Company Quick10K Filing
Graham
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 5 $3,672
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-25 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-23 Annual: 2017-12-31
10-Q 2017-11-01 Quarter: 2017-09-30
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-02 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-05 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-11-06 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-Q 2011-11-09 Quarter: 2011-10-02
10-Q 2011-08-11 Quarter: 2011-07-03
10-Q 2011-05-11 Quarter: 2011-04-03
10-K 2011-03-02 Annual: 2011-01-02
10-Q 2010-11-10 Quarter: 2010-10-03
10-Q 2010-08-11 Quarter: 2010-07-04
10-Q 2010-05-11 Quarter: 2010-04-04
10-K 2010-03-02 Annual: 2010-01-03
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-02 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-25 Earnings, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-24 Other Events, Exhibits
8-K 2018-05-24 Other Events, Exhibits
8-K 2018-05-21 Regulation FD, Other Events, Exhibits
8-K 2018-05-21 Other Events, Exhibits
8-K 2018-05-03 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-03-22 Enter Agreement
8-K 2018-03-05 Other Events
8-K 2018-02-23 Earnings, Exhibits
8-K 2018-01-18 Officers
GHC 2019-09-30
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-10.1 dex101.htm
EX-31.1 dex311.htm
EX-31.2 dex312.htm
EX-32 dex32.htm

Graham Earnings 2019-09-30

GHC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
HRB 4,859 3,110 2,819 3,100 1,335 425 727 5,694 43% 7.8 14%
CHGG 4,690 1,416 956 361 275 -15 -12 4,133 76% -337.4 -1%
STRA 3,904 1,785 347 980 0 101 247 3,528 0% 14.3 6%
LAUR 3,851 7,092 3,972 3,324 608 1,239 1,549 4,855 18% 3.1 17%
SE 3,774 2,193 2,432 0 0 0 0 2,516 0%
GHC 3,672 5,213 2,170 2,794 0 321 523 3,982 0% 7.6 6%
UNF 3,295 1,981 372 1,764 655 170 324 2,946 37% 9.1 9%
YELP 2,701 1,083 337 968 910 61 111 2,539 94% 22.9 6%
ATGE 2,649 2,243 842 1,240 616 95 208 2,756 50% 13.2 4%
PINC 2,418 2,570 909 1,563 872 284 458 2,311 56% 5.0 11%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2019
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number 001-06714
GRAHAM HOLDINGS COMPANY
(Exact name of registrant as specified in its charter)
Delaware
 
53-0182885
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
1300 North 17th Street
,
Arlington
,
Virginia
 
22209
(Address of principal executive offices)
 
(Zip Code)
(703) 345-6300
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class B Common Stock, par value $1.00 per share
 
 GHC
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  .    No  .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  .    No  .  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated
filer
Non-accelerated
filer
Smaller reporting
company
Emerging growth
company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  .    No  .  
Shares outstanding at October 25, 2019:
Class A Common Stock – 964,001 Shares
Class B Common Stock – 4,350,385 Shares
 




GRAHAM HOLDINGS COMPANY
Index to Form 10-Q
 
PART I. FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Condensed Consolidated Balance Sheets at September 30, 2019 (Unaudited) and December 31, 2018
 
 
 
 
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Condensed Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Notes to Condensed Consolidated Financial Statements (Unaudited)
 
 
 
 
Organization, Basis of Presentation and Recent Accounting Pronouncements
 
Acquisitions and Dispositions of Businesses
 
Investments
 
Accounts Receivable
 
Inventories, Contracts in Progress and Vehicle Floor Plan Payable
 
Leases
 
Goodwill and Other Intangible Assets
 
Debt
 
Fair Value Measurements
 
Revenue From Contracts With Customers
 
Earnings Per Share
 
Pension and Postretirement Plans
 
Other Non-Operating Income
 
Accumulated Other Comprehensive Income (Loss)
 
Contingencies and Regulatory Matters
 
Business Segments
 
 
 
Item 2.
Management’s Discussion and Analysis of Results of Operations and Financial Condition
 
 
 
