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SEC Filings

10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
Entire Document
 


On July 1, 2015, the Company divested the following assets and liabilities which net to $406.5 million, or $312.3 million net of cash retained by Cable ONE on the Distribution Date:
 
 
As of
(in thousands)
 
July 1, 2015
Cash and cash equivalents
 
$
94,115

Accounts receivable, net
 
29,778

Other current assets
 
14,182

Total current assets
 
138,075

Property, plant and equipment, net
 
612,812

Goodwill, net
 
85,488

Indefinite-lived intangible assets, net
 
496,321

Amortized intangible assets, net
 
510

Deferred charges and other assets
 
22,541

Total Assets
 
$
1,355,747

 
 
 
Accounts payable and accrued liabilities
 
$
70,920

Income taxes payable
 
2,962

Deferred revenue
 
21,883

Short-term borrowings
 
2,500

Total current liabilities
 
98,265

Accrued compensation and related benefits
 
24,227

Other liabilities
 
57

Deferred income taxes
 
279,245

Long-term debt
 
547,500

Total Liabilities
 
$
949,294

 
 
 
Net assets divested in the Spin-Off
 
$
406,453

Cash flows from Cable ONE for the year ended December 31, 2015 are combined with the cash flows from operations within each of the categories presented. Net Cash Provided by Operating Activities was $109.8 million and Net Cash Used in Investing Activities was $74.4 million.
Spin-Off Costs: One-time spin-off transaction, financing and related costs of $7.4 million in 2015 are included in discontinued operations, net of tax.
Other Discontinued Operations. In the third quarter of 2014, Kaplan completed the sale of three of its schools in China that were previously included as part of Kaplan International. An additional school in China was sold by Kaplan in January 2015 that resulted in a pre-tax loss of $0.7 million.
The results of operations of Cable ONE and the school in China for 2015, where applicable, are included in the Company’s Consolidated Statements of Operations as income from discontinued operations, net of tax. The Company did not reclassify its Consolidated Statements of Cash Flows to reflect the discontinued operations.
The summarized income from discontinued operations, net of tax, is presented below:
 
Year Ended
(in thousands)
December 31, 2015
Operating revenues
$
397,404

Operating costs and expenses
(325,379
)
Operating income
72,025

Non-operating expense
(1,288
)
Income from discontinued operations
70,737

Provision for income taxes
27,783

Net Income from Discontinued Operations
42,954

Loss on disposition of discontinued operations
(732
)
Provision for income taxes on disposition of discontinued operations
52

Income from Discontinued Operations, Net of Tax
$
42,170

5.
INVESTMENTS
Commercial Paper and Money Market Investments. As of December 31, 2017 and 2016, the Company had commercial paper and money market investments of $217.6 million and $485.1 million, respectively, that are classified as cash, cash equivalents and restricted cash in the Company’s Consolidated Balance Sheets.

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