Graham (GHC) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	2023
Document Fiscal Period Focus	Q2
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		3,684,526

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Revenues
Operating Revenues	$ 1,104,999	$ 933,302	$ 2,136,545	$ 1,848,023
Operating Costs and Expenses
Selling, general and administrative	244,683	227,844	486,645	452,706
Depreciation of property, plant and equipment	21,103	19,413	41,128	38,888
Amortization of intangible assets	13,304	14,889	27,248	29,801
Impairment of long-lived assets	0	0	745	0
Total Operating Costs and Expenses	1,046,944	893,974	2,050,834	1,768,724
Income from Operations	58,055	39,328	85,711	79,299
Equity in (losses) earnings of affiliates, net	(6,115)	1,427	(1,454)	4,031
Interest income	1,548	696	2,752	1,411
Interest expense	(11,774)	(15,973)	(26,068)	(27,390)
Non-operating pension and postretirement benefit income, net	29,815	50,871	61,660	101,376
Gain (loss) on marketable equity securities, net	78,648	(165,540)	96,670	(118,628)
Other income, net	15,794	1,176	18,877	4,052
Income (Loss) Before Income Taxes	165,971	(88,015)	238,148	44,151
Provision for (Benefit from) Income Taxes	41,800	(21,400)	61,000	14,200
Net Income (Loss)	124,171	(66,615)	177,148	29,951
Net Income Attributable to Noncontrolling Interests	(1,383)	(870)	(2,088)	(1,812)
Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders	$ 122,788	$ (67,485)	$ 175,060	$ 28,139
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income (loss) per common share (in USD per share)	$ 25.96	$ (13.95)	$ 36.78	$ 5.76
Basic average number of common shares outstanding (in shares)	4,700	4,842	4,729	4,857
Diluted net income (loss) per common share (in USD per share)	$ 25.89	$ (13.95)	$ 36.67	$ 5.74
Diluted average number of common shares outstanding (in shares)	4,713	4,842	4,744	4,870
Services [Member]
Operating Revenues
Operating Revenues	$ 625,219	$ 563,113	$ 1,212,082	$ 1,120,682
Operating Costs and Expenses
Cost of services and goods	363,030	329,702	719,972	654,683
Goods [Member]
Operating Revenues
Operating Revenues	479,780	370,189	924,463	727,341
Operating Costs and Expenses
Cost of services and goods	$ 404,824	$ 302,126	$ 775,096	$ 592,646

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 124,171	$ (66,615)	$ 177,148	$ 29,951
Foreign currency translation adjustments:
Translation adjustments arising during the period	2,384	(40,928)	11,378	(42,666)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	411	716	820	1,432
Amortization of net actuarial gain included in net income	(10,434)	(18,082)	(21,200)	(35,856)
Total pension and other postretirement plans, before tax	(10,023)	(17,366)	(20,380)	(34,424)
Cash flow hedges gain	1,188	1,091	258	2,733
Other Comprehensive Loss, Before Tax	(6,451)	(57,203)	(8,744)	(74,357)
Income tax benefit related to items of other comprehensive loss	2,305	4,224	5,183	8,243
Other Comprehensive Loss, Net of Tax	(4,146)	(52,979)	(3,561)	(66,114)
Comprehensive Income (Loss)	120,025	(119,594)	173,587	(36,163)
Comprehensive income attributable to noncontrolling interests	(1,383)	(870)	(2,088)	(1,812)
Total Comprehensive Income (Loss) Attributable to Graham Holdings Company	$ 118,642	$ (120,464)	$ 171,499	$ (37,975)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 111,738	$ 169,319
Restricted cash	40,468	20,467
Investments in marketable equity securities and other investments	661,306	622,408
Accounts receivable, net	468,363	560,779
Inventories and contracts in progress	259,224	226,811
Prepaid expenses	119,100	97,450
Income taxes receivable	2,048	9,313
Other current assets	3,683	1,547
Total Current Assets	1,665,930	1,708,094
Property, Plant and Equipment, Net	511,182	503,000
Lease Right-of-Use Assets	420,357	429,403
Investments in Affiliates	198,261	186,419
Goodwill, Net	1,568,020	1,560,953
Indefinite-Lived Intangible Assets	181,026	178,934
Amortized Intangible Assets, Net	134,363	161,422
Prepaid Pension Cost	1,684,914	1,658,046
Deferred Income Taxes	6,850	6,812
Deferred Charges and Other Assets (includes $174 and $646 of restricted cash)	233,055	189,132
Total Assets	6,603,958	6,582,215
Current Liabilities
Accounts payable and accrued liabilities	559,153	563,005
Deferred revenue	319,549	381,416
Income taxes payable	10,305	3,766
Current portion of lease liabilities	70,431	70,007
Current portion of long-term debt	141,161	155,813
Dividends declared	7,788	0
Total Current Liabilities	1,108,387	1,174,007
Accrued Compensation and Related Benefits	137,588	134,921
Other Liabilities	32,974	37,506
Deferred Income Taxes	485,467	466,275
Mandatorily Redeemable Noncontrolling Interest	31,136	30,845
Lease Liabilities	383,318	393,626
Long-Term Debt	565,564	570,547
Total Liabilities	2,744,434	2,807,727
Commitments and Contingencies (Note 14)
Redeemable Noncontrolling Interests	26,999	21,827
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	385,399	390,438
Retained earnings	7,314,654	7,163,128
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(43,260)	(54,638)
Unrealized gain on pensions and other postretirement plans	373,453	388,591
Cash flow hedges	2,397	2,198
Cost of Class B common stock held in treasury	(4,243,166)	(4,178,334)
Total Common Stockholders’ Equity	3,809,477	3,731,383
Noncontrolling Interests	23,048	21,278
Total Equity	3,832,525	3,752,661
Total Liabilities and Equity	$ 6,603,958	$ 6,582,215

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Restricted Cash, Noncurrent	$ 174	$ 646

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net Income	$ 177,148	$ 29,951
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and long-lived asset impairments	69,121	68,689
Amortization of lease right-of-use asset	33,245	33,473
Net pension benefit and special separation benefit expense	(46,074)	(90,971)
(Gain) loss on marketable equity securities and cost method investments, net	(99,774)	118,628
Gain on disposition of business, property, plant and equipment and investments, net	(11,755)	(2,265)
Credit loss expense	1,909	2,218
Stock-based compensation expense	3,334	3,102
Foreign exchange (gain) loss	(100)	1,525
Equity in losses (earnings) of affiliates, net of distributions	8,386	2,036
Provision for deferred income taxes	26,224	5,795
Accretion expense and change in fair value of contingent consideration liabilities	(4,466)	(2,655)
Change in operating assets and liabilities:
Accounts receivable, net	93,496	126,006
Inventories	(32,276)	(36,360)
Accounts payable and accrued liabilities	(50,664)	(37,455)
Deferred revenue	(58,505)	(59,558)
Income taxes receivable/payable	13,908	(8,284)
Lease liabilities	(34,878)	(40,872)
Other assets and other liabilities, net	(26,009)	(15,834)
Other	(31)	2,239
Net Cash Provided by Operating Activities	62,239	99,408
Cash Flows from Investing Activities
Proceeds from sales of marketable equity securities	61,979	74,233
Purchases of property, plant and equipment	(40,909)	(32,154)
Loan to related party	(30,000)	0
Investments in equity affiliates, cost method and other investments	(11,982)	(27,950)
Purchases of marketable equity securities	(6,162)	(31,468)
Net proceeds from disposition of property, plant and equipment, and investments	3,234	2,324
Other	868	(2,901)
Net Cash Used in Investing Activities	(22,972)	(17,916)
Cash Flows from Financing Activities
Common shares repurchased	(69,082)	(34,303)
Net proceeds from vehicle floor plan payable	28,982	14,121
Net payments under revolving credit facilities	(15,000)	(47,000)
Dividends paid	(15,746)	(15,465)
Repayments of borrowings	(7,983)	(7,580)
Proceeds from bank overdrafts	3,656	6,073
Deferred payments of acquisition	(1,361)	(4,731)
Other	(1,346)	(686)
Net Cash Used in Financing Activities	(77,880)	(89,571)
Effect Of Currency Exchange Rate Change	561	(4,901)
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(38,052)	(12,980)
Beginning Cash and Cash Equivalents and Restricted Cash	190,432	158,843
Ending Cash and Cash Equivalents and Restricted Cash	$ 152,380	$ 145,863

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	Noncontrolling Interest [Member]
As of at Dec. 31, 2021	$ 4,411,669	$ 20,000	$ 389,456	$ 7,126,761	$ 971,388	$ (4,108,022)	$ 12,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	96,566			96,566
Net income attributable to noncontrolling interest	0			(986)			986
Net (income) loss attributable to redeemable noncontrolling interests	44			44
Change in redemption value of redeemable noncontrolling interest	64						64
Distribution to noncontrolling interest	(357)						(357)
Dividends on common stock	(15,497)			(15,497)
Repurchase of Class B Common Stock	(9,527)					(9,527)
Issuance of Class B common stock, net of restricted stock award forfeitures	1,437					1,437
Amortization of unearned stock compensation and stock option expense	1,677		1,677
Other comprehensive income (loss), net of income taxes	(13,135)				(13,135)
As of at Mar. 31, 2022	4,472,941	20,000	391,133	7,206,888	958,253	(4,116,112)	12,779
As of at Dec. 31, 2021	14,311
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	(44)
Change in redemption value of redeemable noncontrolling interests	64
As of at Mar. 31, 2022	14,331
As of at Dec. 31, 2021	4,411,669	20,000	389,456	7,126,761	971,388	(4,108,022)	12,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	29,951
Other comprehensive income (loss), net of income taxes	(66,114)
As of at Jun. 30, 2022	4,322,243	20,000	392,973	7,131,747	905,274	(4,141,303)	13,552
As of at Dec. 31, 2021	14,311
As of at Jun. 30, 2022	16,500
As of at Mar. 31, 2022	4,472,941	20,000	391,133	7,206,888	958,253	(4,116,112)	12,779
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(66,615)			(66,615)
Noncontrolling interest capital contribution	140						140
Acquisition of noncontrolling interest	512						512
Net income attributable to noncontrolling interest	0			(929)			929
Acquisition of redeemable noncontrolling interest	0
Net (income) loss attributable to redeemable noncontrolling interests	59			59
Change in redemption value of redeemable noncontrolling interest	64						64
Distribution to noncontrolling interest	(872)						(872)
Dividends on common stock	(7,656)			(7,656)
Repurchase of Class B Common Stock	(24,776)					(24,776)
Issuance of Class B common stock, net of restricted stock award forfeitures	(877)		(462)			(415)
Amortization of unearned stock compensation and stock option expense	2,302		2,302
Other comprehensive income (loss), net of income taxes	(52,979)				(52,979)
As of at Jun. 30, 2022	4,322,243	20,000	392,973	7,131,747	905,274	(4,141,303)	13,552
As of at Mar. 31, 2022	14,331
Increase (Decrease) in Temporary Equity [Roll Forward]
Acquisition of redeemable noncontrolling interest	2,164
Net income (loss) attributable to redeemable noncontrolling interests	(59)
Change in redemption value of redeemable noncontrolling interests	64
As of at Jun. 30, 2022	16,500
As of at Dec. 31, 2022	3,752,661	20,000	390,438	7,163,128	336,151	(4,178,334)	21,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	52,977			52,977
Noncontrolling interest capital contribution	520						520
Net income attributable to noncontrolling interest	0			(650)			650
Net (income) loss attributable to redeemable noncontrolling interests	(55)			(55)
Change in redemption value of redeemable noncontrolling interest	64						64
Distribution to redeemable noncontrolling interest	0
Dividends on common stock	(15,812)			(15,812)
Repurchase of Class B Common Stock	(23,439)					(23,439)
Issuance of Class B common stock, net of restricted stock award forfeitures	427		(4,067)			4,494
Amortization of unearned stock compensation and stock option expense	1,802		1,802
Other comprehensive income (loss), net of income taxes	585				585
As of at Mar. 31, 2023	3,769,730	20,000	388,173	7,199,588	336,736	(4,197,279)	22,512
As of at Dec. 31, 2022	21,827
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	55
Change in redemption value of redeemable noncontrolling interests	70
Distribution to redeemable noncontrolling interest	(70)
As of at Mar. 31, 2023	21,882
As of at Dec. 31, 2022	3,752,661	20,000	390,438	7,163,128	336,151	(4,178,334)	21,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	177,148
Other comprehensive income (loss), net of income taxes	(3,561)
As of at Jun. 30, 2023	3,832,525	20,000	385,399	7,314,654	332,590	(4,243,166)	23,048
As of at Dec. 31, 2022	21,827
As of at Jun. 30, 2023	26,999
As of at Mar. 31, 2023	3,769,730	20,000	388,173	7,199,588	336,736	(4,197,279)	22,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	124,171			124,171
Net income attributable to noncontrolling interest	0			(809)			809
Net (income) loss attributable to redeemable noncontrolling interests	(574)			(574)
Change in redemption value of redeemable noncontrolling interest	(4,499)		(4,550)				51
Distribution to noncontrolling interest	(324)						(324)
Dividends on common stock	(7,722)			(7,722)
Repurchase of Class B Common Stock	(45,643)					(45,643)
Issuance of Class B common stock, net of restricted stock award forfeitures	(183)		61			(244)
Amortization of unearned stock compensation and stock option expense	1,715		1,715
Other comprehensive income (loss), net of income taxes	(4,146)				(4,146)
As of at Jun. 30, 2023	3,832,525	$ 20,000	$ 385,399	$ 7,314,654	$ 332,590	$ (4,243,166)	$ 23,048
As of at Mar. 31, 2023	21,882
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	574
Change in redemption value of redeemable noncontrolling interests	4,604
Distribution to redeemable noncontrolling interest	(61)
As of at Jun. 30, 2023	$ 26,999

