137 $ 6,258 Television broadcasting 3,239 3,293 3,307 Manufacturing 2,433 2,384 2,671 Healthcare 610 607 566 SocialCode 152 384 356 Other businesses 648 837 1,974 Corporate office 240 242 219 $ 13,523 $ 13,884 $ 15,351 Amortization of Intangible Assets and Impairment of Long-Lived Assets Education $ 3,567 $ 4,070 $ 3,944 Television broadcasting 1,408 1,408 1,408 Manufacturing 6,530 6,528 6,522 Healthcare 1,398 1,410 1,914 SocialCode 157 157 156 Other businesses — — — Corporate office — — — $ 13,060 $ 13,573 $ 13,944 Pension Service Cost Education $ 2,664 $ 2,522 $ 2,603 Television broadcasting 731 780 762 Manufacturing 25 15 20 Healthcare 183 63 123 SocialCode 248 191 219 Other businesses 201 161 215 Corporate office 1,169 1,231 1,200 $ 5,221 $ 4,963 $ 5,142 Three Months Ended March 31, June 30, September 30, December 31, (in thousands) 2018 2018 2018 2018 Operating Revenues Education $ 375,499 $ 370,005 $ 358,601 $ 346,910 Television broadcasting 108,802 114,086 130,014 152,647 Manufacturing 117,406 126,462 126,028 117,723 Healthcare 37,621 38,208 35,486 37,960 SocialCode 13,299 14,770 13,781 16,878 Other businesses 6,833 9,167 10,856 17,024 Corporate office — — — — Intersegment elimination (24 ) (21 ) — (55 ) $ 659,436 $ 672,677 $ 674,766 $ 689,087 Income (Loss) from Operations Education $ 22,700 $ 37,554 $ 22,262 $ 14,620 Television broadcasting 40,542 41,118 55,453 73,420 Manufacturing 8,628 8,665 5,146 6,412 Healthcare (1,391 ) 764 (8,702 ) 928 SocialCode (3,781 ) (1,742 ) 5,124 (682 ) Other businesses (8,542 ) (7,977 ) (5,657 ) (5,840 ) Corporate office (13,942 ) (12,756 ) (12,887 ) (13,276 ) $ 44,214 $ 65,626 $ 60,739 $ 75,582 Equity in Earnings of Affiliates, Net 2,579 931 9,537 1,426 Interest Expense, Net (6,699 ) (15,264 ) (5,524 ) (5,062 ) Debt Extinguishment Costs — (11,378 ) — — Non-Operating Pension and Postretirement Benefit Income 21,386 23,041 22,214 53,900 (Loss) Gain on Marketable Equity Securities, Net (14,102 ) (2,554 ) 44,962 (44,149 ) Other Income (Loss), Net 9,187 2,333 3,142 (12,559 ) Income from Continuing Operations Before Income Taxes $ 56,565 $ 62,735 $ 135,070 $ 69,138 Depreciation of Property, Plant and Equipment Education $ 7,606 $ 6,839 $ 6,685 $ 6,969 Television broadcasting 3,071 2,974 3,198 3,961 Manufacturing 2,451 2,331 2,333 2,400 Healthcare 653 647 648 629 SocialCode 233 200 187 177 Other businesses 375 375 345 428 Corporate office 253 253 252 249 $ 14,642 $ 13,619 $ 13,648 $ 14,813 Amortization of Intangible Assets and Impairment of Long-lived Assets Education $ 1,149 $ 1,663 $ 2,682 $ 3,868 Television broadcasting 1,408 1,408 1,408 1,408 Manufacturing 5,936 5,935 6,345 6,530 Healthcare 1,808 1,809 9,839 1,399 SocialCode 83 584 104 157 Other businesses — — — — Corporate office — — — — $ 10,384 $ 11,399 $ 20,378 $ 13,362 Pension Service Cost Education $ 2,664 $ 1,878 $ 2,107 $ 2,104 Television broadcasting 493 601 544 550 Manufacturing 17 19 18 18 Healthcare 122 165 143 143 SocialCode 156 205 181 181 Other businesses 116 154 147 161 Corporate office 1,372 1,295 1,333 1,334 $ 4,940 $ 4,317 $ 4,473 $ 4,491 Nine months ended Year Ended September 30 December 31 (in thousands) 2019 2018 2018 2017 Operating Revenues Education $ 1,097,536 $ 1,104,105 $ 1,451,015 $ 1,516,776 Television broadcasting 340,012 352,902 505,549 409,916 Manufacturing 341,706 369,896 487,619 414,193 Healthcare 119,057 111,315 149,275 154,202 SocialCode 45,804 41,850 58,728 62,077 Other businesses 224,814 26,856 43,880 34,733 Corporate office — — — — Intersegment elimination (308 ) (45 ) (100 ) (51 ) $ 2,168,621 $ 2,006,879 $ 2,695,966 $ 2,591,846 Income (Loss) from Operations Education $ 44,739 $ 82,516 $ 97,136 $ 77,687 Television broadcasting 116,847 137,113 210,533 139,258 Manufacturing 14,811 22,439 28,851 14,947 Healthcare 6,135 (9,329 ) (8,401 ) (2,569 ) SocialCode (5,371 ) (399 ) (1,081 ) (3,674 ) Other businesses (23,435 ) (22,176 ) (28,016 ) (30,536 ) Corporate office (39,492 ) (39,585 ) (52,861 ) (58,710 ) $ 114,234 $ 170,579 $ 246,161 $ 136,403 Equity in Earnings (Losses) of Affiliates, Net 7,829 13,047 14,473 (3,249 ) Interest Expense, Net (17,834 ) (27,487 ) (32,549 ) (27,305 ) Debt Extinguishment Costs — (11,378 ) (11,378 ) — Non-Operating Pension and Postretirement Benefit Income, Net 51,737 66,641 120,541 72,699 Gain (Loss) on Marketable Equity Securities, Net 49,261 28,306 (15,843 ) — Other Income, Net 36,135 14,662 2,103 4,241 Income Before Income Taxes $ 241,362 $ 254,370 $ 323,508 $ 182,789 Depreciation of Property, Plant and Equipment Education $ 18,596 $ 21,130 $ 28,099 $ 32,906 Television broadcasting 9,839 9,243 13,204 12,179 Manufacturing 7,488 7,115 9,515 9,173 Healthcare 1,783 1,948 2,577 4,583 SocialCode 892 620 797 1,004 Other businesses 3,459 1,095 1,523 1,546 Corporate office 701 758 1,007 1,118 $ 42,758 $ 41,909 $ 56,722 $ 62,509 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 11,581 $ 5,494 $ 9,362 $ 5,162 Television broadcasting 4,224 4,224 5,632 6,349 Manufacturing 19,580 18,216 24,746 31,052 Healthcare 4,722 13,456 14,855 7,905 SocialCode 470 771 928 333 Other businesses — — — — Corporate office — — — — $ 40,577 $ 42,161 $ 55,523 $ 50,801 Pension Service Cost Education $ 7,789 $ 6,649 $ 8,753 $ 9,720 Television broadcasting 2,273 1,638 2,188 1,942 Manufacturing 60 54 72 79 Healthcare 369 430 573 665 SocialCode 658 542 723 593 Other businesses 577 417 578 453 Corporate office 3,600 4,000 5,334 5,235 $ 15,326 $ 13,730 $ 18,221 $ 18,687 Capital Expenditures Education $ 54,159 $ 27,520 Television broadcasting 27,013 16,802 Manufacturing 14,806 8,012 Healthcare 1,741 2,987 SocialCode 113 756 Other businesses 235 1,003 Corporate office — — $ 98,067 $ 57,080 Asset information for the Company’s business segments are as follows: As of (in thousands) September 30, 2019 December 31, 2018 Identifiable Assets Education $ 1,925,819 $ 1,568,747 Television broadcasting 470,915 452,853 Manufacturing 577,244 593,111 Healthcare 132,068 108,596 SocialCode 238,253 213,394 Other businesses 333,720 20,608 Corporate office 71,501 162,971 $ 3,749,520 $ 3,120,280 Investments in Marketable Equity Securities 535,564 496,390 Investments in Affiliates 163,986 143,813 Prepaid Pension Cost 1,038,676 1,003,558 Total Assets $ 5,487,746 $ 4,764,041
Education [Member]
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The Company’s education division comprises the following operating segments: Three Months Ended Nine months ended September 30 September 30 (in thousands) 2019 2018 2019 2018 Operating Revenues Kaplan international $ 178,169 $ 167,668 $ 552,505 $ 535,553 Higher education 78,712 89,269 237,780 275,080 Test preparation 64,710 67,749 191,533 195,504 Professional (U.S.) 33,820 34,302 110,181 98,715 Kaplan corporate and other 2,450 143 7,121 870 Intersegment elimination (542 ) (530 ) (1,584 ) (1,617 ) $ 357,319 $ 358,601 $ 1,097,536 $ 1,104,105 Income (Loss) from Operations Kaplan international $ (14,226 ) $ 8,375 $ 35,596 $ 52,966 Higher education 5,177 6,042 9,813 18,616 Test preparation 4,959 10,572 8,794 17,213 Professional (U.S.) 4,939 6,768 20,943 20,863 Kaplan corporate and other (8,011 ) (9,452 ) (30,405 ) (27,110 ) Intersegment elimination 1 (43 ) (2 ) (32 ) $ (7,161 ) $ 22,262 $ 44,739 $ 82,516 Depreciation of Property, Plant and Equipment Kaplan international $ 3,600 $ 3,759 $ 11,198 $ 11,497 Higher education 840 915 2,066 4,047 Test preparation 774 1,033 2,358 2,984 Professional (U.S.) 978 859 2,802 2,171 Kaplan corporate and other 66 119 172 431 $ 6,258 $ 6,685 $ 18,596 $ 21,130 Amortization of Intangible Assets $ 3,944 $ 2,682 $ 10,888 $ 5,494 Impairment of Long-lived Assets $ — $ — $ 693 $ — Pension Service Cost Kaplan international $ 114 $ 66 $ 341 $ 233 Higher education 1,136 1,050 3,401 3,260 Test preparation 847 577 2,534 2,035 Professional (U.S.) 340 291 1,017 871 Kaplan corporate and other 166 123 496 250 $ 2,603 $ 2,107 $ 7,789 $ 6,649 Asset information for the Company’s education division is as follows: As of (in thousands) September 30, 2019 December 31, 2018 Identifiable assets Kaplan international $ 1,336,238 $ 1,101,040 Higher education 202,553 126,752 Test preparation 165,471 145,308 Professional (U.S.) 154,568 166,916 Kaplan corporate and other 66,989 28,731 $ 1,925,819 $ 1,568,747

