Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,000,000,000 | ||
Documents Incorporated by Reference [Text Block] | Documents partially incorporated by reference: Definitive Proxy Statement for the registrant’s 2024 Annual Meeting of Stockholders | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000104889 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding (in shares) | 964,001 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding (in shares) | 3,498,459 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Washington, District of Columbia |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Revenues | |||||||||||
Operating Revenues | $ 1,166,813 | $ 1,111,519 | $ 1,104,999 | $ 1,031,546 | $ 1,064,032 | $ 1,012,438 | $ 933,302 | $ 914,721 | $ 4,414,877 | $ 3,924,493 | $ 3,185,974 |
Operating Costs and Expenses | |||||||||||
Cost of services and goods | 826,279 | 781,587 | 767,854 | 727,214 | 715,632 | 694,757 | 631,828 | 615,501 | |||
Selling, general and administrative | 1,007,381 | 921,739 | 831,853 | ||||||||
Depreciation of property, plant and equipment | 86,064 | 73,297 | 71,415 | ||||||||
Amortization of intangible assets | 50,039 | 58,851 | 57,870 | ||||||||
Impairment of goodwill and other long-lived assets | 99,066 | 128,990 | 32,940 | ||||||||
Total Operating Costs and Expenses | 4,345,484 | 3,840,595 | 3,108,599 | ||||||||
Income from Operations | 40,794 | (57,112) | 58,055 | 27,656 | (54,933) | 59,532 | 39,328 | 39,971 | 69,393 | 83,898 | 77,375 |
Equity in (losses) earnings of affiliates, net | (5,183) | (2,837) | 17,914 | ||||||||
Interest income | 7,122 | 3,226 | 3,409 | ||||||||
Interest expense | (63,301) | (54,403) | (33,943) | ||||||||
Non-operating pension and postretirement benefit income, net | 133,812 | 197,939 | 109,230 | ||||||||
Gain (loss) on marketable equity securities, net | 138,067 | (139,589) | 243,088 | ||||||||
Other income, net | 19,094 | 33,500 | 32,554 | ||||||||
Income Before Income Taxes | 299,004 | 121,734 | 449,627 | ||||||||
Provision for Income Taxes | 87,300 | 51,300 | 96,300 | ||||||||
Net Income | 55,690 | (21,134) | 124,171 | 52,977 | 6,643 | 33,840 | (66,615) | 96,566 | 211,704 | 70,434 | 353,327 |
Net Income Attributable to Noncontrolling Interests | (6,416) | (3,355) | (1,252) | ||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ 53,259 | $ (23,031) | $ 122,788 | $ 52,272 | $ 6,160 | $ 32,780 | $ (67,485) | $ 95,624 | $ 205,288 | $ 67,079 | $ 352,075 |
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||
Basic net income per common share (in USD per share) | $ 11.76 | $ (5.02) | $ 25.96 | $ 10.91 | $ 1.28 | $ 6.78 | $ (13.95) | $ 19.50 | $ 43.96 | $ 13.83 | $ 70.65 |
Basic average number of common shares outstanding (in shares) | 4,639 | 4,823 | 4,951 | ||||||||
Diluted net income per common share (in USD per share) | $ 11.72 | $ (5.02) | $ 25.89 | $ 10.88 | $ 1.28 | $ 6.76 | $ (13.95) | $ 19.45 | $ 43.82 | $ 13.79 | $ 70.45 |
Diluted average number of common shares outstanding (in shares) | 4,654 | 4,836 | 4,965 | ||||||||
Services [Member] | |||||||||||
Operating Revenues | |||||||||||
Operating Revenues | $ 2,484,327 | $ 2,328,869 | $ 2,089,800 | ||||||||
Operating Costs and Expenses | |||||||||||
Cost of services and goods | 1,468,114 | 1,346,519 | 1,243,384 | ||||||||
Goods [Member] | |||||||||||
Operating Revenues | |||||||||||
Operating Revenues | 1,930,550 | 1,595,624 | 1,096,174 | ||||||||
Operating Costs and Expenses | |||||||||||
Cost of services and goods | $ 1,634,820 | $ 1,311,199 | $ 871,137 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 211,704 | $ 70,434 | $ 353,327 |
Foreign currency translation adjustments: | |||
Translation adjustments arising during the year | 21,927 | (48,340) | (16,052) |
Pension and other postretirement plans: | |||
Actuarial gain (loss) | 380,593 | (727,097) | 519,595 |
Prior service credit (cost) | 11,263 | 0 | (2) |
Amortization of net actuarial gain included in net income | (42,146) | (70,833) | (5,486) |
Amortization of net prior service cost included in net income | 1,641 | 2,864 | 3,170 |
Settlement included in net income | (1,087) | 0 | (120) |
Total pension and other postretirement plans | 350,264 | (795,066) | 517,157 |
Cash flow hedges (loss) gain | (5,630) | 4,765 | 349 |
Other Comprehensive Income (Loss), Before Tax | 366,561 | (838,641) | 501,454 |
Income tax (expense) benefit related to items of other comprehensive income (loss) | (88,375) | 203,404 | (133,380) |
Other Comprehensive Income (Loss), Net of Tax | 278,186 | (635,237) | 368,074 |
Comprehensive Income (Loss) | 489,890 | (564,803) | 721,401 |
Comprehensive income attributable to noncontrolling interests | (6,416) | (3,355) | (1,252) |
Total Comprehensive Income (Loss) Attributable to Graham Holdings Company | $ 483,474 | $ (568,158) | $ 720,149 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 169,897 | $ 169,319 |
Restricted cash | 31,994 | 20,467 |
Investments in marketable equity securities and other investments | 697,028 | 622,408 |
Accounts receivable, net | 525,087 | 531,941 |
Inventories and contracts in progress | 297,211 | 226,811 |
Prepaid expenses | 119,933 | 97,450 |
Income taxes receivable | 6,848 | 9,313 |
Other current assets | 1,298 | 1,547 |
Total Current Assets | 1,849,296 | 1,679,256 |
Property, Plant and Equipment, Net | 560,314 | 503,000 |
Lease Right-of-Use Assets | 409,183 | 429,403 |
Investments in Affiliates | 186,480 | 186,419 |
Goodwill, Net | 1,525,194 | 1,560,953 |
Indefinite-Lived Intangible Assets | 187,862 | 178,934 |
Amortized Intangible Assets, Net | 112,194 | 161,422 |
Prepaid Pension Cost | 2,113,638 | 1,658,046 |
Deferred Income Taxes | 10,578 | 6,812 |
Deferred Charges and Other Assets (includes $0 and $646 of restricted cash) | 232,991 | 189,132 |
Total Assets | 7,187,730 | 6,553,377 |
Current Liabilities | ||
Accounts payable, vehicle floor plan payable and accrued liabilities | 694,521 | 574,287 |
Deferred revenue | 396,754 | 341,296 |
Income taxes payable | 7,406 | 3,766 |
Current portion of lease liabilities | 64,247 | 70,007 |
Current portion of long-term debt | 66,751 | 155,813 |
Total Current Liabilities | 1,229,679 | 1,145,169 |
Accrued Compensation and Related Benefits | 137,275 | 134,921 |
Other Liabilities | 32,076 | 37,506 |
Deferred Income Taxes | 600,124 | 466,275 |
Mandatorily Redeemable Noncontrolling Interest | 40,764 | 30,845 |
Lease Liabilities | 376,677 | 393,626 |
Long-Term Debt | 745,082 | 570,547 |
Total Liabilities | 3,161,677 | 2,778,889 |
Commitments and Contingencies (Note 18) | ||
Redeemable Noncontrolling Interests | 24,185 | 21,827 |
Preferred Stock, $1 par value; 977,000 shares authorized, none issued | 0 | 0 |
Common Stockholders’ Equity | ||
Capital in excess of par value | 372,040 | 390,438 |
Retained earnings | 7,337,463 | 7,163,128 |
Accumulated other comprehensive income, net of taxes | ||
Cumulative foreign currency translation adjustment | (32,711) | (54,638) |
Unrealized gain on pensions and other postretirement plans | 649,185 | 388,591 |
Cash flow hedges | (2,137) | 2,198 |
Cost of 15,521,190 and 15,213,398 shares of Class B common stock held in treasury | (4,368,103) | (4,178,334) |
Total Common Stockholders’ Equity | 3,975,737 | 3,731,383 |
Noncontrolling Interests | 26,131 | 21,278 |
Total Equity | 4,001,868 | 3,752,661 |
Total Liabilities and Equity | 7,187,730 | 6,553,377 |
Class A Common Stock [Member] | ||
Common Stockholders’ Equity | ||
Common stock | 964 | 964 |
Class B Common Stock [Member] | ||
Common Stockholders’ Equity | ||
Common stock | $ 19,036 | $ 19,036 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Cash, Noncurrent | $ 0 | $ 646 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 977,000 | 977,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Class A Common Stock [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 7,000,000 | 7,000,000 |
Common Stock, Shares, Issued | 964,001 | 964,001 |
Common Stock, Shares, Outstanding | 964,001 | 964,001 |
Class B Common Stock [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares, Issued | 19,035,999 | 19,035,999 |
Common Stock, Shares, Outstanding | 3,514,809 | 3,822,601 |
Treasury Stock, Common, Shares | 15,521,190 | 15,213,398 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | |||
Net Income | $ 211,704 | $ 70,434 | $ 353,327 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and goodwill and other long-lived asset impairment | 235,169 | 261,138 | 162,225 |
Amortization of lease right-of-use asset | 67,734 | 67,568 | 73,752 |
Net pension benefit and special separation benefit expense | (101,398) | (166,611) | (91,898) |
(Gain) loss on marketable equity securities and cost method investments, net | (140,671) | 134,011 | (254,844) |
Credit loss expense and provision for other receivables | 6,045 | 2,958 | 6,824 |
Stock-based compensation expense, net of forfeitures | 6,712 | 6,121 | 5,659 |
Accretion expense and change in fair value of contingent consideration liabilities | (6,593) | (5,105) | (4,207) |
Foreign exchange loss | 1,141 | 2,023 | 179 |
Gain on disposition of businesses, property, plant and equipment, investments and other assets, net | (11,811) | (24,220) | (8,554) |
Equity in losses (earnings) of affiliates, net of distributions | 20,751 | 13,503 | 4,917 |
Provision for (benefit from) deferred income taxes | 43,765 | (3,844) | 65,046 |
Change in operating assets and liabilities: | |||
Accounts receivable | 8,231 | 45,518 | (47,430) |
Inventories | (62,873) | (64,324) | 4,551 |
Accounts payable and accrued liabilities | 24,695 | (33,588) | 32,397 |
Deferred revenue | 38,497 | 18,219 | 7,224 |
Income taxes receivable/payable | 6,152 | 6,766 | (8,689) |
Lease liabilities | (71,471) | (78,471) | (85,147) |
Other assets and other liabilities, net | (12,166) | (21,275) | (14,144) |
Other | (3,738) | 4,783 | 1,238 |
Net Cash Provided by Operating Activities | 259,875 | 235,604 | 202,426 |
Cash Flows from Investing Activities | |||
Purchases of property, plant and equipment | (93,447) | (82,684) | (162,537) |
Investments in certain businesses, net of cash acquired | (78,149) | (130,106) | (351,882) |
Proceeds from sales of marketable equity securities | 61,979 | 102,040 | 65,499 |
Loan to related party | (30,000) | 0 | 0 |
Investments in equity affiliates, cost method and other investments | (14,050) | (38,894) | (8,531) |
Purchases of marketable equity securities | (6,162) | (40,518) | (48,036) |
Net proceeds from sales of businesses, property, plant and equipment and other assets | 4,294 | 5,057 | 10,295 |
Other | 2,560 | 1,039 | 557 |
Net Cash Used in Investing Activities | (152,975) | (184,066) | (494,635) |
Cash Flows from Financing Activities | |||
Issuance of borrowings | 293,387 | 77,299 | 70,184 |
Common shares repurchased | (193,160) | (71,386) | (55,683) |
Repayments of borrowings | (121,744) | (14,484) | (49,645) |
Net borrowings under revolving credit facilities | (104,244) | 3,000 | 134,696 |
Net proceeds from (repayments of) vehicle floor plan payable | 73,732 | 26,230 | (10,563) |
Dividends paid | (30,953) | (30,712) | (30,136) |
Deferred payments of acquisitions | (5,328) | (5,731) | (30,866) |
Distributions paid to noncontrolling interests | (5,306) | (2,978) | (639) |
Purchase of noncontrolling interest | (4,988) | (1,200) | (3,508) |
Issuance of noncontrolling interest | 3,931 | 4,918 | 3,777 |
Proceeds from sale of noncontrolling interest | 0 | 3,200 | 0 |
Other | (5,162) | (6,263) | 3,410 |
Net Cash (Used in) Provided by Financing Activities | (99,835) | (18,107) | 31,027 |
Effect of Currency Exchange Rate Change | 4,394 | (1,842) | (3,029) |
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | 11,459 | 31,589 | (264,211) |
Cash and Cash Equivalents and Restricted Cash at Beginning of Year | 190,432 | 158,843 | 423,054 |
Cash and Cash Equivalents and Restricted Cash at End of Year | 201,891 | 190,432 | 158,843 |
Cash paid during the year for: | |||
Income taxes | 39,000 | 48,000 | 39,000 |
Interest | $ 51,000 | $ 37,000 | $ 30,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Common Shareholders' Equity - USD ($) $ in Thousands | Total | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common | Noncontrolling Interest [Member] | Class A Common Stock [Member] Common Stock [Member] | Class B Common Stock [Member] Common Stock [Member] |
As of at Dec. 31, 2020 | $ 3,766,393 | $ 388,159 | $ 6,804,822 | $ 603,314 | $ (4,056,993) | $ 7,091 | $ 964 | $ 19,036 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the year | 353,327 | 353,327 | ||||||
Noncontrolling interest capital contribution | 3,350 | 3,350 | ||||||
Net income attributable to noncontrolling interest | 0 | (1,943) | 1,943 | |||||
Acquisition of redeemable noncontrolling interest | 0 | |||||||
Net Loss (Income) Attributable to Redeemable Noncontrolling Interest | 691 | 691 | ||||||
Change in redemption value of redeemable noncontrolling interests | 549 | 292 | 257 | |||||
Distribution to noncontrolling interest | (555) | (555) | ||||||
Dividends paid on common stock | (30,136) | (30,136) | ||||||
Repurchase of Class B common stock | (55,683) | (55,683) | ||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | (939) | (5,593) | 4,654 | |||||
Amortization of unearned stock compensation and stock option expense | 6,598 | 6,598 | ||||||
Other comprehensive income (loss), net of income taxes | 368,074 | 368,074 | ||||||
Purchase of redeemable noncontrolling interest | 0 | |||||||
As of at Dec. 31, 2021 | 4,411,669 | 389,456 | 7,126,761 | 971,388 | (4,108,022) | 12,086 | 964 | 19,036 |
As of at Dec. 31, 2020 | 11,928 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Acquisition of redeemable noncontrolling interest | 6,617 | |||||||
Net income (loss) attributable to redeemable noncontrolling interests | (691) | |||||||
Change in redemption value of redeemable noncontrolling interests | (35) | |||||||
Purchase of redeemable noncontrolling interest | (3,508) | |||||||
As of at Dec. 31, 2021 | 14,311 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the year | 70,434 | 70,434 | ||||||
Noncontrolling interest capital contribution | 3,900 | 3,900 | ||||||
Acquisition of noncontrolling interest | 512 | 512 | ||||||
Sale of equity in subsidiary | 3,200 | 146 | 3,054 | |||||
Net income attributable to noncontrolling interest | 0 | (3,384) | 3,384 | |||||
Acquisition of redeemable noncontrolling interest | 0 | |||||||
Net Loss (Income) Attributable to Redeemable Noncontrolling Interest | 29 | 29 | ||||||
Change in redemption value of redeemable noncontrolling interests | (5,780) | (6,027) | 247 | |||||
Distribution to noncontrolling interest | (1,905) | (1,905) | ||||||
Dividends paid on common stock | (30,712) | (30,712) | ||||||
Repurchase of Class B common stock | (71,386) | (71,386) | ||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | 341 | (733) | 1,074 | |||||
Amortization of unearned stock compensation and stock option expense | 7,596 | 7,596 | ||||||
Other comprehensive income (loss), net of income taxes | (635,237) | (635,237) | ||||||
Purchase of redeemable noncontrolling interest | 0 | |||||||
As of at Dec. 31, 2022 | 3,752,661 | 390,438 | 7,163,128 | 336,151 | (4,178,334) | 21,278 | 964 | 19,036 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Noncontrolling interest capital contributions | 1,050 | |||||||
Acquisition of redeemable noncontrolling interest | 2,164 | |||||||
Net income (loss) attributable to redeemable noncontrolling interests | (29) | |||||||
Change in redemption value of redeemable noncontrolling interests | 6,281 | |||||||
Distribution to noncontrolling interests | (750) | |||||||
Purchase of redeemable noncontrolling interest | (1,200) | |||||||
As of at Dec. 31, 2022 | 21,827 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income for the year | 211,704 | 211,704 | ||||||
Noncontrolling interest capital contribution | 3,520 | 3,520 | ||||||
Purchase of equity from noncontrolling interest | (4,988) | (5,742) | 754 | |||||
Net income attributable to noncontrolling interest | 0 | (3,512) | 3,512 | |||||
Net Loss (Income) Attributable to Redeemable Noncontrolling Interest | (2,904) | (2,904) | ||||||
Change in redemption value of redeemable noncontrolling interests | (14,923) | (15,441) | 518 | |||||
Distribution to noncontrolling interest | (3,451) | (3,451) | ||||||
Dividends paid on common stock | (30,953) | (30,953) | ||||||
Repurchase of Class B common stock | (195,002) | (195,002) | ||||||
Issuance of Class B common stock, net of restricted stock award forfeitures | 1,123 | (4,110) | 5,233 | |||||
Amortization of unearned stock compensation and stock option expense | 6,895 | 6,895 | ||||||
Other comprehensive income (loss), net of income taxes | 278,186 | 278,186 | ||||||
Purchase of redeemable noncontrolling interest | 0 | |||||||
As of at Dec. 31, 2023 | 4,001,868 | $ 372,040 | $ 7,337,463 | $ 614,337 | $ (4,368,103) | $ 26,131 | $ 964 | $ 19,036 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Net income (loss) attributable to redeemable noncontrolling interests | 2,904 | |||||||
Change in redemption value of redeemable noncontrolling interests | 15,660 | |||||||
Distribution to noncontrolling interests | (1,241) | |||||||
Purchase of redeemable noncontrolling interest | (14,965) | |||||||
As of at Dec. 31, 2023 | $ 24,185 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | ORGANIZATION AND NATURE OF OPERATIONS Graham Holdings Company (the Company), is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to students, schools, colleges, universities and businesses, both domestically and outside the United States (U.S.), including academic preparation programs for international students, English-language programs, operations support services for pre-college, certificate, undergraduate and graduate programs, exam preparation for high school and graduate students and for professional certifications and licensures, career and academic advisement services to businesses, and operates a United Kingdom (U.K.) sixth-form college that prepares students for A-level examinations. The Company’s television broadcasting segment owns and operates seven television broadcasting stations and provides social media management tools designed to connect newsrooms with their users. 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 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 eight dealerships and valet repair services. The Company’s other businesses include an online art gallery and in-person art fair business; an online commerce platform featuring original art and designs on an array of consumer products; an owner and operator of websites; restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; Slate and Foreign Policy magazines; and a daily local news podcast and newsletter company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Revision of Prior Period Amounts. In the fourth quarter of 2023, the Company identified misstatements previously reported in accounts receivable and deferred revenue that should not have been recorded and certain balances previously reported in deferred revenue that should have been classified within accounts payable and accrued liabilities. The Company determined that these adjustments were not material to the previously issued financial statements, and as a result, the Company revised the Consolidated Balance Sheet and Consolidated Statements of Cash Flows. The impact of these misstatements to the previously reported Consolidated Balance Sheet as of December 31, 2022 and Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 is shown below. These misstatements had no impact on the previously issued Statements of Operations. See Note 20 for the impact on the Company’s previously issued Condensed Consolidated Statements of Cash Flows for each of the year-to-date interim periods in 2023. As of December 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Assets Accounts receivable, net $ 560,779 $ (28,838) $ 531,941 Total Current Assets 1,708,094 (28,838) 1,679,256 Total Assets $ 6,582,215 $ (28,838) $ 6,553,377 Liabilities and Equity Accounts payable, vehicle floor plan payable and accrued liabilities $ 563,005 $ 11,282 $ 574,287 Deferred Revenue 381,416 (40,120) 341,296 Total Current Liabilities 1,174,007 (28,838) 1,145,169 Total Liabilities 2,807,727 (28,838) 2,778,889 Total Liabilities and Equity $ 6,582,215 $ (28,838) $ 6,553,377 Year Ended December 31, 2022 Year Ended December 31, 2021 (In thousands) As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 41,635 $ 3,883 $ 45,518 $ (59,292) $ 11,862 $ (47,430) Accounts payable and accrued liabilities (44,870) 11,282 (33,588) 32,397 — 32,397 Deferred Revenue 33,384 (15,165) 18,219 19,086 (11,862) 7,224 Net Cash Provided by Operating Activities $ 235,604 $ — $ 235,604 $ 202,426 $ — $ 202,426 Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date. Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less. Restricted Cash. Restricted cash represents amounts required to be held by non-U.S. higher education institutions for prepaid tuition pursuant to foreign government regulations. These regulations stipulate that the Company has a fiduciary responsibility to segregate certain funds to ensure these funds are only used for the benefit of eligible students. Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to receivables from contracts with customers. Allowance for Credit Losses. Accounts receivable have been reduced by an allowance that reflects the current expected credit losses associated with the receivables. The current expected credit losses are estimated based on historical write-offs, current macroeconomic conditions and reasonable and supportable forecasts of future economic conditions. Reserves are also established against specific receivables based on aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency. Investments in Equity Securities. The Company measures its investments in equity securities at fair value with changes in fair value recognized in earnings. The Company elected the measurement alternative to measure cost method investments that do not have readily determinable fair value at cost less impairment, adjusted by observable price changes with any fair value changes recognized in earnings. If the fair value of a cost method investment declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold. Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; lease right-of-use assets; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of interest rate hedges is determined based on a number of observable inputs, including time to maturity and market interest rates. Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or net realizable values and are based on the first-in, first-out (FIFO) method. Inventory costs include direct material, direct and indirect labor, and applicable manufacturing overhead. The Company allocates manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on hand relative to historical usage, estimated future usage and technological developments. Vehicle inventory is based on the specific identification method. The cost of new and used vehicle inventories includes the cost of any equipment added, reconditioning and transportation. In certain instances, vehicle manufacturers provide incentives which are reflected as a reduction in the carrying value of each vehicle purchased. Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases. Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered not to be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose. Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from trade names and trademarks, franchise agreements and Federal Communications Commission (FCC) licenses. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 15 years. Costs associated with renewing or extending intangible assets are insignificant and expensed as incurred. The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially assesses qualitative factors to determine if it is necessary to perform the goodwill or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill and indefinite-lived assets for impairment using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company uses a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model, to determine the estimated fair value of its reporting units and indefinite-lived intangible assets. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine the estimated fair value of each reporting unit and indefinite-lived intangible asset. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges. Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of an investee between 20% and 50%. The Company also uses the equity method of accounting for its investments in a partnership or limited liability company with specific ownership accounts, if the Company has an ownership interest of 3% or more. The Company considers whether the fair values of any of its equity method investments have declined below their carrying values whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value. The Company records its share of the earnings or losses of its affiliates from their most recent available financial statements. In some instances, the reporting period of the affiliates’ financial statements lag the Company’s reporting period, but such lag is never more than three months. Revenue Recognition. The Company identifies a contract for revenue recognition when there is approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. The Company evaluates each contract to determine the number of distinct performance obligations in the contract, which requires the use of judgment. Education Revenue . Education revenue is primarily derived from postsecondary education and supplementary education services provided both domestically and abroad. Generally, tuition and other fees are paid upfront and recorded in deferred revenue in advance of the date when education services are provided to the student. In some instances, installment billing is available to students, which reduces the amount of cash consideration received in advance of performing the service. The contractual terms and conditions associated with installment billing indicate that the student is liable for the total contract price; therefore, mitigating the Company’s exposure to losses associated with nonpayment. The Company determined the installment billing does not represent a significant financing component. Kaplan International . Kaplan International provides higher education, professional education, and test preparation services and materials to students primarily in the U.K., Singapore, and Australia. Some Kaplan International contracts consist of one performance obligation that is a combination of indistinct promises to the student, while other Kaplan International contracts include multiple performance obligations as the promises in the contract are capable of being both distinct and distinct within the context of the contract. One Kaplan International business offers an option whereby students receive future services at a discount that is accounted for as a material right. The transaction price is stated in the contract and known at the time of contract inception; therefore, no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. Kaplan International generally determines standalone selling prices based on prices charged to students. Revenue is recognized ratably over the instruction period or access period for higher education, professional education and test preparation services. Kaplan International generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and delivery of these services. Course materials determined to be a separate performance obligation are recognized at the point in time when control transfers to the student, generally when the products are delivered to the student. One Kaplan International business has a contract with a customer consisting of two performance obligations which consisted entirely of variable consideration at contract inception. The Company allocates revenue to each performance obligation based on the expected cost plus a margin. The margin was determined by a market assessment performed at contract inception. Revenue is recognized over time, using an input method, as the customer simultaneously benefits from the services as delivery occurs. The Company records a contract asset associated with this Kaplan International contract as the right to revenue is dependent on something other than the passage of time. Kaplan Higher Education (KHE) . KHE primarily provides non-academic operations support services to Purdue University Global (Purdue Global) pursuant to a Transition and Operations Support Agreement (TOSA). This contract has a 30-year term and consists of one performance obligation, which represents a series of daily promises to provide support services to Purdue Global. The transaction price is entirely made up of variable consideration related to the reimbursement of KHE support costs and the KHE fee. The TOSA outlines a payment structure, which dictates how cash will be distributed at the end of Purdue Global’s fiscal year, which is the 30th of June. The collectability of the KHE support costs and KHE fee is entirely dependent on the availability of cash at the end of the fiscal year. This variable consideration is constrained based on fiscal year forecasts prepared for Purdue Global. The forecasts are updated throughout the fiscal year until the uncertainty is ultimately resolved, which is at the end of each Purdue Global fiscal year. As KHE’s performance obligation is made up of a series, the variable consideration is allocated to the distinct service period to which it relates, which is the Purdue Global fiscal year. Support services revenue is recognized over time based on the expenses incurred to date and the percentage of expected reimbursement. KHE fee revenue is also recognized over time based on the amount of Purdue Global revenue recognized to date and the percentage of fee expected to be collected for the fiscal year. The Company used these input measures as Purdue Global simultaneously receives and consumes the benefits of the services provided by KHE. Kaplan Supplemental Education . Supplemental Education offers test preparation services and materials to students, as well as professional training and exam preparation for professional certifications and licensures to students. Generally, Supplemental Education contracts consist of multiple performance obligations as promises for these services are distinct within the context of the contract. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Supplemental Education generally determines standalone selling prices based on the prices charged to students and professionals. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation in the contract. Supplemental Education services revenue is recognized ratably over the period of access to the education materials. An estimate of the average access period is developed for each course, and this estimate is evaluated on an ongoing basis and adjusted as necessary. The time elapsed method, an input measure, is used as it best depicts the simultaneous consumption and availability of access to the services. Revenue associated with distinct course materials is recognized at the point in time when control transfers to the student, generally when products are delivered to the student. Supplemental Education offers a guarantee on certain courses that gives students the ability to repeat a course if they are not satisfied with their exam score. The Company accounts for this guarantee as a separate performance obligation. Television Broadcasting Revenue . Television broadcasting revenue at Graham Media Group (GMG) is primarily comprised of television and internet advertising revenue and retransmission revenue. Television Advertising Revenue . GMG accounts for the series of advertisements included in television advertising contracts as one performance obligation and recognizes advertising revenue over time. The Company elected the right to invoice practical expedient, an output method, as GMG has the right to consideration that equals the value provided to the customer for advertisements delivered to date. As a result of the election to use the right to invoice practical expedient, GMG does not determine the transaction price or allocate any variable consideration at contract inception. Rather, GMG recognizes revenue commensurate with the amount to which it has the right to invoice the customer. Payment is typically received in arrears within 60 days of revenue recognition. Retransmission Revenue . Retransmission revenue represents compensation paid by cable, satellite and other multichannel video programming distributors (MVPDs) to retransmit GMG’s stations’ broadcasts in their designated market areas. The retransmission rights granted to MVPDs are accounted for as a license of functional intellectual property as the retransmitted broadcast provides significant standalone functionality. As such, each retransmission contract with an MVPD includes one performance obligation for each station’s retransmission license. GMG recognizes revenue using the usage-based royalty method, in which revenue is recognized in the month the broadcast is retransmitted based on the number of MVPD subscribers and the applicable per-user rate identified in the retransmission contract. Payment is typically received in arrears within 60 days of revenue recognition. Manufacturing Revenue . Manufacturing revenue consists primarily of product sales generated by four businesses: Hoover, Dekko, Joyce, and Forney. The Company has determined that each item ordered by the customer is a distinct performance obligation as it has standalone value and is distinct within the context of the contract. For arrangements with multiple performance obligations, the Company initially allocates the transaction price to each obligation based on its standalone selling price, which is the retail price charged to customers. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. The Company sells some products and services with a right of return. This right of return constitutes variable consideration and is constrained from revenue recognition on a portfolio basis, using the expected value method until the refund period expires. The Company recognizes revenue when or as control transfers to the customer. Some manufacturing revenue is recognized ratably over the manufacturing period, if the product created for the customer does not have an alternative use for the Company and the Company has an enforceable right to payment for performance completed to date. The determination of the method by which the Company measures its progress toward the satisfaction of its performance obligations requires judgment. The Company measures its progress for these products using the units delivered method, an output measure. These arrangements represented 19%, 21%, and 21% of the manufacturing revenue recognized for the years ended December 31, 2023, 2022 and 2021, respectively. Other manufacturing revenue is recognized at the point in time when control transfers to the customer, generally when the products are shipped. Some customers have a bill-and-hold arrangement with the Company. Revenue for bill and hold arrangements is recognized when control transfers to the customer, even though the customer does not have physical possession of the goods. Control transfers when the bill-and-hold arrangement has been requested from the customer, the product is identified as belonging to the customer and is ready for physical transfer, and the product cannot be directed for use by anyone but the customer. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 90 days of delivery. The Company evaluated the terms of the warranties and guarantees offered by its manufacturing businesses and determined that these should not be accounted for as a separate performance obligation as a distinct service is not identified. Healthcare Revenue . The Company contracts with patients to provide home health or hospice services. Payment is typically received from third-party payors such as Medicare, Medicaid, and private insurers. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the patient as the party who benefits from its healthcare services and as such, the patient is its customer. Home health services contracts generally have one performance obligation to provide home health services to patients. The Company recognizes revenue using the right to invoice practical expedient, an output method, as the contractual right to revenue corresponds directly with the transfer of services to the patient. Given the election of the practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the average length of stay within each of the two 30-day payment periods. Payment is typically received from Medicare within 30 days after a claim is filed. Medicare is the most common third-party payor for home health services. Home health revenue contracts may be modified to account for changes in the patient’s plan of care. The Company identifies contract modifications when the modification changes the existing enforceable rights and obligations. As modifications to the plan of care modify the original performance obligation, the Company accounts for the contract modification as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Hospice services contracts generally have one performance obligation to provide healthcare services to patients. The transaction price reflects the amount of revenue the Company expects to receive in exchange for providing these services. As the transaction price for healthcare services is known at the time of contract inception, no variable consideration exists. Hospice service revenue is recognized ratably over the period of care. The Company generally uses the time-elapsed method, an input measure as it best depicts the simultaneous delivery and consumption of healthcare services. Payment is received from third-party payors for hospice services within 60 days after a claim is filed, or in some cases in two installments, one during the contract and one after the services have been provided. Medicare is the most common third-party payor. Other Revenue . The Company recognizes revenue associated with management services it provides to its affiliates. The Company accounts for the management services provided as one performance obligation and recognizes revenue over time as the services are delivered. The Company uses the right to invoice practical expedient, an output method, as the Company’s right to revenue corresponds directly with the value delivered to the affiliate. As a result of the election to use the right to invoice practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the affiliate, which is based on contractually identified percentages. Payment is received monthly in arrears. Automotive Revenue. The automotive subsidiary generates revenue primarily through the sale of new and used vehicles, the arrangement of vehicle financing, insurance and other service contracts (F&I revenue) and the performance of vehicle repair and maintenance services. New and used vehicle revenue contracts generally contain one performance obligation to deliver the vehicle to the customer in exchange for the stated contract consideration. Revenue is recognized at the point in time when control of the vehicle passes to the customer. F&I revenue is recognized at the point in time when the agreement between the customer and financing, insurance or service provider is executed. As the automotive subsidiary acts as an agent in these F&I revenue transactions, revenue is recognized net of any financing, insurance and service provider costs. Repair and maintenance services revenue is recognized over time, as the service is performed. Other Revenue . Restaurant Revenue. Restaurant revenues consist of sales generated by Clyde’s Restaurant Group (CRG). Food and beverage revenue, net of discounts and taxes, is recognized at the point in time when it is delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Custom Framing Services Revenue. Framebridge sells custom framing solutions to customers. Custom framing services revenue, net of discounts and taxes, is recognized when the products are delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Code3 Revenue . Code3 generates media management revenue in exchange for providing social media marketing solutions to its clients. The Company determined that Code3 contracts generally have one performance obligation made up of a series of promises to manage the client’s media spend on advertising platforms for the duration of the contract period. Code3 recognizes revenue, net of media acquisition costs, over time as media management services are delivered to the customer. Generally, Code3 recognizes revenue using the right to invoice practical expedient, an output method, as Code3’s right to revenue corresponds directly with the value delivered to its customer. As a result of the election to us |
Acquisitions and Dispositions o
Acquisitions and Dispositions of Businesses | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions And Dispositions [Abstract] | |