Organization, Basis of Presenta

Organization, Basis of Presentation and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
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 holding company whose operations include: education; television broadcasting–online, podcast, print and local TV news; manufacturing; home health and hospice care; automotive dealerships; and other businesses . The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States (U.S.). The Company’s television broadcast segment owns and operates seven television broadcasting stations. The Company’s manufacturing companies comprise the ownership of a supplier of pressure treated wood, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and industrial systems. The Company’s healthcare segment provides home health, hospice and palliative services, in-home specialty pharmacy infusion therapies, applied behavior analysis (ABA) therapy, physician services for allergy, asthma and immunology patients, in-home aesthetics, and healthcare software-as-a-service technology. The Company’s automotive business comprises six dealerships and valet repair services. The Company’s other businesses include a consumer internet company; restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; website and print magazines; and a daily local news podcast and newsletter company. Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and six months ended June 30, 2023 and 2022 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, 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation (see Note 15). 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 September 2022, the Financial Accounting Standards Board issued new guidance that requires a buyer in a supplier finance program to disclose certain qualitative and quantitative information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The standard was adopted by the Company in the first quarter of 2023 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions o

Acquisitions and Dispositions of Businesses	6 Months Ended
	Jun. 30, 2023
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions of Businesses	ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions . In January 2023, Graham Healthcare Group (GHG) acquired two small businesses which are included in healthcare. During 2022, the Company acquired seven businesses: five in healthcare and two in automotive, for $143.2 million in cash and contingent consideration and the assumption of floor plan payables. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition. In May 2022, GHG acquired two small businesses which are included in healthcare. On July 5, 2022, the Company’s automotive subsidiary acquired two automotive dealerships, including the real property for the dealership operations. In addition to a cash payment and the assumption of $10.9 million in floor plan payables, the automotive subsidiary borrowed $77.4 million to finance the acquisition. The dealerships are operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. These acquisitions expand the Company’s automotive business operations and are included in automotive. In July 2022, GHG acquired a 100% interest in a multi-state provider of ABA clinics. The acquisition is expected to expand the product offerings of the healthcare division and is included in healthcare. In August 2022, GHG acquired two small businesses which are included in healthcare. Acquisition-related costs for acquisitions were expensed as incurred. The aggregate purchase price of the 2022 acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Year Ended (in thousands) December 31, 2022 Accounts receivable $ 3,172 Inventory 21,278 Property, plant and equipment 36,255 Lease right-of-use assets 4,773 Goodwill 53,946 Indefinite-lived intangible assets 41,800 Amortized intangible assets 1,200 Other assets 404 Deferred income taxes 2,535 Floor plan payables (10,908) Other liabilities (3,798) Current and noncurrent lease liabilities (5,865) Redeemable noncontrolling interest (2,164) Noncontrolling interest (512) Aggregate purchase price, net of cash acquired $ 142,116 The 2022 fair values recorded were based upon 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). 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 $38.5 million of goodwill for income tax purposes for the acquisitions completed in 2022. The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The following unaudited pro forma information includes the 2022 acquisitions as if they occurred at the beginning of 2021: Three Months Ended Six Months Ended (in thousands) 2022 2022 Operating revenues $ 1,015,285 $ 2,013,479 Net (loss) income (62,062) 38,614 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. Disposition of Businesses. In June 2023, the Company entered into an agreement to merge the Pinna business with Realm of Possibility, Inc. (Realm) in return for an additional noncontrolling financial interest in Realm (the Pinna transaction). The Company deconsolidated the Pinna subsidiary, which was included in other businesses, and continues to account for its interest in Realm under the equity method of accounting (see Notes 3 and 12). In October 2022, the Company entered into an agreement to merge the CyberVista business with CyberWire, Inc. in return for a noncontrolling financial interest in the merged entity, N2K Networks, Inc. (the CyberVista transaction). The Company deconsolidated the CyberVista subsidiary, which was included in other businesses, and accounts for its continuing interest in N2K Networks under the equity method of accounting (see Note 3). Other Transactions. In November 2022, a CSI Pharmacy Holdings Company, LLC (CSI) minority shareholder put some shares to the Company, which had a redemption value of $1.2 million. Following the redemption, the Company owns 76.5% of CSI.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments	INVESTMENTS Money Market Investments. As of June 30, 2023 and December 31, 2022, the Company had money market investments of $6.0 million and $7.7 million, respectively, 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 June 30, December 31, (in thousands) Total cost $ 225,971 $ 270,764 Gross unrealized gains 422,785 363,147 Gross unrealized losses — (23,990) Total Fair Value $ 648,756 $ 609,921 At June 30, 2023 and December 31, 2022, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $76.7 million and $73.0 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Direct ors. As of June 30, 2023, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $383.2 million, which exceeded 5% of the Company’s total assets. The Company purchased $4.6 million of marketable equity securities during the first six months of 2023. The Company purchased $31.5 million of marketable equity securities during the first six months of 2022. During the first six months of 2023, the gross cumulative realized net gains from the sales of marketable equity securities were $13.0 million. The total proceeds from such sales were $62.0 million. During the first six months of 2022, the gross cumulative realized gains from the sales of marketable equity securities were $39.1 million. The total proceeds from such sales were $74.2 million. The net gain (loss) on marketable equity securities comprised the following: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Gain (loss) on marketable equity securities, net $ 78,648 $ (165,540) $ 96,670 $ (118,628) Less: Net (gains) losses in earnings from marketable equity securities sold and donated (9,132) 4,838 (5,475) 10,605 Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period $ 69,516 $ (160,702) $ 91,195 $ (108,023) Investments in Affiliates. In June 2023, the Company entered into an agreement to merge the Pinna business with Realm in return for an additional noncontrolling financial interest in Realm. The Company held an equity interest in Realm prior to the merger transaction, which was accounted for under the equity method. Following the merger transaction, the Company’s convertible note in Realm converted into equity and the Company also made an additional investment in Realm. As of June 30, 2023, the Company held a 42.2% interest in Realm on a fully diluted basis, and continues to account for its investment under the equity method. As of June 30, 2023, the Company held a 49.9% interest in N2K Networks on a fully diluted basis, and accounts for its investment under the equity method. The Company holds two of the five seats of N2K Networks’ governing board with the other shareholders retaining substantive participation rights to control the financial and operating decisions of N2K Networks through representation on the board. As of June 30, 2023, the Company held an approximate 18% interest in Intersection Holdings, LLC (Intersection), and accounts for its investment under the equity method. The Company holds two of the ten seats of Intersection’s governing board, which allows the Company to exercise significant influence over Intersection. In April 2023, the Company entered into a term note agreement to loan Intersection $30.0 million at an interest rate of 9% per annum. The principal and interest on the note are payable in monthly installments over 5 years with the final payment due by May 2028. The outstanding balance on this loan was $29.7 million as of June 30, 2023. As of June 30, 2023, the Company also held investments in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 40% 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). During the first quarter of 2022, GHG invested an additional $18.5 million in the Residential Home Health Illinois and Residential Hospice Illinois affiliates to fund their acquisition of certain home health and hospice assets of the NorthShore University HealthSystem. The transaction diluted GHG’s interest in Residential Hospice Illinois resulting in a $0.6 million gain on the sale of investment in affiliate (see Note 12). For the three and six months ended June 30, 2023, the Company recorded $3.9 million and $7.4 million, respectively, in revenue for services provided to the affiliates of GHG. For the three and six months ended June 30, 2022, the Company recorded $3.7 million and $7.0 million, respectively, in revenue for services provided to the affiliates of GHG. The Company had $42.6 million and $49.1 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of June 30, 2023 and December 31, 2022, respectively. Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with University of York. KIHL loaned the joint venture £22 million, which loan is repayable over 25 years at an interest rate of 7% and guaranteed by the University of York. The outstanding balance on this loan was £20.4 million as of June 30, 2023. The loan is repayable by December 2041. 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 $73.4 million and $66.7 million as of June 30, 2023 and December 31, 2022, respectively. During the three and six months ended June 30, 2023, the Company recorded gains of $1.3 million and $3.1 million, respectively, to those equity securities based on observable transactions.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Liabilities	6 Months Ended
	Jun. 30, 2023
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]
Accounts Receivable Accounts Payable And Accrued Liabilities	ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts receivable consist of the following: As of June 30, December 31, (in thousands) Receivables from contracts with customers, less estimated credit losses of $24,252 and $21,387 $ 440,944 $ 533,622 Other receivables 27,419 27,157 $ 468,363 $ 560,779 Credit loss expense was $1.4 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively. Credit loss expense was $1.9 million and $2.2 million for the six months ended June 30, 2023 and 2022, respectively. Accounts payable and accrued liabilities consist of the following: As of June 30, December 31, (in thousands) Accounts payable $ 135,173 $ 136,186 Accrued compensation and related benefits 112,145 149,823 Other accrued liabilities 311,835 276,996 $ 559,153 $ 563,005 Cash overdrafts of $4.1 million and $0.5 million are included in accounts payable as of June 30, 2023 and December 31, 2022, respectively.

Inventories, Contracts in Progr

Inventories, Contracts in Progress and Vehicle Floor Plan Payable	6 Months Ended
	Jun. 30, 2023
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 June 30, December 31, (in thousands) Raw materials $ 65,076 $ 68,494 Work-in-process 14,687 15,718 Finished goods 178,323 140,548 Contracts in progress 1,138 2,051 $ 259,224 $ 226,811 The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank (Truist floor plan facility) and Ford Motor Credit Company (Ford floor plan facility). At June 30, 2023, the floor plan facilities bore interest at variable rates that are based on the Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.1% and 2.2% for the three months ended June 30, 2023 and 2022, respectively. The weighted average interest rate for the floor plan facilities was 5.7% and 2.1% for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the aggregate capacity under the floor plan facilities was $106.3 million , of which $98.7 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 facilities are 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 June 30, 2023. The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against cost of goods sold in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended June 30, 2023 and 2022, the Company recognized a reduction in cost of goods sold of $1.5 million and $1.1 million, respectively, related to manufacturer floor plan assistance. For the six months ended June 30, 2023 and 2022, the Company recognized a reduction in cost of goods sold of $2.9 million and $2.0 million, respectively, related to manufacturer floor plan assistance.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETSAmortization of intangible assets for the three months ended June 30, 2023 and 2022, was $13.3 million and $14.9 million, respectively. Amortization of intangible assets for the six months ended June 30, 2023 and 2022, was $27.2 million and $29.8 million, respectively. Amortization of intangible assets is estimated to be approximately $23 million for the remainder of 2023, $37 million in 2024, $29 million in 2025, $20 million in 2026, $6 million in 2027 and $19 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Manufacturing Healthcare Automotive Other Total Balance as of December 31, 2022 Goodwill $ 1,145,502 $ 190,815 $ 234,993 $ 135,870 $ 84,697 $ 251,216 $ 2,043,093 Accumulated impairment losses (331,151) — (34,302) — — (116,687) (482,140) 814,351 190,815 200,691 135,870 84,697 134,529 1,560,953 Measurement period adjustments — — — (2,217) — — (2,217) Acquisitions — — — 385 — — 385 Foreign currency exchange rate changes 8,899 — — — — — 8,899 Balance as of June 30, 2023 Goodwill 1,154,401 190,815 234,993 134,038 84,697 251,216 2,050,160 Accumulated impairment losses (331,151) — (34,302) — — (116,687) (482,140) $ 823,250 $ 190,815 $ 200,691 $ 134,038 $ 84,697 $ 134,529 $ 1,568,020 The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Kaplan Higher Supplemental Education Total Balance as of December 31, 2022 Goodwill $ 579,561 $ 174,564 $ 391,377 $ 1,145,502 Accumulated impairment losses — (111,324) (219,827) (331,151) 579,561 63,240 171,550 814,351 Foreign currency exchange rate changes 8,856 — 43 8,899 Balance as of June 30, 2023 Goodwill 588,417 174,564 391,420 1,154,401 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 588,417 $ 63,240 $ 171,593 $ 823,250 Other intangible assets consist of the following: As of June 30, 2023 As of December 31, 2022 (in thousands) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 282,017 $ 226,281 $ 55,736 $ 297,766 $ 230,429 $ 67,337 Trade names and trademarks 2–15 years 143,024 83,129 59,895 148,102 81,078 67,024 Network affiliation agreements 10 years 17,400 11,857 5,543 17,400 10,367 7,033 Databases and technology 3–6 years 36,287 34,545 1,742 36,216 32,219 3,997 Noncompete agreements 2–5 years 20 17 3 1,000 995 5 Other 1–8 years 41,144 29,700 11,444 43,644 27,618 16,026 $ 519,892 $ 385,529 $ 134,363 $ 544,128 $ 382,706 $ 161,422 Indefinite-Lived Intangible Assets Franchise agreements $ 85,858 $ 85,858 Trade names and trademarks 83,997 81,905 FCC licenses 11,000 11,000 Licensure and accreditation 150 150 Other 21 21 $ 181,026 $ 178,934