Organization, Basis of Presen_4

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details)	Sep. 30, 2019TelevisionStation
Television Broadcasting [Member]
Number of television broadcast stations	7

Organization, Basis of Presen_5

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements) (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease Right-of-Use Assets	$ 503,830	$ 369,333	$ 0
Total lease liabilities	$ 540,982
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease Right-of-Use Assets		369,333
Total lease liabilities		$ 418,300

Organization, Basis of Presen_6

Organization, Basis of Presentation and Recent Accounting Pronouncements (Recent Accounting Pronouncements) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Item Effected [Line Items]
Other current assets	$ 87,863	$ 77,128	$ 82,723
Lease Right-of-Use Assets	503,830	369,333	0
Accounts payable and accrued liabilities	477,522	472,549	486,578
Current portion of lease liabilities	78,114	86,747	0
Other Liabilities	27,398	17,401	57,901
Lease Liabilities	$ 462,868	331,520	0
Previous Accounting Guidance [Member]
Item Effected [Line Items]
Other current assets			82,723
Lease Right-of-Use Assets			0
Accounts payable and accrued liabilities			486,578
Current portion of lease liabilities			0
Other Liabilities			57,901
Lease Liabilities			$ 0
Accounting Standards Update 2016-02 [Member]
Item Effected [Line Items]
Other current assets		(5,595)
Lease Right-of-Use Assets		369,333
Accounts payable and accrued liabilities		(14,029)
Current portion of lease liabilities		86,747
Other Liabilities		(40,500)
Lease Liabilities		$ 331,520

Acquisitions and Dispositions_3

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Thousands	Jan. 31, 2019USD ($)business	Sep. 30, 2019USD ($)business	Jul. 31, 2019businessRestaurants	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)business	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)business	Aug. 31, 2018	Jul. 31, 2018	Jul. 12, 2018	May 31, 2018
Business Acquisition [Line Items]
Number of businesses acquired | business					7		8
Acquisition purchase price					$ 191,600		$ 121,100
Floor plan payables		$ 25,800		$ 25,800	25,800
Purchase Price Net of Cash					162,060	$ 111,451
Business Acquisition, Transaction Costs		2,300		2,300	2,300	$ 1,200
Goodwill expected to be deductible for income tax purposes		49,000		49,000	49,000		$ 32,300
Revenues of acquired companies since acquisition date				96,200	199,600
Operating loss of acquired companies since acquisition date				2,000	500
Automotive [Member]
Business Acquisition [Line Items]
Floor plan payables		$ 40,900		$ 40,900	$ 40,900
Education [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business					1		5
Education [Member] | Professional (U.S.) [Member] | College for Financial Planning [Member]
Business Acquisition [Line Items]
Percentage of interest acquired										100.00%
Education [Member] | Professional (U.S.) [Member] | Professional Publications, Inc. [Member]
Business Acquisition [Line Items]
Percentage of interest acquired											100.00%
Healthcare [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business			1		2		1
Manufacturing [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business		1			1		1
Other Businesses [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business					3
Other Businesses [Member] | Clyde's Restaurant Group [Member]
Business Acquisition [Line Items]
Number of Restaurants | Restaurants			13
Other Businesses [Member] | Furnlite Inc [Member] | Dekko [Member]
Business Acquisition [Line Items]
Percentage of interest acquired									100.00%
Other Businesses [Member] | Auto dealerships [Member]
Business Acquisition [Line Items]
Percentage of interest acquired	90.00%
Advances to Affiliate	$ 3,500
Interest Rate on Advance to Minority Shareholder	6.00%
Number of businesses acquired | business	2
Amount Borrowed to Finance Business Acquisition	$ 30,000
Derivative, Fixed Interest Rate	4.70%
Other Businesses [Member] | Marketplace Strategy [Member] | SocialCode [Member]
Business Acquisition [Line Items]
Percentage of interest acquired								100.00%
SocialCode [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business							1

