Graham (GHC) 10-Q1 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-06714
Entity Registrant Name	GRAHAM HOLDINGS CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0182885
Entity Address, Address Line One	1300 North 17th Street
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	703
Local Phone Number	345-6300
Title of 12(b) Security	Class B Common Stock, par value $1.00 per share
Trading Symbol	GHC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000104889
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	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		3,580,335

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Revenues
Operating Revenues	$ 1,111,519	$ 1,012,438	$ 3,248,064	$ 2,860,461
Operating Costs and Expenses
Selling, general and administrative	254,757	223,857	741,402	676,563
Depreciation of property, plant and equipment	22,207	19,657	63,335	58,545
Amortization of intangible assets	11,759	14,635	39,007	44,436
Impairment of goodwill and other long-lived assets	98,321	0	99,066	0
Total Operating Costs and Expenses	1,168,631	952,906	3,219,465	2,721,630
(Loss) Income from Operations	(57,112)	59,532	28,599	138,831
Equity in (losses) earnings of affiliates, net	(791)	(1,111)	(2,245)	2,920
Interest income	1,986	803	4,738	2,214
Interest expense	(11,810)	(11,579)	(37,878)	(38,969)
Non-operating pension and postretirement benefit income, net	35,653	50,687	97,313	152,063
Gain (loss) on marketable equity securities, net	16,759	(54,250)	113,429	(172,878)
Other income, net	3,581	2,358	22,458	6,410
(Loss) Income Before Income Taxes	(11,734)	46,440	226,414	90,591
Provision for Income Taxes	9,400	12,600	70,400	26,800
Net (Loss) Income	(21,134)	33,840	156,014	63,791
Net Income Attributable to Noncontrolling Interests	(1,897)	(1,060)	(3,985)	(2,872)
Net (Loss) Income Attributable to Graham Holdings Company Common Stockholders	$ (23,031)	$ 32,780	$ 152,029	$ 60,919
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net (loss) income per common share (in USD per share)	$ (5.02)	$ 6.78	$ 32.23	$ 12.51
Basic average number of common shares outstanding (in shares)	4,602	4,808	4,686	4,841
Diluted net (loss) income per common share (in USD per share)	$ (5.02)	$ 6.76	$ 32.14	$ 12.48
Diluted average number of common shares outstanding (in shares)	4,602	4,820	4,700	4,853
Services [Member]
Operating Revenues
Operating Revenues	$ 633,535	$ 588,166	$ 1,845,617	$ 1,708,848
Operating Costs and Expenses
Cost of services and goods	373,784	342,138	1,093,756	996,821
Goods [Member]
Operating Revenues
Operating Revenues	477,984	424,272	1,402,447	1,151,613
Operating Costs and Expenses
Cost of services and goods	$ 407,803	$ 352,619	$ 1,182,899	$ 945,265

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (21,134)	$ 33,840	$ 156,014	$ 63,791
Foreign currency translation adjustments:
Translation adjustments arising during the period	(19,474)	(44,260)	(8,096)	(86,926)
Pension and other postretirement plans:
Amortization of net prior service cost included in net income	410	716	1,230	2,148
Amortization of net actuarial gain included in net income	(10,473)	(18,083)	(31,673)	(53,939)
Total pension and other postretirement plans, before tax	(10,063)	(17,367)	(30,443)	(51,791)
Cash flow hedges (losses) gains	(3,824)	2,202	(3,566)	4,935
Other Comprehensive Loss, Before Tax	(33,361)	(59,425)	(42,105)	(133,782)
Income tax benefit related to items of other comprehensive loss	3,468	3,970	8,651	12,213
Other Comprehensive Loss, Net of Tax	(29,893)	(55,455)	(33,454)	(121,569)
Comprehensive (Loss) Income	(51,027)	(21,615)	122,560	(57,778)
Comprehensive income attributable to noncontrolling interests	(1,897)	(1,060)	(3,985)	(2,872)
Total Comprehensive (Loss) Income Attributable to Graham Holdings Company	$ (52,924)	$ (22,675)	$ 118,575	$ (60,650)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 159,981	$ 169,319
Restricted cash	40,657	20,467
Investments in marketable equity securities and other investments	672,346	622,408
Accounts receivable, net	541,670	560,779
Inventories and contracts in progress	279,211	226,811
Prepaid expenses	100,746	97,450
Income taxes receivable	1,592	9,313
Other current assets	1,893	1,547
Total Current Assets	1,798,096	1,708,094
Property, Plant and Equipment, Net	539,924	503,000
Lease Right-of-Use Assets	406,527	429,403
Investments in Affiliates	191,408	186,419
Goodwill, Net	1,499,707	1,560,953
Indefinite-Lived Intangible Assets	185,711	178,934
Amortized Intangible Assets, Net	122,847	161,422
Prepaid Pension Cost	1,703,216	1,658,046
Deferred Income Taxes	6,810	6,812
Deferred Charges and Other Assets (includes $0 and $646 of restricted cash)	234,943	189,132
Total Assets	6,689,189	6,582,215
Current Liabilities
Accounts payable, vehicle floor plan payable and accrued liabilities	629,725	563,005
Deferred revenue	414,525	381,416
Income taxes payable	12,572	3,766
Current portion of lease liabilities	65,591	70,007
Current portion of long-term debt	21,880	155,813
Dividends declared	7,555	0
Total Current Liabilities	1,151,848	1,174,007
Accrued Compensation and Related Benefits	133,057	134,921
Other Liabilities	35,971	37,506
Deferred Income Taxes	482,420	466,275
Mandatorily Redeemable Noncontrolling Interest	32,043	30,845
Lease Liabilities	372,021	393,626
Long-Term Debt	739,806	570,547
Total Liabilities	2,947,166	2,807,727
Commitments and Contingencies (Note 14)
Redeemable Noncontrolling Interests	27,882	21,827
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	387,039	390,438
Retained earnings	7,284,165	7,163,128
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(62,734)	(54,638)
Unrealized gain on pensions and other postretirement plans	365,979	388,591
Cash flow hedges	(548)	2,198
Cost of Class B common stock held in treasury	(4,305,400)	(4,178,334)
Total Common Stockholders’ Equity	3,688,501	3,731,383
Noncontrolling Interests	25,640	21,278
Total Equity	3,714,141	3,752,661
Total Liabilities and Equity	$ 6,689,189	$ 6,582,215

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Restricted Cash, Noncurrent	$ 0	$ 646

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net Income	$ 156,014	$ 63,791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and long-lived asset impairments	201,408	102,981
Amortization of lease right-of-use asset	50,181	51,344
Net pension benefit and special separation benefit expense	(73,852)	(136,411)
(Gain) loss on marketable equity securities and cost method investments, net	(116,533)	172,318
Gain on disposition of business, property, plant and equipment and investments, net	(11,785)	(2,177)
Credit loss expense	4,312	2,831
Stock-based compensation expense, net of forfeitures	5,026	4,552
Foreign exchange (gain) loss	(1,820)	1,973
Equity in losses (earnings) of affiliates, net of distributions	15,516	5,167
Provision for deferred income taxes	25,696	9,189
Accretion expense and change in fair value of contingent consideration liabilities	(4,301)	(3,898)
Change in operating assets and liabilities:
Accounts receivable, net	15,629	58,940
Inventories	(47,164)	(47,486)
Accounts payable and accrued liabilities	(6,878)	(33,994)
Deferred revenue	44,822	36,676
Income taxes receivable/payable	16,367	(7,495)
Lease liabilities	(53,924)	(59,612)
Other assets and other liabilities, net	(13,638)	(19,698)
Other	(2,550)	4,674
Net Cash Provided by Operating Activities	202,526	203,665
Cash Flows from Investing Activities
Investments in certain businesses, net of cash acquired	(77,004)	(130,177)
Proceeds from sales of marketable equity securities	61,979	74,233
Purchases of property, plant and equipment	(61,156)	(57,097)
Loan to related party	(30,000)	0
Investments in equity affiliates, cost method and other investments	(12,839)	(30,075)
Purchases of marketable equity securities	(6,162)	(35,070)
Net proceeds from disposition of property, plant and equipment, and investments	3,712	5,580
Other	2,039	961
Net Cash Used in Investing Activities	(119,431)	(171,645)
Cash Flows from Financing Activities
Issuance of borrowings	293,387	77,299
Net payments under revolving credit facilities	(140,000)	(11,000)
Common shares repurchased	(132,248)	(54,581)
Repayments of borrowings	(117,792)	(10,564)
Net proceeds from vehicle floor plan payable	52,623	11,688
Dividends paid	(23,534)	(23,122)
Proceeds from bank overdrafts	3,824	4,391
Deferred payments of acquisition	(3,786)	(4,731)
Proceeds from exercise of stock options	1,306	1,531
Other	(3,485)	905
Net Cash Used in Financing Activities	(69,705)	(8,184)
Effect Of Currency Exchange Rate Change	(3,184)	(11,824)
Net Increase in Cash and Cash Equivalents and Restricted Cash	10,206	12,012
Beginning Cash and Cash Equivalents and Restricted Cash	190,432	158,843
Ending Cash and Cash Equivalents and Restricted Cash	$ 200,638	$ 170,855

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Common Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock	Noncontrolling Interest [Member]
As of at Dec. 31, 2021	$ 4,411,669	$ 20,000	$ 389,456	$ 7,126,761	$ 971,388	$ (4,108,022)	$ 12,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	96,566			96,566
Net income attributable to noncontrolling interest	0			(986)			986
Net (income) loss attributable to redeemable noncontrolling interests	44			44
Change in redemption value of redeemable noncontrolling interest	64						64
Distribution to noncontrolling interest	(357)						(357)
Dividends on common stock	(15,497)			(15,497)
Repurchase of Class B Common Stock	(9,527)					(9,527)
Issuance of Class B common stock, net of restricted stock award forfeitures	1,437					1,437
Amortization of unearned stock compensation and stock option expense	1,677		1,677
Other comprehensive income (loss), net of income taxes	(13,135)				(13,135)
As of at Mar. 31, 2022	4,472,941	20,000	391,133	7,206,888	958,253	(4,116,112)	12,779
As of at Dec. 31, 2021	14,311
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	(44)
Change in redemption value of redeemable noncontrolling interests	64
As of at Mar. 31, 2022	14,331
As of at Dec. 31, 2021	4,411,669	20,000	389,456	7,126,761	971,388	(4,108,022)	12,086
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	63,791
Other comprehensive income (loss), net of income taxes	(121,569)
As of at Sep. 30, 2022	4,276,961	20,000	394,609	7,156,952	849,819	(4,161,672)	17,253
As of at Dec. 31, 2021	14,311
As of at Sep. 30, 2022	17,625
As of at Mar. 31, 2022	4,472,941	20,000	391,133	7,206,888	958,253	(4,116,112)	12,779
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(66,615)			(66,615)
Noncontrolling interest capital contribution	140						140
Acquisition of noncontrolling interest	512						512
Net income attributable to noncontrolling interest	0			(929)			929
Acquisition of redeemable noncontrolling interest	0
Net (income) loss attributable to redeemable noncontrolling interests	59			59
Change in redemption value of redeemable noncontrolling interest	64						64
Distribution to noncontrolling interest	(872)						(872)
Dividends on common stock	(7,656)			(7,656)
Repurchase of Class B Common Stock	(24,776)					(24,776)
Issuance of Class B common stock, net of restricted stock award forfeitures	(877)		(462)			(415)
Amortization of unearned stock compensation and stock option expense	2,302		2,302
Other comprehensive income (loss), net of income taxes	(52,979)				(52,979)
As of at Jun. 30, 2022	4,322,243	20,000	392,973	7,131,747	905,274	(4,141,303)	13,552
As of at Mar. 31, 2022	14,331
Increase (Decrease) in Temporary Equity [Roll Forward]
Acquisition of redeemable noncontrolling interest	2,164
Net income (loss) attributable to redeemable noncontrolling interests	(59)
Change in redemption value of redeemable noncontrolling interests	64
As of at Jun. 30, 2022	16,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	33,840			33,840
Noncontrolling interest capital contribution	2,960						2,960
Net income attributable to noncontrolling interest	0			(1,049)			1,049
Net (income) loss attributable to redeemable noncontrolling interests	(11)			(11)
Change in redemption value of redeemable noncontrolling interest	61						61
Redeemable noncontrolling interest capital contribution	0
Distribution to noncontrolling interest	(369)						(369)
Dividends on common stock	(7,575)			(7,575)
Repurchase of Class B Common Stock	(20,278)					(20,278)
Issuance of Class B common stock, net of restricted stock award forfeitures	(203)		(112)			(91)
Amortization of unearned stock compensation and stock option expense	1,748		1,748
Other comprehensive income (loss), net of income taxes	(55,455)				(55,455)
As of at Sep. 30, 2022	4,276,961	20,000	394,609	7,156,952	849,819	(4,161,672)	17,253
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable noncontrolling interest capital contribution	1,050
Net income (loss) attributable to redeemable noncontrolling interests	11
Change in redemption value of redeemable noncontrolling interests	64
As of at Sep. 30, 2022	17,625
As of at Dec. 31, 2022	3,752,661	20,000	390,438	7,163,128	336,151	(4,178,334)	21,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	52,977			52,977
Noncontrolling interest capital contribution	520						520
Net income attributable to noncontrolling interest	0			(650)			650
Net (income) loss attributable to redeemable noncontrolling interests	(55)			(55)
Change in redemption value of redeemable noncontrolling interest	64						64
Distribution to redeemable noncontrolling interest	0
Dividends on common stock	(15,812)			(15,812)
Repurchase of Class B Common Stock	(23,439)					(23,439)
Issuance of Class B common stock, net of restricted stock award forfeitures	427		(4,067)			4,494
Amortization of unearned stock compensation and stock option expense	1,802		1,802
Other comprehensive income (loss), net of income taxes	585				585
As of at Mar. 31, 2023	3,769,730	20,000	388,173	7,199,588	336,736	(4,197,279)	22,512
As of at Dec. 31, 2022	21,827
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	55
Change in redemption value of redeemable noncontrolling interests	70
Distribution to redeemable noncontrolling interest	(70)
As of at Mar. 31, 2023	21,882
As of at Dec. 31, 2022	3,752,661	20,000	390,438	7,163,128	336,151	(4,178,334)	21,278
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	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 interest	0			(809)			809
Net (income) loss attributable to redeemable noncontrolling interests	(574)			(574)
Change in redemption value of redeemable noncontrolling interest	(4,499)		(4,550)				51
Distribution to noncontrolling interest	(324)						(324)
Dividends on common stock	(7,722)			(7,722)
Repurchase of Class B Common Stock	(45,643)					(45,643)
Issuance of Class B common stock, net of restricted stock award forfeitures	(183)		61			(244)
Amortization of unearned stock compensation and stock option expense	1,715		1,715
Other comprehensive income (loss), net of income taxes	(4,146)				(4,146)
As of at Jun. 30, 2023	3,832,525	20,000	385,399	7,314,654	332,590	(4,243,166)	23,048
As of at Mar. 31, 2023	21,882
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss) attributable to redeemable noncontrolling interests	574
Change in redemption value of redeemable noncontrolling interests	4,604
Distribution to redeemable noncontrolling interest	(61)
As of at Jun. 30, 2023	26,999
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(21,134)			(21,134)
Noncontrolling interest capital contribution	3,000
Net income attributable to noncontrolling interest	0			(1,034)			1,034
Net (income) loss attributable to redeemable noncontrolling interests	(863)			(863)
Change in redemption value of redeemable noncontrolling interest	44						44
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 (loss) 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

