Graham (GHC) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-06714
Entity Registrant Name	GRAHAM HOLDINGS CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0182885
Entity Address, Address Line One	1300 North 17th Street
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	703
Local Phone Number	345-6300
Title of 12(b) Security	Class B Common Stock, par value $1.00 per share
Trading Symbol	GHC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000104889
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		964,001
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		3,369,588

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Revenues
Operating Revenues	$ 1,207,162	$ 1,111,519	$ 3,545,104	$ 3,248,064
Operating Costs and Expenses
Selling, general and administrative	269,016	254,757	801,982	741,402
Depreciation of property, plant and equipment	21,332	22,207	66,032	63,335
Amortization of intangible assets	8,385	11,759	29,194	39,007
Impairment of goodwill and other long-lived assets	0	98,321	26,287	99,066
Total Operating Costs and Expenses	1,125,514	1,168,631	3,402,103	3,219,465
Income (Loss) from Operations	81,648	(57,112)	143,001	28,599
Equity in losses of affiliates, net	(13,361)	(791)	(8,470)	(2,245)
Interest income	2,277	1,986	6,566	4,738
Interest expense	(25,896)	(11,810)	(136,607)	(37,878)
Non-operating pension and postretirement benefit income, net	38,307	35,653	105,379	97,313
Gain on marketable equity securities, net	30,496	16,759	154,276	113,429
Other (expense) income, net	(465)	3,581	2,973	22,458
Income (Loss) Before Income Taxes	113,006	(11,734)	267,118	226,414
Provision for Income Taxes	38,500	9,400	86,100	70,400
Net Income (Loss)	74,506	(21,134)	181,018	156,014
Net Income Attributable to Noncontrolling Interests	(2,003)	(1,897)	(5,175)	(3,985)
Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders	$ 72,503	$ (23,031)	$ 175,843	$ 152,029
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income (loss) per common share (in USD per share)	$ 16.54	$ (5.02)	$ 39.74	$ 32.23
Basic average number of common shares outstanding (in shares)	4,352	4,602	4,395	4,686
Diluted net income (loss) per common share (in USD per share)	$ 16.42	$ (5.02)	$ 39.49	$ 32.14
Diluted average number of common shares outstanding (in shares)	4,384	4,602	4,423	4,700
Services [Member]
Operating Revenues
Operating Revenues	$ 700,009	$ 633,535	$ 2,003,543	$ 1,845,617
Operating Costs and Expenses
Cost of services and goods	399,667	373,784	1,171,703	1,093,756
Goods [Member]
Operating Revenues
Operating Revenues	507,153	477,984	1,541,561	1,402,447
Operating Costs and Expenses
Cost of services and goods	$ 427,114	$ 407,803	$ 1,306,905	$ 1,182,899

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 74,506	$ (21,134)	$ 181,018	$ 156,014
Foreign currency translation adjustments:
Translation adjustments arising during the period	31,469	(19,474)	21,702	(8,096)
Adjustment for sale of a business with foreign operations	(765)	0	(765)	0
Total foreign currency translation adjustments	30,704	(19,474)	20,937	(8,096)
Pension and other postretirement plans:
Amortization of net prior service (credit) cost included in net income	(487)	410	(1,463)	1,230
Amortization of net actuarial gain included in net income	(12,360)	(10,473)	(37,080)	(31,673)
Total pension and other postretirement plans, before tax	(12,847)	(10,063)	(38,543)	(30,443)
Cash flow hedges loss	(1,975)	(3,824)	(518)	(3,566)
Other Comprehensive Income (Loss), Before Tax	15,882	(33,361)	(18,124)	(42,105)
Income tax benefit related to items of other comprehensive income (loss)	3,803	3,468	10,002	8,651
Other Comprehensive Income (Loss), Net of Tax	19,685	(29,893)	(8,122)	(33,454)
Comprehensive Income (Loss)	94,191	(51,027)	172,896	122,560
Comprehensive income attributable to noncontrolling interests	(2,003)	(1,897)	(5,175)	(3,985)
Total Comprehensive (Loss) Income Attributable to Graham Holdings Company	$ 92,188	$ (52,924)	$ 167,721	$ 118,575

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 244,361	$ 169,897
Restricted cash	37,863	31,994
Investments in marketable equity securities and other investments	831,760	697,028
Accounts receivable, net	518,251	525,087
Inventories and contracts in progress	306,501	297,211
Prepaid expenses	140,001	119,933
Income taxes receivable	1,334	6,848
Other current assets	4,563	1,298
Total Current Assets	2,084,634	1,849,296
Property, Plant and Equipment, Net	556,157	560,314
Lease Right-of-Use Assets	415,007	409,183
Investments in Affiliates	168,161	186,480
Goodwill, Net	1,534,508	1,525,194
Indefinite-Lived Intangible Assets	190,020	187,862
Amortized Intangible Assets, Net	64,740	112,194
Prepaid Pension Cost	2,141,036	2,113,638
Deferred Income Taxes	12,002	10,578
Deferred Charges and Other Assets	254,551	232,991
Total Assets	7,420,816	7,187,730
Current Liabilities
Accounts payable, vehicle floor plan payable and accrued liabilities	754,037	694,521
Deferred revenue	438,502	396,754
Income taxes payable	36,185	7,406
Current portion of lease liabilities	61,558	64,247
Current portion of long-term debt	34,137	66,751
Dividends declared	7,444	0
Total Current Liabilities	1,331,863	1,229,679
Accrued Compensation and Related Benefits	137,066	137,275
Other Liabilities	30,456	32,076
Deferred Income Taxes	607,545	600,124
Mandatorily Redeemable Noncontrolling Interest	125,476	40,764
Lease Liabilities	386,254	376,677
Long-Term Debt	731,054	745,082
Total Liabilities	3,349,714	3,161,677
Commitments and Contingencies (Note 14)
Redeemable Noncontrolling Interests	38,672	24,185
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	363,224	372,040
Retained earnings	7,482,936	7,337,463
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(11,774)	(32,711)
Unrealized gain on pensions and other postretirement plans	620,509	649,185
Cash flow hedges	(2,520)	(2,137)
Cost of Class B common stock held in treasury	(4,468,073)	(4,368,103)
Total Common Stockholders’ Equity	4,004,302	3,975,737
Noncontrolling Interests	28,128	26,131
Total Equity	4,032,430	4,001,868
Total Liabilities and Equity	$ 7,420,816	$ 7,187,730

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net Income	$ 181,018	$ 156,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairments	121,513	201,408
Amortization of lease right-of-use asset	47,746	50,181
Net pension benefit, early retirement programs and special separation benefit expense	(64,532)	(73,852)
Gain on marketable equity securities and cost method investments, net	(153,723)	(116,533)
Gain on disposition of a business, property, plant and equipment and investments, net	(7,813)	(11,785)
Credit loss expense and provision for other receivables	2,672	4,312
Stock-based compensation expense, net of forfeitures	4,718	5,026
Foreign exchange loss (gain)	5,642	(1,820)
Equity in losses of affiliates, net of distributions	19,396	15,516
Provision for deferred income taxes	15,504	25,696
Accretion expense and change in fair value of contingent consideration liabilities	31	(4,301)
Change in operating assets and liabilities:
Accounts receivable, net	11,322	12,381
Inventories	(8,105)	(47,164)
Accounts payable and accrued liabilities	33,619	(6,878)
Deferred revenue	30,977	48,070
Income taxes receivable/payable	34,710	16,367
Lease liabilities	(47,156)	(53,924)
Other assets and other liabilities, net	63,124	(13,638)
Other	13	(2,550)
Net Cash Provided by Operating Activities	290,676	202,526
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(57,680)	(61,156)
Proceeds from sales of marketable equity securities	23,524	61,979
Net proceeds from disposition of a business, property, plant and equipment and investments	8,342	3,712
Purchases of marketable equity securities	(5,000)	(6,162)
Investments in certain businesses, net of cash acquired	(4,022)	(77,004)
Investments in equity affiliates, cost method investments	(2,188)	(12,839)
Loan to related party	(2,000)	(30,000)
Other	3,344	2,039
Net Cash Used in Investing Activities	(35,680)	(119,431)
Cash Flows from Financing Activities
Common shares repurchased	(98,170)	(132,248)
Net payments under revolving credit facilities	(34,216)	(140,000)
Dividends paid	(22,926)	(23,534)
Repayments of borrowings	(16,053)	(117,792)
Net proceeds from vehicle floor plan payable	8,443	52,623
Deferred payments of acquisition	(5,390)	(3,786)
Proceeds from bank overdrafts	2,378	3,824
Issuance of borrowings	0	293,387
Other	(10,381)	(2,179)
Net Cash Used in Financing Activities	(176,315)	(69,705)
Effect Of Currency Exchange Rate Change	1,652	(3,184)
Net Increase in Cash and Cash Equivalents and Restricted Cash	80,333	10,206
Beginning Cash and Cash Equivalents and Restricted Cash	201,891	190,432
Ending Cash and Cash Equivalents and Restricted Cash	$ 282,224	$ 200,638

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Common Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock	Noncontrolling Interest [Member]
As of at Dec. 31, 2022	$ 3,752,661	$ 20,000	$ 390,438	$ 7,163,128	$ 336,151	$ (4,178,334)	$ 21,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	52,977			52,977
Net income attributable to noncontrolling interests	0			(650)			650
Net income attributable to redeemable noncontrolling interests	(55)			(55)
Change in redemption value of redeemable noncontrolling interests	64						64
Noncontrolling interest capital contribution	520						520
Distribution to redeemable noncontrolling interest	0
Dividends on common stock	(15,812)			(15,812)
Repurchase of Class B Common Stock	(23,439)					(23,439)
Issuance of Class B common stock, net of restricted stock award forfeitures	427		(4,067)			4,494
Amortization of unearned stock compensation and stock option expense	1,802		1,802
Other comprehensive income (loss), net of income taxes	585				585
As of at Mar. 31, 2023	3,769,730	20,000	388,173	7,199,588	336,736	(4,197,279)	22,512
As of at Dec. 31, 2022	21,827
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	55
Change in redemption value of redeemable noncontrolling interests	70
Distribution to redeemable noncontrolling interest	(70)
As of at Mar. 31, 2023	21,882
As of at Dec. 31, 2022	3,752,661	20,000	390,438	7,163,128	336,151	(4,178,334)	21,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	156,014
Other comprehensive income (loss), net of income taxes	(33,454)
As of at Sep. 30, 2023	3,714,141	20,000	387,039	7,284,165	302,697	(4,305,400)	25,640
As of at Dec. 31, 2022	21,827
As of at Sep. 30, 2023	27,882
As of at Mar. 31, 2023	3,769,730	20,000	388,173	7,199,588	336,736	(4,197,279)	22,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	124,171			124,171
Net income attributable to noncontrolling interests	0			(809)			809
Net income attributable to redeemable noncontrolling interests	(574)			(574)
Change in redemption value of redeemable noncontrolling interests	(4,499)		(4,550)				51
Distribution to noncontrolling interest	(324)						(324)
Dividends on common stock	(7,722)			(7,722)
Repurchase of Class B Common Stock	(45,643)					(45,643)
Issuance of Class B common stock, net of restricted stock award forfeitures	(183)		61			(244)
Amortization of unearned stock compensation and stock option expense	1,715		1,715
Other comprehensive income (loss), net of income taxes	(4,146)				(4,146)
As of at Jun. 30, 2023	3,832,525	20,000	385,399	7,314,654	332,590	(4,243,166)	23,048
As of at Mar. 31, 2023	21,882
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	574
Change in redemption value of redeemable noncontrolling interests	4,604
Distribution to redeemable noncontrolling interest	(61)
As of at Jun. 30, 2023	26,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(21,134)			(21,134)
Net income attributable to noncontrolling interests	0			(1,034)			1,034
Net income attributable to redeemable noncontrolling interests	(863)			(863)
Change in redemption value of redeemable noncontrolling interests	44						44
Noncontrolling interest capital contribution	3,000						3,000
Distribution to noncontrolling interest	(1,486)						(1,486)
Dividends on common stock	(7,458)			(7,458)
Repurchase of Class B Common Stock	(63,166)					(63,166)
Issuance of Class B common stock, net of restricted stock award forfeitures	880		(52)			932
Amortization of unearned stock compensation and stock option expense	1,692		1,692
Other comprehensive income (loss), net of income taxes	(29,893)				(29,893)
As of at Sep. 30, 2023	3,714,141	20,000	387,039	7,284,165	302,697	(4,305,400)	25,640
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	863
Change in redemption value of redeemable noncontrolling interests	52
Distribution to redeemable noncontrolling interest	(32)
As of at Sep. 30, 2023	27,882
As of at Dec. 31, 2023	4,001,868	20,000	372,040	7,337,463	614,337	(4,368,103)	26,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	125,339			125,339
Net income attributable to noncontrolling interests	0			(633)			633
Net income attributable to redeemable noncontrolling interests	(326)			(326)
Change in redemption value of redeemable noncontrolling interests	284						284
Noncontrolling interest capital contribution	200						200
Distribution to noncontrolling interest	(256)						(256)
Dividends on common stock	(15,352)			(15,352)
Repurchase of Class B Common Stock	(20,227)					(20,227)
Issuance of Class B common stock, net of restricted stock award forfeitures	(227)		(344)			117
Amortization of unearned stock compensation and stock option expense	1,671		1,671
Other comprehensive income (loss), net of income taxes	(22,492)				(22,492)
As of at Mar. 31, 2024	4,070,482	20,000	373,367	7,446,491	591,845	(4,388,213)	26,992
As of at Dec. 31, 2023	24,185
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	326
Change in redemption value of redeemable noncontrolling interests	164
Distribution to redeemable noncontrolling interest	(450)
As of at Mar. 31, 2024	24,225
As of at Dec. 31, 2023	4,001,868	20,000	372,040	7,337,463	614,337	(4,368,103)	26,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	181,018
Other comprehensive income (loss), net of income taxes	(8,122)
As of at Sep. 30, 2024	4,032,430	20,000	363,224	7,482,936	606,215	(4,468,073)	28,128
As of at Dec. 31, 2023	24,185
As of at Sep. 30, 2024	38,672
As of at Mar. 31, 2024	4,070,482	20,000	373,367	7,446,491	591,845	(4,388,213)	26,992
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(18,827)			(18,827)
Net income attributable to noncontrolling interests	0			(1,219)			1,219
Net income attributable to redeemable noncontrolling interests	(994)			(994)
Change in redemption value of redeemable noncontrolling interests	(13,011)		(13,342)				331
Distribution to noncontrolling interest	(1,109)						(1,109)
Dividends on common stock	(7,574)			(7,574)
Repurchase of Class B Common Stock	(29,780)					(29,780)
Issuance of Class B common stock, net of restricted stock award forfeitures	0		(36)			36
Amortization of unearned stock compensation and stock option expense	1,648		1,648
Other comprehensive income (loss), net of income taxes	(5,315)				(5,315)
As of at Jun. 30, 2024	3,995,520	20,000	361,637	7,417,877	586,530	(4,417,957)	27,433
As of at Mar. 31, 2024	24,225
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	994
Change in redemption value of redeemable noncontrolling interests	13,350
Distribution to redeemable noncontrolling interest	(563)
As of at Jun. 30, 2024	38,006
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	74,506			74,506
Net income attributable to noncontrolling interests	0			(1,166)			1,166
Net income attributable to redeemable noncontrolling interests	(837)			(837)
Change in redemption value of redeemable noncontrolling interests	220						220
Noncontrolling interest capital contribution	200						200
Distribution to noncontrolling interest	(891)						(891)
Dividends on common stock	(7,444)			(7,444)
Repurchase of Class B Common Stock	(49,131)					(49,131)
Issuance of Class B common stock, net of restricted stock award forfeitures	0		(40)			40
Shares withheld related to net share settlement	(1,025)					(1,025)
Amortization of unearned stock compensation and stock option expense	1,627		1,627
Other comprehensive income (loss), net of income taxes	19,685				19,685
As of at Sep. 30, 2024	4,032,430	$ 20,000	$ 363,224	$ 7,482,936	$ 606,215	$ (4,468,073)	$ 28,128
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	837
Change in redemption value of redeemable noncontrolling interests	9
Distribution to redeemable noncontrolling interest	(180)
As of at Sep. 30, 2024	$ 38,672