Acquisitions and Dispositions of Businesses | ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions. During 2023, the Company acquired five businesses: three in healthcare, one in automotive, and one in other businesses for $83.3 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 January 2023, GHG acquired two small businesses which are included in healthcare. In July 2023, the Company acquired one small business which is included in other businesses. In September 2023, the Company’s automotive subsidiary acquired a Toyota automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $2.2 million in floor plan payables, the automotive subsidiary borrowed $37.0 million to finance the acquisition. The dealership is operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. This acquisition expands the Company’s automotive business operations and is included in automotive. In December 2023, GHG acquired one small business which is 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 Applied Behavior Analysis 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. During 2021, the Company acquired six businesses: two in education, two in healthcare, one in automotive, and one in other businesses for $392.4 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 the acquisition. On June 14, 2021, the Company acquired all of the outstanding common shares of Leaf Group Ltd. (Leaf) for $308.6 million in cash and the assumption of $9.2 million in liabilities related to their previous stock compensation plan, which was paid subsequent to the acquisition. Leaf is a consumer internet company that builds creator-driven brands in lifestyle and home and art design categories. The acquisition was expected to provide benefits in the future by diversifying the Company’s business operations and providing operating synergies with other business units. The Company includes the Leaf operations in other businesses. Kaplan acquired certain assets of Projects in Knowledge, a continuing medical education provider for healthcare professionals, and another small business in November 2021. These acquisitions are expected to build upon Kaplan’s existing customer base in the medical and test preparation fields. Both businesses are included in Kaplan’s supplemental education division. In December 2021, GHG acquired two businesses, a home health business in Florida and a 50.1% interest in Weiss, a physician practice specializing in allergies, asthma and immunology. The minority shareholder of Weiss has an option to put 10% of the shares to the Company annually starting in 2026 and may put all of the shares starting in 2033. The fair value of the redeemable noncontrolling interest in Weiss was $6.6 million at the acquisition date, determined using an income approach. These acquisitions are expected to expand the market the healthcare division serves and are included in healthcare. On December 28, 2021, the Company’s automotive subsidiary acquired a Ford automotive dealership for cash and the assumption of $16.6 million in floor plan payables. In connection with the acquisition, the automotive subsidiary of the Company borrowed $22.5 million to finance the acquisition. The dealership is operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. The acquisition expands the Company’s automotive business operations and is included in automotive. Acquisition-related costs for acquisitions that closed during 2023, 2022 and 2021 were $1.2 million, $1.7 million and $3.0 million, respectively, and were expensed as incurred. The aggregate purchase price of these acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Year Ended December 31 (in thousands) 2023 2022 2021 Accounts receivable $ 68 $ 3,172 $ 17,878 Inventory 5,224 21,278 25,383 Property, plant and equipment 29,859 36,255 13,126 Lease right-of-use assets — 4,773 25,890 Goodwill 45,968 53,946 204,151 Indefinite-lived intangible assets 6,300 41,800 22,200 Amortized intangible assets 235 1,200 99,800 Other assets 4 404 4,911 Deferred income taxes — 2,535 44,975 Floor plan payables (2,215) (10,908) (16,636) Other liabilities (935) (3,798) (52,567) Current and noncurrent lease liabilities (1,184) (5,865) (25,593) Redeemable noncontrolling interest — (2,164) (6,616) Noncontrolling interest — (512) — Aggregate purchase price, net of cash acquired $ 83,324 $ 142,116 $ 356,902 The 2021 fair values include measurement period adjustments related to accounts receivable, goodwill, amortized intangible assets, current and noncurrent lease liabilities, deferred income taxes and contingent consideration. 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 $45.0 million, $39.7 million and $80.6 million of goodwill for income tax purposes for the acquisitions completed in 2023, 2022 and 2021, respectively. The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The Company’s Consolidated Statements of Operations include aggregate revenue and operating income of $45.2 million and $2.2 million, respectively, for the year ended December 31, 2023. The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2022. The unaudited pro forma information also includes the 2022 acquisitions as if they occurred at the beginning of 2021 and the 2021 acquisitions as if they had occurred at the beginning of 2020: Year Ended December 31 (in thousands) 2023 2022 2021 Operating revenues $ 4,529,817 $ 4,252,847 $ 3,827,486 Net income 218,394 87,571 376,478 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 4 and 16). 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 Notes 4 and 16). Other Transactions. In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. The Company paid cash of $5.0 million and entered into a promissory note with the minority owners for the remaining $15.0 million at an interest rate of 8% per annum. The note is included in other indebtedness (see Note 11) and payable in quarterly installments with the final payment due by January 1, 2027. Following the redemption, the Company owns 86.7% of CSI. In November 2022, a CSI minority shareholder put some shares to the Company, which had a redemption value of $1.2 million. Following the redemption, the Company owned 76.5% of CSI. In March 2021, Hoover’s minority shareholders put the remaining outstanding shares to the Company, which had a redemption value of $3.5 million. Following the redemption, the Company owns 100% of Hoover. As of December 31, 2023, the Company holds a controlling financial interest in GHC One and GHC Two and therefore includes the assets, liabilities, results of operations and cash flows in its consolidated financial statements. GHC One acquired CSI and another small business during 2019. GHC Two acquired Weiss during 2021 and a provider of Applied Behavior Analysis clinics and another small business in 2022. The Company accounts for the minority ownership of the group of senior managers in GHC One and GHC Two as a mandatorily redeemable noncontrolling interest (see Note 2). |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | INVESTMENTS Money Market Investments. As of December 31, 2023 and 2022, the Company had money market investments of $5.6 million and $7.7 million, respectively, that are classified as cash and cash equivalents in the Company’s Consolidated Balance Sheets. Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following: As of December 31 (in thousands) 2023 2022 Total cost $ 225,971 $ 270,764 Gross unrealized gains 464,182 363,147 Gross unrealized losses — (23,990) Total Fair Value $ 690,153 $ 609,921 At December 31, 2023 and 2022, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $78.7 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 Director s. As of December 31, 2023, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $401.2 million, which exceeded 5% of the Company’s total assets. The Company purchased $4.6 million , $42.1 million, of which $1.5 million was settled in January 2023, and $48.0 million of marketable equity securities during 2023, 2022 and 2021, respectively. During 2023, 2022 and 2021, the gross cumulative realized net gains from the sales of marketable equity securities were $13.0 million, $58.1 million and $46.0 million, respectively. The total proceeds from such sales were $62.0 million, $102.0 million and $65.5 million, respectively. The net gain (loss) on marketable equity securities comprised the following: Year Ended December 31 (in thousands) 2023 2022 2021 Gain (loss) on marketable equity securities, net $ 138,067 $ (139,589) $ 243,088 Less: Net (gains) losses in earnings from marketable equity securities sold and donated (5,475) 27,786 (17,830) Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the year $ 132,592 $ (111,803) $ 225,258 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 was converted into equity and the Company also made an additional investment in Realm. As of December 31, 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 December 31, 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 their representation on the board. As of December 31, 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 $28.8 million as of December 31, 2023. As of December 31, 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 sale of investment in affiliate (see Note 16). For the years ended December 31, 2023, 2022 and 2021, GHG recorded $15.6 million, $13.9 million and $10.9 million, respectively, in revenue for services provided to its affiliates. The Company had $36.9 million and $49.1 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of December 31, 2023 and 2022, respectively. In the third quarter of 2021, the Company recorded an impairment charge of $6.6 million on one of its investments in affiliates as a result of the challenging economic environment for this business following an announcement by the Chinese government to reform the education sector for private education companies. 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 £19.9 million as of December 31, 2023. The loan is repayable by December 2041. Summarized Financial Data of Nonconsolidated Affiliates. The Company’s investments in affiliates consists of investments in private equity funds and other operating entities that it does not control, but over which it exerts significant influence. The following tables present summarized financial data for the Company’s nonconsolidated affiliates. The amounts included in the tables below present 100% of the balance sheets and the results of operations of such nonconsolidated affiliates accounted for under the equity method. The Company’s ownership in private equity fund partnerships varies between approximately 4% and 10%; the Company’s related investment balance included in Investments in Affiliates was $56.6 million and $68.9 million as of December 31, 2023 and 2022, respectively. The summarized balance sheet data of the private equity fund investments consists of the following: As of December 31 (in thousands) 2023 2022 Investments in securities, at estimated fair value $ 1,528,908 $ 1,974,189 Other current assets 28,505 19,072 Total assets $ 1,557,413 $ 1,993,261 Total liabilities $ 6,963 $ 3,945 Total partners’ capital 1,550,450 1,989,316 Total liabilities and partners’ capital $ 1,557,413 $ 1,993,261 The summarized operating data of the private equity fund investments was as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Net investment loss $ (13,820) $ (14,129) $ (13,324) Net realized gain on investments 194,324 162,644 190,368 Net change in unrealized (depreciation) appreciation on investments (449,553) (66,333) 1,043,627 (Decrease) increase in net assets from operations $ (269,049) $ 82,182 $ 1,220,671 The summarized balance sheet data of the operating entity investments consists of the following: As of December 31 (in thousands) 2023 2022 Current assets $ 166,783 $ 174,027 Noncurrent assets 520,439 542,625 Total assets $ 687,222 $ 716,652 Current liabilities $ 126,396 $ 126,365 Noncurrent liabilities 374,127 386,425 Total liabilities $ 500,523 $ 512,790 Noncontrolling interests $ (33,162) $ (26,593) The summarized operating data of the operating entity investments was as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Net sales $ 458,541 $ 459,949 $ 358,928 Gross profit 183,207 196,481 146,312 Net (loss) income (37,169) 3,206 135,241 Net (loss) income attributable to the entity (30,694) 5,124 102,829 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 $74.0 million and $66.7 million as of December 31, 2023 and 2022, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recorded gains of $3.1 million , $6.9 million and $11.8 million, respectively, to those equity securities based on observable transactions. For the years ended December 31, 2023 and 2022, the Company recorded impairment losses of $0.5 million and $1.3 million, respectively, to those securities. |
Accounts Receivable, Accounts P
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Abstract] | |
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities | ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, VEHICLE FLOOR PLAN PAYABLE AND ACCRUED LIABILITIES Accounts receivable consist of the following: As of December 31 (in thousands) 2023 2022 Receivables from contracts with customers, less estimated credit losses of $24,667 and $21,387 $ 496,172 $ 504,784 Other receivables 28,915 27,157 $ 525,087 $ 531,941 The changes in estimated credit losses were as follows: (in thousands) Balance at Additions – Deductions Balance at 2023 $ 21,387 $ 6,045 $ (2,765) $ 24,667 2022 21,836 2,958 (3,407) 21,387 2021 21,494 6,824 (6,482) 21,836 Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following: As of December 31 (in thousands) 2023 2022 Accounts payable $ 154,484 $ 136,186 Vehicle floor plan payable 148,300 69,756 Accrued compensation and related benefits 154,580 149,823 Other accrued liabilities 237,157 218,522 $ 694,521 $ 574,287 Cash overdrafts of $0.5 million are included in accounts payable at December 31, 2023 and 2022. The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank and Toyota Motor Credit Corporation (Truist and Toyota floor plan facility) and Ford Motor Credit Company (Ford floor plan facility). On September 26, 2023, the Company entered into a credit agreement with Truist Bank (see Note 11) to, among other things, establish a new revolving floor plan credit facility with an aggregate capacity of $115.0 million. The Truist and Toyota floor plan facility bears interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) plus 1.25% per annum. In connection with the establishment of the Truist and Toyota floor plan facility, the previous Truist floor plan facility, dated July 5, 2022, was repaid and terminated. At December 31, 2023, the floor plan facilities bore interest at variable rates that are based on SOFR and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.2%, 3.2% and 1.1% for the years ended December 31, 2023, 2022 and 2021, respectively. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Consolidated Statements of Cash Flows. The floor plan facilities are collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and contain 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 December 31, 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 Consolidated Statements of Operations when the associated inventory is sold. For the years ended December 31, 2023, 2022 and 2021, the Company recognized a reduction in cost of goods sold of $6.7 million, $4.6 million and $2.7 million, respectively, related to manufacturer floor plan assistance. Activity related to floor plan facilities associated with new vehicles (in thousands) 2023 Obligations outstanding at the beginning of the year $ 69,190 Additions 646,083 Settlements (586,344) Obligations outstanding at the end of the year $ 128,929 |
Inventories and Contracts in Pr
Inventories and Contracts in Progress | 12 Months Ended |
Dec. 31, 2023 | |
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract] | |
Inventories and Contracts in Progress | INVENTORIES AND CONTRACTS IN PROGRESS Inventories and contracts in progress consist of the following: As of December 31 (in thousands) 2023 2022 Raw materials $ 63,884 $ 68,494 Work-in-process 15,387 15,718 Finished goods 215,283 140,548 Contracts in progress 2,657 2,051 $ 297,211 $ 226,811 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: As of December 31 (in thousands) 2023 2022 Land $ 98,332 $ 86,892 Buildings 238,776 203,256 Machinery, equipment and fixtures 521,773 457,145 Leasehold improvements 225,004 226,967 Construction in progress 36,217 35,150 1,120,102 1,009,410 Less: accumulated depreciation (559,788) (506,410) $ 560,314 $ 503,000 Depreciation expense was $86.1 million, $73.3 million, and $71.4 million in 2023, 2022 and 2021, respectively. The Company recorded property, plant and equipment impairment charges of $0.3 million and $2.4 million in 2023 and 2021, respectively. The Company estimated the fair value of the property, plant and equipment using income and market approaches. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASES Operating Leases. The components of operating lease expense were as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Operating lease cost $ 89,994 $ 91,613 $ 96,078 Short-term and month-to-month lease cost 44,457 30,754 17,724 Variable lease cost 23,080 21,265 20,889 Sublease income (16,035) (14,734) (16,918) Total net lease cost $ 141,496 $ 128,898 $ 117,773 The Company recorded impairment charges of $0.8 million and $3.9 million in 2023 and 2021, respectively. The Company estimated the fair value of the ROU assets using an income approach. Supplemental information related to operating leases was as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Cash Flow Information: Operating cash flows from operating leases (payments) $ 94,630 $ 100,207 $ 105,164 Right-of-use assets obtained in exchange for new operating lease liabilities (noncash) 38,967 81,838 59,409 As of December 31 2023 2022 Balance Sheet Information: Lease right-of-use assets $ 409,183 $ 429,403 Current lease liabilities $ 64,247 $ 70,007 Noncurrent lease liabilities 376,677 393,626 Total lease liabilities $ 440,924 $ 463,633 Weighted average remaining lease term (years) 10.6 10.7 Weighted average discount rate 5.2 % 4.9 % At December 31, 2023, maturities of operating lease liabilities were as follows: (in thousands) December 31, 2023 2024 $ 84,677 2025 70,072 2026 62,262 2027 55,687 2028 45,486 Thereafter 272,850 Total payments 591,034 Less: Imputed interest (150,110) Total $ 440,924 As of December 31, 2023, the Company has entered into operating leases, including educational and other facilities, that have not yet commenced and have minimum lease payments of $23.3 million. These operating leases will commence in fiscal year 2024 with lease terms of 5 to 20 years. Finance Leases. The components of financing lease expense were as follows: Year Ended December 31 (in thousands) 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 5,687 $ 2,351 Interest on lease liabilities 989 317 Finance lease cost 6,676 2,668 Variable lease cost 133 85 Total net lease cost $ 6,809 $ 2,753 Supplemental information related to finance leases was as follows: Year Ended December 31 (in thousands) 2023 2022 Cash Flow Information: Operating cash flows from finance leases $ 989 $ 317 Financing cash flows from finance leases (payments) 10,376 6,237 Right-of-use assets obtained in exchange for new finance lease liabilities (noncash) 20,265 9,182 As of December 31 2023 2022 Balance Sheet Information: Property, plant and equipment, net $ 22,831 $ 13,835 Current lease liabilities $ 17,357 $ 8,697 Noncurrent lease liabilities 6,571 5,362 Total lease liabilities $ 23,928 $ 14,059 Weighted average remaining lease term (years) 1.8 2.0 Weighted average discount rate 6.3 % 4.6 % At December 31, 2023, maturities of finance lease liabilities were as follows: (in thousands) December 31, 2023 2024 $ 17,960 2025 5,194 2026 1,702 2027 22 2028 11 Total payments 24,889 Less: Imputed interest (961) Total $ 23,928 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS In the third quarter of 2023, due to continued sustained weakness in demand for certain Dekko power and data products primarily in the commercial office space market, th e Company performed an interim review of the goodwill of the Dekko reporting unit. As a result of the impairment review, the Company recorded a $47.8 million goodwill impairment charge. Also in the third quarter of 2023, as a result of the substantial digital advertising revenue declines and continued significant operating losses at WGB , th e Company performed an interim review of the goodwill of the WGB reporting unit. As a result of the impairment review, the Company recorded a $50.2 million goodwill impairment charge. The Company estimated the fair value of the reporting units by utilizing a discounted cash flow model. The carrying value of the reporting units exceeded their estimated fair values, resulting in goodwill impairment charges for the amount by which the carrying values exceeded their estimated fair values after taking into account the effect of deferred income taxes. Dekko is included in manufacturing and WGB is included in other businesses. In the fourth quarter of 2022, as a result of the weakened current outlook for digital advertising and consumer demand for art and related goods following substantial declines in revenues and significant operating losses at the Leaf businesses, the Company recorded goodwill and amortized intangible asset impairment charges of $129.0 million at the Leaf Media (renamed WGB) and Leaf Marketplace (includes Society6 and Saatchi Art) reporting units. The Company estimated the fair value of the reporting units and amortized intangible assets by utilizing a discounted cash flow model. The carrying values of the reporting units and amortized intangible assets exceeded their estimated fair values, resulting in goodwill and intangible asset impairment charges for the amount by which the carrying values exceeded their estimated fair values after taking into account the effect of deferred income taxes. WGB, Society6 and Saatchi Art (collectively the Leaf businesses) are included in other businesses. In the third quarter of 2021, as a result of the emergence of the COVID-19 Delta variant and continued weak product demand in the commercial office electrical products and hospitality sectors caused by the COVID-19 pandemic, the Company performed an interim review of the goodwill and indefinite-lived intangibles of the Dekko reporting unit. As a result of the impairment review, the Company recorded a $26.7 million goodwill impairment charge. The Company estimated the fair value of the reporting unit by utilizing a discounted cash flow model. The carrying value of the reporting unit exceeded the estimated fair value, resulting in a goodwill impairment charge for the amount by which the carrying value exceeded the estimated fair value after taking into account the effect of deferred income taxes. Dekko is included in manufacturing. Amortization of intangible assets for the years ended December 31, 2023, 2022 and 2021, was $50.0 million, $58.9 million and $57.9 million, respectively. Amortization of intangible assets is estimated to be approximately $37 million in 2024, $29 million in 2025, $20 million in 2026, $6 million in 2027, $3 million in 2028 and $17 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Manufacturing Healthcare Automotive Other Total As of December 31, 2021 Goodwill $ 1,186,236 $ 190,815 $ 234,993 $ 118,329 $ 45,826 $ 253,399 $ 2,029,598 Accumulated impairment losses (331,151) — (34,302) — — (14,563) (380,016) 855,085 190,815 200,691 118,329 45,826 238,836 1,649,582 Measurement period adjustment 1,081 — — 249 — (2,183) (853) Acquisitions — — — 17,292 38,871 — 56,163 Impairment — — — — — (102,124) (102,124) Foreign currency exchange rate changes (41,815) — — — — — (41,815) 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 adjustment — — — (2,217) — — (2,217) Acquisitions — — — 1,385 44,583 — 45,968 Impairment — — (47,760) — — (50,239) (97,999) Foreign currency exchange rate changes 18,489 — — — — — 18,489 As of December 31, 2023 Goodwill 1,163,991 190,815 234,993 135,038 129,280 251,216 2,105,333 Accumulated impairment losses (331,151) — (82,062) — — (166,926) (580,139) $ 832,840 $ 190,815 $ 152,931 $ 135,038 $ 129,280 $ 84,290 $ 1,525,194 The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Kaplan Higher Supplemental Education Total As of December 31, 2021 Goodwill $ 621,268 $ 174,564 $ 390,404 $ 1,186,236 Accumulated impairment losses — (111,324) (219,827) (331,151) 621,268 63,240 170,577 855,085 Measurement period adjustment — — 1,081 1,081 Foreign currency exchange rate changes (41,707) — (108) (41,815) 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 18,439 — 50 18,489 As of December 31, 2023 Goodwill 598,000 174,564 391,427 1,163,991 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 598,000 $ 63,240 $ 171,600 $ 832,840 Other intangible assets consist of the following: As of December 31, 2023 As of December 31, 2022 (in thousands) Useful Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 283,098 $ 236,776 $ 46,322 $ 297,766 $ 230,429 $ 67,337 Trade names and trademarks 2–15 years 143,389 90,558 52,831 148,102 81,078 67,024 Network affiliation agreements 10 years 17,400 13,348 4,052 17,400 10,367 7,033 Databases and technology 3–6 years 36,538 35,712 826 36,216 32,219 3,997 Other 1–8 years 41,327 33,164 8,163 44,644 28,613 16,031 $ 521,752 $ 409,558 $ 112,194 $ 544,128 $ 382,706 $ 161,422 Indefinite-Lived Intangible Assets Franchise agreements $ 92,158 $ 85,858 Trade names and trademarks 84,533 81,905 FCC licenses 11,000 11,000 Other 171 171 $ 187,862 $ 178,934 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income before income taxes consists of the following: Year Ended December 31 (in thousands) 2023 2022 2021 U.S. $ 219,240 $ 69,499 $ 421,420 Non-U.S. 79,764 52,235 28,207 $ 299,004 $ 121,734 $ 449,627 The provision for income taxes consists of the following: (in thousands) Current Deferred Total Year Ended December 31, 2023 U.S. Federal $ 19,752 $ 36,640 $ 56,392 State and Local 5,886 10,044 15,930 Non-U.S. 17,897 (2,919) 14,978 $ 43,535 $ 43,765 $ 87,300 Year Ended December 31, 2022 U.S. Federal $ 37,525 $ (6,180) $ 31,345 State and Local 5,676 2,513 8,189 Non-U.S. 11,943 (177) 11,766 $ 55,144 $ (3,844) $ 51,300 Year Ended December 31, 2021 U.S. Federal $ 20,806 $ 64,356 $ 85,162 State and Local 4,354 (435) 3,919 Non-U.S. 6,094 1,125 7,219 $ 31,254 $ 65,046 $ 96,300 The provision for income taxes differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 21% to the income before taxes as a result of the following: Year Ended December 31 (in thousands) 2023 2022 2021 U.S. Federal taxes at statutory rate (see above) $ 62,791 $ 25,564 $ 94,422 State and local taxes, net of U.S. Federal tax 7,477 (331) 2,238 Valuation allowances against state tax benefits, net of U.S. Federal tax 5,107 6,800 859 Valuation allowances against other non-U.S. income tax benefits (3,370) 263 4,042 Goodwill impairments 10,864 15,628 1,612 Other, net 4,431 3,376 (6,873) Provision for Income Taxes $ 87,300 $ 51,300 $ 96,300 The Company’s effective tax rate for 2021 was favorably impacted by a $17.2 million deferred tax adjustment arising from a change in the estimated deferred state income tax rate attributable to the apportionment formula used in the calculation of deferred taxes related to the Company’s pension and other postretirement plans. This benefit is included in the overall state tax provision for 2021 of $2.2 million reflected above. Deferred income taxes consist of the following: As of December 31 (in thousands) 2023 2022 Employee benefit obligations $ 51,666 $ 53,307 Accounts receivable 4,160 3,770 State income tax loss carryforwards 64,381 61,826 State capital loss carryforwards — 36 State income tax credit carryforwards 328 421 U.S. Federal income tax loss carryforwards 58,424 64,310 U.S. Federal foreign income tax credit carryforwards 1,100 1,271 Non-U.S. income tax loss carryforwards 23,850 19,937 Non-U.S. capital loss carryforwards 3,069 3,458 Leases 57,564 59,072 Other 10,705 2,350 Deferred Tax Assets 275,247 269,758 Valuation allowances (66,298) (62,816) Deferred Tax Assets, Net 208,949 206,942 Prepaid pension cost 540,937 426,348 Unrealized gain on marketable equity securities 116,396 87,204 Goodwill and other intangible assets 69,358 81,593 Property, plant and equipment 21,612 19,703 Leases 48,230 49,473 Non-U.S. withholding tax 1,962 2,084 Deferred Tax Liabilities 798,495 666,405 Deferred Income Tax Liabilities, Net $ 589,546 $ 459,463 The Company has $1,106.9 million of state income tax net operating loss carryforwards available to offset future state taxable income as of December 31, 2023. During 2021, the Company recorded $115.4 million of state income tax loss carryforwards as a result of the Leaf acquisition. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows: (in millions) 2024 $ 5.7 2025 17.5 2026 10.5 2027 17.6 2028 24.4 2029 and after 1,031.2 Total $ 1,106.9 The Company has recorded $64.4 million in deferred state income tax assets, net of U.S. Federal income tax, with respect to these state income tax loss carryforwards as of December 31, 2023. The Company has established $45.8 million in valuation allowances against these deferred state income tax assets, since the Company has determined that it is more likely than not that some of these state income tax losses may not be fully utilized in the future to reduce state taxable income. The Company has $278.2 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions as of December 31, 2023. During 2021, the Company recorded $262.5 million of U.S. Federal income tax loss carryforwards as a result of the Leaf acquisition. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows: (in millions) 2024 $ 28.2 2025 25.2 2026 13.9 2027 6.4 2028 6.3 2029 and after 198.2 Total $ 278.2 The Company has established $58.4 million in U.S. Federal deferred tax assets with respect to these U.S. Federal income tax loss carryforwards as of December 31, 2023. For U.S. Federal income tax purposes, the Company has established U.S. Federal deferred tax assets with respect to $1.1 million of foreign tax credits available to be credited against future U.S. Federal income tax liabilities that will start to expire in 2024 if unutilized. The Company has recorded $1.1 million in valuation allowances against these deferred tax assets since the Company determined that it is more likely than not that these foreign tax credit carryforwards may not be utilized in the future to reduce U.S. Federal income taxes. The Company has $112.7 million of non-U.S. income tax loss carryforwards as a result of operating losses and carryforwards that were obtained in part through prior stock acquisitions that are available to offset future non-U.S. taxable income and has recorded, with respect to these losses, $23.9 million in non-U.S. deferred income tax assets. The Company has established $12.3 million in valuation allowances against the deferred tax assets for the portion of non-U.S. tax losses that may not be utilized to reduce future non-U.S. taxable income. The $112.7 million of non-U.S. income tax loss carryforwards consist of $63.4 million in losses that may be carried forward indefinitely; $45.1 million of losses that, if unutilized, will expire in varying amounts through 2028; and $4.2 million of losses that, if unutilized, will start to expire after 2028. The Company has $10.2 million of non-U.S. capital loss carryforwards that may be carried forward indefinitely and are available to offset future non-U.S. capital gains. The Company recorded a $3.1 million non-U.S. deferred income tax asset for these non-U.S. capital loss carryforwards and has established a full valuation allowance against this non-U.S. deferred tax asset since the Company has determined that it is more likely than not that the capital loss carryforwards may not be utilized to reduce taxable income in the future. Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows: (in thousands) Balance at Beginning of Period Tax Expense and Revaluation Deductions Balance at End of Year Ended December 31, 2023 $ 62,816 $ 9,786 $ (6,304) $ 66,298 December 31, 2022 57,603 7,460 (2,247) 62,816 December 31, 2021 47,217 13,915 (3,529) 57,603 The Company has established $49.6 million in valuation allowances against deferred state tax assets recognized, net of U.S. Federal tax. As stated above, approximately $45.8 million of the valuation allowances, net of U.S. Federal income tax, relate to state income tax loss carryforwards. In most instances, the Company has established valuation allowances against deferred state income tax assets without considering potentially offsetting deferred tax liabilities established with respect to prepaid pension cost and goodwill. Prepaid pension cost and goodwill have not been considered a source of future taxable income for realizing those deferred state tax assets recognized because these temporary differences are not likely to reverse in the foreseeable future. However, certain deferred state tax assets have an indefinite life. As a result, the Company has considered deferred tax liabilities for prepaid pension cost and goodwill as a source of future taxable income for realizing those deferred state tax assets with indefinite lives. The valuation allowances established against deferred state income tax assets may increase or decrease within the next 12 months, based on operating results or the market value of investment holdings. The Company will monitor future results on a quarterly basis to determine whether the valuation allowances provided against deferred state tax assets should be increased or decreased as future circumstances warrant. The Company has established $15.5 million in valuation allowances against non-U.S. deferred tax assets, and, as stated above, $12.3 million of the non-U.S. valuation allowances relate to non-U.S. income tax loss carryforwards and $3.1 million relate to non-U.S. capital loss carryforwards. Valuation allowances established against non-U.S. deferred tax assets are recorded at the education division and other businesses. These non-U.S. valuation allowances may increase or decrease within the next 12 months, based on operating results. As a result, the Company is unable to estimate the potential tax impact, given the uncertain operating environment. The Company will monitor future education division and other businesses’ operating results and projected future operating results on a quarterly basis to determine whether the valuation allowances provided against non-U.S. deferred tax assets should be increased or decreased as future circumstances warrant. The Company estimates that unremitted non-U.S. subsidiary earnings, when distributed, will not be subject to tax except to the extent non-U.S. withholding taxes are imposed. Approximately $2.0 million of deferred tax liabilities remain recorded on the books at December 31, 2023, with respect to future non-U.S. withholding taxes the Company estimated may be imposed on future cash distributions. U.S. Federal and state tax liabilities may be recorded if the investment in non-U.S. subsidiaries becomes held for sale instead of being held indefinitely, but the calculation of the tax due is not practicable. The 2020 U.S. Federal tax return and subsequent years remain open to IRS examination. The Company files income tax returns with the U.S. Federal government and in various state, local and non-U.S. governmental jurisdictions, with the consolidated U.S. Federal tax return filing considered the only major tax jurisdiction. The Company endeavors to comply with tax laws and regulations where it does business, but cannot guarantee that, if challenged, the Company’s interpretation of all relevant tax laws and regulations will prevail and that all tax benefits recorded in the financial statements will ultimately be recognized in full. The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods: Year Ended December 31 (in thousands) 2023 2022 2021 Beginning unrecognized tax benefits $ 3,897 $ 3,004 $ 1,898 Increases related to current year tax positions 135 300 1,061 Increases related to prior year tax positions — 778 45 Decreases related to prior year tax positions (165) (185) — Decreases related to settlement with tax authorities — — — Decreases due to lapse of applicable statutes of limitations (604) — — Ending unrecognized tax benefits $ 3,263 $ 3,897 $ 3,004 The unrecognized tax benefits relate to federal and state research and development tax credits applicable to the 2020 to 2023 tax periods, as well as state income tax filing positions applicable to the 2012 to 2018 and 2020 tax periods. In making these determinations, the Company presumes that taxing authorities pursuing examinations of the Company’s compliance with tax law filing requirements will have full knowledge of all relevant information, and, if necessary, the Company will pursue resolution of disputed tax positions by appeals or litigation. Although the Company cannot predict the timing of resolution with tax authorities, the Company estimates that some of the unrecognized tax benefits may change in the next 12 months due to settlement with the tax authorities. The Company expects that a $1.3 million federal tax benefit and a $2.0 million state tax benefit, net of $0.4 million federal tax expense, will reduce the effective tax rate in the future if the unrecognized tax benefits are recognized. The Company classifies interest and penalties related to uncertain tax positions as a component of interest and other expenses, respectively. As of December 31, 2023, the Company has accrued $0.4 million of interest related to the unrecognized tax benefits. The Company has not accrued any penalties related to the unrecognized tax benefits. In December 2021, the Organization for Economic Co-operation and Development (OECD) issued a set of rules known as “Pillar Two” with the intent to ensure that global companies pay a minimum corporate income tax of 15% in jurisdictions in which the global companies operate. Many non-U.S. countries (including the U.K. and European Union member countries) enacted legislation to adopt certain aspects of Pillar Two effective January 1, 2024, and additional elements are expected to be adopted in future years. While the U.S. has not adopted Pillar Two, rules implemented by participating countries will apply to the Company’s worldwide operations in 2024. The Company does not have material operations in jurisdictions with tax rates lower than 15% and does not expect Pillar Two to have a material impact on the Company’s consolidated financial statements. The Company will continue to assess the relevant tax legislation and guidance to determine its impact. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company’s borrowings consist of the following: As of December 31 (in thousands) Maturities Stated Interest Rate Effective Interest Rate 2023 2022 Unsecured notes (1) 2026 5.75% 5.75% $ 398,266 $ 397,548 Revolving credit facility 2027 4.80% - 8.88% 6.23% 97,879 200,236 Term loan (2) 2027 7.17% - 7.25% 7.33% 147,476 — Real estate term loan (3) 2028 7.07% - 7.09% 7.17% 74,541 — Capital term loan (4) 2028 7.32% - 7.34% 7.41% 63,097 — Truist Bank commercial note (5) 2031 6.10% - 7.10% 6.68% — 23,522 Truist Bank commercial note 2032 6.38% - 7.38% 6.90% — 66,513 Truist Bank commercial note (6) 2032 6.13% - 7.13% 6.72% — 26,548 Other indebtedness 2024 - 2030 0.00% - 16.00% 30,574 11,993 Total Debt 811,833 726,360 Less: current portion (66,751) (155,813) Total Long-Term Debt $ 745,082 $ 570,547 ____________ (1) The carrying value is net of $1.7 million and $2.5 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively. (2) The carrying value is net of $0.6 million of unamortized debt issuance costs as of December 31, 2023 . (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2023 . (4) The carrying value is net of $0.8 million of unamortized debt issuance costs as of December 31, 2023 . (5) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022 . (6) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022 . The Company’s $400 million senior unsecured fixed-rate notes (the Notes), due June 1, 2026, are guaranteed, jointly and severally, on a senior unsecured basis, by certain of the Company’s existing and future domestic subsidiaries, as described in the terms of the indenture. The Notes have a coupon rate of 5.75% per annum, payable semi-annually on June 1 and December 1. The Company may redeem the Notes in whole or in part at any time at the respective redemption prices described in the indenture. At December 31, 2023 and 2022, the fair value of the Notes, based on quoted market prices (Level 2 fair value assessment), totaled $400.4 million and $395.1 million, respectively. On May 3, 2022, the Company amended the revolving credit facility to, among other things, (i) extend the maturity of the facility to May 30, 2027, (ii) eliminate borrowings under separate U.S. dollar and multicurrency tranches, (iii) update certain interest rate benchmarks including replacing USD London Interbank Offered Rate (LIBOR) with SOFR for borrowings denominated in U.S. dollars, (iv) incorporate a sub-facility for the issuance of letters of credit, and (v) allow for applicable margin for borrowings to be determined and adjusted quarterly based on the Company’s Total Net Leverage Ratio. The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $97.9 million as of December 31, 2023, consisting of U.S. dollar borrowings of $34 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%. On July 28, 2023, the Company entered into a $150 million term loan 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 loan is payable in quarterly installments of $1.875 million which started in December 2023 with a final payment of the principal balance due on May 30, 2027. The term loan bears interest at variable rates based on SOFR plus 1.75% per annum. The Company may redeem the term loan in whole or in part with no penalty at any time. The existing financial covenants of the credit agreement governing the revolving credit facility are unchanged following the addition of the term loan. On September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank, which includes (i) a $75.2 million real estate term loan, (ii) a $65.0 million capital term loan, (iii) a $50.0 million delayed draw term loan, and (iv) establishment of a revolving floor plan credit facility (see Note 5). The real estate term loan is payable in monthly installments of $0.3 million and bears interest at variable rates based on SOFR plus 1.75% per annum, and the capital term loan is payable in monthly installments of $0.5 million and bears interest at variable rates based on SOFR plus 2.00% per annum. The monthly installment payments on the real estate and capital term loans commenced on November 1, 2023, with final payments of the outstanding principal balances due on September 26, 2028. Subject to terms and conditions set forth in the credit agreement, the automotive subsidiary may also request borrowings of del ayed draw term loans for which the proceeds may be used to (i) finance the acquisition of automobile dealerships (delayed draw capital loan) and (ii) finance the acquisition of real estate (delayed draw real estate loan). The delayed draw term loan bears interest at variable rates based on SOFR plus an applicable margin based on the type of delayed draw term loan requested. The delayed draw term loan availability period terminates on September 26, 2025. The automotive subsidiary did not borrow against the delayed draw term loan as of December 31, 2023. On the same date, the Company’s automotive subsidiary entered into three interest rate swap agreements with a total notional value of $75.2 million and a maturity date of September 26, 2028. The interest rate swap agreements will pay the automotive subsidiary interest on the $75.2 million notional amount bas ed on SOFR and the automotive subsidiary will pay the counterparty a fixed rate of 4.67% per annum. The n ew interest rate swap agreements were entered into to convert the variable rate borrowing under the real estate term loan into a fixed rate borrowing. Based on the terms of the new interest rate swap agreements and underlying borrowings, the new interest rate swaps were determined to be effective and thus qualify as cash flow hedges. Including a 1.75% applicable margin, the overall interest rate that the Company will pay on the $75.2 million real estate term loan is fixed at 6.42% per annum. The automotive subsidiary used the net proceeds from the real estate and capital term loans to repay the outstanding balances of the commercial notes maturing in 2031 and 2032. The interest rate swap agreements maturing in 2031 and 2032 were also terminated resulting in realized gains of $4.6 million that reduced interest expense during the third quarter of 2023. The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as of December 31, 2023 and 2022. The Company is in compliance with all financial covenants of the revolving credit facility and term loans as of December 31, 2023. During 2023 and 2022, the Company had average borrowings outstanding of approximately $745.0 million and $689.9 million, respectively, at average annual interest rates of approximately 6.1% and 4.8%, respectively. The Company incurred net interest expense of $56.2 million , $51.2 million and $30.5 million during 2023, 2022 and 2021, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company recorded interest expense of $10.1 million , $16.5 million and $4.1 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 5,577 $ — $ 5,577 Marketable equity securities (2) 690,153 — — 690,153 Other current investments (3) 6,875 — — 6,875 Total Financial Assets $ 697,028 $ 5,577 $ — $ 702,605 Liabilities Contingent consideration liabilities (4) $ — $ — $ 788 $ 788 Interest rate swaps (5) — 2,761 — 2,761 Foreign exchange swap (6) — 86 — 86 Mandatorily redeemable noncontrolling interest (7) — — 40,764 40,764 Total Financial Liabilities $ — $ 2,847 $ 41,552 $ 44,399 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 (8) — 2,636 — 2,636 Total Financial Assets $ 617,392 $ 15,338 $ — $ 632,730 Liabilities Contingent consideration liabilities (4) $ — $ — $ 8,423 $ 8,423 Foreign exchange swap (6) — 333 — 333 Mandatorily redeemable noncontrolling interest (7) — — 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. 