Acquisitions and Dispositions_4

Acquisitions and Dispositions of Businesses (Dispositions and Other) (Narrative) (Details) $ in Thousands	1 Months Ended		3 Months Ended				9 Months Ended
	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of businesses			$ 486		$ 916		$ 907	$ 8,157
Change in redemption value of manditorily redeemable noncontrolling interest				$ (54)
Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of businesses								$ 8,200
Number of businesses disposed | business								3
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of businesses						$ 4,300		$ 4,300
Gain Related to Contingent Consideration			$ 500		$ 500		$ 900	$ 1,900
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
Hoover Treated Wood Products [Member] | Other Businesses [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	$ 600
Graham Holdings Company [Member] | Hoover Treated Wood Products [Member] | Other Businesses [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by parent	98.01%			98.01%

Acquisitions and Dispositions_5

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,345,393	$ 1,297,712
Floor plan payables	(25,800)
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable	4,697	2,344
Inventory	31,750	1,268
Property, plant and equipment	52,577	1,518
Lease Right-of-Use Assets	100,933	0
Goodwill	63,387	41,840
Indefinite-lived intangible assets	46,900	0
Amortized intangible assets	21,291	78,427
Other assets	8,352	5,198
Floor plan payables	(25,755)	0
Other liabilities	(38,828)	(7,678)
Deferred income tax liability	(2,191)	(4,900)
Current and noncurrent lease liabilities	(97,996)	0
Noncontrolling interest	(530)	0
Aggregate purchase price, net of cash acquired	$ 164,587	$ 118,017

Acquisitions and Dispositions_6

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Document Fiscal Year Focus			2019
Pro Forma Operating Revenues	$ 750,076	$ 787,808	$ 2,267,502	$ 2,349,342
Pro Forma Net Income	$ 43,849	$ 125,761	$ 178,551	$ 217,589

Acquisitions and Dispositions_7

Acquisitions and Dispositions of Businesses (Significant Component) (Details 3) - Kaplan University Transaction [Member] - Education [Member] - Higher Education [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Revenue	$ 0	$ 91,526
Disposal Group, Not Discontinued Operation, Operating Income	$ 0	$ 213

Investments (Narrative) (Detail

Investments (Narrative) (Details)	3 Months Ended								9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018GBP (£)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2019GBP (£)	Dec. 31, 2017GBP (£)
Schedule of Investments [Line Items]
Money Market Investments	$ 0			$ 75,500,000					$ 0		$ 75,500,000
Payments to Acquire Marketable Securities									7,499,000	$ 0
Gain on marketable equity securities, net									9,600,000	37,300,000
Proceeds from sales of marketable equity securities									17,586,000	66,741,000
Income from Equity Method Investments	4,683,000	$ 1,467,000	$ 1,679,000	1,426,000	$ 9,537,000	$ 931,000		$ 2,579,000	7,829,000	13,047,000	14,473,000	$ (3,249,000)
Gain on sale of equity affiliate	0				0				28,994,000	0
Cost method investments	38,500,000			$ 30,600,000					38,500,000		$ 30,600,000
Gain on cost method investments	3,669,000		1,300,000		8,487,000				5,080,000	8,487,000
Impairment of a cost method investment	0				2,500,000				0	2,500,000
Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Revenue from Related Parties	$ 2,400,000				2,500,000				$ 7,000,000	$ 9,500,000
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%
Earnings of two investments [Member]
Schedule of Investments [Line Items]
Income from Equity Method Investments					$ 7,900,000
Gimlet Media [Member]
Schedule of Investments [Line Items]
Gain on sale of equity affiliate			29,000,000
Proceeds from Sale of Equity Method Investments			$ 33,500,000
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 | £													£ 25,000,000
Advances to Affiliate | £													£ 22,000,000	£ 16,000,000
Payments to Fund Long-term Loans to Related Parties | £							£ 6,000,000
Loan Receivable, Payment Terms									25 years
Loan Receivable Fixed Interest Rate									7.00%

Investments (Investments in Mar

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments [Abstract]
Total Cost	$ 282,349	$ 282,563
Gross unrealized gains	253,215	216,111
Gross unrealized losses	0	(2,284)
Total Fair Value	$ 535,564	$ 496,390

Investments (Gain (Loss) on Mar

Investments (Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Investments [Abstract]
Gain on marketable equity securities, net	$ 17,404	$ 7,791	$ 24,066	$ (44,149)	$ 44,962	$ (2,554)	$ (14,102)	$ 49,261	$ 28,306	$ (15,843)	$ 0
Less: Net losses (gains) in earnings from marketable equity securities sold and donated	61				0			(2,919)	4,271
Net unrealized gains in earnings from marketable equity securities still held at the end of the period	$ 17,465				$ 44,962			$ 46,342	$ 32,577

Accounts Receivable (Narrative)

Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Bad debt expense	$ 0.4	$ 1.8	$ 0.5	$ 7.9

Accounts Receivable (Details 1)

Accounts Receivable (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivable from contracts with customers, less doubtful accounts	$ 582,944	$ 538,021
Other Receivables	29,197	44,259
Accounts receivable, net	612,141	582,280
Allowance for doubtful accounts	$ 13,060	$ 14,775

Inventories, Contracts in Pro_3

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 35,776	$ 37,248
Work-in-process	11,176	11,633
Finished goods	62,451	17,861
Contracts in progress	3,793	2,735
Inventories and contracts in progress	$ 113,196	$ 69,477

Inventories, Contracts in Pro_4

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Inventory [Line Items]
Weighted average interest rate	5.10%	5.10%	5.10%	5.70%
Vehicle floor plan payable	$ 25,800,000		$ 25,800,000
Automotive [Member]
Inventory [Line Items]
Borrowing capacity	50,000,000		50,000,000
Vehicle floor plan payable	40,900,000		40,900,000
Floor plan assistance	$ 400,000		$ 1,600,000
Automotive [Member] | Vehicle Floor Plan Facility [Member]
Inventory [Line Items]
Weighted average interest rate	3.40%		3.40%
London Interbank Offered Rate (LIBOR) [Member] | Automotive [Member] | Vehicle Floor Plan Facility [Member]
Inventory [Line Items]
Applicable interest rate margin			1.15%