Organization, Basis of Presenta

Organization, Basis of Presentation and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Recent Accounting Pronouncements	ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS Graham Holdings Company (the Company), is a diversified holding company whose operations include 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. Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and nine months ended September 30, 2024 and 2023 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Revision of Prior Period Amounts. In the fourth quarter of 2023, the Company identified misstatements in its 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 has revised its previously issued Condensed Consolidated Statement of Cash Flows for the period ended September 30, 2023 as shown below. 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 Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. Recently Adopted and Issued Accounting Pronouncements – In November 2023, the Financial Accounting Standards Board (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 Condensed 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 Condensed Consolidated Financial Statements.

Acquisitions and Dispositions o

Acquisitions and Dispositions of Businesses	9 Months Ended
	Sep. 30, 2024
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions of Businesses	ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions . In May 2024, Kaplan acquired one small business which is included in its international division. In January 2024, the Company acquired one small business which is included in other businesses. 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, Graham Healthcare Group (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. Acquisition-related costs for acquisitions that closed during the first nine months of 2023 were $1.2 million and were expensed as incurred. The aggregate purchase price of the 2023 acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Year Ended (in thousands) December 31, 2023 Accounts receivable $ 68 Inventory 5,224 Property, plant and equipment 29,859 Goodwill 45,968 Indefinite-lived intangible assets 6,300 Amortized intangible assets 235 Other assets 4 Floor plan payables (2,215) Other liabilities (935) Current and noncurrent lease liabilities (1,184) Aggregate purchase price, net of cash acquired $ 83,324 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 of goodwill for income tax purposes for the acquisitions completed in 2023. The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The following unaudited pro forma financial information includes the 2023 acquisitions as if they occurred at the beginning of 2022: Three Months Ended Nine Months Ended (in thousands) 2023 2023 Operating revenues $ 1,150,953 $ 3,363,004 Net (loss) income (18,473) 162,319 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 and September 2024, World of Good Brands (WGB) completed the sales of small businesses which were included in other businesses. In July 2024, Kaplan completed the sale of a small business, Red Marker, which was included in Kaplan International (see Note 12). 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 Note 3). Other Transactions. In December 2023, the Company acquired some of the minority-owned shares of CSI Pharmacy Holding Company, LLC (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 7) and payable in quarterly installments with the final payment due by January 1, 2027. Following the redemption, the Company owns 86.7% of CSI.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Investments	INVESTMENTS Money Market Investments. As of September 30, 2024 and December 31, 2023, the Company had money market investments of $95.5 million and $5.6 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets. Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following: As of September 30, December 31, (in thousands) Total cost $ 227,153 $ 225,971 Gross unrealized gains 600,322 464,182 Gross unrealized losses (2,059) — Total Fair Value $ 825,416 $ 690,153 At September 30, 2024 and December 31, 2023, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $86.9 million and $78.7 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Direct o rs. As of September 30, 2024, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $514.0 million, which exceeded 5% of the Company’s total assets. The Company purchased $5.0 million of marketable equity securities during the first nine months of 2024. The Company purchased $4.6 million of marketable equity securities during the first nine months of 2023. During the first nine m onths of 2024 , the gross cumulative realized net gains from the sales of marketable equity securities were $20.2 million . The total proceeds from such sales were $23.5 million . During the first nine months of 2023, the gross cumulative realized net gains from the sales of marketable equity securities were $13.0 million. The total proceeds from such sales were $62.0 million. The net gain on marketable equity securities comprised the following: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Gain on marketable equity securities, net $ 30,496 $ 16,759 $ 154,276 $ 113,429 Less: Net gains in earnings from marketable equity securities sold and donated (5,908) — (6,010) (5,475) Net unrealized gains in earnings from marketable equity securities still held at the end of the period $ 24,588 $ 16,759 $ 148,266 $ 107,954 Investments in Affiliates. As of September 30, 2024, the Company held a 50.4% and 41.4% interest in N2K Networks and Realm, respectively, on a fully diluted basis, and accounts for these investments under the equity method. The Company holds one of the four seats of N2K Networks’ governing board with the other shareholders retaining substantive participation rights to control the financial and operating decisions of N2K Networks through representation on the board. In May 2024, the Company entered into a convertible promissory note agreement to loan N2K Networks $2.0 million. The convertible promissory note bears interest at a rate of 12% per annum and, subject to conversion provisions, all unpaid interest and principal are due by May 2027. In the third quarter of 2024, the Company recorded an impairment charge of $14.4 million on its investment in N2K Networks as a result of the investee exiting a significant product offering following losses incurred in the current and prior year. As of September 30, 2024, 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 Intersectio n. The Company loaned Intersection $30.0 million, which is repayable over 5 years at an interest rate of 9% per annum. T he outstanding balance on this loan was $26.7 million as of September 30, 2024. The loan is repayable by May 2028. As of September 30, 2024, the Company also held investments in several other affiliates; GHG held a 40% interest in each of the following affiliates: Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health Network (AHN) Healthcare at Home. For the three and nine months ended September 30, 2024, the Company recorded $4.4 million and $12.9 million, respectively, in revenue for services provided to the affiliates of GHG. For the three and nine months ended September 30, 2023, the Company recorded $4.1 million and $11.5 million, respectively, in revenue for services provided to the affiliates of GHG. Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with University of York. KIHL loaned the joint venture £22 million, which 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 £19.3 million as of September 30, 2024. The loan is repayable by December 2041. The Company had $36.4 million and $36.9 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of September 30, 2024 and December 31, 2023, respectively. Cost Method Investments.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
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 September 30, December 31, (in thousands) Receivables from contracts with customers, less estimated credit losses of $24,233 and $24,667 $ 486,514 $ 496,172 Other receivables 31,737 28,915 $ 518,251 $ 525,087 Credit loss expense was $1.1 million and $2.4 million for the three months ended September 30, 2024 and 2023, respectively. Credit loss expense was $2.7 million and $4.3 million for the nine months ended September 30, 2024 and 2023, respectively. Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following: As of September 30, December 31, (in thousands) Accounts payable $ 161,658 $ 154,484 Vehicle floor plan payable 156,743 148,300 Accrued compensation and related benefits 171,570 154,580 Other accrued liabilities 264,066 237,157 $ 754,037 $ 694,521 Cash overdrafts of $2.9 million and $0.5 million are included in accounts payable as of September 30, 2024 and December 31, 2023, respectively. 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). At September 30, 2024, the floor plan facilities bore interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.8% and 6.6% for the three months ended September 30, 2024 and 2023, respectively. The weighted average interest rate for the floor plan facilities was 6.8% and 6.0% for the nine months ended September 30, 2024 and 2023, respectively. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows. The floor plan facilities are collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and 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 September 30, 2024. The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against cost of goods sold in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended September 30, 2024 and 2023, the Company recognized a reduction in cost of goods sold of $2.3 million and $1.6 million, respectively, related to manufacturer floor plan assistance. For the nine months ended September 30, 2024 and 2023, the Company recognized a reduction in cost of goods sold of $6.9 million and $4.5 million, respectively, related to manufacturer floor plan assistance. As of September 30, 2024 and December 31, 2023, the Company had $141.1 million and $128.9 million, respectively, in obligations outstanding related to floor plan facilities associated with new vehicles.

Inventories and Contracts in Pr

Inventories and Contracts in Progress	9 Months Ended
	Sep. 30, 2024
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 September 30, December 31, (in thousands) Raw materials $ 49,400 $ 63,884 Work-in-process 13,370 15,387 Finished goods 239,973 215,283 Contracts in progress 3,758 2,657 $ 306,501 $ 297,211