Organization, Basis of Presenta

Organization, Basis of Presentation and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Recent Accounting Pronouncements	ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS Graham Holdings Company (the Company) is a diversified holding company whose operations include: education; television broadcasting–online, podcast, print and local TV news; manufacturing; home health and hospice care; automotive dealerships; and other businesses . The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States (U.S.). The Company’s television broadcast segment owns and operates seven television broadcasting stations. The Company’s manufacturing companies comprise the ownership of a supplier of pressure treated wood, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and industrial systems. The Company’s healthcare segment provides home health, hospice and palliative services, in-home specialty pharmacy infusion therapies, applied behavior analysis (ABA) therapy, physician services for allergy, asthma and immunology patients, in-home aesthetics, and healthcare software-as-a-service technology. The Company’s automotive business comprises seven dealerships and valet repair services. The Company’s other businesses include a consumer internet company; restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; website and print magazines; and a daily local news podcast and newsletter company. Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and nine months ended September 30, 2023 and 2022 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain amounts in previously issued financial statements have been reclassified to conform to the current year presentation (see Note 15). Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. Recently Adopted and Issued Accounting Pronouncements – In September 2022, the Financial Accounting Standards Board issued new guidance that requires a buyer in a supplier finance program to disclose certain qualitative and quantitative information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The standard was adopted by the Company in the first quarter of 2023 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions o

Acquisitions and Dispositions of Businesses	9 Months Ended
Acquisitions and Dispositions of Businesses	Sep. 30, 2023
Acquisitions And Dispositions [Abstract]
Acquisitions and Dispositions of Businesses	ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions . During 2023, the Company acquired four businesses: two in healthcare, one in automotive, and one in other businesses for $82.3 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 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 July 2023, the Company acquired a small business which is included in other businesses. In January 2023, Graham Healthcare Group (GHG) acquired two small businesses which are included in healthcare. During 2022, the Company acquired seven businesses: five in healthcare and two in automotive, for $143.2 million in cash and contingent consideration and the assumption of floor plan payables. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition. In May 2022, GHG acquired two small businesses which are included in healthcare. On July 5, 2022, the Company’s automotive subsidiary acquired two automotive dealerships, including the real property for the dealership operations. In addition to a cash payment and the assumption of $10.9 million in floor plan payables, the automotive subsidiary borrowed $77.4 million to finance the acquisition. The dealerships are operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. These acquisitions expand the Company’s automotive business operations and are included in automotive. In July 2022, GHG acquired a 100% interest in a multi-state provider of ABA clinics. The acquisition is expected to expand the product offerings of the healthcare division and is included in healthcare. In August 2022, GHG acquired two small businesses which are included in healthcare. Acquisition-related costs for acquisitions that closed during the first nine months of 2023 and 2022 were $1.2 million and $1.6 million, respectively. The aggregate purchase price of the 2023 and 2022 acquisitions was allocated as follows (2023 on a preliminary basis), based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Nine Months Ended Year Ended (in thousands) September 30, 2023 December 31, 2022 Accounts receivable $ 68 $ 3,172 Inventory 5,224 21,278 Property, plant and equipment 29,859 36,255 Lease right-of-use assets — 4,773 Goodwill 44,968 53,946 Indefinite-lived intangible assets 6,300 41,800 Amortized intangible assets 235 1,200 Other assets 4 404 Deferred income taxes — 2,535 Floor plan payables (2,215) (10,908) Other liabilities (935) (3,798) Current and noncurrent lease liabilities (1,184) (5,865) Redeemable noncontrolling interest — (2,164) Noncontrolling interest — (512) Aggregate purchase price, net of cash acquired $ 82,324 $ 142,116 The 2023 fair values recorded were based upon preliminary valuations and the estimates and assumptions used in such valuations are subject to change within the measurement period (up to one year from the acquisition date). The recording of the amounts of residual goodwill and other intangibles are not yet finalized. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded due to these acquisitions is attributable to the assembled workforces of the acquired companies and expected synergies. The Company expects to deduct $44.0 million and $39.7 million of goodwill for income tax purposes for the acquisitions completed in 2023 and 2022, respectively. The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The Company’s Condensed Consolidated Statements of Operations for the third quarter of 2023 include aggregate revenues and operating losses for the companies acquired in 2023 of $2.4 million and $0.1 million, respectively. The Company’s Condensed Consolidated Statements of Operations include aggregate revenues and operating losses of $3.5 million and $0.1 million, respectively, for the nine months ended September 30, 2023. The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2022. The unaudited pro forma also includes the 2022 acquisitions as if they occurred at the beginning of 2021: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Operating revenues $ 1,150,953 $ 1,053,162 $ 3,363,004 $ 3,148,090 Net (loss) income (18,235) 36,255 162,653 78,704 These pro forma results were based on estimates and assumptions, which the Company believes are reasonable, and include the historical results of operations of the acquired companies and adjustments for depreciation and amortization of identified assets and the effect of pre-acquisition transaction related expenses incurred by the Company and the acquired entities. The pro forma information does not include efficiencies, cost reductions and synergies expected to result from the acquisitions. They are not the results that would have been realized had these entities been part of the Company during the periods presented and are not necessarily indicative of the Company’s consolidated results of operations in future periods. Disposition of Businesses. In June 2023, the Company entered into an agreement to merge the Pinna business with Realm of Possibility, Inc. (Realm) in return for an additional noncontrolling financial interest in Realm (the Pinna transaction). The Company deconsolidated the Pinna subsidiary, which was included in other businesses, and continues to account for its interest in Realm under the equity method of accounting (see Notes 3 and 12). In October 2022, the Company entered into an agreement to merge the CyberVista business with CyberWire, Inc. in return for a noncontrolling financial interest in the merged entity, N2K Networks, Inc. (the CyberVista transaction). The Company deconsolidated the CyberVista subsidiary, which was included in other businesses, and accounts for its continuing interest in N2K Networks under the equity method of accounting (see Note 3). Other Transactions. In November 2022, a CSI Pharmacy Holdings Company, LLC (CSI) minority shareholder put some shares to the Company, which had a redemption value of $1.2 million. Following the redemption, the Company owns 76.5% of CSI.

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2023
Investments [Abstract]
Investments	INVESTMENTS Money Market Investments. As of September 30, 2023 and December 31, 2022, the Company had money market investments of $39.7 million and $7.7 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets. Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following: As of September 30, December 31, (in thousands) Total cost $ 225,971 $ 270,764 Gross unrealized gains 447,394 363,147 Gross unrealized losses (7,851) (23,990) Total Fair Value $ 665,514 $ 609,921 At September 30, 2023 and December 31, 2022, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $81.6 million and $73.0 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Direct o rs. As of September 30, 2023, the Company owned 422 Class A and 482,945 Class B shares in Berkshire Hathaway valued at $393.5 million, which exceeded 5% of the Company’s total assets. The Company purchased $4.6 million of marketable equity securities during the first nine months of 2023. The Company purchased $35.1 million of marketable equity securities during the first nine months of 2022. 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. During the first nine months of 2022, the gross cumulative realized gains from the sales of marketable equity securities were $39.5 million. The total proceeds from such sales were $74.2 million. The net gain (loss) on marketable equity securities comprised the following: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Gain (loss) on marketable equity securities, net $ 16,759 $ (54,250) $ 113,429 $ (172,878) Less: Net losses (gains) in earnings from marketable equity securities sold and donated — 137 (5,475) 10,742 Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period $ 16,759 $ (54,113) $ 107,954 $ (162,136) Investments in Affiliates. In June 2023, the Company entered into an agreement to merge the Pinna business with Realm in return for an additional noncontrolling financial interest in Realm. The Company held an equity interest in Realm prior to the merger transaction, which was accounted for under the equity method. Following the merger transaction, the Company’s convertible note in Realm converted into equity and the Company also made an additional investment in Realm. As of September 30, 2023, the Company held a 42.3% interest in Realm on a fully diluted basis, and continues to account for its investment under the equity method. As of September 30, 2023, the Company held a 49.9% interest in N2K Networks on a fully diluted basis, and accounts for its investment under the equity method. The Company holds two of the five seats of N2K Networks’ governing board with the other shareholders retaining substantive participation rights to control the financial and operating decisions of N2K Networks through representation on the board. As of September 30, 2023, the Company held an approximate 18% interest in Intersection Holdings, LLC (Intersection), and accounts for its investment under the equity method. The Company holds two of the ten seats of Intersection’s governing board, which allows the Company to exercise significant influence over Intersection. In April 2023, the Company entered into a term note agreement to loan Intersection $30.0 million at an interest rate of 9% per annum. The principal and interest on the note are payable in monthly installments over 5 years with the final payment due by May 2028. The outstanding balance on this loan was $29.3 million as of September 30, 2023. As of September 30, 2023, the Company also held investments in several other affiliates; GHG held a 40% interest in Residential Home Health Illinois, a 40% interest in Residential Hospice Illinois, a 40% interest in the joint venture formed between GHG and a Michigan hospital, and a 40% interest in the joint venture formed between GHG and Allegheny Health Network (AHN). During the first quarter of 2022, GHG invested an additional $18.5 million in the Residential Home Health Illinois and Residential Hospice Illinois affiliates to fund their acquisition of certain home health and hospice assets of the NorthShore University HealthSystem. The transaction diluted GHG’s interest in Residential Hospice Illinois resulting in a $0.6 million gain on the sale of investment in affiliate (see Note 12). For the three and 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. For the three and nine months ended September 30, 2022, the Company recorded $3.5 million and $10.5 million, respectively, in revenue for services provided to the affiliates of GHG. The Company had $40.8 million and $49.1 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of September 30, 2023 and December 31, 2022, respectively. Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with University of York. KIHL loaned the joint venture £22 million, which loan is repayable over 25 years at an interest rate of 7% and guaranteed by the University of York. The outstanding balance on this loan was £19.9 million as of September 30, 2023. The loan is repayable by December 2041. Cost Method Investments. The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments, which are recorded at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer. The carrying value of these investments was $73.6 million and $66.7 million as of September 30, 2023 and December 31, 2022, respectively. During the first nine months ended September 30, 2023, the Company recorded gains of $3.1 million to those equity securities based on observable transactions. During the three and nine months ended September 30, 2022, the Company recorded gains of $0.6 million to those equity securities based on observable transactions.

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities	ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, VEHICLE FLOOR PLAN PAYABLE AND ACCRUED LIABILITIES Accounts receivable consist of the following: As of September 30, December 31, (in thousands) Receivables from contracts with customers, less estimated credit losses of $22,598 and $21,387 $ 513,747 $ 533,622 Other receivables 27,923 27,157 $ 541,670 $ 560,779 Credit loss expense was $2.4 million and $0.6 million for the three months ended September 30, 2023 and 2022, respectively. Credit loss expense was $4.3 million and $2.8 million for the nine months ended September 30, 2023 and 2022, respectively. Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following: As of September 30, December 31, (in thousands) Accounts payable $ 136,468 $ 136,186 Vehicle floor plan payable 126,869 69,756 Accrued compensation and related benefits 137,232 149,823 Other accrued liabilities 229,156 207,240 $ 629,725 $ 563,005 Cash overdrafts of $4.3 million and $0.5 million are included in accounts payable as of September 30, 2023 and December 31, 2022, 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). On September 26, 2023, the Company entered into a credit agreement with Truist Bank (see Note 7) to, among other things, establish a new revolving floor plan credit facility with an aggregate capacity of $115.0 million. The Truist and Toyota floor plan facility bears interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) plus 1.25% per annum. In connection with the establishment of the Truist and Toyota floor plan facility, the previous Truist floor plan facility, dated July 5, 2022, was repaid and terminated. At September 30, 2023, the floor plan facilities bore interest at variable rates that are based on the SOFR and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.6% and 3.5% for the three months ended September 30, 2023 and 2022, respectively. The weighted average interest rate for the floor plan facilities was 6.0% and 2.6% for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the aggregate capacity under the floor plan facilities was $142.9 million . 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, 2023. The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against cost of goods sold in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended September 30, 2023 and 2022, the Company recognized a reduction in cost of goods sold of $1.6 million and $1.4 million, respectively, related to manufacturer floor plan assistance. For the nine months ended September 30, 2023 and 2022, the Company recognized a reduction in cost of goods sold of $4.5 million and $3.4 million, respectively, related to manufacturer floor plan assistance.

Inventories and Contracts in Pr

Inventories and Contracts in Progress	9 Months Ended
Inventories and Contracts in Progress	Sep. 30, 2023
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Inventories and Contracts in Progress	INVENTORIES AND CONTRACTS IN PROGRESS Inventories and contracts in progress consist of the following: As of September 30, December 31, (in thousands) Raw materials $ 64,354 $ 68,494 Work-in-process 15,670 15,718 Finished goods 196,541 140,548 Contracts in progress 2,646 2,051 $ 279,211 $ 226,811

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS In the third quarter of 2023, due to continued sustained weakness in demand for certain Dekko power and data products primarily in the commercial office space market, th e Company performed an interim review of the goodwill of the Dekko reporting unit. As a result of the impairment review, the Company recorded a $47.8 million goodwill impairment charge. Also in the third quarter of 2023, as a result of the substantial digital advertising revenue declines and continued significant operating losses at World of Good Brands (WGB, formerly Leaf Media) , th e Company performed an interim review of the goodwill of the WGB reporting unit. As a result of the impairment review, the Company recorded a $50.2 million goodwill impairment charge. The Company estimated the fair value of the reporting units by utilizing a discounted cash flow model. The carrying value of the reporting units exceeded their estimated fair values, resulting in goodwill impairment charges for the amount by which the carrying values exceeded their estimated fair values after taking into account the effect of deferred income taxes. Dekko is included in manufacturing and WGB is included in other businesses. Amortization of intangible assets for the three months ended September 30, 2023 and 2022, was $11.8 million and $14.6 million, respectively. Amortization of intangible assets for the nine months ended September 30, 2023 and 2022, was $39.0 million and $44.4 million, respectively. Amortization of intangible assets is estimated to be approximately $11 million for the remainder of 2023, $37 million in 2024, $29 million in 2025, $20 million in 2026, $6 million in 2027 and $20 million thereafter. The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Manufacturing Healthcare Automotive Other Total Balance as of December 31, 2022 Goodwill $ 1,145,502 $ 190,815 $ 234,993 $ 135,870 $ 84,697 $ 251,216 $ 2,043,093 Accumulated impairment losses (331,151) — (34,302) — — (116,687) (482,140) 814,351 190,815 200,691 135,870 84,697 134,529 1,560,953 Measurement period adjustments — — — (2,217) — — (2,217) Acquisitions — — — 385 44,583 — 44,968 Impairments — — (47,760) — — (50,239) (97,999) Foreign currency exchange rate changes (5,998) — — — — — (5,998) Balance as of September 30, 2023 Goodwill 1,139,504 190,815 234,993 134,038 129,280 251,216 2,079,846 Accumulated impairment losses (331,151) — (82,062) — — (166,926) (580,139) $ 808,353 $ 190,815 $ 152,931 $ 134,038 $ 129,280 $ 84,290 $ 1,499,707 The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Kaplan Higher Supplemental Education Total Balance as of December 31, 2022 Goodwill $ 579,561 $ 174,564 $ 391,377 $ 1,145,502 Accumulated impairment losses — (111,324) (219,827) (331,151) 579,561 63,240 171,550 814,351 Foreign currency exchange rate changes (6,009) — 11 (5,998) Balance as of September 30, 2023 Goodwill 573,552 174,564 391,388 1,139,504 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 573,552 $ 63,240 $ 171,561 $ 808,353 Other intangible assets consist of the following: As of September 30, 2023 As of December 31, 2022 (in thousands) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 281,838 $ 231,161 $ 50,677 $ 297,766 $ 230,429 $ 67,337 Trade names and trademarks 2–15 years 142,812 86,534 56,278 148,102 81,078 67,024 Network affiliation agreements 10 years 17,400 12,603 4,797 17,400 10,367 7,033 Databases and technology 3–6 years 36,087 34,871 1,216 36,216 32,219 3,997 Noncompete agreements 2–5 years 20 18 2 1,000 995 5 Other 1–8 years 41,327 31,450 9,877 43,644 27,618 16,026 $ 519,484 $ 396,637 $ 122,847 $ 544,128 $ 382,706 $ 161,422 Indefinite-Lived Intangible Assets Franchise agreements $ 92,158 $ 85,858 Trade names and trademarks 82,382 81,905 FCC licenses 11,000 11,000 Licensure and accreditation 150 150 Other 21 21 $ 185,711 $ 178,934