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 6.
Exhibits
 
 
Signatures




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
  
Three Months Ended 
 September 30
 
Nine Months Ended 
 September 30
  
 
(in thousands, except per share amounts)
2019
 
2018
 
2019
 
2018
Operating Revenues
$
738,820

 
$
674,766

 
$
2,168,621

 
$
2,006,879

Operating Costs and Expenses
 
 
  
 
 
 
  
Operating
517,935

 
448,920

 
1,498,928

 
1,254,726

Selling, general and administrative
175,322

 
131,081

 
472,124

 
497,504

Depreciation of property, plant and equipment
15,351

 
13,648

 
42,758

 
41,909

Amortization of intangible assets
13,572

 
12,269

 
39,512

 
34,052

Impairment of long-lived assets
372

 
8,109

 
1,065

 
8,109

  
722,552

 
614,027

 
2,054,387

 
1,836,300

Income from Operations
16,268

 
60,739

 
114,234

 
170,579

Equity in earnings of affiliates, net
4,683

 
9,537

 
7,829

 
13,047

Interest income
1,474

 
611

 
4,753

 
3,884

Interest expense
(6,776
)
 
(6,135
)
 
(22,587
)
 
(31,371
)
Debt extinguishment costs

 

 

 
(11,378
)
Non-operating pension and postretirement benefit income, net
19,556

 
22,214

 
51,737

 
66,641

Gain on marketable equity securities, net
17,404

 
44,962

 
49,261

 
28,306

Other income, net
5,556

 
3,142

 
36,135

 
14,662

Income Before Income Taxes
58,165

 
135,070

 
241,362

 
254,370

Provision for Income Taxes
15,200

 
10,000

 
59,500

 
39,700

Net Income
42,965

 
125,070

 
181,862

 
214,670

Net Loss (Income) Attributable to Noncontrolling Interests
180

 
(6
)
 
112

 
(149
)
Net Income Attributable to Graham Holdings Company Common Stockholders
$
43,145

 
$
125,064

 
$
181,974

 
$
214,521

Per Share Information Attributable to Graham Holdings Company Common Stockholders
  

 
  

 
  

 
  

Basic net income per common share
$
8.12

 
$
23.43

 
$
34.24

 
$
39.81

Basic average number of common shares outstanding
5,285

 
5,302

 
5,285

 
5,354

Diluted net income per common share
$
8.05

 
$
23.28

 
$
33.96

 
$
39.54

Diluted average number of common shares outstanding
5,329

 
5,337

 
5,328

 
5,390

See accompanying Notes to Condensed Consolidated Financial Statements.

1



GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
  
Three Months Ended 
 September 30
 
Nine Months Ended 
 September 30
(in thousands)
2019
 
2018
 
2019
 
2018
Net Income
$
42,965

 
$
125,070

 
$
181,862

 
$
214,670

Other Comprehensive Loss, Before Tax
  
 
  
 
 
 
  
Foreign currency translation adjustments:
  
 
  
 
 
 
  
Translation adjustments arising during the period
(16,684
)
 
(2,844
)
 
(17,755
)
 
(22,447
)
Pension and other postretirement plans:
  
 
  
 
  
 
  
Amortization of net prior service (credit) cost included in net income
(932
)
 
69

 
(3,210
)
 
215

Amortization of net actuarial gain included in net income
(511
)
 
(3,295
)
 
(1,534
)
 
(7,956
)
  
(1,443
)
 
(3,226
)
 
(4,744
)
 
(7,741
)
Cash flow hedges (loss) gain
(477
)
 
(6
)
 
(904
)
 
601

Other Comprehensive Loss, Before Tax
(18,604
)
 
(6,076
)
 
(23,403
)
 
(29,587
)
Income tax benefit related to items of other comprehensive loss
518

 
874

 
1,512

 
1,976

Other Comprehensive Loss, Net of Tax
(18,086
)
 
(5,202
)
 
(21,891
)
 
(27,611
)
Comprehensive Income
24,879

 
119,868

 
159,971

 
187,059

Comprehensive loss (income) attributable to noncontrolling interests
180

 
(6
)
 
112

 
(149
)
Total Comprehensive Income Attributable to Graham Holdings Company
$
25,059

 
$
119,862

 
$
160,083

 
$
186,910


See accompanying Notes to Condensed Consolidated Financial Statements.

2



GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
 
As of
(in thousands)
September 30,
2019
 
December 31,
2018
  
(Unaudited)
 
  
Assets
  
 
  
Current Assets
  
 
  
Cash and cash equivalents
$
142,264

 
$
253,256

Restricted cash
15,143

 
10,859

Investments in marketable equity securities and other investments
554,211

 
514,581

Accounts receivable, net
612,141

 
582,280

Income taxes receivable
9,440

 
19,166

Inventories and contracts in progress
113,196

 
69,477

Other current assets
87,863

 
82,723

Total Current Assets
1,534,258

 
1,532,342

Property, Plant and Equipment, Net
370,882

 
293,085

Lease Right-of-Use Assets
503,830

 

Investments in Affiliates
163,986

 
143,813

Goodwill, Net
1,345,393

 
1,297,712

Indefinite-Lived Intangible Assets
144,477

 
99,052

Amortized Intangible Assets, Net
245,393

 
263,261

Prepaid Pension Cost
1,038,676

 
1,003,558

Deferred Income Taxes
11,400

 
13,388

Deferred Charges and Other Assets
129,451

 
117,830

Total Assets
$
5,487,746

 
$
4,764,041

 
 
 
 
Liabilities and Equity
  

 
  

Current Liabilities
  

 
  

Accounts payable and accrued liabilities
$
477,522

 
$
486,578

Deferred revenue
337,573

 
308,728

Income taxes payable
6,668

 
10,496

Current portion of lease liabilities
78,114

 

Current portion of long-term debt
81,697

 
6,360

Dividends declared
7,387

 

Total Current Liabilities
988,961

 
812,162

Accrued Compensation and Related Benefits
177,116

 
179,652

Other Liabilities
27,398

 
57,901

Deferred Income Taxes
348,054

 
322,421

Lease Liabilities
462,868

 

Long-Term Debt
420,535

 
470,777

Total Liabilities
2,424,932

 
1,842,913

Redeemable Noncontrolling Interest
3,903

 
4,346

Preferred Stock

 

Common Stockholders’ Equity
  

 
  

Common stock
20,000

 
20,000

Capital in excess of par value
379,923

 
378,837

Retained earnings
6,388,546

 
6,236,125

Accumulated other comprehensive income, net of tax
 
 
  

Cumulative foreign currency translation adjustment
(47,025
)
 
(29,270
)
Unrealized gain on pensions and other postretirement plans
229,373

 
232,836

Cash flow hedges
(410
)
 
263

Cost of Class B common stock held in treasury
(3,918,397
)
 
(3,922,009
)
Total Common Stockholders’ Equity
3,052,010

 
2,916,782

Noncontrolling Interest
6,901

 

Total Equity
3,058,911

 
2,916,782

Total Liabilities and Equity
$
5,487,746

 
$
4,764,041


See accompanying Notes to Condensed Consolidated Financial Statements.

3



GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
  
Nine Months Ended 
 September 30
(in thousands)
2019
 
2018
Cash Flows from Operating Activities
  
 
  
Net Income
$
181,862

 
$
214,670

Adjustments to reconcile net income to net cash provided by operating activities:
  
 
  
Depreciation, amortization and impairment of long-lived assets
83,335

 
84,070

Amortization of lease right-of-use asset
61,797

 

Net pension benefit and special separation benefit expense
(33,061
)
 
(55,458
)
Gain on marketable equity securities and cost method investments, net
(54,341
)
 
(36,793
)
Gain on disposition of businesses, property, plant and equipment and investments, net
(28,871
)
 
(13,379
)
Provision for doubtful trade and other receivables
21,532

 
7,858

Debt extinguishment costs

 
10,563

Stock-based compensation expense, net
4,752

 
5,172

Foreign exchange (gain) loss
(1,284
)
 
2,205

Write-down of cost method investments

 
2,500

Equity in earnings of affiliates, net of distributions
(3,882
)
 
(10,294
)
Provision (benefit) for deferred income taxes
26,310

 
(10,867
)
Change in operating assets and liabilities:
 
 
 
Accounts receivable, net
(47,308
)
 
47,342

Inventories
(11,969
)
 
(10,913
)
Accounts payable and accrued liabilities
(60,708
)
 
(95,100
)
Deferred revenue
24,920

 
38,148

Income taxes receivable
5,526

 
23,073

Other assets and other liabilities, net
(96,913
)
 
(12,844
)
Other
587

 
1,905

Net Cash Provided by Operating Activities
72,284

 
191,858

Cash Flows from Investing Activities
  
 
  
Investments in certain businesses, net of cash acquired
(162,060
)
 
(111,451
)
Purchases of property, plant and equipment
(75,712
)
 
(58,850
)
Net proceeds (payments) from disposition of businesses, property, plant and equipment and investments
53,785

 
(13,483
)
Investments in equity affiliates, cost method and other investments
(25,836
)
 
(10,679
)
Proceeds from sales of marketable equity securities
17,586

 
66,741

Purchases of marketable equity securities
(7,499
)
 

Loan to related party and advance related to Kaplan University transaction
(3,500
)
 
(28,061
)
Return of investment in equity affiliates
786

 
4,521

Net Cash Used in Investing Activities
(202,450
)
 
(151,262
)
Cash Flows from Financing Activities
  
 
  
Common shares repurchased

 
(110,848
)
Issuance of borrowings
30,000

 
400,000

Net borrowing under revolving credit facility
5,000

 

Net proceeds from vehicle floor plan payable
15,106

 

Dividends paid
(22,167
)
 
(21,564
)
Issuance of noncontrolling interest
6,536

 

Purchase of noncontrolling interest
(550
)
 
(16,500
)
Repayments of borrowings and early redemption premium
(7,901
)
 
(417,112
)
Payments of debt financing costs
(33
)
 
(6,490
)
Other
(356
)
 
5,303

Net Cash Provided by (Used in) Financing Activities
25,635

 
(167,211
)
Effect of Currency Exchange Rate Change
(2,177
)
 
(4,216
)
Net Decrease in Cash and Cash Equivalents and Restricted Cash
(106,708
)
 
(130,831
)
Beginning Cash and Cash Equivalents and Restricted Cash
264,115

 
407,566

Ending Cash and Cash Equivalents and Restricted Cash
$
157,407

 
$
276,735



See accompanying Notes to Condensed Consolidated Financial Statements.

4



GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(in thousands)
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated Other Comprehensive Income
Treasury
Stock
Noncontrolling
Interest
Total Equity
 
Redeemable Noncontrolling Interest
As of December 31, 2018
$
20,000

$
378,837

$
6,236,125

$
203,829

$
(3,922,009
)
$

$
2,916,782

 
$
4,346

Net income for the period
 
 
81,702

 
 
 
81,702

 
 
Issuance of noncontrolling interest
 
 
 
 
 
6,000

6,000

 
 
Net loss attributable to noncontrolling interest
 
 
62

 
 
(62
)

 
 
Net income attributable to redeemable noncontrolling interests
 
 
(16
)
 
 
 
(16
)
 
16

Change in redemption value of redeemable noncontrolling interests
 
(54
)
 
 
 
 
(54
)
 
54

Dividends on common stock
 
 
(14,779
)
 
 
 
(14,779
)
 
 
Issuance of Class B common stock, net of restricted stock award forfeitures
 
(3,783
)
 
 
3,755

 
(28
)
 
 
Amortization of unearned stock compensation and stock option expense
 
1,639

 
 
 
 
1,639

 
 
Other comprehensive income, net of income taxes
 
 
 
8,290

 
 
8,290

 
 
Purchase of redeemable noncontrolling interest
 
 
 
 
 
 

 
(550
)
As of March 31, 2019
$
20,000

$
376,639

$
6,303,094

$
212,119

$
(3,918,254
)
$
5,938

$
2,999,536

 
$
3,866

Net income for the period
 
 
57,195

 
 
 
57,195

 
 
Net income attributable to noncontrolling interest
 
 
(104
)
 
