10-Q 1 ghc-20220930.htm FORM 10-Q ghc-20220930
false2022Q3000010488912/311P7Y00001048892022-01-012022-09-300000104889us-gaap:CommonClassAMember2022-10-28xbrli:shares0000104889us-gaap:CommonClassBMember2022-10-280000104889us-gaap:ServiceMember2022-07-012022-09-30iso4217:USD0000104889us-gaap:ServiceMember2021-07-012021-09-300000104889us-gaap:ServiceMember2022-01-012022-09-300000104889us-gaap:ServiceMember2021-01-012021-09-300000104889us-gaap:ProductMember2022-07-012022-09-300000104889us-gaap:ProductMember2021-07-012021-09-300000104889us-gaap:ProductMember2022-01-012022-09-300000104889us-gaap:ProductMember2021-01-012021-09-3000001048892022-07-012022-09-3000001048892021-07-012021-09-3000001048892021-01-012021-09-30iso4217:USDxbrli:shares00001048892022-09-3000001048892021-12-3100001048892020-12-3100001048892021-09-300000104889us-gaap:CommonStockMember2021-12-310000104889us-gaap:AdditionalPaidInCapitalMember2021-12-310000104889us-gaap:RetainedEarningsMember2021-12-310000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000104889us-gaap:TreasuryStockMember2021-12-310000104889us-gaap:NoncontrollingInterestMember2021-12-310000104889us-gaap:RetainedEarningsMember2022-01-012022-03-3100001048892022-01-012022-03-310000104889us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000104889us-gaap:TreasuryStockMember2022-01-012022-03-310000104889us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000104889us-gaap:CommonStockMember2022-03-310000104889us-gaap:AdditionalPaidInCapitalMember2022-03-310000104889us-gaap:RetainedEarningsMember2022-03-310000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000104889us-gaap:TreasuryStockMember2022-03-310000104889us-gaap:NoncontrollingInterestMember2022-03-3100001048892022-03-310000104889us-gaap:RetainedEarningsMember2022-04-012022-06-3000001048892022-04-012022-06-300000104889us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000104889us-gaap:TreasuryStockMember2022-04-012022-06-300000104889us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000104889us-gaap:CommonStockMember2022-06-300000104889us-gaap:AdditionalPaidInCapitalMember2022-06-300000104889us-gaap:RetainedEarningsMember2022-06-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000104889us-gaap:TreasuryStockMember2022-06-300000104889us-gaap:NoncontrollingInterestMember2022-06-3000001048892022-06-300000104889us-gaap:RetainedEarningsMember2022-07-012022-09-300000104889us-gaap:NoncontrollingInterestMember2022-07-012022-09-300000104889us-gaap:TreasuryStockMember2022-07-012022-09-300000104889us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000104889us-gaap:CommonStockMember2022-09-300000104889us-gaap:AdditionalPaidInCapitalMember2022-09-300000104889us-gaap:RetainedEarningsMember2022-09-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000104889us-gaap:TreasuryStockMember2022-09-300000104889us-gaap:NoncontrollingInterestMember2022-09-300000104889us-gaap:CommonStockMember2020-12-310000104889us-gaap:AdditionalPaidInCapitalMember2020-12-310000104889us-gaap:RetainedEarningsMember2020-12-310000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000104889us-gaap:TreasuryStockMember2020-12-310000104889us-gaap:NoncontrollingInterestMember2020-12-310000104889us-gaap:RetainedEarningsMember2021-01-012021-03-3100001048892021-01-012021-03-310000104889us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000104889us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000104889us-gaap:TreasuryStockMember2021-01-012021-03-310000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000104889us-gaap:CommonStockMember2021-03-310000104889us-gaap:AdditionalPaidInCapitalMember2021-03-310000104889us-gaap:RetainedEarningsMember2021-03-310000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000104889us-gaap:TreasuryStockMember2021-03-310000104889us-gaap:NoncontrollingInterestMember2021-03-3100001048892021-03-310000104889us-gaap:RetainedEarningsMember2021-04-012021-06-3000001048892021-04-012021-06-300000104889us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000104889us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000104889us-gaap:TreasuryStockMember2021-04-012021-06-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000104889us-gaap:CommonStockMember2021-06-300000104889us-gaap:AdditionalPaidInCapitalMember2021-06-300000104889us-gaap:RetainedEarningsMember2021-06-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000104889us-gaap:TreasuryStockMember2021-06-300000104889us-gaap:NoncontrollingInterestMember2021-06-3000001048892021-06-300000104889us-gaap:RetainedEarningsMember2021-07-012021-09-300000104889us-gaap:NoncontrollingInterestMember2021-07-012021-09-300000104889us-gaap:TreasuryStockMember2021-07-012021-09-300000104889us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000104889us-gaap:CommonStockMember2021-09-300000104889us-gaap:AdditionalPaidInCapitalMember2021-09-300000104889us-gaap:RetainedEarningsMember2021-09-300000104889us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000104889us-gaap:TreasuryStockMember2021-09-300000104889us-gaap:NoncontrollingInterestMember2021-09-300000104889ghc:TelevisionBroadcastingMember2022-09-30ghc:televisionStationghc:campus0000104889ghc:GrahamHealthcareGroupMember2022-01-012022-09-30ghc:business0000104889ghc:AutomotiveMember2022-01-012022-09-300000104889ghc:GrahamHealthcareGroupMember2022-08-012022-08-310000104889ghc:AppliedBehaviorAnalysisClinicsMemberghc:GrahamHealthcareGroupMember2022-07-31xbrli:pure0000104889ghc:AutodealershipsMemberghc:AutomotiveMember2022-07-05ghc:store0000104889ghc:GrahamHealthcareGroupMember2022-05-012022-05-3100001048892021-01-012021-12-310000104889ghc:EducationMember2021-01-012021-12-310000104889ghc:GrahamHealthcareGroupMember2021-01-012021-12-310000104889ghc:AutomotiveMember2021-01-012021-12-310000104889us-gaap:AllOtherSegmentsMember2021-01-012021-12-310000104889us-gaap:AllOtherSegmentsMemberghc:LeafGroupMember2021-06-142021-06-140000104889us-gaap:AllOtherSegmentsMemberghc:LeafGroupMember2021-06-140000104889ghc:GrahamHealthcareGroupMember2021-12-012021-12-310000104889ghc:GrahamHealthcareGroupMemberghc:WeissMember2021-12-310000104889ghc:GrahamHealthcareGroupMembersrt:MaximumMemberghc:WeissMember2021-12-310000104889ghc:FordAutoDealershipMemberghc:AutomotiveMember2021-12-280000104889us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-09-300000104889us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2021-12-310000104889ghc:ManufacturingMemberghc:HooverTreatedWoodProductsMember2021-03-012021-03-310000104889ghc:ManufacturingMemberghc:HooverTreatedWoodProductsMember2022-09-300000104889ghc:EducationMember2021-11-012021-11-300000104889ghc:MarkelCorporationMember2022-09-300000104889ghc:MarkelCorporationMember2021-12-310000104889ghc:ConcentrationInSingleMarketableEquitySecurityMember2022-09-30ghc