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	DEBT The Company’s borrowings consist of the following: As of (in thousands) Maturities Stated Interest Rate Effective Interest Rate September 30, December 31, Unsecured notes (1) 2026 5.75% 5.75% $ 398,085 $ 397,548 Revolving credit facility 2027 4.80% - 8.88% 6.19% 60,895 200,236 Term loan (2) 2027 7.17% - 7.25% 7.31% 149,303 — Real estate term loan (3) 2028 7.07% 7.17% 75,165 — Capital term loan (4) 2028 7.32% 7.42% 64,137 — Truist Bank commercial note (5) 2031 6.10% - 7.10% 6.68% — 23,522 Truist Bank commercial note 2032 6.38% - 7.38% 6.90% — 66,513 Truist Bank commercial note (6) 2032 6.13% - 7.13% 6.72% — 26,548 Pinnacle Bank term loan 2024 4.15% 4.18% 7,589 8,433 Other indebtedness 2024 - 2030 0.00% - 16.00% 6,512 3,560 Total Debt 761,686 726,360 Less: current portion (21,880) (155,813) Total Long-Term Debt $ 739,806 $ 570,547 ___________ _ (1) The carrying value is net of $1.9 million and $2.5 million of unamortized debt issuance costs as of September 30, 2023 and December 31, 2022, respectively . (2) The carrying value is net of $0.7 million of unamortized debt issuance costs as of September 30, 2023. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2023. (4) The carrying value is net of $0.9 million of unamortized debt issuance costs as of September 30, 2023. (5) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022. (6) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022. On September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank, which includes (i) a $75.2 million real estate term loan, (ii) a $65.0 million capital term loan, (iii) a $50.0 million delayed draw term loan, and (iv) establishment of a revolving floor plan credit facility (see Note 4). The real estate term loan is payable in monthly installments of $0.3 million and bears interest at variable rates based on SOFR plus 1.75% per annum, and the capital term loan is payable in monthly installments of $0.5 million and bears interest at variable rates based on SOFR plus 2.00% per annum. The monthly installment payments on the real estate and capital term loans commence on November 1, 2023, with final payments of the outstanding principal balances due on September 26, 2028. Subject to terms and conditions set forth in the credit agreement, the automotive subsidiary may also request borrowings of del ayed draw term loans for which the proceeds may be used to (i) finance the acquisition of automobile dealerships (delayed draw capital loan) and (ii) finance the acquisition of real estate (delayed draw real estate loan). The delayed draw term loan bears interest at variable rates based on SOFR plus an applicable margin based on the type of delayed draw term loan requested. The delayed draw term loan availability period terminates on September 26, 2025. The automotive subsidiary did not borrow against the delayed term loan as of September 30, 2023. On the same date, the Company’s automotive subsidiary entered into three interest rate swap agreements with a total notional value of $75.2 million and a maturity date of September 26, 2028. The interest rate swap agreements will pay the automotive subsidiary interest on the $75.2 million notional amount bas ed on SOFR and the automotive subsidiary will pay the counterparty a fixed rate of 4.67% per annum. The n ew interest rate swap agreements were entered into to convert the variable rate borrowing under the real estate term loan into a fixed rate borrowing. Based on the terms of the new interest rate swap agreements and underlying borrowings, the new interest rate swaps were determined to be effective and thus qualify as cash flow hedges. Including a 1.75% applicable margin, the overall interest rate that the Company will pay on the $75.2 million real estate term loan is fixed at 6.42% per annum. The automotive subsidiary used the net proceeds from the real estate and capital term loans to repay the outstanding balances of the commercial notes maturing in 2031 and 2032. The interest rate swap agreements maturing in 2031 and 2032 were also terminated resulting in realized gains of $4.6 million that reduced interest expense during the third quarter of 2023. On July 28, 2023, the Company entered into a $150 million term loan with each of the lenders party thereto, Wells Fargo Bank, N.A., JPMorgan Chase Bank N.A., Bank of America, N.A., HSBC Bank USA, N.A., and PNC Bank, N.A. The term loan is payable in quarterly installments of $1.875 million starting in December 2023 with a final payment of the principal balance due on May 30, 2027. The term loan bears interest at variable rates based on SOFR plus 1.75% per annum. The Company may redeem the term loan in whole or in part with no penalty at any time. The term loan has no impact on the existing financial covenants of the revolving credit facility. The Company’s outstanding balance under its term loan was $149.3 million as of September 30, 2023. At September 30, 2023 and December 31, 2022, the fair value of the Company’s 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $387.1 million and $395.1 million. The outstanding balance on the Company’s $300 million unsecured revolving credit facility was $60.9 million as of September 30, 2023, 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, 2023 and December 31, 2022. The Company is in compliance with all financial covenants of the revolving credit facility and term loans as of September 30, 2023. During the three months ended September 30, 2023 and 2022, the Company had average borrowings outstanding of approximately $737.7 million and $714.1 million, respectively, at average annual interest rates of approximately 6.2% and 4.9%, respectively. During the three months ended September 30, 2023 and 2022, the Company incurred net interest expense of $9.8 million and $10.8 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company had average borrowings outstanding of approximately $737.1 million and $676.5 million, respectively, at average annual interest rates of approximately 6.0% and 4.6%, respectively. During the nine months ended September 30, 2023 and 2022, the Company incurred net interest expense of $33.1 million and $36.8 million, respectively. During the three and nine months ended September 30, 2023, the Company recorde d interest expense of $1.1 million and $1.4 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. Duri ng the three and nine months ended September 30, 2022, the Company recorded interest expense of $1.4 million and $12.8 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest. The fair value of the mandatorily redeemable noncontrolling interest was based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which approximates fair value (Level 3 fair value assessment).

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of September 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 39,740 $ — $ 39,740 Marketable equity securities (2) 665,514 — — 665,514 Other current investments (3) 6,799 33 — 6,832 Total Financial Assets $ 672,313 $ 39,773 $ — $ 712,086 Liabilities Contingent consideration liabilities (4) $ — $ — $ 3,080 $ 3,080 Interest rate swaps (5) — 733 — 733 Mandatorily redeemable noncontrolling interest (6) — — 32,043 32,043 Total Financial Liabilities $ — $ 733 $ 35,123 $ 35,856 As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 7,686 $ — $ 7,686 Marketable equity securities (2) 609,921 — — 609,921 Other current investments (3) 7,471 5,016 — 12,487 Interest rate swaps (7) — 2,636 — 2,636 Total Financial Assets $ 617,392 $ 15,338 $ — $ 632,730 Liabilities Contingent consideration liabilities (5) $ — $ — $ 8,423 $ 8,423 Foreign exchange swap (8) — 333 — 333 Mandatorily redeemable noncontrolling interest (6) — — 30,845 30,845 Total Financial Liabilities $ — $ 333 $ 39,268 $ 39,601 ____________ (1) The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty. (2) The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. (3) Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the fair value hierarchy. (4) Included in 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 Deferred charges and other assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (8) 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, 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 (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2021 $ 14,881 $ 13,661 Acquisition of business 397 — Changes in fair value (1) (5,036) 12,799 Capital contributions — 922 Accretion of value included in net income (1) 1,139 — Settlements or distributions (1,750) (240) As of September 30, 2022 $ 9,631 $ 27,142 ____________ (1) Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations. During the 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 first 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 three and nine months ended September 30, 2022, the Company recorded gains of $0.6 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.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS The Company generated 81% and 80% of its revenue from U.S. domestic sales for the three and nine months ended September 30, 2023. The remaining 19% and 20% of revenue was generated from non-U.S. sales for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, 84% and 81% of revenue was from U.S. domestic sales and the remaining 16% and 19% of revenue was generated from non-U.S. sales. For the three and nine months ended September 30, 2023, the Company recognized 53% and 55% of its revenue over time as control of the services and goods transferred to the customer, and the remaining 47% and 45% at a point in time, when the customer obtained control of the promised goods. For the three and nine months ended September 30, 2022, the Company recognized 55% and 58% of its revenue over time, and the remaining 45% and 42% at a point in time. Contract Assets. As of September 30, 2023, the Company recognized a contract asset of $42.8 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 $300.9 million related to this contract over the next six years. As of December 31, 2022, the contract asset was $26.3 million. Deferred Revenue. The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance, including amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance: As of September 30, December 31, % (in thousands) Change Deferred revenue $ 418,831 $ 385,507 9 In April 2020, GHG received $31.5 million under the expanded Medicare Accelerated and Advanced Payment Program modified by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a result of COVID-19. The Department of Health and Human Services started to recoup this advance 365 days after the payment was issued. The advance has been recouped in full as of September 30, 2022. For the three and nine months ended September 30, 2022, GHG recognized $0.5 million and $12.5 million of the balance in revenue for claims submitted for eligible services. The majority of the change in the deferred revenue balance is related to the cyclical nature of services in the Kaplan international division. During the nine months ended September 30, 2023, the Company recognized $313.0 million related to the Company’s deferred revenue balance as of December 31, 2022. Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of September 30, 2023, the deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than twelve months at Kaplan Supplemental Education was $7.4 million. Kaplan Supplemental Education expects to recognize 66% of this revenue over the next twelve months and the remainder thereafter. Costs to Obtain a Contract. The following table presents changes in the Company’s costs to obtain a contract asset: (in thousands) Balance at Costs associated with new contracts Less: Costs amortized during the period Other Balance 2023 $ 31,647 $ 40,999 $ (53,601) $ 275 $ 19,320 The majority of other activity was related to currency translation adjustments for the nine months ended September 30, 2023.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	9 Months Ended
(Loss) Earnings Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	(LOSS) EARNINGS PER SHARE The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The following reflects the Company’s net (loss) income and share data used in the basic and diluted (loss) earnings per share computations using the two-class method: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Numerator for basic (loss) earnings per share: Net (loss) income attributable to Graham Holdings Company common stockholders $ (23,031) $ 32,780 $ 152,029 $ 60,919 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,458) (7,575) (30,992) (30,728) Undistributed (loss) earnings (30,489) 25,205 121,037 30,191 Percent allocated to common stockholders (1) 100.00 % 99.41 % 99.35 % 99.41 % (30,489) 25,058 120,253 30,015 Add: Dividends paid-common stock outstanding 7,409 7,529 30,797 30,549 Numerator for basic (loss) earnings per share $ (23,080) $ 32,587 $ 151,050 $ 60,564 Add: Additional undistributed earnings due to dilutive stock options — 1 2 — Numerator for diluted (loss) earnings per share $ (23,080) $ 32,588 $ 151,052 $ 60,564 Denominator: Denominator for basic (loss) earnings per share: Weighted average shares outstanding 4,602 4,808 4,686 4,841 Add: Effect of dilutive stock options — 12 14 12 Denominator for diluted (loss) earnings per share 4,602 4,820 4,700 4,853 Graham Holdings Company Common Stockholders: Basic (loss) earnings per share $ (5.02) $ 6.78 $ 32.23 $ 12.51 Diluted (loss) earnings per share $ (5.02) $ 6.76 $ 32.14 $ 12.48 ____________ (Loss) earnings per share amounts may not recalculate due to rounding. (1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended September 30, 2023 as participating securities are not contractually obligated to share in losses. Diluted (loss) earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Weighted average restricted stock 12 17 10 17 Weighted average stock options 13 — — — The diluted (loss) earnings per share amounts for the three and nine months ended September 30, 2023 and September 30, 2022 exclude the effects of 105,000 stock options and contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition. In the three and nine months ended September 30, 2023, the Company declared regular dividends totaling $1.65 and $6.60 per common share, respectively. In the three and nine months ended September 30, 2022, the Company declared regular dividends totaling $1.58 and $6.32 per common share, respectively.

Pension and Postretirement Plan

Pension and Postretirement Plans	9 Months Ended
Pension and Postretirement Plans	Sep. 30, 2023
Retirement Benefits, Description [Abstract]
Pension and Postretirement Plans	PENSION AND POSTRETIREMENT PLANS Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Service cost $ 8,490 $ 5,557 $ 25,306 $ 16,581 Interest cost 11,559 7,612 34,652 22,893 Expected return on assets (38,351) (41,779) (114,774) (125,705) Amortization of prior service cost 412 708 1,234 2,126 Recognized actuarial gain (9,888) (17,538) (29,916) (52,306) Net Periodic Benefit (27,778) (45,440) (83,498) (136,411) Special separation benefit expense — — 9,646 — Total Benefit $ (27,778) $ (45,440) $ (73,852) $ (136,411) In the second quarter of 2023, the Company recorded $5.5 million in expenses related to Separation Incentive Programs (SIPs) for certain Kaplan, Graham Media Group, Leaf Group, Code3 and Pinna employees, which 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) 2023 2022 2023 2022 Service cost $ 148 $ 227 $ 444 $ 683 Interest cost 1,164 823 3,494 2,467 Amortization of prior service cost — 9 — 27 Recognized actuarial loss — 166 — 499 Net Periodic Cost $ 1,312 $ 1,225 $ 3,938 $ 3,676 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 61 % 59 % Private investment funds 17 % 16 % International equities 12 % 11 % U.S. fixed income 6 % 7 % U.S. stock index fund 4 % 7 % 100 % 100 % The Company manages approximately 42% of the pension assets internally, of which the majority is invested in private investment funds with the remaining investments in Berkshire Hathaway and Markel stock, a U.S. stock index fund, and short-term fixed-income securities. The remaining 58% of plan assets are managed by two investment companies. The goal of the investment managers is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both investment managers may invest in a combination of equity and fixed-income securities and cash. The managers are not permitted to invest in securities of the Company or in alternative investments. One investment manager cannot invest more than 15% of the assets at the time of purchase in the stock of Alphabet and Berkshire Hathaway, and no more than 35% of the assets it manages in specified international exchanges at the time the investment is made. The other investment manager cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway, and no more than 15% of the assets it manages in specified international exchanges at the time the investment is made, and no less than 10% of the assets could be invested in fixed-income securities. Excluding the exceptions noted above, the investment managers cannot invest more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval from the Plan administrator. In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks. The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of September 30, 2023. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At September 30, 2023, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $966.4 million, or approximately 35% of total plan assets. At December 31, 2022, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $842.6 million, or approximately 33% of total plan assets. Other Postretirement Plans. The total benefit arising from the Company’s other postretirement plans consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Interest cost $ 38 $ 24 $ 112 $ 73 Amortization of prior service credit (2) (1) (4) (5) Recognized actuarial gain (585) (711) (1,757) (2,132) Net Periodic Benefit $ (549) $ (688) $ (1,649) $ (2,064)