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Lease Cost Net of Sublease Income	$ 31,123	$ 90,454
Lessee, operating lease, lease not yet commenced, payments due	$ 3,900	$ 3,900
Future minimum sublease payments due			$ 66,000
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal or termination option term		1 year
Lessee, operating lease, lease not yet commenced, term of contract	1 year	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal or termination option term		10 years
Lessee, operating lease, lease not yet commenced, term of contract	12 years	12 years
Sale of KHE Campuses business [Member]
Lessee, Lease, Description [Line Items]
Lease Cost Net of Sublease Income	$ (100)	$ 500

Leases (Components of Lease Exp

Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 26,242	$ 75,531
Short-term and month-to-month lease cost	4,502	14,275
Variable lease cost	5,601	15,563
Sublease income	(5,222)	(14,915)
Total net lease cost	$ 31,123	$ 90,454

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow And Balance Sheet Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Operating cash flows from operating leases (payments)	$ 88,369
Right-of-use assets obtained in exchange for new operating lease liabilities	205,455
Lease right-of-use-assets	503,830	$ 369,333	$ 0
Current lease liabilities	78,114	86,747	0
Noncurrent lease liabilities	462,868	$ 331,520	$ 0
Total lease liabilities	$ 540,982
Operating lease, weighted average remaining lease term	10 years 9 months 18 days
Operating lease, weighted average discount rate	4.30%

Leases (Maturities of Operating

Leases (Maturities of Operating Lease Liabilities) (Details) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease payments due in 2019	$ 20,271
Operating lease payments due in 2020	103,515
Operating lease payments due in 2021	86,245
Operating lease payments due in 2022	71,147
Operating lease payments due in 2023	62,384
Operating lease payments due thereafter	358,758
Leases, operating lease, liability, payments, due, total	702,320
Less: Imputed interest	(161,338)
Total operating lease liability	$ 540,982

Leases (Future Minimum Operatin

Leases (Future Minimum Operating Lease Payments) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
Future minimum lease payments for 2019	$ 101,009
Future minimum lease payments for 2020	84,945
Future minimum lease payments for 2021	72,031
Future minimum lease payments for 2022	53,709
Future minimum lease payments for 2023	47,091
Future minimum lease payments after 2023	115,948
Operating leases, future minimum payments due, total	$ 474,733

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019Segment
Goodwill [Line Items]
Number of reportable segments	8

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Amortized Intangible Assets [Line Items]
Goodwill and other long-lived asset impairment charge	$ 372	$ 8,109	$ 1,065	$ 8,109
Amortization of Intangible Assets
Amortization of intangible assets	13,572	12,269	39,512	$ 34,052
Estimated amortization of intangible assets, remainder of 2019	14,000		14,000
Estimated amortization of intangible assets, 2020	53,000		53,000
Estimated amortization of intangible assets, 2021	47,000		47,000
Estimated amortization of intangible assets, 2022	41,000		41,000
Estimated amortization of intangible assets, 2023	33,000		33,000
Estimated amortization of intangible assets, after 2023	$ 57,000		$ 57,000
Healthcare [Member]
Amortized Intangible Assets [Line Items]
Intangible asset impairment charge		$ 7,900

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,644,164
Accumulated impairment losses, beginning balance	(346,452)
Goodwill, net, beginning balance	1,297,712
Acquisitions	63,387
Foreign currency exchange rate changes	(15,706)
Goodwill, ending balance	1,691,845
Accumulated impairment losses, ending balance	(346,452)
Goodwill, net, ending balance	1,345,393
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,128,699
Accumulated impairment losses, beginning balance	(331,151)
Goodwill, net, beginning balance	797,548
Acquisitions	6,391
Foreign currency exchange rate changes	(15,706)
Goodwill, ending balance	1,119,384
Accumulated impairment losses, ending balance	(331,151)
Goodwill, net, ending balance	788,233
Education [Member] | Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	583,424
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	583,424
Acquisitions	6,391
Foreign currency exchange rate changes	(15,760)
Goodwill, ending balance	574,055
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	574,055
Education [Member] | Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	174,564
Accumulated impairment losses, beginning balance	(111,324)
Goodwill, net, beginning balance	63,240
Acquisitions	0
Foreign currency exchange rate changes	0
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	166,920
Accumulated impairment losses, beginning balance	(102,259)
Goodwill, net, beginning balance	64,661
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	166,920
Accumulated impairment losses, ending balance	(102,259)
Goodwill, net, ending balance	64,661
Education [Member] | Professional (U.S.) [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	203,791
Accumulated impairment losses, beginning balance	(117,568)
Goodwill, net, beginning balance	86,223
Acquisitions	0
Foreign currency exchange rate changes	54
Goodwill, ending balance	203,845
Accumulated impairment losses, ending balance	(117,568)
Goodwill, net, ending balance	86,277
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
Foreign currency exchange rate changes	0
Goodwill, ending balance	190,815
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	190,815
Manufacturing [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	231,479
Accumulated impairment losses, beginning balance	(7,616)
Goodwill, net, beginning balance	223,863
Acquisitions	2,714
Foreign currency exchange rate changes	0
Goodwill, ending balance	234,193
Accumulated impairment losses, ending balance	(7,616)
Goodwill, net, ending balance	226,577
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	69,626
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	69,626
Acquisitions	8,283
Foreign currency exchange rate changes	0
Goodwill, ending balance	77,909
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	77,909
SocialCode [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	15,860
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	15,860
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	15,860
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	15,860
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	7,685
Accumulated impairment losses, beginning balance	(7,685)
Goodwill, net, beginning balance	0
Acquisitions	45,999
Foreign currency exchange rate changes	0
Goodwill, ending balance	53,684
Accumulated impairment losses, ending balance	(7,685)
Goodwill, net, ending balance	$ 45,999

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 458,147	$ 440,105
Accumulated Amortization	212,754	176,844
Net Carrying Amount	245,393	263,261
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	144,477	99,052
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	97,527	80,102
Franchise Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	28,000	0
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	150
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	291,662	282,761
Accumulated Amortization	136,319	114,429
Net Carrying Amount	$ 155,343	$ 168,332
Student and Customer Relationships [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Student and Customer Relationships [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 92,568	$ 87,285
Accumulated Amortization	46,204	39,825
Net Carrying Amount	$ 46,364	$ 47,460
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	4,712	3,408
Net Carrying Amount	12,688	13,992
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	30,274	27,041
Accumulated Amortization	12,221	8,471
Net Carrying Amount	$ 18,053	$ 18,570
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	$ 1,353	$ 1,088
Accumulated Amortization	931	838
Net Carrying Amount	$ 422	$ 250
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	$ 24,890	$ 24,530
Accumulated Amortization	12,367	9,873
Net Carrying Amount	$ 12,523	$ 14,657
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