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS In the second quarter of 2024, as a result of substantial digital advertising revenue declines and continued operating losses at WGB, the Company performed an interim review of the goodwill and intangible assets at the WGB reporting unit. As a result of the impairment review, the Company recorded goodwill and amortized intangible asset impairment charges totaling $26.3 million . The Company estimated the fair value of the reporting unit and amortized intangible asset by utilizing a discounted cash flow model. The carrying value of the reporting unit and amortized intangible asset 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 value s. WGB is included in other businesses. 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 e stimated fair values after taking into account the effect of deferred income taxes. Dekko is included in manufacturing and WGB is included in other businesses. Amortization of intangible assets for the three months ended September 30, 2024 and 2023, was $8.4 million and $11.8 million, respectively. Amortization of intangible assets for the nine months ended September 30, 2024 and 2023, was $29.2 million and $39.0 million, respectively. Amortization of intangible assets is estimated to be approximately $8 million for the remainder of 2024, $28 million in 2025, $20 million in 2026, $5 million in 2027, $2 million in 2028 and $2 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Manufacturing Healthcare Automotive Other Total Balance as of December 31, 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 Acquisitions 4,204 — — — — — 4,204 Impairments — — — — — (7,502) (7,502) Dispositions (1,684) — — — (1,684) Foreign currency exchange rate changes 14,296 — — — — — 14,296 Balance as of September 30, 2024 Goodwill 1,180,807 190,815 234,993 135,038 129,280 251,216 2,122,149 Accumulated impairment losses (331,151) — (82,062) — — (174,428) (587,641) $ 849,656 $ 190,815 $ 152,931 $ 135,038 $ 129,280 $ 76,788 $ 1,534,508 The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Kaplan Higher Supplemental Education Total Balance as of December 31, 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 Acquisitions 4,204 — — 4,204 Dispositions (1,684) — — (1,684) Foreign currency exchange rate changes 14,337 — (41) 14,296 Balance as of September 30, 2024 Goodwill 614,857 174,564 391,386 1,180,807 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 614,857 $ 63,240 $ 171,559 $ 849,656 Other intangible assets consist of the following: As of September 30, 2024 As of December 31, 2023 (in thousands) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 282,192 $ 250,370 $ 31,822 $ 283,098 $ 236,776 $ 46,322 Trade names and trademarks 2–10 years (1) 116,670 92,027 24,643 143,389 90,558 52,831 Network affiliation agreements 10 years 17,400 13,412 3,988 17,400 13,348 4,052 Databases and technology 3–6 years 33,536 33,498 38 36,538 35,712 826 Other 1–8 years 41,514 37,265 4,249 41,327 33,164 8,163 $ 491,312 $ 426,572 $ 64,740 $ 521,752 $ 409,558 $ 112,194 Indefinite-Lived Intangible Assets Franchise agreements $ 92,158 $ 92,158 Trade names and trademarks 86,691 84,533 FCC licenses 11,000 11,000 Other 171 171 $ 190,020 $ 187,862 ___________ (1) As of December 31, 2023, the trade names and trademarks’ maximum useful life was 15 years.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	DEBT The Company’s borrowings consist of the following: As of (in thousands) Maturities Stated Interest Rate Effective Interest Rate September 30, December 31, Unsecured notes (1) 2026 5.75% 5.75% $ 398,804 $ 398,266 Revolving credit facility 2027 6.33% - 8.88% 6.73% 66,873 97,879 Term loan (2) 2027 6.70% - 7.21% 7.29% 141,919 147,476 Real estate term loan (3) 2028 6.95% - 7.10% 7.17% 71,731 74,541 Capital term loan (4) 2028 7.20% - 7.35% 7.67% 58,352 63,097 Other indebtedness 2024 - 2032 0.00% - 8.00% 27,512 30,574 Total Debt 765,191 811,833 Less: current portion (34,137) (66,751) Total Long-Term Debt $ 731,054 $ 745,082 ___________ _ (1) The carrying value is net of $1.2 million and $1.7 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively . (2) The carrying value is net of $0.6 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. (4) The carrying value is net of $0.7 million and $0.8 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively. At September 30, 2024 and December 31, 2023, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $399.9 million and $400.4 million, respectively. The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $66.9 million as of September 30, 2024, consisting of British Pound (GBP) borrowings of £50 million with interest payable at Daily Sterling Overnight Index Average (SONIA) plus 1.375%. The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as of September 30, 2024 and December 31, 2023. The Company is in compliance with all financial covenants of the revolving credit facility and term loans as of September 30, 2024. During the three months ended September 30, 2024 and 2023, the Company had average borrowings outstanding of approximately $813.5 million and $737.7 million, respectively, at average annual interest rates of approximately 6.3% and 6.2%, respectively. During the three months ended September 30, 2024 and 2023, the Company incurred net interest expense of $23.6 million and $9.8 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company had average borrowings outstanding of approximately $819.6 million and $737.1 million, respectively, at average annual interest rates of approximately 6.4% and 6.0%, respectively. During the nine months ended September 30, 2024 and 2023, the Company incurred net interest expense of $130.0 million and $33.1 million, respectively. During the three and nine months ended September 30, 2024, the Company recorde d interest expense of $9.7 million and $85.1 million , respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. During the three and nine months ended September 30, 2023, the Company recorded interest expense of $1.1 million and $1.4 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. The fair value of the mandatorily redeemable noncontrolling interest was based on the fair value of the underlying subsidiaries owned by GHC One LLC (GHC One) and GHC Two LLC (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) (See Note 8). On September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank to finance the acquisition of the Toyota of Richmond dealership and to repay the outstanding balances of the commercial notes maturing in 2031 and 2032. The related 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.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 95,478 $ — $ 95,478 Marketable equity securities (2) 825,416 — — 825,416 Other current investments (3) 6,344 — — 6,344 Total Financial Assets $ 831,760 $ 95,478 $ — $ 927,238 Liabilities Contingent consideration liabilities (4) $ — $ — $ 1,435 $ 1,435 Interest rate swaps (5) — 3,290 — 3,290 Mandatorily redeemable noncontrolling interest (6) — — 125,476 125,476 Total Financial Liabilities $ — $ 3,290 $ 126,911 $ 130,201 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 (7) — 86 — 86 Mandatorily redeemable noncontrolling interest (6) — — 40,764 40,764 Total Financial Liabilities $ — $ 2,847 $ 41,552 $ 44,399 ____________ (1) The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty. (2) The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. (3) Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the fair value hierarchy. (4) Included in 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 swaps multiplied by the observable inputs of time to maturity and market interest rates. (6) The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses. (7) Included in Accounts payable, 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 following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs: (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2023 $ 788 $ 40,764 Acquisition of business 1,293 — Changes in fair value (1) (75) 85,145 Capital contributions — 128 Accretion of value included in net income (1) 106 — Settlements or distributions (719) (561) Foreign currency exchange rate changes 42 — As of September 30, 2024 $ 1,435 $ 125,476 (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2022 $ 8,423 $ 30,845 Acquisition of business 220 — Changes in fair value (1) (5,157) 1,421 Capital contributions — 84 Accretion of value included in net income (1) 856 — Settlements or distributions (1,262) (307) As of September 30, 2023 $ 3,080 $ 32,043 ____________ (1) Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations. 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 GHG. The Company established GHC One and 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 September 30, 2024 and December 31, 2023 in the Condensed Consolidated Balance Sheets. Other. During the nine months ended September 30, 2024, the Company recorded goodwill and intangible asset impairment charges of $26.3 million. During the three and nine months ended September 30, 2023, the Company recorded goodwill and other long-lived asset impairment charges of $98.3 million and $99.1 million, respectively. 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 and other long-lived assets. The Company made estimates and assumptions regarding future cash flows, discount rates and long-term growth rates. During the three and nine months ended September 30, 2024, the Company recorded gains of $0.2 million to equity securities that are accounted for as cost method investments based on observable transactions for identical or similar investments of the same issuer. During the nine months ended September 30, 2023, the Company recorded gains of $3.1 million to equity securities that are accounted for as cost method investments based on observable transactions for identical or similar investments of the same issuer. During the nine months ended September 30, 2024, the Company recorded impairment losses of $0.7 million to equity securities that are accounted for as cost method investments. During the three and nine months ended September 30, 2024, the Company recorded an impairment charge of $14.4 million on one of its investments in affiliates (see Note 3). The Company used a market approach to determine the estimated fair value of its investment in the affiliate.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS The Company generated 80% and 78% of its revenue from U.S. domestic sales for the three and nine months ended September 30, 2024. The remaining 20% and 22% of revenue was generated from non-U.S. sales for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, 81% and 80% of revenue was from U.S domestic sales and the remaining 19% and 20% of revenue was generated from non-U.S. sales. For the three and nine months ended September 30, 2024, the Company recognized 54% of its revenue over time as control of the services and goods transferred to the customer, and the remaining 46% at a point in time, when the customer obtained control of the promised goods. For the three and nine months ended September 30, 2023, the Company recognized 53% and 55% of its revenue over time, and the remaining 47% and 45% at a point in time. Contract Assets. As of September 30, 2024, the Company recognized a contract asset of $52.8 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 $292.9 million related to the remaining performance obligation in the contract over the next five years. As of December 31, 2023, the contract asset was $39.8 million. Additional contract assets of $3.2 million are included in current assets on the Company’s Condensed Consolidated Balance Sheet as of September 30, 2024. 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 September 30, 2024 and December 31, 2023, 16% and 20% 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: As of September 30, December 31, % (in thousands) Change Deferred revenue $ 443,335 $ 400,347 11 The majority of the change in the deferred revenue balance is related to the cyclical nature of services in the Kaplan international division. During the nine months ended September 30, 2024, the Company recognized $341.7 million related to the Company’s deferred revenue balance as of December 31, 2023, including $61.7 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 September 30, 2024, 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 $5.9 million. Kaplan Supplemental Education expects to recognize 61% of this revenue over the next twelve months and the remainder thereafter. Costs to Obtain a Contract. The following table presents changes in the Company’s costs to obtain a contract asset: (in thousands) Balance at Costs associated with new contracts Less: Costs amortized during the period Other Balance 2024 $ 41,634 $ 65,968 $ (66,395) $ 651 $ 41,858 The majority of other activity was related to currency translation adjustments for the nine months ended September 30, 2024.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	EARNINGS (LOSS) PER SHARE The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The following reflects the Company’s ne t income (loss) a nd share data used in the basic and diluted earnings (loss) per share computations using the two-class method: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Numerator for basi c earnings (loss) pe r share: N et income (loss) attribu table to Graham Holdings Company common stockholders $ 72,503 $ (23,031) $ 175,843 $ 152,029 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,444) (7,458) (30,370) (30,992) Undistribu ted earnings (loss) 65,059 (30,489) 145,473 121,037 Percent allocated to common stockholders (1) 99.31 % 100.00 % 99.31 % 99.35 % 64,612 (30,489) 144,473 120,253 Add: Dividends paid-common stock outstanding 7,392 7,409 30,164 30,797 Numerator for b asic earnings (loss) per sha re $ 72,004 $ (23,080) $ 174,637 $ 151,050 Add: Additional undistributed earnings due to dilutive stock options 3 — 6 2 Numerator for dilu ted earnings (loss) per shar e $ 72,007 $ (23,080) $ 174,643 $ 151,052 Denominator: Denominator for b asic earnings (loss) per share: Weighted average shares outstanding 4,352 4,602 4,395 4,686 Add: Effect of dilutive stock options 32 — 28 14 Denominator for dilu ted earnings (loss) per s hare 4,384 4,602 4,423 4,700 Graham Holdings Company Common Stockholders: B asic earnings (loss) p er share $ 16.54 $ (5.02) $ 39.74 $ 32.23 Dilu ted earnings (loss) per share $ 16.42 $ (5.02) $ 39.49 $ 32.14 ____________ Earnings (loss) pe r share amounts may not recalculate due to rounding. (1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended September 30, 2023 as participating securities are not contractually obligated to share in losses. Di luted earnings (loss) per s hare excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Weighted average restricted stock 21 12 20 10 Weighted average stock options — 13 — — The dilut ed earnings per share amounts for the three and nine months ended September 30, 2024 exclude the effects of 27,742 stock options and contingently issuable shares as their inclusion would have been antidilutive due to a market condition. The diluted (loss) earnings per share amounts for the three and nine months ended September 30, 2023 exclude the effects of 105,000 stock options and contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition. In the three and nine months ended September 30, 2024, the Company declared regular dividends totaling $1.72 and $6.88 per common share, respectively. In the three and nine months ended September 30, 2023, the Company declared regular dividends totaling $1.65 and $6.60 per common share, respectively.

Pension and Postretirement Plan

Pension and Postretirement Plans	9 Months Ended
	Sep. 30, 2024
Retirement Benefits, Description [Abstract]
Pension and Postretirement Plans	PENSION AND POSTRETIREMENT PLANS Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Service cost $ 14,761 $ 8,490 $ 42,866 $ 25,306 Interest cost 11,220 11,559 33,660 34,652 Expected return on assets (41,487) (38,351) (124,416) (114,774) Amortization of prior service (credit) cost (487) 412 (1,463) 1,234 Recognized actuarial gain (11,891) (9,888) (35,672) (29,916) Net Periodic Benefit (27,884) (27,778) (85,025) (83,498) Early retirement program and special separation benefit expense 3,665 — 20,493 9,646 Total Benefit $ (24,219) $ (27,778) $ (64,532) $ (73,852) In October 2024, the Company purchased an irrevocable group annuity contract from an insurance company for $461.3 million to settle $457.9 million of the outstanding defined benefit pension obligation related to certain retirees and beneficiaries. The purchase of the group annuity contract was funded from the assets of the Company’s pension plan. As a result of this transaction, the Company was relieved of all responsibility for these pension obligations and the insurance company is now required to pay and administer the retirement benefits owed to approximately 1,850 retirees and beneficiaries, with no change to the amount, timing or form of monthly retirement benefit payments. As a result, the Company estimates that it will record a one-time pre-tax settlement gain of approximately $700 million in the fourth quarter of 2024. In the third quarter of 2024, the Company recorded $3.7 million in expenses related to S eparation Incentive Programs ( SIPs) for certain Kaplan, Dekko, WGB, Saatchi Art, Society6, Slate and Decile employees, which were funded from the assets of the Company’s pension plan. In the second quarter of 2024, the Company recorded $14.8 million in expenses related to a Voluntary Retirement Incentive Program (VRIP) for certain Graham Media Group and Corporate employees, which was funded from the assets of the Company’s pension plan. Also in the second quarter of 2024, the Company recorded $1.6 million in expenses related to SIPs for certain Framebridge and Code3 employees, which was funded from the assets of the Company’s pension plan. In the first quarter of 2024, the Company recorded $0.4 million in expenses related to a SIP for certain Framebridge 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, Graham Media Group, Leaf Group, Code3 and Pinna employees, which was funded from the assets of the Company’s pension plans. In the first quarter of 2023, the Company recorded $4.1 million in expenses related to SIPs for certain Leaf Group and Code3 employees, which was funded from the assets of the Company’s pension plans. The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Service cost $ 287 $ 148 $ 862 $ 444 Interest cost 1,128 1,164 3,385 3,494 Net Periodic Cost $ 1,415 $ 1,312 $ 4,247 $ 3,938 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 September 30, December 31, U.S. equities 56 % 59 % U.S. fixed income 17 % 7 % Private investment funds 16 % 17 % International equities 11 % 14 % U.S. stock index fund — % 3 % 100 % 100 % The Company manages approximately 48% 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, and short-term fixed-income securities. The remaining 52% 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. Excluding the exceptions noted above, the investment managers cannot invest more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval from the Plan administrator. In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks. The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of September 30, 2024. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At September 30, 2024, the pension plan held investments in one common stock, one private investment fund, and one U.S. Treasury securities fund that exceeded 10% of total plan assets, valued at $1,736.1 million, or approximately 51% of total plan assets. 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. Assets also included $91.0 million and $82.4 million of Markel shares at September 30, 2024 and December 31, 2023, respectively. Other Postretirement Plans. The total benefit arising from the Company’s other postretirement plans consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Interest cost $ 14 $ 38 $ 42 $ 112 Amortization of prior service credit — (2) — (4) Recognized actuarial gain (469) (585) (1,408) (1,757) Net Periodic Benefit $ (455) $ (549) $ (1,366) $ (1,649)

Other Non-Operating Income

Other Non-Operating Income	9 Months Ended
	Sep. 30, 2024
Other Nonoperating Income (Expense) [Abstract]
Other Non-Operating Income	OTHER NON-OPERATING (EXPENSE) INCOME A summary of non-operating (expense) income is as follows: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Gain on sale of businesses $ 3,763 $ 1,136 $ 8,121 $ 14,368 Foreign currency (loss) gain, net (4,559) 1,720 (5,642) 1,820 Impairment of cost method investments — — (744) — Gain on sale of investment in affiliate — — 15 15 Gain on sale of cost method investments 1 127 7 958 Gain on cost method investments 191 — 191 3,104 Other gain, net 139 598 1,025 2,193 Total Other Non-Operating (Expense) Income $ (465) $ 3,581 $ 2,973 $ 22,458 The gain on cost method investments results from observable price changes in the fair value of the underlying equity securities accounted for under the cost method (see Notes 3 and 8). During the nine months ended September 30, 2024, the Company recorded contingent consideration gains of $0.9 million related to the disposition of Kaplan University (KU) in 2018. During the three and nine months ended September 30, 2023, the Company recorded contingent consideration gains of $1.1 million and $4.3 million, respectively. In the third quarter of 2024, the Company recorded a $3.7 million gain related to Kaplan’s sale of a small business (see Note 2). In the second quarter of 2024, the Company recorded a $3.5 million gain related to the sale of a small business by WGB, which included five websites (see Note 2). In the second quarter of 2023, the Company recorded a $10.0 million gain related to the Pinna transaction (see Notes 2 and 3). The Company used a market approach to determine the fair value of the noncontrolling financial interest received in Realm in exchange for the Pinna business.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The other comprehensive income (loss) consists of the following components: Three Months Ended September 30 2024 2023 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 31,469 $ — $ 31,469 $ (19,474) $ — $ (19,474) Adjustment for sale of a business with foreign operations (765) — (765) — — — 30,704 — 30,704 (19,474) — (19,474) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (487) 124 (363) 410 (105) 305 Amortization of net actuarial gain included in net income (12,360) 3,164 (9,196) (10,473) 2,694 (7,779) (12,847) 3,288 (9,559) (10,063) 2,589 (7,474) Cash flow hedges: Losses for the period (1,975) 515 (1,460) (3,824) 879 (2,945) Other Comprehensive Income (Loss) $ 15,882 $ 3,803 $ 19,685 $ (33,361) $ 3,468 $ (29,893) Nine Months Ended September 30 2024 2023 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 21,702 $ — $ 21,702 $ (8,096) $ — $ (8,096) Adjustment for sale of a business with foreign operations (765) — (765) — — — 20,937 — 20,937 (8,096) — (8,096) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (1,463) 374 (1,089) 1,230 (316) 914 Amortization of net actuarial gain included in net income (37,080) 9,493 (27,587) (31,673) 8,147 (23,526) (38,543) 9,867 (28,676) (30,443) 7,831 (22,612) Cash flow hedges: Losses for the period (518) 135 (383) (3,566) 820 (2,746) Other Comprehensive Loss $ (18,124) $ 10,002 $ (8,122) $ (42,105) $ 8,651 $ (33,454) The accumulated balances related to each component of other comprehensive income (loss) are as follows: (in thousands, net of taxes) Cumulative Unrealized Gain Cash Flow Accumulated Balance as of December 31, 2023 $ (32,711) $ 649,185 $ (2,137) $ 614,337 Other comprehensive income (loss) before reclassifications 21,702 — (22) 21,680 Net amount reclassified from accumulated other comprehensive income (loss) (765) (28,676) (361) (29,802) Net other comprehensive income (loss) 20,937 (28,676) (383) (8,122) Balance as of September 30, 2024 $ (11,774) $ 620,509 $ (2,520) $ 606,215 The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Nine Months Ended Affected Line Item in the Condensed Consolidated Statements of Operations (in thousands) 2024 2023 2024 2023 Foreign Currency Translation Adjustments: Adjustment for sale of a business with foreign operations $ (765) $ — $ (765) $ — Other (expense) income, net Pension and Other Postretirement Plans: Amortization of net prior service (credit) cost (487) 410 (1,463) 1,230 (1) Amortization of net actuarial gain (12,360) (10,473) (37,080) (31,673) (1) (12,847) (10,063) (38,543) (30,443) Before tax 3,288 2,589 9,867 7,831 Provision for Income Taxes (9,559) (7,474) (28,676) (22,612) Net of Tax Cash Flow Hedges (116) (4,828) (361) (5,237) Interest expense Total reclassification for the period $ (10,440) $ (12,302) $ (29,802) $ (27,849) Net of Tax ____________ (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation, Legal and Other Matters . The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, defamation and invasion of privacy; trademark, copyright and patent infringement; 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.