Other Non-Operating Income

Other Non-Operating Income	9 Months Ended
Other Non-Operating Income	Sep. 30, 2023
Other Nonoperating Income (Expense) [Abstract]
Other Non-Operating Income	OTHER NON-OPERATING INCOME A summary of non-operating income is as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Gain on sale of businesses $ 1,136 $ 1,376 $ 14,368 $ 3,074 Gain on cost method investments — 560 3,104 560 Foreign currency gain (loss), net 1,720 (448) 1,820 (1,973) Gain on sale of cost method investments 127 8 958 1,032 Gain on sale of investments in affiliates — — 15 604 Other gain, net 598 862 2,193 3,113 Total Other Non-Operating Income $ 3,581 $ 2,358 $ 22,458 $ 6,410 The gain on cost method investments resulted from observable price changes in the fair value of the underlying equity securities accounted for under the cost method (see Notes 3 and 8). During the three and nine months ended September 30, 2023, the Company recorded contingent consideration gains of $1.1 million and $4.3 million , respectively, related to the disposition of Kaplan University (KU) in 2018. During the three and nine months ended September 30, 2022, the Company recorded contingent consideration gains of $1.4 million and $3.1 million, respectively. In the second quarter of 2023, the Company recorded a $10.0 million gain related to the Pinna transaction (see Note s 2 and 3). The Company used a market approach to determine the fair value of the noncontrolling financial interest received in Realm in exchange for the Pinna business.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
Accumulated Other Comprehensive Income (Loss)	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The other comprehensive income (loss) consists of the following components: Three Months Ended September 30 2023 2022 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (19,474) $ — $ (19,474) $ (44,260) $ — $ (44,260) Pension and other postretirement plans: Amortization of net prior service cost included in net income 410 (105) 305 716 (185) 531 Amortization of net actuarial gain included in net income (10,473) 2,694 (7,779) (18,083) 4,661 (13,422) (10,063) 2,589 (7,474) (17,367) 4,476 (12,891) Cash flow hedges: (Losses) gains for the period (3,824) 879 (2,945) 2,202 (506) 1,696 Other Comprehensive Loss $ (33,361) $ 3,468 $ (29,893) $ (59,425) $ 3,970 $ (55,455) Nine Months Ended September 30 2023 2022 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (8,096) $ — $ (8,096) $ (86,926) $ — $ (86,926) Pension and other postretirement plans: Amortization of net prior service cost included in net income 1,230 (316) 914 2,148 (554) 1,594 Amortization of net actuarial gain included in net income (31,673) 8,147 (23,526) (53,939) 13,902 (40,037) (30,443) 7,831 (22,612) (51,791) 13,348 (38,443) Cash flow hedges: (Losses) gains for the period (3,566) 820 (2,746) 4,935 (1,135) 3,800 Other Comprehensive Loss $ (42,105) $ 8,651 $ (33,454) $ (133,782) $ 12,213 $ (121,569) The accumulated balances related to each component of other comprehensive income (loss) are as follows: (in thousands, net of taxes) Cumulative Unrealized Gain Cash Flow Accumulated Balance as of December 31, 2022 $ (54,638) $ 388,591 $ 2,198 $ 336,151 Other comprehensive (loss) income before reclassifications (8,096) — 2,491 (5,605) Net amount reclassified from accumulated other comprehensive income (loss) — (22,612) (5,237) (27,849) Net other comprehensive loss (8,096) (22,612) (2,746) (33,454) Balance as of September 30, 2023 $ (62,734) $ 365,979 $ (548) $ 302,697 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) 2023 2022 2023 2022 Pension and Other Postretirement Plans: Amortization of net prior service cost $ 410 $ 716 $ 1,230 $ 2,148 (1) Amortization of net actuarial gain (10,473) (18,083) (31,673) (53,939) (1) (10,063) (17,367) (30,443) (51,791) Before tax 2,589 4,476 7,831 13,348 Provision for Income Taxes (7,474) (12,891) (22,612) (38,443) Net of Tax Cash Flow Hedges (4,828) 123 (5,237) 458 Interest expense Total reclassification for the period $ (12,302) $ (12,768) $ (27,849) $ (37,985) Net of Tax ____________ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation, Legal and Other Matters . The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, defamation and invasion of privacy; trademark, copyright and patent infringement; violations of employment laws and applicable wage and hour laws; and statutory or common law claims involving current and former students and employees. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial condition, results of operations or cash flows. However, based on currently available information, management believes it is reasonably possible that future losses from existing and threatened legal, regulatory and other proceedings in excess of the amounts recorded could reach approximately $15 million. In 2015, Kaplan sold substantially all of the assets of the KHE Campuses (KHEC) business to Education Corporation of America. In 2018, certain subsidiaries of Kaplan contributed the institutional assets and operations of KU to a new university: an Indiana nonprofit, public-benefit corporation affiliated with Purdue University, known as Purdue University Global. Kaplan could be held liable to the current owners of KU and the KHEC schools related to the pre-sale conduct of the schools, and the pre-sale conduct of the schools has been and could be the subject of future compliance reviews, regulatory proceedings or lawsuits that could result in monetary liabilities or fines or other sanctions. On May 6, 2021, Kaplan received a notice from the Department of Education (ED) that it would be conducting a fact-finding process pursuant to the borrower defense to repayment (BDTR) regulations to determine the validity of more than 800 BDTR claims and a request for documents related to several of Kaplan’s previously owned schools. Beginning in July 2021, Kaplan started receiving the claims and related information requests. In total, Kaplan received 1,449 borrower defense applications that seek discharge of approximately $35 million in loans, excluding interest. Most claims received are from former KU students. The ED’s process for adjudicating these claims is subject to the borrower defense regulations including those finalized in 2022 and effective July 1, 2023, but it is not clear to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence provided by Kaplan, or any prior investigation related to schools attended by the student applicants. Compared to the previous rule, the new rule in part, expands actions that can give rise to claims for discharge; provides that the borrower’s claim will be presumed true if the institution does not provide any responsive evidence; provides an easier process for group claims; and relies on current program review penalty hearing processes for discharge recoupment. Under the rule, the recoupment process applies only to loans first disbursed after July 1, 2023; however, the discharge process and standards apply to any pending application regardless of loan date. Kaplan believes it has defenses that would bar any student discharge or school liability including that the claims are barred by the applicable statute of limitations, unproven, incomplete and fail to meet regulatory filing requirements. Kaplan expects to vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate student discharges and has responded to all claims with documentary and narrative evidence to refute the allegations, demonstrate their lack of merit, and support the denial of all such claims by the ED. If the claims are successful, the ED may seek reimbursement for the amount discharged from Kaplan. If the ED initiates a reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to significant liability. In November 2022 the Northern District of California approved the settlement agreement in the lawsuit Sweet v. Cardona . The Plaintiffs in that lawsuit claimed that the ED failed to properly consider and decide pending BDTR claims. As part of the settlement, the ED agreed to discharge loans of borrowers who attended 150 specific schools, including schools formerly owned by Kaplan, and who had BDTR claims pending as of the June 22, 2022 settlement execution date. This discharge will likely cover each of the 1,449 applications the ED sent to Kaplan and to which

Business Segments

Business Segments	9 Months Ended
Business Segments	Sep. 30, 2023
Segment Reporting [Abstract]
Business Segments	BUSINESS SEGMENTS In the second quarter of 2023, Kaplan modified its segment reporting for Kaplan India, a shared services center that supports Higher Education. Kaplan India was previously included in Kaplan corporate and other. Certain amounts in previously issued financial statements have been reclassified to conform to the current presentation. The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive. The following tables summarize the financial information related to each of the Company’s business segments: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Education $ 411,837 $ 355,064 $ 1,192,105 $ 1,066,089 Television broadcasting 116,112 135,165 347,818 380,970 Manufacturing 109,216 122,964 343,882 365,966 Healthcare 116,164 87,176 331,505 230,816 Automotive 272,018 211,396 765,251 509,965 Other businesses 86,653 101,207 269,110 308,150 Corporate office 365 — 1,215 — Intersegment elimination (846) (534) (2,822) (1,495) $ 1,111,519 $ 1,012,438 $ 3,248,064 $ 2,860,461 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 33,069 $ 22,625 $ 94,625 $ 69,952 Television broadcasting 33,310 53,691 97,808 135,991 Manufacturing 10,515 14,723 39,019 39,527 Healthcare 6,837 6,953 19,986 21,491 Automotive 8,240 11,050 28,543 25,493 Other businesses (24,404) (17,840) (73,428) (68,301) Corporate office (14,599) (17,035) (39,881) (40,886) $ 52,968 $ 74,167 $ 166,672 $ 183,267 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 3,210 $ 3,980 $ 11,610 $ 12,190 Television broadcasting 1,363 1,360 4,088 4,080 Manufacturing 51,489 5,076 60,683 15,403 Healthcare 866 905 2,702 2,822 Automotive 3 — 3 — Other businesses 53,149 3,314 58,987 9,941 Corporate office — — — — $ 110,080 $ 14,635 $ 138,073 $ 44,436 Income (Loss) from Operations Education $ 29,859 $ 18,645 $ 83,015 $ 57,762 Television broadcasting 31,947 52,331 93,720 131,911 Manufacturing (40,974) 9,647 (21,664) 24,124 Healthcare 5,971 6,048 17,284 18,669 Automotive 8,237 11,050 28,540 25,493 Other businesses (77,553) (21,154) (132,415) (78,242) Corporate office (14,599) (17,035) (39,881) (40,886) $ (57,112) $ 59,532 $ 28,599 $ 138,831 Equity in (Losses) Earnings of Affiliates, Net (791) (1,111) (2,245) 2,920 Interest Expense, Net (9,824) (10,776) (33,140) (36,755) Non-Operating Pension and Postretirement Benefit Income, Net 35,653 50,687 97,313 152,063 Gain (Loss) on Marketable Equity Securities, Net 16,759 (54,250) 113,429 (172,878) Other Income, Net 3,581 2,358 22,458 6,410 (Loss) Income Before Income Taxes $ (11,734) $ 46,440 $ 226,414 $ 90,591 Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Depreciation of Property, Plant and Equipment Education $ 10,000 $ 8,360 $ 28,428 $ 25,396 Television broadcasting 3,120 2,961 9,243 9,335 Manufacturing 2,388 2,358 6,957 7,109 Healthcare 1,411 590 3,802 1,455 Automotive 1,304 1,067 3,565 2,596 Other businesses 3,832 4,169 10,882 12,198 Corporate office 152 152 458 456 $ 22,207 $ 19,657 $ 63,335 $ 58,545 Pension Service Cost Education $ 2,226 $ 2,233 $ 6,680 $ 6,700 Television broadcasting 833 884 2,498 2,666 Manufacturing 280 276 836 828 Healthcare 3,521 138 10,563 417 Automotive 16 6 26 17 Other businesses 662 552 1,847 1,549 Corporate office 952 1,468 2,856 4,404 $ 8,490 $ 5,557 $ 25,306 $ 16,581 Asset information for the Company’s business segments is as follows: As of (in thousands) September 30, 2023 December 31, 2022 Identifiable Assets Education $ 1,960,870 $ 1,987,042 Television broadcasting 420,938 431,084 Manufacturing 435,324 486,487 Healthcare 252,770 249,845 Automotive 568,673 427,221 Other businesses 366,694 475,583 Corporate office 123,782 70,567 $ 4,129,051 $ 4,127,829 Investments in Marketable Equity Securities 665,514 609,921 Investments in Affiliates 191,408 186,419 Prepaid Pension Cost 1,703,216 1,658,046 Total Assets $ 6,689,189 $ 6,582,215 The Company’s education division comprises the following operating segments: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Kaplan international $ 249,976 $ 193,085 $ 714,715 $ 598,469 Higher education 81,925 82,314 250,557 233,990 Supplemental education 78,332 79,566 226,535 233,416 Kaplan corporate and other 3,101 2,616 8,360 7,414 Intersegment elimination (1,497) (2,517) (8,062) (7,200) $ 411,837 $ 355,064 $ 1,192,105 $ 1,066,089 Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 22,220 $ 8,503 $ 64,272 $ 48,130 Higher education 8,465 9,064 33,343 17,423 Supplemental education 9,729 9,471 16,992 17,671 Kaplan corporate and other (7,412) (4,616) (20,074) (13,438) Intersegment elimination 67 203 92 166 $ 33,069 $ 22,625 $ 94,625 $ 69,952 Amortization of Intangible Assets $ 3,210 $ 3,980 $ 11,133 $ 12,190 Impairment of Long-Lived Assets $ — $ — $ 477 $ — Income (Loss) from Operations Kaplan international $ 22,220 $ 8,503 $ 64,272 $ 48,130 Higher education 8,465 9,064 33,343 17,423 Supplemental education 9,729 9,471 16,992 17,671 Kaplan corporate and other (10,622) (8,596) (31,684) (25,628) Intersegment elimination 67 203 92 166 $ 29,859 $ 18,645 $ 83,015 $ 57,762 Depreciation of Property, Plant and Equipment Kaplan international $ 7,599 $ 5,709 $ 20,832 $ 17,258 Higher education 1,258 1,050 3,431 3,256 Supplemental education 1,117 1,570 4,087 4,787 Kaplan corporate and other 26 31 78 95 $ 10,000 $ 8,360 $ 28,428 $ 25,396 Pension Service Cost Kaplan international $ 83 $ 67 $ 244 $ 202 Higher education 958 961 2,803 2,862 Supplemental education 1,063 1,029 3,110 3,106 Kaplan corporate and other 122 176 523 530 $ 2,226 $ 2,233 $ 6,680 $ 6,700 Asset information for the Company’s education division is as follows: As of (in thousands) September 30, 2023 December 31, 2022 Identifiable Assets Kaplan international $ 1,437,590 $ 1,479,833 Higher education 223,593 187,034 Supplemental education 252,571 268,499 Kaplan corporate and other 47,116 51,676 $ 1,960,870 $ 1,987,042

Organization, Basis of Presen_2

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three and nine months ended September 30, 2023 and 2022 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements	Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted and Issued Accounting Pronouncements – In September 2022, the Financial Accounting Standards Board issued new guidance that requires a buyer in a supplier finance program to disclose certain qualitative and quantitative information about the program’s nature, activity during the period, changes from period to period, and potential magnitude. The standard was adopted by the Company in the first quarter of 2023 and did not have a significant impact on its Condensed Consolidated Financial Statements.

Acquisitions and Dispositions_2

Acquisitions and Dispositions of Businesses (Tables)	9 Months Ended
Acquisitions and Dispositions of Businesses (Tables)	Sep. 30, 2023
Acquisitions And Dispositions [Abstract]
Schedule of assets acquired and liabilities assumed	The aggregate purchase price of the 2023 and 2022 acquisitions was allocated as follows (2023 on a preliminary basis), based on acquisition date fair values to the following assets and liabilities: Purchase Price Allocation Nine Months Ended Year Ended (in thousands) September 30, 2023 December 31, 2022 Accounts receivable $ 68 $ 3,172 Inventory 5,224 21,278 Property, plant and equipment 29,859 36,255 Lease right-of-use assets — 4,773 Goodwill 44,968 53,946 Indefinite-lived intangible assets 6,300 41,800 Amortized intangible assets 235 1,200 Other assets 4 404 Deferred income taxes — 2,535 Floor plan payables (2,215) (10,908) Other liabilities (935) (3,798) Current and noncurrent lease liabilities (1,184) (5,865) Redeemable noncontrolling interest — (2,164) Noncontrolling interest — (512) Aggregate purchase price, net of cash acquired $ 82,324 $ 142,116
Acquisition Pro Forma Financial Information	The following unaudited pro forma financial information presents the Company’s results as if the current year acquisitions had occurred at the beginning of 2022. The unaudited pro forma also includes the 2022 acquisitions as if they occurred at the beginning of 2021: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Operating revenues $ 1,150,953 $ 1,053,162 $ 3,363,004 $ 3,148,090 Net (loss) income (18,235) 36,255 162,653 78,704

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2023
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 $ 225,971 $ 270,764 Gross unrealized gains 447,394 363,147 Gross unrealized losses (7,851) (23,990) Total Fair Value $ 665,514 $ 609,921
Gain (Loss) on Marketable Equity Securities	The net gain (loss) on marketable equity securities comprised the following: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Gain (loss) on marketable equity securities, net $ 16,759 $ (54,250) $ 113,429 $ (172,878) Less: Net losses (gains) in earnings from marketable equity securities sold and donated — 137 (5,475) 10,742 Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period $ 16,759 $ (54,113) $ 107,954 $ (162,136)

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following: As of September 30, December 31, (in thousands) Receivables from contracts with customers, less estimated credit losses of $22,598 and $21,387 $ 513,747 $ 533,622 Other receivables 27,923 27,157 $ 541,670 $ 560,779
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 $ 136,468 $ 136,186 Vehicle floor plan payable 126,869 69,756 Accrued compensation and related benefits 137,232 149,823 Other accrued liabilities 229,156 207,240 $ 629,725 $ 563,005