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)		Jan. 31, 2019	Jun. 29, 2018	May 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt Extinguishment Costs						$ 0			$ 0	$ 0	$ (11,378,000)	$ 0	$ 0	$ (11,378,000)	$ (11,378,000)	$ 0
Average borrowings outstanding						$ 501,100,000				$ 480,600,000			$ 499,700,000	$ 529,200,000
Weighted average interest rate						5.10%				5.10%			5.10%	5.70%
Interest Income (Expense), Net						$ (5,302,000)	$ (6,807,000)	$ (5,725,000)	(5,062,000)	$ (5,524,000)	$ (15,264,000)	$ (6,699,000)	$ (17,834,000)	$ (27,487,000)	(32,549,000)	$ (27,305,000)
Interest expense						6,776,000				$ 6,135,000			22,587,000	$ 31,371,000
5.75% Unsecured Notes due June 1, 2026 [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net						$ 4,800,000			$ 5,300,000				$ 4,800,000		$ 5,300,000
Interest rate				5.75%		5.75%			5.75%				5.75%		5.75%
Debt Instrument, Face Amount				$ 400,000,000
Fair value of debt instrument						$ 432,300,000			$ 406,700,000				$ 432,300,000		$ 406,700,000
Carrying value of debt instrument	[1]					395,212,000			394,675,000				395,212,000		394,675,000
7.25% Unsecured Notes Due February 1, 2019 [Member]
Debt Instrument [Line Items]
Interest rate			7.25%
Redemption of Notes Outstanding			$ 400,000,000
Debt Extinguishment Costs			$ 11,400,000
Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net						100,000			200,000				100,000		200,000
Line of credit facility outstanding	[2]					$ 73,683,000			$ 82,366,000				$ 73,683,000		$ 82,366,000
Other Indebtedness [Member]
Debt Instrument [Line Items]
Interest rate						2.00%			2.00%				2.00%		2.00%
Five-Year Credit Agreement dated May 30, 2018 [Member]
Debt Instrument [Line Items]
Line of credit facility outstanding						$ 5,000,000			$ 0				$ 5,000,000		$ 0
Line of Credit Facility, Interest Rate at Period End						5.50%							5.50%
Debt Instrument, Term				5 years
Credit facility current borrowing capacity				$ 300,000,000
Debt covenant net leverage ratio, maximum				3.5
Debt covenant interest coverage ratio, minimum				3.5
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] | Fed Funds Effective Rate Overnight Index 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
Commercial note [Member]
Debt Instrument [Line Items]
Commercial note payable						$ 28,250,000			$ 0				$ 28,250,000		$ 0
Automotive [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Applicable interest rate margin		2.00%
Derivative, Notional Amount		$ 30,000,000
Fixed interest rate of derivative		2.70%
Total fixed interest rate of derivative		4.70%
Automotive [Member] | Commercial note [Member]
Debt Instrument [Line Items]
Commercial note payable		$ 30,000,000
Debt Instrument, Term		10 years
Monthly installment payments		$ 250,000
Automotive [Member] | Commercial note [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin		1.75%
Automotive [Member] | Commercial note [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Applicable interest rate margin		2.00%
Graham Healthcare Group [Member]
Debt Instrument [Line Items]
Interest expense					$ 6,200,000
[1]	The carrying value is net of $4.8 million and $5.3 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively.
[2]	The carrying value is net of $0.1 million and $0.2 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively.

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Other indebtedness		$ 87	$ 96
Total Debt		502,232	477,137
Less: current portion		(81,697)	(6,360)
Total Long-Term Debt		420,535	470,777
Five-Year Credit Agreement dated May 30, 2018 [Member]
Debt Instrument [Line Items]
Credit facility		5,000	0
5.75% Unsecured Notes due June 1, 2026 [Member]
Debt Instrument [Line Items]
Unsecured notes	[1]	395,212	394,675
Unamortized debt issuance costs		4,800	5,300
Kaplan Four-Year Credit Agreement dated July 14, 2016 [Member]
Debt Instrument [Line Items]
Credit facility	[2]	73,683	82,366
Unamortized debt issuance costs		100	200
Commercial note [Member]
Debt Instrument [Line Items]
Commercial note		$ 28,250	$ 0
[1]	The carrying value is net of $4.8 million and $5.3 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively.
[2]	The carrying value is net of $0.1 million and $0.2 million of unamortized debt issuance costs as of September 30, 2019 and December 31, 2018 , respectively.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value Measurements [Abstract]
Impairment of long-lived assets	$ 372		$ 8,109	$ 1,065	$ 8,109
Gain on cost method investments	$ 3,669	$ 1,300	$ 8,487	$ 5,080	$ 8,487

Fair Value Measurements (Detail

Fair Value Measurements (Details 1) - USD ($)		Sep. 30, 2019	Dec. 31, 2018
Assets
Money Market Investments		$ 0	$ 75,500,000
Marketable equity securities		535,564,000	496,390,000
Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]		75,500,000
Marketable equity securities	[2]	535,564,000	496,390,000
Other current investments	[3]	18,646,000	18,191,000
Interest Rate Swap	[4]	162,000	369,000
Total Financial Assets		554,372,000	590,450,000
Liabilities
Deferred compensation plan liabilities	[5]	33,195,000	36,080,000
Interest rate swap	[6]	706,000
Total Financial Liabilities		33,901,000
Fair Value, Recurring [Member] | Level 1 [Member]
Assets
Money Market Investments	[1]		0
Marketable equity securities	[2]	535,564,000	496,390,000
Other current investments	[3]	13,601,000	11,203,000
Interest Rate Swap	[4]	0	0
Total Financial Assets		549,165,000	507,593,000
Liabilities
Deferred compensation plan liabilities	[5]	0	0
Interest rate swap	[6]	0
Total Financial Liabilities		0
Fair Value, Recurring [Member] | Level 2 [Member]
Assets
Money Market Investments	[1]		75,500,000
Marketable equity securities	[2]	0	0
Other current investments	[3]	5,045,000	6,988,000
Interest Rate Swap	[4]	162,000	369,000
Total Financial Assets		5,207,000	82,857,000
Liabilities
Deferred compensation plan liabilities	[5]	33,195,000	$ 36,080,000
Interest rate swap	[6]	706,000
Total Financial Liabilities		$ 33,901,000
[1]	The Company’s money market investments are included in Cash and Cash Equivalents 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.
[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 Other Current 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.

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period related to beginning balance			$ 254,400
Costs amortized during the period	$ 9,200		$ (34,729)
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	70.00%	80.00%	74.00%	80.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	30.00%	20.00%	26.00%	20.00%
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	79.00%	78.00%	77.00%	76.00%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	21.00%	22.00%	23.00%	24.00%
Test Preparation [Member] | Long-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Minimum Term of Contract			12 months
Revenue, Remaining Performance Obligation, Amount	$ 8,900		$ 8,900
Revenue Remaining Performance Obligation Percentage of Revenue Expected to be Recognized Over Next 12 Months	66.00%		66.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months		12 months

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 341,682	$ 311,214
Deferred Revenue, Period Increase Percentage	10.00%

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period		$ 29,381
Costs amortized during the period	$ 9,200	(34,729)
Change in capitalized contract cost, other		(312)
Balance of costs to obtain a contract	$ 15,651	$ 15,651	$ 21,311

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 1.39	$ 1.33	$ 5.56	$ 5.32
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