 
104


 
 
Net income attributable to redeemable noncontrolling interests
 
 
(10
)
 
 
 
(10
)
 
10

Dividends on common stock
 
 
(7,388
)
 
 
 
(7,388
)
 
 
Amortization of unearned stock compensation and stock option expense
 
1,616

 
 
 
 
1,616

 
 
Other comprehensive loss, net of income taxes
 
 
 
(12,095
)
 
 
(12,095
)
 
 
As of June 30, 2019
$
20,000

$
378,255

$
6,352,787

$
200,024

$
(3,918,254
)
$
6,042

$
3,038,854

 
$
3,876

Net income for the period
 
 
42,965

 
 
 
42,965

 
 
Issuance of noncontrolling interest
 
 
 
 
 
536

536

 
 
Net loss attributable to noncontrolling interest
 
 
207

 
 
(207
)

 
 
Acquisition of noncontrolling interest
 
 
 
 
 
530

530

 
 
Net income attributable to redeemable noncontrolling interests
 
 
(27
)
 
 
 
(27
)
 
27

Dividends on common stock
 
 
(7,386
)
 
 
 
(7,386
)
 
 
Issuance of Class B common stock, net of restricted stock award forfeitures
 
(1
)
 
 
(143
)
 
(144
)
 
 
Amortization of unearned stock compensation and stock option expense
 
1,669

 
 
 
 
1,669

 
 
Other comprehensive loss, net of income taxes
 
 
 
(18,086
)
 
 
(18,086
)
 
 
As of September 30, 2019
$
20,000

$
379,923

$
6,388,546

$
181,938

$
(3,918,397
)
$
6,901

$
3,058,911

 
$
3,903


5



(in thousands)
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated Other Comprehensive Income
Treasury
Stock
Noncontrolling
Interest
Total Equity
 
Redeemable Noncontrolling Interest
As of December 31, 2017
$
20,000

$
370,700

$
5,791,724

$
535,555

$
(3,802,834
)
$

$
2,915,145

 
$
4,607

Net income for the period
 
 
42,965

 
 
 
42,965

 
 
Net income attributable to redeemable noncontrolling interests
 
 
(73
)
 
 
 
(73
)
 
73

Dividends on common stock
 
 
(14,638
)
 
 
 
(14,638
)
 
 
Repurchase of Class B common stock
 
 
 
 
(79,001
)
 
(79,001
)
 
 
Issuance of Class B common stock, net of restricted stock award forfeitures
 
(189
)
 
 
119

 
(70
)
 
 
Amortization of unearned stock compensation and stock option expense
 
2,325

 
 
 
 
2,325

 
 
Other comprehensive income, net of income taxes
 
 
 
10,812

 
 
10,812

 
 
Cumulative effect of accounting change
 
 
201,812

(194,889
)
 
 
6,923

 
 
As of March 31, 2018
$
20,000

$
372,836

$
6,021,790

$
351,478

$
(3,881,716
)
$

$
2,884,388

 
$
4,680

Net income for the period
 
 
46,635

 
 
 
46,635

 
 
Net income attributable to redeemable noncontrolling interests
 
 
(70
)
 
 
 
(70
)
 
70

Dividends on common stock
 
 
(6,949
)
 
 
 
(6,949
)
 
 
Repurchase of Class B common stock
 
 
 
 
(15,091
)
 
(15,091
)
 
 
Issuance of Class B common stock, net of restricted stock award forfeitures
 
(496
)
 
 
(494
)
 
(990
)
 
 
Amortization of unearned stock compensation and stock option expense
 
2,162

 
 
 
 
2,162

 
 
Other comprehensive loss, net of income taxes
 
 
 
(33,221
)
 
 
(33,221
)
 
 
As of June 30, 2018
$
20,000

$
374,502

$
6,061,406

$
318,257

$
(3,897,301
)
$

$
2,876,864

 
$
4,750

Net income for the period
 
 
125,070

 
 
 
125,070

 
 
Net income attributable to redeemable noncontrolling interests
 
 
(6
)
 
 
 
(6
)
 
6

Dividends on common stock