Inventories and Contracts in _2

Inventories and Contracts in Progress (Tables)	9 Months Ended
Inventories and Contracts in Progress (Tables)	Sep. 30, 2023
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Schedule of Inventories and Contracts in Progress	Inventories and contracts in progress consist of the following: As of September 30, December 31, (in thousands) Raw materials $ 64,354 $ 68,494 Work-in-process 15,670 15,718 Finished goods 196,541 140,548 Contracts in progress 2,646 2,051 $ 279,211 $ 226,811

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Goodwill and Other Intangible Assets (Tables)	Sep. 30, 2023
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill, by segment, were as follows: (in thousands) Education Television Manufacturing Healthcare Automotive Other Total Balance as of December 31, 2022 Goodwill $ 1,145,502 $ 190,815 $ 234,993 $ 135,870 $ 84,697 $ 251,216 $ 2,043,093 Accumulated impairment losses (331,151) — (34,302) — — (116,687) (482,140) 814,351 190,815 200,691 135,870 84,697 134,529 1,560,953 Measurement period adjustments — — — (2,217) — — (2,217) Acquisitions — — — 385 44,583 — 44,968 Impairments — — (47,760) — — (50,239) (97,999) Foreign currency exchange rate changes (5,998) — — — — — (5,998) Balance as of September 30, 2023 Goodwill 1,139,504 190,815 234,993 134,038 129,280 251,216 2,079,846 Accumulated impairment losses (331,151) — (82,062) — — (166,926) (580,139) $ 808,353 $ 190,815 $ 152,931 $ 134,038 $ 129,280 $ 84,290 $ 1,499,707
Other Intangible Assets	Other intangible assets consist of the following: As of September 30, 2023 As of December 31, 2022 (in thousands) Useful Life Gross Accumulated Net Carrying Gross Accumulated Net Amortized Intangible Assets Student and customer relationships 2–10 years $ 281,838 $ 231,161 $ 50,677 $ 297,766 $ 230,429 $ 67,337 Trade names and trademarks 2–15 years 142,812 86,534 56,278 148,102 81,078 67,024 Network affiliation agreements 10 years 17,400 12,603 4,797 17,400 10,367 7,033 Databases and technology 3–6 years 36,087 34,871 1,216 36,216 32,219 3,997 Noncompete agreements 2–5 years 20 18 2 1,000 995 5 Other 1–8 years 41,327 31,450 9,877 43,644 27,618 16,026 $ 519,484 $ 396,637 $ 122,847 $ 544,128 $ 382,706 $ 161,422 Indefinite-Lived Intangible Assets Franchise agreements $ 92,158 $ 85,858 Trade names and trademarks 82,382 81,905 FCC licenses 11,000 11,000 Licensure and accreditation 150 150 Other 21 21 $ 185,711 $ 178,934
Education [Member]
Changes in Carrying Amount of Goodwill	The changes in carrying amount of goodwill at the Company’s education division were as follows: (in thousands) Kaplan Higher Supplemental Education Total Balance as of December 31, 2022 Goodwill $ 579,561 $ 174,564 $ 391,377 $ 1,145,502 Accumulated impairment losses — (111,324) (219,827) (331,151) 579,561 63,240 171,550 814,351 Foreign currency exchange rate changes (6,009) — 11 (5,998) Balance as of September 30, 2023 Goodwill 573,552 174,564 391,388 1,139,504 Accumulated impairment losses — (111,324) (219,827) (331,151) $ 573,552 $ 63,240 $ 171,561 $ 808,353

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Components of Debt	The Company’s borrowings consist of the following: As of (in thousands) Maturities Stated Interest Rate Effective Interest Rate September 30, December 31, Unsecured notes (1) 2026 5.75% 5.75% $ 398,085 $ 397,548 Revolving credit facility 2027 4.80% - 8.88% 6.19% 60,895 200,236 Term loan (2) 2027 7.17% - 7.25% 7.31% 149,303 — Real estate term loan (3) 2028 7.07% 7.17% 75,165 — Capital term loan (4) 2028 7.32% 7.42% 64,137 — Truist Bank commercial note (5) 2031 6.10% - 7.10% 6.68% — 23,522 Truist Bank commercial note 2032 6.38% - 7.38% 6.90% — 66,513 Truist Bank commercial note (6) 2032 6.13% - 7.13% 6.72% — 26,548 Pinnacle Bank term loan 2024 4.15% 4.18% 7,589 8,433 Other indebtedness 2024 - 2030 0.00% - 16.00% 6,512 3,560 Total Debt 761,686 726,360 Less: current portion (21,880) (155,813) Total Long-Term Debt $ 739,806 $ 570,547 ___________ _ (1) The carrying value is net of $1.9 million and $2.5 million of unamortized debt issuance costs as of September 30, 2023 and December 31, 2022, respectively . (2) The carrying value is net of $0.7 million of unamortized debt issuance costs as of September 30, 2023. (3) The carrying value is net of $0.1 million of unamortized debt issuance costs as of September 30, 2023. (4) The carrying value is net of $0.9 million of unamortized debt issuance costs as of September 30, 2023. (5) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022. (6) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2022.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows: As of September 30, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 39,740 $ — $ 39,740 Marketable equity securities (2) 665,514 — — 665,514 Other current investments (3) 6,799 33 — 6,832 Total Financial Assets $ 672,313 $ 39,773 $ — $ 712,086 Liabilities Contingent consideration liabilities (4) $ — $ — $ 3,080 $ 3,080 Interest rate swaps (5) — 733 — 733 Mandatorily redeemable noncontrolling interest (6) — — 32,043 32,043 Total Financial Liabilities $ — $ 733 $ 35,123 $ 35,856 As of December 31, 2022 (in thousands) Level 1 Level 2 Level 3 Total Assets Money market investments (1) $ — $ 7,686 $ — $ 7,686 Marketable equity securities (2) 609,921 — — 609,921 Other current investments (3) 7,471 5,016 — 12,487 Interest rate swaps (7) — 2,636 — 2,636 Total Financial Assets $ 617,392 $ 15,338 $ — $ 632,730 Liabilities Contingent consideration liabilities (5) $ — $ — $ 8,423 $ 8,423 Foreign exchange swap (8) — 333 — 333 Mandatorily redeemable noncontrolling interest (6) — — 30,845 30,845 Total Financial Liabilities $ — $ 333 $ 39,268 $ 39,601 ____________ (1) The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty. (2) The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available. (3) Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the fair value hierarchy. (4) Included in 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 Deferred charges and other assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates. (8) 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, 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 (in thousands) Contingent consideration liabilities Mandatorily redeemable noncontrolling interest As of December 31, 2021 $ 14,881 $ 13,661 Acquisition of business 397 — Changes in fair value (1) (5,036) 12,799 Capital contributions — 922 Accretion of value included in net income (1) 1,139 — Settlements or distributions (1,750) (240) As of September 30, 2022 $ 9,631 $ 27,142 ____________ (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
Revenue from Contracts with Customers (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	The following table presents the change in the Company’s deferred revenue balance: As of September 30, December 31, % (in thousands) Change Deferred revenue $ 418,831 $ 385,507 9
Capitalized Contract Cost	The following table presents changes in the Company’s costs to obtain a contract asset: (in thousands) Balance at Costs associated with new contracts Less: Costs amortized during the period Other Balance 2023 $ 31,647 $ 40,999 $ (53,601) $ 275 $ 19,320

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	9 Months Ended
(Loss) Earnings Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of Earnings Per Share, Basic and Diluted	The following reflects the Company’s net (loss) income and share data used in the basic and diluted (loss) earnings per share computations using the two-class method: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Numerator for basic (loss) earnings per share: Net (loss) income attributable to Graham Holdings Company common stockholders $ (23,031) $ 32,780 $ 152,029 $ 60,919 Less: Dividends paid-common stock outstanding and unvested restricted shares (7,458) (7,575) (30,992) (30,728) Undistributed (loss) earnings (30,489) 25,205 121,037 30,191 Percent allocated to common stockholders (1) 100.00 % 99.41 % 99.35 % 99.41 % (30,489) 25,058 120,253 30,015 Add: Dividends paid-common stock outstanding 7,409 7,529 30,797 30,549 Numerator for basic (loss) earnings per share $ (23,080) $ 32,587 $ 151,050 $ 60,564 Add: Additional undistributed earnings due to dilutive stock options — 1 2 — Numerator for diluted (loss) earnings per share $ (23,080) $ 32,588 $ 151,052 $ 60,564 Denominator: Denominator for basic (loss) earnings per share: Weighted average shares outstanding 4,602 4,808 4,686 4,841 Add: Effect of dilutive stock options — 12 14 12 Denominator for diluted (loss) earnings per share 4,602 4,820 4,700 4,853 Graham Holdings Company Common Stockholders: Basic (loss) earnings per share $ (5.02) $ 6.78 $ 32.23 $ 12.51 Diluted (loss) earnings per share $ (5.02) $ 6.76 $ 32.14 $ 12.48 ____________ (Loss) earnings per share amounts may not recalculate due to rounding. (1) Percent of undistributed losses allocated to common stockholders is 100% in the three months ended September 30, 2023 as participating securities are not contractually obligated to share in losses.
Antidilutive Weighted Average Restricted Stock and Options	Diluted (loss) earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Weighted average restricted stock 12 17 10 17 Weighted average stock options 13 — — —

Pension and Postretirement Pl_2

Pension and Postretirement Plans (Tables)	9 Months Ended
Pension and Postretirement Plans (Tables)	Sep. 30, 2023
Defined Benefit Pension Plan [Member]
Schedule of Net Benefit Costs	The total benefit arising from the Company’s defined benefit pension plans consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Service cost $ 8,490 $ 5,557 $ 25,306 $ 16,581 Interest cost 11,559 7,612 34,652 22,893 Expected return on assets (38,351) (41,779) (114,774) (125,705) Amortization of prior service cost 412 708 1,234 2,126 Recognized actuarial gain (9,888) (17,538) (29,916) (52,306) Net Periodic Benefit (27,778) (45,440) (83,498) (136,411) Special separation benefit expense — — 9,646 — Total Benefit $ (27,778) $ (45,440) $ (73,852) $ (136,411)
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 61 % 59 % Private investment funds 17 % 16 % International equities 12 % 11 % U.S. fixed income 6 % 7 % U.S. stock index fund 4 % 7 % 100 % 100 %
Supplemental Executive Retirement Plan (SERP) [Member]
Schedule of Net Benefit Costs	The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Service cost $ 148 $ 227 $ 444 $ 683 Interest cost 1,164 823 3,494 2,467 Amortization of prior service cost — 9 — 27 Recognized actuarial loss — 166 — 499 Net Periodic Cost $ 1,312 $ 1,225 $ 3,938 $ 3,676
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) 2023 2022 2023 2022 Interest cost $ 38 $ 24 $ 112 $ 73 Amortization of prior service credit (2) (1) (4) (5) Recognized actuarial gain (585) (711) (1,757) (2,132) Net Periodic Benefit $ (549) $ (688) $ (1,649) $ (2,064)

Other Non-Operating Income (Tab

Other Non-Operating Income (Tables)	9 Months Ended
Other Non-Operating Income (Tables)	Sep. 30, 2023
Other Nonoperating Income (Expense) [Abstract]
Summary of other non-operating income	A summary of non-operating income is as follows: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Gain on sale of businesses $ 1,136 $ 1,376 $ 14,368 $ 3,074 Gain on cost method investments — 560 3,104 560 Foreign currency gain (loss), net 1,720 (448) 1,820 (1,973) Gain on sale of cost method investments 127 8 958 1,032 Gain on sale of investments in affiliates — — 15 604 Other gain, net 598 862 2,193 3,113 Total Other Non-Operating Income $ 3,581 $ 2,358 $ 22,458 $ 6,410