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Net income attributable to Graham Holdings Company common stockholders	$ 43,145	$ 125,064	$ 181,974	$ 214,521
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,386)	(7,048)	(29,554)	(28,635)
Undistributed earnings	$ 35,759	$ 118,016	$ 152,420	$ 185,886
Percent allocated to common stockholders	99.44%	99.34%	99.44%	99.34%
Undistributed Earnings Allocated To Common Stockholders	$ 35,559	$ 117,235	$ 151,570	$ 184,657
Add: Dividends paid-common stock outstanding	7,345	7,001	29,389	28,447
Numerator for basic earnings per share	42,904	124,236	180,959	213,104
Add: Additional undistributed earnings due to dilutive stock options	2	5	7	8
Numerator for diluted earnings per share	$ 42,906	$ 124,241	$ 180,966	$ 213,112
Weighted average shares outstanding (shares)	5,285	5,302	5,285	5,354
Denominator for diluted earnings per share (shares)	5,329	5,337	5,328	5,390
Graham Holdings Company Common Stockholders:
Basic income per common share in dollars per share	$ 8.12	$ 23.43	$ 34.24	$ 39.81
Diluted income per common share in dollars per share	$ 8.05	$ 23.28	$ 33.96	$ 39.54
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)	44	35	43	36

Earnings Per Share (Details 2)

Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Weighted average restricted stock	14	21	12	23

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)Investmentcompanies	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Investmentcompanies	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)Investment
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ (175)	$ 0	$ 6,432	$ 0
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		2
Percentage of total plan assets	100.00%		100.00%		100.00%
Berkshire Hathaway Common Stock [Member] | Investment Manager 2 [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%
Alphabet and Berkshire Hathaway Common Stock [Member] | Investment Manager 1 [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			15.00%
Foreign Investments [Member] | Maximum [Member] | Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	30.00%		30.00%
Foreign Investments [Member] | Maximum [Member] | Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	15.00%		15.00%
Fixed income securities [Member] | Minimum [Member] | Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	5.00%		5.00%
Fixed income securities [Member] | Minimum [Member] | Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	10.00%		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	$ 853,300		$ 853,300		$ 945,600
Percentage of total plan assets	35.00%		35.00%		45.00%
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 | Investment	1		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 | Investment	1		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%
Education [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense			$ 6,400

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit)	$ 5,142	$ 4,963	$ 5,221	$ 4,491	$ 4,473	$ 4,317	$ 4,940	$ 15,326	$ 13,730	$ 18,221	$ 18,687
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	5,142				4,473			15,326	13,730
Interest cost	11,743				11,844			35,078	34,943
Expected return on assets	(30,832)				(31,969)			(91,955)	(97,251)
Amortization of prior service cost (credit)	824				36			2,058	114
Recognized actuarial loss (gain)	0				(2,974)			0	(6,994)
Net Periodic Cost (Benefit)	(13,123)				(18,590)			(39,493)	(55,458)
Curtailment gain	0				0			0	(806)
Special separation benefit expense	(175)				0			6,432	0
Net Periodic Cost (Benefit)	(13,298)				(18,590)			(33,061)	(56,264)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	214				205			643	614
Interest cost	1,079				967			3,236	2,899
Amortization of prior service cost (credit)	85				77			254	233
Recognized actuarial loss (gain)	579				600			1,736	1,802
Net Periodic Cost (Benefit)	1,957				1,849			5,869	5,548
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0				267			0	803
Interest cost	72				170			216	509
Amortization of prior service cost (credit)	(1,841)				(44)			(5,522)	(132)
Recognized actuarial loss (gain)	(1,090)				(921)			(3,270)	(2,764)
Net Periodic Cost (Benefit)	$ (2,859)				$ (528)			$ (8,576)	$ (1,584)

Pension and Postretirement Pl_5

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Sep. 30, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100.00%	100.00%
U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	55.00%	53.00%
U.S. stock index fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	21.00%	28.00%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	17.00%	13.00%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	7.00%	6.00%

Other Non-Operating Income (Nar

Other Non-Operating Income (Narrative) (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)business
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on cost method investments	$ 3,669	$ 1,300	$ 8,487		$ 5,080	$ 8,487
Gain on sale of equity affiliate	0		0		28,994	0
Gain on sales of businesses	486		916		907	8,157
Education [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sales of businesses						$ 8,200
Number of businesses disposed | business						3
Gimlet Media [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of equity affiliate		$ 29,000
Higher Education [Member] | Education [Member] | Kaplan University Transaction [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sales of businesses				$ 4,300		$ 4,300
Gain Related to Contingent Consideration	$ 500		$ 500		$ 900	$ 1,900

Other Non-Operating Income (Det

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Other Nonoperating Income (Expense) [Abstract]
Gain on sale of equity affiliate	$ 0				$ 0			$ 28,994	$ 0
Gain on cost method investments	3,669		$ 1,300		8,487			5,080	8,487
Foreign currency gain (loss), net	661				(116)			1,284	(2,205)
Impairment of a cost method investment	0				(2,500)			0	(2,500)
Gain on sales of businesses	486				916			907	8,157
Gain on sale of cost method investments	259				0			259	2,845
(Loss) gain on sale of property, plant and equipment	(38)				0			(82)	2,542
Other gain (loss), net	519				(3,645)			(307)	(2,664)
Total Other Non-Operating Income	$ 5,556	$ 1,228	$ 29,351	$ (12,559)	$ 3,142	$ 2,333	$ 9,187	$ 36,135	$ 14,662	$ 2,103	$ 4,241