:investment0000104889ghc:ConcentrationInSingleMarketableEquitySecurityMemberus-gaap:EquitySecuritiesMemberus-gaap:AssetsTotalMember2022-01-012022-09-300000104889ghc:IntersectionMember2022-09-300000104889ghc:GrahamHealthcareGroupMemberghc:ResidentialHomeHealthIllinoisMember2022-09-300000104889ghc:ResidentialHospiceIllinoisMemberghc:GrahamHealthcareGroupMember2022-09-300000104889ghc:GrahamHealthcareGroupMemberghc:ResidentialAndMichiganHospitalJointVentureMember2022-09-300000104889ghc:CelticHealthcareAlleghenyHealthNetworkJointVentureMemberghc:GrahamHealthcareGroupMember2022-09-300000104889ghc:GrahamHealthcareGroupMemberghc:ResidentialHomeHealthIllinoisAndResidentialHospiceIllinoisMember2022-01-012022-03-310000104889ghc:ResidentialHospiceIllinoisMemberghc:GrahamHealthcareGroupMember2022-01-012022-03-310000104889ghc:GrahamHealthcareGroupMember2022-07-012022-09-300000104889ghc:GrahamHealthcareGroupMember2022-01-012022-09-300000104889ghc:GrahamHealthcareGroupMember2021-07-012021-09-300000104889ghc:GrahamHealthcareGroupMember2021-01-012021-09-300000104889ghc:KIHLMemberghc:YorkJointVentureMember2022-09-30iso4217:GBP0000104889ghc:KIHLMemberghc:YorkJointVentureMember2022-01-012022-09-300000104889ghc:SecuredOvernightFinancingRatesSOFRMemberghc:AutomotiveMemberghc:TruistFloorPlanFacilityMember2022-01-012022-09-300000104889ghc:TruistFloorPlanFacilityMemberghc:AutomotiveMember2022-07-050000104889us-gaap:PrimeRateMembersrt:MinimumMemberghc:AutomotiveMemberghc:FordFloorPlanFacilityMember2022-09-300000104889us-gaap:PrimeRateMemberghc:AutomotiveMemberghc:FordFloorPlanFacilityMember2022-01-012022-09-300000104889ghc:VehicleFloorPlanFacilityMemberghc:AutomotiveMember2022-07-012022-09-300000104889ghc:VehicleFloorPlanFacilityMemberghc:AutomotiveMember2021-07-012021-09-300000104889ghc:VehicleFloorPlanFacilityMemberghc:AutomotiveMember2022-01-012022-09-300000104889ghc:VehicleFloorPlanFacilityMemberghc:AutomotiveMember2021-01-012021-09-300000104889ghc:AutomotiveMember2022-09-300000104889ghc:AutomotiveMember2022-07-012022-09-300000104889ghc:AutomotiveMember2021-07-012021-09-300000104889ghc:AutomotiveMember2021-01-012021-09-300000104889ghc:DekkoMemberghc:ManufacturingMember2021-07-012021-09-300000104889ghc:EducationMember2021-12-310000104889ghc:TelevisionBroadcastingMember2021-12-310000104889ghc:ManufacturingMember2021-12-310000104889ghc:GrahamHealthcareGroupMember2021-12-310000104889ghc:AutomotiveMember2021-12-310000104889us-gaap:AllOtherSegmentsMember2021-12-310000104889ghc:EducationMember2022-01-012022-09-300000104889ghc:TelevisionBroadcastingMember2022-01-012022-09-300000104889ghc:ManufacturingMember2022-01-012022-09-300000104889us-gaap:AllOtherSegmentsMember2022-01-012022-09-300000104889ghc:EducationMember2022-09-300000104889ghc:ManufacturingMember2022-09-300000104889ghc:GrahamHealthcareGroupMember2022-09-300000104889us-gaap:AllOtherSegmentsMember2022-09-300000104889ghc:KaplanInternationalMemberghc:EducationMember2021-12-310000104889ghc:EducationMemberghc:HigherEducationMember2021-12-310000104889ghc:SupplementalEducationMemberghc:EducationMember2021-12-310000104889ghc:KaplanInternationalMemberghc:EducationMember2022-01-012022-09-300000104889ghc:EducationMemberghc:HigherEducationMember2022-01-012022-09-300000104889ghc:SupplementalEducationMemberghc:EducationMember2022-01-012022-09-300000104889ghc:KaplanInternationalMemberghc:EducationMember2022-09-300000104889ghc:EducationMemberghc:HigherEducationMember2022-09-300000104889ghc:SupplementalEducationMemberghc:EducationMember2022-09-300000104889us-gaap:CustomerRelationshipsMembersrt:MinimumMember2021-01-012021-12-310000104889us-gaap:CustomerRelationshipsMembersrt:MinimumMember2022-01-012022-09-300000104889us-gaap:CustomerRelationshipsMembersrt:MaximumMember2021-01-012021-12-310000104889us-gaap:CustomerRelationshipsMembersrt:MaximumMember2022-01-012022-09-300000104889us-gaap:CustomerRelationshipsMember2022-09-300000104889us-gaap:CustomerRelationshipsMember2021-12-310000104889us-gaap:TrademarksAndTradeNamesMembersrt:MinimumMember2022-01-012022-09-300000104889us-gaap:TrademarksAndTradeNamesMembersrt:MinimumMember2021-01-012021-12-310000104889us-gaap:TrademarksAndTradeNamesMembersrt:MaximumMember2021-01-012021-12-310000104889us-gaap:TrademarksAndTradeNamesMembersrt:MaximumMember2022-01-012022-09-300000104889us-gaap:TrademarksAndTradeNamesMember2022-09-300000104889us-gaap:TrademarksAndTradeNamesMember2021-12-310000104889srt:MinimumMemberus-gaap:DatabasesMember2022-01-012022-09-300000104889srt:MinimumMemberus-gaap:DatabasesMember2021-01-012021-12-310000104889us-gaap:DatabasesMembersrt:MaximumMember2021-01-012021-12-310000104889us-gaap:DatabasesMembersrt:MaximumMember2022-01-012022-09-300000104889us-gaap:DatabasesMember2022-09-300000104889us-gaap:DatabasesMember2021-12-310000104889us-gaap:ContractBasedIntangibleAssetsMember2022-01-012022-09-300000104889us-gaap:ContractBasedIntangibleAssetsMember2021-01-012021-12-310000104889us-gaap:ContractBasedIntangibleAssetsMember2022-09-300000104889us-gaap:ContractBasedIntangibleAssetsMember2021-12-310000104889us-gaap:NoncompeteAgreementsMembersrt:MinimumMember2021-01-012021-12-310000104889us-gaap:NoncompeteAgreementsMembersrt:MinimumMember2022-01-012022-09-300000104889us-gaap:NoncompeteAgreementsMembersrt:MaximumMember2022-01-012022-09-300000104889us-gaap:NoncompeteAgreementsMembersrt:MaximumMember2021-01-012021-12-310000104889us-gaap:NoncompeteAgreementsMember2022-09-300000104889us-gaap:NoncompeteAgreementsMember2021-12-310000104889us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2022-01-012022-09-300000104889us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2021-01-012021-12-310000104889us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2021-01-012021-12-310000104889us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2022-01-012022-09-300000104889us-gaap:OtherIntangibleAssetsMember2022-09-300000104889us-gaap:OtherIntangibleAssetsMember2021-12-310000104889us-gaap:TrademarksAndTradeNamesMember2022-09-300000104889us-gaap:TrademarksAndTradeNamesMember2021-12-310000104889us-gaap:FranchiseRightsMember2022-09-300000104889us-gaap:FranchiseRightsMember2021-12-310000104889us-gaap:OperatingAndBroadcastRightsMember2022-09-300000104889us-gaap:OperatingAndBroadcastRightsMember2021-12-310000104889ghc:LicensureAndAccreditationMember2022-09-300000104889ghc:LicensureAndAccreditationMember2021-12-310000104889us-gaap:OtherIntangibleAssetsMember2022-09-300000104889us-gaap:OtherIntangibleAssetsMember2021-12-310000104889ghc:FivePointSevenFivePercentUnsecuredNotesMaturingIn2026Member2022-09-300000104889ghc:FivePointSevenFivePercentUnsecuredNotesMaturingIn2026Member2021-12-310000104889srt:MinimumMemberghc:FiveYearCreditAgreementMaturingIn2027Member2022-09-300000104889ghc:FiveYearCreditAgreementMaturingIn2027Membersrt:MaximumMember2022-09-300000104889ghc:FiveYearCreditAgreementMaturingIn2027Member2022-09-300000104889ghc:FiveYearCreditAgreementMaturingIn2027Member2021-12-310000104889ghc:CommercialNoteWithTruistBankMaturingIn20312475MillionMembersrt:MinimumMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn20312475MillionMembersrt:MaximumMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn20312475MillionMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn20312475MillionMember2021-12-310000104889srt:MinimumMemberghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMembersrt:MaximumMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2021-12-310000104889srt:MinimumMemberghc:CommercialNoteWithTruistBankMaturingIn2032272MillionMember2022-09-300000104889srt:MaximumMemberghc:CommercialNoteWithTruistBankMaturingIn2032272MillionMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn2032272MillionMember2022-09-300000104889ghc:CommercialNoteWithTruistBankMaturingIn2032272MillionMember2021-12-310000104889ghc:PinnacleBankTermLoanMember2022-09-300000104889ghc:PinnacleBankTermLoanMember2021-12-310000104889srt:MinimumMemberghc:OtherIndebtednessMember2022-09-300000104889ghc:OtherIndebtednessMembersrt:MaximumMember2022-09-300000104889ghc:USDRevolvingCreditFacilityBorrowingsMember2022-09-300000104889ghc:SecuredOvernightFinancingRatesSOFRMemberghc:USDRevolvingCreditFacilityBorrowingsMember2022-09-302022-09-300000104889us-gaap:PrimeRateMemberghc:USDRevolvingCreditFacilityBorrowingsMember2022-09-302022-09-300000104889ghc:GBPRevolvingCreditFacilityBorrowingsMember2022-09-300000104889ghc:SterlingOvernightInterbankAverageRateSONIAMemberghc:GBPRevolvingCreditFacilityBorrowingsMember2022-09-302022-09-300000104889ghc:AutomotiveMemberghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2022-07-050000104889ghc:AutomotiveMemberghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2022-07-052022-07-050000104889ghc:FirstTwentyFourMonthsMemberghc:AutomotiveMemberghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2022-07-052022-07-050000104889ghc:AutomotiveMemberghc:RemainingNinetySixMonthsMemberghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2022-07-052022-07-050000104889ghc:SecuredOvernightFinancingRatesSOFRMemberghc:AutomotiveMemberghc:CommercialNoteWithTruistBankMaturingIn2032716MillionMember2022-07-052022-07-050000104889ghc:AutomotiveMemberghc:CommercialNoteWithTruistBankMaturingIn2032272MillionMember2022-07-050000104889ghc:AutomotiveMemberghc:CommercialNoteWithTruistBankMaturingIn2032272MillionMember2022-07-052022-07-050000104889ghc:SecuredOvernightFinancingRatesSOFRMemberghc:AutomotiveMemberghc:CommercialNoteWithTruistBankMaturingIn2032272MillionMember2022-07-052022-07-050000104889us-gaap:InterestRateSwapMemberghc:AutomotiveMember2022-07-050000104889ghc:SecuredOvernightFinancingRatesSOFRMemberghc:AutomotiveMemberus-gaap:InterestRateSwapMember2022-07-050000104889ghc:GrahamHealthcareGroupMemberus-gaap:SecuritiesSubjectToMandatoryRedemptionMember2022-07-012022-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:SecuritiesSubjectToMandatoryRedemptionMember2022-01-012022-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:SecuritiesSubjectToMandatoryRedemptionMember2021-07-012021-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:SecuritiesSubjectToMandatoryRedemptionMember2021-01-012021-09-300000104889us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300000104889us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300000104889us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-09-300000104889us-gaap:FairValueMeasurementsRecurringMember2022-09-300000104889us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000104889us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000104889us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000104889us-gaap:FairValueMeasurementsRecurringMember2021-12-310000104889ghc:ContingentConsiderationLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000104889ghc:MandatorilyRedeemableNoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2021-12-310000104889ghc:ContingentConsiderationLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000104889ghc:MandatorilyRedeemableNoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000104889ghc:ContingentConsiderationLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2022-09-300000104889ghc:MandatorilyRedeemableNoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2022-09-300000104889ghc:ContingentConsiderationLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000104889ghc:MandatorilyRedeemableNoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2020-12-310000104889ghc:ContingentConsiderationLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-09-300000104889ghc:MandatorilyRedeemableNoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-09-300000104889ghc:ContingentConsiderationLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2021-09-300000104889ghc:MandatorilyRedeemableNoncontrollingInterestMemberus-gaap:FairValueInputsLevel3Member2021-09-300000104889country:US2022-07-012022-09-300000104889country:US2022-01-012022-09-300000104889us-gaap:NonUsMember2022-07-012022-09-300000104889us-gaap:NonUsMember2022-01-012022-09-300000104889country:US2021-07-012021-09-300000104889country:US2021-01-012021-09-300000104889us-gaap:NonUsMember2021-07-012021-09-300000104889us-gaap:NonUsMember2021-01-012021-09-300000104889us-gaap:TransferredOverTimeMember2022-07-012022-09-300000104889us-gaap:TransferredOverTimeMember2022-01-012022-09-300000104889us-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300000104889us-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300000104889us-gaap:TransferredOverTimeMember2021-07-012021-09-300000104889us-gaap:TransferredOverTimeMember2021-01-012021-09-300000104889us-gaap:TransferredAtPointInTimeMember2021-07-012021-09-300000104889us-gaap:TransferredAtPointInTimeMember2021-01-012021-09-300000104889ghc:KaplanInternationalMember2022-09-300000104889us-gaap:LongTermContractWithCustomerMember2022-10-01ghc:KaplanInternationalMember2022-09-300000104889ghc:KaplanInternationalMember2021-12-310000104889ghc:GrahamHealthcareGroupMemberghc:CARESActReliefFromCOVID19Memberghc:MedicareAcceleratedAdvancedPaymentProgramReliefFundMember2020-04-012020-04-300000104889ghc:GrahamHealthcareGroupMemberghc:CARESActReliefFromCOVID19Memberghc:MedicareAcceleratedAdvancedPaymentProgramReliefFundMember2022-07-012022-09-300000104889ghc:GrahamHealthcareGroupMemberghc:CARESActReliefFromCOVID19Memberghc:MedicareAcceleratedAdvancedPaymentProgramReliefFundMember2022-01-012022-09-300000104889ghc:GrahamHealthcareGroupMemberghc:CARESActReliefFromCOVID19Memberghc:MedicareAcceleratedAdvancedPaymentProgramReliefFundMember2021-07-012021-09-300000104889ghc:GrahamHealthcareGroupMemberghc:CARESActReliefFromCOVID19Memberghc:MedicareAcceleratedAdvancedPaymentProgramReliefFundMember2021-01-012021-09-300000104889us-gaap:LongTermContractWithCustomerMemberghc:SupplementalEducationMember2022-01-012022-09-300000104889us-gaap:LongTermContractWithCustomerMemberghc:SupplementalEducationMember2022-10-012022-09-300000104889us-gaap:LongTermContractWithCustomerMemberghc:SupplementalEducationMember2022-09-300000104889us-gaap:EmployeeStockOptionMember2022-07-012022-09-300000104889us-gaap:EmployeeStockOptionMember2021-07-012021-09-300000104889us-gaap:EmployeeStockOptionMember2022-01-012022-09-300000104889us-gaap:EmployeeStockOptionMember2021-01-012021-09-300000104889us-gaap:RestrictedStockMember2022-07-012022-09-300000104889us-gaap:RestrictedStockMember2021-07-012021-09-300000104889us-gaap:RestrictedStockMember2022-01-012022-09-300000104889us-gaap:RestrictedStockMember2021-01-012021-09-300000104889us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300000104889us-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300000104889us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300000104889us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300000104889ghc:DekkoMemberus-gaap:PensionPlansDefinedBenefitMemberghc:SeparationIncentiveProgramMember2021-04-012021-06-300000104889us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-01-012022-09-300000104889us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-07-012022-09-300000104889us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-07-012021-09-300000104889us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-01-012021-09-300000104889us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMember2022-09-300000104889us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000104889us-gaap:PensionPlansDefinedBenefitMemberus-gaap:PrivateEquityFundsMember2022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberus-gaap:PrivateEquityFundsMember2021-12-310000104889us-gaap:PensionPlansDefinedBenefitMemberghc:EquityFundsUSMember2022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberghc:EquityFundsUSMember2021-12-310000104889us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2022-09-300000104889us-gaap:DefinedBenefitPlanEquitySecuritiesNonUsMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000104889ghc:FixedIncomeSecuritiesUSMemberus-gaap:PensionPlansDefinedBenefitMember2022-09-300000104889ghc:FixedIncomeSecuritiesUSMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000104889us-gaap:PensionPlansDefinedBenefitMember2022-09-300000104889us-gaap:PensionPlansDefinedBenefitMember2021-12-31ghc:company0000104889ghc:AlphabetAndBerkshireHathawayCommonStockMemberus-gaap:PensionPlansDefinedBenefitMemberghc:InvestmentManager1Member2022-01-012022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberghc:InvestmentManager1Memberghc:ForeignInvestmentsMembersrt:MaximumMember2022-09-300000104889ghc:InvestmentManager2Memberghc:BerkshireHathawayCommonStockMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300000104889ghc:InvestmentManager2Memberus-gaap:PensionPlansDefinedBenefitMemberghc:ForeignInvestmentsMembersrt:MaximumMember2022-09-300000104889ghc:InvestmentManager2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FixedIncomeSecuritiesMembersrt:MinimumMember2022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberghc:SingleEquityConcentrationMember2022-01-012022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberghc:DefinedBenefitPlanAssetsTotalMemberghc:ConcentrationInSingleEntityTypeOfIndustryForeignCountryOrIndividualFundMember2022-01-012022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberus-gaap:EquitySecuritiesMemberghc:SingleEquityConcentrationMember2022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberghc:SingleEquityConcentrationMemberus-gaap:PrivateEquityFundsMember2022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberghc:SingleEquityConcentrationMember2022-09-300000104889us-gaap:PensionPlansDefinedBenefitMemberus-gaap:EquitySecuritiesMemberghc:SingleEquityConcentrationMember2021-12-310000104889us-gaap:PensionPlansDefinedBenefitMemberghc:SingleEquityConcentrationMemberus-gaap:PrivateEquityFundsMember2021-12-310000104889us-gaap:PensionPlansDefinedBenefitMemberghc:SingleEquityConcentrationMember2021-01-012021-12-310000104889us-gaap:PensionPlansDefinedBenefitMemberghc:SingleEquityConcentrationMember2021-12-310000104889us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300000104889us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300000104889us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300000104889us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300000104889ghc:EducationMemberghc:KaplanUniversityTransactionMemberghc:HigherEducationMember2022-07-012022-09-300000104889ghc:EducationMemberghc:KaplanUniversityTransactionMemberghc:HigherEducationMember2022-01-012022-09-300000104889ghc:EducationMemberghc:KaplanUniversityTransactionMemberghc:HigherEducationMember2021-07-012021-09-300000104889ghc:EducationMemberghc:KaplanUniversityTransactionMemberghc:HigherEducationMember2021-01-012021-09-300000104889us-gaap:AccumulatedTranslationAdjustmentMember2022-07-012022-09-300000104889us-gaap:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-07-012022-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-07-012021-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-07-012022-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-07-012021-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-012022-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300000104889us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300000104889us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-01-012022-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-01-012021-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300000104889us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000104889us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310000104889us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-09-300000104889us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300000104889us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300000104889us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000104889us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000104889us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000104889us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000104889us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000104889us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-30ghc:claim0000104889srt:MaximumMember2022-09-300000104889srt:MinimumMemberghc:EducationMember2021-05-012021-05-310000104889ghc:EducationMember2021-07-012021-07-310000104889ghc:KaplanSingaporeMemberghc:EducationMember2021-06-012021-06-30ghc:program0000104889ghc:KaplanSingaporeMemberghc:EducationMember2021-08-232021-08-230000104889ghc:KaplanSingaporeMemberghc:EducationMember2021-11-012021-11-300000104889ghc:KaplanSingaporeMemberghc:EducationMember2021-11-300000104889ghc:KaplanSingaporeMemberghc:DiplomasMemberghc:EducationMember2021-11-300000104889ghc:BachelorsMemberghc:KaplanSingaporeMemberghc:EducationMember2021-11-30ghc:segment0000104889us-gaap:OperatingSegmentsMemberghc:EducationMember2022-07-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:EducationMember2021-07-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:EducationMember2022-01-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:EducationMember2021-01-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:TelevisionBroadcastingMember2022-07-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:TelevisionBroadcastingMember2021-07-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:TelevisionBroadcastingMember2022-01-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:TelevisionBroadcastingMember2021-01-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:ManufacturingMember2022-07-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:ManufacturingMember2021-07-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:ManufacturingMember2022-01-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:ManufacturingMember2021-01-012021-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:AutomotiveMember2022-07-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:AutomotiveMember2021-07-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:AutomotiveMember2022-01-012022-09-300000104889us-gaap:OperatingSegmentsMemberghc:AutomotiveMember2021-01-012021-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2022-07-012022-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-07-012021-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2022-01-012022-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-01-012021-09-300000104889us-gaap:CorporateNonSegmentMember2022-07-012022-09-300000104889us-gaap:CorporateNonSegmentMember2021-07-012021-09-300000104889us-gaap:CorporateNonSegmentMember2022-01-012022-09-300000104889us-gaap:CorporateNonSegmentMember2021-01-012021-09-300000104889us-gaap:IntersegmentEliminationMember2022-07-012022-09-300000104889us-gaap:IntersegmentEliminationMember2021-07-012021-09-300000104889us-gaap:IntersegmentEliminationMember2022-01-012022-09-300000104889us-gaap:IntersegmentEliminationMember2021-01-012021-09-300000104889us-gaap:OperatingSegmentsMemberghc:EducationMember2022-09-300000104889us-gaap:OperatingSegmentsMemberghc:EducationMember2021-12-310000104889us-gaap:OperatingSegmentsMemberghc:TelevisionBroadcastingMember2022-09-300000104889us-gaap:OperatingSegmentsMemberghc:TelevisionBroadcastingMember2021-12-310000104889us-gaap:OperatingSegmentsMemberghc:ManufacturingMember2022-09-300000104889us-gaap:OperatingSegmentsMemberghc:ManufacturingMember2021-12-310000104889ghc:GrahamHealthcareGroupMemberus-gaap:OperatingSegmentsMember2022-09-300000104889ghc:GrahamHealthcareGroupMemberus-gaap:OperatingSegmentsMember2021-12-310000104889us-gaap:OperatingSegmentsMemberghc:AutomotiveMember2022-09-300000104889us-gaap:OperatingSegmentsMemberghc:AutomotiveMember2021-12-310000104889us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2022-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2021-12-310000104889us-gaap:CorporateNonSegmentMember2022-09-300000104889us-gaap:CorporateNonSegmentMember2021-12-310000104889us-gaap:ReportableSubsegmentsMemberghc:KaplanInternationalMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2022-07-012022-09-300000104889us-gaap:ReportableSubsegmentsMemberghc:KaplanInternationalMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2021-07-012021-09-300000104889us-gaap:ReportableSubsegmentsMemberghc:KaplanInternationalMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2022-01-012022-09-300000104889us-gaap:ReportableSubsegmentsMemberghc:KaplanInternationalMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2021-01-012021-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:EducationMemberghc:HigherEducationMember2022-07-012022-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:EducationMemberghc:HigherEducationMember2021-07-012021-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:EducationMemberghc:HigherEducationMember2022-01-012022-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:EducationMemberghc:HigherEducationMember2021-01-012021-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:SupplementalEducationMemberghc:EducationMember2022-07-012022-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:SupplementalEducationMemberghc:EducationMember2021-07-012021-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:SupplementalEducationMemberghc:EducationMember2022-01-012022-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:SupplementalEducationMemberghc:EducationMember2021-01-012021-09-300000104889ghc:KaplanCorporateAndOtherMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2022-07-012022-09-300000104889ghc:KaplanCorporateAndOtherMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2021-07-012021-09-300000104889ghc:KaplanCorporateAndOtherMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2022-01-012022-09-300000104889ghc:KaplanCorporateAndOtherMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2021-01-012021-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:IntersubsegmentEliminationsMemberghc:EducationMember2022-07-012022-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:IntersubsegmentEliminationsMemberghc:EducationMember2021-07-012021-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:IntersubsegmentEliminationsMemberghc:EducationMember2022-01-012022-09-300000104889us-gaap:OperatingSegmentsMemberus-gaap:IntersubsegmentEliminationsMemberghc:EducationMember2021-01-012021-09-300000104889us-gaap:ReportableSubsegmentsMemberghc:KaplanInternationalMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2022-09-300000104889us-gaap:ReportableSubsegmentsMemberghc:KaplanInternationalMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2021-12-310000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:EducationMemberghc:HigherEducationMember2022-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:EducationMemberghc:HigherEducationMember2021-12-310000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:SupplementalEducationMemberghc:EducationMember2022-09-300000104889us-gaap:ReportableSubsegmentsMemberus-gaap:OperatingSegmentsMemberghc:SupplementalEducationMemberghc:EducationMember2021-12-310000104889ghc:KaplanCorporateAndOtherMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2022-09-300000104889ghc:KaplanCorporateAndOtherMemberus-gaap:OperatingSegmentsMemberghc:EducationMember2021-12-31