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Other Comprehensive Income (Loss)	The other comprehensive income (loss) consists of the following components: Three Months Ended September 30 2023 2022 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (19,474) $ — $ (19,474) $ (44,260) $ — $ (44,260) Pension and other postretirement plans: Amortization of net prior service cost included in net income 410 (105) 305 716 (185) 531 Amortization of net actuarial gain included in net income (10,473) 2,694 (7,779) (18,083) 4,661 (13,422) (10,063) 2,589 (7,474) (17,367) 4,476 (12,891) Cash flow hedges: (Losses) gains for the period (3,824) 879 (2,945) 2,202 (506) 1,696 Other Comprehensive Loss $ (33,361) $ 3,468 $ (29,893) $ (59,425) $ 3,970 $ (55,455) Nine Months Ended September 30 2023 2022 Before-Tax Income After-Tax Before-Tax Income After-Tax (in thousands) Amount Tax Amount Amount Tax Amount Foreign currency translation adjustments: Translation adjustments arising during the period $ (8,096) $ — $ (8,096) $ (86,926) $ — $ (86,926) Pension and other postretirement plans: Amortization of net prior service cost included in net income 1,230 (316) 914 2,148 (554) 1,594 Amortization of net actuarial gain included in net income (31,673) 8,147 (23,526) (53,939) 13,902 (40,037) (30,443) 7,831 (22,612) (51,791) 13,348 (38,443) Cash flow hedges: (Losses) gains for the period (3,566) 820 (2,746) 4,935 (1,135) 3,800 Other Comprehensive Loss $ (42,105) $ 8,651 $ (33,454) $ (133,782) $ 12,213 $ (121,569)
Summary of Changes in Accumulated Other Comprehensive Income (Loss)	The accumulated balances related to each component of other comprehensive income (loss) are as follows: (in thousands, net of taxes) Cumulative Unrealized Gain Cash Flow Accumulated Balance as of December 31, 2022 $ (54,638) $ 388,591 $ 2,198 $ 336,151 Other comprehensive (loss) income before reclassifications (8,096) — 2,491 (5,605) Net amount reclassified from accumulated other comprehensive income (loss) — (22,612) (5,237) (27,849) Net other comprehensive loss (8,096) (22,612) (2,746) (33,454) Balance as of September 30, 2023 $ (62,734) $ 365,979 $ (548) $ 302,697
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) 2023 2022 2023 2022 Pension and Other Postretirement Plans: Amortization of net prior service cost $ 410 $ 716 $ 1,230 $ 2,148 (1) Amortization of net actuarial gain (10,473) (18,083) (31,673) (53,939) (1) (10,063) (17,367) (30,443) (51,791) Before tax 2,589 4,476 7,831 13,348 Provision for Income Taxes (7,474) (12,891) (22,612) (38,443) Net of Tax Cash Flow Hedges (4,828) 123 (5,237) 458 Interest expense Total reclassification for the period $ (12,302) $ (12,768) $ (27,849) $ (37,985) Net of Tax ____________ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
Business Segments (Tables)	Sep. 30, 2023
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The following tables summarize the financial information related to each of the Company’s business segments: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Education $ 411,837 $ 355,064 $ 1,192,105 $ 1,066,089 Television broadcasting 116,112 135,165 347,818 380,970 Manufacturing 109,216 122,964 343,882 365,966 Healthcare 116,164 87,176 331,505 230,816 Automotive 272,018 211,396 765,251 509,965 Other businesses 86,653 101,207 269,110 308,150 Corporate office 365 — 1,215 — Intersegment elimination (846) (534) (2,822) (1,495) $ 1,111,519 $ 1,012,438 $ 3,248,064 $ 2,860,461 Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 33,069 $ 22,625 $ 94,625 $ 69,952 Television broadcasting 33,310 53,691 97,808 135,991 Manufacturing 10,515 14,723 39,019 39,527 Healthcare 6,837 6,953 19,986 21,491 Automotive 8,240 11,050 28,543 25,493 Other businesses (24,404) (17,840) (73,428) (68,301) Corporate office (14,599) (17,035) (39,881) (40,886) $ 52,968 $ 74,167 $ 166,672 $ 183,267 Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets Education $ 3,210 $ 3,980 $ 11,610 $ 12,190 Television broadcasting 1,363 1,360 4,088 4,080 Manufacturing 51,489 5,076 60,683 15,403 Healthcare 866 905 2,702 2,822 Automotive 3 — 3 — Other businesses 53,149 3,314 58,987 9,941 Corporate office — — — — $ 110,080 $ 14,635 $ 138,073 $ 44,436 Income (Loss) from Operations Education $ 29,859 $ 18,645 $ 83,015 $ 57,762 Television broadcasting 31,947 52,331 93,720 131,911 Manufacturing (40,974) 9,647 (21,664) 24,124 Healthcare 5,971 6,048 17,284 18,669 Automotive 8,237 11,050 28,540 25,493 Other businesses (77,553) (21,154) (132,415) (78,242) Corporate office (14,599) (17,035) (39,881) (40,886) $ (57,112) $ 59,532 $ 28,599 $ 138,831 Equity in (Losses) Earnings of Affiliates, Net (791) (1,111) (2,245) 2,920 Interest Expense, Net (9,824) (10,776) (33,140) (36,755) Non-Operating Pension and Postretirement Benefit Income, Net 35,653 50,687 97,313 152,063 Gain (Loss) on Marketable Equity Securities, Net 16,759 (54,250) 113,429 (172,878) Other Income, Net 3,581 2,358 22,458 6,410 (Loss) Income Before Income Taxes $ (11,734) $ 46,440 $ 226,414 $ 90,591 Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Depreciation of Property, Plant and Equipment Education $ 10,000 $ 8,360 $ 28,428 $ 25,396 Television broadcasting 3,120 2,961 9,243 9,335 Manufacturing 2,388 2,358 6,957 7,109 Healthcare 1,411 590 3,802 1,455 Automotive 1,304 1,067 3,565 2,596 Other businesses 3,832 4,169 10,882 12,198 Corporate office 152 152 458 456 $ 22,207 $ 19,657 $ 63,335 $ 58,545 Pension Service Cost Education $ 2,226 $ 2,233 $ 6,680 $ 6,700 Television broadcasting 833 884 2,498 2,666 Manufacturing 280 276 836 828 Healthcare 3,521 138 10,563 417 Automotive 16 6 26 17 Other businesses 662 552 1,847 1,549 Corporate office 952 1,468 2,856 4,404 $ 8,490 $ 5,557 $ 25,306 $ 16,581 Asset information for the Company’s business segments is as follows: As of (in thousands) September 30, 2023 December 31, 2022 Identifiable Assets Education $ 1,960,870 $ 1,987,042 Television broadcasting 420,938 431,084 Manufacturing 435,324 486,487 Healthcare 252,770 249,845 Automotive 568,673 427,221 Other businesses 366,694 475,583 Corporate office 123,782 70,567 $ 4,129,051 $ 4,127,829 Investments in Marketable Equity Securities 665,514 609,921 Investments in Affiliates 191,408 186,419 Prepaid Pension Cost 1,703,216 1,658,046 Total Assets $ 6,689,189 $ 6,582,215
Education [Member]
Segment Reporting Information [Line Items]
Summary of Segment Reporting Information, by Operating Segment	The Company’s education division comprises the following operating segments: Three Months Ended Nine Months Ended (in thousands) 2023 2022 2023 2022 Operating Revenues Kaplan international $ 249,976 $ 193,085 $ 714,715 $ 598,469 Higher education 81,925 82,314 250,557 233,990 Supplemental education 78,332 79,566 226,535 233,416 Kaplan corporate and other 3,101 2,616 8,360 7,414 Intersegment elimination (1,497) (2,517) (8,062) (7,200) $ 411,837 $ 355,064 $ 1,192,105 $ 1,066,089 Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets Kaplan international $ 22,220 $ 8,503 $ 64,272 $ 48,130 Higher education 8,465 9,064 33,343 17,423 Supplemental education 9,729 9,471 16,992 17,671 Kaplan corporate and other (7,412) (4,616) (20,074) (13,438) Intersegment elimination 67 203 92 166 $ 33,069 $ 22,625 $ 94,625 $ 69,952 Amortization of Intangible Assets $ 3,210 $ 3,980 $ 11,133 $ 12,190 Impairment of Long-Lived Assets $ — $ — $ 477 $ — Income (Loss) from Operations Kaplan international $ 22,220 $ 8,503 $ 64,272 $ 48,130 Higher education 8,465 9,064 33,343 17,423 Supplemental education 9,729 9,471 16,992 17,671 Kaplan corporate and other (10,622) (8,596) (31,684) (25,628) Intersegment elimination 67 203 92 166 $ 29,859 $ 18,645 $ 83,015 $ 57,762 Depreciation of Property, Plant and Equipment Kaplan international $ 7,599 $ 5,709 $ 20,832 $ 17,258 Higher education 1,258 1,050 3,431 3,256 Supplemental education 1,117 1,570 4,087 4,787 Kaplan corporate and other 26 31 78 95 $ 10,000 $ 8,360 $ 28,428 $ 25,396 Pension Service Cost Kaplan international $ 83 $ 67 $ 244 $ 202 Higher education 958 961 2,803 2,862 Supplemental education 1,063 1,029 3,110 3,106 Kaplan corporate and other 122 176 523 530 $ 2,226 $ 2,233 $ 6,680 $ 6,700 Asset information for the Company’s education division is as follows: As of (in thousands) September 30, 2023 December 31, 2022 Identifiable Assets Kaplan international $ 1,437,590 $ 1,479,833 Higher education 223,593 187,034 Supplemental education 252,571 268,499 Kaplan corporate and other 47,116 51,676 $ 1,960,870 $ 1,987,042

Organization, Basis of Presen_3

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

Acquisitions and Dispositions_3

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Thousands	1 Months Ended				3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2023 business	Nov. 30, 2022 USD ($)	Aug. 31, 2022 business	May 31, 2022 business	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) business	Dec. 31, 2022 USD ($) business	Sep. 30, 2022 USD ($)	Jul. 31, 2022	Jul. 05, 2022 USD ($) store
Business Acquisition [Line Items]
Acquisition purchase price						$ 82,300	$ 143,200
Vehicle floor plan payable					$ 126,869	126,869	69,756
Business Acquisition, Transaction Costs					1,200	1,200		$ 1,600
Goodwill expected to be deductible for income tax purposes					44,000	44,000	$ 39,700
Revenues of acquired companies since acquisition date					2,400	3,500
Business Combination, Pro Forma Information, (Loss) of acquired compnies since acquisition date					$ (100)	$ (100)
Number of businesses acquired \| business						4	7
Automotive [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business						1	2
Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Number of businesses acquired \| business	2		2	2		2	5
Other Segments
Business Acquisition [Line Items]
Number of businesses acquired \| business						1
CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests		$ 1,200
Graham Holdings Company [Member] \| CSI Pharmacy Holding Company, LLC
Business Acquisition [Line Items]
Percentage Ownership After Change in Noncontrolling Interest					76.50%	76.50%
Auto dealerships [Member] \| Automotive [Member]
Business Acquisition [Line Items]
Amount Borrowed to Finance Business Acquisition					$ 37,000	$ 37,000				$ 77,400
Vehicle floor plan payable					$ 2,200	$ 2,200				$ 10,900
Number of Stores \| store										2
Applied Behavior Analysis clinics \| Graham Healthcare Group [Member]
Business Acquisition [Line Items]
Percentage of interest acquired									100%

Acquisitions and Dispositions_4

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 1,499,707	$ 1,560,953
Floor plan payables	(126,869)	(69,756)
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable	68	3,172
Inventory	5,224	21,278
Property, plant and equipment	29,859	36,255
Lease right-of-use assets	0	4,773
Goodwill	44,968	53,946
Indefinite-lived intangible assets	6,300	41,800
Amortized intangible assets	235	1,200
Other assets	4	404
Deferred income tax asset	0	2,535
Floor plan payables	(2,215)	(10,908)
Other liabilities	(935)	(3,798)
Current and noncurrent lease liabilities	(1,184)	(5,865)
Redeemable noncontrolling interest	0	(2,164)
Noncontrolling interest	0	(512)
Aggregate purchase price, net of cash acquired	$ 82,324	$ 142,116

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, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Pro forma operating revenues	$ 1,150,953	$ 1,053,162	$ 3,363,004	$ 3,148,090
Pro forma net (loss) income	$ (18,235)	$ 36,255	$ 162,653	$ 78,704

Investments (Narrative) (Detail

Investments (Narrative) (Details) £ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
Investments (Narrative) (Details) £ in Millions	Apr. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 GBP (£) shares	Dec. 31, 2022 USD ($) shares
Schedule of Investments [Line Items]
Money Market Investments		$ 39,700,000			$ 39,700,000			$ 7,700,000
Marketable equity securities		665,514,000			665,514,000			609,921,000
Investments in Marketable Securities					4,600,000
Payments to Acquire Marketable Securities					6,162,000	$ 35,070,000
Cumulative realized gain on marketable securities					13,000,000	39,500,000
Proceeds from sales of marketable equity securities					61,979,000	74,233,000
Payments for Advance to Affiliate					30,000,000	0
Gain on sale of investments in affiliates		0	$ 0		15,000	604,000
Cumulative undistributed income in investments in affiliates		40,800,000			40,800,000			49,100,000
Cost method investments		73,600,000			73,600,000			$ 66,700,000
Gain on cost method investments		$ 0	560,000		$ 3,104,000	560,000
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%
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		$ 81,600,000			$ 81,600,000			$ 73,000,000
Berkshire Hathaway [Member]
Schedule of Investments [Line Items]
Marketable equity securities		$ 393,500,000			$ 393,500,000
Berkshire Hathaway [Member] \| Common Class A [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares		422			422		422
Berkshire Hathaway [Member] \| Common Class B [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares		482,945			482,945		482,945
Realm [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		42.30%			42.30%		42.30%
N2K Networks [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		49.90%			49.90%		49.90%
Intersection Holdings [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		18%			18%		18%
Payments for Advance to Affiliate	$ 30,000,000
Loan Receivable Fixed Interest Rate	9%
Loan Receivable, Payment Terms	5 years
Advances to Affiliate		$ 29,300,000			$ 29,300,000
Graham Healthcare Group [Member] \| Related Party [Member]
Schedule of Investments [Line Items]
Operating Revenues		$ 4,100,000	$ 3,500,000		$ 11,500,000	$ 10,500,000
Graham Healthcare Group [Member] \| Residential Home Health Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Graham Healthcare Group [Member] \| Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Gain on sale of investments in affiliates				$ 600,000
Graham Healthcare Group [Member] \| Residential And Michigan Hospital Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Graham Healthcare Group [Member] \| Celtic Healthcare Allegheny Health Network Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40%			40%		40%
Graham Healthcare Group [Member] \| Residential Home Health Illinois and Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Additional investment in equity affiliates				$ 18,500,000
KIHL [Member] \| York Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		45%			45%		45%
Loan Receivable Fixed Interest Rate					7%
Loan Receivable, Payment Terms					25 years
Advances to Affiliate \| £							£ 19.9
Cumulative payments for advance to affiliate \| £							£ 22

Investments (Investments in Mar

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Total Cost	$ 225,971	$ 270,764
Gross unrealized gains	447,394	363,147
Gross unrealized losses	(7,851)	(23,990)
Total Fair Value	$ 665,514	$ 609,921

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments [Abstract]
Gain (loss) on marketable equity securities, net	$ 16,759	$ (54,250)	$ 113,429	$ (172,878)
Less: Net losses (gains) in earnings from marketable equity securities sold and donated	0	137	(5,475)	10,742
Net unrealized gains (losses) in earnings from marketable equity securities still held at the end of the period	$ 16,759	$ (54,113)	$ 107,954	$ (162,136)

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Narrative) (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 26, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Credit loss expense		$ 2,400,000	$ 600,000	$ 4,312,000	$ 2,831,000
Cash overdrafts		$ 4,300,000		$ 4,300,000		$ 500,000
Weighted average interest rate		6.20%	4.90%	6%	4.60%
Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Borrowing capacity		$ 142,900,000		$ 142,900,000
Floor plan assistance		$ 1,600,000	$ 1,400,000	$ 4,500,000	$ 3,400,000
Truist and Toyota Floor Plan Facility [Member] \| Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Borrowing capacity	$ 115,000,000
Truist and Toyota Floor Plan Facility [Member] \| Automotive [Member] \| Secured Overnight Financing Rates (SOFR) [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Applicable interest rate margin	1.25%
Vehicle Floor Plan Facility [Member] \| Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Weighted average interest rate		6.60%	3.50%	6%	2.60%

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, 2023	Dec. 31, 2022
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivable from contracts with customers, less estimated credit losses	$ 513,747	$ 533,622
Other receivables	27,923	27,157
Accounts receivable, net	541,670	560,779
Estimated credit losses	$ 22,598	$ 21,387

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, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 136,468	$ 136,186
Vehicle floor plan payable	126,869	69,756
Accrued compensation and related benefits	137,232	149,823
Other accrued liabilities	229,156	207,240
Total Accounts payable and Accrued liabilities	$ 629,725	$ 563,005

Inventories and Contracts in _3

Inventories and Contracts in Progress (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 64,354	$ 68,494
Work-in-process	15,670	15,718
Finished goods	196,541	140,548
Contracts in progress	2,646	2,051
Inventories and contracts in progress	$ 279,211	$ 226,811

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment			7
Impairment of goodwill			$ 97,999
Impairment of goodwill and other long-lived assets	$ 98,321	$ 0	99,066	$ 0
Manufacturing [Member]
Goodwill [Line Items]
Impairment of goodwill			47,760
Education [Member]
Goodwill [Line Items]
Impairment of goodwill			0
Other Businesses [Member]
Goodwill [Line Items]
Impairment of goodwill			50,239
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

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortized Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 98,321	$ 0	$ 99,066	$ 0
Amortization of Intangible Assets
Amortization of intangible assets	11,759	$ 14,635	39,007	$ 44,436
Estimated amortization of intangible assets, remainder of 2023	11,000		11,000
Estimated amortization of intangible assets, 2024	37,000		37,000
Estimated amortization of intangible assets, 2025	29,000		29,000
Estimated amortization of intangible assets, 2026	20,000		20,000
Estimated amortization of intangible assets, 2027	6,000		6,000
Estimated amortization of intangible assets, after 2027	$ 20,000		$ 20,000

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, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,043,093
Accumulated impairment losses, beginning balance	(482,140)
Goodwill, net, beginning balance	1,560,953
Measurement period adjustments	(2,217)
Acquisitions	44,968
Impairment	(97,999)
Foreign currency exchange rate changes	(5,998)
Goodwill, ending balance	2,079,846
Accumulated impairment losses, ending balance	(580,139)
Goodwill, net, ending balance	1,499,707
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,145,502
Accumulated impairment losses, beginning balance	(331,151)
Goodwill, net, beginning balance	814,351
Measurement period adjustments	0
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	(5,998)
Goodwill, ending balance	1,139,504
Accumulated impairment losses, ending balance	(331,151)
Goodwill, net, ending balance	808,353
Education [Member] \| Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	579,561
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	579,561
Foreign currency exchange rate changes	(6,009)
Goodwill, ending balance	573,552
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	573,552
Education [Member] \| Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	174,564
Accumulated impairment losses, beginning balance	(111,324)
Goodwill, net, beginning balance	63,240
Foreign currency exchange rate changes	0
Goodwill, ending balance	174,564
Accumulated impairment losses, ending balance	(111,324)
Goodwill, net, ending balance	63,240
Education [Member] \| Supplemental Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	391,377
Accumulated impairment losses, beginning balance	(219,827)
Goodwill, net, beginning balance	171,550
Foreign currency exchange rate changes	11
Goodwill, ending balance	391,388
Accumulated impairment losses, ending balance	(219,827)
Goodwill, net, ending balance	171,561
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	190,815
Measurement period adjustments	0
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	190,815
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	190,815
Manufacturing [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	234,993
Accumulated impairment losses, beginning balance	(34,302)
Goodwill, net, beginning balance	200,691
Measurement period adjustments	0
Acquisitions	0
Impairment	(47,760)
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	135,870
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	135,870
Measurement period adjustments	(2,217)
Acquisitions	385
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	134,038
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	134,038
Automotive [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	84,697
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	84,697
Measurement period adjustments	0
Acquisitions	44,583
Impairment	0
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	(116,687)
Goodwill, net, beginning balance	134,529
Measurement period adjustments	0
Acquisitions	0
Impairment	(50,239)
Foreign currency exchange rate changes	0
Goodwill, ending balance	251,216
Accumulated impairment losses, ending balance	(166,926)
Goodwill, net, ending balance	$ 84,290