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before tax		$ (18,604)			$ (6,076)			$ (23,403)	$ (29,587)
Other Comprehensive Income (Loss), income tax		518			874			1,512	1,976
Other Comprehensive Income (Loss), Net of Tax		(18,086)	$ (12,095)	$ 8,290	(5,202)	$ (33,221)	$ 10,812	(21,891)	(27,611)
Foreign Currency Translation Adjustment [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax								(17,755)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax								0
Other Comprehensive Income (Loss), before tax		(16,684)			(2,844)			(17,755)	(22,447)
Other Comprehensive Income (Loss), income tax		0			0			0	0
Other Comprehensive Income (Loss), Net of Tax		(16,684)			(2,844)			(17,755)	(22,447)
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		(1,443)			(3,226)			(4,744)	(7,741)
Reclassification from AOCI, Current Period, Tax		390			873			1,281	2,090
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(1,053)			(2,353)			(3,463)	(5,651)
Other Comprehensive Income (Loss), before tax		(1,443)			(3,226)			(4,744)	(7,741)
Other Comprehensive Income (Loss), income tax		390			873			1,281	2,090
Other Comprehensive Income (Loss), Net of Tax		(1,053)			(2,353)			(3,463)	(5,651)
Net Prior Service (Credit) Cost [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(932)			69			(3,210)	215
Reclassification from AOCI, Current Period, Tax		252			(18)			867	(58)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(680)			51			(2,343)	157
Net Actuarial Gain [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(511)			(3,295)			(1,534)	(7,956)
Reclassification from AOCI, Current Period, Tax		138			891			414	2,148
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(373)			(2,404)			(1,120)	(5,808)
Cash Flow Hedges [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax								(562)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax								(111)
Other Comprehensive Income (Loss), before tax		(477)			(6)			(904)	601
Other Comprehensive Income (Loss), income tax		128			1			231	(114)
Other Comprehensive Income (Loss), Net of Tax		$ (349)			$ (5)			$ (673)	$ 487
[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 Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 3,038,854	$ 2,999,536	$ 2,916,782	$ 2,876,864	$ 2,884,388	$ 2,915,145	$ 2,916,782	$ 2,915,145
Other Comprehensive Loss, Net of Tax	(18,086)	(12,095)	8,290	(5,202)	(33,221)	10,812	(21,891)	(27,611)
As of	3,058,911	$ 3,038,854	2,999,536	2,974,831	$ 2,876,864	$ 2,884,388	3,058,911	2,974,831
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			203,829				203,829
Other comprehensive loss before reclassifications							(18,317)
Net amount reclassified from accumulated other comprehensive income (loss)							(3,574)
Other Comprehensive Loss, Net of Tax							(21,891)
As of	181,938						181,938
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			(29,270)				(29,270)
Other comprehensive loss before reclassifications							(17,755)
Net amount reclassified from accumulated other comprehensive income (loss)							0
Other Comprehensive Loss, Net of Tax	(16,684)			(2,844)			(17,755)	(22,447)
As of	(47,025)						(47,025)
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			232,836				232,836
Other comprehensive loss before reclassifications							0
Net amount reclassified from accumulated other comprehensive income (loss)	(1,053)			(2,353)			(3,463)	(5,651)
Other Comprehensive Loss, Net of Tax	(1,053)			(2,353)			(3,463)	(5,651)
As of	229,373						229,373
Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			$ 263				263
Other comprehensive loss before reclassifications							(562)
Net amount reclassified from accumulated other comprehensive income (loss)							(111)
Other Comprehensive Loss, Net of Tax	(349)			$ (5)			(673)	$ 487
As of	$ (410)						$ (410)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		$ 6,776			$ 6,135			$ 22,587	$ 31,371
Provision for Income Taxes		15,200			10,000			59,500	39,700
Net of Tax		(42,965)	$ (57,195)	$ (81,702)	(125,070)	$ (46,635)	$ (42,965)	(181,862)	(214,670)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net of Tax		(1,066)			(2,401)			(3,574)	(5,733)
Foreign Currency Translation Adjustment [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		(1,443)			(3,226)			(4,744)	(7,741)
Provision for Income Tax		390			873			1,281	2,090
Reclassifications, net of tax		(1,053)			(2,353)			(3,463)	(5,651)
Net Prior Service (Credit) Cost [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	(932)			69			(3,210)	215
Provision for Income Tax		252			(18)			867	(58)
Reclassifications, net of tax		(680)			51			(2,343)	157
Net Actuarial Gain [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	(511)			(3,295)			(1,534)	(7,956)
Provision for Income Tax		138			891			414	2,148
Reclassifications, net of tax		(373)			(2,404)			(1,120)	(5,808)
Cash Flow Hedges [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax								(111)
Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		(24)			(59)			(151)	(101)
Provision for Income Taxes		11			11			40	19
Net of Tax		$ (13)			$ (48)			$ (111)	$ (82)
[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 and Regulatory _2

Contingencies and Regulatory Matters (Details) $ in Thousands, £ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2019GBP (£)	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)claimprogram_review	Sep. 30, 2019GBP (£)claimprogram_review
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business | claim			0	0
Deferred Charges and Other Assets | $		$ 117,830	$ 129,451
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss | $			$ 15,000
Sale of KHE Campuses business [Member]
Loss Contingencies [Line Items]
Loss on Guarantor Lease Obligations | $		$ 17,500
Education [Member] | Sale of KHE Campuses business [Member] | Higher Education [Member]
Loss Contingencies [Line Items]
Number of finalized program reviews | program_review			2	2
Her Majesty's Revenue and Customs (HMRC) [Member] | UK Pathways [Member] | Kaplan International [Member]
Loss Contingencies [Line Items]
Amount Paid Entitled To Recover | £				£ 17.3
Loss Contingency, Loss in Period | £	£ 17.3
Her Majesty's Revenue and Customs (HMRC) [Member] | UK Pathways [Member] | Kaplan International [Member] | 2014 to 2018 [Member]
Loss Contingencies [Line Items]
Loss Contingency, Loss in Period | £	£ 14.1

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	9 Months Ended
	Sep. 30, 2019Segment
Business Segments [Line Items]
Number of reportable segments	8