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, 2022
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)
Delaware53-0182885
(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 classTrading Symbol(s)Name of each exchange on which registered
Class B Common Stock, par value $1.00 per share GHCNew 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 28, 2022:
Class A Common Stock – 964,001 Shares
Class B Common Stock – 3,837,643 Shares



GRAHAM HOLDINGS COMPANY
Index to Form 10-Q
 
PART I. FINANCIAL INFORMATION
 
Item 1.
Financial Statements
 
 
Condensed Consolidated Statements of Operations
 
 
 
 
Condensed Consolidated Statements of Comprehensive (Loss) Income
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Changes in Common Stockholders' Equity
 
 
 
 
Notes to Condensed Consolidated Financial Statements

Organization, Basis of Presentation and Recent Accounting Pronouncements

Acquisitions and Dispositions of Businesses

Investments

Accounts Receivable, Accounts Payable and Accrued Liabilities

Inventories, Contracts in Progress and Vehicle Floor Plan Payable

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

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 2.
Unregistered Sales of Equity Securities and Use of Proceeds
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)2022202120222021
Operating Revenues
Sales of services$588,166 $515,280 $1,708,848 $1,509,986 
Sales of goods424,272 294,156 1,151,613 813,057 
1,012,438 809,436 2,860,461 2,323,043 
Operating Costs and Expenses    
Cost of services sold (exclusive of items shown below)342,138 307,138 996,821 906,555 
Cost of goods sold (exclusive of items shown below)352,619 241,539 945,265 647,218 
Selling, general and administrative223,857 215,891 676,563 587,181 
Depreciation of property, plant and equipment19,657 18,741 58,545 51,886 
Amortization of intangible assets14,635 15,981 44,436 43,807 
Impairment of goodwill and other long-lived assets 26,753  31,568 
  952,906 826,043 2,721,630 2,268,215 
Income (Loss) from Operations59,532 (16,607)138,831 54,828 
Equity in (losses) earnings of affiliates, net(1,111)12,964 2,920 28,168 
Interest income803 (79)2,214 2,687 
Interest expense(11,579)(9,343)(38,969)(25,144)
Non-operating pension and postretirement benefit income, net50,687 27,561 152,063 81,564 
(Loss) gain on marketable equity securities, net(54,250)14,069 (172,878)176,981 
Other income, net2,358 5,218 6,410 27,660 
Income Before Income Taxes46,440 33,783 90,591 346,744 
Provision for (Benefit from) Income Taxes12,600 (5,900)26,800 78,500 
Net Income33,840 39,683 63,791 268,244 
Net Income Attributable to Noncontrolling Interests(1,060)(97)(2,872)(850)
Net Income Attributable to Graham Holdings Company Common Stockholders$32,780 $39,586 $60,919 $267,394 
Per Share Information Attributable to Graham Holdings Company Common Stockholders
      
Basic net income per common share$6.78 $7.93 $12.51 $53.49 
Basic average number of common shares outstanding4,808 4,961 4,841 4,966 
Diluted net income per common share$6.76 $7.90 $12.48 $53.33 
Diluted average number of common shares outstanding4,820 4,977 4,853 4,980 
See accompanying Notes to Condensed Consolidated Financial Statements.
1