Business Segments

Business Segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive. As of September 30, 2024, Kaplan had a total outstanding accounts receivable balance of $113.8 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 $19.7 million long-term receivable balance due from Purdue Global at September 30, 2024, related to the advance of $20.0 million during the initial KU Transaction. During the three and nine months ended September 30, 2024 , the automotive group recorded expense of $2.0 million and $6.0 million, respectively, for operating and management services provided by Christopher J. Ourisman and his team of industry professionals. During the three and nine months ended September 30, 2023, the automotive group recorded expense of $1.8 million and $5.2 million, respectively, for these services. The following tables summarize the financial information related to each of the Company’s business segments: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Operating Revenues Education $ 438,090 $ 411,837 $ 1,283,587 $ 1,192,105 Television broadcasting 145,422 116,112 373,958 347,818 Manufacturing 95,385 109,216 300,914 343,882 Healthcare 155,413 116,164 431,142 331,505 Automotive 289,392 272,018 902,046 765,251 Other businesses 83,464 86,653 253,753 269,110 Corporate office 576 365 1,727 1,215 Intersegment elimination (580) (846) (2,023) (2,822) $ 1,207,162 $ 1,111,519 $ 3,545,104 $ 3,248,064 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 37,311 $ 33,069 $ 109,021 $ 94,625 Television broadcasting 63,274 33,310 126,745 97,808 Manufacturing 7,114 10,515 20,216 39,019 Healthcare 14,419 6,837 34,481 19,986 Automotive 9,069 8,240 28,929 28,543 Other businesses (27,073) (24,404) (77,456) (73,428) Corporate office (14,081) (14,599) (43,454) (39,881) $ 90,033 $ 52,968 $ 198,482 $ 166,672 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 2,421 $ 3,210 $ 8,267 $ 11,610 Television broadcasting 1,360 1,363 4,070 4,088 Manufacturing 2,619 51,489 8,387 60,683 Healthcare 159 866 1,393 2,702 Automotive 5 3 10 3 Other businesses 1,821 53,149 33,354 58,987 Corporate office — — — — $ 8,385 $ 110,080 $ 55,481 $ 138,073 Income (Loss) from Operations Education $ 34,890 $ 29,859 $ 100,754 $ 83,015 Television broadcasting 61,914 31,947 122,675 93,720 Manufacturing 4,495 (40,974) 11,829 (21,664) Healthcare 14,260 5,971 33,088 17,284 Automotive 9,064 8,237 28,919 28,540 Other businesses (28,894) (77,553) (110,810) (132,415) Corporate office (14,081) (14,599) (43,454) (39,881) $ 81,648 $ (57,112) $ 143,001 $ 28,599 Equity in Losses of Aff iliates, Net (13,361) (791) (8,470) (2,245) Interest Expense, Net (23,619) (9,824) (130,041) (33,140) Non-Operating Pension and Postretirement Benefit Income, Net 38,307 35,653 105,379 97,313 Gain on Marketable Equity Securities, Net 30,496 16,759 154,276 113,429 Other (Expense) Income, Net (465) 3,581 2,973 22,458 Income (Loss) Bef ore Income Taxes $ 113,006 $ (11,734) $ 267,118 $ 226,414 Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Depreciation of Property, Plant and Equipment Education $ 8,576 $ 10,000 $ 26,736 $ 28,428 Television broadcasting 2,756 3,120 8,494 9,243 Manufacturing 2,818 2,388 8,227 6,957 Healthcare 1,754 1,411 5,031 3,802 Automotive 1,774 1,304 5,203 3,565 Other businesses 3,522 3,832 11,909 10,882 Corporate office 132 152 432 458 $ 21,332 $ 22,207 $ 66,032 $ 63,335 Pension Service Cost Education $ 4,445 $ 2,226 $ 13,267 $ 6,680 Television broadcasting 1,528 833 4,583 2,498 Manufacturing 978 280 1,897 836 Healthcare 4,804 3,521 14,413 10,563 Automotive 29 16 86 26 Other businesses 1,963 662 5,577 1,847 Corporate office 1,014 952 3,043 2,856 $ 14,761 $ 8,490 $ 42,866 $ 25,306 Capital Expenditures Education $ 5,811 $ 8,316 $ 18,468 $ 23,516 Television broadcasting 982 1,841 4,319 5,018 Manufacturing 3,817 4,380 12,085 14,971 Healthcare 4,016 4,579 8,842 9,732 Automotive 724 2,112 3,093 6,215 Other businesses 6,401 5,508 16,776 12,120 Corporate office 2,020 6 2,425 9 $ 23,771 $ 26,742 $ 66,008 $ 71,581 Asset information for the Company’s business segments is as follows: As of (in thousands) September 30, 2024 December 31, 2023 Identifiable Assets Education $ 2,037,877 $ 2,021,471 Television broadcasting 412,391 419,557 Manufacturing 416,089 431,712 Healthcare 306,049 265,150 Automotive 592,274 597,267 Other businesses 333,937 368,542 Corporate office 187,586 93,760 $ 4,286,203 $ 4,197,459 Investments in Marketable Equity Securities 825,416 690,153 Investments in Affiliates 168,161 186,480 Prepaid Pension Cost 2,141,036 2,113,638 Total Assets $ 7,420,816 $ 7,187,730 The Company’s education division comprises the following operating segments: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Operating Revenues Kaplan international $ 277,009 $ 249,976 $ 813,833 $ 714,715 Higher education 85,655 81,925 246,818 250,557 Supplemental education 76,134 78,332 221,389 226,535 Kaplan corporate and other 158 3,101 5,739 8,360 Intersegment elimination (866) (1,497) (4,192) (8,062) $ 438,090 $ 411,837 $ 1,283,587 $ 1,192,105 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 25,538 $ 22,220 $ 82,674 $ 64,272 Higher education 11,385 8,465 31,258 33,343 Supplemental education 11,186 9,729 21,438 16,992 Kaplan corporate and other (10,717) (7,412) (26,357) (20,074) Intersegment elimination (81) 67 8 92 $ 37,311 $ 33,069 $ 109,021 $ 94,625 Amortization of Intangible Assets $ 2,421 $ 3,210 $ 8,267 $ 11,133 Impairment of Long-Lived Assets $ — $ — $ — $ 477 Income (Loss) from Operations Kaplan international $ 25,538 $ 22,220 $ 82,674 $ 64,272 Higher education 11,385 8,465 31,258 33,343 Supplemental education 11,186 9,729 21,438 16,992 Kaplan corporate and other (13,138) (10,622) (34,624) (31,684) Intersegment elimination (81) 67 8 92 $ 34,890 $ 29,859 $ 100,754 $ 83,015 Depreciation of Property, Plant and Equipment Kaplan international $ 7,202 $ 7,599 $ 21,735 $ 20,832 Higher education 589 1,258 2,291 3,431 Supplemental education 777 1,117 2,653 4,087 Kaplan corporate and other 8 26 57 78 $ 8,576 $ 10,000 $ 26,736 $ 28,428 Pension Service Cost Kaplan international $ 198 $ 83 $ 527 $ 244 Higher education 1,903 958 5,729 2,803 Supplemental education 1,962 1,063 5,874 3,110 Kaplan corporate and other 382 122 1,137 523 $ 4,445 $ 2,226 $ 13,267 $ 6,680 Capital Expenditures Kaplan international $ 4,734 $ 6,445 $ 16,254 $ 19,747 Higher education 535 999 768 1,637 Supplemental education 542 872 1,446 2,110 Kaplan corporate and other — — — 22 $ 5,811 $ 8,316 $ 18,468 $ 23,516 Asset information for the Company’s education division is as follows: As of (in thousands) September 30, 2024 December 31, 2023 Identifiable Assets Kaplan international $ 1,553,897 $ 1,537,989 Higher education 205,409 187,972 Supplemental education 230,742 249,519 Kaplan corporate and other 47,829 45,991 $ 2,037,877 $ 2,021,471

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Graham Holdings Company common stockholders	$ 72,503	$ (23,031)	$ 175,843	$ 152,029

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Marcel A. Snyman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 23, 2024, Marcel A. Snyman, the Company’s Vice President and Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale of an aggregate of up to 243 shares of the Company’s Class B common stock acquired upon the vesting of restricted stock awards held by Mr. Snyman. The actual number of shares sold under the trading arrangement will be net of shares withheld for taxes upon vesting and settlement of the restricted stock awards subject to the trading plan. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The first date that sales of any shares are permitted to be sold under the trading arrangement is January 6, 2025, and subsequent sales under the trading arrangement may occur on a regular basis for the duration of the trading arrangement until December 31, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Marcel A. Snyman
Title	Vice President and Chief Accounting Officer,
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 23, 2024
Expiration Date	December 31, 2025
Arrangement Duration	359 days
Aggregate Available	243	243

Organization, Basis of Presen_2

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and nine months ended September 30, 2024 and 2023 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements	Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted and Issued Accounting Pronouncements – In November 2023, the Financial Accounting Standards Board (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 Condensed 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 Condensed Consolidated Financial Statements.

Organization, Basis of Presen_3

Organization, Basis of Presentation and Recent Accounting Pronouncements (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The Company determined that these adjustments were not material to the previously issued financial statements, but has revised its previously issued Condensed Consolidated Statement of Cash Flows for the period ended September 30, 2023 as shown below. 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)	9 Months Ended
	Sep. 30, 2024
Acquisitions And Dispositions [Abstract]
Schedule of assets acquired and liabilities assumed	The aggregate purchase price of the 2023 acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Year Ended (in thousands) December 31, 2023 Accounts receivable $ 68 Inventory 5,224 Property, plant and equipment 29,859 Goodwill 45,968 Indefinite-lived intangible assets 6,300 Amortized intangible assets 235 Other assets 4 Floor plan payables (2,215) Other liabilities (935) Current and noncurrent lease liabilities (1,184) Aggregate purchase price, net of cash acquired $ 83,324
Acquisition Pro Forma Financial Information	The following unaudited pro forma financial information includes the 2023 acquisitions as if they occurred at the beginning of 2022: Three Months Ended Nine Months Ended (in thousands) 2023 2023 Operating revenues $ 1,150,953 $ 3,363,004 Net (loss) income (18,473) 162,319

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments [Abstract]
Investments in Marketable Equity Securities	Investments in marketable equity securities consist of the following: As of September 30, December 31, (in thousands) Total cost $ 227,153 $ 225,971 Gross unrealized gains 600,322 464,182 Gross unrealized losses (2,059) — Total Fair Value $ 825,416 $ 690,153
Gain on Marketable Equity Securities	The net gain on marketable equity securities comprised the following: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Gain on marketable equity securities, net $ 30,496 $ 16,759 $ 154,276 $ 113,429 Less: Net gains in earnings from marketable equity securities sold and donated (5,908) — (6,010) (5,475) Net unrealized gains in earnings from marketable equity securities still held at the end of the period $ 24,588 $ 16,759 $ 148,266 $ 107,954

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following: As of September 30, December 31, (in thousands) Receivables from contracts with customers, less estimated credit losses of $24,233 and $24,667 $ 486,514 $ 496,172 Other receivables 31,737 28,915 $ 518,251 $ 525,087
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 September 30, December 31, (in thousands) Accounts payable $ 161,658 $ 154,484 Vehicle floor plan payable 156,743 148,300 Accrued compensation and related benefits 171,570 154,580 Other accrued liabilities 264,066 237,157 $ 754,037 $ 694,521

Inventories and Contracts in _2

Inventories and Contracts in Progress (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Schedule of Inventories and Contracts in Progress	Inventories and contracts in progress consist of the following: As of September 30, December 31, (in thousands) Raw materials $ 49,400 $ 63,884 Work-in-process 13,370 15,387 Finished goods 239,973 215,283 Contracts in progress 3,758 2,657 $ 306,501 $ 297,211

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Manufacturing Healthcare Automotive Other Total Balance as of December 31, 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 Acquisitions 4,204 — — — — — 4,204 Impairments — — — — — (7,502) (7,502) Dispositions (1,684) — — — (1,684) Foreign currency exchange rate changes 14,296 — — — — — 14,296 Balance as of September 30, 2024 Goodwill 1,180,807 190,815 234,993 135,038 129,280 251,216 2,122,149 Accumulated impairment losses (331,151) — (82,062) — — (174,428) (587,641) $ 849,656 $ 190,815 $ 152,931 $ 135,038 $ 129,280 $ 76,788 $ 1,534,508
Other Intangible Assets	Other intangible assets consist of the following: As of September 30, 2024 As of December 31, 2023 (in thousands) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 282,192 $ 250,370 $ 31,822 $ 283,098 $ 236,776 $ 46,322 Trade names and trademarks 2–10 years (1) 116,670 92,027 24,643 143,389 90,558 52,831 Network affiliation agreements 10 years 17,400 13,412 3,988 17,400 13,348 4,052 Databases and technology 3–6 years 33,536 33,498 38 36,538 35,712 826 Other 1–8 years 41,514 37,265 4,249 41,327 33,164 8,163 $ 491,312 $ 426,572 $ 64,740 $ 521,752 $ 409,558 $ 112,194 Indefinite-Lived Intangible Assets Franchise agreements $ 92,158 $ 92,158 Trade names and trademarks 86,691 84,533 FCC licenses 11,000 11,000 Other 171 171 $ 190,020 $ 187,862 ___________ (1) As of December 31, 2023, the trade names and trademarks’ maximum useful life was 15 years.
Education [Member]
Changes in Carrying Amount of Goodwill	The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Kaplan Higher Supplemental Education Total Balance as of December 31, 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 Acquisitions 4,204 — — 4,204 Dispositions (1,684) — — (1,684) Foreign currency exchange rate changes 14,337 — (41) 14,296 Balance as of September 30, 2024 Goodwill 614,857 174,564 391,386 1,180,807 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 614,857 $ 63,240 $ 171,559 $ 849,656