Business Segments (Information

Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Operating Revenues	$ 738,820	$ 737,602	$ 692,199	$ 689,087	$ 674,766	$ 672,677	$ 659,436	$ 2,168,621	$ 2,006,879	$ 2,695,966	$ 2,591,846
Income (Loss) from Operations	16,268	57,963	40,003	75,582	60,739	65,626	44,214	114,234	170,579	246,161	136,403
Equity in earnings of affiliates, net	4,683	1,467	1,679	1,426	9,537	931	2,579	7,829	13,047	14,473	(3,249)
Interest Expense, Net	(5,302)	(6,807)	(5,725)	(5,062)	(5,524)	(15,264)	(6,699)	(17,834)	(27,487)	(32,549)	(27,305)
Debt Extinguishment Costs	0			0	0	(11,378)	0	0	(11,378)	(11,378)	0
Non-operating pension and postretirement benefit income, net	19,556	12,253	19,928	53,900	22,214	23,041	21,386	51,737	66,641	120,541	72,699
Gain on marketable equity securities, net	17,404	7,791	24,066	(44,149)	44,962	(2,554)	(14,102)	49,261	28,306	(15,843)	0
Other income, net	5,556	1,228	29,351	(12,559)	3,142	2,333	9,187	36,135	14,662	2,103	4,241
Income Before Income Taxes	58,165	73,895	109,302	69,138	135,070	62,735	56,565	241,362	254,370	323,508	182,789
Depreciation of property, plant and equipment	15,351	13,884	13,523	14,813	13,648	13,619	14,642	42,758	41,909	56,722	62,509
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	13,944	13,573	13,060	13,362	20,378	11,399	10,384	40,577	42,161	55,523	50,801
Amortization of Intangible Assets	13,572				12,269			39,512	34,052
Impairment of long-lived assets	372				8,109			1,065	8,109
Pension Service Cost	5,142	4,963	5,221	4,491	4,473	4,317	4,940	15,326	13,730	18,221	18,687
Capital Expenditures										98,067	57,080
Identifiable Assets	3,749,520			3,120,280				3,749,520		3,120,280
Marketable equity securities	535,564			496,390				535,564		496,390
Investments in Affiliates	163,986			143,813				163,986		143,813
Prepaid Pension Cost	1,038,676			1,003,558				1,038,676		1,003,558
Total Assets	5,487,746			4,764,041				5,487,746		4,764,041
Operating Segments [Member] | Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	357,319	367,763	372,454	346,910	358,601	370,005	375,499	1,097,536	1,104,105	1,451,015	1,516,776
Income (Loss) from Operations	(7,161)	26,305	25,595	14,620	22,262	37,554	22,700	44,739	82,516	97,136	77,687
Depreciation of property, plant and equipment	6,258	6,137	6,201	6,969	6,685	6,839	7,606	18,596	21,130	28,099	32,906
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	3,944	4,070	3,567	3,868	2,682	1,663	1,149	11,581	5,494	9,362	5,162
Amortization of Intangible Assets	3,944				2,682			10,888	5,494
Impairment of long-lived assets	0				0			693	0
Pension Service Cost	2,603	2,522	2,664	2,104	2,107	1,878	2,664	7,789	6,649	8,753	9,720
Capital Expenditures										54,159	27,520
Identifiable Assets	1,925,819			1,568,747				1,925,819		1,568,747
Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	2,450				143			7,121	870
Income (Loss) from Operations	(8,011)				(9,452)			(30,405)	(27,110)
Depreciation of property, plant and equipment	66				119			172	431
Pension Service Cost	166				123			496	250
Identifiable Assets	66,989			28,731				66,989		28,731
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	178,169				167,668			552,505	535,553
Income (Loss) from Operations	(14,226)				8,375			35,596	52,966
Depreciation of property, plant and equipment	3,600				3,759			11,198	11,497
Pension Service Cost	114				66			341	233
Identifiable Assets	1,336,238			1,101,040				1,336,238		1,101,040
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	78,712				89,269			237,780	275,080
Income (Loss) from Operations	5,177				6,042			9,813	18,616
Depreciation of property, plant and equipment	840				915			2,066	4,047
Pension Service Cost	1,136				1,050			3,401	3,260
Identifiable Assets	202,553			126,752				202,553		126,752
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Test Preparation [Member]
Segment Reporting Information [Line Items]
Operating Revenues	64,710				67,749			191,533	195,504
Income (Loss) from Operations	4,959				10,572			8,794	17,213
Depreciation of property, plant and equipment	774				1,033			2,358	2,984
Pension Service Cost	847				577			2,534	2,035
Identifiable Assets	165,471			145,308				165,471		145,308
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Professional (U.S.) [Member]
Segment Reporting Information [Line Items]
Operating Revenues	33,820				34,302			110,181	98,715
Income (Loss) from Operations	4,939				6,768			20,943	20,863
Depreciation of property, plant and equipment	978				859			2,802	2,171
Pension Service Cost	340				291			1,017	871
Identifiable Assets	154,568			166,916				154,568		166,916
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(542)				(530)			(1,584)	(1,617)
Income (Loss) from Operations	1				(43)			(2)	(32)
Operating Segments [Member] | Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	115,161	116,628	108,223	152,647	130,014	114,086	108,802	340,012	352,902	505,549	409,916
Income (Loss) from Operations	36,813	44,494	35,540	73,420	55,453	41,118	40,542	116,847	137,113	210,533	139,258
Depreciation of property, plant and equipment	3,307	3,293	3,239	3,961	3,198	2,974	3,071	9,839	9,243	13,204	12,179
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	1,408	1,408	1,408	1,408	1,408	1,408	1,408	4,224	4,224	5,632	6,349
Pension Service Cost	762	780	731	550	544	601	493	2,273	1,638	2,188	1,942
Capital Expenditures										27,013	16,802
Identifiable Assets	470,915			452,853				470,915		452,853
Operating Segments [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Operating Revenues	111,676	114,873	115,157	117,723	126,028	126,462	117,406	341,706	369,896	487,619	414,193
Income (Loss) from Operations	6,845	4,692	3,274	6,412	5,146	8,665	8,628	14,811	22,439	28,851	14,947
Depreciation of property, plant and equipment	2,671	2,384	2,433	2,400	2,333	2,331	2,451	7,488	7,115	9,515	9,173
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	6,522	6,528	6,530	6,530	6,345	5,935	5,936	19,580	18,216	24,746	31,052
Pension Service Cost	20	15	25	18	18	19	17	60	54	72	79
Capital Expenditures										14,806	8,012
Identifiable Assets	577,244			593,111				577,244		593,111
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Operating Revenues	40,688	40,641	37,728	37,960	35,486	38,208	37,621	119,057	111,315	149,275	154,202
Income (Loss) from Operations	1,208	2,598	2,329	928	(8,702)	764	(1,391)	6,135	(9,329)	(8,401)	(2,569)
Depreciation of property, plant and equipment	566	607	610	629	648	647	653	1,783	1,948	2,577	4,583
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	1,914	1,410	1,398	1,399	9,839	1,809	1,808	4,722	13,456	14,855	7,905
Pension Service Cost	123	63	183	143	143	165	122	369	430	573	665
Capital Expenditures										1,741	2,987
Identifiable Assets	132,068			108,596				132,068		108,596
Operating Segments [Member] | SocialCode [Member]
Segment Reporting Information [Line Items]
Operating Revenues	15,975	16,382	13,447	16,878	13,781	14,770	13,299	45,804	41,850	58,728	62,077
Income (Loss) from Operations	(378)	(975)	(4,018)	(682)	5,124	(1,742)	(3,781)	(5,371)	(399)	(1,081)	(3,674)
Depreciation of property, plant and equipment	356	384	152	177	187	200	233	892	620	797	1,004
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	156	157	157	157	104	584	83	470	771	928	333
Pension Service Cost	219	191	248	181	181	205	156	658	542	723	593
Capital Expenditures										113	756
Identifiable Assets	238,253			213,394				238,253		213,394
Operating Segments [Member] | Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	98,225	81,359	45,230	17,024	10,856	9,167	6,833	224,814	26,856	43,880	34,733
Income (Loss) from Operations	(9,029)	(5,913)	(8,493)	(5,840)	(5,657)	(7,977)	(8,542)	(23,435)	(22,176)	(28,016)	(30,536)
Depreciation of property, plant and equipment	1,974	837	648	428	345	375	375	3,459	1,095	1,523	1,546
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	0	0	0	0	0	0	0	0	0	0	0
Pension Service Cost	215	161	201	161	147	154	116	577	417	578	453
Capital Expenditures										235	1,003
Identifiable Assets	333,720			20,608				333,720		20,608
Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	0	0	0	0	0	0	0	0	0	0	0
Income (Loss) from Operations	(12,030)	(13,238)	(14,224)	(13,276)	(12,887)	(12,756)	(13,942)	(39,492)	(39,585)	(52,861)	(58,710)
Depreciation of property, plant and equipment	219	242	240	249	252	253	253	701	758	1,007	1,118
Amortization Of Intangible Assets and Impairment of Long-Lived Assets	0	0	0	0	0	0	0	0	0	0	0
Pension Service Cost	1,200	1,231	1,169	1,334	1,333	1,295	1,372	3,600	4,000	5,334	5,235
Capital Expenditures										0	0
Identifiable Assets	71,501			162,971				71,501		162,971
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (224)	$ (44)	$ (40)	$ (55)	$ 0	$ (21)	$ (24)	$ (308)	$ (45)	$ (100)	$ (51)

Uncategorized Items - a2019q310

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 6,923,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	201,812,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (194,889,000)