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
  Three Months Ended 
 September 30
Nine Months Ended 
 September 30
(in thousands)2022202120222021
Net Income$33,840 $39,683 $63,791 $268,244 
Other Comprehensive Loss, Before Tax      
Foreign currency translation adjustments:      
Translation adjustments arising during the period(44,260)(16,033)(86,926)(15,352)
Pension and other postretirement plans:        
Amortization of net prior service cost included in net income
716 793 2,148 2,377 
Amortization of net actuarial gain included in net income
(18,083)(1,066)(53,939)(4,419)
  (17,367)(273)(51,791)(2,042)
Cash flow hedges gains2,202 169 4,935 803 
Other Comprehensive Loss, Before Tax(59,425)(16,137)(133,782)(16,591)
Income tax benefit related to items of other comprehensive loss
3,970 11 12,213 342 
Other Comprehensive Loss, Net of Tax(55,455)(16,126)(121,569)(16,249)
Comprehensive (Loss) Income(21,615)23,557 (57,778)251,995 
Comprehensive income attributable to noncontrolling interests
(1,060)(97)(2,872)(850)
Total Comprehensive (Loss) Income Attributable to Graham Holdings Company$(22,675)$23,460 $(60,650)$251,145 

See accompanying Notes to Condensed Consolidated Financial Statements.
2


GRAHAM HOLDINGS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
As of
(in thousands)September 30,
2022
December 31,
2021
  (Unaudited)  
Assets    
Current Assets    
Cash and cash equivalents$149,773 $145,886 
Restricted cash20,436 12,175 
Investments in marketable equity securities and other investments610,756 824,445 
Accounts receivable, net537,561 607,471 
Inventories and contracts in progress209,804 141,471 
Prepaid expenses87,166 81,741 
Income taxes receivable21,934 32,744 
Other current assets1,943 1,241 
Total Current Assets1,639,373 1,847,174 
Property, Plant and Equipment, Net468,173 468,126 
Lease Right-of-Use Assets421,303 437,969 
Investments in Affiliates169,422 155,444 
Goodwill, Net1,631,440 1,649,582 
Indefinite-Lived Intangible Assets174,915 142,180 
Amortized Intangible Assets, Net202,260 247,120 
Prepaid Pension Cost2,392,746 2,306,514 
Deferred Income Taxes6,896 7,900 
Deferred Charges and Other Assets (includes $646 and $782 of restricted cash)
170,603 163,516 
Total Assets$7,277,131 $7,425,525 
Liabilities and Equity    
Current Liabilities    
Accounts payable and accrued liabilities$556,646 $583,629 
Deferred revenue362,351 358,720 
Income taxes payable2,551 4,585 
Current portion of lease liabilities70,100 77,655 
Current portion of long-term debt141,802 141,749 
Dividends declared7,606  
Total Current Liabilities1,141,056 1,166,338 
Accrued Compensation and Related Benefits155,966 175,391 
Other Liabilities33,741 36,497 
Deferred Income Taxes668,964 676,706 
Mandatorily Redeemable Noncontrolling Interest27,142 13,661 
Lease Liabilities387,142 405,200 
Long-Term Debt568,534 525,752 
Total Liabilities2,982,545 2,999,545 
Commitments and Contingencies (Note 14)
Redeemable Noncontrolling Interests17,625 14,311 
Preferred Stock  
Common Stockholders’ Equity    
Common stock20,000 20,000 
Capital in excess of par value394,609 389,456 
Retained earnings7,156,952 7,126,761 
Accumulated other comprehensive income, net of taxes  
Cumulative foreign currency translation adjustment(93,224)(6,298)
Unrealized gain on pensions and other postretirement plans940,714 979,157 
Cash flow hedges2,329 (1,471)
Cost of Class B common stock held in treasury(4,161,672)(4,108,022)
Total Common Stockholders’ Equity4,259,708 4,399,583 
Noncontrolling Interests17,253 12,086 
Total Equity4,276,961 4,411,669 
Total Liabilities and Equity$7,277,131 $7,425,525 
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)20222021
Cash Flows from Operating Activities    
Net Income$63,791 $268,244 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and goodwill and other long-lived asset impairments102,981 127,261 
Amortization of lease right-of-use asset51,344 55,246 
Net pension benefit and special separation benefit expense(136,411)(68,644)
Loss (gain) on marketable equity securities and cost method investments, net172,318 (179,737)
Gain on disposition of businesses, property, plant and equipment and investments, net(2,177)(14,406)
Provision for doubtful trade receivables2,831 4,171 
Stock-based compensation expense, net of forfeitures4,552 4,686 
Foreign exchange loss (gain)1,973 (674)
Equity in earnings of affiliates, net of distributions
5,167 (11,364)
Provision for deferred income taxes9,189 43,580 
Accretion expense and change in fair value of contingent consideration liabilities(3,898)(4,325)
Change in operating assets and liabilities:
Accounts receivable58,940 (27,350)
Inventories(47,486)21,117 
Accounts payable and accrued liabilities(33,994)(7,979)
Deferred revenue36,676 33,561 
Income taxes receivable/payable(7,495)10,724 
Lease liabilities(59,612)(61,775)
Other assets and other liabilities, net(19,698)3,192 
Other4,674 1,743 
Net Cash Provided by Operating Activities203,665 197,271 
Cash Flows from Investing Activities    
Investments in certain businesses, net of cash acquired(130,177)(272,428)
Proceeds from sales of marketable equity securities74,233 38,308 
Purchases of property, plant and equipment(57,097)(140,935)
Purchases of marketable equity securities(35,070)(48,036)
Investments in equity affiliates, cost method and other investments
(30,075)(6,610)
Net proceeds from disposition of businesses, property, plant and equipment, and investments
5,580 8,771 
Other 961 474 
Net Cash Used in Investing Activities(171,645)(420,456)
Cash Flows from Financing Activities    
Issuance of borrowings77,299 22,684 
Common shares repurchased(54,581)(21,840)
Dividends paid(23,122)(22,659)
Net proceeds from (repayments of) vehicle floor plan payable11,688 (15,035)
Net (payments) borrowings under revolving credit facilities(11,000)37,696 
Repayments of borrowings(10,564)(16,878)
Deferred payments of acquisitions(4,731)(30,866)
Proceeds from bank overdrafts4,391 1,137 
Proceeds from exercise of stock options1,531  
Purchase of noncontrolling interest (3,508)
Other905 1,244 
Net Cash Used in Financing Activities(8,184)(48,025)
Effect of Currency Exchange Rate Change(11,824)(2,908)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash12,012 (274,118)
Beginning Cash and Cash Equivalents and Restricted Cash158,843 423,054 
Ending Cash and Cash Equivalents and Restricted Cash$170,855 $148,936 