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 519,484	$ 544,128
Accumulated Amortization	396,637	382,706
Net Carrying Amount	122,847	161,422
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	185,711	178,934
Franchise Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	92,158	85,858
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	82,382	81,905
FCC licenses [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	11,000	11,000
Licensure and Accreditation [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	150	150
Other [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	21	21
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	281,838	297,766
Accumulated Amortization	231,161	230,429
Net Carrying Amount	$ 50,677	$ 67,337
Student and Customer Relationships [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Student and Customer Relationships [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 142,812	$ 148,102
Accumulated Amortization	86,534	81,078
Net Carrying Amount	$ 56,278	$ 67,024
Trade Names and Trademarks [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Trade Names and Trademarks [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	15 years	15 years
Network Affiliation Agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Gross Carrying Amount	$ 17,400	$ 17,400
Accumulated Amortization	12,603	10,367
Net Carrying Amount	4,797	7,033
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	36,087	36,216
Accumulated Amortization	34,871	32,219
Net Carrying Amount	$ 1,216	$ 3,997
Databases and Technology [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	3 years	3 years
Databases and Technology [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	6 years	6 years
Non-compete Agreements [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 20	$ 1,000
Accumulated Amortization	18	995
Net Carrying Amount	$ 2	$ 5
Non-compete Agreements [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Non-compete Agreements [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	5 years	5 years
Other [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 41,327	$ 43,644
Accumulated Amortization	31,450	27,618
Net Carrying Amount	$ 9,877	$ 16,026
Other [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	1 year	1 year
Other [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	8 years	8 years

Debt (Narrative) (Details)

Debt (Narrative) (Details)						3 Months Ended			9 Months Ended
Debt (Narrative) (Details)		Sep. 30, 2023 USD ($)		Sep. 26, 2023 USD ($)	Jul. 28, 2023 USD ($)	Sep. 30, 2023 USD ($)		Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)		Sep. 30, 2022 USD ($)	Sep. 30, 2023 GBP (£)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Average borrowings outstanding						$ 737,700,000		$ 714,100,000	$ 737,100,000		$ 676,500,000
Weighted average interest rate						6.20%		4.90%	6%		4.60%
Interest Expense, Net						$ (9,824,000)		$ (10,776,000)	$ (33,140,000)		$ (36,755,000)
Interest expense						11,810,000		11,579,000	37,878,000		38,969,000
5.75% Unsecured Notes maturing in 2026 [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 1,900,000				$ 1,900,000			$ 1,900,000				$ 2,500,000
Interest rate		5.75%				5.75%			5.75%			5.75%	5.75%
Fair value of debt instrument		$ 387,100,000				$ 387,100,000			$ 387,100,000				$ 395,100,000
Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Credit facility current borrowing capacity		300,000,000				300,000,000			300,000,000
Line of credit facility outstanding		60,895,000				60,895,000			60,895,000				200,236,000
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		700,000				700,000			700,000
Loans Payable to Bank		149,303,000	[1]		$ 150,000,000	149,303,000	[1]		149,303,000	[1]			0	[1]
Debt Instrument, Periodic Payment, Principal					$ 1,875,000
Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		100,000				100,000			100,000
Loans Payable to Bank	[2]	$ 75,165,000				$ 75,165,000			$ 75,165,000				0
Interest rate		7.07%				7.07%			7.07%			7.07%
Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 900,000				$ 900,000			$ 900,000
Loans Payable to Bank	[3]	$ 64,137,000				$ 64,137,000			$ 64,137,000				0
Interest rate		7.32%				7.32%			7.32%			7.32%
Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs													100,000
Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs													$ 100,000
Secured Overnight Financing Rates (SOFR) [Member] \| Term Loan maturing in 2027 - $150 million [Member]
Debt Instrument [Line Items]
Applicable interest rate margin					1.75%
Sterling Overnight Interbank Average Rate (SONIA) [Member] \| GBP revolving credit facility borrowings [Member]
Debt Instrument [Line Items]
Applicable interest rate margin		1.375%
Automotive [Member] \| Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				$ 75,200,000
Debt Instrument, Periodic Payment, Principal				300,000
Automotive [Member] \| Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank				65,000,000
Debt Instrument, Periodic Payment, Principal				500,000
Automotive [Member] \| Delayed Draw Term Loan maturing in 2028 - $50 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank		$ 0				$ 0			$ 0
Term Loan, Unused Borrowing Capacity, Amount				50,000,000
Automotive [Member] \| Interest Rate Swap maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount				$ 75,200,000
Derivative, Fixed Interest Rate				4.67%
Total fixed interest rate of debt		6.42%				6.42%			6.42%			6.42%
Automotive [Member] \| Interest Rate Swaps maturing in 2031 and 2032 [Member]
Debt Instrument [Line Items]
Realized gain from termination of interest rate swap						$ 4,600,000
Automotive [Member] \| Secured Overnight Financing Rates (SOFR) [Member] \| Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Applicable interest rate margin				1.75%
Automotive [Member] \| Secured Overnight Financing Rates (SOFR) [Member] \| Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Applicable interest rate margin				2%
Automotive [Member] \| Secured Overnight Financing Rates (SOFR) [Member] \| Interest Rate Swap maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Derivative, Basis Spread on Variable Rate				1.75%
Securities Subject to Mandatory Redemption [Member] \| Graham Healthcare Group [Member]
Debt Instrument [Line Items]
Interest expense						$ 1,100,000		$ 1,400,000	$ 1,400,000		$ 12,800,000

[1]The carrying value is net of $0.7 million of unamortized debt issuance costs as of September 30, 2023. $0.1 million of unamortized debt issuance costs as of September 30, 2023. $0.9 million of unamortized debt issuance costs as of September 30, 2023.

Debt (Details 1)

Debt (Details 1) - USD ($)		Sep. 30, 2023		Jul. 28, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Other indebtedness		$ 6,512,000			$ 3,560,000
Total Debt		761,686,000			726,360,000
Less: current portion		(21,880,000)			(155,813,000)
Total Long-Term Debt		739,806,000			570,547,000
5.75% Unsecured Notes maturing in 2026 [Member]
Debt Instrument [Line Items]
Unsecured notes	[1]	398,085,000			397,548,000
Unamortized debt issuance costs		$ 1,900,000			$ 2,500,000
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		$ 60,895,000			$ 200,236,000
Effective interest rate		6.19%
Term Loan maturing in 2027 - $150 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank		$ 149,303,000	[2]	$ 150,000,000	0	[2]
Unamortized debt issuance costs		$ 700,000
Effective interest rate		7.31%
Real Estate Term Loan maturing in 2028 - $75.2 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank	[3]	$ 75,165,000			0
Unamortized debt issuance costs		$ 100,000
Stated interest rate		7.07%
Effective interest rate		7.17%
Capital Term Loan maturing in 2028 - $65 million [Member]
Debt Instrument [Line Items]
Loans Payable to Bank	[4]	$ 64,137,000			0
Unamortized debt issuance costs		$ 900,000
Stated interest rate		7.32%
Effective interest rate		7.42%
Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Commercial note	[5]	$ 0			23,522,000
Unamortized debt issuance costs					100,000
Effective interest rate		6.68%
Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]
Debt Instrument [Line Items]
Commercial note		$ 0			66,513,000
Effective interest rate		6.90%
Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Commercial note	[6]	$ 0			26,548,000
Unamortized debt issuance costs					100,000
Effective interest rate		6.72%
Pinnacle Bank Term Loan maturing in 2024 [Member]
Debt Instrument [Line Items]
Loans Payable to Bank		$ 7,589,000			$ 8,433,000
Stated interest rate		4.15%
Effective interest rate		4.18%
Minimum [Member] \| Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Stated interest rate		4.80%
Minimum [Member] \| Term Loan maturing in 2027 - $150 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.17%
Minimum [Member] \| Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.10%
Minimum [Member] \| Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.38%
Minimum [Member] \| Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Stated interest rate		6.13%
Minimum [Member] \| Other Indebtedness [Member]
Debt Instrument [Line Items]
Stated interest rate		0%
Maximum [Member] \| Five-Year Credit Agreement maturing in 2027 [Member]
Debt Instrument [Line Items]
Stated interest rate		8.88%
Maximum [Member] \| Term Loan maturing in 2027 - $150 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.25%
Maximum [Member] \| Commercial note with Truist Bank maturing in 2031 - $24.75 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.10%
Maximum [Member] \| Commercial note with Truist Bank maturing in 2032 - $71.6 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.38%
Maximum [Member] \| Commercial note with Truist Bank maturing in 2032 - $27.2 million [Member]
Debt Instrument [Line Items]
Stated interest rate		7.13%
Maximum [Member] \| Other Indebtedness [Member]
Debt Instrument [Line Items]
Stated interest rate		16%

[1] The carrying value is net of $1.9 million and $2.5 million of unamortized debt issuance costs as of September 30, 2023 and December 31, 2022, respectively . $0.7 million of unamortized debt issuance costs as of September 30, 2023. $0.1 million of unamortized debt issuance costs as of September 30, 2023. $0.9 million of unamortized debt issuance costs as of September 30, 2023.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Impairment of goodwill and other long-lived assets	$ 98,321	$ 0	$ 99,066	$ 0
Gain on cost method investments	$ 0	$ 560	$ 3,104	$ 560

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Assets
Money Market Investments		$ 39,700	$ 7,700
Marketable equity securities		665,514	609,921
Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	39,740	7,686
Marketable equity securities	[2]	665,514	609,921
Other current investments	[3]	6,832	12,487
Interest Rate Swaps	[4]		2,636
Total Financial Assets		712,086	632,730
Liabilities
Contingent consideration liabilities	[5]	3,080	8,423
Interest rate swap	[6]	733
Foreign exchange swap	[7]		333
Mandatorily redeemable noncontrolling interest	[8]	32,043	30,845
Total Financial Liabilities		35,856	39,601
Level 1 \| Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	665,514	609,921
Other current investments	[3]	6,799	7,471
Interest Rate Swaps	[4]		0
Total Financial Assets		672,313	617,392
Liabilities
Contingent consideration liabilities	[5]	0	0
Interest rate swap	[6]	0
Foreign exchange swap	[7]		0
Mandatorily redeemable noncontrolling interest	[8]	0	0
Total Financial Liabilities		0	0
Level 2 \| Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	39,740	7,686
Marketable equity securities	[2]	0	0
Other current investments	[3]	33	5,016
Interest Rate Swaps	[4]		2,636
Total Financial Assets		39,773	15,338
Liabilities
Contingent consideration liabilities	[5]	0	0
Interest rate swap	[6]	733
Foreign exchange swap	[7]		333
Mandatorily redeemable noncontrolling interest	[8]	0	0
Total Financial Liabilities		733	333
Level 3 \| Fair Value, Recurring [Member]
Assets
Money Market Investments	[1]	0	0
Marketable equity securities	[2]	0	0
Other current investments	[3]	0	0
Interest Rate Swaps	[4]		0
Total Financial Assets		0	0
Liabilities
Contingent consideration liabilities	[5]	3,080	8,423
Interest rate swap	[6]	0
Foreign exchange swap	[7]		0
Mandatorily redeemable noncontrolling interest	[8]	32,043	30,845
Total Financial Liabilities		$ 35,123	$ 39,268

[1]The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty.[2]The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available.[3]Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the fair value hierarchy.[4]Included in Deferred charges and other assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.[5]Included in Accounts payable, 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.[6]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.[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.[8]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, 2023	Sep. 30, 2022
Contingent consideration liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance		$ 8,423	$ 14,881
Acquisition of business		220	397
Changes in fair value	[1]	(5,157)	(5,036)
Capital contributions		0	0
Accretion of value included in net income	[1]	856	1,139
Settlements or distributions		(1,262)	(1,750)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance		3,080	9,631
Mandatorily redeemable noncontrolling interest [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance		30,845	13,661
Acquisition of business		0	0
Changes in fair value	[1]	1,421	12,799
Capital contributions		84	922
Accretion of value included in net income	[1]	0	0
Settlements or distributions		(307)	(240)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance		$ 32,043	$ 27,142

[1]Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue recognized in period related to beginning balance				$ 313,000
Deferred Revenue		$ 418,831		$ 418,831		$ 385,507
CARES Act relief from COVID-19 [Member] \| Medicare Accelerated Advanced Payment Program Relief Fund [Member] \| Graham Healthcare Group [Member]
Disaggregation of Revenue [Line Items]
Government Relief, CARES Act	$ 31,500
Deferred revenue recognized			$ 500		$ 12,500
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		53%	55%	55%	58%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		47%	45%	45%	42%
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		81%	84%	80%	81%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue		19%	16%	20%	19%
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, Net, Noncurrent		$ 42,800		$ 42,800		$ 26,300
Supplemental Education [Member] \| Long-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Minimum Term of Contract				12 months
Revenue Remaining Performance Obligation Percentage of Revenue Expected to be Recognized Over Next 12 Months		66%		66%

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Narrative 2) (Details) - Long-term Contract with Customer [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 $ in Millions	Sep. 30, 2023 USD ($)
Kaplan International [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 300.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 years
Supplemental Education [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 7.4
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, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 418,831	$ 385,507
Deferred Revenue, Period Increase Percentage	9%

Revenue from Contracts with C_6

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period	$ 40,999
Costs amortized during the period	(53,601)
Change in capitalized contract cost, other	275
Balance of costs to obtain a contract	$ 19,320	$ 31,647

(Loss) Earnings Per Share (Narr

(Loss) Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 1.65	$ 1.58	$ 6.60	$ 6.32
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	105,000	105,000	105,000	105,000

(Loss) Earnings Per Share (Deta

(Loss) Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Earnings Per Share, Basic and Diluted, Including Two Class Method [Line Items]
Net (loss) income attributable to Graham Holdings Company common stockholders	$ (23,031)	$ 32,780	$ 152,029	$ 60,919
Less: Dividends paid-common stock outstanding and unvested restricted shares	(7,458)	(7,575)	(30,992)	(30,728)
Undistributed (loss) earnings	$ (30,489)	$ 25,205	$ 121,037	$ 30,191
Percent allocated to common stockholders (1)	100%	99.41%	99.35%	99.41%
Undistributed (Loss) Earnings Allocated To Common Stockholders	$ (30,489)	$ 25,058	$ 120,253	$ 30,015
Add: Dividends paid-common stock outstanding	7,409	7,529	30,797	30,549
Numerator for basic (loss) earnings per share	(23,080)	32,587	151,050	60,564
Add: Additional undistributed earnings due to dilutive stock options	0	1	2	0
Numerator for diluted (loss) earnings per share	$ (23,080)	$ 32,588	$ 151,052	$ 60,564
Weighted average shares outstanding (shares)	4,602	4,808	4,686	4,841
Denominator for diluted (loss) earnings per share (shares)	4,602	4,820	4,700	4,853
Graham Holdings Company Common Stockholders:
Basic (loss) income per common share (in usd per share)	$ (5.02)	$ 6.78	$ 32.23	$ 12.51
Diluted (loss) income per common share (in usd per share)	$ (5.02)	$ 6.76	$ 32.14	$ 12.48
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)	0	12	14	12

(Loss) Earnings Per Share (De_2

(Loss) Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	12	17	10	17
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	13	0	0	0