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Components of Debt	The Company’s borrowings consist of the following: As of (in thousands) Maturities Stated Interest Rate Effective Interest Rate September 30, December 31, Unsecured notes (1) 2026 5.75% 5.75% $ 398,804 $ 398,266 Revolving credit facility 2027 6.33% - 8.88% 6.73% 66,873 97,879 Term loan (2) 2027 6.70% - 7.21% 7.29% 141,919 147,476 Real estate term loan (3) 2028 6.95% - 7.10% 7.17% 71,731 74,541 Capital term loan (4) 2028 7.20% - 7.35% 7.67% 58,352 63,097 Other indebtedness 2024 - 2032 0.00% - 8.00% 27,512 30,574 Total Debt 765,191 811,833 Less: current portion (34,137) (66,751) Total Long-Term Debt $ 731,054 $ 745,082 ___________ _ (1) The carrying value is net of $1.2 million and $1.7 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively . (2) The carrying value is net of $0.6 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. (4) The carrying value is net of $0.7 million and $0.8 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 95,478 $ — $ 95,478 Marketable equity securities (2) 825,416 — — 825,416 Other current investments (3) 6,344 — — 6,344 Total Financial Assets $ 831,760 $ 95,478 $ — $ 927,238 Liabilities Contingent consideration liabilities (4) $ — $ — $ 1,435 $ 1,435 Interest rate swaps (5) — 3,290 — 3,290 Mandatorily redeemable noncontrolling interest (6) — — 125,476 125,476 Total Financial Liabilities $ — $ 3,290 $ 126,911 $ 130,201 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 (7) — 86 — 86 Mandatorily redeemable noncontrolling interest (6) — — 40,764 40,764 Total Financial Liabilities $ — $ 2,847 $ 41,552 $ 44,399 ____________ (1) The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty. (2) The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. (3) Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the fair value hierarchy. (4) Included in 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 swaps multiplied by the observable inputs of time to maturity and market interest rates. (6) The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses. (7) Included in Accounts payable, 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.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs: (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2023 $ 788 $ 40,764 Acquisition of business 1,293 — Changes in fair value (1) (75) 85,145 Capital contributions — 128 Accretion of value included in net income (1) 106 — Settlements or distributions (719) (561) Foreign currency exchange rate changes 42 — As of September 30, 2024 $ 1,435 $ 125,476 (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2022 $ 8,423 $ 30,845 Acquisition of business 220 — Changes in fair value (1) (5,157) 1,421 Capital contributions — 84 Accretion of value included in net income (1) 856 — Settlements or distributions (1,262) (307) As of September 30, 2023 $ 3,080 $ 32,043 ____________ (1) Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	The following table presents the change in the Company’s deferred revenue balance: As of September 30, December 31, % (in thousands) Change Deferred revenue $ 443,335 $ 400,347 11
Capitalized Contract Cost	The following table presents changes in the Company’s costs to obtain a contract asset: (in thousands) Balance at Costs associated with new contracts Less: Costs amortized during the period Other Balance 2024 $ 41,634 $ 65,968 $ (66,395) $ 651 $ 41,858

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Earnings (Loss) Per Share, Basic and Diluted	The following reflects the Company’s ne t income (loss) a nd share data used in the basic and diluted earnings (loss) per share computations using the two-class method: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Numerator: Numerator for basi c earnings (loss) pe r share: N et income (loss) attribu table to Graham Holdings Company common stockholders $ 72,503 $ (23,031) $ 175,843 $ 152,029 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,444) (7,458) (30,370) (30,992) Undistribu ted earnings (loss) 65,059 (30,489) 145,473 121,037 Percent allocated to common stockholders (1) 99.31 % 100.00 % 99.31 % 99.35 % 64,612 (30,489) 144,473 120,253 Add: Dividends paid-common stock outstanding 7,392 7,409 30,164 30,797 Numerator for b asic earnings (loss) per sha re $ 72,004 $ (23,080) $ 174,637 $ 151,050 Add: Additional undistributed earnings due to dilutive stock options 3 — 6 2 Numerator for dilu ted earnings (loss) per shar e $ 72,007 $ (23,080) $ 174,643 $ 151,052 Denominator: Denominator for b asic earnings (loss) per share: Weighted average shares outstanding 4,352 4,602 4,395 4,686 Add: Effect of dilutive stock options 32 — 28 14 Denominator for dilu ted earnings (loss) per s hare 4,384 4,602 4,423 4,700 Graham Holdings Company Common Stockholders: B asic earnings (loss) p er share $ 16.54 $ (5.02) $ 39.74 $ 32.23 Dilu ted earnings (loss) per share $ 16.42 $ (5.02) $ 39.49 $ 32.14 ____________ Earnings (loss) pe r share amounts may not recalculate due to rounding. (1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended September 30, 2023 as participating securities are not contractually obligated to share in losses.
Antidilutive Weighted Average Restricted Stock and Options	Di luted earnings (loss) per s hare excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Weighted average restricted stock 21 12 20 10 Weighted average stock options — 13 — —

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Defined Benefit Pension Plan [Member]
Schedule of Net Benefit Costs	The total benefit arising from the Company’s defined benefit pension plans consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Service cost $ 14,761 $ 8,490 $ 42,866 $ 25,306 Interest cost 11,220 11,559 33,660 34,652 Expected return on assets (41,487) (38,351) (124,416) (114,774) Amortization of prior service (credit) cost (487) 412 (1,463) 1,234 Recognized actuarial gain (11,891) (9,888) (35,672) (29,916) Net Periodic Benefit (27,884) (27,778) (85,025) (83,498) Early retirement program and special separation benefit expense 3,665 — 20,493 9,646 Total Benefit $ (24,219) $ (27,778) $ (64,532) $ (73,852)
Schedule of Allocation of Plan Assets	The assets of the Company’s pension plans were allocated as follows: As of September 30, December 31, U.S. equities 56 % 59 % U.S. fixed income 17 % 7 % Private investment funds 16 % 17 % International equities 11 % 14 % U.S. stock index fund — % 3 % 100 % 100 %
Supplemental Executive Retirement Plan (SERP) [Member]
Schedule of Net Benefit Costs	The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Service cost $ 287 $ 148 $ 862 $ 444 Interest cost 1,128 1,164 3,385 3,494 Net Periodic Cost $ 1,415 $ 1,312 $ 4,247 $ 3,938
Other Postretirement Benefit Plan, Defined Benefit [Member]
Schedule of Net Benefit Costs	Other Postretirement Plans. The total benefit arising from the Company’s other postretirement plans consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Interest cost $ 14 $ 38 $ 42 $ 112 Amortization of prior service credit — (2) — (4) Recognized actuarial gain (469) (585) (1,408) (1,757) Net Periodic Benefit $ (455) $ (549) $ (1,366) $ (1,649)

Other Non-Operating Income (Tab

Other Non-Operating Income (Tables)	9 Months Ended
	Sep. 30, 2024
Other Nonoperating Income (Expense) [Abstract]
Summary of other non-operating income	A summary of non-operating (expense) income is as follows: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Gain on sale of businesses $ 3,763 $ 1,136 $ 8,121 $ 14,368 Foreign currency (loss) gain, net (4,559) 1,720 (5,642) 1,820 Impairment of cost method investments — — (744) — Gain on sale of investment in affiliate — — 15 15 Gain on sale of cost method investments 1 127 7 958 Gain on cost method investments 191 — 191 3,104 Other gain, net 139 598 1,025 2,193 Total Other Non-Operating (Expense) Income $ (465) $ 3,581 $ 2,973 $ 22,458

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Other Comprehensive Income (Loss)	The other comprehensive income (loss) consists of the following components: Three Months Ended September 30 2024 2023 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 31,469 $ — $ 31,469 $ (19,474) $ — $ (19,474) Adjustment for sale of a business with foreign operations (765) — (765) — — — 30,704 — 30,704 (19,474) — (19,474) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (487) 124 (363) 410 (105) 305 Amortization of net actuarial gain included in net income (12,360) 3,164 (9,196) (10,473) 2,694 (7,779) (12,847) 3,288 (9,559) (10,063) 2,589 (7,474) Cash flow hedges: Losses for the period (1,975) 515 (1,460) (3,824) 879 (2,945) Other Comprehensive Income (Loss) $ 15,882 $ 3,803 $ 19,685 $ (33,361) $ 3,468 $ (29,893) Nine Months Ended September 30 2024 2023 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ 21,702 $ — $ 21,702 $ (8,096) $ — $ (8,096) Adjustment for sale of a business with foreign operations (765) — (765) — — — 20,937 — 20,937 (8,096) — (8,096) Pension and other postretirement plans: Amortization of net prior service (credit) cost included in net income (1,463) 374 (1,089) 1,230 (316) 914 Amortization of net actuarial gain included in net income (37,080) 9,493 (27,587) (31,673) 8,147 (23,526) (38,543) 9,867 (28,676) (30,443) 7,831 (22,612) Cash flow hedges: Losses for the period (518) 135 (383) (3,566) 820 (2,746) Other Comprehensive Loss $ (18,124) $ 10,002 $ (8,122) $ (42,105) $ 8,651 $ (33,454)
Summary of Changes in Accumulated Other Comprehensive Income (Loss)	The accumulated balances related to each component of other comprehensive income (loss) are as follows: (in thousands, net of taxes) Cumulative Unrealized Gain Cash Flow Accumulated Balance as of December 31, 2023 $ (32,711) $ 649,185 $ (2,137) $ 614,337 Other comprehensive income (loss) before reclassifications 21,702 — (22) 21,680 Net amount reclassified from accumulated other comprehensive income (loss) (765) (28,676) (361) (29,802) Net other comprehensive income (loss) 20,937 (28,676) (383) (8,122) Balance as of September 30, 2024 $ (11,774) $ 620,509 $ (2,520) $ 606,215
Summary of Amounts and Line Items of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows: Three Months Ended Nine Months Ended Affected Line Item in the Condensed Consolidated Statements of Operations (in thousands) 2024 2023 2024 2023 Foreign Currency Translation Adjustments: Adjustment for sale of a business with foreign operations $ (765) $ — $ (765) $ — Other (expense) income, net Pension and Other Postretirement Plans: Amortization of net prior service (credit) cost (487) 410 (1,463) 1,230 (1) Amortization of net actuarial gain (12,360) (10,473) (37,080) (31,673) (1) (12,847) (10,063) (38,543) (30,443) Before tax 3,288 2,589 9,867 7,831 Provision for Income Taxes (9,559) (7,474) (28,676) (22,612) Net of Tax Cash Flow Hedges (116) (4,828) (361) (5,237) Interest expense Total reclassification for the period $ (10,440) $ (12,302) $ (29,802) $ (27,849) Net of Tax ____________ (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The following tables summarize the financial information related to each of the Company’s business segments: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Operating Revenues Education $ 438,090 $ 411,837 $ 1,283,587 $ 1,192,105 Television broadcasting 145,422 116,112 373,958 347,818 Manufacturing 95,385 109,216 300,914 343,882 Healthcare 155,413 116,164 431,142 331,505 Automotive 289,392 272,018 902,046 765,251 Other businesses 83,464 86,653 253,753 269,110 Corporate office 576 365 1,727 1,215 Intersegment elimination (580) (846) (2,023) (2,822) $ 1,207,162 $ 1,111,519 $ 3,545,104 $ 3,248,064 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 37,311 $ 33,069 $ 109,021 $ 94,625 Television broadcasting 63,274 33,310 126,745 97,808 Manufacturing 7,114 10,515 20,216 39,019 Healthcare 14,419 6,837 34,481 19,986 Automotive 9,069 8,240 28,929 28,543 Other businesses (27,073) (24,404) (77,456) (73,428) Corporate office (14,081) (14,599) (43,454) (39,881) $ 90,033 $ 52,968 $ 198,482 $ 166,672 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 2,421 $ 3,210 $ 8,267 $ 11,610 Television broadcasting 1,360 1,363 4,070 4,088 Manufacturing 2,619 51,489 8,387 60,683 Healthcare 159 866 1,393 2,702 Automotive 5 3 10 3 Other businesses 1,821 53,149 33,354 58,987 Corporate office — — — — $ 8,385 $ 110,080 $ 55,481 $ 138,073 Income (Loss) from Operations Education $ 34,890 $ 29,859 $ 100,754 $ 83,015 Television broadcasting 61,914 31,947 122,675 93,720 Manufacturing 4,495 (40,974) 11,829 (21,664) Healthcare 14,260 5,971 33,088 17,284 Automotive 9,064 8,237 28,919 28,540 Other businesses (28,894) (77,553) (110,810) (132,415) Corporate office (14,081) (14,599) (43,454) (39,881) $ 81,648 $ (57,112) $ 143,001 $ 28,599 Equity in Losses of Aff iliates, Net (13,361) (791) (8,470) (2,245) Interest Expense, Net (23,619) (9,824) (130,041) (33,140) Non-Operating Pension and Postretirement Benefit Income, Net 38,307 35,653 105,379 97,313 Gain on Marketable Equity Securities, Net 30,496 16,759 154,276 113,429 Other (Expense) Income, Net (465) 3,581 2,973 22,458 Income (Loss) Bef ore Income Taxes $ 113,006 $ (11,734) $ 267,118 $ 226,414 Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Depreciation of Property, Plant and Equipment Education $ 8,576 $ 10,000 $ 26,736 $ 28,428 Television broadcasting 2,756 3,120 8,494 9,243 Manufacturing 2,818 2,388 8,227 6,957 Healthcare 1,754 1,411 5,031 3,802 Automotive 1,774 1,304 5,203 3,565 Other businesses 3,522 3,832 11,909 10,882 Corporate office 132 152 432 458 $ 21,332 $ 22,207 $ 66,032 $ 63,335 Pension Service Cost Education $ 4,445 $ 2,226 $ 13,267 $ 6,680 Television broadcasting 1,528 833 4,583 2,498 Manufacturing 978 280 1,897 836 Healthcare 4,804 3,521 14,413 10,563 Automotive 29 16 86 26 Other businesses 1,963 662 5,577 1,847 Corporate office 1,014 952 3,043 2,856 $ 14,761 $ 8,490 $ 42,866 $ 25,306 Capital Expenditures Education $ 5,811 $ 8,316 $ 18,468 $ 23,516 Television broadcasting 982 1,841 4,319 5,018 Manufacturing 3,817 4,380 12,085 14,971 Healthcare 4,016 4,579 8,842 9,732 Automotive 724 2,112 3,093 6,215 Other businesses 6,401 5,508 16,776 12,120 Corporate office 2,020 6 2,425 9 $ 23,771 $ 26,742 $ 66,008 $ 71,581 Asset information for the Company’s business segments is as follows: As of (in thousands) September 30, 2024 December 31, 2023 Identifiable Assets Education $ 2,037,877 $ 2,021,471 Television broadcasting 412,391 419,557 Manufacturing 416,089 431,712 Healthcare 306,049 265,150 Automotive 592,274 597,267 Other businesses 333,937 368,542 Corporate office 187,586 93,760 $ 4,286,203 $ 4,197,459 Investments in Marketable Equity Securities 825,416 690,153 Investments in Affiliates 168,161 186,480 Prepaid Pension Cost 2,141,036 2,113,638 Total Assets $ 7,420,816 $ 7,187,730
Education [Member]
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The Company’s education division comprises the following operating segments: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Operating Revenues Kaplan international $ 277,009 $ 249,976 $ 813,833 $ 714,715 Higher education 85,655 81,925 246,818 250,557 Supplemental education 76,134 78,332 221,389 226,535 Kaplan corporate and other 158 3,101 5,739 8,360 Intersegment elimination (866) (1,497) (4,192) (8,062) $ 438,090 $ 411,837 $ 1,283,587 $ 1,192,105 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 25,538 $ 22,220 $ 82,674 $ 64,272 Higher education 11,385 8,465 31,258 33,343 Supplemental education 11,186 9,729 21,438 16,992 Kaplan corporate and other (10,717) (7,412) (26,357) (20,074) Intersegment elimination (81) 67 8 92 $ 37,311 $ 33,069 $ 109,021 $ 94,625 Amortization of Intangible Assets $ 2,421 $ 3,210 $ 8,267 $ 11,133 Impairment of Long-Lived Assets $ — $ — $ — $ 477 Income (Loss) from Operations Kaplan international $ 25,538 $ 22,220 $ 82,674 $ 64,272 Higher education 11,385 8,465 31,258 33,343 Supplemental education 11,186 9,729 21,438 16,992 Kaplan corporate and other (13,138) (10,622) (34,624) (31,684) Intersegment elimination (81) 67 8 92 $ 34,890 $ 29,859 $ 100,754 $ 83,015 Depreciation of Property, Plant and Equipment Kaplan international $ 7,202 $ 7,599 $ 21,735 $ 20,832 Higher education 589 1,258 2,291 3,431 Supplemental education 777 1,117 2,653 4,087 Kaplan corporate and other 8 26 57 78 $ 8,576 $ 10,000 $ 26,736 $ 28,428 Pension Service Cost Kaplan international $ 198 $ 83 $ 527 $ 244 Higher education 1,903 958 5,729 2,803 Supplemental education 1,962 1,063 5,874 3,110 Kaplan corporate and other 382 122 1,137 523 $ 4,445 $ 2,226 $ 13,267 $ 6,680 Capital Expenditures Kaplan international $ 4,734 $ 6,445 $ 16,254 $ 19,747 Higher education 535 999 768 1,637 Supplemental education 542 872 1,446 2,110 Kaplan corporate and other — — — 22 $ 5,811 $ 8,316 $ 18,468 $ 23,516 Asset information for the Company’s education division is as follows: As of (in thousands) September 30, 2024 December 31, 2023 Identifiable Assets Kaplan international $ 1,553,897 $ 1,537,989 Higher education 205,409 187,972 Supplemental education 230,742 249,519 Kaplan corporate and other 47,829 45,991 $ 2,037,877 $ 2,021,471