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 Accounts payable, vehicle floor plan 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. (5) Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (6) Included in Accounts payable, vehicle floor plan 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. (8) Included in Deferred Charges and Other Assets. The Company utilized a market approach model using a notional amount of the interest rate swaps multiplied by the observable inputs of time to maturity and market interest rates. The following table provides 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, 2021 $ 14,881 $ 13,661 Acquisition of business 397 — Changes in fair value (1) (6,672) 16,489 Capital contributions — 1,018 Accretion of value included in net income (1) 1,567 — Settlements or distributions (1,750) (323) As of December 31, 2022 8,423 30,845 Acquisition of business 220 — Changes in fair value (1) (7,423) 10,122 Capital contributions — 411 Accretion of value included in net income (1) 830 — Settlements or distributions (1,262) (614) As of December 31, 2023 $ 788 $ 40,764 ____________ (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 Consolidated Statements of Operations. For the years ended December 31, 2023, 2022 and 2021, the Company recorded goodwill and other long-lived asset impairment charges of $99.1 million, $129.0 million and $32.9 million , respectively (see Note 19). The remeasurement of goodwill and other long-lived assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value. The Company used a discounted cash flow model to determine the estimated fair value of the reporting units, indefinite-lived intangible assets, and other long-lived assets. Where appropriate, a market value approach was also utilized to supplement the discounted cash flow model. The Company made estimates and assumptions regarding future cash flows, royalty rates, discount rates, market values, and long-term growth rates. For the years ended December 31, 2023, 2022 and 2021, the Company recorded gains of $3.1 million , $6.9 million and $11.8 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. For the years ended December 31, 2023 and 2022, the Company recorded impairment losses of $0.5 million and $1.3 million, respectively, to equity securities that are accounted for as cost method investments. For the year ended December 31, 2021, the Company recorded impairment charges of $6.6 million on one of its investments in affiliates (see Note 4). |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS The Company generated 79%, 81% and 78% of its revenue from U.S. domestic sales in 2023, 2022 and 2021, respectively. The remaining 21%, 19%, and 22% of revenue was generated from non-U.S. sales. In 2023, 2022 and 2021, the Company recognized 54%, 58%, and 67%, respectively, of its revenue over time as control of the services and goods transferred to the customer. The remaining 46%, 42% and 33%, respectively, of revenue was recognized at a point in time, when the customer obtained control of the promised goods. The determination of the method by which the Company measures its progress towards the satisfaction of its performance obligations requires judgment and is described in the Summary of Significant Accounting Policies (Note 2). Contract Assets. As of December 31, 2023, the Company recognized a contract asset of $39.8 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 $311.6 million related to the remaining performance obligation in the 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 which includes some payments that are refundable due to the contractual right of the customer to cancel the agreement. As of December 31, 2023 and 2022, 20% and 18% of the Company’s deferred revenue consisted of prepaid amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance during the year ended December 31, 2023: As of December 31 (in thousands) 2023 2022 % Change Deferred revenue $ 400,347 $ 345,387 16 In April 2020, GHG received $31.5 million under the expanded Medicare Accelerated and Advanced Payment Program modified by the CARES Act as a result of COVID-19. The Department of Health and Human Services began to recoup this advance 365 days after the payment was issued. The advance had been recouped in full as of December 31, 2022. For the years ended December 31, 2022 and 2021, GHG recognized $12.6 million and $18.9 million of the balance in revenue for claims submitted for eligible services, respectively. The majority of the change in the deferred revenue balance is due to increased enrollment in the Kaplan International division. During the year ended December 31, 2023, the Company recognized $302.2 million from the Company’s deferred revenue balance as of December 31, 2022, including $54.3 million of prepaid amounts which were refundable at the prior year-end. Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of December 31, 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 $7.1 million . Kaplan Supplemental Education expects to recognize 73% 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 Year Other Balance 2023 $ 31,647 $ 98,527 $ (90,839) $ 2,299 $ 41,634 2022 26,081 72,606 (66,064) (976) 31,647 2021 24,363 61,214 (59,116) (380) 26,081 The majority of other activity was related to currency translation adjustments in 2023, 2022, and 2021. |
Capital Stock, Stock Awards, an
Capital Stock, Stock Awards, and Stock Options | 12 Months Ended |
Dec. 31, 2023 | |
Capital Stock, Stock Awards, and Stock Options [Abstract] | |
Capital Stock, Stock Awards And Stock Options | CAPITAL STOCK, STOCK AWARDS AND STOCK OPTIONS Capital Stock. Each share of Class A common stock and Class B common stock participates equally in dividends. The Class B stock has limited voting rights and as a class has the right to elect 30% of the Board of Directors; the Class A stock has unlimited voting rights, including the right to elect a majority of the Board of Directors. During 2023, 2022, and 2021 the Company purchased a total of 325,134, 121,761, and 93,969 shares, respectively, of its Class B common stock at a cost of approximately $195.0 million, $71.4 million, and $55.7 million, respectively, including commissions and excise taxes. On May 4, 2023, the Board of Directors authorized the Company to purchase up to 500,000 shares of its Class B Common Stock. This authorization includes shares that remained under the previous authorization. The Company did not announce a ceiling price or time limit for the purchases. At December 31, 2023, the Company had remaining authorization from the Board of Directors to purchase up to 236,403 shares of Class B common stock. Stock Awards. In 2012, the Company adopted an incentive compensation plan (the 2012 Plan), which, among other provisions, authorizes the awarding of Class B common stock to key employees in the form of stock awards, stock options and other awards involving the issuance of shares. Stock awards made under the 2012 Plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s employment terminates before the end of a specified period of service to the Company. At December 31, 2023, there were 191,474 shares reserved for issuance under the 2012 Plan, which were all subject to stock awards and stock options outstanding. In 2022, the Company adopted a new incentive compensation plan (the 2022 Plan), which, among other provisions, authorizes the awarding of Class B common stock to key employees and non-employee Directors in the form of stock awards, stock options and other awards involving the issuance of shares. All stock awards, stock options and other awards involving the issuance of shares issued subsequent to the adoption of this plan are covered under this new incentive compensation plan. Stock awards made under the 2022 Plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s employment terminates before the end of a specified period of service to the Company. The number of Class B common shares authorized for issuance under the 2022 Plan is 500,000 shares. At December 31, 2023, there were 498,924 shares reserved for issuance under the 2022 Plan. Of this number, 14,220 shares were subject to stock awards and 484,704 shares were available for future awards. Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2023 was as follows: Number of Shares Average Grant-Date Fair Value Beginning of year, unvested 27,218 $ 579.84 Awarded 14,630 609.02 Vested (11,120) 639.31 Forfeited (1,079) 602.40 End of Year, unvested 29,649 571.11 For the share awards outstanding at December 31, 2023, the aforementioned restriction is expected to lapse in 2025 for 13,429 shares and 2027 for 16,220 shares. Also, early in 2024, the Company issued stock awards of 1,006 shares. Stock-based compensation costs resulting from Company stock awards were $3.9 million, $3.4 million and $3.9 million in 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $8.9 million of total unrecognized compensation expense related to these awards. That cost is expected to be recognized on a straight-line basis over a weighted average period of 2.1 years. Stock Options. Stock options granted under the incentive compensation plans cannot be less than the fair value on the grant date, generally vest over six years and have a maximum term of ten years. Activity related to options outstanding for the year ended December 31, 2023 was as follows: Number of Shares Average Option Price Beginning of year 178,105 $ 619.44 Granted — — Exercised (3,060) 426.86 Expired or forfeited — — End of Year 175,045 622.80 Of the shares covered by options outstanding at the end of 2023, 136,415 are now exercisable; 12,876 are expected to become exercisable in 2024; 12,877 are expected to become exercisable in 2025; and 12,877 are expected to become exercisable in 2026. For 2023, 2022 and 2021, the Company recorded expense of $1.2 million, $1.2 million and $1.7 million, respectively, related to stock options. Information related to stock options outstanding and exercisable at December 31, 2023, is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Shares Outstanding at 12/31/2023 Weighted Weighted Shares Exercisable at 12/31/2023 Weighted Weighted $427 71,045 6.7 426.86 32,415 6.7 426.86 719 77,258 0.8 719.15 77,258 0.8 719.15 805–872 26,742 2.0 865.02 26,742 2.0 865.02 175,045 3.4 622.80 136,415 2.5 678.29 At December 31, 2023, the intrinsic value for all options outstanding, exercisable and unvested was $19.2 million, $8.7 million and $10.4 million, respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The market value of the Company’s stock was $696.52 at December 31, 2023. At December 31, 2023, there were 38,630 unvested options related to this plan with an average exercise price of $426.86 and a weighted average remaining contractual term of 6.7 years. At December 31, 2022, there were 51,841 unvested options with an average exercise price of $429.57 and a weighted average remaining contractual term of 7.7 years. As of December 31, 2023, total unrecognized stock-based compensation expense related to stock options was $3.2 million, which is expected to be recognized on a straight-line basis over a weighted average period of approximately 2.7 years. There were 3,060 options exercised during 2023. The total intrinsic value of options exercised during 2023 was $0.5 million; a tax benefit from these option exercises of $0.1 million was realized. There were 5,084 options exercised during 2022. The total intrinsic value of options exercised during 2022 was $1.2 million; a tax benefit from these option exercises of $0.3 million was realized. There were no options exercised during 2021. No options were granted during 2023, 2022 or 2021. Other Awards. In 2022, the Company granted a stock award to an executive officer that is subject to price-based vesting conditions. The stock award provides the executive officer the right to receive 1,000 shares of the Company’s Class B common stock each time the Company’s closing share price exceeds a certain share price target for a 90 consecutive day period; the award period expires on December 31, 2027. The grant date fair value of the stock award totaled $3.5 million, which was estimated using a Monte Carlo simulation. The grant date fair value is recognized over the derived service period of each tranche. No shares related to this award vested in 2023 or 2022. The Company recognized $1.1 million and $1.3 million in stock-based compensation expense related to this award in 2023 and 2022, respectively. For the year ended December 31, 2023, the Company recognized expense of $0.4 million related to the issuance and vesting of 731 shares to non-employee Directors under the 2022 Plan. For the year ended December 31, 2022, the Company recognized expense of $0.2 million for 345 shares issued and vested under the same plan. The Company also maintains a stock option plan at Kaplan. Under the provisions of this plan, options are issued with an exercise price equal to the estimated fair value of Kaplan’s common stock, and options vest ratably over the number of years specified (generally four At December 31, 2023, a Kaplan senior manager held 7,206 Kaplan restricted shares. The fair value of Kaplan’s common stock is determined by the Company’s compensation committee of the Board of Directors, and in January 2024, the committee set the fair value price at $1,700 per share. No options were awarded during 2023, 2022, or 2021; no options were exercised during 2023, 2022 or 2021; and no options were outstanding at December 31, 2023. Kaplan recorded stock compensation expense of $1.0 million, $1.0 million and $1.3 million in 2023, 2022 and 2021, respectively. At December 31, 2023, the Company’s accrual balance related to the Kaplan restricted shares totaled $12.3 million. There were no payouts in 2023, 2022 or 2021. Earnings Per Share. The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method: Year Ended December 31 (in thousands, except per share amounts) 2023 2022 2021 Numerator: Numerator for basic earnings per share: Net income attributable to Graham Holdings Company common stockholders $ 205,288 $ 67,079 $ 352,075 Less: Dividends paid–common stock outstanding and unvested restricted shares (30,953) (30,712) (30,136) Undistributed earnings 174,335 36,367 321,939 Percent allocated to common stockholders 99.34 % 99.43 % 99.36 % 173,182 36,160 319,867 Add: Dividends paid–common stock outstanding 30,756 30,540 29,946 Numerator for basic earnings per share 203,938 66,700 349,813 Add: Additional undistributed earnings due to dilutive stock options 4 — 5 Numerator for diluted earnings per share $ 203,942 $ 66,700 $ 349,818 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 4,639 4,823 4,951 Add: Effect of dilutive stock options 15 13 14 Denominator for diluted earnings per share 4,654 4,836 4,965 Graham Holdings Company Common Stockholders: Basic earnings per share $ 43.96 $ 13.83 $ 70.65 Diluted earnings per share $ 43.82 $ 13.79 $ 70.45 ____________ Earnings per share amounts may not recalculate due to rounding. Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Year Ended December 31 (in thousands) 2023 2022 2021 Weighted average restricted stock 12 18 13 The 2023, 2022 and 2021 diluted earnings per share amounts exclude the effects of 105,000, 105,000 and 104,000 stock options and contingently issuable shares outstanding, respectively, as their inclusion would have been antidilutive due to a market condition. In 2023, 2022 and 2021, the Company declared regular dividends totaling $6.60, $6.32 and $6.04 per share, respectively. |
Pensions and Other Postretireme
Pensions and Other Postretirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits, Description [Abstract] | |
Pensions and Other Postretirement Plans | PENSIONS AND OTHER POSTRETIREMENT PLANS The Company maintains various pension and incentive savings plans and contributed to multiemployer plans on behalf of certain union-represented employee groups. Most of the Company’s employees are covered by these plans. The Company also provides healthcare and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans. Defined Benefit Plans. The Company’s defined benefit pension plans consist of various pension plans and a Supplemental Executive Retirement Plan (SERP) offered to certain executives of the Company. In the first quarter of 2023, the Company recorded $4.1 million in expenses related to Separation Incentive Programs (SIPs) for certain Leaf and Code3 employees, which was funded from the assets of the Company’s pension plans. In the second quarter of 2023, the Company recorded $5.5 million in expenses related to SIPs for certain Kaplan, GMG, Leaf, Code3 and Pinna employees, which was funded from the assets of the Company’s pension plans. In the fourth quarter of 2023, the Company recorded $0.2 million in expenses related to a SIP for certain GMG employees, which was funded from the assets of the Company’s pension plans. In January 2022, a pension credit retention program was implemented by the Company for certain Graham Healthcare Group employees; the program offers a pension credit up to $50,000 per employee, cliff vested after three years of continuous employment for certain existing employees and new employees. The Company recorded $13.5 million and $10.5 million in pension service cost expense in 2023 and 2022 related to this program. In the fourth quarter of 2022, the Company recorded $3.6 million in expenses related to a SIP for certain Kaplan employees, which was funded from the assets of the Company’s pension plans. In the second quarter of 2021, the Company recorded $1.1 million in expenses related to a SIP for certain Dekko employees, which was funded from the assets of the Company’s pension plans. The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans: Pension Plans As of December 31 (in thousands) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 870,298 $ 1,088,309 Service cost 33,787 32,567 Interest cost 46,211 30,504 Amendments (11,263) — Actuarial loss (gain) 25,585 (219,466) Benefits paid (82,455) (65,240) Special termination benefits 9,886 3,624 Benefit Obligation at End of Year $ 892,049 $ 870,298 Change in Plan Assets Fair value of assets at beginning of year $ 2,528,344 $ 3,394,823 Actual return on plan assets 559,798 (801,239) Benefits paid (82,455) (65,240) Fair Value of Assets at End of Year $ 3,005,687 $ 2,528,344 Funded Status $ 2,113,638 $ 1,658,046 SERP As of December 31 (in thousands) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 90,018 $ 112,706 Service cost 593 911 Interest cost 4,659 3,289 Actuarial loss (gain) 909 (20,956) Benefits paid (6,303) (5,932) Benefit Obligation at End of Year $ 89,876 $ 90,018 Funded Status $ (89,876) $ (90,018) The changes in the Company’s benefit obligations for the pension plans and SERP in 2023 were primarily due to the benefits paid during the year offset by the recognition of an actuarial loss resulting from a decrease to the discount rate used to measure the benefit obligation and special termination benefits provided to employees. The accumulated benefit obligation for the Company’s pension plans at December 31, 2023 and 2022, was $880.3 million and $843.6 million, respectively. The accumulated benefit obligation for the Company’s SERP at December 31, 2023 and 2022, was $89.4 million and $88.0 million, respectively. The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows: Pension Plans SERP As of December 31 As of December 31 (in thousands) 2023 2022 2023 2022 Noncurrent asset $ 2,113,638 $ 1,658,046 $ — $ — Current liability — — (6,652) (6,570) Noncurrent liability — — (83,224) (83,448) Recognized Asset (Liability) $ 2,113,638 $ 1,658,046 $ (89,876) $ (90,018) Key assumptions utilized for determining the benefit obligation are as follows: Pension Plans SERP As of December 31 As of December 31 2023 2022 2023 2022 Discount rate 5.2% 5.5% 5.1% 5.5% Rate of compensation increase – age graded 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% Cash balance interest crediting rate 4.28% with phase in to 5.20% in 2025 4.28% with phase in to 5.50% in 2025 — — The Company made no contributions to its pension plans in 2023 and 2022, and the Company does not expect to make any contributions in 2024. The SERP is unfunded, therefore, the Company made actual benefit payments of $6.3 million and $5.9 million to beneficiaries for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023, future estimated benefit payments, excluding charges for early retirement programs, are as follows: (in thousands) Pension Plans SERP 2024 $ 60,736 $ 6,819 2025 62,656 7,135 2026 63,912 7,345 2027 63,905 7,392 2028 63,496 7,392 2029–2033 305,155 35,751 The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components: Pension Plans Year Ended December 31 (in thousands) 2023 2022 2021 Service cost $ 33,787 $ 32,567 $ 22,991 Interest cost 46,211 30,504 26,917 Expected return on assets (153,125) (167,485) (137,878) Amortization of prior service cost 1,646 2,835 2,846 Recognized actuarial gain (39,803) (68,656) (7,906) Net Periodic Benefit for the Year (111,284) (170,235) (93,030) Special separation benefit expense 9,886 3,624 1,132 Total Benefit for the Year $ (101,398) $ (166,611) $ (91,898) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial (gain) loss $ (381,088) $ 749,258 $ (511,373) Current year prior service (credit) cost (11,263) — 2 Amortization of prior service cost (1,646) (2,835) (2,846) Recognized net actuarial gain 39,803 68,656 7,906 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ (354,194) $ 815,079 $ (506,311) Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects) $ (455,592) $ 648,468 $ (598,209) SERP Year Ended December 31 (in thousands) 2023 2022 2021 Service cost $ 593 $ 911 $ 1,022 Interest cost 4,659 3,289 2,943 Amortization of prior service cost — 36 331 Recognized actuarial loss — 666 5,930 Total Cost for the Year $ 5,252 $ 4,902 $ 10,226 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial loss (gain) $ 909 $ (20,956) $ (7,640) Amortization of prior service cost — (36) (331) Recognized net actuarial loss — (666) (5,930) Total Recognized in Other Comprehensive Income (Before Tax Effects) $ 909 $ (21,658) $ (13,901) Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects) $ 6,161 $ (16,756) $ (3,675) The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost: Pension Plans SERP Year Ended December 31 Year Ended December 31 2023 2022 2021 2023 2022 2021 Discount rate 5.5% 2.9% 2.5% 5.5% 2.9% 2.5% Expected return on plan assets 6.25% 6.25% 6.25% — — — Rate of compensation increase – age graded 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% Cash balance interest crediting rate 4.28% with phase in to 5.50% in 2025 1.41% with phase in to 2.90% in 2024 1.41% with phase in to 2.50% in 2023 — — — Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans: Pension Plans SERP As of December 31 As of December 31 (in thousands) 2023 2022 2023 2022 Unrecognized actuarial gain $ (865,994) $ (524,709) $ (1,602) $ (2,511) Unrecognized prior service (credit) cost (11,233) 1,676 — — Gross Amount (877,227) (523,033) (1,602) (2,511) Deferred tax liability (asset) 236,107 145,430 (2) 230 Net Amount $ (641,120) $ (377,603) $ (1,604) $ (2,281) 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 December 31 2023 2022 U.S. equities 59 % 59 % Private investment funds 17 % 16 % International equities 14 % 11 % U.S. fixed income 7 % 7 % U.S. stock index fund 3 % 7 % 100 % 100 % The Company manages approximately 40% 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 60% 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 35% 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 December 31, 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 December 31, 2023, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $1,011.1 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. Assets also included $82.4 million of Markel shares at December 31, 2023. The Company’s pension plan assets measured at fair value on a recurring basis were as follows: As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,230 $ — $ — $ 2,230 Equity securities U.S. equities (1) 1,793,705 — — 1,793,705 International equities (2) 414,285 — — 414,285 Total Investments $ 2,210,220 $ — $ — $ 2,210,220 Short-term investment funds measured at NAV (3) 197,712 Private investment funds measured at NAV (4) 509,647 U.S. stock index fund measured at NAV (5) 84,767 Receivables, net 3,341 Total $ 3,005,687 As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 1,980 $ — $ — $ 1,980 Equity securities U.S. equities (1) 1,507,609 — — 1,507,609 International equities (2) 270,872 — — 270,872 Total Investments $ 1,780,461 $ — $ — $ 1,780,461 Short-term investment funds measured at NAV (3) 170,062 Private investment funds measured at NAV (4) 406,600 U.S. stock index fund measured at NAV (5) 168,532 Receivables, net 2,689 Total $ 2,528,344 ____________ (1) U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. (2) International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. (3) Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company. (4) Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding. (5) U.S. stock index fund. This fund consists of investments held in common stock, plus an uninvested cash portion comprising less than 1% of fund value, that together are designed to track the performance of the S&P 500 Index. The fund is valued using the NAV provided by the administrator of the fund and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding. The following table sets forth a summary of the Plan’s investments with a reported NAV: (in thousands) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restriction Redemption Short-term investment funds 2023 $ 197,712 $ — Immediate None None 2022 $ 170,062 $ — Immediate None None Private investment funds 2023 $ 509,647 $ 16,515 (1) (1) 90 days 2022 $ 406,600 $ 20,673 (1) (1) 90 days U.S. stock index fund 2023 $ 84,767 $ — Immediate None 1 day 2022 $ 168,532 $ — Immediate None 1 day ____________ (1) Five percent of the NAV of the investment in the commingled fund may be redeemed annually starting at the 12-month anniversary of the investment, subject to certain limitations. Additionally, the investment in the commingled fund may be redeemed in part, or in full, at the 60-month anniversary of the investment, or at any subsequent 36-month anniversary date following the initial 60-month anniversary. The investment in the private investment fund is generally not redeemable until the dissolution of the fund. Other Postretirement Plans. In 2023, the Company purchased a contract from an insurance company to settle its outstanding retiree life insurance obligation for $1.7 million. As a result, the Company recorded a settlement gain of $1.1 million. The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans: Postretirement Plans As of December 31 (in thousands) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 3,400 $ 4,722 Interest cost 149 98 Actuarial gain (414) (1,205) Benefits paid, net of Medicare subsidy (207) (215) Settlement (1,679) — Benefit Obligation at End of Year $ 1,249 $ 3,400 Funded Status $ (1,249) $ (3,400) The change in the benefit obligation for the Company’s other postretirement plans in 2023 was primarily due to the settlement of the retiree life insurance obligation. The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows: Postretirement Plans As of December 31 (in thousands) 2023 2022 Current liability $ (256) $ (541) Noncurrent liability (993) (2,859) Recognized Liability $ (1,249) $ (3,400) The discount rates utilized for determining the benefit obligation at December 31, 2023 and 2022, for the postretirement plans were 4.53% and 4.76%, respectively. The assumed healthcare cost trend rate used in measuring the postretirement benefit obligation at December 31, 2023, was 7.50% for pre-age 65, decreasing to 4.5% in the year 2032 and thereafter. The assumed healthcare cost trend rate used in measuring the postretirement benefit obligation at December 31, 2023, was 8.04% for post-age 65, decreasing to 4.5% in the year 2032 and thereafter. The assumed healthcare cost trend rate used in measuring the postretirement benefit obligation at December 31, 2023, was 11.25% for Medicare Advantage, decreasing to 4.5% in the year 2032 and thereafter. The Company’s postretirement benefit plans are unfunded, therefore, the Company made actual benefit payments of $0.2 million to beneficiaries for each of the years ended December 31, 2023 and 2022. At December 31, 2023, future estimated benefit payments are as follows: (in thousands) Postretirement 2024 $ 256 2025 $ 201 2026 $ 167 2027 $ 155 2028 $ 127 2029–2033 $ 906 The total benefit arising from the Company’s other postretirement plans consists of the following components: Postretirement Plans Year Ended December 31 (in thousands) 2023 2022 2021 Interest cost $ 149 $ 98 $ 92 Amortization of prior service credit (5) (7) (7) Recognized actuarial gain (2,343) (2,843) (3,510) Net Periodic Benefit for the Year (2,199) (2,752) (3,425) Settlement (1,087) — (120) Total Benefit for the Year $ (3,286) $ (2,752) $ (3,545) Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial gain $ (414) $ (1,205) $ (582) Amortization of prior service credit 5 7 7 Recognized actuarial gain 2,343 2,843 3,510 Settlement 1,087 — 120 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ 3,021 $ 1,645 $ 3,055 Total Recognized in Benefit and Other Comprehensive Income (Before Tax Effects) $ (265) $ (1,107) $ (490) The costs for the Company’s postretirement plans are actuarially determined. The discount rate utilized to determine the periodic cost for the years ended December 31, 2023, 2022 and 2021 was 4.76%, 2.23% and 1.78%. AOCI included the following components of unrecognized net periodic benefit for the postretirement plans: As of December 31 (in thousands) 2023 2022 Unrecognized actuarial gain $ (8,988) $ (12,004) Unrecognized prior service credit — (5) Gross Amount (8,988) (12,009) Deferred tax liability 2,527 3,302 Net Amount $ (6,461) $ (8,707) Multiemployer Pension Plans . In 2023, 2022 and 2021, the Company contributed to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covered certain union-represented employees. The Company’s total contributions to the multiemployer pension plan amounted to $0.1 million in each year for 2023, 2022 and 2021. Savings Plans. |
Other Non-Operating Income
Other Non-Operating Income | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Other Non-Operating Income | OTHER NON-OPERATING INCOME A summary of non-operating income is as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Net gain on sale of businesses $ 15,618 $ 22,679 $ 3,789 Net gain on cost method investments 3,104 6,883 11,756 Foreign currency loss, net (1,141) (2,023) (179) Gain on sale of cost method investments 958 3,294 9,355 Impairment of cost method investments (500) (1,305) — Gain on sale of investment in affiliates 15 604 — Other, net 1,040 3,368 7,833 Total Other Non-Operating Income $ 19,094 $ 33,500 $ 32,554 The gain on cost method investments result from observable price changes in the fair value of the underlying equity securities accounted for under the cost method (see Notes 4 and 12). For the years ended December 31, 2023, 2022 and 2021, the Company recorded contingent consideration gains of $5.6 million, $4.3 million and $3.9 million, respectively, related to the disposition of Kaplan University (KU) in 2018. In the second quarter of 2023, the Company recorded a $10.0 million gain related to the Pinna transaction (see Notes 3 and 4). 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. In the fourth quarter of 2022, the Company recorded an $18.4 million gain related to the CyberVista transaction (see Notes 3 and 4). The Company used a market approach to determine the fair value of the noncontrolling financial interest retained in CyberVista through its interest in N2K Networks. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2023 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ 21,927 $ — $ 21,927 Pension and other postretirement plans: Actuarial gain 380,593 (97,436) 283,157 Prior service credit 11,263 (2,883) 8,380 Amortization of net actuarial gain included in net income (42,146) 10,790 (31,356) Amortization of net prior service cost included in net income 1,641 (420) 1,221 Settlement included in net income (1,087) 279 (808) 350,264 (89,670) 260,594 Cash flow hedges: Loss for the year (5,630) 1,295 (4,335) Other Comprehensive Income $ 366,561 $ (88,375) $ 278,186 Year Ended December 31, 2022 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ (48,340) $ — $ (48,340) Pension and other postretirement plans: Actuarial loss (727,097) 187,018 (540,079) Amortization of net actuarial gain included in net income (70,833) 18,219 (52,614) Amortization of net prior service cost included in net income 2,864 (737) 2,127 (795,066) 204,500 (590,566) Cash flow hedges: Gain for the year 4,765 (1,096) 3,669 Other Comprehensive Loss $ (838,641) $ 203,404 $ (635,237) Year Ended December 31, 2021 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ (16,052) $ — $ (16,052) Pension and other postretirement plans: Actuarial gain 519,595 (133,915) 385,680 Prior service cost (2) 1 (1) Amortization of net actuarial gain included in net income (5,486) 1,414 (4,072) Amortization of net prior service cost included in net income 3,170 (817) 2,353 Settlement included in net income (120) 30 (90) 517,157 (133,287) 383,870 Cash flow hedge: Gain for the year 349 (93) 256 Other Comprehensive Income $ 501,454 $ (133,380) $ 368,074 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 As of December 31, 2021 $ (6,298) $ 979,157 $ (1,471) $ 971,388 Other comprehensive income (loss) before reclassifications (48,340) (540,079) 3,276 (585,143) Net amount reclassified from accumulated other comprehensive income — (50,487) 393 (50,094) Net other comprehensive income (loss) (48,340) (590,566) 3,669 (635,237) As of December 31, 2022 (54,638) 388,591 2,198 336,151 Other comprehensive income before reclassifications 21,927 291,537 1,028 314,492 Net amount reclassified from accumulated other comprehensive income — (30,943) (5,363) (36,306) Net other comprehensive income (loss) 21,927 260,594 (4,335) 278,186 As of December 31, 2023 $ (32,711) $ 649,185 $ (2,137) $ 614,337 The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Year Ended December 31 Affected Line Item in the Consolidated Statements of Operations (in thousands) 2023 2022 2021 Pension and Other Postretirement Plans: Amortization of net actuarial gain $ (42,146) $ (70,833) $ (5,486) (1) Amortization of net prior service cost 1,641 2,864 3,170 (1) Settlement gains (1,087) — (120) (1) (41,592) (67,969) (2,436) Before tax 10,649 17,482 627 Provision for income taxes (30,943) (50,487) (1,809) Net of tax Cash Flow Hedges (5,363) 393 631 Interest expense Total reclassification for the year $ (36,306) $ (50,094) $ (1,178) 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 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations. |
Contingencies and Other Commitm