Pension and Postretirement Pl_3

Pension and Postretirement Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) investment company	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) investment company	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) investment
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 0			$ 0	$ 9,646	$ 0
Percent of plan assets managed internally by the company					42%
Percent of plan assets managed by investment companies					58%
Number of investment companies actively managing plan assets \| company	2				2
Percentage of total plan assets	100%				100%		100%
Berkshire Hathaway Common Stock [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator					20%
Alphabet and Berkshire Hathaway Common Stock [Member] \| Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator					15%
Foreign Investments [Member] \| Maximum [Member] \| Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	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%
Fixed income securities [Member] \| Minimum [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	10%				10%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of total plan assets	17%				17%		16%
Single Equity Concentration [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator					10%
Value of investments	$ 966,400				$ 966,400		$ 842,600
Percentage of total plan assets	35%				35%		33%
Single Equity Concentration [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| investment	1				1		1
Single Equity Concentration [Member] \| Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| investment	1				1		1
Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] \| Defined Benefit Plan Assets Total [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans					10%		10%
Leaf Group and Code3 [Member] \| Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense			$ 4,100
Kaplan, Graham Media Group, Leaf Group, Code3 and Pinna [Member] \| Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense		$ 5,500

Pension and Postretirement Pl_4

Pension and Postretirement Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 8,490	$ 5,557	$ 25,306	$ 16,581
Net Periodic Cost (Benefit)			(73,852)	(136,411)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	8,490	5,557	25,306	16,581
Interest cost	11,559	7,612	34,652	22,893
Expected return on assets	(38,351)	(41,779)	(114,774)	(125,705)
Amortization of prior service cost (credit)	412	708	1,234	2,126
Recognized actuarial loss (gain)	(9,888)	(17,538)	(29,916)	(52,306)
Net Periodic Cost (Benefit)	(27,778)	(45,440)	(83,498)	(136,411)
Special separation benefit expense	0	0	9,646	0
Net Periodic Cost (Benefit)	(27,778)	(45,440)	(73,852)	(136,411)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	148	227	444	683
Interest cost	1,164	823	3,494	2,467
Amortization of prior service cost (credit)	0	9	0	27
Recognized actuarial loss (gain)	0	166	0	499
Net Periodic Cost (Benefit)	1,312	1,225	3,938	3,676
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	38	24	112	73
Amortization of prior service cost (credit)	(2)	(1)	(4)	(5)
Recognized actuarial loss (gain)	(585)	(711)	(1,757)	(2,132)
Net Periodic Cost (Benefit)	$ (549)	$ (688)	$ (1,649)	$ (2,064)

Pension and Postretirement Pl_5

Pension and Postretirement Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Sep. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100%	100%
U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	61%	59%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	17%	16%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	12%	11%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	6%	7%
U.S. stock index fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	4%	7%

Other Non-Operating Income (Nar

Other Non-Operating Income (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses	$ 1,136		$ 1,376	$ 14,368	$ 3,074
Pinna [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain on sale of businesses		$ 10,000
Education [Member] \| Higher Education [Member] \| Kaplan University Transaction [Member]
Schedule of Non-Operating Income (Expense) [Line Items]
Gain related to contingent consideration	$ 1,100		$ 1,400	$ 4,300	$ 3,100

Other Non-Operating Income (Det

Other Non-Operating Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Nonoperating Income (Expense) [Abstract]
Gain on sale of businesses	$ 1,136	$ 1,376	$ 14,368	$ 3,074
Gain on cost method investments	0	560	3,104	560
Foreign currency gain (loss), net	1,720	(448)	1,820	(1,973)
Gain on sale of cost method investments	127	8	958	1,032
Gain on sale of investments in affiliates	0	0	15	604
Other gain, net	598	862	2,193	3,113
Total Other Non-Operating Income	3,581	2,358	22,458	6,410
Equity Securities, FV-NI, Realized Gain (Loss)	$ 0	$ (137)	$ 5,475	$ (10,742)

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before tax		$ (33,361)			$ (59,425)			$ (42,105)	$ (133,782)
Other Comprehensive Income (Loss), income tax		3,468			3,970			8,651	12,213
Other Comprehensive Income (Loss), Net of Tax		(29,893)	$ (4,146)	$ 585	(55,455)	$ (52,979)	$ (13,135)	(33,454)	(121,569)
Foreign Currency Translation Adjustment [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax								(8,096)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax								0
Other Comprehensive Income (Loss), before tax		(19,474)			(44,260)			(8,096)	(86,926)
Other Comprehensive Income (Loss), income tax		0			0			0	0
Other Comprehensive Income (Loss), Net of Tax		(19,474)			(44,260)			(8,096)	(86,926)
Pension and Other Postretirement Plans [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax								0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax		(10,063)			(17,367)			(30,443)	(51,791)
Reclassification from AOCI, Current Period, Tax		2,589			4,476			7,831	13,348
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(7,474)			(12,891)			(22,612)	(38,443)
Other Comprehensive Income (Loss), before tax		(10,063)			(17,367)			(30,443)	(51,791)
Other Comprehensive Income (Loss), income tax		2,589			4,476			7,831	13,348
Other Comprehensive Income (Loss), Net of Tax		(7,474)			(12,891)			(22,612)	(38,443)
Net Prior Service (Credit) Cost [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	410			716			1,230	2,148
Reclassification from AOCI, Current Period, Tax		(105)			(185)			(316)	(554)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		305			531			914	1,594
Net Actuarial Gain [Member]
Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	[1]	(10,473)			(18,083)			(31,673)	(53,939)
Reclassification from AOCI, Current Period, Tax		2,694			4,661			8,147	13,902
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		(7,779)			(13,422)			(23,526)	(40,037)
Cash Flow Hedges [Member]
Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax								2,491
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax								(5,237)
Other Comprehensive Income (Loss), before tax		(3,824)			2,202			(3,566)	4,935
Other Comprehensive Income (Loss), income tax		879			(506)			820	(1,135)
Other Comprehensive Income (Loss), Net of Tax		$ (2,945)			$ 1,696			$ (2,746)	$ 3,800

[1]These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 3,832,525	$ 3,769,730	$ 3,752,661	$ 4,322,243	$ 4,472,941	$ 4,411,669	$ 3,752,661	$ 4,411,669
Other Comprehensive Loss, Net of Tax	(29,893)	(4,146)	585	(55,455)	(52,979)	(13,135)	(33,454)	(121,569)
As of	3,714,141	$ 3,832,525	3,769,730	4,276,961	$ 4,322,243	$ 4,472,941	3,714,141	4,276,961
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			336,151				336,151
Other comprehensive (loss) income before reclassifications							(5,605)
Net amount reclassified from accumulated other comprehensive income (loss)							(27,849)
Other Comprehensive Loss, Net of Tax							(33,454)
As of	302,697						302,697
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			(54,638)				(54,638)
Other comprehensive (loss) income before reclassifications							(8,096)
Net amount reclassified from accumulated other comprehensive income (loss)							0
Other Comprehensive Loss, Net of Tax	(19,474)			(44,260)			(8,096)	(86,926)
As of	(62,734)						(62,734)
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			388,591				388,591
Other comprehensive (loss) income before reclassifications							0
Net amount reclassified from accumulated other comprehensive income (loss)	(7,474)			(12,891)			(22,612)	(38,443)
Other Comprehensive Loss, Net of Tax	(7,474)			(12,891)			(22,612)	(38,443)
As of	365,979						365,979
Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of			$ 2,198				2,198
Other comprehensive (loss) income before reclassifications							2,491
Net amount reclassified from accumulated other comprehensive income (loss)							(5,237)
Other Comprehensive Loss, Net of Tax	(2,945)			$ 1,696			(2,746)	$ 3,800
As of	$ (548)						$ (548)

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		$ 11,810			$ 11,579			$ 37,878	$ 38,969
Provision for Income Taxes		9,400			12,600			70,400	26,800
Net of Tax		21,134	$ (124,171)	$ (52,977)	(33,840)	$ 66,615	$ (96,566)	(156,014)	(63,791)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net of Tax		(12,302)			(12,768)			(27,849)	(37,985)
Foreign Currency Translation Adjustment [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax								0
Pension and Other Postretirement Plans [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax		(10,063)			(17,367)			(30,443)	(51,791)
Provision for Income Tax		2,589			4,476			7,831	13,348
Reclassifications, net of tax		(7,474)			(12,891)			(22,612)	(38,443)
Net Prior Service (Credit) Cost [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	410			716			1,230	2,148
Provision for Income Tax		(105)			(185)			(316)	(554)
Reclassifications, net of tax		305			531			914	1,594
Net Actuarial Gain [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, before tax	[1]	(10,473)			(18,083)			(31,673)	(53,939)
Provision for Income Tax		2,694			4,661			8,147	13,902
Reclassifications, net of tax		(7,779)			(13,422)			(23,526)	(40,037)
Cash Flow Hedges [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Reclassifications, net of tax								(5,237)
Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Interest expense		$ (4,828)			$ 123			$ (5,237)	$ 458

[1]These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Contingencies (Details)

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

Business Segments (Narrative) (

Business Segments (Narrative) (Details)	9 Months Ended
Business Segments (Narrative) (Details)	Sep. 30, 2023 segment
Business Segments [Line Items]
Number of reportable segments	7

Business Segments (Information

Business Segments (Information by Operating Segment) (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenues	$ 1,111,519	$ 1,012,438	$ 3,248,064	$ 2,860,461
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	52,968	74,167	166,672	183,267
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	110,080	14,635	138,073	44,436
Income (Loss) from Operations	(57,112)	59,532	28,599	138,831
Equity in (losses) earnings of affiliates, net	(791)	(1,111)	(2,245)	2,920
Interest Expense, Net	(9,824)	(10,776)	(33,140)	(36,755)
Non-operating pension and postretirement benefit income, net	35,653	50,687	97,313	152,063
Gain (loss) on marketable equity securities, net	16,759	(54,250)	113,429	(172,878)
Other Income, Net	3,581	2,358	22,458	6,410
(Loss) Income Before Income Taxes	(11,734)	46,440	226,414	90,591
Depreciation of property, plant and equipment	22,207	19,657	63,335	58,545
Pension Service Cost	8,490	5,557	25,306	16,581
Identifiable Assets	4,129,051		4,129,051		$ 4,127,829
Marketable equity securities	665,514		665,514		609,921
Investments in Affiliates	191,408		191,408		186,419
Prepaid Pension Cost	1,703,216		1,703,216		1,658,046
Total Assets	6,689,189		6,689,189		6,582,215
Amortization of Intangible Assets	11,759	14,635	39,007	44,436
Impairment of goodwill and other long-lived assets	98,321	0	99,066	0
Operating Segments [Member] \| Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	411,837	355,064	1,192,105	1,066,089
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	33,069	22,625	94,625	69,952
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	3,210	3,980	11,610	12,190
Income (Loss) from Operations	29,859	18,645	83,015	57,762
Depreciation of property, plant and equipment	10,000	8,360	28,428	25,396
Pension Service Cost	2,226	2,233	6,680	6,700
Identifiable Assets	1,960,870		1,960,870		1,987,042
Amortization of Intangible Assets	3,210	3,980	11,133	12,190
Impairment of goodwill and other long-lived assets	0	0	477	0
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Kaplan International [Member]
Segment Reporting Information [Line Items]
Operating Revenues	249,976	193,085	714,715	598,469
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	22,220	8,503	64,272	48,130
Income (Loss) from Operations	22,220	8,503	64,272	48,130
Depreciation of property, plant and equipment	7,599	5,709	20,832	17,258
Pension Service Cost	83	67	244	202
Identifiable Assets	1,437,590		1,437,590		1,479,833
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Higher Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	81,925	82,314	250,557	233,990
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	8,465	9,064	33,343	17,423
Income (Loss) from Operations	8,465	9,064	33,343	17,423
Depreciation of property, plant and equipment	1,258	1,050	3,431	3,256
Pension Service Cost	958	961	2,803	2,862
Identifiable Assets	223,593		223,593		187,034
Operating Segments [Member] \| Education [Member] \| Reportable Subsegments [Member] \| Supplemental Education [Member]
Segment Reporting Information [Line Items]
Operating Revenues	78,332	79,566	226,535	233,416
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	9,729	9,471	16,992	17,671
Income (Loss) from Operations	9,729	9,471	16,992	17,671
Depreciation of property, plant and equipment	1,117	1,570	4,087	4,787
Pension Service Cost	1,063	1,029	3,110	3,106
Identifiable Assets	252,571		252,571		268,499
Operating Segments [Member] \| Education [Member] \| Kaplan Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	3,101	2,616	8,360	7,414
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	(7,412)	(4,616)	(20,074)	(13,438)
Income (Loss) from Operations	(10,622)	(8,596)	(31,684)	(25,628)
Depreciation of property, plant and equipment	26	31	78	95
Pension Service Cost	122	176	523	530
Identifiable Assets	47,116		47,116		51,676
Operating Segments [Member] \| Education [Member] \| Intersubsegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(1,497)	(2,517)	(8,062)	(7,200)
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	67	203	92	166
Income (Loss) from Operations	67	203	92	166
Operating Segments [Member] \| Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Operating Revenues	116,112	135,165	347,818	380,970
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	33,310	53,691	97,808	135,991
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	1,363	1,360	4,088	4,080
Income (Loss) from Operations	31,947	52,331	93,720	131,911
Depreciation of property, plant and equipment	3,120	2,961	9,243	9,335
Pension Service Cost	833	884	2,498	2,666
Identifiable Assets	420,938		420,938		431,084
Operating Segments [Member] \| Manufacturing [Member]
Segment Reporting Information [Line Items]
Operating Revenues	109,216	122,964	343,882	365,966
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	10,515	14,723	39,019	39,527
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	51,489	5,076	60,683	15,403
Income (Loss) from Operations	(40,974)	9,647	(21,664)	24,124
Depreciation of property, plant and equipment	2,388	2,358	6,957	7,109
Pension Service Cost	280	276	836	828
Identifiable Assets	435,324		435,324		486,487
Operating Segments [Member] \| Healthcare [Member]
Segment Reporting Information [Line Items]
Operating Revenues	116,164	87,176	331,505	230,816
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	6,837	6,953	19,986	21,491
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	866	905	2,702	2,822
Income (Loss) from Operations	5,971	6,048	17,284	18,669
Depreciation of property, plant and equipment	1,411	590	3,802	1,455
Pension Service Cost	3,521	138	10,563	417
Identifiable Assets	252,770		252,770		249,845
Operating Segments [Member] \| Automotive [Member]
Segment Reporting Information [Line Items]
Operating Revenues	272,018	211,396	765,251	509,965
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	8,240	11,050	28,543	25,493
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	3	0	3	0
Income (Loss) from Operations	8,237	11,050	28,540	25,493
Depreciation of property, plant and equipment	1,304	1,067	3,565	2,596
Pension Service Cost	16	6	26	17
Identifiable Assets	568,673		568,673		427,221
Operating Segments [Member] \| Other Businesses [Member]
Segment Reporting Information [Line Items]
Operating Revenues	86,653	101,207	269,110	308,150
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	(24,404)	(17,840)	(73,428)	(68,301)
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	53,149	3,314	58,987	9,941
Income (Loss) from Operations	(77,553)	(21,154)	(132,415)	(78,242)
Depreciation of property, plant and equipment	3,832	4,169	10,882	12,198
Pension Service Cost	662	552	1,847	1,549
Identifiable Assets	366,694		366,694		475,583
Corporate Office [Member]
Segment Reporting Information [Line Items]
Operating Revenues	365	0	1,215	0
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	(14,599)	(17,035)	(39,881)	(40,886)
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	0	0	0	0
Income (Loss) from Operations	(14,599)	(17,035)	(39,881)	(40,886)
Depreciation of property, plant and equipment	152	152	458	456
Pension Service Cost	952	1,468	2,856	4,404
Identifiable Assets	123,782		123,782		$ 70,567
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	$ (846)	$ (534)	$ (2,822)	$ (1,495)