Organization, Basis of Presen_4

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details)	Sep. 30, 2024 automotiveDealership televisionStation
Television Broadcasting [Member]
Number of television broadcast stations | televisionStation	7
Automotive [Member]
Number of Automotive Dealerships Owned | automotiveDealership	8

Organization, Basis of Presen_5

Organization, Basis of Presentation and Recent Accounting Pronouncements (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts receivable	$ 11,322	$ 12,381
Deferred revenue	30,977	48,070
Net Cash Provided by Operating Activities	$ 290,676	202,526
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts receivable		15,629
Deferred revenue		44,822
Net Cash Provided by Operating Activities		202,526
Adjustments [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accounts receivable		(3,248)
Deferred revenue		3,248
Net Cash Provided by Operating Activities		$ 0

Acquisitions and Dispositions_3

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Thousands	1 Months Ended					12 Months Ended
	May 31, 2024 business	Jan. 31, 2024 business	Dec. 31, 2023 USD ($) business	Jul. 31, 2023 business	Jan. 31, 2023 business	Dec. 31, 2023 USD ($) business	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Number of businesses acquired | business						5
Acquisition purchase price						$ 83,300
Vehicle floor plan payable			$ 148,300			148,300	$ 156,743
Business Acquisition, Transaction Costs								$ 1,200
Goodwill expected to be deductible for income tax purposes			45,000			$ 45,000
CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			20,000
CSI Pharmacy Holding Company, LLC | Promissory Note for CSI Minority Shares
Business Acquisition [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			$ 15,000
Interest rate			8%			8%
CSI Pharmacy Holding Company, LLC | Cash Paid for CSI Minority Shares
Business Acquisition [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests			$ 5,000
Graham Holdings Company [Member] | CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Percentage Ownership After Change in Noncontrolling Interest							86.70%
Education [Member] | Kaplan International [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business	1
Automotive [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business						1
Automotive [Member] | Auto dealerships [Member]
Business Acquisition [Line Items]
Vehicle floor plan payable								2,200
Amount Borrowed to Finance Business Acquisition								$ 37,000
Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business			1		2	3
Other Businesses [Member]
Business Acquisition [Line Items]
Number of businesses acquired | business		1		1		1

Acquisitions and Dispositions_4

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 1,534,508	$ 1,525,194
Floor plan payables	$ (156,743)	(148,300)
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable		68
Inventory		5,224
Property, plant and equipment		29,859
Goodwill		45,968
Indefinite-lived intangible assets		6,300
Amortized intangible assets		235
Other assets		4
Floor plan payables		(2,215)
Other liabilities		(935)
Current and noncurrent lease liabilities		(1,184)
Aggregate purchase price, net of cash acquired		$ 83,324

Acquisitions and Dispositions_5

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Pro forma operating revenues	$ 1,150,953	$ 3,363,004
Pro forma net (loss) income	$ (18,473)	$ 162,319

Investments (Narrative) (Detail

Investments (Narrative) (Details) £ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 GBP (£) shares	Dec. 31, 2023 USD ($) shares
Schedule of Investments [Line Items]
Money Market Investments		$ 95,500,000		$ 95,500,000			$ 5,600,000
Marketable equity securities		825,416,000		825,416,000			690,153,000
Payments to Acquire Marketable Securities				5,000,000	$ 6,162,000
Investments in Marketable Securities					4,600,000
Cumulative realized gain on marketable securities sold or donated				20,200,000	13,000,000
Proceeds from sales of marketable equity securities				23,524,000	61,979,000
Payments for Advance to Affiliate				2,000,000	30,000,000
Impairment on equity method investment		14,400,000		14,400,000
Cumulative undistributed income in investments in affiliates		36,400,000		36,400,000			36,900,000
Cost method investments		74,600,000		74,600,000			$ 74,000,000
Impairment of cost method investments		0	$ 0	744,000	0
Gain on cost method investments		191,000	0	$ 191,000	3,104,000
Concentration in single marketable equity security [Member] | Assets, Total [Member]
Schedule of Investments [Line Items]
Minimum percentage of total assets considered as significant concentrations				5%
Related Party [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Operating Revenues		$ 4,400,000	$ 4,100,000	$ 12,900,000	$ 11,500,000
Markel Corporation [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment | shares		55,430		55,430		55,430	55,430
Marketable equity securities		$ 86,900,000		$ 86,900,000			$ 78,700,000
Berkshire Hathaway [Member]
Schedule of Investments [Line Items]
Marketable equity securities		$ 514,000,000		$ 514,000,000
Berkshire Hathaway [Member] | Common Class A [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment | shares		422		422		422
Berkshire Hathaway [Member] | Common Class B [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment | shares		482,945		482,945		482,945
N2K Networks [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		50.40%		50.40%		50.40%
Payments for Advance to Affiliate	$ 2,000,000
Loan Receivable Fixed Interest Rate	12%
Impairment on equity method investment		$ 14,400,000
Realm [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		41.40%		41.40%		41.40%
Intersection Holdings [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		18%		18%		18%
Payments for Advance to Affiliate				$ 30,000,000
Loan Receivable, Payment Terms				5 years
Loan Receivable Fixed Interest Rate				9%
Advances to Affiliate		$ 26,700,000		$ 26,700,000
Residential Home Health Illinois [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%		40%		40%
Residential Hospice Illinois [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%		40%		40%
Mary Free Bed at Home [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%		40%		40%
Allegheny Health Network (AHN) Healthcare at Home [Member] | Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%		40%		40%
York Joint Venture [Member] | KIHL [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		45%		45%		45%
Loan Receivable, Payment Terms				25 years
Loan Receivable Fixed Interest Rate				7%
Advances to Affiliate | £						£ 19.3
Cumulative payments for advance to affiliate | £						£ 22

Investments (Investments in Mar

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments [Abstract]
Total Cost	$ 227,153	$ 225,971
Gross unrealized gains	600,322	464,182
Gross unrealized losses	(2,059)	0
Total Fair Value	$ 825,416	$ 690,153

Investments (Gain (Loss) on Mar

Investments (Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments [Abstract]
Gain on marketable equity securities, net	$ 30,496	$ 16,759	$ 154,276	$ 113,429
Less: Net gains in earnings from marketable equity securities sold and donated	(5,908)	0	(6,010)	(5,475)
Net unrealized gains in earnings from marketable equity securities still held at the end of the period	$ 24,588	$ 16,759	$ 148,266	$ 107,954

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Credit loss expense	$ 1.1	$ 2.4	$ 2.7	$ 4.3
Cash overdrafts	$ 2.9		$ 2.9		$ 0.5
Weighted average interest rate	6.30%	6.20%	6.40%	6%
Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Floor plan assistance	$ 2.3	$ 1.6	$ 6.9	$ 4.5
Automotive [Member] | Vehicle Floor Plan Facility - New Vehicles [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Obligations outstanding related to floor plan facilities associated with new vehicles	$ 141.1		$ 141.1		$ 128.9
Vehicle Floor Plan Facility [Member] | Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Weighted average interest rate	6.80%	6.60%	6.80%	6%

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Receivable) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivable from contracts with customers, less estimated credit losses	$ 486,514	$ 496,172
Other receivables	31,737	28,915
Accounts receivable, net	518,251	525,087
Estimated credit losses	$ 24,233	$ 24,667

Accounts Receivable, Accounts_5

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details 2) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 161,658	$ 154,484
Vehicle floor plan payable	156,743	148,300
Accrued compensation and related benefits	171,570	154,580
Other accrued liabilities	264,066	237,157
Total Accounts payable and Accrued liabilities	$ 754,037	$ 694,521

Inventories and Contracts in _3

Inventories and Contracts in Progress (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 49,400	$ 63,884
Work-in-process	13,370	15,387
Finished goods	239,973	215,283
Contracts in progress	3,758	2,657
Inventories and contracts in progress	$ 306,501	$ 297,211

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Goodwill [Line Items]
Number of reportable segments | segment				7
Impairment of goodwill				$ 7,502
Impairment of goodwill and other long-lived assets	$ 0		$ 98,321	26,287	$ 99,066
Manufacturing [Member]
Goodwill [Line Items]
Impairment of goodwill				0
Education [Member]
Goodwill [Line Items]
Impairment of goodwill				0
Other Businesses [Member]
Goodwill [Line Items]
Impairment of goodwill				7,502
Automotive [Member]
Goodwill [Line Items]
Impairment of goodwill				$ 0
Dekko [Member] | Manufacturing [Member]
Goodwill [Line Items]
Impairment of goodwill			47,800
World of Good Brands [Member] | Other Businesses [Member]
Goodwill [Line Items]
Impairment of goodwill			$ 50,200
Impairment of goodwill and other intangible assets		$ 26,300

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortized Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 0	$ 98,321	$ 26,287	$ 99,066
Amortization of Intangible Assets
Amortization of intangible assets	8,385	$ 11,759	29,194	$ 39,007
Estimated amortization of intangible assets, remainder of 2024	8,000		8,000
Estimated amortization of intangible assets, 2025	28,000		28,000
Estimated amortization of intangible assets, 2026	20,000		20,000
Estimated amortization of intangible assets, 2027	5,000		5,000
Estimated amortization of intangible assets, 2028	2,000		2,000
Estimated amortization of intangible assets, after 2028	$ 2,000		$ 2,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,105,333
Accumulated impairment losses, beginning balance	(580,139)
Goodwill, net, beginning balance	1,525,194
Acquisitions	4,204
Impairment	(7,502)
Dispositions	(1,684)
Foreign currency exchange rate changes	14,296
Goodwill, ending balance	2,122,149
Accumulated impairment losses, ending balance	(587,641)
Goodwill, net, ending balance	1,534,508
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,163,991
Accumulated impairment losses, beginning balance	(331,151)
Goodwill, net, beginning balance	832,840
Acquisitions	4,204
Impairment	0
Dispositions	(1,684)
Foreign currency exchange rate changes	14,296
Goodwill, ending balance	1,180,807
Accumulated impairment losses, ending balance	(331,151)
Goodwill, net, ending balance	849,656
Education [Member] | Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	598,000
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	598,000
Acquisitions	4,204
Dispositions	(1,684)
Foreign currency exchange rate changes	14,337
Goodwill, ending balance	614,857
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	614,857
Education [Member] | Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	174,564
Accumulated impairment losses, beginning balance	(111,324)
Goodwill, net, beginning balance	63,240
Acquisitions	0
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	174,564
Accumulated impairment losses, ending balance	(111,324)
Goodwill, net, ending balance	63,240
Education [Member] | Supplemental Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	391,427
Accumulated impairment losses, beginning balance	(219,827)
Goodwill, net, beginning balance	171,600
Acquisitions	0
Dispositions	0
Foreign currency exchange rate changes	(41)
Goodwill, ending balance	391,386
Accumulated impairment losses, ending balance	(219,827)
Goodwill, net, ending balance	171,559
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	190,815
Acquisitions	0
Impairment	0
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	190,815
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	190,815
Manufacturing [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	234,993
Accumulated impairment losses, beginning balance	(82,062)
Goodwill, net, beginning balance	152,931
Acquisitions	0
Impairment	0
Dispositions
Foreign currency exchange rate changes	0
Goodwill, ending balance	234,993
Accumulated impairment losses, ending balance	(82,062)
Goodwill, net, ending balance	152,931
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	135,038
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	135,038
Acquisitions	0
Impairment	0
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	135,038
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	135,038
Automotive [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	129,280
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	129,280
Acquisitions	0
Impairment	0
Dispositions
Foreign currency exchange rate changes	0
Goodwill, ending balance	129,280
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	129,280
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	251,216
Accumulated impairment losses, beginning balance	(166,926)
Goodwill, net, beginning balance	84,290
Acquisitions	0
Impairment	(7,502)
Dispositions	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	251,216
Accumulated impairment losses, ending balance	(174,428)
Goodwill, net, ending balance	$ 76,788

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	Sep. 30, 2024		Dec. 31, 2023
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 491,312		$ 521,752
Accumulated Amortization	426,572		409,558
Net Carrying Amount	64,740		112,194
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	190,020		187,862
Franchise Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	92,158		92,158
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	86,691		84,533
FCC licenses [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	11,000		11,000
Other [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	171		171
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	282,192		283,098
Accumulated Amortization	250,370		236,776
Net Carrying Amount	$ 31,822		$ 46,322
Student and Customer Relationships [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years		2 years
Student and Customer Relationships [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years		10 years
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 116,670		$ 143,389
Accumulated Amortization	92,027		90,558
Net Carrying Amount	$ 24,643		$ 52,831
Trade Names and Trademarks [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years		2 years
Trade Names and Trademarks [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	[1]	15 years
Network Affiliation Agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years		10 years
Gross Carrying Amount	$ 17,400		$ 17,400
Accumulated Amortization	13,412		13,348
Net Carrying Amount	3,988		4,052
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	33,536		36,538
Accumulated Amortization	33,498		35,712
Net Carrying Amount	$ 38		$ 826
Databases and Technology [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	3 years		3 years
Databases and Technology [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	6 years		6 years
Other [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 41,514		$ 41,327
Accumulated Amortization	37,265		33,164
Net Carrying Amount	$ 4,249		$ 8,163
Other [Member] | Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	1 year		1 year
Other [Member] | Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	8 years		8 years
[1]As of December 31, 2023, the trade names and trademarks’ maximum useful life was 15 years.