Contingencies and Other Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Other Commitments | CONTINGENCIES AND OTHER COMMITMENTS 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; real estate lease and sublease disputes; 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 $10 million. In May 2021, Kaplan received notice from the ED that it would be conducting a fact-finding process pursuant to the borrower defense to repayment (BDTR) regulations to determine the validity of BDTR claims and a request for documents related to several of Kaplan’s previously owned schools. In 2021, Kaplan received borrower defense applications from the ED seeking discharge of approximately $35 million in loans, excluding interest, from former Kaplan University students. It is not clear to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence provided by Kaplan, prior settlements with these students relieving their debt outside of the BDTR process, or any prior investigation related to schools attended by the student applicants. 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. 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 the loan date. Kaplan believes it has substantive as well as procedural defenses to the borrower defense claims that would bar any student discharge or school liability including that the claims are barred by the applicable statute of limitations, are 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. Kaplan responded to the initial set of claims in 2021 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. Kaplan intends to similarly respond to any new claims that apply to Kaplan University or prior Kaplan-owned schools. 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. As part of the Sweet v. Cardona settlement described below, the ED agreed to review any borrower defense applications submitted between June 23, 2022, and November 15, 2022 on an expedited basis. In January 2024, Kaplan was informed that the ED received applications during this time period regarding former Kaplan University and Purdue Global students and Kaplan has begun to receive them. Unknown at this time is the total discharge amount sought or how much of that amount would apply to Kaplan University students. The Sweet v. Cardona settlement requires the ED to adjudicate applications received during the designated time period pursuant to the requirements of the 2016 Borrower Defense Regulation. To the extent these applications apply to Kaplan University, Kaplan anticipates that it will have defenses similar to those described above. As noted, 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 additional former students’ borrower defense to repayment 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 all schools formerly owned by Kaplan, and who had BDTR claims pending as of the June 22, 2022 settlement execution date. This discharge will likely cover each of the first set of applications the ED sent to Kaplan and to which Kaplan previously responded. The ED and the Court made clear that these discharges as part of a settlement are not determinations that the pending BDTR claims are valid and the fact of the settlement discharge cannot be used as evidence of any determination of wrongdoing by the institutions. However, despite the fact that the loans are discharged per the settlement, the ED may still attempt to separately adjudicate the associated BDTR claims and follow the regulatory process for seeking recoupment from the institutions for such claims. As noted above, this settlement likely also applies to the resolution, future adjudication, and possible discharge of the newly noticed claims. As also noted, the ED could attempt to recoup from Kaplan some or all of any discharged amount for the newly noticed claims. In August 2018, Purdue University Global received an updated Provisional Program Participation Agreement (PPPA) from the ED which is necessary for continued participation in the federal Title IV programs after the change in ownership from Kaplan to Purdue. The PPPA expired on June 30, 2021 but was extended to June 30, 2022. In August 2022, Purdue University Global received an extended PPPA that is effective through June 30, 2024. Under the extended PPPA, among other restrictions, Purdue University Global must also report information related to known governmental investigations and student complaints on a quarterly basis to the ED. The provisional certification ends upon the ED’s notification to the institution of the ED’s decision to grant or deny a six-year certification to participate in the Title IV, Higher Education Act programs. Other Commitments. The Company’s broadcast subsidiaries are parties to certain agreements that commit them to purchase programming to be produced in future years. At December 31, 2023, such commitments amounted to approximately $12.6 million. If such programs are not produced, the Company’s commitment would expire without obligation. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Basis of Presentation. The Company’s organizational structure is based on a number of factors that management uses to evaluate, view and run its business operations, which include, but are not limited to, customers, the nature of products and services and use of resources. The business segments disclosed in the Consolidated Financial Statements are based on this organizational structure and information reviewed by the Company’s management to evaluate the business segment results. 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 Company evaluates segment performance based on operating income before amortization of intangible assets and impairment of goodwill and other long-lived assets. The accounting policies at the segments are the same as described in Note 2. In computing operating income before amortization by segment, the effects of amortization of intangible assets, impairment of goodwill and other long-lived assets, equity in earnings (losses) of affiliates, interest income, interest expense, non-operating pension and postretirement benefit income, other non-operating income and expense items and income taxes are excluded. Intersegment sales are not material. Identifiable assets by segment are those assets used in the Company’s operations in each business segment. The investments in marketable equity securities and affiliates, and prepaid pension cost are not included in identifiable assets by segment. Investments in marketable equity securities are discussed in Note 4. Education. Education products and services are provided by Kaplan, Inc. Kaplan International includes professional training and postsecondary education businesses largely outside the U.S., as well as English-language programs. KHE includes the results as a service provider to higher education institutions. Supplemental Education includes Kaplan’s standardized test preparation, domestic professional and other continuing education businesses. As of December 31, 2023, Kaplan had a total outstanding accounts receivable balance of $98.2 million from Purdue Global related to amounts due for reimbursements for services, fees earned and a deferred fee. Included in this total, Kaplan has a $19.6 million long-term receivable balance due from Purdue Global at December 31, 2023, related to the advance of $20.0 million during the initial KU Transaction. Television Broadcasting. Television broadcasting operations are conducted through seven television stations serving the Detroit, Houston, San Antonio, Orlando, Jacksonville and Roanoke television markets. All stations are network-affiliated (except for WJXT in Jacksonville), with revenues derived primarily from sales of advertising time. In addition, the stations generate revenue from retransmission consent agreements for the right to carry their signals. Manufacturing. Manufacturing operations include Hoover, a Thomson, GA-based supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative application; Dekko, a Garrett, IN-based manufacturer of electrical workspace solutions, architectural lighting, and electrical components and assemblies; Joyce/Dayton Corp., a Dayton, OH-based manufacturer of screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. Healthcare. Graham Healthcare Group provides home health, hospice and palliative services. GHG also provides other healthcare services, including nursing care and prescription services for patients receiving in-home infusion treatments, ABA therapy clinics, physician services for allergy, asthma and immunology patients, in-home aesthetics and healthcare software-as-a-service technology. Automotive. Automotive includes eight automotive dealerships in the Washington, D.C. metropolitan area and Richmond, VA, including Lexus of Rockville, Honda of Tysons Corner, Jeep of Bethesda, Ford of Manass as, which was acquired in December 2021, Toyota of Woodbridge and Chrysler-Dodge-Jeep-Ram of W oodbridge, which were acquired in July 2022, and Toyota of Richmond, which was acquired in September 2023. The automotive group was awarded a Kia Open Point dealership in Bethesda, MD, which commenced operations at the end of December 2023. For the years ended December 2023, 2022 and 2021, the automotive group recorded expense of $7.3 million, $5.7 million and $3.6 million, respectively, for operating and management services provided by Christopher J. Ourisman and his team of industry professionals. Other Businesses. Other businesses includes the following: • Leaf Group, a consumer internet company, which was acquired in June 2021. In the second quarter of 2023, the Company restructured Leaf into three stand-alone businesses: ◦ Society6 (formerly included in Leaf Marketplace), an online art and design marketplace. ◦ Saatchi Art (formerly included in Leaf Marketplace), an online art gallery. ◦ WGB (formerly Leaf Media), which consists of a diverse portfolio of media properties that educate and inform consumers across a wide variety of life topics. • Clyde’s Restaurant Group owns and operates 12 restaurants and entertainment venues in the Washington, D.C. metropolitan area. • Framebridge, a custom framing service compa ny. • Code3, a marketing and insights company that manages digital advertising campaigns; the Slate Group and Foreign Policy Group, which publish online and print magazines and websites; and two investment stage businesses, Decile and City Cast. Other businesses also includes CyberVista, which merged with another entity in October 2022 resulting in the deconsolidation of the subsidiary and Pinna, which merged with another entity in June 2023 resulting in the deconsolidation of the subsidiary. Corporate Office. Corporate office includes the expenses of the Company’s corporate office, defined benefit pension expense, and certain continuing obligations related to prior business dispositions. Geographical Information. The Company’s non-U.S. revenues in 2023, 2022 and 2021 totaled approximately $930 million , $776 million and $709 million, respectively, primarily from Kaplan’s operations outside the U.S. Additionally, revenues in 2023, 2022 and 2021 totaled approximately $543 million , $448 million, and $404 million, respectively, from Kaplan’s operations in the U.K. The Company’s long-lived assets in non-U.S. countries (excluding goodwill and other intangible assets), totaled approximately $492 million and $477 million at December 31, 2023 and 2022, respectively. Company information broken down by operating segment and education division: Year Ended December 31 (in thousands) 2023 2022 2021 Operating Revenues Education $ 1,587,581 $ 1,427,915 $ 1,361,245 Television broadcasting 472,436 535,651 494,177 Manufacturing 447,910 486,643 458,125 Healthcare 459,481 326,000 223,030 Automotive 1,079,893 734,185 327,069 Other businesses 369,653 416,084 324,353 Corporate office 1,580 — — Intersegment elimination (3,657) (1,985) (2,025) $ 4,414,877 $ 3,924,493 $ 3,185,974 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 119,024 $ 99,103 $ 69,892 Television broadcasting 139,388 207,319 154,862 Manufacturing 47,010 54,079 36,926 Healthcare 27,520 19,041 29,912 Automotive 39,271 34,633 11,771 Other businesses (98,115) (86,270) (76,153) Corporate office (55,600) (56,166) (59,025) $ 218,498 $ 271,739 $ 168,185 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 14,553 $ 16,170 $ 19,319 Television broadcasting 5,450 5,440 5,440 Manufacturing 63,803 20,372 52,974 Healthcare 3,675 3,776 3,106 Automotive 13 — — Other businesses 61,611 142,083 9,971 Corporate office — — — $ 149,105 $ 187,841 $ 90,810 Income (Loss) from Operations Education $ 104,471 $ 82,933 $ 50,573 Television broadcasting 133,938 201,879 149,422 Manufacturing (16,793) 33,707 (16,048) Healthcare 23,845 15,265 26,806 Automotive 39,258 34,633 11,771 Other businesses (159,726) (228,353) (86,124) Corporate office (55,600) (56,166) (59,025) $ 69,393 $ 83,898 $ 77,375 Equity in (Losses) Earnings of Affiliates, Net (5,183) (2,837) 17,914 Interest Expense, Net (56,179) (51,177) (30,534) Non-Operating Pension and Postretirement Benefit Income, Net 133,812 197,939 109,230 Gain (Loss) on Marketable Equity Securities, net 138,067 (139,589) 243,088 Other Income, Net 19,094 33,500 32,554 Income Before Income Taxes $ 299,004 $ 121,734 $ 449,627 Year Ended December 31 (in thousands) 2023 2022 2021 Depreciation of Property, Plant and Equipment Education $ 38,187 $ 34,114 $ 32,113 Television broadcasting 12,224 12,294 14,018 Manufacturing 9,453 9,399 9,808 Healthcare 5,475 3,781 1,313 Automotive 5,177 3,709 2,156 Other businesses 14,941 9,392 11,376 Corporate office 607 608 631 $ 86,064 $ 73,297 $ 71,415 Pension Service Cost Education $ 8,907 $ 8,934 $ 9,357 Television broadcasting 3,331 3,554 3,575 Manufacturing 1,115 1,104 1,282 Healthcare 14,083 11,008 561 Automotive 35 22 — Other businesses 2,508 2,073 1,755 Corporate office 3,808 5,872 6,461 $ 33,787 $ 32,567 $ 22,991 Capital Expenditures Education $ 36,760 $ 46,878 $ 100,780 Television broadcasting 9,220 5,832 6,803 Manufacturing 23,089 7,968 7,190 Healthcare 12,992 2,745 3,671 Automotive 10,140 3,606 31,124 Other businesses 15,053 15,352 13,176 Corporate office 32 21 25 $ 107,286 $ 82,402 $ 162,769 Asset information for the Company’s business segments is as follows: As of December 31 (in thousands) 2023 2022 Identifiable Assets Education $ 2,021,471 $ 1,958,204 Television broadcasting 419,557 431,084 Manufacturing 431,712 486,487 Healthcare 265,150 249,845 Automotive 597,267 427,221 Other businesses 368,542 475,583 Corporate office 93,760 70,567 $ 4,197,459 $ 4,098,991 Investments in Marketable Equity Securities 690,153 609,921 Investments in Affiliates 186,480 186,419 Prepaid Pension Cost 2,113,638 1,658,046 Total Assets $ 7,187,730 $ 6,553,377 The Company’s education division comprises the following operating segments: Year Ended December 31 (in thousands) 2023 2022 2021 Operating Revenues Kaplan international $ 966,879 $ 816,239 $ 726,875 Higher education 326,961 310,407 322,240 Supplemental education 292,776 301,625 309,069 Kaplan corporate and other 11,012 9,853 9,612 Intersegment elimination (10,047) (10,209) (6,551) $ 1,587,581 $ 1,427,915 $ 1,361,245 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 87,530 $ 72,066 $ 33,457 Higher education 38,942 24,819 24,941 Supplemental education 22,472 21,069 36,919 Kaplan corporate and other (29,891) (18,806) (25,522) Intersegment elimination (29) (45) 97 $ 119,024 $ 99,103 $ 69,892 Amortization of Intangible Assets $ 14,076 $ 16,170 $ 16,001 Impairment of Long-Lived Assets $ 477 $ — $ 3,318 Income (Loss) from Operations Kaplan international $ 87,530 $ 72,066 $ 33,457 Higher education 38,942 24,819 24,941 Supplemental education 22,472 21,069 36,919 Kaplan corporate and other (44,444) (34,976) (44,841) Intersegment elimination (29) (45) 97 $ 104,471 $ 82,933 $ 50,573 Depreciation of Property, Plant and Equipment Kaplan international $ 28,501 $ 23,270 $ 21,472 Higher education 4,416 4,373 3,852 Supplemental education 5,165 6,344 6,544 Kaplan corporate and other 105 127 245 $ 38,187 $ 34,114 $ 32,113 Pension Service Cost Kaplan international $ 325 $ 270 $ 291 Higher education 3,737 3,842 4,440 Supplemental education 4,147 4,114 3,814 Kaplan corporate and other 698 708 812 $ 8,907 $ 8,934 $ 9,357 Capital Expenditures Kaplan international $ 31,111 $ 39,206 $ 92,532 Higher education 2,394 1,398 3,629 Supplemental education 3,209 4,749 4,297 Kaplan corporate and other 46 1,525 322 $ 36,760 $ 46,878 $ 100,780 Asset information for the Company’s education division is as follows: As of December 31 (in thousands) 2023 2022 Identifiable Assets Kaplan international $ 1,537,989 $ 1,454,445 Higher education 187,972 187,034 Supplemental education 249,519 265,049 Kaplan corporate and other 45,991 51,676 $ 2,021,471 $ 1,958,204 |
Summary of Quarterly Operating
Summary of Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Operating Results (Unaudited) | SUMMARY OF QUARTERLY OPERATING RESULTS (UNAUDITED) Quarterly results of operations for the year ended December 31, 2023, are as follows: (in thousands, except per share amounts) First Second Third Fourth Operating Revenues $ 1,031,546 $ 1,104,999 $ 1,111,519 $ 1,166,813 Cost of Services and Goods Sold (exclusive of item shown below) 727,214 767,854 781,587 826,279 Other Operating Expenses 276,676 279,090 387,044 299,740 Income (Loss) from Operations 27,656 58,055 (57,112) 40,794 Net Income (Loss) 52,977 124,171 (21,134) 55,690 Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders $ 52,272 $ 122,788 $ (23,031) $ 53,259 Basic net income (loss) per common share $ 10.91 $ 25.96 $ (5.02) $ 11.76 Diluted net income (loss) per common share $ 10.88 $ 25.89 $ (5.02) $ 11.72 Quarterly results of operations for the year ended December 31, 2022, are as follows: (in thousands, except per share amounts) First Second Third Fourth Operating Revenues $ 914,721 $ 933,302 $ 1,012,438 $ 1,064,032 Cost of Services and Goods Sold (exclusive of item shown below) 615,501 631,828 694,757 715,632 Other Operating Expenses 259,249 262,146 258,149 403,333 Income (Loss) from Operations 39,971 39,328 59,532 (54,933) Net Income (Loss) 96,566 (66,615) 33,840 6,643 Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders $ 95,624 $ (67,485) $ 32,780 $ 6,160 Basic net income (loss) per common share $ 19.50 $ (13.95) $ 6.78 $ 1.28 Diluted net income (loss) per common share $ 19.45 $ (13.95) $ 6.76 $ 1.28 The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding. As disclosed in Note 2, in the fourth quarter of 2023, the Company identified misstatements in our previously issued Condensed Consolidated Balance Sheets which had a related impact to the changes in assets and liabilities within operating cash flows. The Company determined that these adjustments were not material to the previously issued financial statements, but have provided the impact on our previously issued Condensed Consolidated Statements of Cash Flows for each of the year-to-date interim periods in 2023 as shown below. These amounts will be revised in the respective 2024 10-Q filings. Three Months Ended March 31, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 54,245 $ (7,001) $ 47,244 Deferred Revenue (2,387) 7,001 4,614 Net Cash Provided by Operating Activities $ 22,811 $ — $ 22,811 Six Months Ended June 30, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 93,496 $ (10,270) $ 83,226 Deferred Revenue (58,505) 10,270 (48,235) Net Cash Provided by Operating Activities $ 62,239 $ — $ 62,239 Nine Months Ended September 30, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 15,629 $ (3,248) $ 12,381 Deferred Revenue 44,822 3,248 48,070 Net Cash Provided by Operating Activities $ 202,526 $ — $ 202,526 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net (loss) income attributable to the entity | $ 53,259 | $ (23,031) | $ 122,788 | $ 52,272 | $ 6,160 | $ 32,780 | $ (67,485) | $ 95,624 | $ 205,288 | $ 67,079 | $ 352,075 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. |
Business Combinations | Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less. |
Restricted Cash | Restricted Cash. |
Concentration of Credit Risk | Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to receivables from contracts with customers. |
Allowance for Credit Losses | Allowance for Credit Losses. Accounts receivable have been reduced by an allowance that reflects the current expected credit losses associated with the receivables. The current expected credit losses are estimated based on historical write-offs, current macroeconomic conditions and reasonable and supportable forecasts of future economic conditions. Reserves are also established against specific receivables based on aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency. |
Investments in Equity Securities | Investments in Equity Securities. The Company measures its investments in equity securities at fair value with changes in fair value recognized in earnings. The Company elected the measurement alternative to measure cost method investments that do not have readily determinable fair value at cost less impairment, adjusted by observable price changes with any fair value changes recognized in earnings. If the fair value of a cost method investment declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold. |
Fair Value Measurements | Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; lease right-of-use assets; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of interest rate hedges is determined based on a number of observable inputs, including time to maturity and market interest rates. |
Inventories and Contracts in Progress | Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or net realizable values and are based on the first-in, first-out (FIFO) method. Inventory costs include direct material, direct and indirect labor, and applicable manufacturing overhead. The Company allocates manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on hand relative to historical usage, estimated future usage and technological developments. Vehicle inventory is based on the specific identification method. The cost of new and used vehicle inventories includes the cost of any equipment added, reconditioning and transportation. In certain instances, vehicle manufacturers provide incentives which are reflected as a reduction in the carrying value of each vehicle purchased. |
Property, Plant and Equipment | Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases. |
Evaluation of Long-Lived Assets | Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered not to be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from trade names and trademarks, franchise agreements and Federal Communications Commission (FCC) licenses. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 15 years. Costs associated with renewing or extending intangible assets are insignificant and expensed as incurred. The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially assesses qualitative factors to determine if it is necessary to perform the goodwill or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill and indefinite-lived assets for impairment using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company uses a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model, to determine the estimated fair value of its reporting units and indefinite-lived intangible assets. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine the estimated fair value of each reporting unit and indefinite-lived intangible asset. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges. |
Investments in Affiliates | Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of an investee between 20% and 50%. The Company also uses the equity method of accounting for its investments in a partnership or limited liability company with specific ownership accounts, if the Company has an ownership interest of 3% or more. The Company considers whether the fair values of any of its equity method investments have declined below their carrying values whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value. The Company records its share of the earnings or losses of its affiliates from their most recent available financial statements. In some instances, the reporting period of the affiliates’ financial statements lag the Company’s reporting period, but such lag is never more than three months. |
Revenue Recognition | Revenue Recognition. The Company identifies a contract for revenue recognition when there is approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. The Company evaluates each contract to determine the number of distinct performance obligations in the contract, which requires the use of judgment. Education Revenue . Education revenue is primarily derived from postsecondary education and supplementary education services provided both domestically and abroad. Generally, tuition and other fees are paid upfront and recorded in deferred revenue in advance of the date when education services are provided to the student. In some instances, installment billing is available to students, which reduces the amount of cash consideration received in advance of performing the service. The contractual terms and conditions associated with installment billing indicate that the student is liable for the total contract price; therefore, mitigating the Company’s exposure to losses associated with nonpayment. The Company determined the installment billing does not represent a significant financing component. Kaplan International . Kaplan International provides higher education, professional education, and test preparation services and materials to students primarily in the U.K., Singapore, and Australia. Some Kaplan International contracts consist of one performance obligation that is a combination of indistinct promises to the student, while other Kaplan International contracts include multiple performance obligations as the promises in the contract are capable of being both distinct and distinct within the context of the contract. One Kaplan International business offers an option whereby students receive future services at a discount that is accounted for as a material right. The transaction price is stated in the contract and known at the time of contract inception; therefore, no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. Kaplan International generally determines standalone selling prices based on prices charged to students. Revenue is recognized ratably over the instruction period or access period for higher education, professional education and test preparation services. Kaplan International generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and delivery of these services. Course materials determined to be a separate performance obligation are recognized at the point in time when control transfers to the student, generally when the products are delivered to the student. One Kaplan International business has a contract with a customer consisting of two performance obligations which consisted entirely of variable consideration at contract inception. The Company allocates revenue to each performance obligation based on the expected cost plus a margin. The margin was determined by a market assessment performed at contract inception. Revenue is recognized over time, using an input method, as the customer simultaneously benefits from the services as delivery occurs. The Company records a contract asset associated with this Kaplan International contract as the right to revenue is dependent on something other than the passage of time. Kaplan Higher Education (KHE) . KHE primarily provides non-academic operations support services to Purdue University Global (Purdue Global) pursuant to a Transition and Operations Support Agreement (TOSA). This contract has a 30-year term and consists of one performance obligation, which represents a series of daily promises to provide support services to Purdue Global. The transaction price is entirely made up of variable consideration related to the reimbursement of KHE support costs and the KHE fee. The TOSA outlines a payment structure, which dictates how cash will be distributed at the end of Purdue Global’s fiscal year, which is the 30th of June. The collectability of the KHE support costs and KHE fee is entirely dependent on the availability of cash at the end of the fiscal year. This variable consideration is constrained based on fiscal year forecasts prepared for Purdue Global. The forecasts are updated throughout the fiscal year until the uncertainty is ultimately resolved, which is at the end of each Purdue Global fiscal year. As KHE’s performance obligation is made up of a series, the variable consideration is allocated to the distinct service period to which it relates, which is the Purdue Global fiscal year. Support services revenue is recognized over time based on the expenses incurred to date and the percentage of expected reimbursement. KHE fee revenue is also recognized over time based on the amount of Purdue Global revenue recognized to date and the percentage of fee expected to be collected for the fiscal year. The Company used these input measures as Purdue Global simultaneously receives and consumes the benefits of the services provided by KHE. Kaplan Supplemental Education . Supplemental Education offers test preparation services and materials to students, as well as professional training and exam preparation for professional certifications and licensures to students. Generally, Supplemental Education contracts consist of multiple performance obligations as promises for these services are distinct within the context of the contract. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Supplemental Education generally determines standalone selling prices based on the prices charged to students and professionals. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation in the contract. Supplemental Education services revenue is recognized ratably over the period of access to the education materials. An estimate of the average access period is developed for each course, and this estimate is evaluated on an ongoing basis and adjusted as necessary. The time elapsed method, an input measure, is used as it best depicts the simultaneous consumption and availability of access to the services. Revenue associated with distinct course materials is recognized at the point in time when control transfers to the student, generally when products are delivered to the student. Supplemental Education offers a guarantee on certain courses that gives students the ability to repeat a course if they are not satisfied with their exam score. The Company accounts for this guarantee as a separate performance obligation. Television Broadcasting Revenue . Television broadcasting revenue at Graham Media Group (GMG) is primarily comprised of television and internet advertising revenue and retransmission revenue. Television Advertising Revenue . GMG accounts for the series of advertisements included in television advertising contracts as one performance obligation and recognizes advertising revenue over time. The Company elected the right to invoice practical expedient, an output method, as GMG has the right to consideration that equals the value provided to the customer for advertisements delivered to date. As a result of the election to use the right to invoice practical expedient, GMG does not determine the transaction price or allocate any variable consideration at contract inception. Rather, GMG recognizes revenue commensurate with the amount to which it has the right to invoice the customer. Payment is typically received in arrears within 60 days of revenue recognition. Retransmission Revenue . Retransmission revenue represents compensation paid by cable, satellite and other multichannel video programming distributors (MVPDs) to retransmit GMG’s stations’ broadcasts in their designated market areas. The retransmission rights granted to MVPDs are accounted for as a license of functional intellectual property as the retransmitted broadcast provides significant standalone functionality. As such, each retransmission contract with an MVPD includes one performance obligation for each station’s retransmission license. GMG recognizes revenue using the usage-based royalty method, in which revenue is recognized in the month the broadcast is retransmitted based on the number of MVPD subscribers and the applicable per-user rate identified in the retransmission contract. Payment is typically received in arrears within 60 days of revenue recognition. Manufacturing Revenue . Manufacturing revenue consists primarily of product sales generated by four businesses: Hoover, Dekko, Joyce, and Forney. The Company has determined that each item ordered by the customer is a distinct performance obligation as it has standalone value and is distinct within the context of the contract. For arrangements with multiple performance obligations, the Company initially allocates the transaction price to each obligation based on its standalone selling price, which is the retail price charged to customers. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. The Company sells some products and services with a right of return. This right of return constitutes variable consideration and is constrained from revenue recognition on a portfolio basis, using the expected value method until the refund period expires. The Company recognizes revenue when or as control transfers to the customer. Some manufacturing revenue is recognized ratably over the manufacturing period, if the product created for the customer does not have an alternative use for the Company and the Company has an enforceable right to payment for performance completed to date. The determination of the method by which the Company measures its progress toward the satisfaction of its performance obligations requires judgment. The Company measures its progress for these products using the units delivered method, an output measure. These arrangements represented 19%, 21%, and 21% of the manufacturing revenue recognized for the years ended December 31, 2023, 2022 and 2021, respectively. Other manufacturing revenue is recognized at the point in time when control transfers to the customer, generally when the products are shipped. Some customers have a bill-and-hold arrangement with the Company. Revenue for bill and hold arrangements is recognized when control transfers to the customer, even though the customer does not have physical possession of the goods. Control transfers when the bill-and-hold arrangement has been requested from the customer, the product is identified as belonging to the customer and is ready for physical transfer, and the product cannot be directed for use by anyone but the customer. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 90 days of delivery. The Company evaluated the terms of the warranties and guarantees offered by its manufacturing businesses and determined that these should not be accounted for as a separate performance obligation as a distinct service is not identified. Healthcare Revenue . The Company contracts with patients to provide home health or hospice services. Payment is typically received from third-party payors such as Medicare, Medicaid, and private insurers. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the patient as the party who benefits from its healthcare services and as such, the patient is its customer. Home health services contracts generally have one performance obligation to provide home health services to patients. The Company recognizes revenue using the right to invoice practical expedient, an output method, as the contractual right to revenue corresponds directly with the transfer of services to the patient. Given the election of the practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the average length of stay within each of the two 30-day payment periods. Payment is typically received from Medicare within 30 days after a claim is filed. Medicare is the most common third-party payor for home health services. Home health revenue contracts may be modified to account for changes in the patient’s plan of care. The Company identifies contract modifications when the modification changes the existing enforceable rights and obligations. As modifications to the plan of care modify the original performance obligation, the Company accounts for the contract modification as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Hospice services contracts generally have one performance obligation to provide healthcare services to patients. The transaction price reflects the amount of revenue the Company expects to receive in exchange for providing these services. As the transaction price for healthcare services is known at the time of contract inception, no variable consideration exists. Hospice service revenue is recognized ratably over the period of care. The Company generally uses the time-elapsed method, an input measure as it best depicts the simultaneous delivery and consumption of healthcare services. Payment is received from third-party payors for hospice services within 60 days after a claim is filed, or in some cases in two installments, one during the contract and one after the services have been provided. Medicare is the most common third-party payor. Other Revenue . The Company recognizes revenue associated with management services it provides to its affiliates. The Company accounts for the management services provided as one performance obligation and recognizes revenue over time as the services are delivered. The Company uses the right to invoice practical expedient, an output method, as the Company’s right to revenue corresponds directly with the value delivered to the affiliate. As a result of the election to use the right to invoice practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the affiliate, which is based on contractually identified percentages. Payment is received monthly in arrears. Automotive Revenue. The automotive subsidiary generates revenue primarily through the sale of new and used vehicles, the arrangement of vehicle financing, insurance and other service contracts (F&I revenue) and the performance of vehicle repair and maintenance services. New and used vehicle revenue contracts generally contain one performance obligation to deliver the vehicle to the customer in exchange for the stated contract consideration. Revenue is recognized at the point in time when control of the vehicle passes to the customer. F&I revenue is recognized at the point in time when the agreement between the customer and financing, insurance or service provider is executed. As the automotive subsidiary acts as an agent in these F&I revenue transactions, revenue is recognized net of any financing, insurance and service provider costs. Repair and maintenance services revenue is recognized over time, as the service is performed. Other Revenue . Restaurant Revenue. Restaurant revenues consist of sales generated by Clyde’s Restaurant Group (CRG). Food and beverage revenue, net of discounts and taxes, is recognized at the point in time when it is delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Custom Framing Services Revenue. Framebridge sells custom framing solutions to customers. Custom framing services revenue, net of discounts and taxes, is recognized when the products are delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Code3 Revenue . Code3 generates media management revenue in exchange for providing social media marketing solutions to its clients. The Company determined that Code3 contracts generally have one performance obligation made up of a series of promises to manage the client’s media spend on advertising platforms for the duration of the contract period. Code3 recognizes revenue, net of media acquisition costs, over time as media management services are delivered to the customer. Generally, Code3 recognizes revenue using the right to invoice practical expedient, an output method, as Code3’s right to revenue corresponds directly with the value delivered to its customer. As a result of the election to use the right to invoice practical expedient, Code3 does not determine the transaction price or allocate any variable consideration at contract inception. Rather, Code3 recognizes revenue commensurate with the amount to which it has the right to invoice the customer which is a function of the cost of social media placement plus a management fee, less any applicable discounts. Payment is typically received within 100 days of revenue recognition. Code3 evaluates whether it is the principal (i.e. presents revenue on a gross basis) or agent (i.e. presents revenue on a net basis) in its contracts. Code3 presents revenue for media management services, net of media acquisition costs, as an agent, as Code3 does not control the media before placement on social media platforms. World of Good Brands (WGB) Revenue. Revenue is primarily derived from advertisements displayed on WGB’s online media properties. Revenue is recognized over time as the performance obligation is delivered. Revenue is generally recognized based on an output measure including impressions delivered, cost per click or time-based advertisements. Society6 Revenue. Revenue is primarily derived from the sale of products. Each product ordered is generally accounted for as an individual performance obligation. Product revenue, net of discounts and taxes, is recognized when control of the promised good is transferred to the customer. Saatchi Revenue. Commissions revenue is primarily derived through the sale of artwork through Saatchi’s online art gallery or in-person art fairs. Each individual art piece ordered is generally accounted for as an individual performance obligation. Revenue is recognized net of artist fees when control of the promised good is transferred to the customer. Other Revenue. Other revenue primarily includes advertising, circulation and subscription revenue from Slate, Decile, Pinna and Foreign Policy. The Company accounts for other advertising revenues consistently with the advertising revenue streams addressed above. Circulation revenue consists of fees that provide customers access to online and print publications. The Company recognizes circulation and subscription revenue ratably over the subscription period beginning on the date that the publication or product is made available to the customer. Circulation revenue contracts are generally annual or monthly subscription contracts that are paid in advance of the delivery of performance obligations. Revenue Policy Elections . The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of the good as a fulfillment cost rather than as an additional promised service. Therefore, revenue for these performance obligations is recognized when control of the good transfers to the customer, which is when the good is ready for shipment. The Company accrues the related shipping and handling costs over the period when revenue is recognized. The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. Revenue Practical Expedients . The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the amount of revenue recognized is based on the amount to which the Company has the right to invoice the customer for services performed, (iii) contracts for which the consideration received is a usage-based royalty promised in exchange for a license of intellectual property and (iv) contracts for which variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation. Costs to Obtain a Contract . The Company incurs costs to obtain a contract that are both incremental and expected to be recovered as the costs would not have been incurred if the contract was not obtained and the revenue from the contract exceeds the associated cost. The revenue guidance provides a practical expedient to expense sales commissions as incurred in instances where the amortization period is one year or less. The amortization period is defined in the guidance as the contract term, inclusive of any expected contract renewal periods. The Company has elected to apply this practical expedient to all contracts except for contracts in its education division. In the education division, costs to obtain a contract are amortized over the applicable amortization period except for cases in which commissions paid on initial contracts and renewals are commensurate. The Company amortizes these costs to obtain a contract on a straight-line basis over the amortization period. These expenses are included as cost of services or products in the Company’s Consolidated Statements of Operations. |
Leases | Leases. The Company has operating leases for substantially all of its educational facilities, corporate offices and other facilities used in conducting its business, as well as certain equipment. The Company determines if an arrangement is a lease at inception. Operating leases are included in lease right-of-use (ROU) assets, current portion of lease liabilities, and lease liabilities on the Company’s Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets also include any initial direct costs, prepaid lease payments and lease incentives received, when applicable. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on December 31, 2018 for operating leases that commenced prior to that date. The Company’s lease terms may include options to extend or terminate the lease by one Finance leases are included in property, plant and equipment, net, accounts payable and accrued liabilities and other liabilities on the Company’s Consolidated Balance Sheets. The Company primarily has finance leases for its vehicle fleet at the healthcare subsidiary and service loaner vehicles at the automotive subsidiary. Service loaner vehicles are generally purchased from the lessor within six months of contract commencement and upon purchase, |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Most of the Company’s employees are covered by these plans. The Company also provides healthcare and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheets and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the expected return on plan assets and the rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans. |
Self-Insurance | Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee healthcare and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided. |
Income Taxes | Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made. |
Foreign Currency Translation | Foreign Currency Translation. Income and expense accounts of the Company’s non-U.S. operations where the local currency is the functional currency are translated into U.S. dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations. |
Equity-Based Compensation | Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award. Stock award forfeitures are accounted for as they occur. |
Earnings Per Share | Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. |