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 IncomeTreasury
Stock
Noncontrolling
Interest
Total EquityRedeemable Noncontrolling Interest
As of December 31, 2021$20,000 $389,456 $7,126,761 $971,388 $(4,108,022)$12,086 $4,411,669 $14,311 
Net income for the period96,566 96,566 
Net income attributable to noncontrolling interests(986)986  
Net loss attributable to redeemable noncontrolling interests
44 44 (44)
Change in redemption value of redeemable noncontrolling interests64 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 stock1,437 1,437 
Amortization of unearned stock compensation and stock option expense1,677 1,677 
Other comprehensive loss, net of income taxes(13,135)(13,135)
As of March 31, 2022$20,000 $391,133 $7,206,888 $958,253 $(4,116,112)$12,779 $4,472,941 $14,331 
Net loss for the period(66,615)(66,615)
Noncontrolling interest capital contribution140 140 
Acquisition of noncontrolling interest
512 512 
Net income attributable to noncontrolling interests(929)929  
Acquisition of redeemable noncontrolling interest
 2,164 
Net loss attributable to redeemable noncontrolling interests59 59 (59)
Change in redemption value of redeemable noncontrolling interests64 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)
Forfeiture of restricted stock awards, net of Class B common stock issuances(462)(415)(877)
Amortization of unearned stock compensation and stock option expense2,302 2,302 
Other comprehensive loss, net of income taxes(52,979)(52,979)
As of June 30, 2022$20,000 $392,973 $7,131,747 $905,274 $(4,141,303)$13,552 $4,322,243 $16,500 
Net income for the period33,840 33,840 
Noncontrolling interest capital contribution2,960 2,960 
Redeemable noncontrolling interest capital contribution 1,050 
Net income attributable to noncontrolling interest(1,049)1,049  
Net income attributable to redeemable noncontrolling interests(11)(11)11 
Change in redemption value of redeemable noncontrolling interests61 61 64 
Distribution to noncontrolling interest(369)(369)
Dividends on common stock(7,575)(7,575)
Repurchase of Class B common stock(20,278)(20,278)
Forfeiture of restricted stock awards, net of Class B common stock issuances(112)(91)(203)
Amortization of unearned stock compensation and stock option expense1,748 1,748 
Other comprehensive loss, net of income taxes(55,455)(55,455)
As of September 30, 2022$20,000 $394,609 $7,156,952 $849,819 $(4,161,672)$17,253 $4,276,961 $17,625 
5


(in thousands)Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated Other Comprehensive IncomeTreasury
Stock
Noncontrolling
Interest
Total EquityRedeemable Noncontrolling Interest
As of December 31, 2020$20,000 $388,159 $6,804,822 $603,314 $(4,056,993)$7,091 $3,766,393 $11,928 
Net income for the period112,635 112,635 
Net income attributable to noncontrolling interests
(185)185  
Change in redemption value of redeemable noncontrolling interests
697 64 761 (634)
Distribution to noncontrolling interest(126)(126)
Dividends on common stock(15,106)(15,106)
Issuance of Class B common stock, net of restricted stock forfeitures(5,188)5,084 (104)
Amortization of unearned stock compensation and stock option expense
1,589 1,589 
Other comprehensive loss, net of income taxes
(1,203)(1,203)
Purchase of redeemable noncontrolling interest (3,508)
As of March 31, 2021$20,000 $385,257 $6,902,166 $602,111 $(4,051,909)$7,214 $3,864,839 $7,786 
Net income for the period115,926 115,926 
Net income attributable to noncontrolling interests
(699)699  
Net loss attributable to redeemable noncontrolling interests
131 131 (131)
Change in redemption value of redeemable noncontrolling interests
65 65 65 
Distribution to noncontrolling interest(152)(152)
Dividends on common stock(7,553)(7,553)
Forfeiture of restricted stock awards, net of Class B common stock issuances(47)(49)(96)
Amortization of unearned stock compensation and stock option expense
1,672 1,672 
Other comprehensive income, net of income taxes1,080 1,080 
As of June 30, 2021$20,000 $386,882 $7,009,971 $603,191 $(4,051,958)$7,826 $3,975,912 $7,720 
Net income for the period39,683 39,683 
Noncontrolling interest capital contribution1,750 1,750 
Net income attributable to noncontrolling interest(469)469  
Net loss attributable to redeemable noncontrolling interests372 372 (372)
Change in redemption value of redeemable noncontrolling interests64 64 64 
Distribution to noncontrolling interest(206)(206)
Dividends on common stock(7,496)(7,496)
Repurchase of Class B common stock(21,840)(21,840)
Issuance of Class B common stock, net of restricted stock forfeitures(188)121 (67)
Amortization of unearned stock compensation and stock option expense1,692 1,692 
Other comprehensive loss, net of income taxes(16,126)(16,126)
As of September 30, 2021$20,000 $388,386 $7,042,061 $587,065 $(4,073,677)$9,903 $3,973,738 $7,412 

See accompanying Notes to Condensed Consolidated Financial Statements.
6


GRAHAM HOLDINGS COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS
Graham Holdings Company (the Company), is a diversified education and media company. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States (U.S.). The Company’s media operations comprise the ownership and operation of seven television broadcasting stations, several websites and print publications, podcast content and a marketing solutions provider. The Company’s other business operations include manufacturing, automotive dealerships, consumer internet brands, restaurants and entertainment venues, custom framing services and home health and hospice services.
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, 2022 and 2021 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, 2021.
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 – 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.
2. ACQUISITIONS AND DISPOSITIONS OF BUSINESSES
Acquisitions