Debt (Narrative) (Details)

Debt (Narrative) (Details)		3 Months Ended		9 Months Ended
		Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Average borrowings outstanding		$ 813,500,000	$ 737,700,000	$ 819,600,000	$ 737,100,000
Weighted average interest rate		6.30%	6.20%	6.40%	6%
Interest Expense, Net		$ (23,619,000)	$ (9,824,000)	$ (130,041,000)	$ (33,140,000)
Interest expense		25,896,000	11,810,000	136,607,000	37,878,000
5.75% Unsecured Notes maturing in 2026 [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 1,200,000		$ 1,200,000			$ 1,700,000
Interest rate		5.75%		5.75%		5.75%	5.75%
Fair value of debt instrument		$ 399,900,000		$ 399,900,000			$ 400,400,000
Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity		300,000,000		300,000,000
Line of credit facility outstanding		66,873,000		66,873,000			97,879,000
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		600,000			600,000
Loans Payable to Bank	[1]	141,919,000		141,919,000			147,476,000
Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		100,000		100,000			100,000
Loans Payable to Bank	[2]	71,731,000		71,731,000			74,541,000
Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		700,000		700,000			800,000
Loans Payable to Bank	[3]	58,352,000		$ 58,352,000			$ 63,097,000
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] | Interest Rate Swaps maturing in 2031 and 2032 [Member]
Debt Instrument [Line Items]
Realized gain from termination of interest rate swap			4,600,000
Securities Subject to Mandatory Redemption [Member] | Graham Healthcare Group [Member]
Debt Instrument [Line Items]
Interest expense		$ 9,700,000	$ 1,100,000	$ 85,100,000	$ 1,400,000
[1]The carrying value is net of $0.6 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. $0.1 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. $0.7 million and $0.8 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively.

Debt (Details 1)

Debt (Details 1) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Other indebtedness		$ 27,512	$ 30,574
Total Debt		765,191	811,833
Less: current portion		(34,137)	(66,751)
Total Long-Term Debt		731,054	745,082
5.75% Unsecured Notes maturing in 2026 [Member]
Debt Instrument [Line Items]
Unsecured notes	[1]	398,804	398,266
Unamortized debt issuance costs		$ 1,200	$ 1,700
Stated interest rate		5.75%	5.75%
Effective interest rate		5.75%
Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Credit facility		$ 66,873	$ 97,879
Effective interest rate		6.73%
Term Loan maturing in 2027 - $150 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank	[2]	$ 141,919	147,476
Unamortized debt issuance costs		$ 600	600
Effective interest rate		7.29%
Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank	[3]	$ 71,731	74,541
Unamortized debt issuance costs		$ 100	100
Effective interest rate		7.17%
Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank	[4]	$ 58,352	63,097
Unamortized debt issuance costs		$ 700	$ 800
Effective interest rate		7.67%
Minimum [Member] | Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Stated interest rate		6.33%
Minimum [Member] | Term Loan maturing in 2027 - $150 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.70%
Minimum [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.95%
Minimum [Member] | Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.20%
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		7.21%
Maximum [Member] | Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.10%
Maximum [Member] | Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.35%
Maximum [Member] | Other Indebtedness [Member]
Debt Instrument [Line Items]
Stated interest rate		8%
[1] The carrying value is net of $1.2 million and $1.7 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively . $0.6 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. $0.1 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023. $0.7 million and $0.8 million of unamortized debt issuance costs as of September 30, 2024 and December 31, 2023, respectively.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of goodwill and other long-lived assets	$ 0	$ 98,321	$ 26,287	$ 99,066
Impairment of cost method investments	0	0	744	0
Gain on cost method investments	191	$ 0	191	$ 3,104
Impairment on investments in affiliates	$ 14,400		$ 14,400
Graham Holdings Company [Member] | GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guaranteed Return			8%
Percentage of Distributions Available to Common Unit Holders			80%
Group of Senior Managers of GHG [Member] | GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Distributions Available to Common Unit Holders			20%
Group of Senior Managers of GHG [Member] | GHC One and GHC Two [Member] | GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5%		5%
Graham Holdings Company [Member] | GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Contributed Capital			95%
Group of Senior Managers of GHG [Member] | GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Contributed Capital			5%

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets
Money Market Investments		$ 95,500	$ 5,600
Marketable equity securities		825,416	690,153
Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	95,478	5,577
Marketable equity securities	[2]	825,416	690,153
Other current investments	[3]	6,344	6,875
Total Financial Assets		927,238	702,605
Liabilities
Contingent consideration liabilities	[4]	1,435	788
Interest rate swaps	[5]	3,290	2,761
Foreign exchange swap	[6]		86
Mandatorily redeemable noncontrolling interest	[7]	125,476	40,764
Total Financial Liabilities		130,201	44,399
Level 1 | Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	825,416	690,153
Other current investments	[3]	6,344	6,875
Total Financial Assets		831,760	697,028
Liabilities
Contingent consideration liabilities	[4]	0	0
Interest rate swaps	[5]	0	0
Foreign exchange swap	[6]		0
Mandatorily redeemable noncontrolling interest	[7]	0	0
Total Financial Liabilities		0	0
Level 2 | Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	95,478	5,577
Marketable equity securities	[2]	0	0
Other current investments	[3]	0	0
Total Financial Assets		95,478	5,577
Liabilities
Contingent consideration liabilities	[4]	0	0
Interest rate swaps	[5]	3,290	2,761
Foreign exchange swap	[6]		86
Mandatorily redeemable noncontrolling interest	[7]	0	0
Total Financial Liabilities		3,290	2,847
Level 3 | Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	0	0
Other current investments	[3]	0	0
Total Financial Assets		0	0
Liabilities
Contingent consideration liabilities	[4]	1,435	788
Interest rate swaps	[5]	0	0
Foreign exchange swap	[6]		0
Mandatorily redeemable noncontrolling interest	[7]	125,476	40,764
Total Financial Liabilities		$ 126,911	$ 41,552
[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. stock 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 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 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 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 - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
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		$ 788	$ 8,423
Acquisition of business		1,293	220
Changes in fair value	[1]	(75)	(5,157)
Capital contributions		0	0
Accretion of value included in net income	[1]	106	856
Settlements or distributions		(719)	(1,262)
Foreign currency exchange rate changes		42
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance		1,435	3,080
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		40,764	30,845
Acquisition of business		0	0
Changes in fair value	[1]	85,145	1,421
Capital contributions		128	84
Accretion of value included in net income	[1]	0	0
Settlements or distributions		(561)	(307)
Foreign currency exchange rate changes		0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance		$ 125,476	$ 32,043
[1] Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period related to beginning balance			$ 341,700
Deferred Revenue	$ 443,335		$ 443,335		$ 400,347
Percentage of Refundable Amounts Included Within Contract Liabilities	16%		16%		20%
Deferred Revenue Recognized of Refundable Prepaid Amounts			$ 61,700
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	54%	53%	54%	55%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	46%	47%	46%	45%
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	80%	81%	78%	80%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	20%	19%	22%	20%
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, Net, Noncurrent	$ 52,800		$ 52,800		$ 39,800
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$ 3,200		$ 3,200
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	61%		61%

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Narrative 2) (Details) - Long-term Contract with Customer [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 $ in Millions	Sep. 30, 2024 USD ($)
Kaplan International [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 292.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	5 years
Supplemental Education [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 443,335	$ 400,347
Deferred Revenue, Period Increase Percentage	11%

Revenue from Contracts with C_6

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period	$ 65,968
Costs amortized during the period	(66,395)
Change in capitalized contract cost, other	651
Balance of costs to obtain a contract	$ 41,858	$ 41,634

Earnings (Loss) Per Share (Narr

Earnings (Loss) Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 1.72	$ 1.65	$ 6.88	$ 6.60
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	27,742	105,000	27,742	105,000

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Net income (loss) attributable to Graham Holdings Company common stockholders	$ 72,503	$ (23,031)	$ 175,843	$ 152,029
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,444)	(7,458)	(30,370)	(30,992)
Undistributed earnings (loss)	$ 65,059	$ (30,489)	$ 145,473	$ 121,037
Percent allocated to common stockholders (1)	99.31%	100%	99.31%	99.35%
Undistributed Earnings (Loss) Allocated To Common Stockholders	$ 64,612	$ (30,489)	$ 144,473	$ 120,253
Add: Dividends paid-common stock outstanding	7,392	7,409	30,164	30,797
Numerator for basic earnings (loss) per share	72,004	(23,080)	174,637	151,050
Add: Additional undistributed earnings due to dilutive stock options	3	0	6	2
Numerator for diluted earnings (loss) per share	$ 72,007	$ (23,080)	$ 174,643	$ 151,052
Weighted average shares outstanding (shares)	4,352	4,602	4,395	4,686
Denominator for diluted earnings (loss) per share (shares)	4,384	4,602	4,423	4,700
Graham Holdings Company Common Stockholders:
Basic income (loss) per common share (in USD per share)	$ 16.54	$ (5.02)	$ 39.74	$ 32.23
Diluted income (loss) per common share (in USD per share)	$ 16.42	$ (5.02)	$ 39.49	$ 32.14
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)	32	0	28	14

Earnings (Loss) Per Share (De_2

Earnings (Loss) Per Share (Details 2) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	21	12	20	10
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	0	13	0	0

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands	1 Months Ended	3 Months Ended							9 Months Ended
	Oct. 31, 2024 USD ($) retirees_beneficiaries	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) investment company	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) investment company	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) investment
Defined Benefit Plan Disclosure [Line Items]
Early retirement programs and special separation benefit expense			$ 3,665			$ 0			$ 20,493	$ 9,646
Percent of plan assets managed internally by the company									48%
Percent of plan assets managed by investment companies									52%
Number of investment companies actively managing plan assets | company			2						2
Percentage of total plan assets			100%						100%		100%
Markel Corporation [Member]
Defined Benefit Plan Disclosure [Line Items]
Value of investments			$ 91,000						$ 91,000		$ 82,400
Berkshire Hathaway Common Stock [Member] | Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator									20%
Alphabet and Berkshire Hathaway Common Stock [Member] | Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator									15%
Foreign Investments [Member] | Maximum [Member] | Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets			35%						35%
Foreign Investments [Member] | Maximum [Member] | Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets			15%						15%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of total plan assets			16%						16%		17%
Single Equity Concentration [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator									10%
Value of investments			$ 1,736,100						$ 1,736,100		$ 1,011,100
Percentage of total plan assets			51%						51%		34%
Single Equity Concentration [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | investment			1						1		1
Single Equity Concentration [Member] | Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | investment			1						1		1
Single Equity Concentration [Member] | US Treasury Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets | investment			1						1
Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] | Defined Benefit Plan Assets Total [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans									10%
Leaf Group and Code3 [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Early retirement programs and special separation benefit expense								$ 4,100
Kaplan, Graham Media Group, Leaf Group, Code3 and Pinna [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Early retirement programs and special separation benefit expense							$ 5,500
Framebridge [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Early retirement programs and special separation benefit expense					$ 400
Graham Media Group and Corporate [Member] | VoluntaryRetirementIncentiveProgram [Member]
Defined Benefit Plan Disclosure [Line Items]
Early retirement programs and special separation benefit expense				$ 14,800
Framebridge and Code3 [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Early retirement programs and special separation benefit expense				$ 1,600
Kaplan, Dekko, WGB, Saatchi Art, Society6, Slate and Decile [Member] | Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Early retirement programs and special separation benefit expense			$ 3,700
Subsequent Event [Member] | Irrevocable Group Annuity Contract Purchase [Member]
Defined Benefit Plan Disclosure [Line Items]
Payment for settlement	$ 461,300
Settlement of obligation	$ 457,900
Number of retirees and beneficiaries | retirees_beneficiaries	1,850
Subsequent Event [Member] | Forecast [Member] | Irrevocable Group Annuity Contract Purchase [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement gain		$ 700,000

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 14,761	$ 8,490	$ 42,866	$ 25,306
Net Periodic Cost (Benefit)			(64,532)	(73,852)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	14,761	8,490	42,866	25,306
Interest cost	11,220	11,559	33,660	34,652
Expected return on assets	(41,487)	(38,351)	(124,416)	(114,774)
Amortization of prior service cost (credit)	(487)	412	(1,463)	1,234
Recognized actuarial loss (gain)	(11,891)	(9,888)	(35,672)	(29,916)
Net Periodic Cost (Benefit)	(27,884)	(27,778)	(85,025)	(83,498)
Early retirement programs and special separation benefit expense	3,665	0	20,493	9,646
Net Periodic Cost (Benefit)	(24,219)	(27,778)	(64,532)	(73,852)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	287	148	862	444
Interest cost	1,128	1,164	3,385	3,494
Net Periodic Cost (Benefit)	1,415	1,312	4,247	3,938
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	14	38	42	112
Amortization of prior service cost (credit)	0	(2)	0	(4)
Recognized actuarial loss (gain)	(469)	(585)	(1,408)	(1,757)
Net Periodic Cost (Benefit)	$ (455)	$ (549)	$ (1,366)	$ (1,649)

Pension and Postretirement Pl_5

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Sep. 30, 2024	Dec. 31, 2023
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)	56%	59%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	17%	7%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	16%	17%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	11%	14%
U.S. stock index fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	0%	3%

Other Non-Operating Income (Nar

Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses	$ 3,763		$ 1,136		$ 8,121	$ 14,368
World of Good Brands [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses		$ 3,500
Pinna [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses				$ 10,000
Education [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses	$ 3,700
Education [Member] | Higher Education [Member] | Kaplan University Transaction [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain related to contingent consideration			$ 1,100		$ 900	$ 4,300

Other Non-Operating Income (Det

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Nonoperating Income (Expense) [Abstract]
Gain on sale of businesses	$ 3,763	$ 1,136	$ 8,121	$ 14,368
Foreign currency (loss) gain, net	(4,559)	1,720	(5,642)	1,820
Impairment of cost method investments	0	0	(744)	0
Gain on sale of investment in affiliate	0	0	15	15
Gain on sale of cost method investments	1	127	7	958
Gain on cost method investments	191	0	191	3,104
Other gain, net	139	598	1,025	2,193
Total Other Non-Operating (Expense) Income	(465)	3,581	2,973	22,458
Equity Securities, FV-NI, Realized Gain (Loss)	$ 5,908	$ 0	$ 6,010	$ 5,475

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before tax		$ 15,882			$ (33,361)			$ (18,124)	$ (42,105)
Other Comprehensive Income (Loss), income tax		3,803			3,468			10,002	8,651
Other Comprehensive Income (Loss), Net of Tax		19,685	$ (5,315)	$ (22,492)	(29,893)	$ (4,146)	$ 585	(8,122)	(33,454)
Foreign Currency Translation Adjustment [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax		31,469			(19,474)			21,702	(8,096)
Other Comprehensive Income (Loss) before Reclassifications, Tax		0			0			0	0
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		31,469			(19,474)			21,702	(8,096)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		(765)			0			(765)	0
Reclassification from AOCI, Current Period, Tax		0			0			0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(765)			0			(765)	0
Other Comprehensive Income (Loss), before tax		30,704			(19,474)			20,937	(8,096)
Other Comprehensive Income (Loss), income tax		0			0			0	0
Other Comprehensive Income (Loss), Net of Tax		30,704			(19,474)			20,937	(8,096)
Pension and Other Postretirement Plans [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax								0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		(12,847)			(10,063)			(38,543)	(30,443)
Reclassification from AOCI, Current Period, Tax		3,288			2,589			9,867	7,831
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(9,559)			(7,474)			(28,676)	(22,612)
Other Comprehensive Income (Loss), before tax		(12,847)			(10,063)			(38,543)	(30,443)
Other Comprehensive Income (Loss), income tax		3,288			2,589			9,867	7,831
Other Comprehensive Income (Loss), Net of Tax		(9,559)			(7,474)			(28,676)	(22,612)
Net Prior Service (Credit) Cost [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(487)			410			(1,463)	1,230
Reclassification from AOCI, Current Period, Tax		124			(105)			374	(316)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(363)			305			(1,089)	914
Net Actuarial Gain [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(12,360)			(10,473)			(37,080)	(31,673)
Reclassification from AOCI, Current Period, Tax		3,164			2,694			9,493	8,147
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(9,196)			(7,779)			(27,587)	(23,526)
Cash Flow Hedges [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax								(22)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax								(361)
Other Comprehensive Income (Loss), before tax		(1,975)			(3,824)			(518)	(3,566)
Other Comprehensive Income (Loss), income tax		515			879			135	820
Other Comprehensive Income (Loss), Net of Tax		$ (1,460)			$ (2,945)			$ (383)	$ (2,746)
[1]These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 3,995,520	$ 4,070,482	$ 4,001,868	$ 3,832,525	$ 3,769,730	$ 3,752,661	$ 4,001,868	$ 3,752,661
Other Comprehensive Income (Loss), Net of Tax	19,685	(5,315)	(22,492)	(29,893)	(4,146)	585	(8,122)	(33,454)
As of	4,032,430	$ 3,995,520	4,070,482	3,714,141	$ 3,832,525	$ 3,769,730	4,032,430	3,714,141
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			614,337				614,337
Other comprehensive income (loss) before reclassifications							21,680
Net amount reclassified from accumulated other comprehensive income (loss)							(29,802)
Other Comprehensive Income (Loss), Net of Tax							(8,122)
As of	606,215						606,215
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			(32,711)				(32,711)
Other comprehensive income (loss) before reclassifications	31,469			(19,474)			21,702	(8,096)
Net amount reclassified from accumulated other comprehensive income (loss)	(765)			0			(765)	0
Other Comprehensive Income (Loss), Net of Tax	30,704			(19,474)			20,937	(8,096)
As of	(11,774)						(11,774)
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			649,185				649,185
Other comprehensive income (loss) before reclassifications							0
Net amount reclassified from accumulated other comprehensive income (loss)	(9,559)			(7,474)			(28,676)	(22,612)
Other Comprehensive Income (Loss), Net of Tax	(9,559)			(7,474)			(28,676)	(22,612)
As of	620,509						620,509
Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			$ (2,137)				(2,137)
Other comprehensive income (loss) before reclassifications							(22)
Net amount reclassified from accumulated other comprehensive income (loss)							(361)
Other Comprehensive Income (Loss), Net of Tax	(1,460)			$ (2,945)			(383)	$ (2,746)
As of	$ (2,520)						$ (2,520)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other (expense) income, net		$ (465)			$ 3,581			$ 2,973	$ 22,458
Interest expense		25,896			11,810			136,607	37,878
Provision for Income Taxes		38,500			9,400			86,100	70,400
Net of Tax		(74,506)	$ 18,827	$ (125,339)	21,134	$ (124,171)	$ (52,977)	(181,018)	(156,014)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net of Tax		(10,440)			(12,302)			(29,802)	(27,849)
Foreign Currency Translation Adjustment [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax		(765)			0			(765)	0
Provision for Income Tax		0			0			0	0
Reclassifications, net of tax		(765)			0			(765)	0
Foreign Currency Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Other (expense) income, net		(765)			0			(765)	0
Pension and Other Postretirement Plans [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax		(12,847)			(10,063)			(38,543)	(30,443)
Provision for Income Tax		3,288			2,589			9,867	7,831
Reclassifications, net of tax		(9,559)			(7,474)			(28,676)	(22,612)
Net Prior Service (Credit) Cost [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	(487)			410			(1,463)	1,230
Provision for Income Tax		124			(105)			374	(316)
Reclassifications, net of tax		(363)			305			(1,089)	914
Net Actuarial Gain [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	(12,360)			(10,473)			(37,080)	(31,673)
Provision for Income Tax		3,164			2,694			9,493	8,147
Reclassifications, net of tax		(9,196)			(7,779)			(27,587)	(23,526)
Cash Flow Hedges [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax								(361)
Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		$ (116)			$ (4,828)			$ (361)	$ (5,237)
[1]These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies (Details)

Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($) claim
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business | claim	0
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss | $	$ 10

Business Segments (Narrative) (

Business Segments (Narrative) (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 22, 2018 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Business Segments [Line Items]
Number of reportable segments | segment				7
Operating and Management Services Expenses		$ 1,125,514	$ 1,168,631	$ 3,402,103	$ 3,219,465
Related Party [Member] | Automotive [Member]
Business Segments [Line Items]
Operating and Management Services Expenses		2,000	$ 1,800	6,000	$ 5,200
Kaplan University Transaction [Member] | Purdue University Global [Member] | Education [Member] | Higher Education [Member]
Business Segments [Line Items]
Accounts Receivable		113,800		113,800
Accounts Receivable, Noncurrent		$ 19,700		$ 19,700
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating Revenues	$ 1,207,162	$ 1,111,519	$ 3,545,104	$ 3,248,064
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	90,033	52,968	198,482	166,672
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	8,385	110,080	55,481	138,073
Income (Loss) from Operations	81,648	(57,112)	143,001	28,599
Equity in losses of affiliates, net	(13,361)	(791)	(8,470)	(2,245)
Interest Expense, Net	(23,619)	(9,824)	(130,041)	(33,140)
Non-operating pension and postretirement benefit income, net	38,307	35,653	105,379	97,313
Gain on marketable equity securities, net	30,496	16,759	154,276	113,429
Other (Expense) Income, Net	(465)	3,581	2,973	22,458
Income (Loss) Before Income Taxes	113,006	(11,734)	267,118	226,414
Depreciation of property, plant and equipment	21,332	22,207	66,032	63,335
Pension Service Cost	14,761	8,490	42,866	25,306
Capital Expenditures	23,771	26,742	66,008	71,581
Identifiable Assets	4,286,203		4,286,203		$ 4,197,459
Marketable equity securities	825,416		825,416		690,153
Investments in Affiliates	168,161		168,161		186,480
Prepaid Pension Cost	2,141,036		2,141,036		2,113,638
Total Assets	7,420,816		7,420,816		7,187,730
Amortization of Intangible Assets	8,385	11,759	29,194	39,007
Impairment of goodwill and other long-lived assets	0	98,321	26,287	99,066
Operating Segments [Member] | Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	438,090	411,837	1,283,587	1,192,105
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	37,311	33,069	109,021	94,625
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	2,421	3,210	8,267	11,610
Income (Loss) from Operations	34,890	29,859	100,754	83,015
Depreciation of property, plant and equipment	8,576	10,000	26,736	28,428
Pension Service Cost	4,445	2,226	13,267	6,680
Capital Expenditures	5,811	8,316	18,468	23,516
Identifiable Assets	2,037,877		2,037,877		2,021,471
Amortization of Intangible Assets	2,421	3,210	8,267	11,133
Impairment of goodwill and other long-lived assets	0	0	0	477
Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	158	3,101	5,739	8,360
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	(10,717)	(7,412)	(26,357)	(20,074)
Income (Loss) from Operations	(13,138)	(10,622)	(34,624)	(31,684)
Depreciation of property, plant and equipment	8	26	57	78
Pension Service Cost	382	122	1,137	523
Capital Expenditures	0	0	0	22
Identifiable Assets	47,829		47,829		45,991
Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(866)	(1,497)	(4,192)	(8,062)
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	(81)	67	8	92
Income (Loss) from Operations	(81)	67	8	92
Operating Segments [Member] | Education [Member] | Kaplan International [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Operating Revenues	277,009	249,976	813,833	714,715
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	25,538	22,220	82,674	64,272
Income (Loss) from Operations	25,538	22,220	82,674	64,272
Depreciation of property, plant and equipment	7,202	7,599	21,735	20,832
Pension Service Cost	198	83	527	244
Capital Expenditures	4,734	6,445	16,254	19,747
Identifiable Assets	1,553,897		1,553,897		1,537,989
Operating Segments [Member] | Education [Member] | Higher Education [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Operating Revenues	85,655	81,925	246,818	250,557
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	11,385	8,465	31,258	33,343
Income (Loss) from Operations	11,385	8,465	31,258	33,343
Depreciation of property, plant and equipment	589	1,258	2,291	3,431
Pension Service Cost	1,903	958	5,729	2,803
Capital Expenditures	535	999	768	1,637
Identifiable Assets	205,409		205,409		187,972
Operating Segments [Member] | Education [Member] | Supplemental Education [Member] | Reportable Subsegments [Member]
Segment Reporting Information [Line Items]
Operating Revenues	76,134	78,332	221,389	226,535
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	11,186	9,729	21,438	16,992
Income (Loss) from Operations	11,186	9,729	21,438	16,992
Depreciation of property, plant and equipment	777	1,117	2,653	4,087
Pension Service Cost	1,962	1,063	5,874	3,110
Capital Expenditures	542	872	1,446	2,110
Identifiable Assets	230,742		230,742		249,519
Operating Segments [Member] | Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	145,422	116,112	373,958	347,818
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	63,274	33,310	126,745	97,808
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	1,360	1,363	4,070	4,088
Income (Loss) from Operations	61,914	31,947	122,675	93,720
Depreciation of property, plant and equipment	2,756	3,120	8,494	9,243
Pension Service Cost	1,528	833	4,583	2,498
Capital Expenditures	982	1,841	4,319	5,018
Identifiable Assets	412,391		412,391		419,557
Operating Segments [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Operating Revenues	95,385	109,216	300,914	343,882
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	7,114	10,515	20,216	39,019
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	2,619	51,489	8,387	60,683
Income (Loss) from Operations	4,495	(40,974)	11,829	(21,664)
Depreciation of property, plant and equipment	2,818	2,388	8,227	6,957
Pension Service Cost	978	280	1,897	836
Capital Expenditures	3,817	4,380	12,085	14,971
Identifiable Assets	416,089		416,089		431,712
Operating Segments [Member] | Healthcare [Member]
Segment Reporting Information [Line Items]
Operating Revenues	155,413	116,164	431,142	331,505
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	14,419	6,837	34,481	19,986
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	159	866	1,393	2,702
Income (Loss) from Operations	14,260	5,971	33,088	17,284
Depreciation of property, plant and equipment	1,754	1,411	5,031	3,802
Pension Service Cost	4,804	3,521	14,413	10,563
Capital Expenditures	4,016	4,579	8,842	9,732
Identifiable Assets	306,049		306,049		265,150
Operating Segments [Member] | Automotive [Member]
Segment Reporting Information [Line Items]
Operating Revenues	289,392	272,018	902,046	765,251
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	9,069	8,240	28,929	28,543
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	5	3	10	3
Income (Loss) from Operations	9,064	8,237	28,919	28,540
Depreciation of property, plant and equipment	1,774	1,304	5,203	3,565
Pension Service Cost	29	16	86	26
Capital Expenditures	724	2,112	3,093	6,215
Identifiable Assets	592,274		592,274		597,267
Operating Segments [Member] | Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	83,464	86,653	253,753	269,110
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	(27,073)	(24,404)	(77,456)	(73,428)
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	1,821	53,149	33,354	58,987
Income (Loss) from Operations	(28,894)	(77,553)	(110,810)	(132,415)
Depreciation of property, plant and equipment	3,522	3,832	11,909	10,882
Pension Service Cost	1,963	662	5,577	1,847
Capital Expenditures	6,401	5,508	16,776	12,120
Identifiable Assets	333,937		333,937		368,542
Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	576	365	1,727	1,215
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	(14,081)	(14,599)	(43,454)	(39,881)
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	0	0	0	0
Income (Loss) from Operations	(14,081)	(14,599)	(43,454)	(39,881)
Depreciation of property, plant and equipment	132	152	432	458
Pension Service Cost	1,014	952	3,043	2,856
Capital Expenditures	2,020	6	2,425	9
Identifiable Assets	187,586		187,586		$ 93,760
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (580)	$ (846)	$ (2,023)	$ (2,822)