Mandatorily Redeemable Noncontrolling Interest | Mandatorily Redeemable Noncontrolling Interest. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders, consisting of a group of senior managers of the healthcare business, in subsidiaries of Graham Healthcare Group (GHG). The Company established GHC One LLC (GHC One) and GHC Two LLC (GHC Two) as vehicles to invest in a portfolio of healthcare businesses together with the group of senior managers of GHG. As the holder of preferred units, the Company is obligated to contribute 95% of the capital required for the acquisition of portfolio investments with the remaining 5% of the capital coming from the group of senior managers. The operating agreements of GHC One and GHC Two require the dissolution of the entities on March 31, 2026, and March 31, 2029, respectively, at which time the net assets will be distributed to its members. As a preferred unit holder, the Company will receive an amount up to its contributed capital plus a preferred annual return of 8% (guaranteed return) after the group of senior managers has received the redemption of their 5% interest in net assets (manager return). All distributions in excess of the manager and guaranteed return will be paid to common unit holders, which currently comprise the group of senior managers of GHG. The Company may convert its preferred units to common units at any time after which it will receive 80% of all distributions in excess of the manager return, with the remaining 20% of excess distributions going to the group of senior managers as holders of the other common units. The mandatorily redeemable noncontrolling interest is reported as a noncurrent liability at December 31, 2023 and 2022 in the Consolidated Balance Sheets. The Company presents this liability at fair value, which is computed quarterly at the current redemption value. Changes in the redemption value are recorded as interest expense or income in the Company’s Consolidated Statement of Operations. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest. The Company’s redeemable noncontrolling interest represents the noncontrolling interest in CSI Pharmacy Holding Company, LLC (CSI), which is 86.7% owned, Framebridge, which is 93.4% owned, Weiss, which is 50.1% owned and Skin Clique, which is 51% owned. CSI’s minority shareholders may put up to 50% of their shares to the Company. The first put period began in 2022. A second put period for another tranche of shares begins in 2024. In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. Prior to the redemption, the Company owned 76.5% of CSI. In November 2022, a CSI minority shareholder put some shares to the Company, which had a redemption value of $1.2 million. Prior to the redemption, the Company owned 75% of CSI. The minority shareholder of Framebridge has an option to put 20% of the shares to the Company annually starting in 2024. The minority shareholder of Weiss has an option to put 10% of the shares to the Company annually starting in 2026 and may put all of the shares starting in 2033. The minority shareholders of Skin Clique have the option to put all or a portion of their shares to the Company starting in 2029 and ending in 2032. In March 2021, Hoover’s minority shareholders put the remaining outstanding shares to the Company. Following the redemption, the Company owns 100% of Hoover. Prior to the redemption, the Company owned 98.01% of Hoover. The Company presents the redeemable noncontrolling interests at the greater of its carrying amount or redemption value at the end of each reporting period in the Consolidated Balance Sheets. Changes in the redemption value are recorded as capital in excess of par value in the Company’s Consolidated Balance Sheets. |
Comprehensive Income | Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, net changes in cash flow hedges, and pension and other postretirement plan adjustments. |
Recently Adopted and Issued Accounting Pronouncemets | Recently Adopted and Issued Accounting Pronouncements. In September 2022, the Financial Accounting Standards Board (FASB) 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 made 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 Consolidated Financial Statements. In November 2023, the FASB issued new guidance that requires enhanced disclosures related to reportable segments that includes, among other disclosures, identifying significant segment expenses on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance must be applied retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Consolidated Financial Statements. In December 2023, the FASB issued new guidance that requires enhanced income tax disclosures related to the rate reconciliation, information on income taxes paid and other items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard permits both prospective and retrospective application. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Consolidated Financial Statements. Other new accounting pronouncements issued but not effective until after December 31, 2023, are not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | See Note 20 for the impact on the Company’s previously issued Condensed Consolidated Statements of Cash Flows for each of the year-to-date interim periods in 2023. As of December 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Assets Accounts receivable, net $ 560,779 $ (28,838) $ 531,941 Total Current Assets 1,708,094 (28,838) 1,679,256 Total Assets $ 6,582,215 $ (28,838) $ 6,553,377 Liabilities and Equity Accounts payable, vehicle floor plan payable and accrued liabilities $ 563,005 $ 11,282 $ 574,287 Deferred Revenue 381,416 (40,120) 341,296 Total Current Liabilities 1,174,007 (28,838) 1,145,169 Total Liabilities 2,807,727 (28,838) 2,778,889 Total Liabilities and Equity $ 6,582,215 $ (28,838) $ 6,553,377 Year Ended December 31, 2022 Year Ended December 31, 2021 (In thousands) As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 41,635 $ 3,883 $ 45,518 $ (59,292) $ 11,862 $ (47,430) Accounts payable and accrued liabilities (44,870) 11,282 (33,588) 32,397 — 32,397 Deferred Revenue 33,384 (15,165) 18,219 19,086 (11,862) 7,224 Net Cash Provided by Operating Activities $ 235,604 $ — $ 235,604 $ 202,426 $ — $ 202,426 Three Months Ended March 31, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 54,245 $ (7,001) $ 47,244 Deferred Revenue (2,387) 7,001 4,614 Net Cash Provided by Operating Activities $ 22,811 $ — $ 22,811 Six Months Ended June 30, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 93,496 $ (10,270) $ 83,226 Deferred Revenue (58,505) 10,270 (48,235) Net Cash Provided by Operating Activities $ 62,239 $ — $ 62,239 Nine Months Ended September 30, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 15,629 $ (3,248) $ 12,381 Deferred Revenue 44,822 3,248 48,070 Net Cash Provided by Operating Activities $ 202,526 $ — $ 202,526 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions And Dispositions [Abstract] | |
Schedule of assets acquired and liabilities assumed | The aggregate purchase price of these acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Year Ended December 31 (in thousands) 2023 2022 2021 Accounts receivable $ 68 $ 3,172 $ 17,878 Inventory 5,224 21,278 25,383 Property, plant and equipment 29,859 36,255 13,126 Lease right-of-use assets — 4,773 25,890 Goodwill 45,968 53,946 204,151 Indefinite-lived intangible assets 6,300 41,800 22,200 Amortized intangible assets 235 1,200 99,800 Other assets 4 404 4,911 Deferred income taxes — 2,535 44,975 Floor plan payables (2,215) (10,908) (16,636) Other liabilities (935) (3,798) (52,567) Current and noncurrent lease liabilities (1,184) (5,865) (25,593) Redeemable noncontrolling interest — (2,164) (6,616) Noncontrolling interest — (512) — Aggregate purchase price, net of cash acquired $ 83,324 $ 142,116 $ 356,902 |
Acquisition Pro Forma Financial Information | The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2022. The unaudited pro forma information also includes the 2022 acquisitions as if they occurred at the beginning of 2021 and the 2021 acquisitions as if they had occurred at the beginning of 2020: Year Ended December 31 (in thousands) 2023 2022 2021 Operating revenues $ 4,529,817 $ 4,252,847 $ 3,827,486 Net income 218,394 87,571 376,478 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments in marketable equity securities | Investments in marketable equity securities consist of the following: As of December 31 (in thousands) 2023 2022 Total cost $ 225,971 $ 270,764 Gross unrealized gains 464,182 363,147 Gross unrealized losses — (23,990) Total Fair Value $ 690,153 $ 609,921 |
Gain (loss) on marketable equity securities | The net gain (loss) on marketable equity securities comprised the following: Year Ended December 31 (in thousands) 2023 2022 2021 Gain (loss) on marketable equity securities, net $ 138,067 $ (139,589) $ 243,088 Less: Net (gains) losses in earnings from marketable equity securities sold and donated (5,475) 27,786 (17,830) Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the year $ 132,592 $ (111,803) $ 225,258 |
Summarized Financial Data of Nonconsolidated Affiliates | The summarized balance sheet data of the private equity fund investments consists of the following: As of December 31 (in thousands) 2023 2022 Investments in securities, at estimated fair value $ 1,528,908 $ 1,974,189 Other current assets 28,505 19,072 Total assets $ 1,557,413 $ 1,993,261 Total liabilities $ 6,963 $ 3,945 Total partners’ capital 1,550,450 1,989,316 Total liabilities and partners’ capital $ 1,557,413 $ 1,993,261 The summarized operating data of the private equity fund investments was as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Net investment loss $ (13,820) $ (14,129) $ (13,324) Net realized gain on investments 194,324 162,644 190,368 Net change in unrealized (depreciation) appreciation on investments (449,553) (66,333) 1,043,627 (Decrease) increase in net assets from operations $ (269,049) $ 82,182 $ 1,220,671 The summarized balance sheet data of the operating entity investments consists of the following: As of December 31 (in thousands) 2023 2022 Current assets $ 166,783 $ 174,027 Noncurrent assets 520,439 542,625 Total assets $ 687,222 $ 716,652 Current liabilities $ 126,396 $ 126,365 Noncurrent liabilities 374,127 386,425 Total liabilities $ 500,523 $ 512,790 Noncontrolling interests $ (33,162) $ (26,593) The summarized operating data of the operating entity investments was as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Net sales $ 458,541 $ 459,949 $ 358,928 Gross profit 183,207 196,481 146,312 Net (loss) income (37,169) 3,206 135,241 Net (loss) income attributable to the entity (30,694) 5,124 102,829 |
Accounts Receivable, Accounts_2
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable consist of the following: As of December 31 (in thousands) 2023 2022 Receivables from contracts with customers, less estimated credit losses of $24,667 and $21,387 $ 496,172 $ 504,784 Other receivables 28,915 27,157 $ 525,087 $ 531,941 |
Schedule of Changes in Estimated Credit Losses | The changes in estimated credit losses were as follows: (in thousands) Balance at Additions – Deductions Balance at 2023 $ 21,387 $ 6,045 $ (2,765) $ 24,667 2022 21,836 2,958 (3,407) 21,387 2021 21,494 6,824 (6,482) 21,836 |
Schedule of Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities | Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following: As of December 31 (in thousands) 2023 2022 Accounts payable $ 154,484 $ 136,186 Vehicle floor plan payable 148,300 69,756 Accrued compensation and related benefits 154,580 149,823 Other accrued liabilities 237,157 218,522 $ 694,521 $ 574,287 |
Supplier Finance Program Reconciliation | Activity related to floor plan facilities associated with new vehicles (in thousands) 2023 Obligations outstanding at the beginning of the year $ 69,190 Additions 646,083 Settlements (586,344) Obligations outstanding at the end of the year $ 128,929 |
Inventories and Contracts in _2
Inventories and Contracts in Progress (Tables) | 12 Months Ended |
Dec. 31, 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 December 31 (in thousands) 2023 2022 Raw materials $ 63,884 $ 68,494 Work-in-process 15,387 15,718 Finished goods 215,283 140,548 Contracts in progress 2,657 2,051 $ 297,211 $ 226,811 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consist of the following: As of December 31 (in thousands) 2023 2022 Land $ 98,332 $ 86,892 Buildings 238,776 203,256 Machinery, equipment and fixtures 521,773 457,145 Leasehold improvements 225,004 226,967 Construction in progress 36,217 35,150 1,120,102 1,009,410 Less: accumulated depreciation (559,788) (506,410) $ 560,314 $ 503,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Operating Lease Expense | The components of operating lease expense were as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Operating lease cost $ 89,994 $ 91,613 $ 96,078 Short-term and month-to-month lease cost 44,457 30,754 17,724 Variable lease cost 23,080 21,265 20,889 Sublease income (16,035) (14,734) (16,918) Total net lease cost $ 141,496 $ 128,898 $ 117,773 |
Supplemental Cash Flow And Balance Sheet Information Related To Operating Leases | Supplemental information related to operating leases was as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Cash Flow Information: Operating cash flows from operating leases (payments) $ 94,630 $ 100,207 $ 105,164 Right-of-use assets obtained in exchange for new operating lease liabilities (noncash) 38,967 81,838 59,409 As of December 31 2023 2022 Balance Sheet Information: Lease right-of-use assets $ 409,183 $ 429,403 Current lease liabilities $ 64,247 $ 70,007 Noncurrent lease liabilities 376,677 393,626 Total lease liabilities $ 440,924 $ 463,633 Weighted average remaining lease term (years) 10.6 10.7 Weighted average discount rate 5.2 % 4.9 % |
Maturities of Operating Lease Liabilities | At December 31, 2023, maturities of operating lease liabilities were as follows: (in thousands) December 31, 2023 2024 $ 84,677 2025 70,072 2026 62,262 2027 55,687 2028 45,486 Thereafter 272,850 Total payments 591,034 Less: Imputed interest (150,110) Total $ 440,924 |
Components of Financing Lease Expense | The components of financing lease expense were as follows: Year Ended December 31 (in thousands) 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 5,687 $ 2,351 Interest on lease liabilities 989 317 Finance lease cost 6,676 2,668 Variable lease cost 133 85 Total net lease cost $ 6,809 $ 2,753 |
Supplemental Cash Flow And Balance Sheet Information Related To Financing Leases | Supplemental information related to finance leases was as follows: Year Ended December 31 (in thousands) 2023 2022 Cash Flow Information: Operating cash flows from finance leases $ 989 $ 317 Financing cash flows from finance leases (payments) 10,376 6,237 Right-of-use assets obtained in exchange for new finance lease liabilities (noncash) 20,265 9,182 As of December 31 2023 2022 Balance Sheet Information: Property, plant and equipment, net $ 22,831 $ 13,835 Current lease liabilities $ 17,357 $ 8,697 Noncurrent lease liabilities 6,571 5,362 Total lease liabilities $ 23,928 $ 14,059 Weighted average remaining lease term (years) 1.8 2.0 Weighted average discount rate 6.3 % 4.6 % |
Finance Lease, Liability, Fiscal Year Maturity | At December 31, 2023, maturities of finance lease liabilities were as follows: (in thousands) December 31, 2023 2024 $ 17,960 2025 5,194 2026 1,702 2027 22 2028 11 Total payments 24,889 Less: Imputed interest (961) Total $ 23,928 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 As of December 31, 2021 Goodwill $ 1,186,236 $ 190,815 $ 234,993 $ 118,329 $ 45,826 $ 253,399 $ 2,029,598 Accumulated impairment losses (331,151) — (34,302) — — (14,563) (380,016) 855,085 190,815 200,691 118,329 45,826 238,836 1,649,582 Measurement period adjustment 1,081 — — 249 — (2,183) (853) Acquisitions — — — 17,292 38,871 — 56,163 Impairment — — — — — (102,124) (102,124) Foreign currency exchange rate changes (41,815) — — — — — (41,815) 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 adjustment — — — (2,217) — — (2,217) Acquisitions — — — 1,385 44,583 — 45,968 Impairment — — (47,760) — — (50,239) (97,999) Foreign currency exchange rate changes 18,489 — — — — — 18,489 As of December 31, 2023 Goodwill 1,163,991 190,815 234,993 135,038 129,280 251,216 2,105,333 Accumulated impairment losses (331,151) — (82,062) — — (166,926) (580,139) $ 832,840 $ 190,815 $ 152,931 $ 135,038 $ 129,280 $ 84,290 $ 1,525,194 |
Other Intangible Assets | Other intangible assets consist of the following: As of December 31, 2023 As of December 31, 2022 (in thousands) Useful Gross Accumulated Net Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 283,098 $ 236,776 $ 46,322 $ 297,766 $ 230,429 $ 67,337 Trade names and trademarks 2–15 years 143,389 90,558 52,831 148,102 81,078 67,024 Network affiliation agreements 10 years 17,400 13,348 4,052 17,400 10,367 7,033 Databases and technology 3–6 years 36,538 35,712 826 36,216 32,219 3,997 Other 1–8 years 41,327 33,164 8,163 44,644 28,613 16,031 $ 521,752 $ 409,558 $ 112,194 $ 544,128 $ 382,706 $ 161,422 Indefinite-Lived Intangible Assets Franchise agreements $ 92,158 $ 85,858 Trade names and trademarks 84,533 81,905 FCC licenses 11,000 11,000 Other 171 171 $ 187,862 $ 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 As of December 31, 2021 Goodwill $ 621,268 $ 174,564 $ 390,404 $ 1,186,236 Accumulated impairment losses — (111,324) (219,827) (331,151) 621,268 63,240 170,577 855,085 Measurement period adjustment — — 1,081 1,081 Foreign currency exchange rate changes (41,707) — (108) (41,815) 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 18,439 — 50 18,489 As of December 31, 2023 Goodwill 598,000 174,564 391,427 1,163,991 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 598,000 $ 63,240 $ 171,600 $ 832,840 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Income Before Income Taxes, Domestic and Foreign | Income before income taxes consists of the following: Year Ended December 31 (in thousands) 2023 2022 2021 U.S. $ 219,240 $ 69,499 $ 421,420 Non-U.S. 79,764 52,235 28,207 $ 299,004 $ 121,734 $ 449,627 |
Schedule of Provision for Income Taxes on Income | The provision for income taxes consists of the following: (in thousands) Current Deferred Total Year Ended December 31, 2023 U.S. Federal $ 19,752 $ 36,640 $ 56,392 State and Local 5,886 10,044 15,930 Non-U.S. 17,897 (2,919) 14,978 $ 43,535 $ 43,765 $ 87,300 Year Ended December 31, 2022 U.S. Federal $ 37,525 $ (6,180) $ 31,345 State and Local 5,676 2,513 8,189 Non-U.S. 11,943 (177) 11,766 $ 55,144 $ (3,844) $ 51,300 Year Ended December 31, 2021 U.S. Federal $ 20,806 $ 64,356 $ 85,162 State and Local 4,354 (435) 3,919 Non-U.S. 6,094 1,125 7,219 $ 31,254 $ 65,046 $ 96,300 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 21% to the income before taxes as a result of the following: Year Ended December 31 (in thousands) 2023 2022 2021 U.S. Federal taxes at statutory rate (see above) $ 62,791 $ 25,564 $ 94,422 State and local taxes, net of U.S. Federal tax 7,477 (331) 2,238 Valuation allowances against state tax benefits, net of U.S. Federal tax 5,107 6,800 859 Valuation allowances against other non-U.S. income tax benefits (3,370) 263 4,042 Goodwill impairments 10,864 15,628 1,612 Other, net 4,431 3,376 (6,873) Provision for Income Taxes $ 87,300 $ 51,300 $ 96,300 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes consist of the following: As of December 31 (in thousands) 2023 2022 Employee benefit obligations $ 51,666 $ 53,307 Accounts receivable 4,160 3,770 State income tax loss carryforwards 64,381 61,826 State capital loss carryforwards — 36 State income tax credit carryforwards 328 421 U.S. Federal income tax loss carryforwards 58,424 64,310 U.S. Federal foreign income tax credit carryforwards 1,100 1,271 Non-U.S. income tax loss carryforwards 23,850 19,937 Non-U.S. capital loss carryforwards 3,069 3,458 Leases 57,564 59,072 Other 10,705 2,350 Deferred Tax Assets 275,247 269,758 Valuation allowances (66,298) (62,816) Deferred Tax Assets, Net 208,949 206,942 Prepaid pension cost 540,937 426,348 Unrealized gain on marketable equity securities 116,396 87,204 Goodwill and other intangible assets 69,358 81,593 Property, plant and equipment 21,612 19,703 Leases 48,230 49,473 Non-U.S. withholding tax 1,962 2,084 Deferred Tax Liabilities 798,495 666,405 Deferred Income Tax Liabilities, Net $ 589,546 $ 459,463 |
Schedule of Changes in Deferred Tax Valuation Allowance | Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows: (in thousands) Balance at Beginning of Period Tax Expense and Revaluation Deductions Balance at End of Year Ended December 31, 2023 $ 62,816 $ 9,786 $ (6,304) $ 66,298 December 31, 2022 57,603 7,460 (2,247) 62,816 December 31, 2021 47,217 13,915 (3,529) 57,603 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods: Year Ended December 31 (in thousands) 2023 2022 2021 Beginning unrecognized tax benefits $ 3,897 $ 3,004 $ 1,898 Increases related to current year tax positions 135 300 1,061 Increases related to prior year tax positions — 778 45 Decreases related to prior year tax positions (165) (185) — Decreases related to settlement with tax authorities — — — Decreases due to lapse of applicable statutes of limitations (604) — — Ending unrecognized tax benefits $ 3,263 $ 3,897 $ 3,004 |
State [Member] | |
Schedule of Income Tax Loss Carryforwards | The Company has $1,106.9 million of state income tax net operating loss carryforwards available to offset future state taxable income as of December 31, 2023. During 2021, the Company recorded $115.4 million of state income tax loss carryforwards as a result of the Leaf acquisition. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows: (in millions) 2024 $ 5.7 2025 17.5 2026 10.5 2027 17.6 2028 24.4 2029 and after 1,031.2 Total $ 1,106.9 |
U.S. Federal [Member] | |
Schedule of Income Tax Loss Carryforwards | The Company has $278.2 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions as of December 31, 2023. During 2021, the Company recorded $262.5 million of U.S. Federal income tax loss carryforwards as a result of the Leaf acquisition. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows: (in millions) 2024 $ 28.2 2025 25.2 2026 13.9 2027 6.4 2028 6.3 2029 and after 198.2 Total $ 278.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of Debt | The Company’s borrowings consist of the following: As of December 31 (in thousands) Maturities Stated Interest Rate Effective Interest Rate 2023 2022 Unsecured notes (1) 2026 5.75% 5.75% $ 398,266 $ 397,548 Revolving credit facility 2027 4.80% - 8.88% 6.23% 97,879 200,236 Term loan (2) 2027 7.17% - 7.25% 7.33% 147,476 — Real estate term loan (3) 2028 7.07% - 7.09% 7.17% 74,541 — Capital term loan (4) 2028 7.32% - 7.34% 7.41% 63,097 — Truist Bank commercial note (5) 2031 6.10% - 7.10% 6.68% — 23,522 Truist Bank commercial note 2032 6.38% - 7.38% 6.90% — 66,513 Truist Bank commercial note (6) 2032 6.13% - 7.13% 6.72% — 26,548 Other indebtedness 2024 - 2030 0.00% - 16.00% 30,574 11,993 Total Debt 811,833 726,360 Less: current portion (66,751) (155,813) Total Long-Term Debt $ 745,082 $ 570,547 ____________ (1) The carrying value is net of $1.7 million and $2.5 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively. (2) The carrying value is net of $0.6 million of unamortized debt issuance costs as of December 31, 2023 . (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2023 . (4) The carrying value is net of $0.8 million of unamortized debt issuance costs as of December 31, 2023 . (5) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022 . (6) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 5,577 $ — $ 5,577 Marketable equity securities (2) 690,153 — — 690,153 Other current investments (3) 6,875 — — 6,875 Total Financial Assets $ 697,028 $ 5,577 $ — $ 702,605 Liabilities Contingent consideration liabilities (4) $ — $ — $ 788 $ 788 Interest rate swaps (5) — 2,761 — 2,761 Foreign exchange swap (6) — 86 — 86 Mandatorily redeemable noncontrolling interest (7) — — 40,764 40,764 Total Financial Liabilities $ — $ 2,847 $ 41,552 $ 44,399 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 (8) — 2,636 — 2,636 Total Financial Assets $ 617,392 $ 15,338 $ — $ 632,730 Liabilities Contingent consideration liabilities (4) $ — $ — $ 8,423 $ 8,423 Foreign exchange swap (6) — 333 — 333 Mandatorily redeemable noncontrolling interest (7) — — 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. 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 Accounts payable, vehicle floor plan 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. (5) Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (6) Included in Accounts payable, vehicle floor plan 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. (8) Included in Deferred Charges and Other Assets. The Company utilized a market approach model using a notional amount of the interest rate swaps multiplied by the observable inputs of time to maturity and market interest rates. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides 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, 2021 $ 14,881 $ 13,661 Acquisition of business 397 — Changes in fair value (1) (6,672) 16,489 Capital contributions — 1,018 Accretion of value included in net income (1) 1,567 — Settlements or distributions (1,750) (323) As of December 31, 2022 8,423 30,845 Acquisition of business 220 — Changes in fair value (1) (7,423) 10,122 Capital contributions — 411 Accretion of value included in net income (1) 830 — Settlements or distributions (1,262) (614) As of December 31, 2023 $ 788 $ 40,764 ____________ (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 Consolidated Statements of Operations. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Liability | The following table presents the change in the Company’s deferred revenue balance during the year ended December 31, 2023: As of December 31 (in thousands) 2023 2022 % Change Deferred revenue $ 400,347 $ 345,387 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 Year Other Balance 2023 $ 31,647 $ 98,527 $ (90,839) $ 2,299 $ 41,634 2022 26,081 72,606 (66,064) (976) 31,647 2021 24,363 61,214 (59,116) (380) 26,081 |
Capital Stock, Stock Awards and
Capital Stock, Stock Awards and Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Stock, Stock Awards, and Stock Options [Abstract] | |
Activity Related to Stock Awards | Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2023 was as follows: Number of Shares Average Grant-Date Fair Value Beginning of year, unvested 27,218 $ 579.84 Awarded 14,630 609.02 Vested (11,120) 639.31 Forfeited (1,079) 602.40 End of Year, unvested 29,649 571.11 |
Activity Related to Stock Options | Activity related to options outstanding for the year ended December 31, 2023 was as follows: Number of Shares Average Option Price Beginning of year 178,105 $ 619.44 Granted — — Exercised (3,060) 426.86 Expired or forfeited — — End of Year 175,045 622.80 |
Information related to Stock Options Outstanding and Exercisable | Information related to stock options outstanding and exercisable at December 31, 2023, is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Shares Outstanding at 12/31/2023 Weighted Weighted Shares Exercisable at 12/31/2023 Weighted Weighted $427 71,045 6.7 426.86 32,415 6.7 426.86 719 77,258 0.8 719.15 77,258 0.8 719.15 805–872 26,742 2.0 865.02 26,742 2.0 865.02 175,045 3.4 622.80 136,415 2.5 678.29 |
Summary of Earnings Per Share, Basic and Diluted | The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method: Year Ended December 31 (in thousands, except per share amounts) 2023 2022 2021 Numerator: Numerator for basic earnings per share: Net income attributable to Graham Holdings Company common stockholders $ 205,288 $ 67,079 $ 352,075 Less: Dividends paid–common stock outstanding and unvested restricted shares (30,953) (30,712) (30,136) Undistributed earnings 174,335 36,367 321,939 Percent allocated to common stockholders 99.34 % 99.43 % 99.36 % 173,182 36,160 319,867 Add: Dividends paid–common stock outstanding 30,756 30,540 29,946 Numerator for basic earnings per share 203,938 66,700 349,813 Add: Additional undistributed earnings due to dilutive stock options 4 — 5 Numerator for diluted earnings per share $ 203,942 $ 66,700 $ 349,818 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 4,639 4,823 4,951 Add: Effect of dilutive stock options 15 13 14 Denominator for diluted earnings per share 4,654 4,836 4,965 Graham Holdings Company Common Stockholders: Basic earnings per share $ 43.96 $ 13.83 $ 70.65 Diluted earnings per share $ 43.82 $ 13.79 $ 70.45 ____________ Earnings per share amounts may not recalculate due to rounding. |
Antidilutive Weighted Average Restricted Stock and Options | Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Year Ended December 31 (in thousands) 2023 2022 2021 Weighted average restricted stock 12 18 13 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows: Pension Plans SERP As of December 31 As of December 31 (in thousands) 2023 2022 2023 2022 Noncurrent asset $ 2,113,638 $ 1,658,046 $ — $ — Current liability — — (6,652) (6,570) Noncurrent liability — — (83,224) (83,448) Recognized Asset (Liability) $ 2,113,638 $ 1,658,046 $ (89,876) $ (90,018) |
Schedule of Estimated Benefit Payments | At December 31, 2023, future estimated benefit payments, excluding charges for early retirement programs, are as follows: (in thousands) Pension Plans SERP 2024 $ 60,736 $ 6,819 2025 62,656 7,135 2026 63,912 7,345 2027 63,905 7,392 2028 63,496 7,392 2029–2033 305,155 35,751 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans: Pension Plans SERP As of December 31 As of December 31 (in thousands) 2023 2022 2023 2022 Unrecognized actuarial gain $ (865,994) $ (524,709) $ (1,602) $ (2,511) Unrecognized prior service (credit) cost (11,233) 1,676 — — Gross Amount (877,227) (523,033) (1,602) (2,511) Deferred tax liability (asset) 236,107 145,430 (2) 230 Net Amount $ (641,120) $ (377,603) $ (1,604) $ (2,281) |
Defined Benefit Plans [Member] | Benefit Obligation [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | Key assumptions utilized for determining the benefit obligation are as follows: Pension Plans SERP As of December 31 As of December 31 2023 2022 2023 2022 Discount rate 5.2% 5.5% 5.1% 5.5% Rate of compensation increase – age graded 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% Cash balance interest crediting rate 4.28% with phase in to 5.20% in 2025 4.28% with phase in to 5.50% in 2025 — — |
Defined Benefit Plans [Member] | Periodic Cost [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost: Pension Plans SERP Year Ended December 31 Year Ended December 31 2023 2022 2021 2023 2022 2021 Discount rate 5.5% 2.9% 2.5% 5.5% 2.9% 2.5% Expected return on plan assets 6.25% 6.25% 6.25% — — — Rate of compensation increase – age graded 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% 5.0%–1.0% Cash balance interest crediting rate 4.28% with phase in to 5.50% in 2025 1.41% with phase in to 2.90% in 2024 1.41% with phase in to 2.50% in 2023 — — — |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Obligation, Asset and Funding Information | The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans: Pension Plans As of December 31 (in thousands) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 870,298 $ 1,088,309 Service cost 33,787 32,567 Interest cost 46,211 30,504 Amendments (11,263) — Actuarial loss (gain) 25,585 (219,466) Benefits paid (82,455) (65,240) Special termination benefits 9,886 3,624 Benefit Obligation at End of Year $ 892,049 $ 870,298 Change in Plan Assets Fair value of assets at beginning of year $ 2,528,344 $ 3,394,823 Actual return on plan assets 559,798 (801,239) Benefits paid (82,455) (65,240) Fair Value of Assets at End of Year $ 3,005,687 $ 2,528,344 Funded Status $ 2,113,638 $ 1,658,046 |
Schedule of Net (Benefit) Costs | The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components: Pension Plans Year Ended December 31 (in thousands) 2023 2022 2021 Service cost $ 33,787 $ 32,567 $ 22,991 Interest cost 46,211 30,504 26,917 Expected return on assets (153,125) (167,485) (137,878) Amortization of prior service cost 1,646 2,835 2,846 Recognized actuarial gain (39,803) (68,656) (7,906) Net Periodic Benefit for the Year (111,284) (170,235) (93,030) Special separation benefit expense 9,886 3,624 1,132 Total Benefit for the Year $ (101,398) $ (166,611) $ (91,898) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial (gain) loss $ (381,088) $ 749,258 $ (511,373) Current year prior service (credit) cost (11,263) — 2 Amortization of prior service cost (1,646) (2,835) (2,846) Recognized net actuarial gain 39,803 68,656 7,906 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ (354,194) $ 815,079 $ (506,311) Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects) $ (455,592) $ 648,468 $ (598,209) |
Allocation of the Assets of the Company's Pension Plans | The assets of the Company’s pension plans were allocated as follows: As of December 31 2023 2022 U.S. equities 59 % 59 % Private investment funds 17 % 16 % International equities 14 % 11 % U.S. fixed income 7 % 7 % U.S. stock index fund 3 % 7 % 100 % 100 % |
Fair Value, Assets Measured on Recurring Basis | The Company’s pension plan assets measured at fair value on a recurring basis were as follows: As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 2,230 $ — $ — $ 2,230 Equity securities U.S. equities (1) 1,793,705 — — 1,793,705 International equities (2) 414,285 — — 414,285 Total Investments $ 2,210,220 $ — $ — $ 2,210,220 Short-term investment funds measured at NAV (3) 197,712 Private investment funds measured at NAV (4) 509,647 U.S. stock index fund measured at NAV (5) 84,767 Receivables, net 3,341 Total $ 3,005,687 As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Cash equivalents $ 1,980 $ — $ — $ 1,980 Equity securities U.S. equities (1) 1,507,609 — — 1,507,609 International equities (2) 270,872 — — 270,872 Total Investments $ 1,780,461 $ — $ — $ 1,780,461 Short-term investment funds measured at NAV (3) 170,062 Private investment funds measured at NAV (4) 406,600 U.S. stock index fund measured at NAV (5) 168,532 Receivables, net 2,689 Total $ 2,528,344 ____________ (1) U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. (2) International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. (3) Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company. (4) Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding. (5) U.S. stock index fund. This fund consists of investments held in common stock, plus an uninvested cash portion comprising less than 1% of fund value, that together are designed to track the performance of the S&P 500 Index. The fund is valued using the NAV provided by the administrator of the fund and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding. |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following table sets forth a summary of the Plan’s investments with a reported NAV: (in thousands) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restriction Redemption Short-term investment funds 2023 $ 197,712 $ — Immediate None None 2022 $ 170,062 $ — Immediate None None Private investment funds 2023 $ 509,647 $ 16,515 (1) (1) 90 days 2022 $ 406,600 $ 20,673 (1) (1) 90 days U.S. stock index fund 2023 $ 84,767 $ — Immediate None 1 day 2022 $ 168,532 $ — Immediate None 1 day ____________ (1) Five percent of the NAV of the investment in the commingled fund may be redeemed annually starting at the 12-month anniversary of the investment, subject to certain limitations. Additionally, the investment in the commingled fund may be redeemed in part, or in full, at the 60-month anniversary of the investment, or at any subsequent 36-month anniversary date following the initial 60-month anniversary. The investment in the private investment fund is generally not redeemable until the dissolution of the fund. |
Supplemental Executive Retirement Plan (SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Obligation, Asset and Funding Information | SERP As of December 31 (in thousands) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 90,018 $ 112,706 Service cost 593 911 Interest cost 4,659 3,289 Actuarial loss (gain) 909 (20,956) Benefits paid (6,303) (5,932) Benefit Obligation at End of Year $ 89,876 $ 90,018 Funded Status $ (89,876) $ (90,018) |
Schedule of Net (Benefit) Costs | SERP Year Ended December 31 (in thousands) 2023 2022 2021 Service cost $ 593 $ 911 $ 1,022 Interest cost 4,659 3,289 2,943 Amortization of prior service cost — 36 331 Recognized actuarial loss — 666 5,930 Total Cost for the Year $ 5,252 $ 4,902 $ 10,226 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial loss (gain) $ 909 $ (20,956) $ (7,640) Amortization of prior service cost — (36) (331) Recognized net actuarial loss — (666) (5,930) Total Recognized in Other Comprehensive Income (Before Tax Effects) $ 909 $ (21,658) $ (13,901) Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects) $ 6,161 $ (16,756) $ (3,675) |
Other Postretirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Obligation, Asset and Funding Information | The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans: Postretirement Plans As of December 31 (in thousands) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 3,400 $ 4,722 Interest cost 149 98 Actuarial gain (414) (1,205) Benefits paid, net of Medicare subsidy (207) (215) Settlement (1,679) — Benefit Obligation at End of Year $ 1,249 $ 3,400 Funded Status $ (1,249) $ (3,400) |
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows: Postretirement Plans As of December 31 (in thousands) 2023 2022 Current liability $ (256) $ (541) Noncurrent liability (993) (2,859) Recognized Liability $ (1,249) $ (3,400) |
Schedule of Estimated Benefit Payments | At December 31, 2023, future estimated benefit payments are as follows: (in thousands) Postretirement 2024 $ 256 2025 $ 201 2026 $ 167 2027 $ 155 2028 $ 127 2029–2033 $ 906 |
Schedule of Net (Benefit) Costs | The total benefit arising from the Company’s other postretirement plans consists of the following components: Postretirement Plans Year Ended December 31 (in thousands) 2023 2022 2021 Interest cost $ 149 $ 98 $ 92 Amortization of prior service credit (5) (7) (7) Recognized actuarial gain (2,343) (2,843) (3,510) Net Periodic Benefit for the Year (2,199) (2,752) (3,425) Settlement (1,087) — (120) Total Benefit for the Year $ (3,286) $ (2,752) $ (3,545) Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Current year actuarial gain $ (414) $ (1,205) $ (582) Amortization of prior service credit 5 7 7 Recognized actuarial gain 2,343 2,843 3,510 Settlement 1,087 — 120 Total Recognized in Other Comprehensive Income (Before Tax Effects) $ 3,021 $ 1,645 $ 3,055 Total Recognized in Benefit and Other Comprehensive Income (Before Tax Effects) $ (265) $ (1,107) $ (490) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | AOCI included the following components of unrecognized net periodic benefit for the postretirement plans: As of December 31 (in thousands) 2023 2022 Unrecognized actuarial gain $ (8,988) $ (12,004) Unrecognized prior service credit — (5) Gross Amount (8,988) (12,009) Deferred tax liability 2,527 3,302 Net Amount $ (6,461) $ (8,707) |
Other Non-Operating Income (Tab
Other Non-Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Nonoperating Income (Expense) [Abstract] | |
Summary of Other Non-Operating Income | A summary of non-operating income is as follows: Year Ended December 31 (in thousands) 2023 2022 2021 Net gain on sale of businesses $ 15,618 $ 22,679 $ 3,789 Net gain on cost method investments 3,104 6,883 11,756 Foreign currency loss, net (1,141) (2,023) (179) Gain on sale of cost method investments 958 3,294 9,355 Impairment of cost method investments (500) (1,305) — Gain on sale of investment in affiliates 15 604 — Other, net 1,040 3,368 7,833 Total Other Non-Operating Income $ 19,094 $ 33,500 $ 32,554 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2023 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ 21,927 $ — $ 21,927 Pension and other postretirement plans: Actuarial gain 380,593 (97,436) 283,157 Prior service credit 11,263 (2,883) 8,380 Amortization of net actuarial gain included in net income (42,146) 10,790 (31,356) Amortization of net prior service cost included in net income 1,641 (420) 1,221 Settlement included in net income (1,087) 279 (808) 350,264 (89,670) 260,594 Cash flow hedges: Loss for the year (5,630) 1,295 (4,335) Other Comprehensive Income $ 366,561 $ (88,375) $ 278,186 Year Ended December 31, 2022 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ (48,340) $ — $ (48,340) Pension and other postretirement plans: Actuarial loss (727,097) 187,018 (540,079) Amortization of net actuarial gain included in net income (70,833) 18,219 (52,614) Amortization of net prior service cost included in net income 2,864 (737) 2,127 (795,066) 204,500 (590,566) Cash flow hedges: Gain for the year 4,765 (1,096) 3,669 Other Comprehensive Loss $ (838,641) $ 203,404 $ (635,237) Year Ended December 31, 2021 Before-Tax Income After-Tax (in thousands) Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the year $ (16,052) $ — $ (16,052) Pension and other postretirement plans: Actuarial gain 519,595 (133,915) 385,680 Prior service cost (2) 1 (1) Amortization of net actuarial gain included in net income (5,486) 1,414 (4,072) Amortization of net prior service cost included in net income 3,170 (817) 2,353 Settlement included in net income (120) 30 (90) 517,157 (133,287) 383,870 Cash flow hedge: Gain for the year 349 (93) 256 Other Comprehensive Income $ 501,454 $ (133,380) $ 368,074 |
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 As of December 31, 2021 $ (6,298) $ 979,157 $ (1,471) $ 971,388 Other comprehensive income (loss) before reclassifications (48,340) (540,079) 3,276 (585,143) Net amount reclassified from accumulated other comprehensive income — (50,487) 393 (50,094) Net other comprehensive income (loss) (48,340) (590,566) 3,669 (635,237) As of December 31, 2022 (54,638) 388,591 2,198 336,151 Other comprehensive income before reclassifications 21,927 291,537 1,028 314,492 Net amount reclassified from accumulated other comprehensive income — (30,943) (5,363) (36,306) Net other comprehensive income (loss) 21,927 260,594 (4,335) 278,186 As of December 31, 2023 $ (32,711) $ 649,185 $ (2,137) $ 614,337 |
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: Year Ended December 31 Affected Line Item in the Consolidated Statements of Operations (in thousands) 2023 2022 2021 Pension and Other Postretirement Plans: Amortization of net actuarial gain $ (42,146) $ (70,833) $ (5,486) (1) Amortization of net prior service cost 1,641 2,864 3,170 (1) Settlement gains (1,087) — (120) (1) (41,592) (67,969) (2,436) Before tax 10,649 17,482 627 Provision for income taxes (30,943) (50,487) (1,809) Net of tax Cash Flow Hedges (5,363) 393 631 Interest expense Total reclassification for the year $ (36,306) $ (50,094) $ (1,178) 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 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |
Summary of Segment Reporting Information, by Operating Segment | Company information broken down by operating segment and education division: Year Ended December 31 (in thousands) 2023 2022 2021 Operating Revenues Education $ 1,587,581 $ 1,427,915 $ 1,361,245 Television broadcasting 472,436 535,651 494,177 Manufacturing 447,910 486,643 458,125 Healthcare 459,481 326,000 223,030 Automotive 1,079,893 734,185 327,069 Other businesses 369,653 416,084 324,353 Corporate office 1,580 — — Intersegment elimination (3,657) (1,985) (2,025) $ 4,414,877 $ 3,924,493 $ 3,185,974 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 119,024 $ 99,103 $ 69,892 Television broadcasting 139,388 207,319 154,862 Manufacturing 47,010 54,079 36,926 Healthcare 27,520 19,041 29,912 Automotive 39,271 34,633 11,771 Other businesses (98,115) (86,270) (76,153) Corporate office (55,600) (56,166) (59,025) $ 218,498 $ 271,739 $ 168,185 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 14,553 $ 16,170 $ 19,319 Television broadcasting 5,450 5,440 5,440 Manufacturing 63,803 20,372 52,974 Healthcare 3,675 3,776 3,106 Automotive 13 — — Other businesses 61,611 142,083 9,971 Corporate office — — — $ 149,105 $ 187,841 $ 90,810 Income (Loss) from Operations Education $ 104,471 $ 82,933 $ 50,573 Television broadcasting 133,938 201,879 149,422 Manufacturing (16,793) 33,707 (16,048) Healthcare 23,845 15,265 26,806 Automotive 39,258 34,633 11,771 Other businesses (159,726) (228,353) (86,124) Corporate office (55,600) (56,166) (59,025) $ 69,393 $ 83,898 $ 77,375 Equity in (Losses) Earnings of Affiliates, Net (5,183) (2,837) 17,914 Interest Expense, Net (56,179) (51,177) (30,534) Non-Operating Pension and Postretirement Benefit Income, Net 133,812 197,939 109,230 Gain (Loss) on Marketable Equity Securities, net 138,067 (139,589) 243,088 Other Income, Net 19,094 33,500 32,554 Income Before Income Taxes $ 299,004 $ 121,734 $ 449,627 Year Ended December 31 (in thousands) 2023 2022 2021 Depreciation of Property, Plant and Equipment Education $ 38,187 $ 34,114 $ 32,113 Television broadcasting 12,224 12,294 14,018 Manufacturing 9,453 9,399 9,808 Healthcare 5,475 3,781 1,313 Automotive 5,177 3,709 2,156 Other businesses 14,941 9,392 11,376 Corporate office 607 608 631 $ 86,064 $ 73,297 $ 71,415 Pension Service Cost Education $ 8,907 $ 8,934 $ 9,357 Television broadcasting 3,331 3,554 3,575 Manufacturing 1,115 1,104 1,282 Healthcare 14,083 11,008 561 Automotive 35 22 — Other businesses 2,508 2,073 1,755 Corporate office 3,808 5,872 6,461 $ 33,787 $ 32,567 $ 22,991 Capital Expenditures Education $ 36,760 $ 46,878 $ 100,780 Television broadcasting 9,220 5,832 6,803 Manufacturing 23,089 7,968 7,190 Healthcare 12,992 2,745 3,671 Automotive 10,140 3,606 31,124 Other businesses 15,053 15,352 13,176 Corporate office 32 21 25 $ 107,286 $ 82,402 $ 162,769 Asset information for the Company’s business segments is as follows: As of December 31 (in thousands) 2023 2022 Identifiable Assets Education $ 2,021,471 $ 1,958,204 Television broadcasting 419,557 431,084 Manufacturing 431,712 486,487 Healthcare 265,150 249,845 Automotive 597,267 427,221 Other businesses 368,542 475,583 Corporate office 93,760 70,567 $ 4,197,459 $ 4,098,991 Investments in Marketable Equity Securities 690,153 609,921 Investments in Affiliates 186,480 186,419 Prepaid Pension Cost 2,113,638 1,658,046 Total Assets $ 7,187,730 $ 6,553,377 |
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: Year Ended December 31 (in thousands) 2023 2022 2021 Operating Revenues Kaplan international $ 966,879 $ 816,239 $ 726,875 Higher education 326,961 310,407 322,240 Supplemental education 292,776 301,625 309,069 Kaplan corporate and other 11,012 9,853 9,612 Intersegment elimination (10,047) (10,209) (6,551) $ 1,587,581 $ 1,427,915 $ 1,361,245 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 87,530 $ 72,066 $ 33,457 Higher education 38,942 24,819 24,941 Supplemental education 22,472 21,069 36,919 Kaplan corporate and other (29,891) (18,806) (25,522) Intersegment elimination (29) (45) 97 $ 119,024 $ 99,103 $ 69,892 Amortization of Intangible Assets $ 14,076 $ 16,170 $ 16,001 Impairment of Long-Lived Assets $ 477 $ — $ 3,318 Income (Loss) from Operations Kaplan international $ 87,530 $ 72,066 $ 33,457 Higher education 38,942 24,819 24,941 Supplemental education 22,472 21,069 36,919 Kaplan corporate and other (44,444) (34,976) (44,841) Intersegment elimination (29) (45) 97 $ 104,471 $ 82,933 $ 50,573 Depreciation of Property, Plant and Equipment Kaplan international $ 28,501 $ 23,270 $ 21,472 Higher education 4,416 4,373 3,852 Supplemental education 5,165 6,344 6,544 Kaplan corporate and other 105 127 245 $ 38,187 $ 34,114 $ 32,113 Pension Service Cost Kaplan international $ 325 $ 270 $ 291 Higher education 3,737 3,842 4,440 Supplemental education 4,147 4,114 3,814 Kaplan corporate and other 698 708 812 $ 8,907 $ 8,934 $ 9,357 Capital Expenditures Kaplan international $ 31,111 $ 39,206 $ 92,532 Higher education 2,394 1,398 3,629 Supplemental education 3,209 4,749 4,297 Kaplan corporate and other 46 1,525 322 $ 36,760 $ 46,878 $ 100,780 Asset information for the Company’s education division is as follows: As of December 31 (in thousands) 2023 2022 Identifiable Assets Kaplan international $ 1,537,989 $ 1,454,445 Higher education 187,972 187,034 Supplemental education 249,519 265,049 Kaplan corporate and other 45,991 51,676 $ 2,021,471 $ 1,958,204 |
Summary of Quarterly Operatin_2
Summary of Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | Quarterly results of operations for the year ended December 31, 2023, are as follows: (in thousands, except per share amounts) First Second Third Fourth Operating Revenues $ 1,031,546 $ 1,104,999 $ 1,111,519 $ 1,166,813 Cost of Services and Goods Sold (exclusive of item shown below) 727,214 767,854 781,587 826,279 Other Operating Expenses 276,676 279,090 387,044 299,740 Income (Loss) from Operations 27,656 58,055 (57,112) 40,794 Net Income (Loss) 52,977 124,171 (21,134) 55,690 Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders $ 52,272 $ 122,788 $ (23,031) $ 53,259 Basic net income (loss) per common share $ 10.91 $ 25.96 $ (5.02) $ 11.76 Diluted net income (loss) per common share $ 10.88 $ 25.89 $ (5.02) $ 11.72 Quarterly results of operations for the year ended December 31, 2022, are as follows: (in thousands, except per share amounts) First Second Third Fourth Operating Revenues $ 914,721 $ 933,302 $ 1,012,438 $ 1,064,032 Cost of Services and Goods Sold (exclusive of item shown below) 615,501 631,828 694,757 715,632 Other Operating Expenses 259,249 262,146 258,149 403,333 Income (Loss) from Operations 39,971 39,328 59,532 (54,933) Net Income (Loss) 96,566 (66,615) 33,840 6,643 Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders $ 95,624 $ (67,485) $ 32,780 $ 6,160 Basic net income (loss) per common share $ 19.50 $ (13.95) $ 6.78 $ 1.28 Diluted net income (loss) per common share $ 19.45 $ (13.95) $ 6.76 $ 1.28 The sum of the four quarters may not necessarily be equal to the annual amounts reported in the Consolidated Statements of Operations due to rounding. |
Schedule of Error Corrections and Prior Period Adjustments | See Note 20 for the impact on the Company’s previously issued Condensed Consolidated Statements of Cash Flows for each of the year-to-date interim periods in 2023. As of December 31, 2022 (In thousands) As Previously Reported Adjustments As Revised Assets Accounts receivable, net $ 560,779 $ (28,838) $ 531,941 Total Current Assets 1,708,094 (28,838) 1,679,256 Total Assets $ 6,582,215 $ (28,838) $ 6,553,377 Liabilities and Equity Accounts payable, vehicle floor plan payable and accrued liabilities $ 563,005 $ 11,282 $ 574,287 Deferred Revenue 381,416 (40,120) 341,296 Total Current Liabilities 1,174,007 (28,838) 1,145,169 Total Liabilities 2,807,727 (28,838) 2,778,889 Total Liabilities and Equity $ 6,582,215 $ (28,838) $ 6,553,377 Year Ended December 31, 2022 Year Ended December 31, 2021 (In thousands) As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 41,635 $ 3,883 $ 45,518 $ (59,292) $ 11,862 $ (47,430) Accounts payable and accrued liabilities (44,870) 11,282 (33,588) 32,397 — 32,397 Deferred Revenue 33,384 (15,165) 18,219 19,086 (11,862) 7,224 Net Cash Provided by Operating Activities $ 235,604 $ — $ 235,604 $ 202,426 $ — $ 202,426 Three Months Ended March 31, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 54,245 $ (7,001) $ 47,244 Deferred Revenue (2,387) 7,001 4,614 Net Cash Provided by Operating Activities $ 22,811 $ — $ 22,811 Six Months Ended June 30, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 93,496 $ (10,270) $ 83,226 Deferred Revenue (58,505) 10,270 (48,235) Net Cash Provided by Operating Activities $ 62,239 $ — $ 62,239 Nine Months Ended September 30, 2023 (In thousands) As Previously Reported Adjustments As Revised Change in operating assets and liabilities: Accounts receivable $ 15,629 $ (3,248) $ 12,381 Deferred Revenue 44,822 3,248 48,070 Net Cash Provided by Operating Activities $ 202,526 $ — $ 202,526 |
Organization and Nature of Op_2
Organization and Nature of Operations (Narrative) (Details) | Dec. 31, 2023 televisionStation automotiveDealership |
Television Broadcasting [Member] | |
Product Information [Line Items] | |
Number of television broadcast stations owned | televisionStation | 7 |
Automotive [Member] | |
Product Information [Line Items] | |
Number of Automotive Dealerships Owned | automotiveDealership | 8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) business | Nov. 30, 2022 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) performanceObligation business | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2021 | |
Summary of Significant Accounting Policies [Line Items] | |||||||
Maximum Term of Contract | 1 year | ||||||
Finance Lease, Right-of-Use Asset | $ | $ 22,831,000 | $ 22,831,000 | $ 13,835,000 | ||||
Finance Lease, Liability, Current | $ | $ 17,357,000 | 17,357,000 | 8,697,000 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ | $ 14,965,000 | 1,200,000 | $ 3,508,000 | ||||
Hoover Treated Wood Products [Member] | Manufacturing [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ | $ 3,500,000 | ||||||
Graham Holdings Company [Member] | Hoover Treated Wood Products [Member] | Manufacturing [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | 100% | 98.01% | ||||
GHC One [Member] | Group of Senior Managers of GHG [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Contributed Capital | 5% | ||||||
GHC One [Member] | Graham Holdings Company [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Contributed Capital | 95% | ||||||
GHC One [Member] | Graham Holdings Company [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Guaranteed Return | 8% | ||||||
Percentage of Distributions Available to Common Unit Holders | 80% | ||||||
GHC One [Member] | Group of Senior Managers of GHG [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Distributions Available to Common Unit Holders | 20% | ||||||
GHC One [Member] | GHC One [Member] | Group of Senior Managers of GHG [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5% | 5% | |||||
Automotive [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Finance Lease, Right-of-Use Asset | $ | $ 10,900,000 | $ 10,900,000 | 5,400,000 | ||||
Finance Lease, Liability, Current | $ | $ 10,900,000 | $ 10,900,000 | $ 5,400,000 | ||||
Weiss [Member] | Graham Holdings Company [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | 50.10% | |||||
Framebridge [Member] | Graham Holdings Company [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 93.40% | 93.40% | |||||
CSI Pharmacy Holding Company, LLC [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ | $ 20,000,000 | $ 1,200,000 | |||||
CSI Pharmacy Holding Company, LLC [Member] | Graham Holdings Company [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 86.70% | 86.70% | 76.50% | 75% | |||
Skin Clique | Graham Holdings Company [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51% | 51% | |||||
Transferred over Time [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Revenue | 54% | 58% | 67% | ||||
Kaplan International [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Number of business lines | business | 1 | 1 | |||||
number of performance obligations with variable consideration | 2 | ||||||
Higher Education [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Transition and Operations Support Agreement Initial Term | 30 years | ||||||
Television Broadcasting [Member] | Advertising Revenue [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment | 60 days | ||||||
Television Broadcasting [Member] | Retransmission Revenue [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment | 60 days | ||||||
Manufacturing [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment | 90 days | ||||||
Number of business lines | business | 4 | 4 | |||||
Manufacturing [Member] | Transferred over Time [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Revenue | 19% | 21% | 21% | ||||
Health Care [Member] | Home Health Revenue [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment | 30 days | ||||||
Health Care [Member] | Hospice Revenue [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment | 60 days | ||||||
Health Care [Member] | Other Healthcare Services [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Automotive [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Code3 [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Number of Performance Obligations | 1 | ||||||
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment | 100 days | ||||||
Maximum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Amortized Intangible Assets, Useful Life (in years) | 15 years | 15 years | |||||
Lessee, Operating Lease, Renewal or Termination Option Term | 10 years | ||||||
Maximum [Member] | Weiss [Member] | Graham Healthcare Group [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Shares Eligible to be Redeemed | 10% | 10% | 10% | ||||
Maximum [Member] | Framebridge [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Shares Eligible to be Redeemed | 20% | 20% | |||||
Maximum [Member] | CSI Pharmacy Holding Company, LLC [Member] | Graham Healthcare Group [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Percentage of Shares Eligible to be Redeemed | 50% | 50% | |||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property, Plant and Equipment, Useful Life (in years) | 20 years | 20 years | |||||
Maximum [Member] | Building [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property, Plant and Equipment, Useful Life (in years) | 50 years | 50 years | |||||
Minimum [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Lessee, Operating Lease, Renewal or Termination Option Term | 1 year | ||||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property, Plant and Equipment, Useful Life (in years) | 3 years | 3 years | |||||
Minimum [Member] | Building [Member] | |||||||
Summary of Significant Accounting Policies [Line Items] | |||||||
Property, Plant and Equipment, Useful Life (in years) | 20 years | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Revision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accounts receivable, net | $ 525,087 | $ 531,941 | ||||
Current assets | 1,849,296 | 1,679,256 | ||||
Total Assets | 7,187,730 | 6,553,377 | ||||
Accounts payable, vehicle floor plan payable and accrued liabilities | 694,521 | 574,287 | ||||
Deferred revenue | 396,754 | 341,296 | ||||
Current liabilities | 1,229,679 | 1,145,169 | ||||
Total Liabilities | 3,161,677 | 2,778,889 | ||||
Liabilities and Equity | 7,187,730 | 6,553,377 | ||||
Accounts receivable | $ 47,244 | $ 83,226 | $ 12,381 | 8,231 | 45,518 | $ (47,430) |
Accounts payable and accrued liabilities | 24,695 | (33,588) | 32,397 | |||
Deferred revenue | 4,614 | (48,235) | 48,070 | 38,497 | 18,219 | 7,224 |
Net Cash Provided by Operating Activities | 22,811 | 62,239 | 202,526 | 259,875 | 235,604 | 202,426 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Lease Right-of-Use Assets | 409,183 | 429,403 | ||||
Total lease liabilities | $ 440,924 | 463,633 | ||||
As Previously Reported [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accounts receivable, net | 560,779 | |||||
Current assets | 1,708,094 | |||||
Total Assets | 6,582,215 | |||||
Accounts payable, vehicle floor plan payable and accrued liabilities | 563,005 | |||||
Deferred revenue | 381,416 | |||||
Current liabilities | 1,174,007 | |||||
Total Liabilities | 2,807,727 | |||||
Liabilities and Equity | 6,582,215 | |||||
Accounts receivable | 54,245 | 93,496 | 15,629 | 41,635 | (59,292) | |
Accounts payable and accrued liabilities | (44,870) | 32,397 | ||||
Deferred revenue | (2,387) | (58,505) | 44,822 | 33,384 | 19,086 | |
Net Cash Provided by Operating Activities | 22,811 | 62,239 | 202,526 | 235,604 | 202,426 | |
Adjustments [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accounts receivable, net | (28,838) | |||||
Current assets | (28,838) | |||||
Total Assets | (28,838) | |||||
Accounts payable, vehicle floor plan payable and accrued liabilities | 11,282 | |||||
Deferred revenue | (40,120) | |||||
Current liabilities | (28,838) | |||||
Total Liabilities | (28,838) | |||||
Liabilities and Equity | (28,838) | |||||
Accounts receivable | (7,001) | (10,270) | (3,248) | 3,883 | 11,862 | |
Accounts payable and accrued liabilities | 11,282 | 0 | ||||
Deferred revenue | 7,001 | 10,270 | 3,248 | (15,165) | (11,862) | |
Net Cash Provided by Operating Activities | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions of Businesses (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 05, 2022 USD ($) business | Jun. 14, 2021 USD ($) | Dec. 31, 2023 USD ($) business automotiveDealership | Jul. 31, 2023 business | Jan. 31, 2023 business | Nov. 30, 2022 USD ($) | Aug. 31, 2022 business | May 31, 2022 business | Dec. 31, 2021 USD ($) business | Nov. 30, 2021 business | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) business automotiveDealership | Dec. 31, 2022 USD ($) business | Dec. 31, 2021 USD ($) business | Sep. 30, 2023 USD ($) | Jul. 31, 2022 | Dec. 28, 2021 USD ($) | Feb. 28, 2021 | |
Business Acquisition [Line Items] | ||||||||||||||||||
Number of businesses acquired | business | 5 | 7 | 6 | |||||||||||||||
Cost of acquisition | $ 83,300,000 | $ 143,200,000 | $ 392,400,000 | |||||||||||||||
Floor plan payable | $ 148,300,000 | 148,300,000 | 69,756,000 | |||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 78,149,000 | 130,106,000 | 351,882,000 | |||||||||||||||
Acquisition-related costs | 1,200,000 | $ 3,000,000 | 1,200,000 | 1,700,000 | 3,000,000 | |||||||||||||
Goodwill expected to be deductible for income tax purposes | 45,000,000 | $ 80,600,000 | 45,000,000 | 39,700,000 | 80,600,000 | |||||||||||||
Revenues of acquired companies since acquisition date | 45,200,000 | |||||||||||||||||
Operating income of acquired companies since acquisition date | 2,200,000 | |||||||||||||||||
Net gain on sale of businesses | 15,618,000 | 22,679,000 | 3,789,000 | |||||||||||||||
Interest expense | 63,301,000 | 54,403,000 | 33,943,000 | |||||||||||||||
Change in redemption value of redeemable noncontrolling interests | (14,923,000) | (5,780,000) | 549,000 | |||||||||||||||
Finance Lease, Liability, Current | 17,357,000 | 17,357,000 | 8,697,000 | |||||||||||||||
Finance Lease, Right-of-Use Asset | 22,831,000 | 22,831,000 | 13,835,000 | |||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 14,965,000 | 1,200,000 | $ 3,508,000 | |||||||||||||||
Leaf Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Cost of acquisition | $ 308,600,000 | |||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Stock Compensation Liabilities Assumed | $ 9,200,000 | |||||||||||||||||
Automotive [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Finance Lease, Liability, Current | 10,900,000 | 10,900,000 | 5,400,000 | |||||||||||||||
Finance Lease, Right-of-Use Asset | 10,900,000 | $ 10,900,000 | $ 5,400,000 | |||||||||||||||
CSI Pharmacy Holding Company, LLC [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 20,000,000 | $ 1,200,000 | ||||||||||||||||
Promissory Note for CSI Minority Shares | CSI Pharmacy Holding Company, LLC [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 15,000,000 | |||||||||||||||||
Interest rate | 8% | 8% | ||||||||||||||||
Cash Paid for CSI Minority Shares | CSI Pharmacy Holding Company, LLC [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 5,000,000 | |||||||||||||||||
Group of Senior Managers of GHG [Member] | GHC One [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of Distributions Available to Common Unit Holders | 20% | |||||||||||||||||
Graham Holdings Company [Member] | GHC One [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Guaranteed Return | 8% | |||||||||||||||||
Percentage of Distributions Available to Common Unit Holders | 80% | |||||||||||||||||
Education [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of businesses acquired | business | 1 | 2 | ||||||||||||||||
Manufacturing [Member] | Hoover Treated Wood Products [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 3,500,000 | |||||||||||||||||
Graham Healthcare Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of businesses acquired | business | 1 | 2 | 2 | 2 | 2 | 3 | 5 | 2 | ||||||||||
Graham Healthcare Group [Member] | Weiss [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of interest acquired | 50.10% | 50.10% | ||||||||||||||||
Redeemable Noncontrolling Interest | $ 6,600,000 | $ 6,600,000 | ||||||||||||||||
Graham Healthcare Group [Member] | Applied Behavior Analysis clinics | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of interest acquired | 100% | |||||||||||||||||
Graham Healthcare Group [Member] | Maximum [Member] | Weiss [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of Shares Eligible to be Redeemed | 10% | 10% | 10% | 10% | ||||||||||||||
Graham Healthcare Group [Member] | Maximum [Member] | CSI Pharmacy Holding Company, LLC [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of Shares Eligible to be Redeemed | 50% | 50% | ||||||||||||||||
Other Businesses [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of businesses acquired | business | 1 | 1 | 1 | |||||||||||||||
Automotive [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of businesses acquired | business | 2 | 1 | 2 | 1 | ||||||||||||||
Number of Stores | automotiveDealership | 8 | 8 | ||||||||||||||||
Automotive [Member] | Auto dealerships [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Floor plan payable | $ 10,900,000 | $ 2,200,000 | ||||||||||||||||
Amount Borrowed to Finance Business Acquisition | $ 77,400,000 | $ 37,000,000 | ||||||||||||||||
Automotive [Member] | Ford auto dealership [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Floor plan payable | $ 16,600,000 | |||||||||||||||||
Amount Borrowed to Finance Business Acquisition | $ 22,500,000 | |||||||||||||||||
Securities Subject to Mandatory Redemption [Member] | Graham Healthcare Group [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Interest expense | $ 10,100,000 | $ 16,500,000 | $ 4,100,000 | |||||||||||||||
Graham Holdings Company [Member] | Weiss [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.10% | 50.10% | ||||||||||||||||
Graham Holdings Company [Member] | CSI Pharmacy Holding Company, LLC [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 86.70% | 75% | 86.70% | 76.50% | 75% | |||||||||||||
Graham Holdings Company [Member] | Manufacturing [Member] | Hoover Treated Wood Products [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | 100% | 98.01% | |||||||||||||||
GHC One [Member] | Group of Senior Managers of GHG [Member] | GHC One [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5% | 5% | ||||||||||||||||
Group of Senior Managers of GHG [Member] | GHC One [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of Contributed Capital | 5% | |||||||||||||||||
Graham Holdings Company [Member] | GHC One [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of Contributed Capital | 95% |
Acquisitions and Dispositions_4
Acquisitions and Dispositions of Businesses (Acquired assets and liabilities assumed) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,525,194 | $ 1,560,953 | $ 1,649,582 |
Floor plan payables | (148,300) | (69,756) | |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 68 | 3,172 | 17,878 |
Inventory | 5,224 | 21,278 | 25,383 |
Property, plant and equipment | 29,859 | 36,255 | 13,126 |
Lease right-of-use assets | 0 | 4,773 | 25,890 |
Goodwill | 45,968 | 53,946 | 204,151 |
Indefinite-lived intangible assets | 6,300 | 41,800 | 22,200 |
Amortized intangible assets | 235 | 1,200 | 99,800 |
Other assets | 4 | 404 | 4,911 |
Deferred income tax asset | 0 | 2,535 | 44,975 |
Floor plan payables | (2,215) | (10,908) | (16,636) |
Other liabilities | (935) | (3,798) | (52,567) |
Current and noncurrent lease liabilities | (1,184) | (5,865) | (25,593) |
Redeemable noncontrolling interest | 0 | (2,164) | (6,616) |
Noncontrolling interest | 0 | (512) | 0 |
Aggregate purchase price, net of cash acquired | $ 83,324 | $ 142,116 | $ 356,902 |
Acquisitions and Dispositions_5
Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Acquisitions And Dispositions [Abstract] | |||
Pro Forma Operating revenues | $ 4,529,817 | $ 4,252,847 | $ 3,827,486 |
Pro Forma Net income | $ 218,394 | $ 87,571 | $ 376,478 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2023 USD ($) | Jan. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) investment | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) investment | Dec. 31, 2023 GBP (£) shares | |
Schedule of Investments [Line Items] | ||||||||
Money market investments | $ 5,600,000 | $ 7,700,000 | ||||||
Marketable equity securities | 690,153,000 | 609,921,000 | ||||||
Investments in Marketable Securities | 4,600,000 | 42,100,000 | ||||||
Payments to acquire marketable securities | 6,162,000 | 40,518,000 | $ 48,036,000 | |||||
Portion of 2022 investments in marketable equity securities that settled in January 2023 | $ 1,500,000 | |||||||
Cumulative realized gain on marketable securities | 13,000,000 | 58,100,000 | 46,000,000 | |||||
Proceeds from sales of marketable equity securities | 61,979,000 | 102,040,000 | 65,499,000 | |||||
Payments for Advance to Affiliate | 30,000,000 | 0 | 0 | |||||
Gain on sale of investment in affiliate | 15,000 | 604,000 | 0 | |||||
Cumulative undistributed income in investments in affiliates | 36,900,000 | 49,100,000 | ||||||
Equity Method Investment Impairment | $ 6,600,000 | $ 6,600,000 | ||||||
Number of Equity Method Investments Impaired | investment | 1 | 1 | ||||||
Investments in Affiliates | 186,480,000 | 186,419,000 | ||||||
Cost method investments | 74,000,000 | 66,700,000 | ||||||
Net gain on cost method investments | 3,104,000 | 6,883,000 | $ 11,756,000 | |||||
Impairment of a cost method investment | $ 500,000 | $ 1,305,000 | 0 | |||||
Concentration in single marketable equity security [Member] | Total Assets [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 | |||||
Marketable equity securities | $ 78,700,000 | $ 73,000,000 | ||||||
Berkshire Hathaway [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Marketable equity securities | $ 401,200,000 | |||||||
Berkshire Hathaway [Member] | Class A Common Stock [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Number of shares held in investment | shares | 422 | 422 | ||||||
Berkshire Hathaway [Member] | Class B Common Stock [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Number of shares held in investment | shares | 482,945 | 482,945 | ||||||
Realm [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Diluted Ownership Percentage | 42.20% | 42.20% | ||||||
N2K Networks [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Diluted Ownership Percentage | 49.90% | 49.90% | ||||||
Intersection [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 18% | 18% | ||||||
Payments for Advance to Affiliate | $ 30,000,000 | |||||||
Loan Receivable Fixed Interest Rate | 9% | |||||||
Loan Receivable, Payment Term | 5 years | |||||||
Advances to Affiliate | $ 28,800,000 | |||||||
Private Equity Fund Investment [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investments in Affiliates | $ 56,600,000 | 68,900,000 | ||||||
Private Equity Fund Investment [Member] | Minimum [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 4% | 4% | ||||||
Private Equity Fund Investment [Member] | Maximum [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 10% | 10% | ||||||
Graham Healthcare Group [Member] | Related Party [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Operating Revenues | $ 15,600,000 | $ 13,900,000 | $ 10,900,000 | |||||
Graham Healthcare Group [Member] | Residential Home Health Illinois [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 40% | 40% | ||||||
Graham Healthcare Group [Member] | Residential Hospice Illinois [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 40% | 40% | ||||||
Gain on sale of investment in affiliate | $ 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% | ||||||
Graham Healthcare Group [Member] | Celtic Healthcare Allegheny Health Network Joint Venture [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 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% | ||||||
Loan Receivable Fixed Interest Rate | 7% | |||||||
Loan Receivable, Payment Term | 25 years | |||||||
Advances to Affiliate | £ | £ 19.9 | |||||||
Cumulative Payments For Advance to Affiliate | £ | £ 22 |
Investments (Investments in Mar
Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Total cost | $ 225,971 | $ 270,764 |
Gross unrealized gains | 464,182 | 363,147 |
Gross unrealized losses | 0 | (23,990) |
Total Fair Value | $ 690,153 | $ 609,921 |
Investments Gain (Loss) on Mark
Investments Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments [Abstract] | |||
Gain (loss) on marketable equity securities, net | $ 138,067 | $ (139,589) | $ 243,088 |
Less: Net (gains) losses in earnings from marketable equity securities sold and donated | (5,475) | 27,786 | (17,830) |
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the year | $ 132,592 | $ (111,803) | $ 225,258 |
Investments (Summarized Financi
Investments (Summarized Financial Data of Nonconsolidated Affiliates) (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Other current assets | $ 1,298 | $ 1,547 | $ 1,298 | $ 1,547 | |||||||
Current assets | 1,849,296 | 1,679,256 | 1,849,296 | 1,679,256 | |||||||
Total Assets | 7,187,730 | 6,553,377 | 7,187,730 | 6,553,377 | |||||||
Current liabilities | 1,229,679 | 1,145,169 | 1,229,679 | 1,145,169 | |||||||
Total Liabilities | 3,161,677 | 2,778,889 | 3,161,677 | 2,778,889 | |||||||
Total Liabilities and Equity | 7,187,730 | 6,553,377 | 7,187,730 | 6,553,377 | |||||||
Noncontrolling Interests | 26,131 | 21,278 | 26,131 | 21,278 | |||||||
Net Income (Loss) | 55,690 | $ (21,134) | $ 124,171 | $ 52,977 | 6,643 | $ 33,840 | $ (66,615) | $ 96,566 | 211,704 | 70,434 | $ 353,327 |
Net (loss) income attributable to the entity | 53,259 | $ (23,031) | $ 122,788 | $ 52,272 | 6,160 | $ 32,780 | $ (67,485) | $ 95,624 | 205,288 | 67,079 | 352,075 |
Private Equity Fund Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investments in securities, at estimated fair value | 1,528,908 | 1,974,189 | 1,528,908 | 1,974,189 | |||||||
Other current assets | 28,505 | 19,072 | 28,505 | 19,072 | |||||||
Total Assets | 1,557,413 | 1,993,261 | 1,557,413 | 1,993,261 | |||||||
Total Liabilities | 6,963 | 3,945 | 6,963 | 3,945 | |||||||
Total partners’ capital | 1,550,450 | 1,989,316 | 1,550,450 | 1,989,316 | |||||||
Total Liabilities and Equity | 1,557,413 | 1,993,261 | 1,557,413 | 1,993,261 | |||||||
Net investment loss | (13,820) | (14,129) | (13,324) | ||||||||
Net realized gain on investments | 194,324 | 162,644 | 190,368 | ||||||||
Net change in unrealized (depreciation) appreciation on investments | (449,553) | (66,333) | 1,043,627 | ||||||||
(Decrease) increase in net assets from operations | (269,049) | 82,182 | 1,220,671 | ||||||||
Operating Entity Investment [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Current assets | 166,783 | 174,027 | 166,783 | 174,027 | |||||||
Noncurrent assets | 520,439 | 542,625 | 520,439 | 542,625 | |||||||
Total Assets | 687,222 | 716,652 | 687,222 | 716,652 | |||||||
Current liabilities | 126,396 | 126,365 | 126,396 | 126,365 | |||||||
Noncurrent liabilities | 374,127 | 386,425 | 374,127 | 386,425 | |||||||
Total Liabilities | 500,523 | 512,790 | 500,523 | 512,790 | |||||||
Noncontrolling Interests | $ (33,162) | $ (26,593) | (33,162) | (26,593) | |||||||
Net sales | 458,541 | 459,949 | 358,928 | ||||||||
Gross profit | 183,207 | 196,481 | 146,312 | ||||||||
Net Income (Loss) | (37,169) | 3,206 | 135,241 | ||||||||
Net (loss) income attributable to the entity | $ (30,694) | $ 5,124 | $ 102,829 |
Accounts Receivable, Accounts_3
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Sep. 26, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items] | ||||
Cash overdrafts | $ 500,000 | $ 500,000 | ||
Weighted average interest rate | 6.10% | 4.80% | ||
Automotive [Member] | ||||
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items] | ||||
Floor plan assistance | $ 6,700,000 | $ 4,600,000 | $ 2,700,000 | |
Truist and Toyota Floor Plan Facility [Member] | Automotive [Member] | ||||
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items] | ||||
Borrowing capacity | $ 115,000,000 | |||
Truist and Toyota Floor Plan Facility [Member] | Automotive [Member] | Secured Overnight Financing Rates (SOFR) [Member] | ||||
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items] | ||||
Applicable interest rate margin | 1.25% | |||
Vehicle Floor Plan Facility [Member] | Automotive [Member] | ||||
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items] | ||||
Weighted average interest rate | 6.20% | 3.20% | 1.10% |
Accounts Receivable, Accounts_4
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Receivable) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | ||
Receivables from contracts with customers, less estimated credit losses | $ 496,172 | $ 504,784 |
Other receivables | 28,915 | 27,157 |
Accounts receivable, net | 525,087 | 531,941 |
Estimated credit losses | $ 24,667 | $ 21,387 |
Accounts Receivable, Accounts_5
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Changes in Estimated Credit Losses) (Details 2) - Estimated Credit Losses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 21,387 | $ 21,836 | $ 21,494 |
Additions - Charged to Costs and Expenses | 6,045 | 2,958 | 6,824 |
Deductions | (2,765) | (3,407) | (6,482) |
Balance at End of Period | $ 24,667 | $ 21,387 | $ 21,836 |
Accounts Receivable, Accounts_6
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities) (Details 3) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 154,484 | $ 136,186 |
Vehicle floor plan payable | 148,300 | 69,756 |
Accrued compensation and related benefits | 154,580 | 149,823 |
Other accrued liabilities | 237,157 | 218,522 |
Total accounts payable and accrued liabilities | $ 694,521 | $ 574,287 |
Accounts Receivable, Accounts_7
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Supplier Finance Program Reconciliation) (Details 4) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Supplier Finance Program [Line Items] | |
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable, vehicle floor plan payable and accrued liabilities |
Vehicle Floor Plan Facility - New Vehicles [Member] | Automotive [Member] | |
Supplier Finance Program, Obligation [Roll Forward] | |
Obligations outstanding at the beginning of the year | $ 69,190 |
Additions | 646,083 |
Settlements | (586,344) |
Obligations outstanding at the end of the year | $ 128,929 |
Inventories and Contracts in _3
Inventories and Contracts in Progress (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract] | ||
Raw materials | $ 63,884 | $ 68,494 |
Work-in-process | 15,387 | 15,718 |
Finished goods | 215,283 | 140,548 |
Contracts in progress | 2,657 | 2,051 |
Inventories and contracts in progress | $ 297,211 | $ 226,811 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation of property, plant and equipment | $ 86,064 | $ 73,297 | $ 71,415 |
Property, plant and equipment impairment charges | $ 300 | $ 2,400 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 98,332 | $ 86,892 |
Buildings | 238,776 | 203,256 |
Machinery, equipment and fixtures | 521,773 | 457,145 |
Leasehold improvements | 225,004 | 226,967 |
Construction in progress | 36,217 | 35,150 |
Property, plant and equipment, gross | 1,120,102 | 1,009,410 |
Less: accumulated depreciation | (559,788) | (506,410) |
Property, plant and equipment, net | $ 560,314 | $ 503,000 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease impairment | $ 800 | $ 3,900 | |
Lease cost net of sublease income | 141,496 | $ 128,898 | $ 117,773 |
Lessee, operating lease, lease not yet commenced, payments due | $ 23,300 | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, lease not yet commenced, term of contract | 5 years | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, lease not yet commenced, term of contract | 20 years |
Leases (Components of Operating
Leases (Components of Operating Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 89,994 | $ 91,613 | $ 96,078 |
Short-term and month-to-month lease cost | 44,457 | 30,754 | 17,724 |
Variable lease cost | 23,080 | 21,265 | 20,889 |
Sublease income | (16,035) | (14,734) | (16,918) |
Total net lease cost | $ 141,496 | $ 128,898 | $ 117,773 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow And Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases (payments) | $ 94,630 | $ 100,207 | $ 105,164 |
Right-of-use assets obtained in exchange for operating lease liabilities | 38,967 | 81,838 | $ 59,409 |
Lease right-of-use assets | 409,183 | 429,403 | |
Current lease liabilities | 64,247 | 70,007 | |
Noncurrent lease liabilities | 376,677 | 393,626 | |
Operating Lease, Liability | $ 440,924 | $ 463,633 | |
Operating lease, weighted average remaining lease term | 10 years 7 months 6 days | 10 years 8 months 12 days | |
Operating lease, weighted average discount rate | 5.20% | 4.90% |
Leases (Maturities of Operating
Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease payments due in 2024 | $ 84,677 | |
Operating lease payments due in 2025 | 70,072 | |
Operating lease payments due in 2026 | 62,262 | |
Operating lease payments due in 2027 | 55,687 | |
Operating lease payments due in 2028 | 45,486 | |
Operating lease payments due thereafter | 272,850 | |
Leases, operating lease, liability, payments, due, total | 591,034 | |
Less: Imputed interest | (150,110) | |
Total operating lease liability | $ 440,924 | $ 463,633 |
Leases (Components of Financing
Leases (Components of Financing Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Amortization of finance ROU assets | $ 5,687 | $ 2,351 |
Interest on lease liabilities | 989 | 317 |
Finance lease, fixed cost | 6,676 | 2,668 |
Finance Lease, Variable Cost | 133 | 85 |
Total finance lease cost | $ 6,809 | $ 2,753 |
Leases (Supplemental Cash Flo_2
Leases (Supplemental Cash Flow And Balance Sheet Information Related to Financing Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 989 | $ 317 |
Financing cash flows from finance leases (payments) | 10,376 | 6,237 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 20,265 | $ 9,182 |
Property, plant and equipment, net | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Finance Lease, Right-of-Use Asset | $ 22,831 | $ 13,835 |
Current finance lease liability | Accounts payable, vehicle floor plan payable and accrued liabilities | Accounts payable, vehicle floor plan payable and accrued liabilities |
Finance Lease, Liability, Current | $ 17,357 | $ 8,697 |
Noncurrent finance lease liability | Other Liabilities | Other Liabilities |
Finance Lease, Liability, Noncurrent | $ 6,571 | $ 5,362 |
Finance Lease, Liability | $ 23,928 | $ 14,059 |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 9 months 18 days | 2 years |
Finance Lease, Weighted Average Discount Rate, Percent | 6.30% | 4.60% |
Leases (Future Minimum Financin
Leases (Future Minimum Financing Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance lease payments due in 2024 | $ 17,960 | |
Finance lease payments due in 2025 | 5,194 | |
Finance lease payments due in 2026 | 1,702 | |
Finance lease payments due in 2027 | 22 | |
Finance lease payments due in 2028 | 11 | |
Finance Lease, Liability, to be Paid | 24,889 | |
Less: Imputed interest | (961) | |
Finance Lease, Liability | $ 23,928 | $ 14,059 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Line Items] | ||||||
Number of reportable segments | segment | 7 | |||||
Goodwill, Impairment Loss | $ 97,999 | $ 102,124 | ||||
Impairment of Long-Lived Assets | 99,066 | 128,990 | $ 32,940 | |||
Manufacturing [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impairment Loss | 47,760 | 0 | ||||
Other Businesses [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impairment Loss | $ 50,239 | $ 102,124 | ||||
Group Dekko [Member] | Manufacturing [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impairment Loss | $ 47,800 | $ 26,700 | ||||
Leaf Group [Member] | Other Businesses [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill and Intangible Asset Impairment | $ 129,000 | |||||
World Of Good Brands [Member] | Other Businesses [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill, Impairment Loss | $ 50,200 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Finite-lived Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortized Intangible Assets [Line Items] | |||
Impairment of Long-Lived Assets | $ 99,066 | $ 128,990 | $ 32,940 |
Amortization of Intangible Assets | |||
Amortization of intangible assets | 50,039 | $ 58,851 | $ 57,870 |
Estimated amortization of intangible assets, 2024 | 37,000 | ||
Estimated amortization of intangible assets, 2025 | 29,000 | ||
Estimated amortization of intangible assets, 2026 | 20,000 | ||
Estimated amortization of intangible assets, 2027 | 6,000 | ||
Estimated amortization of intangible assets, 2028 | 3,000 | ||
Estimated amortization of intangible assets, after 2028 | $ 17,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 2,043,093 | $ 2,029,598 |
Accumulated impairment losses, beginning balance | (482,140) | (380,016) |
Goodwill, net, beginning balance | 1,560,953 | 1,649,582 |