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	DEBT The Company’s borrowings consist of the following: As of (in thousands) Maturities Stated Interest Rate Effective Interest Rate June 30, December 31, Unsecured notes (1) 2026 5.75% 5.75% $ 397,904 $ 397,548 Revolving credit facility 2027 4.80% - 8.63% 6.09% 188,136 200,236 Truist Bank commercial note (2) 2031 6.10% - 6.86% 6.58% 23,031 23,522 Truist Bank commercial note 2032 6.38% - 7.21% 6.81% 60,452 66,513 Truist Bank commercial note (3) 2032 6.13% - 6.96% 6.63% 25,873 26,548 Pinnacle Bank term loan 2024 4.15% 4.18% 7,871 8,433 Other indebtedness 2025 - 2030 0.00% - 16.00% 3,458 3,560 Total Debt 706,725 726,360 Less: current portion (141,161) (155,813) Total Long-Term Debt $ 565,564 $ 570,547 ___________ _ (1) The carrying value is net of $2.1 million and $2.5 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022, respectively . (2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022. On July 28, 2023, the Company entered into a $150 million term note with each of the lenders party thereto, Wells Fargo Bank, N.A., JPMorgan Chase Bank N.A., Bank of America, N.A., HSBC Bank USA, N.A., and PNC Bank, N.A. The term note is payable in quarterly installments of $1.875 million starting in December 2023 with a final payment of the principal balance due on May 30, 2027. The term note bears interest at variable rates based on SOFR plus 1.75% per annum. The Company may redeem the term note in whole or in part with no penalty at any time. The term note has no impact on the existing financial covenants of the revolving credit facility. At June 30, 2023 and December 31, 2022, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $395.1 million. The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $188.1 million as of June 30, 2023, consisting of U.S. dollar borrowings of $125 million with interest payable at SOFR plus 1.375% or prime rate plus 0.375%, and British Pound (GBP) borrowings of £50 million with interest payable at Daily Sterling Overnight Index Average (SONIA) plus 1.375%. The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as of June 30, 2023 and December 31, 2022. The Company is in compliance with all financial covenants of the revolving credit facility, commercial notes, and Pinnacle Bank term loan as of June 30, 2023. During the three months ended June 30, 2023 and 2022, the Company had average borrowings outstanding of approximately $742.1 million and $638.3 million, respectively, at average annual interest rates of approximately 6.0% and 4.7%, respectively. During the six months ended June 30, 2023 and 2022, the Company incurred net interest expense of $10.2 million and $15.3 million, respectively. During the six months ended June 30, 2023 and 2022, the Company had average borrowings outstanding of approximately $738.3 million and $648.8 million, respectively, at average annual interest rates of approximately 5.9% and 4.5%, respectively. During the six months ended June 30, 2023 and 2022, the Company incurred net interest expense of $23.3 million and $26.0 million, respectively. During the three months ended June 30, 2023, the Company recorded a credit to interest expense of $1.2 million to adjust the fair value of the mandatorily redeemable noncontrolling interest. During the six months ended June 30, 2023, the Company recorded interest expense of $0.3 million to adjust the fair value of the mandatorily redeemable noncontrolling interest. During the three and six months ended June 30, 2022, the Company recorded interest expense of $8.0 million and $11.4 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. The fair value of the mandatorily redeemable noncontrolling interest was based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which approximates fair value (Level 3 fair value assessment).

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of June 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 6,001 $ — $ 6,001 Marketable equity securities (2) 648,756 — — 648,756 Other current investments (3) 11,419 1,131 — 12,550 Interest rate swaps (4) — 2,841 — 2,841 Total Financial Assets $ 660,175 $ 9,973 $ — $ 670,148 Liabilities Contingent consideration liabilities (5) $ — $ — $ 2,915 $ 2,915 Mandatorily redeemable noncontrolling interest (6) — — 31,136 31,136 Total Financial Liabilities $ — $ — $ 34,051 $ 34,051 As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 7,686 $ — $ 7,686 Marketable equity securities (2) 609,921 — — 609,921 Other current investments (3) 7,471 5,016 — 12,487 Interest rate swaps (4) — 2,636 — 2,636 Total Financial Assets $ 617,392 $ 15,338 $ — $ 632,730 Liabilities Contingent consideration liabilities (5) $ — $ — $ 8,423 $ 8,423 Foreign exchange swap (7) — 333 — 333 Mandatorily redeemable noncontrolling interest (6) — — 30,845 30,845 Total Financial Liabilities $ — $ 333 $ 39,268 $ 39,601 ____________ (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 Deferred charges and other assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (5) Included in Accounts payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates. (6) The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses. (7) Included in Accounts payable and accrued liabilities, and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate. The following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs: (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2022 $ 8,423 $ 30,845 Acquisition of business 220 — Changes in fair value (1) (5,157) 289 Capital contributions — 66 Accretion of value included in net income (1) 691 — Settlements or distributions (1,262) (64) As of June 30, 2023 $ 2,915 $ 31,136 (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2021 $ 14,881 $ 13,661 Acquisition of business 397 — Changes in fair value (1) (3,317) 11,430 Capital contributions — 242 Accretion of value included in net income (1) 662 — Settlements or distributions (1,750) (184) As of June 30, 2022 $ 10,873 $ 25,149 ____________ (1) Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations. During the six months ended June 30, 2023, the Company recorded long-lived asset impairment charges of $0.7 million. The remeasurement of the 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 long-lived assets and made estimates and assumptions regarding future cash flows and discount rates. During the three and six months ended June 30, 2023, the Company recorded gains of $1.3 million and $3.1 million, respectively, to equity securities that are accounted for as cost method investments based on observable transactions for identical or similar investments of the same issuer.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS The Company generated 79% of its revenue from U.S. domestic sales for the three and six months ended June 30, 2023 and 2022. The remaining 21% of revenue was generated from non-U.S. sales for the three and six months ended June 30, 2023 and 2022. For the three and six months ended June 30, 2023, the Company recognized 56% of its revenue over time as control of the services and goods transferred to the customer, and the remaining 44% at a point in time, when the customer obtained control of the promised goods. For the three and six months ended June 30, 2022, the Company recognized 60% of its revenue over time, and the remaining 40% at a point in time. Contract Assets. As of June 30, 2023, the Company recognized a contract asset of $36.0 million related to a contract at a Kaplan International business, which is included in Deferred Charges and Other Assets. The Company expects to recognize an additional $322.5 million related to this contract over the next six years. As of December 31, 2022, the contract asset was $26.3 million. 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 June 30, December 31, % (in thousands) Change Deferred revenue $ 323,330 $ 385,507 (16) In April 2020, GHG received $31.5 million under the expanded Medicare Accelerated and Advanced Payment Program modified by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a result of COVID-19. The Department of Health and Human Services started to recoup this advance 365 days after the payment was issued. The advance has been recouped in full as of September 30, 2022. For the three and six months ended June 30, 2022, GHG recognized $5.6 million and $12.0 million of the balance in revenue for claims submitted for eligible services. The majority of the change in the deferred revenue balance is related to the cyclical nature of services in the Kaplan international division. During the six months ended June 30, 2023, the Company recognized $280.4 million related to the Company’s deferred revenue balance as of December 31, 2022. Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of June 30, 2023, the deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than twelve months at Kaplan Supplemental Education was $7.0 million. Kaplan Supplemental Education expects to recognize 68% 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 Costs associated with new contracts Less: Costs amortized during the period Other Balance 2023 $ 31,647 $ 28,477 $ (39,583) $ 801 $ 21,342 The majority of other activity was related to currency translation adjustments for the six months ended June 30, 2023.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS (LOSS) PER SHARE The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The following reflects the Company’s net income (loss) and share data used in the basic and diluted earnings (loss) per share computations using the two-class method: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Numerator for basic earnings (loss) per share: Net income (loss) attributable to Graham Holdings Company common stockholders $ 122,788 $ (67,485) $ 175,060 $ 28,139 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,722) (7,656) (23,534) (23,153) Undistributed earnings (loss) 115,066 (75,141) 151,526 4,986 Percent allocated to common stockholders (1) 99.37 % 100.00 % 99.37 % 99.40 % 114,337 (75,141) 150,566 4,956 Add: Dividends paid-common stock outstanding 7,673 7,610 23,388 23,016 Numerator for basic earnings (loss) per share $ 122,010 $ (67,531) $ 173,954 $ 27,972 Add: Additional undistributed earnings due to dilutive stock options 2 — 3 — Numerator for diluted earnings (loss) per share $ 122,012 $ (67,531) $ 173,957 $ 27,972 Denominator: Denominator for basic earnings (loss) per share: Weighted average shares outstanding 4,700 4,842 4,729 4,857 Add: Effect of dilutive stock options 13 — 15 13 Denominator for diluted earnings (loss) per share 4,713 4,842 4,744 4,870 Graham Holdings Company Common Stockholders: Basic earnings (loss) per share $ 25.96 $ (13.95) $ 36.78 $ 5.76 Diluted earnings (loss) per share $ 25.89 $ (13.95) $ 36.67 $ 5.74 ____________ Earnings (loss) per share amounts may not recalculate due to rounding. (1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended June 30, 2022 as participating securities are not contractually obligated to share in losses. Diluted earnings (loss) per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Weighted average restricted stock 10 17 10 17 Weighted average stock options — 13 — — The diluted earnings (loss) per share amounts for the three and six months ended June 30, 2023 and June 30, 2022 exclude the effects of 105,000 stock options and contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition. In the three and six months ended June 30, 2023, the Company declared regular dividends totaling $1.65 and $4.95 per common share, respectively. In the three and six months ended June 30, 2022, the Company declared regular dividends totaling $1.58 and $4.74 per common share, respectively.

Pension and Postretirement Plan

Pension and Postretirement Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits, Description [Abstract]
Pension and Postretirement Plans	PENSION AND POSTRETIREMENT PLANS Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans consists of the following components: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Service cost $ 7,573 $ 4,993 $ 16,816 $ 11,024 Interest cost 11,559 7,611 23,093 15,281 Expected return on assets (38,085) (41,963) (76,423) (83,926) Amortization of prior service cost 412 709 822 1,418 Recognized actuarial gain (9,888) (17,539) (20,028) (34,768) Net Periodic Benefit (28,429) (46,189) (55,720) (90,971) Special separation benefit expense 5,517 — 9,646 — Total Benefit $ (22,912) $ (46,189) $ (46,074) $ (90,971) In the second quarter of 2023, the Company recorded $5.5 million in expenses related to Separation Incentive Programs (SIPs) for certain Kaplan, Graham Media Group, Leaf Group, Code3 and Pinna employees, which will be funded from the assets of the Company’s pension plans. In the first quarter of 2023, the Company recorded $4.1 million in expenses related to SIPs for certain Leaf Group and Code3 employees, which was funded from the assets of the Company’s pension plans. The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Service cost $ 148 $ 228 $ 296 $ 456 Interest cost 1,165 822 2,330 1,644 Amortization of prior service cost — 9 — 18 Recognized actuarial loss — 167 — 333 Net Periodic Cost $ 1,313 $ 1,226 $ 2,626 $ 2,451 Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of private investment funds, a U.S. stock index fund, and a relatively small number of stocks and high-quality fixed-income securities that are held by a third-party trustee. The assets of the Company’s pension plans were allocated as follows: As of June 30, December 31, U.S. equities 61 % 59 % Private investment funds 17 % 16 % International equities 11 % 11 % U.S. stock index fund 4 % 7 % U.S. fixed income 7 % 7 % 100 % 100 % The Company manages approximately 41% of the pension assets internally, of which the majority is invested in private investment funds with the remaining investments in Berkshire Hathaway and Markel stock, a U.S. stock index fund, and short-term fixed-income securities. The remaining 59% of plan assets are managed by two investment companies. The goal of the investment managers is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both 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, and no more than 30% of the assets it manages in specified international exchanges at the time the investment is made. The other investment manager cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway, and 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 June 30, 2023. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At June 30, 2023, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $946.4 million, or approximately 34% of total plan assets. At December 31, 2022, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $842.6 million, or approximately 33% of total plan assets. Other Postretirement Plans. The total benefit arising from the Company’s other postretirement plans consists of the following components: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Interest cost $ 52 $ 25 $ 74 $ 49 Amortization of prior service credit (1) (2) (2) (4) Recognized actuarial gain (546) (710) (1,172) (1,421) Net Periodic Benefit $ (495) $ (687) $ (1,100) $ (1,376)

Other Non-Operating Income

Other Non-Operating Income	6 Months Ended
	Jun. 30, 2023
Other Nonoperating Income (Expense) [Abstract]
Other Non-Operating Income	OTHER NON-OPERATING INCOME A summary of non-operating income is as follows: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Gain on sale of businesses $ 12,232 $ 753 $ 13,232 $ 1,698 Gain on cost method investments 1,273 — 3,104 — Gain (loss) on sale of cost method investments 46 (51) 831 1,024 Foreign currency gain (loss), net 1,604 (478) 100 (1,525) Gain on sale of investments in affiliates — — 15 604 Other gain, net 639 952 1,595 2,251 Total Other Non-Operating Income $ 15,794 $ 1,176 $ 18,877 $ 4,052 The gain on cost method investments resulted from observable price changes in the fair value of the underlying equity securities accounted for under the cost method (see Notes 3 and 8). During the three and six months ended June 30, 2023, the Company recorded contingent consideration gains of $2.2 million and $3.2 million , respectively, related to the disposition of Kaplan University (KU) in 2018. During the three and six months ended June 30, 2022, the Company recorded contingent consideration gains of $0.8 million and $1.7 million, respectively. In the second quarter of 2023, the Company recorded a $10.0 million gain related to the Pinna transaction (see Note s 2 and 3). The Company used a market approach to determine the fair value of the noncontrolling financial interest received in Realm in exchange for the Pinna business.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The other comprehensive income (loss) consists of the following components: Three Months Ended June 30 2023 2022 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 $ 2,384 $ — $ 2,384 $ (40,928) $ — $ (40,928) Pension and other postretirement plans: Amortization of net prior service cost included in net income 411 (106) 305 716 (185) 531 Amortization of net actuarial gain included in net income (10,434) 2,684 (7,750) (18,082) 4,660 (13,422) (10,023) 2,578 (7,445) (17,366) 4,475 (12,891) Cash flow hedges: Gains for the period 1,188 (273) 915 1,091 (251) 840 Other Comprehensive Loss $ (6,451) $ 2,305 $ (4,146) $ (57,203) $ 4,224 $ (52,979) Six Months Ended June 30 2023 2022 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 $ 11,378 $ — $ 11,378 $ (42,666) $ — $ (42,666) Pension and other postretirement plans: Amortization of net prior service cost included in net income 820 (211) 609 1,432 (369) 1,063 Amortization of net actuarial gain included in net income (21,200) 5,453 (15,747) (35,856) 9,241 (26,615) (20,380) 5,242 (15,138) (34,424) 8,872 (25,552) Cash flow hedges: Gains for the period 258 (59) 199 2,733 (629) 2,104 Other Comprehensive Loss $ (8,744) $ 5,183 $ (3,561) $ (74,357) $ 8,243 $ (66,114) The accumulated balances related to each component of other comprehensive income (loss) are as follows: (in thousands, net of taxes) Cumulative Unrealized Gain Cash Flow Accumulated Balance as of December 31, 2022 $ (54,638) $ 388,591 $ 2,198 $ 336,151 Other comprehensive income before reclassifications 11,378 — 608 11,986 Net amount reclassified from accumulated other comprehensive income — (15,138) (409) (15,547) Net other comprehensive income (loss) 11,378 (15,138) 199 (3,561) Balance as of June 30, 2023 $ (43,260) $ 373,453 $ 2,397 $ 332,590 The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Six Months Ended Affected Line Item in the Condensed Consolidated Statements of Operations (in thousands) 2023 2022 2023 2022 Pension and Other Postretirement Plans: Amortization of net prior service cost $ 411 $ 716 $ 820 $ 1,432 (1) Amortization of net actuarial gain (10,434) (18,082) (21,200) (35,856) (1) (10,023) (17,366) (20,380) (34,424) Before tax 2,578 4,475 5,242 8,872 Provision for (Benefit from) Income Taxes (7,445) (12,891) (15,138) (25,552) Net of Tax Cash Flow Hedges (235) 151 (409) 335 Interest expense Total reclassification for the period $ (7,680) $ (12,740) $ (15,547) $ (25,217) Net of Tax ____________ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation, Legal and Other Matters . The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, defamation and invasion of privacy; trademark, copyright and patent infringement; violations of employment laws and 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. In 2015, Kaplan sold substantially all of the assets of the KHE Campuses (KHEC) business to Education Corporation of America. In 2018, certain subsidiaries of Kaplan contributed the institutional assets and operations of KU to a new university: an Indiana nonprofit, public-benefit corporation affiliated with Purdue University, known as Purdue University Global. Kaplan could be held liable to the current owners of KU and the KHEC schools related to the pre-sale conduct of the schools, and the pre-sale conduct of the schools has been and could be the subject of future compliance reviews, regulatory proceedings or lawsuits that could result in monetary liabilities or fines or other sanctions. On May 6, 2021, Kaplan received a notice from the Department of Education (ED) that it would be conducting a fact-finding process pursuant to the borrower defense to repayment (BDTR) regulations to determine the validity of more than 800 BDTR claims and a request for documents related to several of Kaplan’s previously owned schools. Beginning in July 2021, Kaplan started receiving the claims and related information requests. In total, Kaplan received 1,449 borrower defense applications that seek discharge of approximately $35 million in loans, excluding interest. Most claims received are from former KU students. The ED’s process for adjudicating these claims is subject to the borrower defense regulations including those finalized in 2022 and effective July 1, 2023, but it is not clear to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence provided by Kaplan, or any prior investigation related to schools attended by the student applicants. Compared to the previous rule, the new rule in part, expands actions that can give rise to claims for discharge; provides that the borrower’s claim will be presumed true if the institution does not provide any responsive evidence; provides an easier process for group claims; and relies on current program review penalty hearing processes for discharge recoupment. Under the rule, the recoupment process applies only to loans first disbursed after July 1, 2023; however, the discharge process and standards apply to any pending application regardless of loan date. Kaplan believes it has defenses that would bar any student discharge or school liability including that the claims are barred by the applicable statute of limitations, unproven, incomplete and fail to meet regulatory filing requirements. Kaplan expects to vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate student discharges and has responded to all claims with documentary and narrative evidence to refute the allegations, demonstrate their lack of merit, and support the denial of all such claims by the ED. If the claims are successful, the ED may seek reimbursement for the amount discharged from Kaplan. If the ED initiates a reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to significant liability. In November 2022 the Northern District of California approved the settlement agreement in the lawsuit Sweet v. Cardona . The Plaintiffs in that lawsuit claimed that the ED failed to properly consider and decide pending BDTR claims. As part of the settlement, the ED agreed to discharge loans of borrowers who attended 150 specific schools, including schools formerly owned by Kaplan, and who had BDTR claims pending as of the June 22, 2022 settlement

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS In the second quarter of 2023, Kaplan modified its segment reporting for Kaplan India, a shared services center that supports Higher Education. Kaplan India was previously included in Kaplan corporate and other. Certain amounts in previously issued financial statements have been reclassified to conform to the current presentation. The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive. The following tables summarize the financial information related to each of the Company’s business segments: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Education $ 402,227 $ 353,013 $ 780,268 $ 711,025 Television broadcasting 118,829 122,386 231,706 245,805 Manufacturing 120,082 127,062 234,666 243,002 Healthcare 113,282 76,385 215,341 143,640 Automotive 260,672 147,602 493,233 298,569 Other businesses 90,449 107,326 182,457 206,943 Corporate office 850 — 850 — Intersegment elimination (1,392) (472) (1,976) (961) $ 1,104,999 $ 933,302 $ 2,136,545 $ 1,848,023 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Education $ 34,100 $ 22,769 $ 61,556 $ 47,327 Television broadcasting 34,553 41,042 64,498 82,300 Manufacturing 16,314 9,666 28,504 24,804 Healthcare 9,259 7,250 13,149 14,538 Automotive 9,460 7,365 20,303 14,443 Other businesses (21,118) (23,031) (49,024) (50,461) Corporate office (11,209) (10,844) (25,282) (23,851) $ 71,359 $ 54,217 $ 113,704 $ 109,100 Amortization of Intangible Assets and Impairment of Long-Lived Assets Education $ 3,984 $ 4,064 $ 8,400 $ 8,210 Television broadcasting 1,363 1,360 2,725 2,720 Manufacturing 4,332 5,164 9,194 10,327 Healthcare 882 988 1,836 1,917 Automotive — — — — Other businesses 2,743 3,313 5,838 6,627 Corporate office — — — — $ 13,304 $ 14,889 $ 27,993 $ 29,801 Income (Loss) from Operations Education $ 30,116 $ 18,705 $ 53,156 $ 39,117 Television broadcasting 33,190 39,682 61,773 79,580 Manufacturing 11,982 4,502 19,310 14,477 Healthcare 8,377 6,262 11,313 12,621 Automotive 9,460 7,365 20,303 14,443 Other businesses (23,861) (26,344) (54,862) (57,088) Corporate office (11,209) (10,844) (25,282) (23,851) $ 58,055 $ 39,328 $ 85,711 $ 79,299 Equity in (Losses) Earnings of Affiliates, Net (6,115) 1,427 (1,454) 4,031 Interest Expense, Net (10,226) (15,277) (23,316) (25,979) Non-Operating Pension and Postretirement Benefit Income, Net 29,815 50,871 61,660 101,376 Gain (Loss) on Marketable Equity Securities, Net 78,648 (165,540) 96,670 (118,628) Other Income, Net 15,794 1,176 18,877 4,052 Income (Loss) Before Income Taxes $ 165,971 $ (88,015) $ 238,148 $ 44,151 Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Depreciation of Property, Plant and Equipment Education $ 9,460 $ 8,531 $ 18,428 $ 17,036 Television broadcasting 3,087 3,085 6,123 6,374 Manufacturing 2,287 2,323 4,569 4,751 Healthcare 1,287 455 2,391 865 Automotive 1,148 752 2,261 1,529 Other businesses 3,681 4,114 7,050 8,029 Corporate office 153 153 306 304 $ 21,103 $ 19,413 $ 41,128 $ 38,888 Pension Service Cost Education $ 2,256 $ 1,931 $ 4,454 $ 4,467 Television broadcasting 805 856 1,665 1,782 Manufacturing 281 224 556 552 Healthcare 2,685 93 7,042 279 Automotive 5 5 10 11 Other businesses 613 477 1,185 997 Corporate office 928 1,407 1,904 2,936 $ 7,573 $ 4,993 $ 16,816 $ 11,024 Asset information for the Company’s business segments is as follows: As of (in thousands) June 30, 2023 December 31, 2022 Identifiable Assets Education $ 1,925,946 $ 1,987,042 Television broadcasting 420,915 431,084 Manufacturing 483,495 486,487 Healthcare 258,435 249,845 Automotive 461,630 427,221 Other businesses 424,718 475,583 Corporate office 96,888 70,567 $ 4,072,027 $ 4,127,829 Investments in Marketable Equity Securities 648,756 609,921 Investments in Affiliates 198,261 186,419 Prepaid Pension Cost 1,684,914 1,658,046 Total Assets $ 6,603,958 $ 6,582,215 The Company’s education division comprises the following operating segments: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Kaplan international $ 237,663 $ 200,871 $ 464,739 $ 405,384 Higher education 90,291 74,427 168,632 151,676 Supplemental education 74,616 77,546 148,203 153,850 Kaplan corporate and other 2,887 2,445 5,259 4,798 Intersegment elimination (3,230) (2,276) (6,565) (4,683) $ 402,227 $ 353,013 $ 780,268 $ 711,025 Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 20,751 $ 19,063 $ 42,052 $ 39,627 Higher education 17,795 3,012 24,878 8,359 Supplemental education 3,512 4,829 7,263 8,200 Kaplan corporate and other (7,824) (4,079) (12,662) (8,822) Intersegment elimination (134) (56) 25 (37) $ 34,100 $ 22,769 $ 61,556 $ 47,327 Amortization of Intangible Assets $ 3,984 $ 4,064 $ 7,923 $ 8,210 Impairment of Long-Lived Assets $ — $ — $ 477 $ — Income (Loss) from Operations Kaplan international $ 20,751 $ 19,063 $ 42,052 $ 39,627 Higher education 17,795 3,012 24,878 8,359 Supplemental education 3,512 4,829 7,263 8,200 Kaplan corporate and other (11,808) (8,143) (21,062) (17,032) Intersegment elimination (134) (56) 25 (37) $ 30,116 $ 18,705 $ 53,156 $ 39,117 Depreciation of Property, Plant and Equipment Kaplan international $ 6,903 $ 5,794 $ 13,233 $ 11,549 Higher education 1,071 1,127 2,173 2,206 Supplemental education 1,461 1,578 2,970 3,217 Kaplan corporate and other 25 32 52 64 $ 9,460 $ 8,531 $ 18,428 $ 17,036 Pension Service Cost Kaplan international $ 81 $ 63 $ 161 $ 135 Higher education 923 820 1,845 1,901 Supplemental education 1,023 895 2,047 2,077 Kaplan corporate and other 229 153 401 354 $ 2,256 $ 1,931 $ 4,454 $ 4,467 Asset information for the Company’s education division is as follows: As of (in thousands) June 30, 2023 December 31, 2022 Identifiable Assets Kaplan international $ 1,416,815 $ 1,479,833 Higher education 207,928 187,034 Supplemental education 249,206 268,499 Kaplan corporate and other 51,997 51,676 $ 1,925,946 $ 1,987,042

Organization, Basis of Presen_2

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and six months ended June 30, 2023 and 2022 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, 2022. 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 September 2022, the Financial Accounting Standards Board issued new guidance that requires a buyer in a supplier finance program to disclose certain qualitative and quantitative information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The standard was adopted by the Company in the first quarter of 2023 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions_2

Acquisitions and Dispositions of Businesses (Tables)	6 Months Ended
	Jun. 30, 2023
Acquisitions And Dispositions [Abstract]
Schedule of assets acquired and liabilities assumed	The aggregate purchase price of the 2022 acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Year Ended (in thousands) December 31, 2022 Accounts receivable $ 3,172 Inventory 21,278 Property, plant and equipment 36,255 Lease right-of-use assets 4,773 Goodwill 53,946 Indefinite-lived intangible assets 41,800 Amortized intangible assets 1,200 Other assets 404 Deferred income taxes 2,535 Floor plan payables (10,908) Other liabilities (3,798) Current and noncurrent lease liabilities (5,865) Redeemable noncontrolling interest (2,164) Noncontrolling interest (512) Aggregate purchase price, net of cash acquired $ 142,116
Acquisition Pro Forma Financial Information	The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The following unaudited pro forma information includes the 2022 acquisitions as if they occurred at the beginning of 2021: Three Months Ended Six Months Ended (in thousands) 2022 2022 Operating revenues $ 1,015,285 $ 2,013,479 Net (loss) income (62,062) 38,614

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments in Marketable Equity Securities	Investments in marketable equity securities consist of the following: As of June 30, December 31, (in thousands) Total cost $ 225,971 $ 270,764 Gross unrealized gains 422,785 363,147 Gross unrealized losses — (23,990) Total Fair Value $ 648,756 $ 609,921
Gain (Loss) on Marketable Equity Securities	The net gain (loss) on marketable equity securities comprised the following: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Gain (loss) on marketable equity securities, net $ 78,648 $ (165,540) $ 96,670 $ (118,628) Less: Net (gains) losses in earnings from marketable equity securities sold and donated (9,132) 4,838 (5,475) 10,605 Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period $ 69,516 $ (160,702) $ 91,195 $ (108,023)

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following: As of June 30, December 31, (in thousands) Receivables from contracts with customers, less estimated credit losses of $24,252 and $21,387 $ 440,944 $ 533,622 Other receivables 27,419 27,157 $ 468,363 $ 560,779
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consist of the following: As of June 30, December 31, (in thousands) Accounts payable $ 135,173 $ 136,186 Accrued compensation and related benefits 112,145 149,823 Other accrued liabilities 311,835 276,996 $ 559,153 $ 563,005

Inventories, Contracts in Pro_2

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, December 31, (in thousands) Raw materials $ 65,076 $ 68,494 Work-in-process 14,687 15,718 Finished goods 178,323 140,548 Contracts in progress 1,138 2,051 $ 259,224 $ 226,811

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Manufacturing Healthcare Automotive Other Total Balance as of December 31, 2022 Goodwill $ 1,145,502 $ 190,815 $ 234,993 $ 135,870 $ 84,697 $ 251,216 $ 2,043,093 Accumulated impairment losses (331,151) — (34,302) — — (116,687) (482,140) 814,351 190,815 200,691 135,870 84,697 134,529 1,560,953 Measurement period adjustments — — — (2,217) — — (2,217) Acquisitions — — — 385 — — 385 Foreign currency exchange rate changes 8,899 — — — — — 8,899 Balance as of June 30, 2023 Goodwill 1,154,401 190,815 234,993 134,038 84,697 251,216 2,050,160 Accumulated impairment losses (331,151) — (34,302) — — (116,687) (482,140) $ 823,250 $ 190,815 $ 200,691 $ 134,038 $ 84,697 $ 134,529 $ 1,568,020
Other Intangible Assets	Other intangible assets consist of the following: As of June 30, 2023 As of December 31, 2022 (in thousands) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 282,017 $ 226,281 $ 55,736 $ 297,766 $ 230,429 $ 67,337 Trade names and trademarks 2–15 years 143,024 83,129 59,895 148,102 81,078 67,024 Network affiliation agreements 10 years 17,400 11,857 5,543 17,400 10,367 7,033 Databases and technology 3–6 years 36,287 34,545 1,742 36,216 32,219 3,997 Noncompete agreements 2–5 years 20 17 3 1,000 995 5 Other 1–8 years 41,144 29,700 11,444 43,644 27,618 16,026 $ 519,892 $ 385,529 $ 134,363 $ 544,128 $ 382,706 $ 161,422 Indefinite-Lived Intangible Assets Franchise agreements $ 85,858 $ 85,858 Trade names and trademarks 83,997 81,905 FCC licenses 11,000 11,000 Licensure and accreditation 150 150 Other 21 21 $ 181,026 $ 178,934
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 Higher Supplemental Education Total Balance as of December 31, 2022 Goodwill $ 579,561 $ 174,564 $ 391,377 $ 1,145,502 Accumulated impairment losses — (111,324) (219,827) (331,151) 579,561 63,240 171,550 814,351 Foreign currency exchange rate changes 8,856 — 43 8,899 Balance as of June 30, 2023 Goodwill 588,417 174,564 391,420 1,154,401 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 588,417 $ 63,240 $ 171,593 $ 823,250

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Components of Debt	The Company’s borrowings consist of the following: As of (in thousands) Maturities Stated Interest Rate Effective Interest Rate June 30, December 31, Unsecured notes (1) 2026 5.75% 5.75% $ 397,904 $ 397,548 Revolving credit facility 2027 4.80% - 8.63% 6.09% 188,136 200,236 Truist Bank commercial note (2) 2031 6.10% - 6.86% 6.58% 23,031 23,522 Truist Bank commercial note 2032 6.38% - 7.21% 6.81% 60,452 66,513 Truist Bank commercial note (3) 2032 6.13% - 6.96% 6.63% 25,873 26,548 Pinnacle Bank term loan 2024 4.15% 4.18% 7,871 8,433 Other indebtedness 2025 - 2030 0.00% - 16.00% 3,458 3,560 Total Debt 706,725 726,360 Less: current portion (141,161) (155,813) Total Long-Term Debt $ 565,564 $ 570,547 ___________ _ (1) The carrying value is net of $2.1 million and $2.5 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022, respectively . (2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of June 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 6,001 $ — $ 6,001 Marketable equity securities (2) 648,756 — — 648,756 Other current investments (3) 11,419 1,131 — 12,550 Interest rate swaps (4) — 2,841 — 2,841 Total Financial Assets $ 660,175 $ 9,973 $ — $ 670,148 Liabilities Contingent consideration liabilities (5) $ — $ — $ 2,915 $ 2,915 Mandatorily redeemable noncontrolling interest (6) — — 31,136 31,136 Total Financial Liabilities $ — $ — $ 34,051 $ 34,051 As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 7,686 $ — $ 7,686 Marketable equity securities (2) 609,921 — — 609,921 Other current investments (3) 7,471 5,016 — 12,487 Interest rate swaps (4) — 2,636 — 2,636 Total Financial Assets $ 617,392 $ 15,338 $ — $ 632,730 Liabilities Contingent consideration liabilities (5) $ — $ — $ 8,423 $ 8,423 Foreign exchange swap (7) — 333 — 333 Mandatorily redeemable noncontrolling interest (6) — — 30,845 30,845 Total Financial Liabilities $ — $ 333 $ 39,268 $ 39,601 ____________ (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 Deferred charges and other assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (5) Included in Accounts payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates. (6) The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses. (7) Included in Accounts payable and accrued liabilities, and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs: (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2022 $ 8,423 $ 30,845 Acquisition of business 220 — Changes in fair value (1) (5,157) 289 Capital contributions — 66 Accretion of value included in net income (1) 691 — Settlements or distributions (1,262) (64) As of June 30, 2023 $ 2,915 $ 31,136 (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2021 $ 14,881 $ 13,661 Acquisition of business 397 — Changes in fair value (1) (3,317) 11,430 Capital contributions — 242 Accretion of value included in net income (1) 662 — Settlements or distributions (1,750) (184) As of June 30, 2022 $ 10,873 $ 25,149 ____________ (1) Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, December 31, % (in thousands) Change Deferred revenue $ 323,330 $ 385,507 (16)
Capitalized Contract Cost	The following table presents changes in the Company’s costs to obtain a contract asset: (in thousands) Balance at Costs associated with new contracts Less: Costs amortized during the period Other Balance 2023 $ 31,647 $ 28,477 $ (39,583) $ 801 $ 21,342

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Earnings Per Share, Basic and Diluted	The following reflects the Company’s net income (loss) and share data used in the basic and diluted earnings (loss) per share computations using the two-class method: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Numerator for basic earnings (loss) per share: Net income (loss) attributable to Graham Holdings Company common stockholders $ 122,788 $ (67,485) $ 175,060 $ 28,139 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,722) (7,656) (23,534) (23,153) Undistributed earnings (loss) 115,066 (75,141) 151,526 4,986 Percent allocated to common stockholders (1) 99.37 % 100.00 % 99.37 % 99.40 % 114,337 (75,141) 150,566 4,956 Add: Dividends paid-common stock outstanding 7,673 7,610 23,388 23,016 Numerator for basic earnings (loss) per share $ 122,010 $ (67,531) $ 173,954 $ 27,972 Add: Additional undistributed earnings due to dilutive stock options 2 — 3 — Numerator for diluted earnings (loss) per share $ 122,012 $ (67,531) $ 173,957 $ 27,972 Denominator: Denominator for basic earnings (loss) per share: Weighted average shares outstanding 4,700 4,842 4,729 4,857 Add: Effect of dilutive stock options 13 — 15 13 Denominator for diluted earnings (loss) per share 4,713 4,842 4,744 4,870 Graham Holdings Company Common Stockholders: Basic earnings (loss) per share $ 25.96 $ (13.95) $ 36.78 $ 5.76 Diluted earnings (loss) per share $ 25.89 $ (13.95) $ 36.67 $ 5.74 ____________ Earnings (loss) per share amounts may not recalculate due to rounding. (1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended June 30, 2022 as participating securities are not contractually obligated to share in losses.
Antidilutive Weighted Average Restricted Stock and Options	Diluted earnings (loss) per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Weighted average restricted stock 10 17 10 17 Weighted average stock options — 13 — —

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended (in thousands) 2023 2022 2023 2022 Service cost $ 7,573 $ 4,993 $ 16,816 $ 11,024 Interest cost 11,559 7,611 23,093 15,281 Expected return on assets (38,085) (41,963) (76,423) (83,926) Amortization of prior service cost 412 709 822 1,418 Recognized actuarial gain (9,888) (17,539) (20,028) (34,768) Net Periodic Benefit (28,429) (46,189) (55,720) (90,971) Special separation benefit expense 5,517 — 9,646 — Total Benefit $ (22,912) $ (46,189) $ (46,074) $ (90,971)
Schedule of Allocation of Plan Assets	The assets of the Company’s pension plans were allocated as follows: As of June 30, December 31, U.S. equities 61 % 59 % Private investment funds 17 % 16 % International equities 11 % 11 % U.S. stock index fund 4 % 7 % U.S. fixed income 7 % 7 % 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 Six Months Ended (in thousands) 2023 2022 2023 2022 Service cost $ 148 $ 228 $ 296 $ 456 Interest cost 1,165 822 2,330 1,644 Amortization of prior service cost — 9 — 18 Recognized actuarial loss — 167 — 333 Net Periodic Cost $ 1,313 $ 1,226 $ 2,626 $ 2,451
Other Postretirement Benefit Plan, Defined Benefit [Member]
Schedule of Net Benefit Costs	Other Postretirement Plans. The total benefit arising from the Company’s other postretirement plans consists of the following components: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Interest cost $ 52 $ 25 $ 74 $ 49 Amortization of prior service credit (1) (2) (2) (4) Recognized actuarial gain (546) (710) (1,172) (1,421) Net Periodic Benefit $ (495) $ (687) $ (1,100) $ (1,376)

Other Non-Operating Income (Tab

Other Non-Operating Income (Tables)	6 Months Ended
	Jun. 30, 2023
Other Nonoperating Income (Expense) [Abstract]
Summary of other non-operating income	A summary of non-operating income is as follows: Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Gain on sale of businesses $ 12,232 $ 753 $ 13,232 $ 1,698 Gain on cost method investments 1,273 — 3,104 — Gain (loss) on sale of cost method investments 46 (51) 831 1,024 Foreign currency gain (loss), net 1,604 (478) 100 (1,525) Gain on sale of investments in affiliates — — 15 604 Other gain, net 639 952 1,595 2,251 Total Other Non-Operating Income $ 15,794 $ 1,176 $ 18,877 $ 4,052

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Other Comprehensive Income (Loss)	The other comprehensive income (loss) consists of the following components: Three Months Ended June 30 2023 2022 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 $ 2,384 $ — $ 2,384 $ (40,928) $ — $ (40,928) Pension and other postretirement plans: Amortization of net prior service cost included in net income 411 (106) 305 716 (185) 531 Amortization of net actuarial gain included in net income (10,434) 2,684 (7,750) (18,082) 4,660 (13,422) (10,023) 2,578 (7,445) (17,366) 4,475 (12,891) Cash flow hedges: Gains for the period 1,188 (273) 915 1,091 (251) 840 Other Comprehensive Loss $ (6,451) $ 2,305 $ (4,146) $ (57,203) $ 4,224 $ (52,979) Six Months Ended June 30 2023 2022 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 $ 11,378 $ — $ 11,378 $ (42,666) $ — $ (42,666) Pension and other postretirement plans: Amortization of net prior service cost included in net income 820 (211) 609 1,432 (369) 1,063 Amortization of net actuarial gain included in net income (21,200) 5,453 (15,747) (35,856) 9,241 (26,615) (20,380) 5,242 (15,138) (34,424) 8,872 (25,552) Cash flow hedges: Gains for the period 258 (59) 199 2,733 (629) 2,104 Other Comprehensive Loss $ (8,744) $ 5,183 $ (3,561) $ (74,357) $ 8,243 $ (66,114)
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 Unrealized Gain Cash Flow Accumulated Balance as of December 31, 2022 $ (54,638) $ 388,591 $ 2,198 $ 336,151 Other comprehensive income before reclassifications 11,378 — 608 11,986 Net amount reclassified from accumulated other comprehensive income — (15,138) (409) (15,547) Net other comprehensive income (loss) 11,378 (15,138) 199 (3,561) Balance as of June 30, 2023 $ (43,260) $ 373,453 $ 2,397 $ 332,590
Summary of Amounts and Line Items of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Six Months Ended Affected Line Item in the Condensed Consolidated Statements of Operations (in thousands) 2023 2022 2023 2022 Pension and Other Postretirement Plans: Amortization of net prior service cost $ 411 $ 716 $ 820 $ 1,432 (1) Amortization of net actuarial gain (10,434) (18,082) (21,200) (35,856) (1) (10,023) (17,366) (20,380) (34,424) Before tax 2,578 4,475 5,242 8,872 Provision for (Benefit from) Income Taxes (7,445) (12,891) (15,138) (25,552) Net of Tax Cash Flow Hedges (235) 151 (409) 335 Interest expense Total reclassification for the period $ (7,680) $ (12,740) $ (15,547) $ (25,217) Net of Tax ____________ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Education $ 402,227 $ 353,013 $ 780,268 $ 711,025 Television broadcasting 118,829 122,386 231,706 245,805 Manufacturing 120,082 127,062 234,666 243,002 Healthcare 113,282 76,385 215,341 143,640 Automotive 260,672 147,602 493,233 298,569 Other businesses 90,449 107,326 182,457 206,943 Corporate office 850 — 850 — Intersegment elimination (1,392) (472) (1,976) (961) $ 1,104,999 $ 933,302 $ 2,136,545 $ 1,848,023 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Education $ 34,100 $ 22,769 $ 61,556 $ 47,327 Television broadcasting 34,553 41,042 64,498 82,300 Manufacturing 16,314 9,666 28,504 24,804 Healthcare 9,259 7,250 13,149 14,538 Automotive 9,460 7,365 20,303 14,443 Other businesses (21,118) (23,031) (49,024) (50,461) Corporate office (11,209) (10,844) (25,282) (23,851) $ 71,359 $ 54,217 $ 113,704 $ 109,100 Amortization of Intangible Assets and Impairment of Long-Lived Assets Education $ 3,984 $ 4,064 $ 8,400 $ 8,210 Television broadcasting 1,363 1,360 2,725 2,720 Manufacturing 4,332 5,164 9,194 10,327 Healthcare 882 988 1,836 1,917 Automotive — — — — Other businesses 2,743 3,313 5,838 6,627 Corporate office — — — — $ 13,304 $ 14,889 $ 27,993 $ 29,801 Income (Loss) from Operations Education $ 30,116 $ 18,705 $ 53,156 $ 39,117 Television broadcasting 33,190 39,682 61,773 79,580 Manufacturing 11,982 4,502 19,310 14,477 Healthcare 8,377 6,262 11,313 12,621 Automotive 9,460 7,365 20,303 14,443 Other businesses (23,861) (26,344) (54,862) (57,088) Corporate office (11,209) (10,844) (25,282) (23,851) $ 58,055 $ 39,328 $ 85,711 $ 79,299 Equity in (Losses) Earnings of Affiliates, Net (6,115) 1,427 (1,454) 4,031 Interest Expense, Net (10,226) (15,277) (23,316) (25,979) Non-Operating Pension and Postretirement Benefit Income, Net 29,815 50,871 61,660 101,376 Gain (Loss) on Marketable Equity Securities, Net 78,648 (165,540) 96,670 (118,628) Other Income, Net 15,794 1,176 18,877 4,052 Income (Loss) Before Income Taxes $ 165,971 $ (88,015) $ 238,148 $ 44,151 Three Months Ended Six Months Ended (in thousands) 2023 2022 2023 2022 Depreciation of Property, Plant and Equipment Education $ 9,460 $ 8,531 $ 18,428 $ 17,036 Television broadcasting 3,087 3,085 6,123 6,374 Manufacturing 2,287 2,323 4,569 4,751 Healthcare 1,287 455 2,391 865 Automotive 1,148 752 2,261 1,529 Other businesses 3,681 4,114 7,050 8,029 Corporate office 153 153 306 304 $ 21,103 $ 19,413 $ 41,128 $ 38,888 Pension Service Cost Education $ 2,256 $ 1,931 $ 4,454 $ 4,467 Television broadcasting 805 856 1,665 1,782 Manufacturing 281 224 556 552 Healthcare 2,685 93 7,042 279 Automotive 5 5 10 11 Other businesses 613 477 1,185 997 Corporate office 928 1,407 1,904 2,936 $ 7,573 $ 4,993 $ 16,816 $ 11,024 Asset information for the Company’s business segments is as follows: As of (in thousands) June 30, 2023 December 31, 2022 Identifiable Assets Education $ 1,925,946 $ 1,987,042 Television broadcasting 420,915 431,084 Manufacturing 483,495 486,487 Healthcare 258,435 249,845 Automotive 461,630 427,221 Other businesses 424,718 475,583 Corporate office 96,888 70,567 $ 4,072,027 $ 4,127,829 Investments in Marketable Equity Securities 648,756 609,921 Investments in Affiliates 198,261 186,419 Prepaid Pension Cost 1,684,914 1,658,046 Total Assets $ 6,603,958 $ 6,582,215
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 Six Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Kaplan international $ 237,663 $ 200,871 $ 464,739 $ 405,384 Higher education 90,291 74,427 168,632 151,676 Supplemental education 74,616 77,546 148,203 153,850 Kaplan corporate and other 2,887 2,445 5,259 4,798 Intersegment elimination (3,230) (2,276) (6,565) (4,683) $ 402,227 $ 353,013 $ 780,268 $ 711,025 Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 20,751 $ 19,063 $ 42,052 $ 39,627 Higher education 17,795 3,012 24,878 8,359 Supplemental education 3,512 4,829 7,263 8,200 Kaplan corporate and other (7,824) (4,079) (12,662) (8,822) Intersegment elimination (134) (56) 25 (37) $ 34,100 $ 22,769 $ 61,556 $ 47,327 Amortization of Intangible Assets $ 3,984 $ 4,064 $ 7,923 $ 8,210 Impairment of Long-Lived Assets $ — $ — $ 477 $ — Income (Loss) from Operations Kaplan international $ 20,751 $ 19,063 $ 42,052 $ 39,627 Higher education 17,795 3,012 24,878 8,359 Supplemental education 3,512 4,829 7,263 8,200 Kaplan corporate and other (11,808) (8,143) (21,062) (17,032) Intersegment elimination (134) (56) 25 (37) $ 30,116 $ 18,705 $ 53,156 $ 39,117 Depreciation of Property, Plant and Equipment Kaplan international $ 6,903 $ 5,794 $ 13,233 $ 11,549 Higher education 1,071 1,127 2,173 2,206 Supplemental education 1,461 1,578 2,970 3,217 Kaplan corporate and other 25 32 52 64 $ 9,460 $ 8,531 $ 18,428 $ 17,036 Pension Service Cost Kaplan international $ 81 $ 63 $ 161 $ 135 Higher education 923 820 1,845 1,901 Supplemental education 1,023 895 2,047 2,077 Kaplan corporate and other 229 153 401 354 $ 2,256 $ 1,931 $ 4,454 $ 4,467 Asset information for the Company’s education division is as follows: As of (in thousands) June 30, 2023 December 31, 2022 Identifiable Assets Kaplan international $ 1,416,815 $ 1,479,833 Higher education 207,928 187,034 Supplemental education 249,206 268,499 Kaplan corporate and other 51,997 51,676 $ 1,925,946 $ 1,987,042

Organization, Basis of Presen_3

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details)	Jun. 30, 2023 televisionStation automotiveDealership
Television Broadcasting [Member]
Number of television broadcast stations | televisionStation	7
Automotive [Member]
Number of Automotive Dealerships Owned | automotiveDealership	6

Acquisitions and Dispositions_3

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Millions	1 Months Ended				12 Months Ended
	Jan. 31, 2023 business	Nov. 30, 2022 USD ($)	Aug. 31, 2022 business	May 31, 2022 business	Dec. 31, 2022 USD ($) business	Jun. 30, 2023 USD ($)	Jul. 31, 2022	Jul. 05, 2022 USD ($) store
Business Acquisition [Line Items]
Acquisition purchase price					$ 143.2
Goodwill expected to be deductible for income tax purposes					$ 38.5
Number of businesses acquired | business					7
Automotive [Member]
Business Acquisition [Line Items]
Floor plan payables						$ 98.7
Number of businesses acquired | business					2
Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business	2		2	2	5
CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		$ 1.2
Graham Holdings Company [Member] | CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Percentage Ownership After Change in Noncontrolling Interest						76.50%
Auto dealerships [Member] | Automotive [Member]
Business Acquisition [Line Items]
Amount Borrowed to Finance Business Acquisition								$ 77.4
Floor plan payables								$ 10.9
Number of Stores | store								2
Applied Behavior Analysis clinics | Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Percentage of interest acquired							100%

Acquisitions and Dispositions_4

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 1,568,020	$ 1,560,953
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable		3,172
Inventory		21,278
Property, plant and equipment		36,255
Lease right-of-use assets		4,773
Goodwill		53,946
Indefinite-lived intangible assets		41,800
Amortized intangible assets		1,200
Other assets		404
Deferred income tax asset		2,535
Floor plan payables		(10,908)
Other liabilities		(3,798)
Current and noncurrent lease liabilities		(5,865)
Redeemable noncontrolling interest		(2,164)
Noncontrolling interest		(512)
Aggregate purchase price, net of cash acquired		$ 142,116

Acquisitions and Dispositions_5

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Pro forma operating revenues	$ 1,015,285	$ 2,013,479
Pro forma net (loss) income	$ (62,062)	$ 38,614

Investments (Narrative) (Detail

Investments (Narrative) (Details) £ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
	Apr. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 GBP (£) shares	Dec. 31, 2022 USD ($) shares
Schedule of Investments [Line Items]
Money Market Investments		$ 6,000,000			$ 6,000,000			$ 7,700,000
Marketable equity securities		648,756,000			648,756,000			609,921,000
Investments in Marketable Securities					4,600,000
Payments to Acquire Marketable Securities					6,162,000	$ 31,468,000
Cumulative realized gain on marketable securities					13,000,000	39,100,000
Proceeds from sales of marketable equity securities					61,979,000	74,233,000
Payments for Advance to Affiliate					30,000,000	0
Gain on sale of investments in affiliates		0	$ 0		15,000	604,000
Cumulative undistributed income in investments in affiliates		42,600,000			42,600,000			49,100,000
Cost method investments		73,400,000			73,400,000			$ 66,700,000
Gain on cost method investments		$ 1,273,000	0		$ 3,104,000	0
Equity Securities [Member] | Concentration in single marketable equity security [Member] | Assets, Total [Member]
Schedule of Investments [Line Items]
Minimum percentage of total assets considered as significant concentrations					5%
Markel Corporation [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment | shares		55,430			55,430		55,430	55,430
Marketable equity securities		$ 76,700,000			$ 76,700,000			$ 73,000,000
Berkshire Hathaway [Member]
Schedule of Investments [Line Items]
Marketable equity securities		$ 383,200,000			$ 383,200,000
Berkshire Hathaway [Member] | Common Class A [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment | shares		422			422		422
Berkshire Hathaway [Member] | Common Class B [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment | shares		482,945			482,945		482,945
Realm [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		42.20%			42.20%		42.20%
N2K Networks [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		49.90%			49.90%		49.90%
Intersection Holdings [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		18%			18%		18%
Payments for Advance to Affiliate	$ 30,000,000
Loan Receivable Fixed Interest Rate	9%
Loan Receivable, Payment Terms	5 years
Advances to Affiliate		$ 29,700,000			$ 29,700,000
Graham Healthcare Group [Member] | Related Party [Member]
Schedule of Investments [Line Items]
Operating Revenues		$ 3,900,000	$ 3,700,000		$ 7,400,000	$ 7,000,000
Graham Healthcare Group [Member] | Residential Home Health Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Graham Healthcare Group [Member] | Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Gain on sale of investments in affiliates				$ 600,000
Graham Healthcare Group [Member] | Residential And Michigan Hospital Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Graham Healthcare Group [Member] | Celtic Healthcare Allegheny Health Network Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Graham Healthcare Group [Member] | Residential Home Health Illinois and Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Additional investment in equity affiliates				$ 18,500,000
KIHL [Member] | York Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		45%			45%		45%
Loan Receivable Fixed Interest Rate					7%
Loan Receivable, Payment Terms					25 years
Advances to Affiliate | £							£ 20.4
Cumulative payments for advance to affiliate | £							£ 22

Investments (Investments in Mar

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Total Cost	$ 225,971	$ 270,764
Gross unrealized gains	422,785	363,147
Gross unrealized losses	0	(23,990)
Total Fair Value	$ 648,756	$ 609,921

Investments (Gain (Loss) on Mar

Investments (Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments [Abstract]
Gain (loss) on marketable equity securities, net	$ 78,648	$ (165,540)	$ 96,670	$ (118,628)
Less: Net (gains) losses in earnings from marketable equity securities sold and donated	(9,132)	4,838	(5,475)	10,605
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period	$ 69,516	$ (160,702)	$ 91,195	$ (108,023)

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts Receivable Accounts Payable And Accrued Liabilities [Abstract]
Credit loss expense	$ 1,400	$ 700	$ 1,909	$ 2,218
Cash overdrafts	$ 4,100		$ 4,100		$ 500

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Liabilities (Schedule of Accounts Receivable) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivable from contracts with customers, less estimated credit losses	$ 440,944	$ 533,622
Other receivables	27,419	27,157
Accounts receivable, net	468,363	560,779
Estimated credit losses	$ 24,252	$ 21,387

Accounts Receivable, Accounts_5

Accounts Receivable, Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details 2) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 135,173	$ 136,186
Accrued compensation and related benefits	112,145	149,823
Other accrued liabilities	311,835	276,996
Total Accounts payable and Accrued liabilities	$ 559,153	$ 563,005

Inventories, Contracts in Pro_3

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Inventory [Line Items]
Weighted average interest rate	6%	4.70%	5.90%	4.50%
Automotive [Member]
Inventory [Line Items]
Borrowing capacity	$ 106,300,000		$ 106,300,000
Vehicle floor plan payable	98,700,000		98,700,000
Floor plan assistance	$ 1,500,000	$ 1,100,000	$ 2,900,000	$ 2,000,000
Vehicle Floor Plan Facility [Member] | Automotive [Member]
Inventory [Line Items]
Weighted average interest rate	6.10%	2.20%	5.70%	2.10%

Inventories, Contracts in Pro_4

Inventories, Contracts in Progress and Vehicle Floor Plan Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 65,076	$ 68,494
Work-in-process	14,687	15,718
Finished goods	178,323	140,548
Contracts in progress	1,138	2,051
Inventories and contracts in progress	$ 259,224	$ 226,811

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortized Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 0	$ 0	$ 745	$ 0
Amortization of Intangible Assets
Amortization of intangible assets	13,304	$ 14,889	27,248	$ 29,801
Estimated amortization of intangible assets, remainder of 2023	23,000		23,000
Estimated amortization of intangible assets, 2024	37,000		37,000
Estimated amortization of intangible assets, 2025	29,000		29,000
Estimated amortization of intangible assets, 2026	20,000		20,000
Estimated amortization of intangible assets, 2027	6,000		6,000
Estimated amortization of intangible assets, after 2027	$ 19,000		$ 19,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,043,093
Accumulated impairment losses, beginning balance	(482,140)
Goodwill, net, beginning balance	1,560,953
Measurement period adjustments	(2,217)
Acquisitions	385
Foreign currency exchange rate changes	8,899
Goodwill, ending balance	2,050,160
Accumulated impairment losses, ending balance	(482,140)
Goodwill, net, ending balance	1,568,020
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,145,502
Accumulated impairment losses, beginning balance	(331,151)
Goodwill, net, beginning balance	814,351
Measurement period adjustments	0
Acquisitions	0
Foreign currency exchange rate changes	8,899
Goodwill, ending balance	1,154,401
Accumulated impairment losses, ending balance	(331,151)
Goodwill, net, ending balance	823,250
Education [Member] | Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	579,561
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	579,561
Foreign currency exchange rate changes	8,856
Goodwill, ending balance	588,417
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	588,417
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
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] | Supplemental Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	391,377
Accumulated impairment losses, beginning balance	(219,827)
Goodwill, net, beginning balance	171,550
Foreign currency exchange rate changes	43
Goodwill, ending balance	391,420
Accumulated impairment losses, ending balance	(219,827)
Goodwill, net, ending balance	171,593
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	190,815
Measurement period adjustments	0
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	234,993
Accumulated impairment losses, beginning balance	(34,302)
Goodwill, net, beginning balance	200,691
Measurement period adjustments	0
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	234,993
Accumulated impairment losses, ending balance	(34,302)
Goodwill, net, ending balance	200,691
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	135,870
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	135,870
Measurement period adjustments	(2,217)
Acquisitions	385
Foreign currency exchange rate changes	0
Goodwill, ending balance	134,038
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	134,038
Automotive [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	84,697
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	84,697
Measurement period adjustments	0
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	84,697
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	84,697
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	251,216
Accumulated impairment losses, beginning balance	(116,687)
Goodwill, net, beginning balance	134,529
Measurement period adjustments	0
Acquisitions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	251,216
Accumulated impairment losses, ending balance	(116,687)
Goodwill, net, ending balance	$ 134,529

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 519,892	$ 544,128
Accumulated Amortization	385,529	382,706
Net Carrying Amount	134,363	161,422
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	181,026	178,934
Franchise Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	85,858	85,858
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	83,997	81,905
FCC licenses [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	11,000	11,000
Licensure and Accreditation [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	150	150
Other [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	21	21
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	282,017	297,766
Accumulated Amortization	226,281	230,429
Net Carrying Amount	$ 55,736	$ 67,337
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	$ 143,024	$ 148,102
Accumulated Amortization	83,129	81,078
Net Carrying Amount	$ 59,895	$ 67,024
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	15 years	15 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	11,857	10,367
Net Carrying Amount	5,543	7,033
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	36,287	36,216
Accumulated Amortization	34,545	32,219
Net Carrying Amount	$ 1,742	$ 3,997
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	$ 20	$ 1,000
Accumulated Amortization	17	995
Net Carrying Amount	$ 3	$ 5
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	$ 41,144	$ 43,644
Accumulated Amortization	29,700	27,618
Net Carrying Amount	$ 11,444	$ 16,026
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)			3 Months Ended		6 Months Ended
	Jul. 28, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Average borrowings outstanding			$ 742,100,000	$ 638,300,000	$ 738,300,000	$ 648,800,000
Weighted average interest rate			6%	4.70%	5.90%	4.50%
Interest Expense, Net			$ (10,226,000)	$ (15,277,000)	$ (23,316,000)	$ (25,979,000)
Interest expense			11,774,000	15,973,000	26,068,000	27,390,000
5.75% Unsecured Notes maturing in 2026 [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 2,100,000	$ 2,100,000		$ 2,100,000			$ 2,500,000
Interest rate		5.75%	5.75%		5.75%		5.75%	5.75%
Fair value of debt instrument		$ 395,100,000	$ 395,100,000		$ 395,100,000			$ 395,100,000
Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity		300,000,000	300,000,000		300,000,000
Line of credit facility outstanding		188,136,000	188,136,000		188,136,000			200,236,000
USD revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Line of credit facility outstanding		125,000,000	125,000,000		125,000,000
GBP revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Line of credit facility outstanding | £							£ 50,000,000
Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		100,000	100,000		100,000			100,000
Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 100,000	100,000		100,000			$ 100,000
Term Loan A maturing in 2027 - $150 million [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Loans Payable to Bank	$ 150,000,000
Debt Instrument, Periodic Payment, Principal	$ 1,875,000
Secured Overnight Financing Rates (SOFR) [Member] | USD revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Applicable interest rate margin		1.375%
Secured Overnight Financing Rates (SOFR) [Member] | Term Loan A maturing in 2027 - $150 million [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Applicable interest rate margin	1.75%
Prime Rate [Member] | USD revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Applicable interest rate margin		0.375%
Sterling Overnight Interbank Average Rate (SONIA) [Member] | GBP revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Applicable interest rate margin		1.375%
Securities Subject to Mandatory Redemption [Member] | Graham Healthcare Group [Member]
Debt Instrument [Line Items]
Interest expense			$ (1,200,000)	$ 8,000,000	$ 300,000	$ 11,400,000

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Other indebtedness		$ 3,458	$ 3,560
Total Debt		706,725	726,360
Less: current portion		(141,161)	(155,813)
Total Long-Term Debt		565,564	570,547
5.75% Unsecured Notes maturing in 2026 [Member]
Debt Instrument [Line Items]
Unsecured notes	[1]	397,904	397,548
Unamortized debt issuance costs		$ 2,100	$ 2,500
Stated interest rate		5.75%	5.75%
Effective interest rate		5.75%
Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Credit facility		$ 188,136	$ 200,236
Effective interest rate		6.09%
Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Commercial note	[2]	$ 23,031	23,522
Unamortized debt issuance costs		$ 100	100
Effective interest rate		6.58%
Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]
Debt Instrument [Line Items]
Commercial note		$ 60,452	66,513
Effective interest rate		6.81%
Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Commercial note	[3]	$ 25,873	26,548
Unamortized debt issuance costs		$ 100	100
Effective interest rate		6.63%
Pinnacle Bank Term Loan maturing in 2024 [Member]
Debt Instrument [Line Items]
Loans Payable to Bank		$ 7,871	$ 8,433
Stated interest rate		4.15%
Effective interest rate		4.18%
Minimum [Member] | Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Stated interest rate		4.80%
Minimum [Member] | Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.10%
Minimum [Member] | Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.38%
Minimum [Member] | Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.13%
Minimum [Member] | Other Indebtedness [Member]
Debt Instrument [Line Items]
Stated interest rate		0%
Maximum [Member] | Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Stated interest rate		8.63%
Maximum [Member] | Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.86%
Maximum [Member] | Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.21%
Maximum [Member] | Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.96%
Maximum [Member] | Other Indebtedness [Member]
Debt Instrument [Line Items]
Stated interest rate		16%
[1] The carrying value is net of $2.1 million and $2.5 million of unamortized debt issuance costs as of June 30, 2023 and December 31, 2022, respectively .

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Impairment of long-lived assets	$ 0	$ 0	$ 745	$ 0
Gain on cost method investments	$ 1,273	$ 0	$ 3,104	$ 0

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets
Money Market Investments		$ 6,000	$ 7,700
Marketable equity securities		648,756	609,921
Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	6,001	7,686
Marketable equity securities	[2]	648,756	609,921
Other current investments	[3]	12,550	12,487
Interest Rate Swaps	[4]	2,841	2,636
Total Financial Assets		670,148	632,730
Liabilities
Contingent consideration liabilities	[5]	2,915	8,423
Foreign exchange swap	[6]		333
Mandatorily redeemable noncontrolling interest	[7]	31,136	30,845
Total Financial Liabilities		34,051	39,601
Level 1 | Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	648,756	609,921
Other current investments	[3]	11,419	7,471
Interest Rate Swaps	[4]	0	0
Total Financial Assets		660,175	617,392
Liabilities
Contingent consideration liabilities	[5]	0	0
Foreign exchange swap	[6]		0
Mandatorily redeemable noncontrolling interest	[7]	0	0
Total Financial Liabilities		0	0
Level 2 | Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	6,001	7,686
Marketable equity securities	[2]	0	0
Other current investments	[3]	1,131	5,016
Interest Rate Swaps	[4]	2,841	2,636
Total Financial Assets		9,973	15,338
Liabilities
Contingent consideration liabilities	[5]	0	0
Foreign exchange swap	[6]		333
Mandatorily redeemable noncontrolling interest	[7]	0	0
Total Financial Liabilities		0	333
Level 3 | Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	0	0
Other current investments	[3]	0	0
Interest Rate Swaps	[4]	0	0
Total Financial Assets		0	0
Liabilities
Contingent consideration liabilities	[5]	2,915	8,423
Foreign exchange swap	[6]		0
Mandatorily redeemable noncontrolling interest	[7]	31,136	30,845
Total Financial Liabilities		$ 34,051	$ 39,268
[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 Deferred charges and other assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.[5]Included in Accounts payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates.[6]Included in Accounts payable and accrued liabilities, and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.[7]The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses.

Fair Value Measurements (Reconc

Fair Value Measurements (Reconciliation of Changes in Financial Liabilities Fair Value Using Level 3 Inputs) (Details 2) - Level 3 - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Contingent consideration liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance		$ 8,423	$ 14,881
Acquisition of business		220	397
Changes in fair value	[1]	(5,157)	(3,317)
Capital contributions		0	0
Accretion of value included in net income	[1]	691	662
Settlements or distributions		(1,262)	(1,750)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance		2,915	10,873
Mandatorily redeemable noncontrolling interest [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance		30,845	13,661
Acquisition of business		0	0
Changes in fair value	[1]	289	11,430
Capital contributions		66	242
Accretion of value included in net income	[1]	0	0
Settlements or distributions		(64)	(184)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance		$ 31,136	$ 25,149
[1]Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period related to beginning balance				$ 280,400
Deferred Revenue		$ 323,330		$ 323,330		$ 385,507
CARES Act relief from COVID-19 [Member] | Medicare Accelerated Advanced Payment Program Relief Fund [Member] | Graham Healthcare Group [Member]
Disaggregation of Revenue [Line Items]
Government Relief, CARES Act	$ 31,500
Deferred revenue recognized			$ 5,600		$ 12,000
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		56%	60%	56%	60%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		44%	40%	44%	40%
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		79%	79%	79%	79%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		21%	21%	21%	21%
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, Net, Noncurrent		$ 36,000		$ 36,000		$ 26,300
Supplemental Education [Member] | Long-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Minimum Term of Contract				12 months
Revenue Remaining Performance Obligation Percentage of Revenue Expected to be Recognized Over Next 12 Months		68%		68%

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Narrative 2) (Details) - Long-term Contract with Customer [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 $ in Millions	Jun. 30, 2023 USD ($)
Kaplan International [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 322.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 years
Supplemental Education [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 323,330	$ 385,507
Deferred Revenue, Period Decrease Percentage	(16.00%)

Revenue from Contracts with C_6

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period	$ 28,477
Costs amortized during the period	(39,583)
Change in capitalized contract cost, other	801
Balance of costs to obtain a contract	$ 21,342	$ 31,647

Earnings (Loss) Per Share (Narr

Earnings (Loss) Per Share (Narrative) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 1.65	$ 1.58	$ 4.95	$ 4.74
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	105,000	105,000	105,000	105,000

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Net income (loss) attributable to Graham Holdings Company common stockholders	$ 122,788	$ (67,485)	$ 175,060	$ 28,139
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,722)	(7,656)	(23,534)	(23,153)
Undistributed earnings (loss)	$ 115,066	$ (75,141)	$ 151,526	$ 4,986
Percent allocated to common stockholders (1)	99.37%	100%	99.37%	99.40%
Undistributed Earnings (Loss) Allocated To Common Stockholders	$ 114,337	$ (75,141)	$ 150,566	$ 4,956
Add: Dividends paid-common stock outstanding	7,673	7,610	23,388	23,016
Numerator for basic earnings (loss) per share	122,010	(67,531)	173,954	27,972
Add: Additional undistributed earnings due to dilutive stock options	2	0	3	0
Numerator for diluted earnings (loss) per share	$ 122,012	$ (67,531)	$ 173,957	$ 27,972
Weighted average shares outstanding (shares)	4,700	4,842	4,729	4,857
Denominator for diluted earnings (loss) per share (shares)	4,713	4,842	4,744	4,870
Graham Holdings Company Common Stockholders:
Basic income (loss) per common share (in usd per share)	$ 25.96	$ (13.95)	$ 36.78	$ 5.76
Diluted income (loss) per common share (in usd per share)	$ 25.89	$ (13.95)	$ 36.67	$ 5.74
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)	13	0	15	13

Earnings (Loss) Per Share (De_2

Earnings (Loss) Per Share (Details 2) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	10	17	10	17
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	0	13	0	0

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) investment company	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) investment company	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) investment
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 5,517		$ 0	$ 9,646	$ 0
Percent of plan assets managed internally by the company				41%
Percent of plan assets managed by investment companies				59%
Number of investment companies actively managing plan assets | company	2			2
Percentage of total plan assets	100%			100%		100%
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%
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%
Foreign Investments [Member] | Maximum [Member] | Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	30%			30%
Foreign Investments [Member] | Maximum [Member] | Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	15%			15%
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%			10%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of total plan assets	17%			17%		16%
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%		10%
Value of investments	$ 946,400			$ 946,400		$ 842,600
Percentage of total plan assets	34%			34%		33%
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] | Private investment fund [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%
Leaf Group and Code3 [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense		$ 4,100
Kaplan, Graham Media Group, Leaf Group, Code3 and Pinna [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 5,500

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7,573	$ 4,993	$ 16,816	$ 11,024
Net Periodic Cost (Benefit)			(46,074)	(90,971)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	7,573	4,993	16,816	11,024
Interest cost	11,559	7,611	23,093	15,281
Expected return on assets	(38,085)	(41,963)	(76,423)	(83,926)
Amortization of prior service cost (credit)	412	709	822	1,418
Recognized actuarial loss (gain)	(9,888)	(17,539)	(20,028)	(34,768)
Net Periodic Cost (Benefit)	(28,429)	(46,189)	(55,720)	(90,971)
Special separation benefit expense	5,517	0	9,646	0
Net Periodic Cost (Benefit)	(22,912)	(46,189)	(46,074)	(90,971)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	148	228	296	456
Interest cost	1,165	822	2,330	1,644
Amortization of prior service cost (credit)	0	9	0	18
Recognized actuarial loss (gain)	0	167	0	333
Net Periodic Cost (Benefit)	1,313	1,226	2,626	2,451
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	52	25	74	49
Amortization of prior service cost (credit)	(1)	(2)	(2)	(4)
Recognized actuarial loss (gain)	(546)	(710)	(1,172)	(1,421)
Net Periodic Cost (Benefit)	$ (495)	$ (687)	$ (1,100)	$ (1,376)

Pension and Postretirement Pl_5

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Jun. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100%	100%
U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	61%	59%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	17%	16%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	11%	11%
U.S. stock index fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	4%	7%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	7%	7%

Other Non-Operating Income (Nar

Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses	$ 12,232	$ 753	$ 13,232	$ 1,698
Pinna [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses	10,000
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain related to contingent consideration	$ 2,200	$ 800	$ 3,200	$ 1,700

Other Non-Operating Income (Det

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Nonoperating Income (Expense) [Abstract]
Gain on sale of businesses	$ 12,232	$ 753	$ 13,232	$ 1,698
Gain on cost method investments	1,273	0	3,104	0
Gain (loss) on sale of cost method investments	46	(51)	831	1,024
Foreign currency gain (loss), net	1,604	(478)	100	(1,525)
Gain on sale of investments in affiliates	0	0	15	604
Other gain, net	639	952	1,595	2,251
Total Other Non-Operating Income	15,794	1,176	18,877	4,052
Equity Securities, FV-NI, Realized Gain (Loss)	$ 9,132	$ (4,838)	$ 5,475	$ (10,605)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before tax		$ (6,451)		$ (57,203)		$ (8,744)	$ (74,357)
Other Comprehensive Income (Loss), income tax		2,305		4,224		5,183	8,243
Other Comprehensive Income (Loss), Net of Tax		(4,146)	$ 585	(52,979)	$ (13,135)	(3,561)	(66,114)
Foreign Currency Translation Adjustment [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax						11,378
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax						0
Other Comprehensive Income (Loss), before tax		2,384		(40,928)		11,378	(42,666)
Other Comprehensive Income (Loss), income tax		0		0		0	0
Other Comprehensive Income (Loss), Net of Tax		2,384		(40,928)		11,378	(42,666)
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		(10,023)		(17,366)		(20,380)	(34,424)
Reclassification from AOCI, Current Period, Tax		2,578		4,475		5,242	8,872
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(7,445)		(12,891)		(15,138)	(25,552)
Other Comprehensive Income (Loss), before tax		(10,023)		(17,366)		(20,380)	(34,424)
Other Comprehensive Income (Loss), income tax		2,578		4,475		5,242	8,872
Other Comprehensive Income (Loss), Net of Tax		(7,445)		(12,891)		(15,138)	(25,552)
Net Prior Service (Credit) Cost [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	411		716		820	1,432
Reclassification from AOCI, Current Period, Tax		(106)		(185)		(211)	(369)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		305		531		609	1,063
Net Actuarial Gain [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(10,434)		(18,082)		(21,200)	(35,856)
Reclassification from AOCI, Current Period, Tax		2,684		4,660		5,453	9,241
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(7,750)		(13,422)		(15,747)	(26,615)
Cash Flow Hedges [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax						608
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax						(409)
Other Comprehensive Income (Loss), before tax		1,188		1,091		258	2,733
Other Comprehensive Income (Loss), income tax		(273)		(251)		(59)	(629)
Other Comprehensive Income (Loss), Net of Tax		$ 915		$ 840		$ 199	$ 2,104
[1]These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) 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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 3,769,730	$ 3,752,661	$ 4,472,941	$ 4,411,669	$ 3,752,661	$ 4,411,669
Other Comprehensive Loss, Net of Tax	(4,146)	585	(52,979)	(13,135)	(3,561)	(66,114)
As of	3,832,525	3,769,730	4,322,243	$ 4,472,941	3,832,525	4,322,243
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		336,151			336,151
Other comprehensive income (loss) before reclassifications					11,986
Net amount reclassified from accumulated other comprehensive income					(15,547)
Other Comprehensive Loss, Net of Tax					(3,561)
As of	332,590				332,590
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		(54,638)			(54,638)
Other comprehensive income (loss) before reclassifications					11,378
Net amount reclassified from accumulated other comprehensive income					0
Other Comprehensive Loss, Net of Tax	2,384		(40,928)		11,378	(42,666)
As of	(43,260)				(43,260)
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		388,591			388,591
Other comprehensive income (loss) before reclassifications					0
Net amount reclassified from accumulated other comprehensive income	(7,445)		(12,891)		(15,138)	(25,552)
Other Comprehensive Loss, Net of Tax	(7,445)		(12,891)		(15,138)	(25,552)
As of	373,453				373,453
Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of		$ 2,198			2,198
Other comprehensive income (loss) before reclassifications					608
Net amount reclassified from accumulated other comprehensive income					(409)
Other Comprehensive Loss, Net of Tax	915		$ 840		199	$ 2,104
As of	$ 2,397				$ 2,397

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		$ 11,774		$ 15,973		$ 26,068	$ 27,390
Provision for (Benefit from) Income Taxes		41,800		(21,400)		61,000	14,200
Net of Tax		(124,171)	$ (52,977)	66,615	$ (96,566)	(177,148)	(29,951)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net of Tax		(7,680)		(12,740)		(15,547)	(25,217)
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		(10,023)		(17,366)		(20,380)	(34,424)
Provision for (Benefit from) Income Tax		2,578		4,475		5,242	8,872
Reclassifications, net of tax		(7,445)		(12,891)		(15,138)	(25,552)
Net Prior Service (Credit) Cost [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	411		716		820	1,432
Provision for (Benefit from) Income Tax		(106)		(185)		(211)	(369)
Reclassifications, net of tax		305		531		609	1,063
Net Actuarial Gain [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	(10,434)		(18,082)		(21,200)	(35,856)
Provision for (Benefit from) Income Tax		2,684		4,660		5,453	9,241
Reclassifications, net of tax		(7,750)		(13,422)		(15,747)	(26,615)
Cash Flow Hedges [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax						(409)
Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		$ (235)		$ 151		$ (409)	$ 335
[1]These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies (Details)

Contingencies (Details) $ in Millions		1 Months Ended
	May 06, 2021 claim	Jul. 31, 2021 USD ($) investment	Jun. 30, 2023 USD ($) claim
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business | claim			0
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss | $			$ 15
Education [Member]
Loss Contingencies [Line Items]
Claims received | investment		1,449
Loss Contingency Borrower Defense Claims Discharge Loan Amount | $		$ 35
Education [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Potential claims Per ED | claim	800

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023 segment
Business Segments [Line Items]
Number of reportable segments	7

Business Segments (Information

Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenues	$ 1,104,999	$ 933,302	$ 2,136,545	$ 1,848,023
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	71,359	54,217	113,704	109,100
Amortization of Intangible Assets and Impairment of Long-Lived Assets	13,304	14,889	27,993	29,801
Income (Loss) from Operations	58,055	39,328	85,711	79,299
Equity in (losses) earnings of affiliates, net	(6,115)	1,427	(1,454)	4,031
Interest Expense, Net	(10,226)	(15,277)	(23,316)	(25,979)
Non-operating pension and postretirement benefit income, net	29,815	50,871	61,660	101,376
Gain (loss) on marketable equity securities, net	78,648	(165,540)	96,670	(118,628)
Other Income, Net	15,794	1,176	18,877	4,052
Income (Loss) Before Income Taxes	165,971	(88,015)	238,148	44,151
Depreciation of property, plant and equipment	21,103	19,413	41,128	38,888
Pension Service Cost	7,573	4,993	16,816	11,024
Identifiable Assets	4,072,027		4,072,027		$ 4,127,829
Marketable equity securities	648,756		648,756		609,921
Investments in Affiliates	198,261		198,261		186,419
Prepaid Pension Cost	1,684,914		1,684,914		1,658,046
Total Assets	6,603,958		6,603,958		6,582,215
Amortization of Intangible Assets	13,304	14,889	27,248	29,801
Impairment of long-lived assets	0	0	745	0
Operating Segments [Member] | Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	402,227	353,013	780,268	711,025
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	34,100	22,769	61,556	47,327
Amortization of Intangible Assets and Impairment of Long-Lived Assets	3,984	4,064	8,400	8,210
Income (Loss) from Operations	30,116	18,705	53,156	39,117
Depreciation of property, plant and equipment	9,460	8,531	18,428	17,036
Pension Service Cost	2,256	1,931	4,454	4,467
Identifiable Assets	1,925,946		1,925,946		1,987,042
Amortization of Intangible Assets	3,984	4,064	7,923	8,210
Impairment of long-lived assets	0	0	477	0
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	237,663	200,871	464,739	405,384
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	20,751	19,063	42,052	39,627
Income (Loss) from Operations	20,751	19,063	42,052	39,627
Depreciation of property, plant and equipment	6,903	5,794	13,233	11,549
Pension Service Cost	81	63	161	135
Identifiable Assets	1,416,815		1,416,815		1,479,833
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	90,291	74,427	168,632	151,676
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	17,795	3,012	24,878	8,359
Income (Loss) from Operations	17,795	3,012	24,878	8,359
Depreciation of property, plant and equipment	1,071	1,127	2,173	2,206
Pension Service Cost	923	820	1,845	1,901
Identifiable Assets	207,928		207,928		187,034
Operating Segments [Member] | Education [Member] | Reportable Subsegments [Member] | Supplemental Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	74,616	77,546	148,203	153,850
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	3,512	4,829	7,263	8,200
Income (Loss) from Operations	3,512	4,829	7,263	8,200
Depreciation of property, plant and equipment	1,461	1,578	2,970	3,217
Pension Service Cost	1,023	895	2,047	2,077
Identifiable Assets	249,206		249,206		268,499
Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	2,887	2,445	5,259	4,798
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	(7,824)	(4,079)	(12,662)	(8,822)
Income (Loss) from Operations	(11,808)	(8,143)	(21,062)	(17,032)
Depreciation of property, plant and equipment	25	32	52	64
Pension Service Cost	229	153	401	354
Identifiable Assets	51,997		51,997		51,676
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(3,230)	(2,276)	(6,565)	(4,683)
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	(134)	(56)	25	(37)
Income (Loss) from Operations	(134)	(56)	25	(37)
Operating Segments [Member] | Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	118,829	122,386	231,706	245,805
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	34,553	41,042	64,498	82,300
Amortization of Intangible Assets and Impairment of Long-Lived Assets	1,363	1,360	2,725	2,720
Income (Loss) from Operations	33,190	39,682	61,773	79,580
Depreciation of property, plant and equipment	3,087	3,085	6,123	6,374
Pension Service Cost	805	856	1,665	1,782
Identifiable Assets	420,915		420,915		431,084
Operating Segments [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Operating Revenues	120,082	127,062	234,666	243,002
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	16,314	9,666	28,504	24,804
Amortization of Intangible Assets and Impairment of Long-Lived Assets	4,332	5,164	9,194	10,327
Income (Loss) from Operations	11,982	4,502	19,310	14,477
Depreciation of property, plant and equipment	2,287	2,323	4,569	4,751
Pension Service Cost	281	224	556	552
Identifiable Assets	483,495		483,495		486,487
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Operating Revenues	113,282	76,385	215,341	143,640
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	9,259	7,250	13,149	14,538
Amortization of Intangible Assets and Impairment of Long-Lived Assets	882	988	1,836	1,917
Income (Loss) from Operations	8,377	6,262	11,313	12,621
Depreciation of property, plant and equipment	1,287	455	2,391	865
Pension Service Cost	2,685	93	7,042	279
Identifiable Assets	258,435		258,435		249,845
Operating Segments [Member] | Automotive [Member]
Segment Reporting Information [Line Items]
Operating Revenues	260,672	147,602	493,233	298,569
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	9,460	7,365	20,303	14,443
Amortization of Intangible Assets and Impairment of Long-Lived Assets	0	0	0	0
Income (Loss) from Operations	9,460	7,365	20,303	14,443
Depreciation of property, plant and equipment	1,148	752	2,261	1,529
Pension Service Cost	5	5	10	11
Identifiable Assets	461,630		461,630		427,221
Operating Segments [Member] | Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	90,449	107,326	182,457	206,943
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	(21,118)	(23,031)	(49,024)	(50,461)
Amortization of Intangible Assets and Impairment of Long-Lived Assets	2,743	3,313	5,838	6,627
Income (Loss) from Operations	(23,861)	(26,344)	(54,862)	(57,088)
Depreciation of property, plant and equipment	3,681	4,114	7,050	8,029
Pension Service Cost	613	477	1,185	997
Identifiable Assets	424,718		424,718		475,583
Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	850	0	850	0
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	(11,209)	(10,844)	(25,282)	(23,851)
Amortization of Intangible Assets and Impairment of Long-Lived Assets	0	0	0	0
Income (Loss) from Operations	(11,209)	(10,844)	(25,282)	(23,851)
Depreciation of property, plant and equipment	153	153	306	304
Pension Service Cost	928	1,407	1,904	2,936
Identifiable Assets	96,888		96,888		$ 70,567
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (1,392)	$ (472)	$ (1,976)	$ (961)