Measurement period adjustment | (2,217) | (853) |
Acquisitions | 45,968 | 56,163 |
Impairment | (97,999) | (102,124) |
Foreign currency exchange rate changes | 18,489 | (41,815) |
Goodwill, ending balance | 2,105,333 | 2,043,093 |
Accumulated impairment losses, ending balance | (580,139) | (482,140) |
Goodwill, net, ending balance | 1,525,194 | 1,560,953 |
Education [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,145,502 | 1,186,236 |
Accumulated impairment losses, beginning balance | (331,151) | (331,151) |
Goodwill, net, beginning balance | 814,351 | 855,085 |
Measurement period adjustment | 0 | 1,081 |
Acquisitions | 0 | 0 |
Impairment | 0 | 0 |
Foreign currency exchange rate changes | 18,489 | (41,815) |
Goodwill, ending balance | 1,163,991 | 1,145,502 |
Accumulated impairment losses, ending balance | (331,151) | (331,151) |
Goodwill, net, ending balance | 832,840 | 814,351 |
Education [Member] | Kaplan International [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 579,561 | 621,268 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 579,561 | 621,268 |
Measurement period adjustment | 0 | |
Foreign currency exchange rate changes | 18,439 | (41,707) |
Goodwill, ending balance | 598,000 | 579,561 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 598,000 | 579,561 |
Education [Member] | Higher Education [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 174,564 | 174,564 |
Accumulated impairment losses, beginning balance | (111,324) | (111,324) |
Goodwill, net, beginning balance | 63,240 | 63,240 |
Measurement period adjustment | 0 | |
Foreign currency exchange rate changes | 0 | 0 |
Goodwill, ending balance | 174,564 | 174,564 |
Accumulated impairment losses, ending balance | (111,324) | (111,324) |
Goodwill, net, ending balance | 63,240 | 63,240 |
Education [Member] | Supplemental Education [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 391,377 | 390,404 |
Accumulated impairment losses, beginning balance | (219,827) | (219,827) |
Goodwill, net, beginning balance | 171,550 | 170,577 |
Measurement period adjustment | 1,081 | |
Foreign currency exchange rate changes | 50 | (108) |
Goodwill, ending balance | 391,427 | 391,377 |
Accumulated impairment losses, ending balance | (219,827) | (219,827) |
Goodwill, net, ending balance | 171,600 | 171,550 |
Television Broadcasting [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 190,815 | 190,815 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 190,815 | 190,815 |
Measurement period adjustment | 0 | 0 |
Acquisitions | 0 | 0 |
Impairment | 0 | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Goodwill, ending balance | 190,815 | 190,815 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 190,815 | 190,815 |
Manufacturing [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 234,993 | 234,993 |
Accumulated impairment losses, beginning balance | (34,302) | (34,302) |
Goodwill, net, beginning balance | 200,691 | 200,691 |
Measurement period adjustment | 0 | 0 |
Acquisitions | 0 | 0 |
Impairment | (47,760) | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Goodwill, ending balance | 234,993 | 234,993 |
Accumulated impairment losses, ending balance | (82,062) | (34,302) |
Goodwill, net, ending balance | 152,931 | 200,691 |
Graham Healthcare Group [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 135,870 | 118,329 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 135,870 | 118,329 |
Measurement period adjustment | (2,217) | 249 |
Acquisitions | 1,385 | 17,292 |
Impairment | 0 | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Goodwill, ending balance | 135,038 | 135,870 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 135,038 | 135,870 |
Automotive [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 84,697 | 45,826 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net, beginning balance | 84,697 | 45,826 |
Measurement period adjustment | 0 | 0 |
Acquisitions | 44,583 | 38,871 |
Impairment | 0 | 0 |
Foreign currency exchange rate changes | 0 | 0 |
Goodwill, ending balance | 129,280 | 84,697 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net, ending balance | 129,280 | 84,697 |
Other Businesses [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 251,216 | 253,399 |
Accumulated impairment losses, beginning balance | (116,687) | (14,563) |
Goodwill, net, beginning balance | 134,529 | 238,836 |
Measurement period adjustment | 0 | (2,183) |
Acquisitions | 0 | 0 |
Impairment | (50,239) | (102,124) |
Foreign currency exchange rate changes | 0 | 0 |
Goodwill, ending balance | 251,216 | 251,216 |
Accumulated impairment losses, ending balance | (166,926) | (116,687) |
Goodwill, net, ending balance | $ 84,290 | $ 134,529 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 521,752 | $ 544,128 |
Accumulated Amortization | 409,558 | 382,706 |
Net Carrying Amount | 112,194 | 161,422 |
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 187,862 | 178,934 |
Student and Customer Relationships [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 283,098 | 297,766 |
Accumulated Amortization | 236,776 | 230,429 |
Net Carrying Amount | 46,322 | 67,337 |
Trade Names and Trademarks [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 143,389 | 148,102 |
Accumulated Amortization | 90,558 | 81,078 |
Net Carrying Amount | $ 52,831 | $ 67,024 |
Network affiliation agreements [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 10 years | 10 years |
Gross Carrying Amount | $ 17,400 | $ 17,400 |
Accumulated Amortization | 13,348 | 10,367 |
Net Carrying Amount | 4,052 | 7,033 |
Databases and Technology [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36,538 | 36,216 |
Accumulated Amortization | 35,712 | 32,219 |
Net Carrying Amount | 826 | 3,997 |
Other [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,327 | 44,644 |
Accumulated Amortization | 33,164 | 28,613 |
Net Carrying Amount | $ 8,163 | $ 16,031 |
Minimum [Member] | Student and Customer Relationships [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | 2 years |
Minimum [Member] | Trade Names and Trademarks [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 2 years | 2 years |
Minimum [Member] | Databases and Technology [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 3 years | 3 years |
Minimum [Member] | Other [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 1 year | 1 year |
Maximum [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 15 years | |
Maximum [Member] | Student and Customer Relationships [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 10 years | 10 years |
Maximum [Member] | Trade Names and Trademarks [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 15 years | 15 years |
Maximum [Member] | Databases and Technology [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 6 years | 6 years |
Maximum [Member] | Other [Member] | ||
Amortized Intangible Assets [Line Items] | ||
Useful Life (in years) | 8 years | 8 years |
Franchise Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 92,158 | $ 85,858 |
Trade Names and Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 84,533 | 81,905 |
FCC licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 11,000 | 11,000 |
Other [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 171 | $ 171 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 17,200,000 | ||
State and local taxes, net of U.S. Federal tax | $ 7,477,000 | $ (331,000) | 2,238,000 |
Deferred state income tax asset | 64,381,000 | 61,826,000 | |
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards | 58,424,000 | 64,310,000 | |
Deferred tax assets with respect to non U.S. income tax loss carryforwards | 23,850,000 | 19,937,000 | |
Valuation Allowance, Amount | 66,298,000 | 62,816,000 | |
Deferred income tax liabilities related to undistributed earnings of investments in non-U.S. subsidiaries | 1,962,000 | 2,084,000 | |
Income taxes receivable | 6,848,000 | 9,313,000 | |
Accounts payable, vehicle floor plan payable and accrued liabilities | 694,521,000 | 574,287,000 | |
Interest accrued related to unrecognized tax benefits | 400,000 | ||
Penalties accrued related to unrecognized tax benefits | 0 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards to expire | 1,106,900,000 | ||
Deferred state income tax asset | 64,400,000 | ||
Valuation allowance related to operating loss carryforwards | 45,800,000 | ||
Non-U.S.deferred tax asset related to capital loss carryforwards | 0 | 36,000 | |
Valuation Allowance, Amount | 49,600,000 | ||
Unrecognized tax benefit that would impact the effective tax rate | 2,000,000 | ||
State [Member] | Leaf Group [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards to expire | 115,400,000 | ||
U.S. Federal [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards obtained as a result of prior stock acqusitions | 278,200,000 | ||
Deferred tax assets with respect to U.S. Federal income tax loss carryforwards | 58,400,000 | ||
Foreign tax credit carryforwards | 1,100,000 | ||
Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards | 1,100,000 | 1,271,000 | |
Tax Credit Carryforward, Valuation Allowance | 1,100,000 | ||
Unrecognized tax benefit that would impact the effective tax rate | 1,300,000 | ||
Federal tax impact of unrecognized tax benefits that would impact the effective tax rate | 400,000 | ||
U.S. Federal [Member] | Leaf Group [Member] | |||
Income Taxes [Line Items] | |||
Income tax loss carryforwards obtained as a result of prior stock acqusitions | $ 262,500,000 | ||
non-U.S. [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards as a result of operating losses and prior stock acquisitions | 112,700,000 | ||
Deferred tax assets with respect to non U.S. income tax loss carryforwards | 23,900,000 | ||
Valuation allowance against the deferred tax assets recorded for the tax losses carryforward | 12,300,000 | ||
Tax loss carryforwards from operating losses and prior stock acquisitions that can be carried forward indefinitely | 63,400,000 | ||
Non-U.S.deferred tax asset related to capital loss carryforwards | 3,069,000 | $ 3,458,000 | |
Valuation Allowance, Amount | 15,500,000 | ||
non-U.S. [Member] | Through 2028 [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards subject to expiration | 45,100,000 | ||
non-U.S. [Member] | After 2028 [Member] | |||
Income Taxes [Line Items] | |||
Tax loss carryforwards subject to expiration | 4,200,000 | ||
Capital loss carryforward [Member] | non-U.S. [Member] | |||
Income Taxes [Line Items] | |||
Carryforward amount | 10,200,000 | ||
Non-U.S.deferred tax asset related to capital loss carryforwards | 3,100,000 | ||
Valuation Allowance, Amount | $ 3,100,000 |
Income Taxes (Income from Opera
Income Taxes (Income from Operations) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income before Income Taxes [Abstract] | |||
U.S. | $ 219,240 | $ 69,499 | $ 421,420 |
Non-U.S. | 79,764 | 52,235 | 28,207 |
Income Before Income Taxes | $ 299,004 | $ 121,734 | $ 449,627 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes Components) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal, Current | $ 19,752 | $ 37,525 | $ 20,806 |
State and Local, Current | 5,886 | 5,676 | 4,354 |
Non-U.S., Current | 17,897 | 11,943 | 6,094 |
Total income tax, Current | 43,535 | 55,144 | 31,254 |
U.S. Federal, Deferred | 36,640 | (6,180) | 64,356 |
State and Local, Deferred | 10,044 | 2,513 | (435) |
Non-U.S., Deferred | (2,919) | (177) | 1,125 |
Total income tax, Deferred | 43,765 | (3,844) | 65,046 |
U.S. Federal, Total | 56,392 | 31,345 | 85,162 |
State and Local, Total | 15,930 | 8,189 | 3,919 |
Non-U.S., Total | 14,978 | 11,766 | 7,219 |
Total provision for income tax | $ 87,300 | $ 51,300 | $ 96,300 |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation) (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
U.S. Federal taxes at statutory rate | $ 62,791 | $ 25,564 | $ 94,422 |
State and local taxes, net of U.S. Federal tax | 7,477 | (331) | 2,238 |
Goodwill impairments | 10,864 | 15,628 | 1,612 |
Other, net | 4,431 | 3,376 | (6,873) |
Total provision for income tax | 87,300 | 51,300 | 96,300 |
State [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance against tax benefits | 5,107 | 6,800 | 859 |
non-U.S. [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance against tax benefits | $ (3,370) | $ 263 | $ 4,042 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes Components) (Details 4) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Income Tax Liabilities [Line Items] | ||
Employee benefit obligations | $ 51,666 | $ 53,307 |
Accounts receivable | 4,160 | 3,770 |
State income tax loss carryforwards | 64,381 | 61,826 |
U.S. Federal income tax loss carryforwards | 58,424 | 64,310 |
Non-U.S. income tax loss carryforwards | 23,850 | 19,937 |
Leases | 57,564 | 59,072 |
Other | 10,705 | 2,350 |
Deferred tax assets | 275,247 | 269,758 |
Valuation allowance | (66,298) | (62,816) |
Deferred tax assets, net | 208,949 | 206,942 |
Unrealized gain on marketable equity securities | 116,396 | 87,204 |
Goodwill and other intangible assets | 69,358 | 81,593 |
Property, plant and equipment | 21,612 | 19,703 |
Leases | 48,230 | 49,473 |
Non-U.S. withholding tax | 1,962 | 2,084 |
Deferred tax liabilities | 798,495 | 666,405 |
Deferred Income Tax Liabilities, Net | 589,546 | 459,463 |
non-U.S. [Member] | ||
Deferred Income Tax Liabilities [Line Items] | ||
Capital loss carryforwards | 3,069 | 3,458 |
Non-U.S. income tax loss carryforwards | 23,900 | |
Valuation allowance | (15,500) | |
U.S. Federal [Member] | ||
Deferred Income Tax Liabilities [Line Items] | ||
U.S. Federal income tax loss carryforwards | 58,400 | |
U.S Federal foreign income tax credit carryforwards | 1,100 | 1,271 |
State [Member] | ||
Deferred Income Tax Liabilities [Line Items] | ||
State income tax loss carryforwards | 64,400 | |
Capital loss carryforwards | 0 | 36 |
Income tax credit carryforwards | 328 | 421 |
Valuation allowance | (49,600) | |
Pension Plan [Member] | ||
Deferred Income Tax Liabilities [Line Items] | ||
Prepaid pension cost | $ 540,937 | $ 426,348 |
Income Taxes (Operating Loss Ca
Income Taxes (Operating Loss Carryforwards) (Details 5) $ in Millions | Dec. 31, 2023 USD ($) |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | $ 1,106.9 |
U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 278.2 |
2024 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 5.7 |
2024 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 28.2 |
2025 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 17.5 |
2025 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 25.2 |
2026 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 10.5 |
2026 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 13.9 |
2027 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 17.6 |
2027 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 6.4 |
2028 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 24.4 |
2028 [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | 6.3 |
2029 and after [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to expire | 1,031.2 |
2029 and after [Member] | U.S. Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Income tax loss carryforwards to be fully utilized | $ 198.2 |
Income Taxes (Deferred Tax Valu
Income Taxes (Deferred Tax Valuation Allowances) (Details 6) - Deferred Tax Valuation Allowance [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 62,816 | $ 57,603 | $ 47,217 |
Tax Expense and Revaluation | 9,786 | 7,460 | 13,915 |
Deductions | (6,304) | (2,247) | (3,529) |
Balance at End of Period | $ 66,298 | $ 62,816 | $ 57,603 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits Rollforward) (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning unrecognized tax benefits | $ 3,897 | $ 3,004 | $ 1,898 |
Increases related to current year tax positions | 135 | 300 | 1,061 |
Increases related to prior year tax positions | 0 | 778 | 45 |
Decrease related to prior year tax positions | (165) | (185) | 0 |
Decreases related to settlement with tax authorities | 0 | 0 | 0 |
Decreases due to lapse of applicable statute of limitations | (604) | 0 | 0 |
Ending unrecognized tax benefits | $ 3,263 | $ 3,897 | $ 3,004 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 26, 2023 USD ($) | Jul. 28, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 GBP (£) | ||||
Debt Instrument [Line Items] | ||||||||||
Average borrowings outstanding | $ 745,000,000 | $ 689,900,000 | ||||||||
Average annual interest rate of borrowings | 6.10% | 4.80% | ||||||||
Interest Expense, Net | $ (56,179,000) | $ (51,177,000) | $ (30,534,000) | |||||||
Interest expense | 63,301,000 | 54,403,000 | 33,943,000 | |||||||
5.75% Unsecured Notes maturing in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 1,700,000 | 2,500,000 | ||||||||
Debt instrument, face amount | $ 400,000,000 | |||||||||
Interest rate | 5.75% | 5.75% | ||||||||
Fair value of debt instrument | $ 400,400,000 | 395,100,000 | ||||||||
Five-Year Credit Agreement maturing in 2027 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility current borrowing capacity | 300,000,000 | |||||||||
Line of credit facility outstanding | 97,879,000 | 200,236,000 | ||||||||
USD revolving credit facility borrowings [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility outstanding | 34,000,000 | |||||||||
GBP revolving credit facility borrowings [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility outstanding | £ | £ 50,000,000 | |||||||||
Term Loan maturing in 2027 - $150 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 600,000 | |||||||||
Loans Payable to Bank | $ 150,000,000 | 147,476,000 | [1] | 0 | [1] | |||||
Debt Instrument, Periodic Payment, Principal | $ 1,875,000 | |||||||||
Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 100,000 | |||||||||
Loans Payable to Bank | [2] | 74,541,000 | 0 | |||||||
Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 800,000 | |||||||||
Loans Payable to Bank | [3] | $ 63,097,000 | 0 | |||||||
Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 100,000 | |||||||||
Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized debt issuance costs | 100,000 | |||||||||
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 maturing in 2027 - $150 million [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% | |||||||||
Automotive [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loans Payable to Bank | $ 75,200,000 | |||||||||
Debt Instrument, Periodic Payment, Principal | 300,000 | |||||||||
Automotive [Member] | Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loans Payable to Bank | 65,000,000 | |||||||||
Debt Instrument, Periodic Payment, Principal | 500,000 | |||||||||
Automotive [Member] | Delayed Draw Term Loan maturing in 2028 - $50 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loans Payable to Bank | $ 0 | |||||||||
Term Loan, Unused Borrowing Capacity, Amount | 50,000,000 | |||||||||
Automotive [Member] | Interest Rate Swap maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, Notional Amount | $ 75,200,000 | |||||||||
Derivative, Fixed Interest Rate | 4.67% | |||||||||
Total Fixed Interest Rate | 6.42% | 6.42% | ||||||||
Automotive [Member] | Interest Rate Swaps maturing in 2031 and 2032 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Realized gain from termination of interest rate swap | $ 4,600,000 | |||||||||
Automotive [Member] | Secured Overnight Financing Rates (SOFR) [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable interest rate margin | 1.75% | |||||||||
Automotive [Member] | Secured Overnight Financing Rates (SOFR) [Member] | Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Applicable interest rate margin | 2% | |||||||||
Automotive [Member] | Secured Overnight Financing Rates (SOFR) [Member] | Interest Rate Swap maturing in 2028 - $75.2 million [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, Basis Spread on Variable Rate | 1.75% | |||||||||
Securities Subject to Mandatory Redemption [Member] | Graham Healthcare Group [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest expense | $ 10,100,000 | $ 16,500,000 | $ 4,100,000 | |||||||
[1]The carrying value is net of $0.6 million of unamortized debt issuance costs as of December 31, 2023 . $0.1 million of unamortized debt issuance costs as of December 31, 2023 . $0.8 million of unamortized debt issuance costs as of December 31, 2023 . |
Debt (Details 1)
Debt (Details 1) - USD ($) | Dec. 31, 2023 | Jul. 28, 2023 | Dec. 31, 2022 | |||
Debt Instrument [Line Items] | ||||||
Other indebtedness | $ 30,574,000 | $ 11,993,000 | ||||
Total Debt | 811,833,000 | 726,360,000 | ||||
Less: current portion | (66,751,000) | (155,813,000) | ||||
Total Long-Term Debt | 745,082,000 | 570,547,000 | ||||
5.75% Unsecured Notes maturing in 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured notes | [1] | 398,266,000 | 397,548,000 | |||
Unamortized debt issuance costs | $ 1,700,000 | 2,500,000 | ||||
Stated interest rate | 5.75% | |||||
Effective interest rate | 5.75% | |||||
Five-Year Credit Agreement maturing in 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit Facility | $ 97,879,000 | 200,236,000 | ||||
Effective interest rate | 6.23% | |||||
Term Loan maturing in 2027 - $150 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Payable to Bank | $ 147,476,000 | [2] | $ 150,000,000 | 0 | [2] | |
Unamortized debt issuance costs | $ 600,000 | |||||
Effective interest rate | 7.33% | |||||
Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Payable to Bank | [3] | $ 74,541,000 | 0 | |||
Unamortized debt issuance costs | $ 100,000 | |||||
Effective interest rate | 7.17% | |||||
Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Payable to Bank | [4] | $ 63,097,000 | 0 | |||
Unamortized debt issuance costs | $ 800,000 | |||||
Effective interest rate | 7.41% | |||||
Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commercial Note | [5] | $ 0 | 23,522,000 | |||
Unamortized debt issuance costs | 100,000 | |||||
Effective interest rate | 6.68% | |||||
Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commercial Note | $ 0 | 66,513,000 | ||||
Effective interest rate | 6.90% | |||||
Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commercial Note | [6] | $ 0 | 26,548,000 | |||
Unamortized debt issuance costs | $ 100,000 | |||||
Effective interest rate | 6.72% | |||||
Minimum [Member] | Five-Year Credit Agreement maturing in 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 4.80% | |||||
Minimum [Member] | Term Loan maturing in 2027 - $150 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.17% | |||||
Minimum [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.07% | |||||
Minimum [Member] | Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.32% | |||||
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 | 8.88% | |||||
Maximum [Member] | Term Loan maturing in 2027 - $150 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.25% | |||||
Maximum [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.09% | |||||
Maximum [Member] | Capital Term Loan maturing in 2028 - $65 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.34% | |||||
Maximum [Member] | Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.10% | |||||
Maximum [Member] | Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.38% | |||||
Maximum [Member] | Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 7.13% | |||||
Maximum [Member] | Other Indebtedness [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 16% | |||||
[1]The carrying value is net of $1.7 million and $2.5 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively. $0.6 million of unamortized debt issuance costs as of December 31, 2023 . $0.1 million of unamortized debt issuance costs as of December 31, 2023 . $0.8 million of unamortized debt issuance costs as of December 31, 2023 . . . |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 USD ($) investment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) investment | |
Fair Value Disclosures [Abstract] | ||||
Impairment of goodwill and other long-lived assets | $ 99,066 | $ 128,990 | $ 32,940 | |
Net gain on cost method investments | 3,104 | 6,883 | 11,756 | |
Impairment of a cost method investment | $ 500 | $ 1,305 | 0 | |
Equity Method Investment Impairment | $ 6,600 | $ 6,600 | ||
Number of investments in affiliates impaired | investment | 1 | 1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Money market investments | $ 5,600 | $ 7,700 | |
Marketable equity securities | 690,153 | 609,921 | |
Fair Value, Recurring [Member] | |||
Assets | |||
Money market investments | [1] | 5,577 | 7,686 |
Marketable equity securities | [2] | 690,153 | 609,921 |
Other current investments | [3] | 6,875 | 12,487 |
Interest rate swaps | [4] | 2,636 | |
Total Financial Assets | 702,605 | 632,730 | |
Liabilities | |||
Contingent consideration liabilities | [5] | 788 | 8,423 |
Interest rate swaps | [6] | 2,761 | |
Foreign exchange swap | [7] | 86 | 333 |
Mandatorily redeemable noncontrolling interest | [8] | 40,764 | 30,845 |
Total Financial Liabilities | 44,399 | 39,601 | |
Level 1 [Member] | Fair Value, Recurring [Member] | |||
Assets | |||
Money market investments | [1] | 0 | 0 |
Marketable equity securities | [2] | 690,153 | 609,921 |
Other current investments | [3] | 6,875 | 7,471 |
Interest rate swaps | [4] | 0 | |
Total Financial Assets | 697,028 | 617,392 | |
Liabilities | |||
Contingent consideration liabilities | [5] | 0 | 0 |
Interest rate swaps | [6] | 0 | |
Foreign exchange swap | [7] | 0 | 0 |
Mandatorily redeemable noncontrolling interest | [8] | 0 | 0 |
Total Financial Liabilities | 0 | 0 | |
Level 2 [Member] | Fair Value, Recurring [Member] | |||
Assets | |||
Money market investments | [1] | 5,577 | 7,686 |
Marketable equity securities | [2] | 0 | 0 |
Other current investments | [3] | 0 | 5,016 |
Interest rate swaps | [4] | 2,636 | |
Total Financial Assets | 5,577 | 15,338 | |
Liabilities | |||
Contingent consideration liabilities | [5] | 0 | 0 |
Interest rate swaps | [6] | 2,761 | |
Foreign exchange swap | [7] | 86 | 333 |
Mandatorily redeemable noncontrolling interest | [8] | 0 | 0 |
Total Financial Liabilities | 2,847 | 333 | |
Level 3 [Member] | 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 | |
Total Financial Assets | 0 | 0 | |
Liabilities | |||
Contingent consideration liabilities | [5] | 788 | 8,423 |
Interest rate swaps | [6] | 0 | |
Foreign exchange swap | [7] | 0 | 0 |
Mandatorily redeemable noncontrolling interest | [8] | 40,764 | 30,845 |
Total Financial Liabilities | $ 41,552 | $ 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. The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. exchanges. Price quotes for these shares are readily available. 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. Included in Deferred Charges and Other Assets. The Company utilized a market approach model using a notional amount of the interest rate swaps multiplied by the observable inputs of time to maturity and market interest rates. Included in Accounts payable, vehicle floor plan 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. Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. Included in Accounts payable, vehicle floor plan 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 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 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 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] | (7,423) | (6,672) |
Capital contributions | 0 | 0 | |
Accretion of value included in net income | [1] | 830 | 1,567 |
Settlements or distributions | (1,262) | (1,750) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 788 | 8,423 | |
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] | 10,122 | 16,489 |
Capital contributions | 411 | 1,018 | |
Accretion of value included in net income | [1] | 0 | 0 |
Settlements or distributions | (614) | (323) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ 40,764 | $ 30,845 | |
[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 Consolidated Statements of Operations. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue recognized in period related to beginning balance | $ 302.2 | |||
Percentage Of Refundable Amounts Included Within Contract Liabilities | 20% | 18% | ||
Deferred Revenue Recognized of Refundable Prepaid Amounts | $ 54.3 | |||
Medicare Accelerated Advanced Payment Program Relief Fund [Member] | Graham Healthcare Group [Member] | CARES Act relief from COVID-19 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Government Relief, CARES Act | $ 31.5 | |||
Amount of Revenue Recognized From Government Relief, CARES Act | $ 12.6 | $ 18.9 | ||
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Revenue | 54% | 58% | 67% | |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Revenue | 46% | 42% | 33% | |
U.S. [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Revenue | 79% | 81% | 78% | |
Non U.S. [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of Revenue | 21% | 19% | 22% | |
Kaplan International [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract with Customer, Asset, Net, Noncurrent | $ 39.8 | $ 26.3 | ||
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 | 73% |
Revenue from Contract with Cust
Revenue from Contract with Customer (Narrative 2) (Details) - Long-term Contract with Customer [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 $ in Millions | Dec. 31, 2023 USD ($) |
Kaplan International [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 311.6 |
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 | $ 7.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue | $ 400,347 | $ 345,387 |
Deferred Revenue, Period Increase Percentage | 16% |
Revenue from Contracts with C_5
Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract costs capitalized during the period | $ 98,527 | $ 72,606 | $ 61,214 | |
Costs amortized during the period | (90,839) | (66,064) | (59,116) | |
Change in capitalized contract cost, other | 2,299 | (976) | (380) | |
Balance of costs to obtain a contract | $ 41,634 | $ 31,647 | $ 26,081 | $ 24,363 |
Capital Stock, Stock Awards, _2
Capital Stock, Stock Awards, and Stock Options (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 04, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cost of shares repurchased by company | $ 193,160,000 | $ 71,386,000 | $ 55,683,000 | ||
Shares subject to award outstanding | 29,649 | 27,218 | |||
Number of shares forfeited due to modification | 1,079 | ||||
Number of shares awarded | 14,630 | ||||
Exercised, Number of Shares | 3,060 | ||||
Number of shares granted | 0 | ||||
Stock options outstanding | 175,045 | 178,105 | |||
Dividends declared per common share | $ 6.60 | $ 6.32 | $ 6.04 | ||
Vested, Number of Shares | 11,120 | ||||
Kaplan Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercised, Number of Shares | 0 | 0 | 0 | ||
Number of shares granted | 0 | 0 | 0 | ||
Stock options outstanding | 0 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares excluded from earnings per share | 105,000 | 105,000 | 104,000 | ||
Maximum [Member] | Kaplan Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
Minimum [Member] | Kaplan Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Education [Member] | Kaplan Stock Option and Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (credit) | $ 1,000,000 | $ 1,000,000 | $ 1,300,000 | ||
Accrual balance related to stock based compensation | 12,300,000 | ||||
Stock compensation payouts | $ 0 | $ 0 | $ 0 | ||
Class B Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Right to elect Board of Directors percentage | 30% | ||||
Shares repurchased by company | 325,134 | 121,761 | 93,969 | ||
Cost of shares repurchased by company | $ 195,000,000 | $ 71,400,000 | $ 55,700,000 | ||
Number of shares authorized to be repurchased | 500,000 | ||||
Authorized shares remaining for repurchase | 236,403 | ||||
Market value of company's stock (in dollars per share) | $ 696.52 | ||||
Class B Common Stock [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (credit) | $ 3,900,000 | 3,400,000 | 3,900,000 | ||
Total unrecognized compensation expense | $ 8,900,000 | ||||
Years over which cost expected to be recognized | 2 years 1 month 6 days | ||||
Share awards outstanding, restriction will lapse in 2025 | 13,429 | ||||
Share awards outstanding, restriction will lapse in 2027 | 16,220 | ||||
Class B Common Stock [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (credit) | $ 1,200,000 | $ 1,200,000 | $ 1,700,000 | ||
Total unrecognized compensation expense | $ 3,200,000 | ||||
Years over which cost expected to be recognized | 2 years 8 months 12 days | ||||
Options outstanding exercisable now | 136,415 | ||||
Options outstanding exercisable in 2024 (shares) | 12,876 | ||||
Options outstanding exercisable in 2025 (shares) | 12,877 | ||||
Options outstanding exercisable in 2026 (shares) | 12,877 | ||||
Intrinsic value of options outstanding | $ 19,200,000 | ||||
Intrinsic value of options exercisable | 8,700,000 | ||||
Intrinsic value of options unvested | $ 10,400,000 | ||||
Options unvested, shares | 38,630 | 51,841 | |||
Options unvested, average exercise price (in dollars per share) | $ 426.86 | $ 429.57 | |||
Options unvested, weighted average remaining contractual term, years | 6 years 8 months 12 days | 7 years 8 months 12 days | |||
Exercised, Number of Shares | 3,060 | 5,084 | 0 | ||
Intrinsic value of options exercised | $ 500,000 | $ 1,200,000 | |||
Tax benefit from stock option exercises | 100,000 | 300,000 | |||
Class B Common Stock [Member] | Executive Officer | Share-based Payment Arrangement [Member] | Price-Based | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense (credit) | $ 1,100,000 | $ 1,300,000 | |||
Vested, Number of Shares | 0 | ||||
Number of contingently issuable shares | 1,000 | ||||
Class B Common Stock [Member] | Executive Officer | Share-Based Payment Arrangement, Employee | Price-Based | Monte Carlo | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award other than Options, Grants in Periods, Grante Date Fair Value | $ 3,500,000 | ||||
Class B Common Stock [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares awarded | 1,006 | ||||
Class B Common Stock [Member] | Maximum [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 10 years | ||||
Class B Common Stock [Member] | Minimum [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 6 years | ||||
Class B Common Stock [Member] | 2012 Incentive Compensation Plan [Member] | Share-based Payment Arrangement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for issuance | 191,474 | ||||
Shares subject to award outstanding | 191,474 | ||||
Class B Common Stock [Member] | 2022 Incentive Compensation Plan | Share-based Payment Arrangement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for stock awards granted under the plan | 500,000 | ||||
Shares reserved for issuance | 484,704 | ||||
Shares subject to award outstanding | 14,220 | ||||
Shares available for future awards | 498,924 | ||||
Class B Common Stock [Member] | 2022 Incentive Compensation Plan | Share-based Payment Arrangement [Member] | non-employee Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares awarded | 731 | 345 | |||
Stock-based compensation expense (credit) | $ 400,000 | $ 200,000 | |||
Vested, Number of Shares | 731 | 345 | |||
Kaplan Restricted Stock [Member] | Senior Manager [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares subject to award outstanding | 7,206 | ||||
Kaplan Restricted Stock [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of company common stock (in dollars per share) | $ 1,700 |
Capital Stock, Stock Awards, _3
Capital Stock, Stock Awards, and Stock Options (Stock Awards Rollforward) (Details 1) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning of year, unvested, Number of Shares | shares | 27,218 |
Awarded, Number of Shares | shares | 14,630 |
Vested, Number of Shares | shares | (11,120) |
Forfeited, Number of Shares | shares | (1,079) |
End of year, unvested, Number of Shares | shares | 29,649 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning of year, Average Grant-Date Fair Value (in dollars per share) | $ / shares | $ 579.84 |
Awarded, Average Grant-Date Fair Value (in dollars per share) | $ / shares | 609.02 |
Vested, Average Grant-Date Fair Value (in dollars per share) | $ / shares | 639.31 |
Forfeited, Average Grant-Date Fair Value (in dollars per share) | $ / shares | 602.40 |
End of year, Average Grant-Date Fair Value (in dollars per share) | $ / shares | $ 571.11 |
Capital Stock, Stock Awards, _4
Capital Stock, Stock Awards, and Stock Options (Stock Options Rollforward) (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning, Number of Shares | 178,105 | ||
Granted, Number of Shares | 0 | ||
Exercised, Number of Shares | (3,060) | ||
Expired or forfeited, Number of Shares | 0 | ||
End, Number of Shares | 175,045 | 178,105 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Beginning, Average Option Price (in dollars per share) | $ 619.44 | ||
Granted, Average Option Price (in dollars per share) | 0 | ||
Exercised, Average Option Price (in dollars per share) | 426.86 | ||
Expired or forfeited, Average Option Price (in dollars per share) | 0 | ||
End, Average Option Price (in dollars per share) | $ 622.80 | $ 619.44 | |
Share-based Payment Arrangement, Option [Member] | Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Exercised, Number of Shares | (3,060) | (5,084) | 0 |
Capital Stock, Stock Awards, _5
Capital Stock, Stock Awards, and Stock Options (Options Outstanding and Exercisable) (Details 3) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Shares Outstanding | 175,045 | 178,105 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 3 years 4 months 24 days | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 622.80 | $ 619.44 |
Options Exercisable, Shares Exercisable | 136,415 | |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 2 years 6 months | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 678.29 | |
Exercise Price $427 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Low Exercise Price Range | $ 427 | |
Options Outstanding, Shares Outstanding | 71,045 | |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 6 years 8 months 12 days | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 426.86 | |
Options Exercisable, Shares Exercisable | 32,415 | |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 6 years 8 months 12 days | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 426.86 | |
Exercise Price $719 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Low Exercise Price Range | $ 719 | |
Options Outstanding, Shares Outstanding | 77,258 | |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 9 months 18 days | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 719.15 | |
Options Exercisable, Shares Exercisable | 77,258 | |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 9 months 18 days | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 719.15 | |
Exercise Price Range of $805-$872 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options Outstanding, Shares Outstanding | 26,742 | |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 2 years | |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 865.02 | |
Options Exercisable, Shares Exercisable | 26,742 | |
Options Exercisable, Weighted Average Remaining Contractual Life (in years) | 2 years | |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 865.02 | |
Exercise Price Range of $805-$872 [Member] | Minimum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Low Exercise Price Range | 805 | |
Exercise Price Range of $805-$872 [Member] | Maximum [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Low Exercise Price Range | $ 872 |
Capital Stock, Stock Awards, _6
Capital Stock, Stock Awards, and Stock Options (Earnings Per Share) (Details 5) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items] | |||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ 53,259 | $ (23,031) | $ 122,788 | $ 52,272 | $ 6,160 | $ 32,780 | $ (67,485) | $ 95,624 | $ 205,288 | $ 67,079 | $ 352,075 |
Less: Dividends paid–common stock outstanding and unvested restricted shares | (30,953) | (30,712) | (30,136) | ||||||||
Undistributed earnings | $ 174,335 | $ 36,367 | $ 321,939 | ||||||||
Percent allocated to common stockholders | 99.34% | 99.43% | 99.36% | ||||||||
Undistributed earnings allocated to common stockholders | $ 173,182 | $ 36,160 | $ 319,867 | ||||||||
Add: Dividends paid–common stock outstanding | 30,756 | 30,540 | 29,946 | ||||||||
Numerator for basic earnings per share | 203,938 | 66,700 | 349,813 | ||||||||
Add: Additional undistributed earnings due to dilutive stock options | 4 | 0 | 5 | ||||||||
Numerator for diluted earnings per share | $ 203,942 | $ 66,700 | $ 349,818 | ||||||||
Weighted average shares outstanding (shares) | 4,639 | 4,823 | 4,951 | ||||||||
Denominator for diluted earnings per share (shares) | 4,654 | 4,836 | 4,965 | ||||||||
Graham Holdings Company Common Stockholders: | |||||||||||
Basic net income per common share (in USD per share) | $ 11.76 | $ (5.02) | $ 25.96 | $ 10.91 | $ 1.28 | $ 6.78 | $ (13.95) | $ 19.50 | $ 43.96 | $ 13.83 | $ 70.65 |
Earnings Per Share, Diluted (in usd per share) | $ 11.72 | $ (5.02) | $ 25.89 | $ 10.88 | $ 1.28 | $ 6.76 | $ (13.95) | $ 19.45 | $ 43.82 | $ 13.79 | $ 70.45 |
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) | 15 | 13 | 14 |
Capital Stock, Stock Awards, _7
Capital Stock, Stock Awards, and Stock Options (Antidilutive Shares) (Details 6) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capital Stock, Stock Awards, and Stock Options [Abstract] | |||
Antidilutive Restricted Stock | 12 | 18 | 13 |
Pensions and Other Postretire_3
Pensions and Other Postretirement Plans (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) investment country | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) investment | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) investment country multiemployer_plan | Dec. 31, 2022 USD ($) investment multiemployer_plan | Dec. 31, 2021 USD ($) multiemployer_plan | |
Retirement Benefits Disclosure [Line Items] | |||||||||
Service cost | $ 33,787,000 | $ 32,567,000 | $ 22,991,000 | ||||||
Number of multiemployer plans contributed to | multiemployer_plan | 1 | 1 | 1 | ||||||
Contributions to multiemployer pension plans | $ 100,000 | $ 100,000 | $ 100,000 | ||||||
Expense associated with the retirement benefits provided under incentive savings plans | 13,000,000 | 11,600,000 | 10,900,000 | ||||||
Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Special separation benefit expense | 9,886,000 | 3,624,000 | 1,132,000 | ||||||
Service cost | 33,787,000 | 32,567,000 | 22,991,000 | ||||||
Accumulated benefit obligation | $ 880,300,000 | $ 843,600,000 | 880,300,000 | 843,600,000 | |||||
Company contributions | 0 | 0 | |||||||
Estimated employer contributions in next fiscal year | $ 0 | 0 | |||||||
Benefits paid | $ 82,455,000 | $ 65,240,000 | |||||||
Percent of Plan Assets Managed Internally by Company | 40% | ||||||||
Percent Of Plan Assets Managed By Investment Companies | 60% | ||||||||
Number of investment companies actively managing plan assets | country | 2 | 2 | |||||||
Percentage of total plan assets | 100% | 100% | 100% | 100% | |||||
Pension Plans [Member] | Markel Corporation [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Value of investments | $ 82,400,000 | $ 82,400,000 | |||||||
Supplemental Executive Retirement Plan (SERP) [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Service cost | 593,000 | $ 911,000 | 1,022,000 | ||||||
Accumulated benefit obligation | $ 89,400,000 | $ 88,000,000 | 89,400,000 | 88,000,000 | |||||
Benefits paid | 6,300,000 | 5,900,000 | |||||||
Other Postretirement Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Benefits paid | 200,000 | 200,000 | |||||||
Settlement of obligation | 1,679,000 | 0 | |||||||
Settlement gain | $ 1,087,000 | $ 0 | $ 120,000 | ||||||
Discount rate to determine benefit obligation | 4.53% | 4.76% | 4.53% | 4.76% | |||||
Discount rate to determine periodic cost | 4.76% | 2.23% | 1.78% | ||||||
Other Postretirement Plans [Member] | Pre-Age 65 [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Assumed health care cost trend rate | 7.50% | 7.50% | |||||||
Direction of change for assumed health care cost trend rate | decreasing | ||||||||
Ultimate health care cost trend rate | 4.50% | 4.50% | |||||||
Year that rate reaches ultimate trend rate | 2032 | ||||||||
Other Postretirement Plans [Member] | Post-Age 65 [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Assumed health care cost trend rate | 8.04% | 8.04% | |||||||
Direction of change for assumed health care cost trend rate | decreasing | ||||||||
Ultimate health care cost trend rate | 4.50% | 4.50% | |||||||
Year that rate reaches ultimate trend rate | 2032 | ||||||||
Other Postretirement Plans [Member] | Medicare Advantage [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Assumed health care cost trend rate | 11.25% | 11.25% | |||||||
Direction of change for assumed health care cost trend rate | decreasing | ||||||||
Ultimate health care cost trend rate | 4.50% | 4.50% | |||||||
Year that rate reaches ultimate trend rate | 2032 | ||||||||
Private investment fund [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Percentage of total plan assets | 17% | 16% | 17% | 16% | |||||
Single Equity Concentration [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator | 10% | 10% | |||||||
Value of investments | $ 1,011,100,000 | $ 842,600,000 | $ 1,011,100,000 | $ 842,600,000 | |||||
Percentage of total plan assets | 34% | 33% | 34% | 33% | |||||
Single Equity Concentration [Member] | Equity securities [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | investment | 1 | 1 | 1 | 1 | |||||
Single Equity Concentration [Member] | Private investment fund [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | investment | 1 | 1 | 1 | 1 | |||||
Defined Benefit Plan Assets Total [Member] | Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Minimum percentage of plan assets considered as significant concentrations in pension plans | 10% | ||||||||
Separation Incentive Program [Member] | Pension Plans [Member] | Leaf Group and Code3 | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Special separation benefit expense | $ 4,100,000 | ||||||||
Separation Incentive Program [Member] | Pension Plans [Member] | Kaplan, Graham Media Group, Leaf Group, Code3 and Pinna | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Special separation benefit expense | $ 5,500,000 | ||||||||
Separation Incentive Program [Member] | Pension Plans [Member] | Group Dekko [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Special separation benefit expense | $ 1,100,000 | ||||||||
Television Broadcasting [Member] | Separation Incentive Program [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Special separation benefit expense | $ 200,000 | ||||||||
Graham Healthcare Group [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Service cost | $ 13,500,000 | $ 10,500,000 | |||||||
Education [Member] | Separation Incentive Program [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Special separation benefit expense | $ 3,600,000 | ||||||||
Maximum [Member] | Graham Healthcare Group [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Pension credit per employee | $ 50,000 | ||||||||
Investment Manager 1 [Member] | Alphabet And Berkshire Hathaway Common Stock [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator | 15% | ||||||||
Investment Manager 1 [Member] | Maximum [Member] | Foreign Investments [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Defined benefit plan, target allocation percentage of assets | 35% | 35% | |||||||
Investment Manager 2 [Member] | Berkshire Hathaway Common Stock [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator | 20% | ||||||||
Investment Manager 2 [Member] | Maximum [Member] | Foreign Investments [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Defined benefit plan, target allocation percentage of assets | 15% | 15% | |||||||
Investment Manager 2 [Member] | Minimum [Member] | Fixed income securities [Member] | Pension Plans [Member] | |||||||||
Retirement Benefits Disclosure [Line Items] | |||||||||
Defined benefit plan, target allocation percentage of assets | 10% | 10% |
Pensions and Other Postretire_4
Pensions and Other Postretirement Plans (Obligation, Asset, and Funding Information) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Service cost | $ 33,787 | $ 32,567 | $ 22,991 |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | 870,298 | 1,088,309 | |
Service cost | 33,787 | 32,567 | 22,991 |
Interest cost | 46,211 | 30,504 | 26,917 |
Amendments | (11,263) | 0 | |
Actuarial (gain) loss | 25,585 | (219,466) | |
Benefits paid | (82,455) | (65,240) | |
Special termination benefits | 9,886 | 3,624 | |
Benefit obligation at end of year | 892,049 | 870,298 | 1,088,309 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of assets at beginning of year | 2,528,344 | 3,394,823 | |
Actual return on plan assets | 559,798 | (801,239) | |
Benefits paid | (82,455) | (65,240) | |
Fair value of assets at end of year | 3,005,687 | 2,528,344 | 3,394,823 |
Funded status | 2,113,638 | 1,658,046 | |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | 90,018 | 112,706 | |
Service cost | 593 | 911 | 1,022 |
Interest cost | 4,659 | 3,289 | 2,943 |
Actuarial (gain) loss | 909 | (20,956) | |
Benefits paid | (6,303) | (5,932) | |
Benefit obligation at end of year | 89,876 | 90,018 | 112,706 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid | (6,300) | (5,900) | |
Funded status | (89,876) | (90,018) | |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at begining of year | 3,400 | 4,722 | |
Interest cost | 149 | 98 | 92 |
Actuarial (gain) loss | (414) | (1,205) | |
Benefits paid, net of Medicare subsidy | (207) | (215) | |
Settlement | (1,679) | 0 | |
Benefit obligation at end of year | 1,249 | 3,400 | $ 4,722 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid | (200) | (200) | |
Funded status | $ (1,249) | $ (3,400) |
Pensions and Other Postretire_5
Pensions and Other Postretirement Plans (Consolidated Balance Sheet) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | $ 2,113,638 | $ 1,658,046 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | 2,113,638 | 1,658,046 |
Current liability | 0 | 0 |
Noncurrent liability | 0 | 0 |
Recognized asset (liability) | 2,113,638 | 1,658,046 |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | 0 | 0 |
Current liability | (6,652) | (6,570) |
Noncurrent liability | (83,224) | (83,448) |
Recognized asset (liability) | (89,876) | (90,018) |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liability | (256) | (541) |
Noncurrent liability | (993) | (2,859) |
Recognized asset (liability) | $ (1,249) | $ (3,400) |
Pensions and Other Postretire_6
Pensions and Other Postretirement Plans (Key Assumptions - Obligation) (Details 3) - Benefit Obligation [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (percent) | 5.20% | 5.50% |
Cash balance interest crediting rate | 4.28% | 4.28% |
Ultimate cash balance interest crediting rate | 5.20% | 5.50% |
Year that reaches ultimate cash balance interest crediting rate | 2025 | 2025 |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (percent) | 5.10% | 5.50% |
Cash balance interest crediting rate | 0% | 0% |
Maximum [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase (percent) | 5% | 5% |
Maximum [Member] | Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase (percent) | 5% | 5% |
Minimum [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase (percent) | 1% | 1% |
Minimum [Member] | Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase (percent) | 1% | 1% |
Pensions and Other Postretire_7
Pensions and Other Postretirement Plans (Future Estimated Benefit Payments) (Details 4) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 60,736 |
2025 | 62,656 |
2026 | 63,912 |
2027 | 63,905 |
2028 | 63,496 |
2029-2033 | 305,155 |
Supplemental Executive Retirement Plan (SERP) [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 6,819 |
2025 | 7,135 |
2026 | 7,345 |
2027 | 7,392 |
2028 | 7,392 |
2029-2033 | 35,751 |
Other Postretirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 256 |
2025 | 201 |
2026 | 167 |
2027 | 155 |
2028 | 127 |
2029-2033 | $ 906 |
Pensions and Other Postretire_8
Pensions and Other Postretirement Plans (Total Benefit/Cost) (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 33,787 | $ 32,567 | $ 22,991 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial (gain) loss | (380,593) | 727,097 | (519,595) |
Current year prior service (credit) cost | (11,263) | 0 | 2 |
Amortization of prior service credit (cost) | (1,641) | (2,864) | (3,170) |
Recognized net actuarial gain (loss) | 42,146 | 70,833 | 5,486 |
Curtailments and settlements | 1,087 | 0 | 120 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | (350,264) | 795,066 | (517,157) |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 33,787 | 32,567 | 22,991 |
Interest cost | 46,211 | 30,504 | 26,917 |
Expected return on assets | (153,125) | (167,485) | (137,878) |
Amortization of prior service cost (credit) | 1,646 | 2,835 | 2,846 |
Recognized actuarial loss (gain) | (39,803) | (68,656) | (7,906) |
Net Periodic Cost (Benefit) for the Year | (111,284) | (170,235) | (93,030) |
Special separation benefit expense | 9,886 | 3,624 | 1,132 |
Total Cost (Benefit) for the Year | (101,398) | (166,611) | (91,898) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial (gain) loss | (381,088) | 749,258 | (511,373) |
Current year prior service (credit) cost | (11,263) | 0 | 2 |
Amortization of prior service credit (cost) | (1,646) | (2,835) | (2,846) |
Recognized net actuarial gain (loss) | 39,803 | 68,656 | 7,906 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | (354,194) | 815,079 | (506,311) |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | (455,592) | 648,468 | (598,209) |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 593 | 911 | 1,022 |
Interest cost | 4,659 | 3,289 | 2,943 |
Amortization of prior service cost (credit) | 0 | 36 | 331 |
Recognized actuarial loss (gain) | 0 | 666 | 5,930 |
Total Cost (Benefit) for the Year | 5,252 | 4,902 | 10,226 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial (gain) loss | 909 | (20,956) | (7,640) |
Amortization of prior service credit (cost) | 0 | (36) | (331) |
Recognized net actuarial gain (loss) | 0 | (666) | (5,930) |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 909 | (21,658) | (13,901) |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | 6,161 | (16,756) | (3,675) |
Other Postretirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 149 | 98 | 92 |
Amortization of prior service cost (credit) | (5) | (7) | (7) |
Recognized actuarial loss (gain) | (2,343) | (2,843) | (3,510) |
Net Periodic Cost (Benefit) for the Year | (2,199) | (2,752) | (3,425) |
Settlement gain | (1,087) | 0 | (120) |
Total Cost (Benefit) for the Year | (3,286) | (2,752) | (3,545) |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Current year actuarial (gain) loss | (414) | (1,205) | (582) |
Amortization of prior service credit (cost) | 5 | 7 | 7 |
Recognized net actuarial gain (loss) | 2,343 | 2,843 | 3,510 |
Curtailments and settlements | 1,087 | 0 | 120 |
Total Recognized in Other Comprehensive Income (Before Tax Effects) | 3,021 | 1,645 | 3,055 |
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects) | $ (265) | $ (1,107) | $ (490) |
Pensions and Other Postretire_9
Pensions and Other Postretirement Plans (Key Assumptions - Cost) (Details 6) - Periodic Cost [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 5.50% | 2.90% | 2.50% |
Expected return on plan assets (percent) | 6.25% | 6.25% | 6.25% |
Cash balance interest crediting rate | 4.28% | 1.41% | 1.41% |
Ultimate cash balance interest crediting rate | 5.50% | 2.90% | 2.50% |
Year that reaches ultimate cash balance interest crediting rate | 2025 | 2024 | 2023 |
Pension Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase (percent) | 1% | 1% | 1% |
Pension Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase (percent) | 5% | 5% | 5% |
Supplemental Executive Retirement Plan (SERP) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate (percent) | 5.50% | 2.90% | 2.50% |
Expected return on plan assets (percent) | 0% | 0% | 0% |
Cash balance interest crediting rate | 0% | 0% | 0% |
Supplemental Executive Retirement Plan (SERP) [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase (percent) | 1% | 1% | 1% |
Supplemental Executive Retirement Plan (SERP) [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase (percent) | 5% | 5% | 5% |
Pensions and Other Postretir_10
Pensions and Other Postretirement Plans (Accumulated Other Comprehensive Income) (Details 7) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net amount | $ (649,185) | $ (388,591) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial gain | (865,994) | (524,709) |
Unrecognized prior service cost (credit) | (11,233) | 1,676 |
Gross amount | (877,227) | (523,033) |
Deferred tax liability (asset) | 236,107 | 145,430 |
Net amount | (641,120) | (377,603) |
Supplemental Executive Retirement Plan (SERP) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial gain | (1,602) | (2,511) |
Unrecognized prior service cost (credit) | 0 | 0 |
Gross amount | (1,602) | (2,511) |
Deferred tax liability (asset) | (2) | 230 |
Net amount | (1,604) | (2,281) |
Other Postretirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial gain | (8,988) | (12,004) |
Unrecognized prior service cost (credit) | 0 | (5) |
Gross amount | (8,988) | (12,009) |
Deferred tax liability (asset) | 2,527 | 3,302 |
Net amount | $ (6,461) | $ (8,707) |
Pensions and Other Postretir_11
Pensions and Other Postretirement Plans (Asset Allocation) (Details 8) - Pension Plans [Member] | Dec. 31, 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) | 59% | 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) | 14% | 11% |
U.S. fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 7% | 7% |
U.S. stock index fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Assets Allocation (Percent) | 3% | 7% |
Pensions and Other Postretir_12
Pensions and Other Postretirement Plans (Fair Value of Pension Plan Assets) (Details 9) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | $ 3,005,687 | $ 2,528,344 | $ 3,394,823 | |
Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 3,005,687 | 2,528,344 | ||
Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 2,210,220 | 1,780,461 | ||
Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 2,230 | 1,980 | ||
U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [1] | 1,793,705 | 1,507,609 | |
International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [2] | $ 414,285 | $ 270,872 | |
Short-term investment funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Short-term investment funds [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [3] | $ 197,712 | $ 170,062 | |
Private investment fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Private investment fund [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [4] | $ 509,647 | $ 406,600 | |
U.S. stock index fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
U.S. stock index fund [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [5] | $ 84,767 | $ 168,532 | |
Receivables for settlement of investments purchased, net [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 3,341 | 2,689 | ||
Level 1 [Member] | Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 2,210,220 | 1,780,461 | ||
Level 1 [Member] | Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 2,230 | 1,980 | ||
Level 1 [Member] | U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [1] | 1,793,705 | 1,507,609 | |
Level 1 [Member] | International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [2] | 414,285 | 270,872 | |
Level 2 [Member] | Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 [Member] | Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 [Member] | U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [1] | 0 | 0 | |
Level 2 [Member] | International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [2] | 0 | 0 | |
Level 3 [Member] | Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 3 [Member] | Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 3 [Member] | U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [1] | 0 | 0 | |
Level 3 [Member] | International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value | [2] | 0 | 0 | |
Fair Value Measured at Net Asset Value Per Share [Member] | Short-term investment funds [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unfunded Commitment | 0 | 0 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | Private investment fund [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unfunded Commitment | 16,515 | 20,673 | ||
Fair Value Measured at Net Asset Value Per Share [Member] | U.S. stock index fund [Member] | Pension Plan [Member] | Fair Value, Recurring [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unfunded Commitment | $ 0 | $ 0 | ||
[1] U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy. Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company. Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding. U.S. stock index fund. This fund consists of investments held in common stock, plus an uninvested cash portion comprising less than 1% of fund value, that together are designed to track the performance of the S&P 500 Index. The fund is valued using the NAV provided by the administrator of the fund and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding. |
Other Non-Operating Income (Nar
Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Non-Operating Income [Line Items] | |||||
Net gain on sale of businesses | $ 15,618 | $ 22,679 | $ 3,789 | ||
Pinna [Member] | |||||
Schedule of Non-Operating Income [Line Items] | |||||
Net gain on sale of businesses | $ 10,000 | ||||
CyberVista [Member] | |||||
Schedule of Non-Operating Income [Line Items] | |||||
Net gain on sale of businesses | $ 18,400 | ||||
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member] | |||||
Schedule of Non-Operating Income [Line Items] | |||||
Gain related to contingent consideration | $ 5,600 | $ 4,300 | $ 3,900 |
Other Non-Operating Income (Det
Other Non-Operating Income (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Nonoperating Income (Expense) [Abstract] | |||
Net gain on sale of businesses | $ 15,618 | $ 22,679 | $ 3,789 |
Net gain on cost method investments | 3,104 | 6,883 | 11,756 |
Foreign currency loss, net | (1,141) | (2,023) | (179) |
Gain on sale of cost method investments | 958 | 3,294 | 9,355 |
Impairment of cost method investments | (500) | (1,305) | 0 |
Gain on sale of investment in affiliates | 15 | 604 | 0 |
Other, net | 1,040 | 3,368 | 7,833 |
Total Other Non-Operating Income | $ 19,094 | $ 33,500 | $ 32,554 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Before Tax | $ 366,561 | $ (838,641) | $ 501,454 | |
Other Comprehensive Income (Loss), Income Tax | (88,375) | 203,404 | (133,380) | |
Other Comprehensive Income (Loss), Net of Tax | 278,186 | (635,237) | 368,074 | |
Foreign Currency Translation Adjustment [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 21,927 | (48,340) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Before Tax | 21,927 | (48,340) | (16,052) | |
Other Comprehensive Income (Loss), Income Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 21,927 | (48,340) | (16,052) | |
Pension and Other Postretirement Plans [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 291,537 | (540,079) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (41,592) | (67,969) | (2,436) | |
Reclassification from AOCI, Current Period, Tax | 10,649 | 17,482 | 627 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (30,943) | (50,487) | (1,809) | |
Other Comprehensive Income (Loss), Before Tax | 350,264 | (795,066) | 517,157 | |
Other Comprehensive Income (Loss), Income Tax | (89,670) | 204,500 | (133,287) | |
Other Comprehensive Income (Loss), Net of Tax | 260,594 | (590,566) | 383,870 | |
Net Actuarial Loss [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 380,593 | (727,097) | 519,595 | |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (97,436) | 187,018 | (133,915) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 283,157 | (540,079) | 385,680 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (42,146) | (70,833) | (5,486) |
Reclassification from AOCI, Current Period, Tax | 10,790 | 18,219 | 1,414 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (31,356) | (52,614) | (4,072) | |
Net Prior Service Cost [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 11,263 | (2) | ||
Other Comprehensive Income (Loss) before Reclassifications, Tax | (2,883) | 1 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8,380 | (1) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | 1,641 | 2,864 | 3,170 |
Reclassification from AOCI, Current Period, Tax | (420) | (737) | (817) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,221 | 2,127 | 2,353 | |
Curtailments and settlements Included in Net Income [Member] | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (1,087) | 0 | (120) |
Reclassification from AOCI, Current Period, Tax | 279 | 30 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (808) | (90) | ||
Cash Flow Hedges | ||||
Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,028 | 3,276 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (5,363) | 393 | ||
Other Comprehensive Income (Loss), Before Tax | (5,630) | 4,765 | 349 | |
Other Comprehensive Income (Loss), Income Tax | 1,295 | (1,096) | (93) | |
Other Comprehensive Income (Loss), Net of Tax | $ (4,335) | $ 3,669 | $ 256 | |
[1]These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
As of | $ 3,752,661 | $ 4,411,669 | $ 3,766,393 |
Other Comprehensive Income (Loss), Net of Tax | 278,186 | (635,237) | 368,074 |
As of | 4,001,868 | 3,752,661 | 4,411,669 |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
As of | 336,151 | 971,388 | |
Other comprehensive (loss) income before reclassifications | 314,492 | (585,143) | |
Net amount reclassified from accumulated other comprehensive income | (36,306) | (50,094) | |
Other Comprehensive Income (Loss), Net of Tax | 278,186 | (635,237) | |
As of | 614,337 | 336,151 | 971,388 |
Foreign Currency Translation Adjustments [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
As of | (54,638) | (6,298) | |
Other comprehensive (loss) income before reclassifications | 21,927 | (48,340) | |
Net amount reclassified from accumulated other comprehensive income | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 21,927 | (48,340) | (16,052) |
As of | (32,711) | (54,638) | (6,298) |
Unrealized Gain (Loss) on Pensions and Other Postretirement Plans [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
As of | 388,591 | 979,157 | |
Other comprehensive (loss) income before reclassifications | 291,537 | (540,079) | |
Net amount reclassified from accumulated other comprehensive income | (30,943) | (50,487) | (1,809) |
Other Comprehensive Income (Loss), Net of Tax | 260,594 | (590,566) | 383,870 |
As of | 649,185 | 388,591 | 979,157 |
Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
As of | 2,198 | (1,471) | |
Other comprehensive (loss) income before reclassifications | 1,028 | 3,276 | |
Net amount reclassified from accumulated other comprehensive income | (5,363) | 393 | |
Other Comprehensive Income (Loss), Net of Tax | (4,335) | 3,669 | 256 |
As of | $ (2,137) | $ 2,198 | $ (1,471) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other income, net | $ (19,094) | $ (33,500) | $ (32,554) | |||||||||
Interest expense | 63,301 | 54,403 | 33,943 | |||||||||
Provision for Income Taxes | 87,300 | 51,300 | 96,300 | |||||||||
Net of Tax | $ (55,690) | $ 21,134 | $ (124,171) | $ (52,977) | $ (6,643) | $ (33,840) | $ 66,615 | $ (96,566) | (211,704) | (70,434) | (353,327) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net of Tax | (36,306) | (50,094) | (1,178) | |||||||||
Foreign Currency Translation Adjustments [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Reclassifications, net of tax | 0 | 0 | ||||||||||
Pension and Other Postretirement Plans [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Reclassifications, before tax | (41,592) | (67,969) | (2,436) | |||||||||
Provision for income taxes | 10,649 | 17,482 | 627 | |||||||||
Reclassifications, net of tax | (30,943) | (50,487) | (1,809) | |||||||||
Net Actuarial Loss [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Reclassifications, before tax | [1] | (42,146) | (70,833) | (5,486) | ||||||||
Provision for income taxes | 10,790 | 18,219 | 1,414 | |||||||||
Reclassifications, net of tax | (31,356) | (52,614) | (4,072) | |||||||||
Net Prior Service Cost [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Reclassifications, before tax | [1] | 1,641 | 2,864 | 3,170 | ||||||||
Provision for income taxes | (420) | (737) | (817) | |||||||||
Reclassifications, net of tax | 1,221 | 2,127 | 2,353 | |||||||||
Curtailment (Gains) Losses Included in Net Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Reclassifications, before tax | [1] | (1,087) | 0 | (120) | ||||||||
Provision for income taxes | 279 | 30 | ||||||||||
Reclassifications, net of tax | (808) | (90) | ||||||||||
Cash Flow Hedges | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Reclassifications, net of tax | (5,363) | 393 | ||||||||||
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest expense | $ (5,363) | $ 393 | $ 631 | |||||||||
[1]These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations. |
Contingencies and Other Commi_2
Contingencies and Other Commitments (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) claim | Dec. 31, 2021 USD ($) | |
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 | $ 10 | |
Education [Member] | ||
Loss Contingencies [Line Items] | ||
Claims discharge loan amount | $ 35 | |
Television Broadcasting [Member] | ||
Loss Contingencies [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 12.6 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 22, 2018 USD ($) | Dec. 31, 2023 USD ($) televisionStation restaurant automotiveDealership | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) televisionStation restaurant segment automotiveDealership | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Number of reportable segments | segment | 7 | |||||||||||
Operating and Management Services Expenses | $ 4,345,484 | $ 3,840,595 | $ 3,108,599 | |||||||||
Operating Revenues | $ 1,166,813 | $ 1,111,519 | $ 1,104,999 | $ 1,031,546 | $ 1,064,032 | $ 1,012,438 | $ 933,302 | $ 914,721 | $ 4,414,877 | 3,924,493 | 3,185,974 | |
Clyde's Restaurant Group [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of Restaurants | restaurant | 12 | 12 | ||||||||||
Non U.S. [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | $ 930,000 | 776,000 | 709,000 | |||||||||
Foreign assets | $ 492,000 | $ 477,000 | 492,000 | 477,000 | ||||||||
Education [Member] | UNITED KINGDOM | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | $ 543,000 | 448,000 | 404,000 | |||||||||
Television Broadcasting [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of television broadcast stations owned | televisionStation | 7 | 7 | ||||||||||
Automotive [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of dealerships | automotiveDealership | 8 | 8 | ||||||||||
Automotive [Member] | Related Party [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating and Management Services Expenses | $ 7,300 | $ 5,700 | $ 3,600 | |||||||||
Kaplan University Transaction [Member] | Education [Member] | Higher Education [Member] | Purdue University Global [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Accounts receivable | $ 98,200 | 98,200 | ||||||||||
Accounts receivable, noncurrent | $ 19,600 | $ 19,600 | ||||||||||
Advance Related To Kaplan University Transaction | $ 20,000 |
Business Segments (Information
Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ 1,166,813 | $ 1,111,519 | $ 1,104,999 | $ 1,031,546 | $ 1,064,032 | $ 1,012,438 | $ 933,302 | $ 914,721 | $ 4,414,877 | $ 3,924,493 | $ 3,185,974 |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 218,498 | 271,739 | 168,185 | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 149,105 | 187,841 | 90,810 | ||||||||
Income (Loss) from Operations | 40,794 | $ (57,112) | $ 58,055 | $ 27,656 | (54,933) | $ 59,532 | $ 39,328 | $ 39,971 | 69,393 | 83,898 | 77,375 |
Equity in (Losses) Earnings of Affiliates, Net | (5,183) | (2,837) | 17,914 | ||||||||
Interest Expense, Net | (56,179) | (51,177) | (30,534) | ||||||||
Non-operating pension and postretirement benefit income, net | 133,812 | 197,939 | 109,230 | ||||||||
Gain (loss) on marketable equity securities, net | 138,067 | (139,589) | 243,088 | ||||||||
Other income, net | 19,094 | 33,500 | 32,554 | ||||||||
Income Before Income Taxes | 299,004 | 121,734 | 449,627 | ||||||||
Depreciation of property, plant and equipment | 86,064 | 73,297 | 71,415 | ||||||||
Pension service cost | 33,787 | 32,567 | 22,991 | ||||||||
Capital Expenditures | 107,286 | 82,402 | 162,769 | ||||||||
Identifiable Assets | 4,197,459 | 4,098,991 | 4,197,459 | 4,098,991 | |||||||
Marketable equity securities | 690,153 | 609,921 | 690,153 | 609,921 | |||||||
Investments in Affiliates | 186,480 | 186,419 | 186,480 | 186,419 | |||||||
Prepaid Pension Cost | 2,113,638 | 1,658,046 | 2,113,638 | 1,658,046 | |||||||
Total Assets | 7,187,730 | 6,553,377 | 7,187,730 | 6,553,377 | |||||||
Amortization of Intangible Assets | 50,039 | 58,851 | 57,870 | ||||||||
Impairment of Long-Lived Assets | 99,066 | 128,990 | 32,940 | ||||||||
Operating Segments [Member] | Education [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,587,581 | 1,427,915 | 1,361,245 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 119,024 | 99,103 | 69,892 | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 14,553 | 16,170 | 19,319 | ||||||||
Income (Loss) from Operations | 104,471 | 82,933 | 50,573 | ||||||||
Depreciation of property, plant and equipment | 38,187 | 34,114 | 32,113 | ||||||||
Pension service cost | 8,907 | 8,934 | 9,357 | ||||||||
Capital Expenditures | 36,760 | 46,878 | 100,780 | ||||||||
Identifiable Assets | 2,021,471 | 1,958,204 | 2,021,471 | 1,958,204 | |||||||
Amortization of Intangible Assets | 14,076 | 16,170 | 16,001 | ||||||||
Impairment of Long-Lived Assets | 477 | 0 | 3,318 | ||||||||
Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 11,012 | 9,853 | 9,612 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | (29,891) | (18,806) | (25,522) | ||||||||
Income (Loss) from Operations | (44,444) | (34,976) | (44,841) | ||||||||
Depreciation of property, plant and equipment | 105 | 127 | 245 | ||||||||
Pension service cost | 698 | 708 | 812 | ||||||||
Capital Expenditures | 46 | 1,525 | 322 | ||||||||
Identifiable Assets | 45,991 | 51,676 | 45,991 | 51,676 | |||||||
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (10,047) | (10,209) | (6,551) | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | (29) | (45) | 97 | ||||||||
Income (Loss) from Operations | (29) | (45) | 97 | ||||||||
Operating Segments [Member] | Education [Member] | Kaplan International [Member] | Reportable Subsegments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 966,879 | 816,239 | 726,875 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 87,530 | 72,066 | 33,457 | ||||||||
Income (Loss) from Operations | 87,530 | 72,066 | 33,457 | ||||||||
Depreciation of property, plant and equipment | 28,501 | 23,270 | 21,472 | ||||||||
Pension service cost | 325 | 270 | 291 | ||||||||
Capital Expenditures | 31,111 | 39,206 | 92,532 | ||||||||
Identifiable Assets | 1,537,989 | 1,454,445 | 1,537,989 | 1,454,445 | |||||||
Operating Segments [Member] | Education [Member] | Higher Education [Member] | Reportable Subsegments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 326,961 | 310,407 | 322,240 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 38,942 | 24,819 | 24,941 | ||||||||
Income (Loss) from Operations | 38,942 | 24,819 | 24,941 | ||||||||
Depreciation of property, plant and equipment | 4,416 | 4,373 | 3,852 | ||||||||
Pension service cost | 3,737 | 3,842 | 4,440 | ||||||||
Capital Expenditures | 2,394 | 1,398 | 3,629 | ||||||||
Identifiable Assets | 187,972 | 187,034 | 187,972 | 187,034 | |||||||
Operating Segments [Member] | Education [Member] | Supplemental Education [Member] | Reportable Subsegments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 292,776 | 301,625 | 309,069 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 22,472 | 21,069 | 36,919 | ||||||||
Income (Loss) from Operations | 22,472 | 21,069 | 36,919 | ||||||||
Depreciation of property, plant and equipment | 5,165 | 6,344 | 6,544 | ||||||||
Pension service cost | 4,147 | 4,114 | 3,814 | ||||||||
Capital Expenditures | 3,209 | 4,749 | 4,297 | ||||||||
Identifiable Assets | 249,519 | 265,049 | 249,519 | 265,049 | |||||||
Operating Segments [Member] | Television Broadcasting [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 472,436 | 535,651 | 494,177 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 139,388 | 207,319 | 154,862 | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 5,450 | 5,440 | 5,440 | ||||||||
Income (Loss) from Operations | 133,938 | 201,879 | 149,422 | ||||||||
Depreciation of property, plant and equipment | 12,224 | 12,294 | 14,018 | ||||||||
Pension service cost | 3,331 | 3,554 | 3,575 | ||||||||
Capital Expenditures | 9,220 | 5,832 | 6,803 | ||||||||
Identifiable Assets | 419,557 | 431,084 | 419,557 | 431,084 | |||||||
Operating Segments [Member] | Manufacturing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 447,910 | 486,643 | 458,125 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 47,010 | 54,079 | 36,926 | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 63,803 | 20,372 | 52,974 | ||||||||
Income (Loss) from Operations | (16,793) | 33,707 | (16,048) | ||||||||
Depreciation of property, plant and equipment | 9,453 | 9,399 | 9,808 | ||||||||
Pension service cost | 1,115 | 1,104 | 1,282 | ||||||||
Capital Expenditures | 23,089 | 7,968 | 7,190 | ||||||||
Identifiable Assets | 431,712 | 486,487 | 431,712 | 486,487 | |||||||
Operating Segments [Member] | Healthcare [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 459,481 | 326,000 | 223,030 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 27,520 | 19,041 | 29,912 | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 3,675 | 3,776 | 3,106 | ||||||||
Income (Loss) from Operations | 23,845 | 15,265 | 26,806 | ||||||||
Depreciation of property, plant and equipment | 5,475 | 3,781 | 1,313 | ||||||||
Pension service cost | 14,083 | 11,008 | 561 | ||||||||
Capital Expenditures | 12,992 | 2,745 | 3,671 | ||||||||
Identifiable Assets | 265,150 | 249,845 | 265,150 | 249,845 | |||||||
Operating Segments [Member] | Automotive [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,079,893 | 734,185 | 327,069 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 39,271 | 34,633 | 11,771 | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 13 | 0 | 0 | ||||||||
Income (Loss) from Operations | 39,258 | 34,633 | 11,771 | ||||||||
Depreciation of property, plant and equipment | 5,177 | 3,709 | 2,156 | ||||||||
Pension service cost | 35 | 22 | 0 | ||||||||
Capital Expenditures | 10,140 | 3,606 | 31,124 | ||||||||
Identifiable Assets | 597,267 | 427,221 | 597,267 | 427,221 | |||||||
Operating Segments [Member] | Other Businesses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 369,653 | 416,084 | 324,353 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | (98,115) | (86,270) | (76,153) | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 61,611 | 142,083 | 9,971 | ||||||||
Income (Loss) from Operations | (159,726) | (228,353) | (86,124) | ||||||||
Depreciation of property, plant and equipment | 14,941 | 9,392 | 11,376 | ||||||||
Pension service cost | 2,508 | 2,073 | 1,755 | ||||||||
Capital Expenditures | 15,053 | 15,352 | 13,176 | ||||||||
Identifiable Assets | 368,542 | 475,583 | 368,542 | 475,583 | |||||||
Corporate office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,580 | 0 | 0 | ||||||||
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | (55,600) | (56,166) | (59,025) | ||||||||
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | 0 | 0 | 0 | ||||||||
Income (Loss) from Operations | (55,600) | (56,166) | (59,025) | ||||||||
Depreciation of property, plant and equipment | 607 | 608 | 631 | ||||||||
Pension service cost | 3,808 | 5,872 | 6,461 | ||||||||
Capital Expenditures | 32 | 21 | 25 | ||||||||
Identifiable Assets | $ 93,760 | $ 70,567 | 93,760 | 70,567 | |||||||
Intersegment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ (3,657) | $ (1,985) | $ (2,025) |
Summary of Quarterly Operatin_3
Summary of Quarterly Operating Results (Unaudited) (Quarterly Results) (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Revenues | |||||||||||
Operating Revenues | $ 1,166,813 | $ 1,111,519 | $ 1,104,999 | $ 1,031,546 | $ 1,064,032 | $ 1,012,438 | $ 933,302 | $ 914,721 | $ 4,414,877 | $ 3,924,493 | $ 3,185,974 |
Operating Costs and Expenses | |||||||||||
Cost of services and goods | 826,279 | 781,587 | 767,854 | 727,214 | 715,632 | 694,757 | 631,828 | 615,501 | |||
Other Operating Expenses | 299,740 | 387,044 | 279,090 | 276,676 | 403,333 | 258,149 | 262,146 | 259,249 | |||
Selling, general and administrative | 1,007,381 | 921,739 | 831,853 | ||||||||
Depreciation of property, plant and equipment | 86,064 | 73,297 | 71,415 | ||||||||
Amortization of intangible assets | 50,039 | 58,851 | 57,870 | ||||||||
Impairment of goodwill and other long-lived assets | 99,066 | 128,990 | 32,940 | ||||||||
Costs and Expenses | 4,345,484 | 3,840,595 | 3,108,599 | ||||||||
Income (Loss) from Operations | 40,794 | (57,112) | 58,055 | 27,656 | (54,933) | 59,532 | 39,328 | 39,971 | 69,393 | 83,898 | 77,375 |
Net Income (Loss) | 55,690 | (21,134) | 124,171 | 52,977 | 6,643 | 33,840 | (66,615) | 96,566 | 211,704 | 70,434 | 353,327 |
Net income attributable to Graham Holdings Company common stockholders | $ 53,259 | $ (23,031) | $ 122,788 | $ 52,272 | $ 6,160 | $ 32,780 | $ (67,485) | $ 95,624 | 205,288 | 67,079 | 352,075 |
Equity in (Losses) Earnings of Affiliates, Net | (5,183) | (2,837) | 17,914 | ||||||||
Interest income | 7,122 | 3,226 | 3,409 | ||||||||
Interest expense | (63,301) | (54,403) | (33,943) | ||||||||
Non-operating pension and postretirement benefit income, net | 133,812 | 197,939 | 109,230 | ||||||||
Gain (loss) on marketable equity securities, net | 138,067 | (139,589) | 243,088 | ||||||||
Other income (expense), net | 19,094 | 33,500 | 32,554 | ||||||||
Income (Loss) Before Income Taxes | 299,004 | 121,734 | 449,627 | ||||||||
Provision for (Benefit From) Income Taxes | 87,300 | 51,300 | 96,300 | ||||||||
Net Loss (Income) Attributable to Noncontrolling Interests | (6,416) | (3,355) | (1,252) | ||||||||
Quarterly Comprehensive (Loss) Income | $ 483,474 | $ (568,158) | $ 720,149 | ||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||
Basic net income (loss) per common share (in usd per share) | $ 11.76 | $ (5.02) | $ 25.96 | $ 10.91 | $ 1.28 | $ 6.78 | $ (13.95) | $ 19.50 | $ 43.96 | $ 13.83 | $ 70.65 |
Basic average number of common shares outstanding (in shares) | 4,639 | 4,823 | 4,951 | ||||||||
Diluted net income per common share (in USD per share) | $ 11.72 | $ (5.02) | $ 25.89 | $ 10.88 | $ 1.28 | $ 6.76 | $ (13.95) | $ 19.45 | $ 43.82 | $ 13.79 | $ 70.45 |
Services [Member] | |||||||||||
Operating Revenues | |||||||||||
Operating Revenues | $ 2,484,327 | $ 2,328,869 | $ 2,089,800 | ||||||||
Operating Costs and Expenses | |||||||||||
Cost of services and goods | 1,468,114 | 1,346,519 | 1,243,384 | ||||||||
Goods [Member] | |||||||||||
Operating Revenues | |||||||||||
Operating Revenues | 1,930,550 | 1,595,624 | 1,096,174 | ||||||||
Operating Costs and Expenses | |||||||||||
Cost of services and goods | $ 1,634,820 | $ 1,311,199 | $ 871,137 |
Summary of Quarterly Operatin_4
Summary of Quarterly Operating Results (Unaudited) (Revision of Prior Period Results) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accounts receivable | $ 47,244 | $ 83,226 | $ 12,381 | $ 8,231 | $ 45,518 | $ (47,430) |
Deferred revenue | 4,614 | (48,235) | 48,070 | 38,497 | 18,219 | 7,224 |
Net Cash Provided by Operating Activities | 22,811 | 62,239 | 202,526 | $ 259,875 | 235,604 | 202,426 |
As Previously Reported [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accounts receivable | 54,245 | 93,496 | 15,629 | 41,635 | (59,292) | |
Deferred revenue | (2,387) | (58,505) | 44,822 | 33,384 | 19,086 | |
Net Cash Provided by Operating Activities | 22,811 | 62,239 | 202,526 | 235,604 | 202,426 | |
Adjustments [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Accounts receivable | (7,001) | (10,270) | (3,248) | 3,883 | 11,862 | |
Deferred revenue | 7,001 | 10,270 | 3,248 | (15,165) | (11,862) | |
Net Cash Provided by Operating Activities | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |