0001628280-26-011405 | 10-K | XBRL Viewer

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Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 84,563	$ 87,204	$ 89,994
Amortization of finance ROU assets	9,250	8,431	5,687
Interest on finance lease liabilities	1,364	1,456	989
Short-term and month-to-month lease cost	44,547	47,048	44,457
Variable lease cost	20,405	20,626	23,213
Sublease income	(619)	(9,135)	(16,035)
Total net lease cost	$ 159,510	$ 155,630	$ 148,305

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Acquisitions and Dispositions of Businesses

12 Months Ended

Dec. 31, 2025

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions of Businesses

ACQUISITIONS AND DISPOSITIONS OF BUSINESSES

Acquisitions. During 2025, the Company acquired five businesses: one in education, two in other healthcare businesses, one in manufacturing and one in automotive for $71.2 million in cash and the assumption of floor plan payables and $107.5 million in net pension obligations. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

In June 2025, Kaplan acquired one small business which is included in its supplemental education division.

In July 2025, Hoover acquired 100% of Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporation, which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. A significant portion of the purchase price was funded by the Company’s assumption of certain pension obligations. The acquisition expands Hoover’s product offerings and is included in manufacturing.

In October 2025, GHG acquired two small businesses which are included in other healthcare businesses.

In October 2025, the Company’s automotive subsidiary acquired a Honda automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $4.9 million in floor plan payables, the automotive subsidiary borrowed $38.7 million under the delayed draw term loan to finance the

acquisition (see Note 11). 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.

During 2024, the Company acquired two small businesses. In January 2024, the Company acquired one small business which is included in other businesses. In May 2024, Kaplan acquired one small business which is included in its international division. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

During 2023, the Company acquired five businesses: three in other healthcare businesses, one in automotive and one in other businesses for $83.3 million in cash and contingent consideration and the assumption of floor plan payables. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

In January 2023, GHG acquired two small businesses which are included in other healthcare businesses.

In July 2023, the Company acquired one small business which is included in other businesses.

In September 2023, the Company’s automotive subsidiary acquired a Toyota automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $2.2 million in floor plan payables, the automotive subsidiary borrowed $37.0 million to finance the acquisition. The dealership is operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. This acquisition expanded the Company’s automotive business operations and is included in automotive.

In December 2023, GHG acquired one small business which is included in other healthcare businesses.

Acquisition-related costs for acquisitions that closed during 2025 and 2023 were $4.3 million and $1.2 million, respectively, and were expensed as incurred. The aggregate purchase price of these acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Year Ended December 31
(in thousands)	2025		2023

Accounts receivable	$	11,641	$	68
Inventory	32,731		5,224
Property, plant and equipment	35,920		29,859
Lease right-of-use assets	3,642		—
Goodwill	51,943		45,968
Indefinite-lived intangible assets	15,500		6,300
Amortized intangible assets	41,300		235
Deferred income taxes	13,947		—
Other assets	221		4
Pension liabilities	(107,517)		—
Floor plan payables	(4,939)		(2,215)
Other liabilities	(18,371)		(935)
Current and noncurrent lease liabilities	(4,783)		(1,184)


Aggregate purchase price, net of cash acquired	$	71,235	$	83,324

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded due to these acquisitions is attributable to the assembled workforces of the acquired companies and expected synergies. The Company expects to deduct $12.4 million and $45.0 million of goodwill for income tax purposes for the acquisitions completed in 2025 and 2023, respectively.

The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The Company’s Consolidated Statements of Operations for the year ended December 31, 2025 includes aggregate revenue and operating losses for the companies acquired in 2025 of $68.5 million and $2.3 million, respectively. The following unaudited pro forma financial information includes the 2025 acquisitions as if they occurred at the beginning of 2024 and the 2023 acquisitions as if they had occurred at the beginning of 2022:


	Year Ended December 31
(in thousands)	2025		2024		2023
Operating revenues	$	5,040,565	$	4,974,991	$	4,529,817
Net income	312,100		733,302		218,205

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 early September 2025, the Company ceased operations of the Ourisman Jeep of Bethesda dealership.

In April 2025, Kaplan completed the sale of a small business, BridgeU Limited, which was included in KI.

In the first half of 2025, WGB completed the sale of various websites and related businesses that made up the WGB operations, which were included in other businesses. All remaining WGB operations were substantially shut down by the end of the third quarter of 2025.

In June and September 2024, WGB completed the sales of small businesses, which were included in other businesses. In July 2024, Kaplan completed the sale of a small business, Red Marker, which was included in KI (see Note 16).

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 4 and 16).

Other Transactions. In October 2025, pursuant to the exercise of a put right, the Company purchased some of the minority-owned interest of Clarus for $0.4 million. Following the redemption, the Company owns 95.75% of Clarus.

In July 2025, CSI exercised its call option to purchase some of the minority-owned interest of CSI for $1.8 million.

On February 25, 2025, the Company and a group of minority shareholders entered into an agreement to settle a significant portion of the mandatorily redeemable noncontrolling interest related to GHC One, including CSI, for a total of $205 million, which consisted of approximately $186.25 million in cash and $18.75 million in Graham Holdings Company Class B common stock.

The settlement agreement resulted in a $66.2 million increase to the mandatorily redeemable noncontrolling interest obligation, which the Company recorded as interest expense in the first quarter of 2025. The remaining mandatorily redeemable noncontrolling interest obligation related to GHC One and GHC Two was $8.4 million at December 31, 2025, with $6.9 million included in current liabilities due to the expected dissolution of GHC One by March 31, 2026.

In December 2024, the Company acquired some of the minority-owned shares of CSI for a total estimated amount of $2.0 million. The Company paid cash of $0.6 million and entered into a promissory note with the minority owner for the remaining $1.4 million at an interest rate of 5.5% per annum. The note is included in other indebtedness (see Note 11) and is due and payable on January 31, 2026. Following the redemption, the Company owns 87.5% of CSI. Pursuant to the terms of the purchase agreement, the purchase price was finalized in December 2025, resulting in an additional amount payable of $0.1 million, plus interest at 5.5% per annum, to the minority owner.

In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. The Company paid cash of $5.0 million and entered into a promissory note with the minority owners for the remaining $15.0 million at an interest rate of 8% per annum. The note is included in other indebtedness (see Note 11) and payable in quarterly installments with the final payment due by January 1, 2027. Following the redemption, the Company owned 86.7% of CSI.

As of December 31, 2025, the Company holds a controlling financial interest in GHC One and GHC Two and therefore includes the assets, liabilities, results of operations and cash flows in its consolidated financial statements. GHC One acquired Clarus during 2019. GHC Two acquired Impact Medical during 2021 and Skin Clique and Surpass in 2022. The Company accounts for the minority ownership of the group of current and former senior managers in GHC One and GHC Two as a mandatorily redeemable noncontrolling interest (see Notes 2 and 12).

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Supplier Finance Program Reconciliation) (Details 4) - Vehicle Floor Plan Facility - New Vehicles [Member] - Automotive [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable, vehicle floor plan payable and accrued liabilities
Supplier Finance Program, Obligation [Roll Forward]
Obligations outstanding at the beginning of the year	$ 133,451	$ 128,929
Additions	664,374	733,304
Settlements	(691,974)	(728,782)
Obligations outstanding at the end of the year	$ 105,851	$ 133,451

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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	1812 North Moore 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,061,000,000
Documents Incorporated by Reference [Text Block]	Documents partially incorporated by reference: Definitive Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders (incorporated in Part III to the extent provided in Items 10, 11, 12, 13 and 14 hereof).
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0000104889
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding (in shares)		964,001
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding (in shares)		3,397,834

Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 418,090	$ 397,435
Deferred Revenue, Period Increase Percentage	5.00%

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Contract with Customer, Liability

The following table presents the change in the Company’s deferred revenue balance during the year ended December 31, 2025:


	As of December 31
(in thousands)	2025		2024		% Change
Deferred revenue	$	418,090	$	397,435	5

Capitalized Contract Cost

The following table presents changes in the Company’s costs to obtain a contract asset:


(in thousands)	Balance at Beginning of Year		Costs Associated with New Contracts		Less: Costs Amortized During the Year		Other	Balance at End of Year
2025	$	42,121	$	95,621	$	(97,611)	2,273	$	42,404
2024	41,634		99,588		(101,914)		2,813	42,121
2023	31,647		98,527		(90,839)		2,299	41,634

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities) (Details 3) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 181,009	$ 160,384
Vehicle floor plan payable	118,959	147,884
Accrued compensation and related benefits	194,972	172,915
Other accrued liabilities	226,686	231,322
Total accounts payable and accrued liabilities	$ 721,626	$ 712,505

Fair Value Measurements (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) investment	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Impairment of goodwill and other long-lived assets	$ 12,335	$ 49,822	$ 99,066
Impairment of cost method investments	$ 14,725	744	500
Loss on cost method investments		1,700
Gain on cost method investments		200	$ 3,100
Impairment on equity method investment		$ 14,400
Number of investments in affiliates impaired \| investment		1

Leases (Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Lease right-of-use assets	$ 404,818	$ 388,419
Finance lease assets	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Finance lease assets	$ 22,695	$ 21,716
Total lease assets	427,513	410,135
Operating lease, liability, current	$ 64,290	$ 58,239
Finance lease, liability, current	Accounts payable, vehicle floor plan payable and accrued liabilities	Accounts payable, vehicle floor plan payable and accrued liabilities
Finance lease, liability, current	$ 17,059	$ 18,028
Operating lease, liability, noncurrent	$ 377,897	$ 362,885
Finance lease, liability, noncurrent	Other Liabilities	Other Liabilities
Finance lease, liability, noncurrent	$ 7,062	$ 5,049
Total lease liabilities	$ 466,308	$ 444,201
Operating lease, weighted average remaining lease term	10 years	10 years 4 months 24 days
Finance lease, weighted average remaining lease term	1 year 9 months 18 days	1 year 6 months
Operating lease, weighted average discount rate	5.40%	5.40%
Finance lease, weighted average discount rate, percent	6.10%	6.80%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	5,251	$	—	$	5,251
Marketable equity securities (2)	1,081,938		—		—		1,081,938
Other current investments (3)	—		7,032		—		7,032


Total Financial Assets	$	1,081,938	$	12,283	$	—	$	1,094,221
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,526	$	1,526
Interest rate swaps (5)	—		2,289		—		2,289

Mandatorily redeemable noncontrolling interest (6)	—		—		8,401		8,401
Total Financial Liabilities	$	—	$	2,289	$	9,927	$	12,216


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	3,908	$	—	$	3,908
Marketable equity securities (2)	852,434		—		—		852,434
Other current investments (3)	—		6,309		—		6,309
Foreign exchange swap (7)	—		710		—		710

Total Financial Assets	$	852,434	$	10,927	$	—	$	863,361
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,419	$	1,419
Interest rate swaps (5)	—		1,419		—		1,419
Mandatorily redeemable noncontrolling interest (6)	—		—		159,548		159,548
Total Financial Liabilities	$	—	$	1,419	$	160,967	$	162,386

____________


(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. exchanges. Price quotes for these shares are readily available.
(3)			Includes mutual funds, which 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.
(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 swap 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 Other current assets 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 table provides a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs:


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2023	$	788	$	40,764
Acquisition of business	1,293		—
Changes in fair value (1)	(75)		119,295
Capital contributions	—		204
Accretion of value included in net income (1)	190		—
Settlements or distributions	(719)		(715)
Foreign currency exchange rate changes	(58)		—
As of December 31, 2024	1,419		159,548

Changes in fair value (1)	—		54,492
Capital contributions	—		80
Accretion of value included in net income (1)	233		—
Settlements or distributions	(317)		(205,719)
Foreign currency exchange rate changes	191		—
As of December 31, 2025	$	1,526	$	8,401

____________


(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 Consolidated Statements of Operations.

Pensions and Other Postretirement Plans (Accumulated Other Comprehensive Income) (Details 7) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Net amount	$ (601,064)	$ (393,949)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized actuarial gain	(812,304)	(523,941)
Unrecognized prior service credit	(7,273)	(10,016)
Gross amount	(819,577)	(533,957)
Deferred tax liability (asset)	222,523	148,226
Net amount	(597,054)	(385,731)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized actuarial gain	750	(3,488)
Unrecognized prior service credit	0	0
Gross amount	750	(3,488)
Deferred tax liability (asset)	(622)	481
Net amount	128	(3,007)
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Unrecognized actuarial gain	(5,858)	(7,308)
Gross amount	(5,858)	(7,308)
Deferred tax liability (asset)	1,720	2,097
Net amount	$ (4,138)	$ (5,211)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Leases (Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases (payments)	$ 81,081	$ 86,210	$ 94,630
Operating cash flows from finance leases	1,364	1,456	989
Financing cash flows from finance leases (payments)	17,969	13,425	10,376
Right-of-use assets obtained in exchange for new operating lease liabilities (noncash)	68,915	55,283	38,967
Right-of-use assets obtained in exchange for new finance lease liabilities (noncash)	$ 19,058	$ 12,569	$ 20,265

Business Segments (Information by Operating Segment) (Details 1) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting Information [Line Items]

Operating Revenues

$ 4,911,563

$ 4,790,904

$ 4,414,877

Depreciation Expense

80,366

87,046

86,064

Amortization of Intangible Assets

(32,040)

(37,119)

(50,039)

Impairment of goodwill and other long-lived assets

(12,335)

(49,822)

(99,066)

Income from Operations

234,947

215,504

69,393

Equity in earnings (losses) of affiliates, net

16,394

(3,303)

(5,183)

Interest expense, net

(110,530)

(176,281)

(56,179)

Non-operating pension and postretirement benefit income, net

127,539

794,949

133,812

Gain on marketable equity securities, net

200,170

181,295

138,067

Other (expense) income, net

(18,853)

12,546

19,094

Income Before Income Taxes

449,667

1,024,710

299,004

Capital Expenditures

79,755

93,099

107,286

Investments in Marketable Equity Securities

1,081,938

852,434

Investments in Affiliates

229,565

169,125

Prepaid Pension Cost

2,772,394

2,510,520

Total Assets

8,395,713

7,677,205

Operating Segments [Member] | Reportable Segment, Aggregation before Other Operating Segment [Member]

Segment Reporting Information [Line Items]

Operating Revenues

4,553,919

4,434,684

4,047,301

Cost of Revenue

^[1],[2]

2,443,999

2,313,663

2,119,066

Payroll and Fringe Benefits Expense

^[2],[3]

670,336

667,876

627,059

Occupancy Expense

^[2]

116,497

124,412

118,792

Advertising and Marketing Expense

^[2]

78,260

70,828

64,427

Networking and Programming Expenses

^[2]

123,725

126,474

129,827

Management Services

^[2],[4]

8,393

8,054

7,312

Other Segment Items

^[2],[5]

568,643

545,806

510,618

EBIDTAP

544,066

577,571

470,200

Pension service cost

36,680

46,084

27,471

Depreciation Expense

66,533

71,033

70,516

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

440,853

460,454

372,213

Capital Expenditures

55,526

62,072

92,201

Identifiable Assets

3,875,019

3,667,911

Operating Segments [Member] | Education [Member]

Segment Reporting Information [Line Items]

Operating Revenues

1,744,332

1,691,778

1,587,581

Cost of Revenue

^{[1],[2],[6],[7]}

659,029

655,482

623,731

Payroll and Fringe Benefits Expense

^{[2],[3],[7],[8]}

484,293

471,144

432,730

Occupancy Expense

^[2],[7]

108,805

116,839

112,230

Advertising and Marketing Expense

^[2],[7]

78,260

70,828

64,427

Other Segment Items

^{[2],[7],[9],[10]}

201,201

190,448

188,345

EBIDTAP

212,744

187,037

166,118

Pension service cost

17,271

17,733

8,907

Depreciation Expense

29,477

35,058

38,187

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

165,996

134,246

119,024

Capital Expenditures

17,930

25,989

36,760

Identifiable Assets

2,008,574

1,963,878

Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member]

Segment Reporting Information [Line Items]

Operating Revenues

585

5,761

11,012

Cost of Revenue

^[6],[7]

Payroll and Fringe Benefits Expense

^[7],[8]

26,618

27,660

22,823

Occupancy Expense

^[7]

768

5,627

11,035

Advertising and Marketing Expense

^[7]

439

630

424

Other Segment Items

^[7],[10]

8,533

5,368

5,818

EBIDTAP

(35,773)

(33,524)

(29,088)

Pension service cost

1,588

1,561

698

Depreciation Expense

105

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

(37,388)

(35,148)

(29,891)

Capital Expenditures

Identifiable Assets

34,973

41,754

Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member]

Segment Reporting Information [Line Items]

Operating Revenues

(2,193)

(4,635)

(10,047)

Cost of Revenue

^[6],[7]

(1,478)

(4,796)

(5,992)

Payroll and Fringe Benefits Expense

^[7],[8]

(125)

(2,701)

Occupancy Expense

^[7]

(551)

(312)

Advertising and Marketing Expense

^[7]

Other Segment Items

^[7],[10]

(219)

150

(1,013)

EBIDTAP

180

(29)

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

180

(29)

Operating Segments [Member] | Education [Member] | Kaplan International [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

1,079,570

1,074,207

966,879

Cost of Revenue

^[6],[7]

358,673

361,508

320,183

Payroll and Fringe Benefits Expense

^[7],[8]

298,607

299,643

267,878

Occupancy Expense

^[7]

104,536

107,813

96,636

Advertising and Marketing Expense

^[7]

33,973

32,414

30,654

Other Segment Items

^[7],[11]

144,654

141,743

135,172

EBIDTAP

139,127

131,086

116,356

Pension service cost

571

704

325

Depreciation Expense

25,154

28,683

28,501

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

113,402

101,699

87,530

Capital Expenditures

12,725

22,560

31,111

Identifiable Assets

1,551,682

1,500,846

Operating Segments [Member] | Education [Member] | Higher Education [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

349,211

324,815

326,961

Cost of Revenue

^[6],[7]

251,531

247,196

254,378

Payroll and Fringe Benefits Expense

^[7],[8]

22,694

17,431

17,334

Occupancy Expense

^[7]

725

696

1,044

Advertising and Marketing Expense

^[7]

7,657

6,870

5,123

Other Segment Items

^[7],[12]

1,375

1,427

1,987

EBIDTAP

65,229

51,195

47,095

Pension service cost

7,394

7,620

3,737

Depreciation Expense

1,425

2,825

4,416

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

56,410

40,750

38,942

Capital Expenditures

1,012

1,016

2,394

Identifiable Assets

174,738

182,442

Operating Segments [Member] | Education [Member] | Supplemental Education [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

317,159

291,630

292,776

Cost of Revenue

^[6],[7]

50,303

51,574

55,162

Payroll and Fringe Benefits Expense

^[7],[8]

136,499

126,410

127,396

Occupancy Expense

^[7]

3,327

2,703

3,827

Advertising and Marketing Expense

^[7]

36,191

30,914

28,226

Other Segment Items

^[7],[13]

46,858

41,760

46,381

EBIDTAP

43,981

38,269

31,784

Pension service cost

7,718

7,848

4,147

Depreciation Expense

2,871

3,487

5,165

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

33,392

26,934

22,472

Capital Expenditures

4,132

2,413

3,209

Identifiable Assets

247,181

238,836

Operating Segments [Member] | Television Broadcasting [Member]

Segment Reporting Information [Line Items]

Operating Revenues

425,106

535,678

472,436

Payroll and Fringe Benefits Expense

^[2],[3]

107,076

112,316

119,311

Networking and Programming Expenses

^[2]

123,725

126,474

129,827

Other Segment Items

^[2],[14]

60,383

73,064

68,355

EBIDTAP

133,922

223,824

154,943

Pension service cost

5,901

6,055

3,331

Depreciation Expense

10,311

11,174

12,224

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

117,710

206,595

139,388

Capital Expenditures

4,426

5,887

9,220

Identifiable Assets

393,097

402,200

Operating Segments [Member] | Healthcare [Member]

Segment Reporting Information [Line Items]

Operating Revenues

815,049

611,109

459,481

Cost of Revenue

^{[1],[2],[15],[16]}

503,855

343,695

257,639

Other Segment Items

^{[2],[16],[17]}

196,483

188,856

154,764

EBIDTAP

114,711

78,558

47,078

Pension service cost

9,984

19,303

14,083

Depreciation Expense

7,303

6,859

5,475

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

97,424

52,396

27,520

Capital Expenditures

14,435

10,182

12,992

Identifiable Assets

355,627

308,591

Operating Segments [Member] | Healthcare [Member] | Other Healthcare [Member]

Segment Reporting Information [Line Items]

Operating Revenues

349,541

311,511

270,279

Cost of Revenue

^[15],[16]

155,704

137,941

120,276

Other Segment Items

^[16],[17]

133,339

134,821

121,564

EBIDTAP

60,498

38,749

28,439

Pension service cost

9,984

19,303

14,083

Depreciation Expense

6,474

6,273

5,046

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

44,040

13,173

9,310

Capital Expenditures

12,099

9,056

11,863

Identifiable Assets

227,457

217,154

Operating Segments [Member] | Healthcare [Member] | CSI [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

465,508

299,598

189,202

Cost of Revenue

^[15],[16]

348,151

205,754

137,363

Other Segment Items

^[16],[18]

63,144

54,035

33,200

EBIDTAP

54,213

39,809

18,639

Pension service cost

Depreciation Expense

829

586

429

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

53,384

39,223

18,210

Capital Expenditures

2,336

1,126

1,129

Identifiable Assets

128,170

91,437

Operating Segments [Member] | Manufacturing [Member]

Segment Reporting Information [Line Items]

Operating Revenues

436,279

395,642

447,910

Cost of Revenue

^[1],[2]

316,467

293,215

323,906

Other Segment Items

^[2],[19]

72,202

59,379

66,426

EBIDTAP

47,610

43,048

57,578

Pension service cost

3,461

2,877

1,115

Depreciation Expense

12,481

10,983

9,453

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

31,668

29,188

47,010

Capital Expenditures

10,621

15,951

23,089

Identifiable Assets

535,006

411,137

Operating Segments [Member] | Automotive [Member]

Segment Reporting Information [Line Items]

Operating Revenues

1,133,153

1,200,477

1,079,893

Cost of Revenue

^[1],[2]

964,648

1,021,271

913,790

Payroll and Fringe Benefits Expense

^[2],[3]

78,967

84,416

75,018

Occupancy Expense

^[2]

7,692

7,573

6,562

Management Services

^[2],[4]

8,393

8,054

7,312

Other Segment Items

^[2],[20]

38,374

34,059

32,728

EBIDTAP

35,079

45,104

44,483

Pension service cost

116

Depreciation Expense

6,961

6,959

5,177

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

28,055

38,029

39,271

Capital Expenditures

8,114

4,063

10,140

Identifiable Assets

582,715

582,105

Operating Segments [Member] | Other Businesses [Member]

Segment Reporting Information [Line Items]

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

^[21]

(94,164)

(99,101)

(98,115)

Identifiable Assets

357,408

338,089

Operating Segments [Member] | Other Businesses and Corporate Office [Member]

Segment Reporting Information [Line Items]

Operating Revenues

^[22]

360,139

358,822

371,233

Capital Expenditures

^[23]

24,229

31,027

15,085

Corporate office [Member]

Segment Reporting Information [Line Items]

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets

(67,367)

(58,908)

(55,600)

Identifiable Assets

79,389

139,126

Intersegment Elimination [Member]

Segment Reporting Information [Line Items]

Operating Revenues

$ (2,495)

$ (2,602)

$ (3,657)

[1]	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
[2]	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[3]	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
[4]	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
[5]	Other segment items for each reportable segment include:
[6]	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
[7]	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[8]	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
[9]	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
[10]	Other segment items for each reportable segment include:
[11]	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
[12]	Higher education - training and employment expense, operating fees and other G&A expenses.
[13]	Supplemental education - training and employment expense, operating fees and other G&A expenses.
[14]	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative expenses (SG&A).
[15]	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
[16]	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
[17]	Healthcare (includes CSI) - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
[18]	Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
[19]	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
[20]	Automotive - advertising and marketing expense and other G&A expenses.
[21]	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
[22]	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
[23]	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2025

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 December 31
(in thousands)	2025		2024

Receivables from contracts with customers, less estimated credit losses of $23,164 and $23,719	$	519,068	$	477,827
Other receivables	57,686		36,599
	$	576,754	$	514,426

The changes in estimated credit losses were as follows:


(in thousands)	Balance at Beginning of Period		Additions – Charged to Costs and Expenses		Deductions		Balance at End of Period

2025	$	23,719	$	3,883	$	(4,438)	$	23,164




2024	24,667		3,591		(4,539)		23,719



2023	21,387		6,045		(2,765)		24,667

Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:


	As of December 31
(in thousands)	2025		2024
Accounts payable	$	181,009	$	160,384
Vehicle floor plan payable	118,959		147,884
Accrued compensation and related benefits	194,972		172,915
Other accrued liabilities	226,686		231,322
	$	721,626	$	712,505

Cash overdrafts of $0.6 million are included in accounts payable at December 31, 2025.

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. At December 31, 2025, the floor plan facilities bore interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.2%, 6.7% and 6.2% for the years ended December 31, 2025, 2024 and 2023, respectively. The Company incurred floor plan interest expense of $7.9 million, $11.5 million and $6.6 million during 2025, 2024 and 2023, respectively, which is included in interest expense in the Consolidated Statements of Operations. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the 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 December 31, 2025.

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 Consolidated Statements of Operations when the associated inventory is sold. For the years ended December 31, 2025, 2024 and 2023, the Company recognized a reduction in cost of goods sold of $8.3 million, $9.3 million and $6.7 million, respectively, related to manufacturer floor plan assistance.

Activity related to floor plan facilities associated with new vehicles is as follows:


(in thousands)	2025		2024
Obligations outstanding at the beginning of the year	$	133,451	$	128,929
Additions	664,374		733,304
Settlements	(691,974)		(728,782)
Obligations outstanding at the end of the year	$	105,851	$	133,451

Income Taxes (Narrative) (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Taxes [Line Items]

State and local taxes, net of U.S. Federal tax

^[1]

$ 27,211,000

$ 47,133,000

$ 12,590,000

Deferred state income tax asset

75,911,000

67,703,000

Deferred tax assets with respect to U.S. Federal income tax loss carryforwards

47,236,000

52,557,000

Deferred tax assets with respect to non U.S. income tax loss carryforwards

14,448,000

16,438,000

Valuation allowance

82,963,000

74,793,000

Deferred income tax liabilities related to undistributed earnings of investments in non-U.S. subsidiaries

3,192,000

2,800,000

Interest accrued related to unrecognized tax benefits

500,000

Penalties accrued related to unrecognized tax benefits

State [Member]

Income Taxes [Line Items]

State and local taxes, net of U.S. Federal tax

27,200,000

Income tax loss carryforwards to expire

1,318,600,000

Deferred state income tax asset

75,900,000

Valuation allowance related to operating loss carryforwards

56,200,000

Valuation allowance

62,000,000.0

Unrecognized tax benefit that would impact the effective tax rate

2,200,000

U.S. Federal [Member]

Income Taxes [Line Items]

Income tax loss carryforwards obtained as a result of prior stock acqusitions

224,900,000

Deferred tax assets with respect to U.S. Federal income tax loss carryforwards

47,200,000

Foreign tax credit carryforwards

400,000

Deferred tax assets with respect to U.S. Federal foreign tax credit carryforwards

402,000

545,000

Valuation allowance on tax credit carryforward

100,000

Unrecognized tax benefit that would impact the effective tax rate

800,000

Federal tax impact of unrecognized tax benefits that would impact the effective tax rate

500,000

non-U.S. [Member]

Income Taxes [Line Items]

Tax loss carryforwards as a result of operating losses and prior stock acquisitions

78,500,000

Deferred tax assets with respect to non U.S. income tax loss carryforwards

14,400,000

Valuation allowance against the deferred tax assets recorded for the tax losses carryforward

11,100,000

Tax loss carryforwards from operating losses and prior stock acquisitions that can be carried forward indefinitely

24,500,000

Non-U.S.deferred tax asset related to capital loss carryforwards

9,057,000

$ 5,990,000

Valuation allowance

20,500,000

non-U.S. [Member] | Through 2030 [Member]

Income Taxes [Line Items]

Tax loss carryforwards subject to expiration

44,300,000

non-U.S. [Member] | After 2030 [Member]

Income Taxes [Line Items]

Tax loss carryforwards subject to expiration

9,700,000

Capital loss carryforward [Member] | non-U.S. [Member]

Income Taxes [Line Items]

Carryforward amount

32,000,000.0

Non-U.S.deferred tax asset related to capital loss carryforwards

9,000,000.0

Valuation allowance

9,000,000.0

Pension Plan [Member] | State [Member]

Income Taxes [Line Items]

Income Tax Expense (Benefit), Adjustment of Deferred Tax (Asset) Liability

$ (9,900,000)

[1]	The states that contribute to the majority (greater than 50%) of the tax effect in this category include Virginia for 2025, Virginia for 2024, and Maryland and Virginia for 2023.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

LEASES

The components of lease expense were as follows:


	Year Ended December 31
(in thousands)	2025		2024		2023
Operating lease cost	$	84,563	$	87,204	$	89,994
Finance lease cost:
Amortization of right-of-use assets	9,250		8,431		5,687
Interest on lease liabilities	1,364		1,456		989
Short-term and month-to-month lease cost	44,547		47,048		44,457
Variable lease cost	20,405		20,626		23,213
Sublease income	(619)		(9,135)		(16,035)
Total net lease cost	$	159,510	$	155,630	$	148,305

The Company recorded operating lease impairment charges of $1.6 million, $0.6 million, and $0.8 million in 2025, 2024 and 2023, respectively. The Company estimated the fair value of the ROU assets using an income approach.

Supplemental balance sheet information related to leases were as follows:


	As of December 31
(in thousands)	2025		2024
Assets:
Lease right-of-use assets	$	404,818	$	388,419
Finance lease assets	22,695		21,716
Total lease assets	$	427,513	$	410,135

Current liabilities:
Operating lease liabilities	$	64,290	$	58,239
Finance lease liabilities	17,059		18,028
Noncurrent liabilities:
Operating lease liabilities	377,897		362,885
Finance lease liabilities	7,062		5,049
Total lease liabilities	$	466,308	$	444,201


Weighted average remaining lease term (years):
Operating leases	10.0		10.4
Finance leases	1.8		1.5
Weighted average discount rate:
Operating leases	5.4	%	5.4	%
Finance leases	6.1	%	6.8	%

At December 31, 2025, maturities of lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	81,369	$	17,623
2027	79,378		4,896
2028	66,239		2,319
2029	57,225		80
2030	43,532		55
Thereafter	262,631		—
Total payments	590,374		24,973
Less: Imputed interest	(148,187)		(852)
Present value of lease liabilities	$	442,187	$	24,121

As of December 31, 2025, the Company has entered into operating leases, including healthcare and retail facilities, that have not yet commenced and have minimum lease payments of $8.8 million. These operating leases will commence in fiscal year 2026 with contractual lease terms of 5 to 11 years.

Supplemental cash flow information related to leases were as follows:


	Year Ended December 31
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases (payments)	$	81,081	$	86,210	$	94,630
Operating cash flows from finance leases	1,364		1,456		989
Financing cash flows from finance leases (payments)	17,969		13,425		10,376
Right-of-use assets obtained in exchange for new lease liabilities (noncash):
Operating leases	$	68,915	$	55,283	$	38,967
Finance leases	19,058		12,569		20,265

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. 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. On an ongoing basis, the Company evaluates its estimates and assumptions. Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date. Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less. Restricted Cash. Restricted cash represents amounts required to be held by non-U.S. higher education institutions for prepaid tuition pursuant to foreign government regulations. These regulations stipulate that the Company has a fiduciary responsibility to segregate certain funds to ensure these funds are only used for the benefit of eligible students. Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to receivables from contracts with customers. Allowance for Credit Losses. Accounts receivable have been reduced by an allowance that reflects the current expected credit losses associated with the receivables. The current expected credit losses are estimated based on historical write-offs, current macroeconomic conditions and reasonable and supportable forecasts of future economic conditions. Reserves are also established against specific receivables based on aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency. Investments in Equity Securities. The Company measures its investments in equity securities at fair value with changes in fair value recognized in earnings. The Company elected the measurement alternative to measure cost method investments that do not have readily determinable fair value at cost less impairment, adjusted by observable price changes with any fair value changes recognized in earnings. If the fair value of a cost method investment declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold. Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; lease right-of-use (ROU) assets; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of interest rate hedges is determined based on a number of observable inputs, including time to maturity and market interest rates. Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or net realizable values and are based on the first-in, first-out (FIFO) method or the average cost method. Inventory costs include direct material, direct and indirect labor, and applicable manufacturing overhead. The Company allocates manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on hand relative to historical usage, estimated future usage and technological developments. Vehicle inventory is based on the specific identification method. The cost of new and used vehicle inventories includes the cost of any equipment added, reconditioning and transportation. In certain instances, vehicle manufacturers provide incentives, which are reflected as a reduction in the carrying value of each vehicle purchased. Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases. Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered not to be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose. Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from franchise agreements, trade names and trademarks and Federal Communications Commission (FCC) licenses. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 10 years. Costs associated with renewing or extending intangible assets are insignificant and expensed as incurred. The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially assesses qualitative factors to determine if it is necessary to perform the goodwill or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill and indefinite-lived assets for impairment using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company uses a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model, to determine the estimated fair value of its reporting units and indefinite-lived intangible assets. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine the estimated fair value of each reporting unit and indefinite-lived intangible asset. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges. Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of an investee between 20% and 50%. The Company also uses the equity method of accounting for its investments in a partnership or limited liability company with specific ownership accounts, if the Company has an ownership interest of 3% or more. The Company considers whether the fair values of any of its equity method investments have declined below their carrying values whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value. The Company records its share of the earnings or losses of its affiliates from their most recent available financial statements. In some instances, the reporting period of the affiliates’ financial statements lag the Company’s reporting period, but such lag is never more than three months. Revenue Recognition. The Company identifies a contract for revenue recognition when there is approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. The Company evaluates each contract to determine the number of distinct performance obligations in the contract, which requires the use of judgment. Education Revenue. Education revenue is primarily derived from postsecondary education and supplementary education services provided both domestically and abroad. Generally, tuition and other fees are paid upfront and recorded in deferred revenue in advance of the date when education services are provided to the student. In some instances, installment billing is available to students, which reduces the amount of cash consideration received in advance of performing the service. The contractual terms and conditions associated with installment billing indicate that the student is liable for the total contract price, therefore mitigating the Company’s exposure to losses associated with nonpayment. The Company determined the installment billing does not represent a significant financing component. Kaplan International (KI). KI provides higher education, professional education, and test preparation services and materials to students primarily in the U.K., Singapore, and Australia. Some KI contracts consist of one performance obligation that is a combination of indistinct promises to the student, while other KI contracts include multiple performance obligations, as the promises in the contract are capable of being both distinct and distinct within the context of the contract. One KI business offers an option whereby students receive future services at a discount that is accounted for as a material right. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. KI generally determines standalone selling prices based on prices charged to students. Revenue is recognized ratably over the instruction period or access period for higher education, professional education and test preparation services. KI generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and delivery of these services. Course materials determined to be a separate performance obligation are recognized at the point in time when control transfers to the student, generally when the products are delivered to the student. One KI business has a contract with a customer consisting of two performance obligations which consisted entirely of variable consideration at contract inception. The Company allocates revenue to each performance obligation based on the expected cost plus a margin. The margin was determined by a market assessment performed at contract inception. Revenue is recognized over time, using an input method, as the customer simultaneously benefits from the services as delivery occurs. The Company records a contract asset associated with this KI contract, as the right to revenue is dependent on something other than the passage of time. Kaplan Higher Education (KHE). KHE primarily provides non-academic operations support services to Purdue University Global (Purdue Global) pursuant to a Transition and Operations Support Agreement (TOSA). This contract has a 30-year term and consists of one performance obligation, which represents a series of daily promises to provide support services to Purdue Global. The transaction price is entirely made up of variable consideration related to the reimbursement of KHE support costs and the KHE fee. The TOSA outlines a payment structure, which dictates how cash will be distributed at the end of Purdue Global’s fiscal year, which is the 30th of June. The collectability of the KHE support costs and KHE fee is entirely dependent on the availability of cash at the end of the fiscal year. This variable consideration is constrained based on fiscal year forecasts prepared for Purdue Global. The forecasts are updated throughout the fiscal year until the uncertainty is ultimately resolved, which is at the end of each Purdue Global fiscal year. As KHE’s performance obligation is made up of a series, the variable consideration is allocated to the distinct service period to which it relates, which is the Purdue Global fiscal year. Support services revenue is recognized over time based on the expenses incurred to date and the percentage of expected reimbursement. KHE fee revenue is also recognized over time based on the amount of Purdue Global revenue recognized to date and the percentage of fee expected to be collected for the fiscal year. The Company used these input measures as Purdue Global simultaneously receives and consumes the benefits of the services provided by KHE. Kaplan Supplemental Education. Supplemental Education offers test preparation services and materials to students, as well as professional training and exam preparation for professional certifications and licensures to students. Generally, Supplemental Education contracts consist of multiple performance obligations, as promises for these services are distinct within the context of the contract. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Supplemental Education generally determines standalone selling prices based on the prices charged to students and professionals. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation in the contract. Supplemental Education services revenue is recognized ratably over the period of access to the education materials. An estimate of the average access period is developed for each course, and this estimate is evaluated on an ongoing basis and adjusted as necessary. The time elapsed method, an input measure, is used as it best depicts the simultaneous consumption and availability of access to the services. Revenue associated with distinct course materials is recognized at the point in time when control transfers to the student, generally when products are delivered to the student. Supplemental Education offers a guarantee on certain courses that gives students the ability to repeat a course if they are not satisfied with their exam score. The Company accounts for this guarantee as a separate performance obligation. Television Broadcasting Revenue. Television broadcasting revenue at Graham Media Group (GMG) is primarily comprised of television and internet advertising revenue and retransmission revenue. Television Advertising Revenue. GMG accounts for the series of advertisements included in television advertising contracts as one performance obligation and recognizes advertising revenue over time. The Company elected the right to invoice practical expedient, an output method, as GMG has the right to consideration that equals the value provided to the customer for advertisements delivered to date. As a result of the election to use the right to invoice practical expedient, GMG does not determine the transaction price or allocate any variable consideration at contract inception. Rather, GMG recognizes revenue commensurate with the amount to which it has the right to invoice the customer. Payment is typically received in arrears within 60 days of revenue recognition. Retransmission Revenue. Retransmission revenue represents compensation paid by cable, satellite and other multichannel video programming distributors (MVPDs) to retransmit GMG’s stations’ broadcasts in their designated market areas. The retransmission rights granted to MVPDs are accounted for as a license of functional intellectual property, as the retransmitted broadcast provides significant standalone functionality. As such, each retransmission contract with an MVPD includes one performance obligation for each station’s retransmission license. GMG recognizes revenue using the usage-based royalty method, in which revenue is recognized in the month the broadcast is retransmitted based on the number of MVPD subscribers and the applicable per-user rate identified in the retransmission contract. Payment is typically received in arrears within 60 days of revenue recognition. Healthcare Revenue. Healthcare revenue consists primarily of in-home specialty pharmacy infusion therapies at CSI Pharmacy Holding Company, LLC (CSI); home health and hospice services; healthcare software-as-a-service technology; physician services for allergy, asthma and immunology patients; in-home aesthetics; applied behavior analysis therapy; and management services related to equity affiliates. Specialty Pharmacy Revenue. CSI contracts with patients to provide specialty pharmacy infusion and other therapies. Payment is typically received from third-party payors such as private insurers and Medicare. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the customer as the party who benefits from its therapies and as such, the patient is the customer. Specialty pharmacy contracts generally have one performance obligation to deliver the prescribed infusion therapy to the patient’s location and, in some cases, another performance obligation for nursing services to administer the infusion. The transaction price is the total amount CSI expects to receive from a payor as result of fulfilling its performance obligation. Revenue is recognized at the point in time the infusion therapy is delivered to the patient; revenue related to the nursing services is recognized as the services are provided. Home Health and Hospice Revenue. The Company contracts with patients to provide home health or hospice services. Payment is typically received from third-party payors such as Medicare, Medicaid, and private insurers. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the patient as the party who benefits from its healthcare services and as such, the patient is its customer. Home health services contracts generally have one performance obligation to provide home health services to patients. The Company recognizes revenue using the right to invoice practical expedient, an output method, as the contractual right to revenue corresponds directly with the transfer of services to the patient. Given the election of the practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the average length of stay within each of the two 30-day payment periods. Payment is typically received from Medicare within 30 days after a claim is filed. Medicare is the most common third-party payor for home health services. Home health revenue contracts may be modified to account for changes in the patient’s plan of care. The Company identifies contract modifications when the modification changes the existing enforceable rights and obligations. As modifications to the plan of care modify the original performance obligation, the Company accounts for the contract modification as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Hospice services contracts generally have one performance obligation to provide healthcare services to patients. The transaction price reflects the amount of revenue the Company expects to receive in exchange for providing these services. As the transaction price for healthcare services is known at the time of contract inception, no variable consideration exists. Hospice service revenue is recognized ratably over the period of care. The Company generally uses the time-elapsed method, an input measure, as it best depicts the simultaneous delivery and consumption of healthcare services. Payment is received from third-party payors for hospice services within 60 days after a claim is filed, or in some cases in two installments, one during the contract and one after the services have been provided. Medicare is the most common third-party payor. Healthcare Software-as-a-service Revenue. Software-as-a-service revenue at Clarus is recognized ratably over the subscription period. Physician Services Revenue. Physician services revenue at Impact Medical consists of revenue from physician and nurse visits as well as revenue related to allergy and immunology treatments. Each treatment is a separate performance obligation and revenue is recognized as the performance obligation is satisfied. In-home Aesthetics Revenue. In-home aesthetics revenue at Skin Clique primarily represents treatments provided to a customer by a Skin Clique representative. Revenue is recognized as the service is being provided. Applied Behavior Analysis Revenue. Applied behavior analysis revenue at Surpass is recognized as services are provided to the customer. Payments are generally received in arrears, from customers as well as third-party payors. Management Services Revenue. The Company accounts for the management services provided to each of its affiliates as one performance obligation and recognizes revenue over time as the services are delivered. The Company uses the right to invoice practical expedient, an output method, as the Company’s right to revenue corresponds directly with the value delivered to the affiliate. As a result of the election to use the right to invoice practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the affiliate, which is based on contractually identified percentages. Payment is received monthly in arrears. Manufacturing Revenue. Manufacturing revenue consists primarily of product sales generated by four businesses: Hoover, Dekko, Joyce, and Forney. The Company has determined that each item ordered by the customer is a distinct performance obligation, as it has standalone value and is distinct within the context of the contract. For arrangements with multiple performance obligations, the Company initially allocates the transaction price to each obligation based on its standalone selling price, which is the retail price charged to customers. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. The Company sells some products and services with a right of return. This right of return constitutes variable consideration and is constrained from revenue recognition on a portfolio basis, using the expected value method until the refund period expires. The Company recognizes revenue when or as control transfers to the customer. Some manufacturing revenue is recognized ratably over the manufacturing period, if the product created for the customer does not have an alternative use for the Company and the Company has an enforceable right to payment for performance completed to date. The determination of the method by which the Company measures its progress toward the satisfaction of its performance obligations requires judgment. The Company measures its progress for these products using the units delivered method, an output measure. These arrangements represented 22%, 21%, and 19% of the manufacturing revenue recognized for the years ended December 31, 2025, 2024 and 2023, respectively. Other manufacturing revenue is recognized at the point in time when control transfers to the customer, generally when the products are shipped. Some customers have a bill-and-hold arrangement with the Company. Revenue for bill-and-hold arrangements is recognized when control transfers to the customer, even though the customer does not have physical possession of the goods. Control transfers when the bill-and-hold arrangement has been requested from the customer, the product is identified as belonging to the customer and is ready for physical transfer, and the product cannot be directed for use by anyone but the customer. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 90 days of delivery. The Company evaluated the terms of the warranties and guarantees offered by its manufacturing businesses and determined that these should not be accounted for as a separate performance obligation as a distinct service is not identified. Automotive Revenue. The automotive subsidiary generates revenue primarily through the sale of new and used vehicles; the arrangement of vehicle financing, insurance and other service contracts (F&I revenue); and the performance of vehicle repair and maintenance services. New and used vehicle revenue contracts generally contain one performance obligation to deliver the vehicle to the customer in exchange for the stated contract consideration. Revenue is recognized at the point in time when control of the vehicle passes to the customer. F&I revenue is recognized at the point in time when the agreement between the customer and financing, insurance or service provider is executed. As the automotive subsidiary acts as an agent in these F&I revenue transactions, revenue is recognized net of any financing, insurance and service provider costs. Repair and maintenance services revenue is recognized over time, as the service is performed. Other Revenue. Restaurant Revenue. Restaurant revenues consist of sales generated by Clyde’s Restaurant Group (CRG). Food and beverage revenue, net of discounts and taxes, is recognized at the point in time when it is delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Custom Framing Services Revenue. Framebridge sells custom framing solutions to customers. Custom framing services revenue, net of discounts and taxes, is recognized when the products are delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Code3 Revenue. Code3 generates media management revenue in exchange for providing social media marketing solutions to its clients. The Company determined that Code3 contracts generally have one performance obligation made up of a series of promises to manage the client’s media spend on advertising platforms for the duration of the contract period. Code3 recognizes revenue, net of media acquisition costs, over time as media management services are delivered to the customer. Generally, Code3 recognizes revenue using the right to invoice practical expedient, an output method, as Code3’s right to revenue corresponds directly with the value delivered to its customer. As a result of the election to use the right to invoice practical expedient, Code3 does not determine the transaction price or allocate any variable consideration at contract inception. Rather, Code3 recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the cost of social media placement plus a management fee, less any applicable discounts. Payment is typically received within 100 days of revenue recognition. Code3 evaluates whether it is the principal (i.e., presents revenue on a gross basis) or agent (i.e., presents revenue on a net basis) in its contracts. Code3 presents revenue for media management services, net of media acquisition costs, as an agent, as Code3 does not control the media before placement on social media platforms. Society6 Revenue. Revenue is primarily derived from the sale of products. Each product ordered is generally accounted for as an individual performance obligation. Product revenue, net of discounts and taxes, is recognized when control of the promised good is transferred to the customer. Saatchi Art Revenue. Commissions revenue is primarily derived through the sale of artwork through Saatchi’s online art gallery or in-person art fairs. Each individual art piece ordered is generally accounted for as an individual performance obligation. Revenue is recognized net of artist fees when control of the promised good is transferred to the customer. World of Good Brands (WGB) Revenue. Revenue is primarily derived from advertisements displayed on WGB’s online media properties. Revenue is recognized over time as the performance obligation is delivered. Revenue is generally recognized based on an output measure including impressions delivered, cost per click or time-based advertisements. Other Revenue. Other revenue primarily includes advertising and subscription revenue from Slate, Decile, Pinna, Foreign Policy, Supporting Cast and City Cast. The Company accounts for other advertising revenues consistently with the advertising revenue streams addressed above. Subscription revenue consists of fees that provide customers access to online and print publications. The Company recognizes subscription revenue ratably over the subscription period beginning on the date that the publication or product is made available to the customer. Subscription revenue contracts are generally annual or monthly subscription contracts that are paid in advance of the delivery of performance obligations. Revenue Policy Elections. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of the good as a fulfillment cost rather than as an additional promised service. Therefore, revenue for these performance obligations is recognized when control of the good transfers to the customer, which is when the good is ready for shipment. The Company accrues the related shipping and handling costs over the period when revenue is recognized. The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. Revenue Practical Expedients. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the amount of revenue recognized is based on the amount to which the Company has the right to invoice the customer for services performed, (iii) contracts for which the consideration received is a usage-based royalty promised in exchange for a license of intellectual property and (iv) contracts for which variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation. Costs to Obtain a Contract. The Company incurs costs to obtain a contract that are both incremental and expected to be recovered, as the costs would not have been incurred if the contract was not obtained and the revenue from the contract exceeds the associated cost. The revenue guidance provides a practical expedient to expense sales commissions as incurred in instances where the amortization period is one year or less. The amortization period is defined in the guidance as the contract term, inclusive of any expected contract renewal periods. The Company has elected to apply this practical expedient to all contracts except for third-party contracts in its international education division. In the international education division, costs to obtain a contract are amortized over the applicable amortization period except for cases in which commissions paid on initial contracts and renewals are commensurate. The Company amortizes these costs to obtain a contract on a straight-line basis over the amortization period. These expenses are included as cost of services or products in the Company’s Consolidated Statements of Operations. Leases. The Company has operating leases for substantially all of its educational facilities, corporate offices and other facilities used in conducting its business, as well as certain equipment. The Company determines if an arrangement is a lease at inception. Operating leases are included in lease ROU assets, current portion of lease liabilities, and lease liabilities on the Company’s Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets also include any initial direct costs, prepaid lease payments and lease incentives received, when applicable. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on December 31, 2018 for operating leases that commenced prior to that date. The Company’s lease terms may include options to extend or terminate the lease by one to 10 years or more when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet; however, lease expense for these leases is recognized on a straight-line basis. The Company has elected the practical expedient to not separate lease components from nonlease components. As such, lease expense includes these nonlease components, when applicable. Fixed lease expense is recognized on a straight-line basis over the lease term. Variable lease expense is recognized when incurred. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants. In some instances, the Company subleases its leased real estate facilities to third parties. The Company has several restaurant leases with an entity affiliated with some of CRG’s senior managers and some automotive leases with an entity affiliated with automotive’s minority shareholder. Finance leases are included in property, plant and equipment, net, accounts payable and accrued liabilities and other liabilities on the Company’s Consolidated Balance Sheets. The Company primarily has finance leases for its vehicle fleet at the healthcare subsidiary and service loaner vehicles at the automotive subsidiary. Service loaner vehicles are generally purchased from the lessor within six months of contract commencement and upon purchase, the vehicles are placed into used vehicle inventory at cost. As of December 31, 2025 and 2024, the Company had $9.3 million and $10.5 million, respectively, in net, property, plant and equipment and current finance lease liabilities related to service loaner vehicles at the automotive subsidiary. Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Most of the Company’s employees are covered by these plans. The Company also provides healthcare and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheets and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the expected return on plan assets and the rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans. Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee healthcare and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided. Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made. Foreign Currency Translation. Income and expense accounts of the Company’s non-U.S. operations where the local currency is the functional currency are translated into U.S. dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations. Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award. Stock award forfeitures are accounted for as they occur. Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. Mandatorily Redeemable Noncontrolling Interest. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders, consisting of a group of current and former senior managers of the healthcare business, in subsidiaries of Graham Healthcare Group (GHG). The Company established GHC One LLC (GHC One) and GHC Two LLC (GHC Two) as vehicles to invest in a portfolio of healthcare businesses together with the group of senior managers of GHG. As the holder of preferred units, the Company is obligated to contribute 95% of the capital required for the acquisition of portfolio investments with the remaining 5% of the capital coming from the group of senior managers. The operating agreements of GHC One and GHC Two require the dissolution of the entities on March 31, 2026, and March 31, 2029, respectively, at which time the net assets will be distributed to its members. As a preferred unit holder, the Company will receive an amount up to its contributed capital plus a preferred annual return of 8% (guaranteed return) after the group of senior managers has received the redemption of their 5% interest in net assets (manager return). All distributions in excess of the manager and guaranteed return will be paid to common unit holders, which currently comprise the group of senior managers of GHG. The Company may convert its preferred units to common units at any time after which it will receive 80% of all distributions in excess of the manager return, with the remaining 20% of excess distributions going to the group of senior managers as holders of the other common units. The mandatorily redeemable noncontrolling interest related to GHC One is reported as a current liability at December 31, 2025 and a noncurrent liability at December 31, 2024 in the Consolidated Balance Sheets. The mandatorily redeemable noncontrolling interested related to GHC Two is reported as a noncurrent liability at December 31, 2025 and 2024. The Company presents this liability at fair value, which is computed quarterly at the current redemption value. Changes in the redemption value are recorded as interest expense or income in the Company’s Consolidated Statement of Operations. Redeemable Noncontrolling Interest. The Company’s redeemable noncontrolling interest represents the noncontrolling interest in CSI, which is 87.5% owned; Framebridge, which is 93.4% owned; Impact Medical, which is 50.1% owned; Skin Clique, which is 51% owned; and Clarus, which is 95.75% owned. CSI’s minority shareholders may put up to 50% of their shares to the Company. The first put period began in 2022. A second put period for another tranche of shares began in 2024. In December 2024, the Company acquired some of the minority-owned shares of CSI for a total amount of $2.1 million. Prior to the redemption, the Company owned 86.7% of CSI. In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. Prior to the redemption, the Company owned 76.5% of CSI. The minority shareholder of Framebridge has an option to put 20% of the shares to the Company annually starting in 2024. The minority shareholder of Impact Medical has an option to put 10% of the shares to the Company annually starting in 2026 and may put all of the shares starting in 2033. The minority shareholders of Skin Clique have the option to put all or a portion of their shares to the Company starting in 2029 and ending in 2032. The minority shareholder at Clarus may put all or a portion of their shares to the Company. The first put period occurred in 2025; a second put period will occur in 2026; and a final put period will occur in 2030. In October 2025, the Company purchased some of the minority-owned interest of Clarus for $0.4 million. Prior to the redemption, the Company owned 95% of Clarus. The Company presents the redeemable noncontrolling interests at the greater of its carrying amount or redemption value at the end of each reporting period in the Consolidated Balance Sheets. Changes in the redemption value are recorded as capital in excess of par value in the Company’s Consolidated Balance Sheets. Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, net changes in cash flow hedges, and pension and other postretirement plan adjustments. Recently Adopted and Issued Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (FASB) issued new guidance that requires enhanced income tax disclosures related to the rate reconciliation, information on income taxes paid and other items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard permits both prospective and retrospective application. The standard was adopted by the Company in the fourth quarter of 2025 and applied retrospectively to all prior periods presented in the Consolidated Financial Statements. In November 2024, the FASB issued new guidance that requires disclosures about certain significant expense categories including inventory purchases, employee compensation, depreciation, amortization, and selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Consolidated Financial Statements. In September 2025, the FASB issued new guidance which updates the accounting for internal-use software by removing references to software development project stages and adding new criteria to determine when an entity is required to start capitalizing internal-use software costs. The guidance is effective for fiscal years and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Consolidated Financial Statements. Other new accounting pronouncements issued but not effective until after December 31, 2025, are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Pensions and Other Postretirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits, Description [Abstract]

Pensions and Other Postretirement Plans

PENSIONS AND OTHER POSTRETIREMENT PLANS

The Company maintains various pension and incentive savings plans and contributed to multiemployer plans on behalf of certain union-represented employee groups. Most of the Company’s employees are covered by these plans. The Company also provides healthcare and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements.

The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans.

In October 2024, the Company purchased an irrevocable group annuity contract from an insurance company for $461.3 million to settle $457.9 million of the outstanding defined benefit pension obligation related to certain retirees and beneficiaries. The purchase of the group annuity contract was funded from the assets of the Company’s pension plan. As a result of this transaction, the Company was relieved of all responsibility for these pension obligations and the insurance company is now required to pay and administer the retirement benefits owed to approximately 1,850 retirees and beneficiaries, with no change to the amount, timing or form of monthly retirement benefit payments. As a result, the Company remeasured the accumulated and projected benefit obligation as of October 17, 2024 and recorded a one-time pre-tax settlement gain of $653.4 million. The new measurement basis was used for the recognition of the Company’s pension benefit following the remeasurement. The settlement gain is included in non-operating pension and postretirement benefit income on the Consolidated Statements of Operations.

Defined Benefit Plans. The Company’s defined benefit pension plans consist of various pension plans and a Supplemental Executive Retirement Plan (SERP) offered to certain executives of the Company.

In the first quarter of 2025, the Company recorded $0.6 million in expenses related to a Separation Incentive Program (SIP) for certain WGB employees. In the second quarter of 2025, the Company recorded $6.0 million in expenses related to SIPs for certain Kaplan, GMG, WGB, Saatchi Art, Society6, Code3 and Decile employees. In the third quarter of 2025, the Company recorded $2.5 million in expenses related to SIPs for certain Kaplan, GMG, Joyce, Society6, Saatchi Art, Code3 and Corporate employees. These SIPs were funded from the assets of the Company’s pension plans.

In the first quarter of 2024, the Company recorded $0.4 million in expenses related to a SIP for certain Framebridge employees. In the second quarter of 2024, the Company recorded $14.8 million in expenses related to a Voluntary Retirement Incentive Program (VRIP) for certain GMG and Corporate employees. Also in the second quarter of 2024, the Company recorded $1.6 million in expenses related to SIPs for certain Framebridge and Code3 employees. In the third quarter of 2024, the Company recorded $3.7 million in expenses related to SIPs for certain Kaplan, Dekko, WGB, Saatchi Art, Society6, Slate and Decile employees. In the fourth quarter of 2024, the Company recorded $0.5 million in expenses related to SIPs for certain Kaplan, Dekko, WGB and Decile employees. These SIPs and VRIP were funded from the assets of the Company’s pension plan.

In the first quarter of 2023, the Company recorded $4.1 million in expenses related to SIPs for certain Leaf and Code3 employees. In the second quarter of 2023, the Company recorded $5.5 million in expenses related to SIPs for certain Kaplan, GMG, Leaf, Code3 and Pinna employees. In the fourth quarter of 2023, the Company recorded $0.2 million in expenses related to a SIP for certain GMG employees. These SIPs were funded from the assets of the Company’s pension plan.

In January 2022, a pension credit retention program was implemented by the Company for certain GHG employees; the program offers a pension credit up to $50,000 per employee, cliff vested after three years of continuous employment for certain existing employees and new employees. Effective April 1, 2024, this program is no longer being offered to new employees. The Company recorded $5.3 million, $18.6 million and $13.5 million in pension service cost expense in 2025, 2024 and 2023, respectively, related to this program.

The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:


	Pension Plans
	As of December 31
(in thousands)	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	456,650	$	892,049
Service cost	47,400		57,538
Interest cost	29,406		40,095
Amendments	663		(734)
Actuarial loss	30,903		19,460
Acquisitions	107,517		—
Benefits paid	(41,429)		(49,963)
Special termination benefits	9,185		20,998

Settlement	—		(522,793)
Benefit Obligation at End of Year	$	640,295	$	456,650
Change in Plan Assets
Fair value of assets at beginning of year	$	2,967,170	$	3,005,687
Actual return on plan assets	486,948		534,239
Benefits paid	(41,429)		(49,963)
Settlement	—		(522,793)
Fair Value of Assets at End of Year	$	3,412,689	$	2,967,170
Funded Status	$	2,772,394	$	2,510,520


	SERP
	As of December 31
(in thousands)	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	87,523	$	89,876
Service cost	955		1,149
Interest cost	4,789		4,514

Actuarial loss (gain)	4,238		(1,886)
Benefits paid	(6,333)		(6,130)


Benefit Obligation at End of Year	$	91,172	$	87,523
Funded Status	$	(91,172)	$	(87,523)

The change in the Company’s benefit obligations for the pension plans in 2025 was primarily due to the assumption of obligations related to an acquisition and the recognition of an actuarial loss resulting from various experience variances and assumption changes used to measure the benefit obligation, offset by the benefits paid during the year. The change in the Company’s benefit obligations for the SERP in 2025 was primarily due to the benefits paid during the year, offset by the recognition of an actuarial loss resulting from a decrease to the discount rate used to measure the benefit obligation.

The accumulated benefit obligation for the Company’s pension plans at December 31, 2025 and 2024, was $632.0 million and $448.7 million, respectively. The accumulated benefit obligation for the Company’s SERP at December 31, 2025 and 2024, was $90.4 million and $84.9 million, respectively. The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:


	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2025		2024		2025		2024
Noncurrent asset	$	2,772,394	$	2,510,520	$	—	$	—

Current liability	—		—		(7,191)		(6,786)
Noncurrent liability	—		—		(83,981)		(80,737)
Recognized Asset (Liability)	$	2,772,394	$	2,510,520	$	(91,172)	$	(87,523)

Key assumptions utilized for determining the benefit obligation are as follows:


	Pension Plans		SERP
	As of December 31		As of December 31
	2025	2024	2025	2024
Discount rate	5.6%	5.8%	5.2%	5.6%
Rate of compensation increase – age graded	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%
Cash balance interest crediting rate	4.89% with phase in to 6.00% in 2027	5.43% with phase in to 6.00% in 2026	—	—

The Company made no contributions to its pension plans in 2025 and 2024, and the Company does not expect to make any contributions in 2026. The SERP is unfunded; therefore, the Company made actual benefit payments of $6.3 million and $6.1 million to beneficiaries for the years ended December 31, 2025 and 2024, respectively.

At December 31, 2025, future estimated benefit payments, excluding charges for early retirement programs, are as follows:


(in thousands)	Pension Plans		SERP
2026	$	37,570	$	7,376
2027	40,280		7,579
2028	41,372		7,701
2029	44,000		7,752
2030	43,947		7,815
2031–2035	236,353		37,669

The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components:


	Pension Plans
	Year Ended December 31
(in thousands)	2025		2024		2023
Service cost	$	47,400	$	57,538	$	33,787
Interest cost	29,406		40,095		46,211
Expected return on assets	(167,682)		(165,487)		(153,125)

Amortization of prior service (credit) cost	(2,080)		(1,951)		1,646
Recognized actuarial gain	—		(37,918)		(39,803)
Net Periodic Benefit for the Year	(92,956)		(107,723)		(111,284)

Settlement	—		(653,427)		—
Early retirement and separation program costs	9,185		20,998		9,886


Total Benefit for the Year	$	(83,771)	$	(740,152)	$	(101,398)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial gain	$	(288,363)	$	(349,292)	$	(381,088)
Current year prior service cost (credit)	663		(734)		(11,263)
Amortization of prior service credit (cost)	2,080		1,951		(1,646)
Recognized net actuarial gain	—		37,918		39,803
Settlement	—		653,427		—
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	(285,620)	$	343,270	$	(354,194)
Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects)	$	(369,391)	$	(396,882)	$	(455,592)


	SERP
	Year Ended December 31
(in thousands)	2025		2024		2023
Service cost	$	955	$	1,149	$	593
Interest cost	4,789		4,514		4,659








Total Cost for the Year	$	5,744	$	5,663	$	5,252
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	4,238	$	(1,886)	$	909





Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	4,238	$	(1,886)	$	909
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)	$	9,982	$	3,777	$	6,161

The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost:


	Pension Plans			SERP
	Year Ended December 31			Year Ended December 31
	2025	2024	2023	2025	2024	2023
Discount rate	5.8%	5.2% / 5.3% (1)	5.5%	5.6%	5.1%	5.5%
Expected return on plan assets	6.25%	6.25%	6.25%	—	—	—
Rate of compensation increase – age graded	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%
Cash balance interest crediting rate	5.43% with phase in to 6.00% in 2026	6.37% with phase in to 5.20% in 2025 / 6.37% with phase in to 5.50% in 2026 (2)	4.28% with phase in to 5.50% in 2025	—	—	—

____________


(1)			As a result of the irrevocable group annuity contract purchase, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of October 17, 2024. The remeasurement changed the discount rate from 5.2% for the period January 1 to October 17, 2024 to 5.3% for the period after October 17, 2024.
(2)			As a result of the irrevocable group annuity contract purchase, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of October 17, 2024. The remeasurement changed the cash balance interest crediting rate from 6.37% with phase in to 5.20% in 2025 for the period January 1 to October 17, 2024 to 6.37% with phase in to 5.50% in 2026 for the period after October 17, 2024.

Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans:


	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2025		2024		2025		2024
Unrecognized actuarial (gain) loss	$	(812,304)	$	(523,941)	$	750	$	(3,488)
Unrecognized prior service credit	(7,273)		(10,016)		—		—

Gross Amount	(819,577)		(533,957)		750		(3,488)
Deferred tax liability (asset)	222,523		148,226		(622)		481
Net Amount	$	(597,054)	$	(385,731)	$	128	$	(3,007)

Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of private investment funds 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 December 31
	2025		2024
U.S. equities	63	%	64	%
Private investment funds	17	%	19	%
International equities	16	%	12	%
U.S. fixed income	4	%	5	%

	100	%	100	%

The Company manages approximately 42% of the pension assets internally, of which the majority is invested in Berkshire Hathaway stock, with the remaining investments in private investment funds, Markel stock, 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 each of the stocks of Alphabet and Berkshire Hathaway, and no more than 50% of the assets it manages in specified international exchanges at the time the investment is made. The other investment manager cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway, and no more than 15% of the assets it manages in specified international exchanges at the time the investment is made. Excluding the exceptions noted above, the investment managers cannot invest more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval from the plan administrator.

In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks.

The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of December 31, 2025. 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 December 31, 2025, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $1,267.4 million, or approximately 37% of total plan assets. At December 31, 2024, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $1,178.5 million, or approximately 40% of total plan assets. Assets also included $124.7 million and $100.1 million of Markel shares at December 31, 2025 and 2024, respectively.

The Company’s pension plan assets measured at fair value on a recurring basis were as follows:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	2,591	$	—	$	—	$	2,591
Equity securities
U.S. equities (1)	2,129,883		—		—		2,129,883
International equities (2)	554,413		—		—		554,413






Total Investments	$	2,686,887	$	—	$	—	$	2,686,887
Short-term investment funds measured at NAV (3)							130,774
Private investment funds measured at NAV (4)							592,818

Receivables, net							2,210
Total							$	3,412,689


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	2,308	$	—	$	—	$	2,308
Equity securities
U.S. equities (1)	1,899,611		—		—		1,899,611
International equities (2)	361,941		—		—		361,941





Total Investments	$	2,263,860	$	—	$	—	$	2,263,860
Short-term investment funds measured at NAV (3)							150,103
Private investment funds measured at NAV (4)							557,122

Payables, net							(3,915)
Total							$	2,967,170

____________


(1)			U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
(2)			International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
(3)			Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company.
(4)			Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding.

The following table sets forth a summary of the Plan’s investments with a reported NAV:


(in thousands)	Fair Value		Unfunded Commitment		Redemption Frequency	Other Redemption Restriction	Redemption Notice Period
Short-term investment funds
2025	$	130,774	$	—	Immediate	None	None
2024	$	150,103	$	—	Immediate	None	None
Private investment funds
2025	$	592,818	$	6,683	(1)	(1)	90 days
2024	$	557,122	$	11,105	(1)	(1)	90 days

____________


(1)			Five percent of the NAV of the investment in the commingled fund may be redeemed annually starting at the 12-month anniversary of the investment, subject to certain limitations. Additionally, the investment in the commingled fund may be redeemed in part, or in full, at the 60-month anniversary of the investment, or at any subsequent 36-month anniversary date following the initial 60-month anniversary. The investment in the private investment fund is generally not redeemable until the dissolution of the fund.

Other Postretirement Plans. In 2023, the Company purchased a contract from an insurance company to settle its outstanding retiree life insurance obligation for $1.7 million. As a result, the Company recorded a settlement gain of $1.1 million.

The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans:


	Postretirement Plans
	As of December 31
(in thousands)	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	1,069	$	1,249

Interest cost	50		51

Actuarial loss (gain)	243		(144)

Benefits paid, net of Medicare subsidy	(550)		(87)

Benefit Obligation at End of Year	$	812	$	1,069
Funded Status	$	(812)	$	(1,069)

The change in the benefit obligation for the Company’s other postretirement plans in 2025 was primarily due to benefits paid during the year, offset by an actuarial loss resulting from various experience variances and assumption changes used to measure the benefit obligation.

The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows:


	Postretirement Plans
	As of December 31
(in thousands)	2025		2024
Current liability	$	(135)	$	(180)
Noncurrent liability	(677)		(889)
Recognized Liability	$	(812)	$	(1,069)

The discount rates utilized for determining the benefit obligation at December 31, 2025 and 2024, for the postretirement plans were 4.84% and 5.12%, respectively. The assumed healthcare cost trend rate used in measuring the postretirement benefit obligation at December 31, 2025, was 8.15% for pre-age 65, decreasing to 4.5% in the year 2034 and thereafter. The assumed healthcare cost trend rate used in measuring the postretirement benefit obligation at December 31, 2025, was 9.35% for post-age 65, decreasing to 4.5% in the year 2034 and thereafter. The assumed healthcare cost trend rate used in measuring the postretirement benefit obligation at December 31, 2025, was 11.00% for Medicare Advantage, decreasing to 4.5% in the year 2034 and thereafter.

The Company’s postretirement benefit plans are unfunded, therefore, the Company made actual benefit payments of $0.6 million and $0.1 million to beneficiaries for the years ended December 31, 2025 and 2024, respectively.

At December 31, 2025, future estimated benefit payments are as follows:


(in thousands)	Postretirement Plans
2026	$	135
2027	129
2028	114
2029	105
2030	80
2031–2035	563

The total benefit arising from the Company’s other postretirement plans consists of the following components:


	Postretirement Plans
	Year Ended December 31
(in thousands)	2025		2024		2023

Interest cost	$	50	$	51	$	149


Amortization of prior service credit	—		—		(5)
Recognized actuarial gain	(1,207)		(1,824)		(2,343)
Net Periodic Benefit for the Year	(1,157)		(1,773)		(2,199)

Settlement	—		—		(1,087)
Total Benefit for the Year	$	(1,157)	$	(1,773)	$	(3,286)
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	243	$	(144)	$	(414)

Amortization of prior service credit	—		—		5
Recognized actuarial gain	1,207		1,824		2,343
Settlement	—		—		1,087
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	1,450	$	1,680	$	3,021
Total Recognized in Benefit and Other Comprehensive Income (Before Tax Effects)	$	293	$	(93)	$	(265)

The costs for the Company’s postretirement plans are actuarially determined. The discount rate utilized to determine the periodic cost for the years ended December 31, 2025, 2024 and 2023 was 5.12%, 4.53% and 4.76%. AOCI included the following components of unrecognized net periodic benefit for the postretirement plans:


	As of December 31
(in thousands)	2025		2024
Unrecognized actuarial gain	$	(5,858)	$	(7,308)

Gross Amount	(5,858)		(7,308)
Deferred tax liability	1,720		2,097
Net Amount	$	(4,138)	$	(5,211)

Multiemployer Pension Plans. In 2025, 2024 and 2023, the Company contributed to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covered certain union-represented employees. The Company’s total contributions to the multiemployer pension plan amounted to $0.1 million in each year for 2025, 2024 and 2023.

Savings Plans. The Company recorded expense associated with retirement benefits provided under incentive savings plans (primarily 401(k) plans) of approximately $3.8 million in 2025, $3.5 million in 2024 and $13.0 million in 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Fair Value Measurements (Reconciliation of Changes in Financial Liabilities Fair Value Using Level 3 Inputs) (Details 2) - Level 3 [Member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

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

$ 1,419

$ 788

Acquisition of business

1,293

Changes in fair value

^[1]

(75)

Capital contributions

Accretion of value included in net income

^[1]

233

190

Settlements or distributions

(317)

(719)

Foreign currency exchange rate changes

191

(58)

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance

1,526

1,419

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

159,548

40,764

Acquisition of business

Changes in fair value

^[1]

54,492

119,295

Capital contributions

204

Accretion of value included in net income

^[1]

Settlements or distributions

(205,719)

(715)

Foreign currency exchange rate changes

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance

$ 8,401

$ 159,548

[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 Consolidated Statements of Operations.

Business Segments (Narrative) (Details) $ in Thousands		12 Months Ended
Business Segments (Narrative) (Details) $ in Thousands	Mar. 22, 2018 USD ($)	Dec. 31, 2025 USD ($) televisionStation automotiveDealership segment restaurant	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		7
Accounts receivable, current		$ 576,754	$ 514,426
Operating Revenues		$ 4,911,563	4,790,904	$ 4,414,877
Clyde's Restaurant Group [Member]
Segment Reporting Information [Line Items]
Number of Restaurants \| restaurant		14
CSI Pharmacy Holding Company, LLC [Member] \| Graham Holdings Company [Member]
Segment Reporting Information [Line Items]
Ownership percentage by parent		87.50%		86.70%	76.50%
Non U.S. [Member]
Segment Reporting Information [Line Items]
Operating Revenues		$ 1,074,000	1,042,000	$ 930,000
Foreign assets		440,000	455,000
Education [Member] \| UNITED KINGDOM
Segment Reporting Information [Line Items]
Operating Revenues		609,000	$ 618,000	$ 543,000
Education [Member] \| Higher Education [Member] \| Purdue University Global [Member]
Segment Reporting Information [Line Items]
Accounts receivable		87,400
Accounts receivable, noncurrent		$ 1,100
Television Broadcasting [Member]
Segment Reporting Information [Line Items]
Number of television broadcast stations owned \| televisionStation		7
Healthcare [Member] \| CSI Pharmacy Holding Company, LLC [Member] \| Graham Holdings Company [Member]
Segment Reporting Information [Line Items]
Ownership percentage by parent		87.50%
Automotive [Member]
Segment Reporting Information [Line Items]
Number of dealerships \| automotiveDealership		8
Kaplan University Transaction [Member] \| Education [Member] \| Higher Education [Member] \| Purdue University Global [Member]
Segment Reporting Information [Line Items]
Accounts receivable, current		$ 18,800
Advance related to Kaplan University transaction	$ 20,000

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 4,286,815	$ 4,001,868	$ 3,752,661
Other Comprehensive Income (Loss), Net of Tax	252,283	(279,540)	278,186
As of	4,827,327	4,286,815	4,001,868
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	334,797	614,337
Other comprehensive (loss) income before reclassifications	253,771	238,750
Net amount reclassified from accumulated other comprehensive income	(1,488)	(518,290)
Other Comprehensive Income (Loss), Net of Tax	252,283	(279,540)
As of	587,080	334,797	614,337
Foreign Currency Translation Adjustments [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	(58,044)	(32,711)
Other comprehensive (loss) income before reclassifications	45,136	(24,568)
Net amount reclassified from accumulated other comprehensive income	646	(765)
Other Comprehensive Income (Loss), Net of Tax	45,782	(25,333)	21,927
As of	(12,262)	(58,044)	(32,711)
Unrealized Gain (Loss) on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	393,949	649,185
Other comprehensive (loss) income before reclassifications	209,547	261,925
Net amount reclassified from accumulated other comprehensive income	(2,432)	(517,161)	(30,943)
Other Comprehensive Income (Loss), Net of Tax	207,115	(255,236)	260,594
As of	601,064	393,949	649,185
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	(1,108)	(2,137)
Other comprehensive (loss) income before reclassifications	(912)	1,393
Net amount reclassified from accumulated other comprehensive income	298	(364)
Other Comprehensive Income (Loss), Net of Tax	(614)	1,029	(4,335)
As of	$ (1,722)	$ (1,108)	$ (2,137)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Investments Gain (Loss) on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Gain on marketable equity securities, net	$ 200,170	$ 181,295	$ 138,067
Less: Net gains in earnings from marketable equity securities sold and donated	(25)	(6,010)	(5,475)
Net unrealized gains in earnings from marketable equity securities still held at the end of the year	$ 200,145	$ 175,285	$ 132,592

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income Before Income Taxes, Domestic and Foreign

Income before income taxes consists of the following:


	Year Ended December 31
(in thousands)	2025		2024		2023
U.S.	$	326,275	$	950,675	$	219,240
Non-U.S.	123,392		74,035		79,764
	$	449,667	$	1,024,710	$	299,004

Schedule of Provision for Income Taxes on Income

The provision for income taxes consists of the following:


(in thousands)	Current		Deferred		Total
Year Ended December 31, 2025
U.S. Federal	$	8,782	$	66,842	$	75,624
State and Local	8,531		25,765		34,296
Non-U.S.	36,598		(118)		36,480
	$	53,911	$	92,489	$	146,400
Year Ended December 31, 2024
U.S. Federal	$	37,783	$	170,380	$	208,163
State and Local	7,142		52,928		60,070
Non-U.S.	19,775		4,092		23,867
	$	64,700	$	227,400	$	292,100
Year Ended December 31, 2023
U.S. Federal	$	19,752	$	36,640	$	56,392
State and Local	5,886		10,044		15,930
Non-U.S.	17,897		(2,919)		14,978
	$	43,535	$	43,765	$	87,300

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 21% to the income before taxes as a result of the following:


	Year Ended December 31
	2025				2024				2023
(in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
U.S. Federal taxes at statutory rate (see above)	$	94,430	21.00	%	$	215,189	21.00	%	$	62,791	21.00	%
State and local taxes, net of U.S. Federal tax (1)	27,211		6.05	%	47,133		4.60	%	12,590		4.21	%
Foreign tax effects
Australia
Change in valuation allowance	31		0.01	%	3,217		0.31	%	(4,010)		(1.34)	%
Other	2,996		0.67	%	(305)		(0.03)	%	2,016		0.67	%
United Kingdom	5,123		1.14	%	3,787		0.37	%	1,323		0.44	%
Other non-U.S. jurisdictions	2,419		0.54	%	1,624		0.16	%	(1,101)		(0.37)	%
Nontaxable or nondeductible Items
Goodwill impairments	—		—	%	1,148		0.11	%	10,864		3.63	%
Mandatorily redeemable noncontrolling interest	8,526		1.90	%	20,189		1.97	%	1,612		0.54	%
Other	2,148		0.48	%	710		0.07	%	518		0.17	%
Other, net	3,516		0.77	%	(592)		(0.05)	%	697		0.25	%
Provision for Income Taxes	$	146,400	32.56	%	$	292,100	28.51	%	$	87,300	29.20	%

____________


(1)			The states that contribute to the majority (greater than 50%) of the tax effect in this category include Virginia for 2025, Virginia for 2024, and Maryland and Virginia for 2023.

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:


	As of December 31
(in thousands)	2025		2024
Employee benefit obligations	$	52,717	$	52,145
State income tax loss carryforwards	75,911		67,703
State income tax credit carryforwards	22		131
U.S. Federal income tax loss carryforwards	47,236		52,557
U.S. Federal foreign income tax credit carryforwards	402		545
Non-U.S. income tax loss carryforwards	14,448		16,438
Non-U.S. capital loss carryforwards	9,057		5,990
Leases	70,255		61,497
Other	31,681		44,727
Deferred Tax Assets	301,729		301,733
Valuation allowances	(82,963)		(74,793)
Deferred Tax Assets, Net	218,766		226,940
Prepaid pension cost	720,945		642,589
Unrealized gain on marketable equity securities	208,155		157,717
Goodwill and other intangible assets	73,034		60,652
Leases	60,851		53,380
Non-U.S. withholding tax	3,192		2,800
Other	33,883		40,154
Deferred Tax Liabilities	1,100,060		957,292
Deferred Income Tax Liabilities, Net	$	881,294	$	730,352

Schedule of Cash Flow, Supplemental Disclosures

Cash income taxes paid, net of refunds, by jurisdiction consist of the following:


	Year Ended December 31
(in thousands)	2025		2024		2023
U.S. Federal	$	17,204	$	36,035	$	17,500
State	8,503		8,418		7,135
Non-U.S.
Australia	12,025		6,474		925
Singapore	2,115		1,916		2,158
United Kingdom	16,734		5,708		7,666
Other non-U.S.	6,250		4,752		3,899
Total non-U.S.	37,124		18,850		14,648
Total	$	62,831	$	63,303	$	39,283

Schedule of Changes in Deferred Tax Valuation Allowance

Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:


(in thousands)	Balance at Beginning of Period		Tax Expense and Revaluation		Deductions		Balance at End of Period
Year Ended
December 31, 2025	$	74,793	$	11,788	$	(3,618)	$	82,963
December 31, 2024	66,298		9,389		(894)		74,793
December 31, 2023	62,816		9,786		(6,304)		66,298

Schedule of Unrecognized Tax Benefits Roll Forward

The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods:


	Year Ended December 31
(in thousands)	2025		2024		2023
Beginning unrecognized tax benefits	$	3,309	$	3,263	$	3,897
Increases related to current year tax positions	233		235		135
Increases related to prior year tax positions	—		990		—
Decreases related to prior year tax positions	(3)		(43)		(165)
Decreases related to settlement with tax authorities	(4)		—		—
Decreases due to lapse of applicable statutes of limitations	(474)		(1,136)		(604)
Ending unrecognized tax benefits	$	3,061	$	3,309	$	3,263

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $1,318.6 million of state income tax net operating loss carryforwards available to offset future state taxable income as of December 31, 2025. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:


(in millions)
2026	$	11.5
2027	16.1
2028	22.5
2029	30.2
2030	44.5
2031 and after	1,193.8
Total	$	1,318.6

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $224.9 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions as of December 31, 2025. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:


(in millions)
2026	$	14.0
2027	6.4
2028	6.3
2029	6.3
2030	6.3
2031 and after	185.6
Total	$	224.9

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease impairment	$ 1.6	$ 0.6	$ 0.8
Lessee, operating lease, lease not yet commenced, payments due	$ 8.8
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	5 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	11 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 266,988	$ 260,852
Restricted cash	44,417	37,001
Investments in marketable equity securities and other investments	1,088,970	858,743
Accounts receivable, net	576,754	514,426
Inventories and contracts in progress	303,370	295,808
Prepaid expenses	124,875	116,472
Income taxes receivable	15,447	7,714
Other current assets	10,274	7,608
Total Current Assets	2,431,095	2,098,624
Property, Plant and Equipment, Net	587,434	549,364
Lease Right-of-Use Assets	404,818	388,419
Investments in Affiliates	229,565	169,125
Goodwill, Net	1,585,666	1,500,036
Indefinite-Lived Intangible Assets	170,805	164,323
Amortized Intangible Assets, Net	61,631	56,696
Prepaid Pension Cost	2,772,394	2,510,520
Deferred Income Taxes	9,690	8,908
Deferred Charges and Other Assets	142,615	231,190
Total Assets	8,395,713	7,677,205
Current Liabilities
Accounts payable, vehicle floor plan payable and accrued liabilities	721,626	712,505
Deferred revenue	411,651	390,976
Income taxes payable	8,995	11,502
Mandatorily redeemable noncontrolling interest	6,874	0
Current portion of lease liabilities	64,290	58,239
Current portion of long-term debt	175,138	26,577
Total Current Liabilities	1,388,574	1,199,799
Accrued Compensation and Related Benefits	135,323	136,101
Other Liabilities	28,639	27,361
Deferred Income Taxes	890,984	739,260
Mandatorily Redeemable Noncontrolling Interest	1,527	159,548
Lease Liabilities	377,897	362,885
Long-Term Debt	705,618	721,615
Total Liabilities	3,528,562	3,346,569
Commitments and Contingencies (Note 18)
Redeemable Noncontrolling Interests	39,824	43,821
Preferred Stock, $1 par value; 977,000 shares authorized, none issued	0	0
Common Stockholders’ Equity
Capital in excess of par value	379,896	356,919
Retained earnings	8,292,681	8,031,750
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(12,262)	(58,044)
Unrealized gain on pensions and other postretirement plans	601,064	393,949
Cash flow hedges	(1,722)	(1,108)
Total Common Stockholders’ Equity	4,794,025	4,256,661
Noncontrolling Interests	33,302	30,154
Total Equity	4,827,327	4,286,815
Total Liabilities and Equity	8,395,713	7,677,205
Class A Common Stock [Member]
Common Stockholders’ Equity
Common stock	964	964
Class B Common Stock [Member]
Common Stockholders’ Equity
Common stock	19,036	19,036
Accumulated other comprehensive income, net of taxes
Cost of 15,639,057 and 15,667,693 shares of Class B common stock held in treasury	$ (4,485,632)	$ (4,486,805)

Capital Stock, Stock Awards, and Stock Options (Options Outstanding and Exercisable) (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Shares Outstanding	73,045	97,787
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	4 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 438.33	$ 546.68
Options Exercisable, Shares Exercisable	60,168
Options Exercisable, Weighted Average Remaining Contractual Life (in years)	4 years 7 months 6 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 440.78
Exercise Price $427 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low Exercise Price Range	$ 427
Options Outstanding, Shares Outstanding	71,045
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	4 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 426.86
Options Exercisable, Shares Exercisable	58,168
Options Exercisable, Weighted Average Remaining Contractual Life (in years)	4 years 8 months 12 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 426.86
Exercise Price $846 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low Exercise Price Range	$ 846
Options Outstanding, Shares Outstanding	2,000
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	1 year 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 845.72
Options Exercisable, Shares Exercisable	2,000
Options Exercisable, Weighted Average Remaining Contractual Life (in years)	1 year 2 months 12 days
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 845.72

Pensions and Other Postretirement Plans (Key Assumptions - Cost) (Details 6) - Periodic Cost [Member]	2 Months Ended	10 Months Ended	12 Months Ended
	Dec. 31, 2024	Oct. 17, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (percent)	5.30%	5.20%	5.80%		5.50%
Expected return on plan assets (percent)			6.25%	6.25%	6.25%
Cash balance interest crediting rate	6.37%	6.37%	5.43%		4.28%
Ultimate cash balance interest crediting rate	5.50%	5.20%	6.00%		5.50%
Year that reaches ultimate cash balance interest crediting rate	2026	2025	2026		2025
Pension Plans [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)			1.00%	1.00%	1.00%
Pension Plans [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)			5.00%	5.00%	5.00%
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (percent)			5.60%	5.10%	5.50%
Expected return on plan assets (percent)			0.00%	0.00%	0.00%
Cash balance interest crediting rate			0.00%	0.00%	0.00%
Supplemental Executive Retirement Plan (SERP) [Member] \| Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)			1.00%	1.00%	1.00%
Supplemental Executive Retirement Plan (SERP) [Member] \| Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)			5.00%	5.00%	5.00%

Acquisitions and Dispositions of Businesses (Tables)

12 Months Ended

Dec. 31, 2025

Acquisitions And Dispositions [Abstract]

Schedule of assets acquired and liabilities assumed

The aggregate purchase price of these acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Year Ended December 31
(in thousands)	2025		2023

Accounts receivable	$	11,641	$	68
Inventory	32,731		5,224
Property, plant and equipment	35,920		29,859
Lease right-of-use assets	3,642		—
Goodwill	51,943		45,968
Indefinite-lived intangible assets	15,500		6,300
Amortized intangible assets	41,300		235
Deferred income taxes	13,947		—
Other assets	221		4
Pension liabilities	(107,517)		—
Floor plan payables	(4,939)		(2,215)
Other liabilities	(18,371)		(935)
Current and noncurrent lease liabilities	(4,783)		(1,184)


Aggregate purchase price, net of cash acquired	$	71,235	$	83,324

Acquisition Pro Forma Financial Information

The following unaudited pro forma financial information includes the 2025 acquisitions as if they occurred at the beginning of 2024 and the 2023 acquisitions as if they had occurred at the beginning of 2022:


	Year Ended December 31
(in thousands)	2025		2024		2023
Operating revenues	$	5,040,565	$	4,974,991	$	4,529,817
Net income	312,100		733,302		218,205

Pensions and Other Postretirement Plans (Obligation, Asset, and Funding Information) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at begining of year	$ 456,650	$ 892,049
Service cost	47,400	57,538	$ 33,787
Interest cost	29,406	40,095	46,211
Amendments	663	(734)
Actuarial loss (gain)	30,903	19,460
Acquisitions	107,517	0
Benefits paid	(41,429)	(49,963)
Special termination benefits	9,185	20,998
Settlement	0	(522,793)
Benefit obligation at end of year	640,295	456,650	892,049
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets at beginning of year	2,967,170	3,005,687
Actual return on plan assets	486,948	534,239
Benefits paid	(41,429)	(49,963)
Settlement	0	(522,793)
Fair value of assets at end of year	3,412,689	2,967,170	3,005,687
Funded status	2,772,394	2,510,520
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at begining of year	87,523	89,876
Service cost	955	1,149	593
Interest cost	4,789	4,514	4,659
Actuarial loss (gain)	4,238	(1,886)
Benefits paid	(6,333)	(6,130)
Benefit obligation at end of year	91,172	87,523	89,876
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Benefits paid	(6,300)	(6,100)
Funded status	(91,172)	(87,523)
Other Postretirement Plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at begining of year	1,069	1,249
Interest cost	50	51	149
Actuarial loss (gain)	243	(144)
Benefits paid, net of Medicare subsidy	(550)	(87)
Settlement			(1,700)
Benefit obligation at end of year	812	1,069	$ 1,249
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Benefits paid	(600)	(100)
Funded status	$ (812)	$ (1,069)

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Components of Debt

The Company’s borrowings consist of the following:


				As of December 31
(in thousands)	Maturities	Stated Interest Rate	Effective Interest Rate	2025		2024
5.625% Unsecured notes (1)	2033	5.625%	5.625%	$	493,625	$	—
5.75% Unsecured notes (2)	2026	5.75%	5.75%	—		398,985
Revolving credit facility	2030	5.10% - 7.88%	5.76%	222,466		62,836
Term loan (3)	2027	5.81% - 6.21%	6.22%	—		140,099
Real estate term loan (4)	2028	5.62% - 6.10%	6.05%	91,836		70,795
Capital term loan (5)	2028	6.37% - 6.85%	6.82%	64,079		56,770
Other indebtedness	2026 - 2027	5.50% - 8.00%		8,750		18,707
Total Debt				880,756		748,192
Less: current portion				(175,138)		(26,577)
Total Long-Term Debt				$	705,618	$	721,615

____________

(1) The carrying value is net of $6.4 million of unamortized debt issuance costs as of December 31, 2025.

(2) The carrying value is net of $1.0 million of unamortized debt issuance costs as of December 31, 2024. Unsecured notes were redeemed in November 2025.

(3) The carrying value is net of $0.5 million of unamortized debt issuance costs as of December 31, 2024. Term loan was repaid in November 2025.

(4) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2025 and 2024.

(5) The carrying value is net of $0.5 million and $0.6 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Capital Stock, Stock Awards, and Stock Options (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 12, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost of shares repurchased by Company, including commissions and excise taxes		$ 3,468,000	$ 114,101,000	$ 193,160,000
Exercised, Number of Shares		24,742
Number of shares granted		0
Stock options outstanding		73,045	97,787
Dividends declared per common share		$ 7.20	$ 6.88	$ 6.60
Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to elect Board of Directors percentage		30.00%
Shares repurchased by Company		3,978	152,948	325,134
Cost of shares repurchased by Company, including commissions and excise taxes		$ 3,500,000	$ 115,200,000	$ 195,000,000.0
Number of shares authorized to be repurchased					500,000
Authorized shares remaining for repurchase		462,482
Market value of Company's stock (in dollars per share)		$ 1,098.6
Kaplan Restricted Stock [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of Kaplan common stock (in dollars per share)	$ 2,034
Share-based Payment Arrangement [Member] \| 2012 Incentive Compensation Plan [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance		75,045
Shares subject to award outstanding		75,045
Share-based Payment Arrangement [Member] \| 2022 Incentive Compensation Plan [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for stock awards granted under the plan		500,000
Shares reserved for issuance		496,824
Shares subject to award outstanding		23,396
Shares available for future awards		473,428
Share-based Payment Arrangement [Member] \| Non-employee Director [Member] \| 2022 Incentive Compensation Plan [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded		425	532	731
Stock-based compensation expense		$ 400,000	$ 400,000	$ 400,000
Vested, Number of Shares		425	532	731
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subject to award outstanding		24,396	29,314
Number of shares awarded		11,386
Vested, Number of Shares		12,769
Restricted Stock [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share awards outstanding, restriction will lapse in 2027		14,617
Share awards outstanding, restriction will lapse in 2029		9,779
Stock-based compensation expense		$ 3,700,000	$ 4,000,000.0	$ 3,900,000
Total unrecognized compensation expense		$ 8,500,000
Years over which cost expected to be recognized		1 year 9 months 18 days
Restricted Stock [Member] \| Class B Common Stock [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded	172
Share-based Payment Arrangement, Option [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,200,000	$ 1,200,000	$ 1,200,000
Total unrecognized compensation expense		$ 800,000
Years over which cost expected to be recognized		8 months 12 days
Options outstanding exercisable now (shares)		60,168
Options outstanding exercisable in 2026 (shares)		12,877
Intrinsic value of options outstanding		$ 48,200,000
Intrinsic value of options exercisable		39,600,000
Intrinsic value of options unvested		$ 8,600,000
Options unvested, shares		12,877	25,754
Options unvested, average exercise price (in dollars per share)		$ 426.86	$ 426.86
Options unvested, weighted average remaining contractual term, years		4 years 8 months 12 days	5 years 8 months 12 days
Exercised, Number of Shares		24,742	77,258	3,060
Intrinsic value of options exercised		$ 6,100,000	$ 8,000,000.0	$ 500,000
Tax benefit from stock option exercises		$ 1,600,000	$ 2,100,000	$ 100,000
Number of shares granted		0	0	0
Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised, Number of Shares		0	0	0
Number of shares granted		0	0	0
Stock options outstanding		0
Kaplan Stock Option and Restricted Stock [Member] \| Education [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,900,000	$ 500,000	$ 1,000,000.0
Accrual balance related to stock based compensation		14,700,000
Stock compensation payouts		$ 0	$ 0	$ 0
Stock Options and Contingently Issuable Shares [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares excluded from earnings per share		1,000	27,742	105,000
Senior Manager [Member] \| Kaplan Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subject to award outstanding		7,206
Price-Based \| Executive Officer \| Share-based Payment Arrangement [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 400,000	$ 700,000	$ 1,100,000
Number of contingently issuable shares		1,000
Vested, Number of Shares				0
Price-Based \| Executive Officer \| Share-based Payment Arrangement [Member] \| Class B Common Stock [Member] \| Share-Based Payment Arrangement, Third Tranche [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, Number of Shares		1,000
Price-Based \| Executive Officer \| Share-based Payment Arrangement [Member] \| Class B Common Stock [Member] \| Share-Based Payment Arrangement, Second Tranche [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, Number of Shares		1,000
Price-Based \| Executive Officer \| Share-based Payment Arrangement [Member] \| Class B Common Stock [Member] \| Share-Based Payment Arrangement, First Tranche [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested, Number of Shares			1,000
Price-Based \| Monte Carlo \| Executive Officer \| Share-based Payment Arrangement [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award other than Options, Grant Date Fair Value		$ 3,500,000
Minimum [Member] \| Share-based Payment Arrangement, Option [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		6 years
Minimum [Member] \| Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Maximum [Member] \| Share-based Payment Arrangement, Option [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		10 years
Maximum [Member] \| Kaplan Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years

Income Taxes (Deferred Income Taxes Components) (Details 4) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Income Tax Liabilities [Line Items]
Employee benefit obligations	$ 52,717	$ 52,145
State income tax loss carryforwards	75,911	67,703
U.S. Federal income tax loss carryforwards	47,236	52,557
Non-U.S. income tax loss carryforwards	14,448	16,438
Leases	70,255	61,497
Other	31,681	44,727
Deferred tax assets	301,729	301,733
Valuation allowance	(82,963)	(74,793)
Deferred tax assets, net	218,766	226,940
Unrealized gain on marketable equity securities	208,155	157,717
Goodwill and other intangible assets	73,034	60,652
Leases	60,851	53,380
Non-U.S. withholding tax	3,192	2,800
Other	33,883	40,154
Deferred tax liabilities	1,100,060	957,292
Deferred Income Tax Liabilities, Net	881,294	730,352
non-U.S. [Member]
Deferred Income Tax Liabilities [Line Items]
Non-U.S. income tax loss carryforwards	14,400
Capital loss carryforwards	9,057	5,990
Valuation allowance	(20,500)
U.S. Federal [Member]
Deferred Income Tax Liabilities [Line Items]
U.S. Federal income tax loss carryforwards	47,200
U.S Federal foreign income tax credit carryforwards	402	545
State [Member]
Deferred Income Tax Liabilities [Line Items]
State income tax loss carryforwards	75,900
Income tax credit carryforwards	22	131
Valuation allowance	(62,000)
Pension Plan [Member]
Deferred Income Tax Liabilities [Line Items]
Prepaid pension cost	$ 720,945	$ 642,589

Contingencies and Other Commitments (Details) $ in Millions	12 Months Ended
Contingencies and Other Commitments (Details) $ in Millions	Dec. 31, 2025 USD ($) claim	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business \| claim	0
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 10.0
Education [Member]
Loss Contingencies [Line Items]
Claims discharge loan amount		$ 35.0
Television Broadcasting [Member]
Loss Contingencies [Line Items]
Long-term Purchase Commitment, Amount	$ 18.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Organization and Nature of Operations (Narrative) (Details)	Dec. 31, 2025 televisionStation automotiveDealership
Television Broadcasting [Member]
Organization and Nature of Operations [Line Items]
Number of television broadcast stations owned \| televisionStation	7
Automotive [Member]
Organization and Nature of Operations [Line Items]
Number of Automotive Dealerships Owned \| automotiveDealership	8

Pensions and Other Postretirement Plans (Asset Allocation) (Details 8) - Pension Plans [Member]	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100.00%	100.00%
U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	63.00%	64.00%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	17.00%	19.00%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	16.00%	12.00%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	4.00%	5.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 509,378	$ 489,425
Accumulated Amortization	447,747	432,729
Net Carrying Amount	61,631	56,696
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	170,805	164,323
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	307,312	281,140
Accumulated Amortization	266,453	252,969
Net Carrying Amount	40,859	28,171
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	114,227	116,081
Accumulated Amortization	98,147	94,408
Net Carrying Amount	$ 16,080	$ 21,673
Network affiliation agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	10 years	10 years
Gross Carrying Amount	$ 17,400	$ 17,400
Accumulated Amortization	15,588	13,848
Net Carrying Amount	1,812	3,552
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	32,376	33,290
Accumulated Amortization	30,293	33,290
Net Carrying Amount	2,083	0
Other [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	38,063	41,514
Accumulated Amortization	37,266	38,214
Net Carrying Amount	$ 797	$ 3,300
Minimum [Member] \| Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	2 years	2 years
Minimum [Member] \| Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	2 years	2 years
Minimum [Member] \| Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	3 years	3 years
Minimum [Member] \| Other [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	1 year	1 year
Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	10 years
Maximum [Member] \| Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	10 years	10 years
Maximum [Member] \| Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	10 years	10 years
Maximum [Member] \| Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	6 years	6 years
Maximum [Member] \| Other [Member]
Amortized Intangible Assets [Line Items]
Useful Life (in years)	8 years	8 years
Franchise Rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	$ 97,002	$ 92,158
Trade Names and Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	62,653	60,994
FCC licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	11,000	11,000
Other [Member]
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	$ 150	$ 171

Consolidated Statements of Changes in Common Shareholders' Equity - USD ($) $ in Thousands	Total	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common	Noncontrolling Interest [Member]	Class A Common Stock [Member] Common Stock [Member]	Class B Common Stock [Member] Common Stock [Member]
As of at Dec. 31, 2022	$ 3,752,661	$ 390,438	$ 7,163,128	$ 336,151	$ (4,178,334)	$ 21,278	$ 964	$ 19,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the year	211,704		211,704
Noncontrolling interest capital contributions	3,520					3,520
Purchase of equity from noncontrolling interest	(4,988)	(5,742)				754
Net income attributable to nonredeemable noncontrolling interests	0		(3,512)			3,512
Net income attributable to redeemable noncontrolling interests	(2,904)		(2,904)
Change in redemption value of redeemable noncontrolling interests	(14,923)	(15,441)				518
Distribution to noncontrolling interests	(3,451)					(3,451)
Dividends paid on common stock	(30,953)		(30,953)
Repurchase of Class B common stock	(195,002)				(195,002)
Issuance of Class B common stock, net of restricted stock award forfeitures	1,123	(4,110)			5,233
Amortization of unearned stock compensation and stock option expense	6,895	6,895
Other comprehensive income (loss), net of income taxes	278,186			278,186
Purchase of redeemable noncontrolling interest	0
As of at Dec. 31, 2023	4,001,868	372,040	7,337,463	614,337	(4,368,103)	26,131	964	19,036
As of at Dec. 31, 2022	21,827
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	2,904
Change in redemption value of redeemable noncontrolling interests	15,660
Distribution to noncontrolling interests	(1,241)
Purchase of redeemable noncontrolling interest	(14,965)
As of at Dec. 31, 2023	24,185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the year	732,610		732,610
Noncontrolling interest capital contributions	400					400
Net income attributable to nonredeemable noncontrolling interests	0		(4,799)			4,799
Net income attributable to redeemable noncontrolling interests	(3,177)		(3,177)
Change in redemption value of redeemable noncontrolling interests	(19,494)	(20,987)				1,493
Distribution to noncontrolling interests	(2,669)					(2,669)
Dividends paid on common stock	(30,347)		(30,347)
Repurchase of Class B common stock	(115,186)				(115,186)
Issuance of Class B common stock, net of restricted stock award forfeitures	(309)	(769)			460
Shares withheld related to net share settlement	(3,976)				(3,976)
Amortization of unearned stock compensation and stock option expense	6,635	6,635
Other comprehensive income (loss), net of income taxes	(279,540)			(279,540)
Purchase of redeemable noncontrolling interest	0
As of at Dec. 31, 2024	4,286,815	356,919	8,031,750	334,797	(4,486,805)	30,154	964	19,036
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	3,177
Change in redemption value of redeemable noncontrolling interests	21,176
Distribution to noncontrolling interests	(2,732)
Purchase of redeemable noncontrolling interest	(1,985)
As of at Dec. 31, 2024	43,821
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the year	303,267		303,267
Noncontrolling interest capital contributions	680					680
Net income attributable to nonredeemable noncontrolling interests	0		(5,664)			5,664
Net income attributable to redeemable noncontrolling interests	(5,312)		(5,312)
Change in redemption value of redeemable noncontrolling interests	8,867	7,092				1,775
Distribution to noncontrolling interests	(3,210)					(3,210)
Dividends paid on common stock	(31,360)		(31,360)
Repurchase of Class B common stock	(3,468)				(3,468)
Issuance of Class B common stock, net of restricted stock award forfeitures	17,728	9,145			8,583
Shares withheld related to net share settlement	(3,942)				(3,942)
Amortization of unearned stock compensation and stock option expense	6,740	6,740
Other comprehensive income (loss), net of income taxes	252,283			252,283
Purchase of noncontrolling interest	(1,761)					(1,761)
Purchase of redeemable noncontrolling interest	0
As of at Dec. 31, 2025	4,827,327	$ 379,896	$ 8,292,681	$ 587,080	$ (4,485,632)	$ 33,302	$ 964	$ 19,036
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	5,312
Change in redemption value of redeemable noncontrolling interests	(7,064)
Distribution to noncontrolling interests	(1,716)
Purchase of redeemable noncontrolling interest	(529)
As of at Dec. 31, 2025	$ 39,824

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments [Abstract]
Total cost	$ 256,897	$ 227,153
Gross unrealized gains	845,889	627,760
Gross unrealized losses	(20,848)	(2,479)
Investments in Marketable Equity Securities	$ 1,081,938	$ 852,434

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income before income taxes consists of the following:


	Year Ended December 31
(in thousands)	2025		2024		2023
U.S.	$	326,275	$	950,675	$	219,240
Non-U.S.	123,392		74,035		79,764
	$	449,667	$	1,024,710	$	299,004

The provision for income taxes consists of the following:


(in thousands)	Current		Deferred		Total
Year Ended December 31, 2025
U.S. Federal	$	8,782	$	66,842	$	75,624
State and Local	8,531		25,765		34,296
Non-U.S.	36,598		(118)		36,480
	$	53,911	$	92,489	$	146,400
Year Ended December 31, 2024
U.S. Federal	$	37,783	$	170,380	$	208,163
State and Local	7,142		52,928		60,070
Non-U.S.	19,775		4,092		23,867
	$	64,700	$	227,400	$	292,100
Year Ended December 31, 2023
U.S. Federal	$	19,752	$	36,640	$	56,392
State and Local	5,886		10,044		15,930
Non-U.S.	17,897		(2,919)		14,978
	$	43,535	$	43,765	$	87,300

The provision for income taxes differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 21% to the income before taxes as a result of the following:


	Year Ended December 31
	2025				2024				2023
(in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
U.S. Federal taxes at statutory rate (see above)	$	94,430	21.00	%	$	215,189	21.00	%	$	62,791	21.00	%
State and local taxes, net of U.S. Federal tax (1)	27,211		6.05	%	47,133		4.60	%	12,590		4.21	%
Foreign tax effects
Australia
Change in valuation allowance	31		0.01	%	3,217		0.31	%	(4,010)		(1.34)	%
Other	2,996		0.67	%	(305)		(0.03)	%	2,016		0.67	%
United Kingdom	5,123		1.14	%	3,787		0.37	%	1,323		0.44	%
Other non-U.S. jurisdictions	2,419		0.54	%	1,624		0.16	%	(1,101)		(0.37)	%
Nontaxable or nondeductible Items
Goodwill impairments	—		—	%	1,148		0.11	%	10,864		3.63	%
Mandatorily redeemable noncontrolling interest	8,526		1.90	%	20,189		1.97	%	1,612		0.54	%
Other	2,148		0.48	%	710		0.07	%	518		0.17	%
Other, net	3,516		0.77	%	(592)		(0.05)	%	697		0.25	%
Provision for Income Taxes	$	146,400	32.56	%	$	292,100	28.51	%	$	87,300	29.20	%

____________


(1)			The states that contribute to the majority (greater than 50%) of the tax effect in this category include Virginia for 2025, Virginia for 2024, and Maryland and Virginia for 2023.

The Company’s effective tax rate for 2025 was impacted by a $9.9 million deferred tax adjustment arising from a change in the estimated deferred state income tax rate attributable to the apportionment formula used in the calculation of deferred taxes related to the Company’s pension and other postretirement plans. This expense is included in the overall state tax provision for 2025 of $27.2 million reflected above.

Deferred income taxes consist of the following:


	As of December 31
(in thousands)	2025		2024
Employee benefit obligations	$	52,717	$	52,145
State income tax loss carryforwards	75,911		67,703
State income tax credit carryforwards	22		131
U.S. Federal income tax loss carryforwards	47,236		52,557
U.S. Federal foreign income tax credit carryforwards	402		545
Non-U.S. income tax loss carryforwards	14,448		16,438
Non-U.S. capital loss carryforwards	9,057		5,990
Leases	70,255		61,497
Other	31,681		44,727
Deferred Tax Assets	301,729		301,733
Valuation allowances	(82,963)		(74,793)
Deferred Tax Assets, Net	218,766		226,940
Prepaid pension cost	720,945		642,589
Unrealized gain on marketable equity securities	208,155		157,717
Goodwill and other intangible assets	73,034		60,652
Leases	60,851		53,380
Non-U.S. withholding tax	3,192		2,800
Other	33,883		40,154
Deferred Tax Liabilities	1,100,060		957,292
Deferred Income Tax Liabilities, Net	$	881,294	$	730,352

Cash income taxes paid, net of refunds, by jurisdiction consist of the following:


	Year Ended December 31
(in thousands)	2025		2024		2023
U.S. Federal	$	17,204	$	36,035	$	17,500
State	8,503		8,418		7,135
Non-U.S.
Australia	12,025		6,474		925
Singapore	2,115		1,916		2,158
United Kingdom	16,734		5,708		7,666
Other non-U.S.	6,250		4,752		3,899
Total non-U.S.	37,124		18,850		14,648
Total	$	62,831	$	63,303	$	39,283


(in millions)
2026	$	11.5
2027	16.1
2028	22.5
2029	30.2
2030	44.5
2031 and after	1,193.8
Total	$	1,318.6

The Company has recorded $75.9 million in deferred state income tax assets, net of U.S. Federal income tax, with respect to these state income tax loss carryforwards as of December 31, 2025. The Company has established $56.2 million in valuation allowances against these deferred state income tax assets, since the Company has determined that it is more likely than not that some of these state income tax losses may not be fully utilized in the future to reduce state taxable income.


(in millions)
2026	$	14.0
2027	6.4
2028	6.3
2029	6.3
2030	6.3
2031 and after	185.6
Total	$	224.9

The Company has established $47.2 million in U.S. Federal deferred tax assets with respect to these U.S. Federal income tax loss carryforwards as of December 31, 2025.

For U.S. Federal income tax purposes, the Company has established U.S. Federal deferred tax assets with respect to $0.4 million of foreign tax credits available to be credited against future U.S. Federal income tax liabilities that will start to expire in 2031 if unutilized. The Company has recorded $0.1 million in valuation allowances against these deferred tax assets since the Company determined that it is more likely than not that these foreign tax credit carryforwards may not be utilized in the future to reduce U.S. Federal income taxes.

The Company has $78.5 million of non-U.S. income tax loss carryforwards as a result of operating losses and carryforwards that were obtained in part through prior stock acquisitions that are available to offset future non-U.S. taxable income and has recorded, with respect to these losses, $14.4 million in non-U.S. deferred income tax assets. The Company has established $11.1 million in valuation allowances against the deferred tax assets for the portion of non-U.S. tax losses that may not be utilized to reduce future non-U.S. taxable income. The $78.5 million of non-U.S. income tax loss carryforwards consist of $24.5 million in losses that may be carried forward indefinitely; $44.3 million of losses that, if unutilized, will expire in varying amounts through 2030; and $9.7 million of losses that, if unutilized, will start to expire after 2030.

The Company has $32.0 million of non-U.S. capital loss carryforwards that may be carried forward indefinitely and are available to offset future non-U.S. capital gains. The Company recorded a $9.0 million non-U.S. deferred income tax asset for these non-U.S. capital loss carryforwards and has established a full valuation allowance against this non-U.S. deferred tax asset since the Company has determined that it is more likely than not that the capital loss carryforwards may not be utilized to reduce taxable income in the future.

Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:


(in thousands)	Balance at Beginning of Period		Tax Expense and Revaluation		Deductions		Balance at End of Period
Year Ended
December 31, 2025	$	74,793	$	11,788	$	(3,618)	$	82,963
December 31, 2024	66,298		9,389		(894)		74,793
December 31, 2023	62,816		9,786		(6,304)		66,298

The Company has established $62.0 million in valuation allowances against deferred state tax assets recognized, net of U.S. Federal tax. As stated above, approximately $56.2 million of the valuation allowances, net of U.S. Federal income tax, relate to state income tax loss carryforwards. In most instances, the Company has established valuation allowances against deferred state income tax assets without considering potentially offsetting deferred tax liabilities established with respect to prepaid pension cost and goodwill. Prepaid pension cost and goodwill have not been considered a source of future taxable income for realizing those deferred state tax assets recognized because these temporary differences are not likely to reverse in the foreseeable future. However, certain deferred state tax assets have an indefinite life. As a result, the Company has considered deferred tax liabilities for prepaid pension cost and goodwill as a source of future taxable income for realizing those deferred state tax assets with indefinite lives. The valuation allowances established against deferred state income tax assets may increase or decrease within the next 12 months, based on operating results or the market value of investment holdings. The Company will monitor future results on a quarterly basis to determine whether the valuation allowances provided against deferred state tax assets should be increased or decreased as future circumstances warrant.

The Company has established $20.5 million in valuation allowances against non-U.S. deferred tax assets, and as stated above, $11.1 million of the non-U.S. valuation allowances relate to non-U.S. income tax loss carryforwards and $9.0 million relate to non-U.S. capital loss carryforwards. Valuation allowances established against non-U.S. deferred tax assets are recorded at the education division and other businesses. These non-U.S. valuation allowances may increase or decrease within the next 12 months, based on operating results. As a result, the Company is unable to estimate the potential tax impact, given the uncertain operating environment. The Company will monitor future education division and other businesses’ operating results and projected future operating results on a quarterly basis to determine whether the valuation allowances provided against non-U.S. deferred tax assets should be increased or decreased as future circumstances warrant.

The Company estimates that unremitted non-U.S. subsidiary earnings, when distributed, will not be subject to tax except to the extent non-U.S. withholding taxes are imposed. Approximately $3.2 million of deferred tax liabilities remain recorded on the books at December 31, 2025, with respect to future non-U.S. withholding taxes the Company estimated may be imposed on future cash distributions.

U.S. Federal and state tax liabilities may be recorded if the investment in non-U.S. subsidiaries becomes held for sale instead of being held indefinitely, but the calculation of the tax due is not practicable.

The Company files income tax returns with the U.S. Federal government and in various state, local and non-U.S. governmental jurisdictions, with the U.S. and the U.K. representing its major tax jurisdictions. The 2022 U.S. Federal tax return and subsequent years remain open to Internal Revenue Service examination. The 2022 U.K. corporation tax return and subsequent years remain open to examination by His Majesty’s Revenue and Customs (HMRC). There are currently no ongoing tax examinations in either jurisdiction.

The Company endeavors to comply with tax laws and regulations where it does business, but cannot guarantee that, if challenged, the Company’s interpretation of all relevant tax laws and regulations will prevail and that all tax benefits recorded in the financial statements will ultimately be recognized in full.

The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods:


	Year Ended December 31
(in thousands)	2025		2024		2023
Beginning unrecognized tax benefits	$	3,309	$	3,263	$	3,897
Increases related to current year tax positions	233		235		135
Increases related to prior year tax positions	—		990		—
Decreases related to prior year tax positions	(3)		(43)		(165)
Decreases related to settlement with tax authorities	(4)		—		—
Decreases due to lapse of applicable statutes of limitations	(474)		(1,136)		(604)
Ending unrecognized tax benefits	$	3,061	$	3,309	$	3,263

The unrecognized tax benefits relate to federal and state research and development tax credits applicable to the 2022 to 2025 tax periods, as well as state income tax filing positions applicable to the 2012 to 2020 tax periods. In making these determinations, the Company presumes that taxing authorities pursuing examinations of the Company’s compliance with tax law filing requirements will have full knowledge of all relevant information, and, if necessary, the Company will pursue resolution of disputed tax positions by appeals or litigation. Although the Company cannot predict the timing of resolution with tax authorities, the Company estimates that some of the unrecognized tax benefits may change in the next 12 months due to settlement with the tax authorities. The Company expects that a $0.8 million federal tax benefit and a $2.2 million state tax benefit, net of $0.5 million federal tax expense, will reduce the effective tax rate in the future if the unrecognized tax benefits are recognized.

The Company classifies interest and penalties related to uncertain tax positions as a component of interest and other expenses, respectively. As of December 31, 2025, the Company has accrued $0.5 million of interest related to the unrecognized tax benefits. The Company has not accrued any penalties related to the unrecognized tax benefits.

In December 2021, the Organization for Economic Co-operation and Development (OECD) issued a set of rules known as “Pillar Two” with the intent to ensure that global companies pay a minimum corporate income tax of 15% in jurisdictions in which the global companies operate. Many non-U.S. countries (including the U.K. and European Union member countries) enacted legislation to adopt certain aspects of Pillar Two effective January 1, 2024. While the U.S. has not adopted Pillar Two, rules implemented by participating countries apply to the Company’s worldwide operations. The Company does not have material operations in jurisdictions with tax rates lower than 15%. The amount of Pillar Two tax recorded as of December 31, 2025 is not material. The Company will continue to monitor legislative changes as it relates to Pillar Two.

On July 4, 2025, legislation known as "An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14" (the Act) was enacted in the U.S., which includes, among other things, many corporate income tax provisions that will impact the Company. The Company has considered the Act in its full year 2025 effective tax rate, and continues to analyze its various provisions. The Act resulted in a significant decline in federal taxable income for 2025 as a result of changes to the income tax treatment of certain research and development costs and accelerated income tax deductions for certain capital expenditures.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
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-Section 50
-Paragraph 12B
-Publisher FASB
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

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-SubTopic 20
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-Section 50
-Paragraph 13
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 303,267	$ 732,610	$ 211,704
Foreign currency translation adjustments:
Translation adjustments arising during the year	45,136	(24,568)	21,927
Adjustment for sale of a business with foreign operations	646	(765)	0
Translation adjustments arising during the year	45,782	(25,333)	21,927
Pension and other postretirement plans:
Actuarial gain	283,882	351,322	380,593
Prior service (cost) credit	(663)	734	11,263
Amortization of net actuarial gain included in net income	(1,207)	(39,742)	(42,146)
Amortization of net prior service (credit) cost included in net income	(2,080)	(1,951)	1,641
Settlement included in net income	0	(653,427)	(1,087)
Total pension and other postretirement plans	279,932	(343,064)	350,264
Cash flow hedges (loss) gain	(831)	1,392	(5,630)
Other Comprehensive Income (Loss), Before Tax	324,883	(367,005)	366,561
Income tax (expense) benefit related to items of other comprehensive income (loss)	(72,600)	87,465	(88,375)
Other Comprehensive Income (Loss), Net of Tax	252,283	(279,540)	278,186
Comprehensive Income	555,550	453,070	489,890
Comprehensive income attributable to noncontrolling interests	(10,976)	(7,976)	(6,416)
Total Comprehensive Income Attributable to Graham Holdings Company	$ 544,574	$ 445,094	$ 483,474

Inventories and Contracts in Progress (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31
(in thousands)	2025		2024
Raw materials	$	77,977	$	46,058
Work-in-process	12,906		12,685
Finished goods	209,287		234,344
Contracts in progress	3,200		2,721
	$	303,370	$	295,808

Inventories and Contracts in Progress

12 Months Ended

Dec. 31, 2025

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 December 31
(in thousands)	2025		2024
Raw materials	$	77,977	$	46,058
Work-in-process	12,906		12,685
Finished goods	209,287		234,344
Contracts in progress	3,200		2,721
	$	303,370	$	295,808

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

The Company changed the presentation of its segments in the fourth quarter of 2025 into the following seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, CSI, Manufacturing and Automotive (see Note 19). The composition of the reporting units within the healthcare division changed with the breakout of CSI and resulted in the reassignment of the assets and liabilities. The goodwill was allocated to the reporting units within the healthcare division using the relative fair value approach.

In the fourth quarter of 2025, as a result of underperformance at the Chrysler-Dodge-Jeep-Ram (CDJR) automotive dealership from a continued decline in revenues, the Company recorded an indefinite-lived intangible asset impairment charge of $10.1 million. The Company estimated the fair value of the indefinite-lived intangible asset by utilizing a discounted cash flow model. The carrying value of the indefinite-lived intangible asset exceeded its estimated fair value, resulting in an intangible asset impairment charge for the amount by which the carrying value exceeded its estimated fair value. The CDJR automotive dealership is included in the automotive segment.

In the fourth quarter of 2024, as a result of reduced enrollments at Mander Portman Woodward (MPW), due partly to the recent U.K. government elimination of the Value Added Tax (VAT) exemption on private school tuition, the Company recorded an intangible asset impairment charge of $22.9 million. The Company estimated the fair value of this indefinite-lived intangible asset by utilizing a discounted cash flow model. The carrying value of the indefinite-lived intangible asset exceeded its estimated fair value, resulting in an intangible asset impairment charge for the amount by which the carrying value exceeded its estimated fair value. MPW is included in KI.

In the second quarter of 2024, as a result of substantial digital advertising revenue declines and continued operating losses at WGB, the Company performed an interim review of the goodwill and intangible assets at the WGB reporting unit. As a result of the impairment review, the Company recorded goodwill and amortized intangible asset impairment charges totaling $26.3 million. The Company estimated the fair value of the reporting unit and amortized intangible asset by utilizing a discounted cash flow model. The carrying value of the reporting unit and amortized intangible asset exceeded their estimated fair values, resulting in goodwill and intangible asset impairment charges for the amount by which the carrying values exceeded their estimated fair values. WGB was included in other businesses.

In the third quarter of 2023, due to continued sustained weakness in demand for certain Dekko power and data products primarily in the commercial office space market, the Company performed an interim review of the goodwill of the Dekko reporting unit. As a result of the impairment review, the Company recorded a $47.8 million goodwill impairment charge. Also in the third quarter of 2023, as a result of the substantial digital advertising revenue declines and continued significant operating losses at WGB, the 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 was included in other businesses.

Amortization of intangible assets for the years ended December 31, 2025, 2024 and 2023, was $32.0 million, $37.1 million and $50.0 million, respectively. Amortization of intangible assets is estimated to be approximately $24 million in 2026, $9 million in 2027, $6 million in 2028, $5 million in 2029, $5 million in 2030 and $13 million thereafter.

The changes in the carrying amount of goodwill, by segment, were as follows:


(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Other Businesses		Total
As of December 31, 2023
Goodwill	$	1,163,991	$	190,815	$	135,038	$	234,993	$	129,280	$	251,216	$	2,105,333
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(166,926)		(580,139)
	832,840		190,815		135,038		152,931		129,280		84,290		1,525,194

Acquisitions	4,300		—		—		—		—		—		4,300
Impairment	—		—		—		—		—		(7,502)		(7,502)
Dispositions	(1,684)		—		—		—		—		—		(1,684)

Foreign currency exchange rate changes	(20,272)		—		—		—		—		—		(20,272)
As of December 31, 2024
Goodwill	1,146,335		190,815		135,038		234,993		129,280		251,216		2,087,677
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(174,428)		(587,641)
	815,184		190,815		135,038		152,931		129,280		76,788		1,500,036

Acquisitions	1,262		—		1,599		37,530		11,552		—		51,943

Dispositions	(1,204)		—		—		—		—		—		(1,204)

Foreign currency exchange rate changes	34,891		—		—		—		—		—		34,891
As of December 31, 2025
Goodwill	1,181,284		190,815		136,637		272,523		140,832		108,943		2,031,034
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(32,155)		(445,368)
	$	850,133	$	190,815	$	136,637	$	190,461	$	140,832	$	76,788	$	1,585,666

The changes in carrying amount of goodwill at the Company’s education and healthcare divisions were as follows:


(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total Education		CSI		Other Healthcare		Total Healthcare
As of December 31, 2023
Goodwill	$	598,000	$	174,564	$	391,427	$	1,163,991	$	—	$	135,038	$	135,038
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	598,000		63,240		171,600		832,840		—		135,038		135,038

Acquisitions	4,300		—		—		4,300		—		—		—

Dispositions	(1,684)		—		—		(1,684)		—		—		—

Foreign currency exchange rate changes	(20,121)		—		(151)		(20,272)		—		—		—
As of December 31, 2024
Goodwill	580,495		174,564		391,276		1,146,335		—		135,038		135,038
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	580,495		63,240		171,449		815,184		—		135,038		135,038
Reallocation	—		—		—		—		87,140		(87,140)		—

Acquisitions	—		—		1,262		1,262		—		1,599		1,599

Dispositions	(1,204)		—		—		(1,204)		—		—		—

Foreign currency exchange rate changes	34,805		—		86		34,891		—		—		—
As of December 31, 2025
Goodwill	614,096		174,564		392,624		1,181,284		87,140		49,497		136,637
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	$	614,096	$	63,240	$	172,797	$	850,133	$	87,140	$	49,497	$	136,637

Other intangible assets consist of the following:


		As of December 31, 2025						As of December 31, 2024
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Student and customer relationships	2–10 years	$	307,312	$	266,453	$	40,859	$	281,140	$	252,969	$	28,171
Trade names and trademarks	2–10 years	114,227		98,147		16,080		116,081		94,408		21,673
Network affiliation agreements	10 years	17,400		15,588		1,812		17,400		13,848		3,552
Databases and technology	3–6 years	32,376		30,293		2,083		33,290		33,290		—
Other	1–8 years	38,063		37,266		797		41,514		38,214		3,300
		$	509,378	$	447,747	$	61,631	$	489,425	$	432,729	$	56,696
Indefinite-Lived Intangible Assets
Franchise agreements		$	97,002					$	92,158
Trade names and trademarks		62,653						60,994
FCC licenses		11,000						11,000
Other		150						171
		$	170,805					$	164,323

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company is a holding company and its business units are decentralized. Together with its business units, the Company maintains a risk-based information security program establishing administrative, technical, and physical safeguards that are designed for the size, scope and type of the Company’s businesses. The information security program is designed to protect the confidentiality, integrity, and availability of the Company’s information systems and data, and safeguard information systems and data in accordance with applicable local, state, federal or international laws, regulations, or standards. The Company’s information security program is risk-based; the Company and its business units perform business impact assessments and risk assessments on a regular basis to calibrate areas of focus. Cybersecurity risks are evaluated as a part of the broader risk management activities at the Company. The Company and its business units leverage several information security controls frameworks, standards and best practices with the International Organization for Standardizations (ISO) 27001 used as the overarching framework. ISO 27001 establishes a multi-pronged information security standard for organizations to manage information security risks, build cyber resilience, and improve operations. Third-party service provider risk management is one of many components of the Company’s information security program. The Company and its business units use a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties that could adversely impact the Company. This approach may include, but is not limited to, reviewing and assessing providers’ cybersecurity maturity, conducting diligence on certain providers’ information security programs, and/or imposing contractual obligations on the provider depending on the type and quantity of data involved, the access provided to Company systems, the type of provider and the criticality of outsourced operations. The Company maintains an incident response plan that is distributed to its business units for customization according to their specific operations and internal reporting structures. The Company leverages third-party cybersecurity experts to review the response plan and facilitate incident response exercises for its business units. The Company licenses third-party software that provides incident response simulation capabilities and playbooks and makes that available to its business units and also retains a third-party cybersecurity firm to provide assistance if needed during a cybersecurity incident. The Company and its business units engage third parties to assess various aspects of the information security program, provide threat intelligence, perform external audits, perform penetration testing, and provide other services as needed. The Company and its business units have not been materially affected by risks from cybersecurity threats. For a discussion of whether and how any risks from cybersecurity threats are reasonably likely to materially affect the Company, see Item 1A Risk Factors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company is a holding company and its business units are decentralized. Together with its business units, the Company maintains a risk-based information security program establishing administrative, technical, and physical safeguards that are designed for the size, scope and type of the Company’s businesses. The information security program is designed to protect the confidentiality, integrity, and availability of the Company’s information systems and data, and safeguard information systems and data in accordance with applicable local, state, federal or international laws, regulations, or standards. The Company’s information security program is risk-based; the Company and its business units perform business impact assessments and risk assessments on a regular basis to calibrate areas of focus. Cybersecurity risks are evaluated as a part of the broader risk management activities at the Company. The Company and its business units leverage several information security controls frameworks, standards and best practices with the International Organization for Standardizations (ISO) 27001 used as the overarching framework. ISO 27001 establishes a multi-pronged information security standard for organizations to manage information security risks, build cyber resilience, and improve operations.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors has delegated oversight of risks related to cybersecurity to the Audit Committee which reports on its risk management activities, including risks arising from cybersecurity threats, to the full Board of Directors. The Company’s Vice President of Information Security and Privacy reports to the Audit Committee on an annual basis. In addition, the Audit Committee receives quarterly updates as part of the disclosure control process and other updates, as needed, for significant issues. The annual report to the Audit Committee includes an overview of multiple topics, such as current cybersecurity threats; other cybersecurity risks, including operational, legal/regulatory, and reputational risks; a status summary of company-wide metrics relating to information security controls (e.g., controls addressing vulnerability and patch management, web and mobile application security, administrative access, incident response capability, compliance activities, disaster recovery, sensitive data inventory, and phishing prevention); and planned information security initiatives. At the Company’s corporate level, the Information Security and Privacy team monitors the prevention, detection and remediation of cybersecurity incidents and coordinates with the Company’s business units to assess information security posture and risk. This coordination includes, for example, performing business impact assessments, conducting risk assessments, and testing and evaluating key aspects of business units’ information security programs, the results of which are reported to the Company’s senior management and the Audit Committee as appropriate. The Company’s Information Security and Privacy team is led by the VP of Information Security and Privacy who reports to the Company’s Chief Financial Officer. She joined the Company in 2003 and has more than 30 years of relevant experience. Before joining the Company, she served as the federal government and southeast region leader of Guardent (now part of Verisign), a security and privacy consulting and managed security services company. Prior to Guardent, she worked at PricewaterhouseCoopers LLP in the Technology Risk Services consulting practice. She is a strategic advisor to several organizations in the information security and privacy field and is a Certified Information Systems Security Professional (CISSP), and a Certified Information Privacy Professional (CIPP). Members of the Company’s Information Security and Privacy team have an average of more than 20 years of information security and compliance experience, spanning diverse environments and industries, government agencies, and public and private companies. All members of the core team maintain cybersecurity certifications and attend regular training programs relating to information security, privacy and compliance. The Company views information security as a shared responsibility. It requires employees to complete information security and privacy awareness training and sends out regular communications on information security and privacy topics. Developers are trained regularly on secure coding practices and the Company mandates that every business unit perform phishing exercises quarterly. Some employees receive additional in-depth training related to their individual job responsibilities.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors has delegated oversight of risks related to cybersecurity to the Audit Committee which reports on its risk management activities, including risks arising from cybersecurity threats, to the full Board of Directors. The Company’s Vice President of Information Security and Privacy reports to the Audit Committee on an annual basis. In addition, the Audit Committee receives quarterly updates as part of the disclosure control process and other updates, as needed, for significant issues. The annual report to the Audit Committee includes an overview of multiple topics, such as current cybersecurity threats; other cybersecurity risks, including operational, legal/regulatory, and reputational risks; a status summary of company-wide metrics relating to information security controls (e.g., controls addressing vulnerability and patch management, web and mobile application security, administrative access, incident response capability, compliance activities, disaster recovery, sensitive data inventory, and phishing prevention); and planned information security initiatives.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company’s Vice President of Information Security and Privacy reports to the Audit Committee on an annual basis. In addition, the Audit Committee receives quarterly updates as part of the disclosure control process and other updates, as needed, for significant issues. The annual report to the Audit Committee includes an overview of multiple topics, such as current cybersecurity threats; other cybersecurity risks, including operational, legal/regulatory, and reputational risks; a status summary of company-wide metrics relating to information security controls (e.g., controls addressing vulnerability and patch management, web and mobile application security, administrative access, incident response capability, compliance activities, disaster recovery, sensitive data inventory, and phishing prevention); and planned information security initiatives.
Cybersecurity Risk Role of Management [Text Block]	At the Company’s corporate level, the Information Security and Privacy team monitors the prevention, detection and remediation of cybersecurity incidents and coordinates with the Company’s business units to assess information security posture and risk. This coordination includes, for example, performing business impact assessments, conducting risk assessments, and testing and evaluating key aspects of business units’ information security programs, the results of which are reported to the Company’s senior management and the Audit Committee as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At the Company’s corporate level, the Information Security and Privacy team monitors the prevention, detection and remediation of cybersecurity incidents and coordinates with the Company’s business units to assess information security posture and risk.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s Information Security and Privacy team is led by the VP of Information Security and Privacy who reports to the Company’s Chief Financial Officer. She joined the Company in 2003 and has more than 30 years of relevant experience. Before joining the Company, she served as the federal government and southeast region leader of Guardent (now part of Verisign), a security and privacy consulting and managed security services company. Prior to Guardent, she worked at PricewaterhouseCoopers LLP in the Technology Risk Services consulting practice. She is a strategic advisor to several organizations in the information security and privacy field and is a Certified Information Systems Security Professional (CISSP), and a Certified Information Privacy Professional (CIPP). Members of the Company’s Information Security and Privacy team have an average of more than 20 years of information security and compliance experience, spanning diverse environments and industries, government agencies, and public and private companies. All members of the core team maintain cybersecurity certifications and attend regular training programs relating to information security, privacy and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company’s Vice President of Information Security and Privacy reports to the Audit Committee on an annual basis. In addition, the Audit Committee receives quarterly updates as part of the disclosure control process and other updates, as needed, for significant issues. The annual report to the Audit Committee includes an overview of multiple topics, such as current cybersecurity threats; other cybersecurity risks, including operational, legal/regulatory, and reputational risks; a status summary of company-wide metrics relating to information security controls (e.g., controls addressing vulnerability and patch management, web and mobile application security, administrative access, incident response capability, compliance activities, disaster recovery, sensitive data inventory, and phishing prevention); and planned information security initiatives.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes (Operating Loss Carryforwards) (Details 6) $ in Millions	Dec. 31, 2025 USD ($)
State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	$ 1,318.6
U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	224.9
2026 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	11.5
2026 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	14.0
2027 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	16.1
2027 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	6.4
2028 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	22.5
2028 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	6.3
2029 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	30.2
2029 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	6.3
2030 [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	44.5
2030 [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	6.3
2031 and after [Member] \| State [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to expire	1,193.8
2031 and after [Member] \| U.S. Federal [Member]
Operating Loss Carryforwards [Line Items]
Income tax loss carryforwards to be fully utilized	$ 185.6

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

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:


	Year Ended December 31, 2025
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	45,136	$	—	$	45,136
Adjustment for sale of a business with foreign operations	646		—		646
	45,782		—		45,782
Pension and other postretirement plans:
Actuarial gain	283,882		(73,845)		210,037
Prior service cost	(663)		173		(490)
Amortization of net actuarial gain included in net income	(1,207)		314		(893)
Amortization of net prior service credit included in net income	(2,080)		541		(1,539)




	279,932		(72,817)		207,115
Cash flow hedges:
Loss for the year	(831)		217		(614)
Other Comprehensive Income	$	324,883	$	(72,600)	$	252,283


	Year Ended December 31, 2024
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(24,568)	$	—	$	(24,568)
Adjustment for sale of a business with foreign operations	(765)		—		(765)
	(25,333)		—		(25,333)
Pension and other postretirement plans:
Actuarial gain	351,322		(89,943)		261,379
Prior service credit	734		(188)		546
Amortization of net actuarial gain included in net income	(39,742)		10,174		(29,568)
Amortization of net prior service credit included in net income	(1,951)		500		(1,451)

Settlement included in net income	(653,427)		167,285		(486,142)


	(343,064)		87,828		(255,236)
Cash flow hedges:
Gain for the year	1,392		(363)		1,029
Other Comprehensive Loss	$	(367,005)	$	87,465	$	(279,540)


	Year Ended December 31, 2023
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:


Translation adjustments arising during the year	$	21,927	$	—	$	21,927
Pension and other postretirement plans:
Actuarial gain	380,593		(97,436)		283,157
Prior service credit	11,263		(2,883)		8,380
Amortization of net actuarial gain included in net income	(42,146)		10,790		(31,356)
Amortization of net prior service cost included in net income	1,641		(420)		1,221


Settlement included in net income	(1,087)		279		(808)
	350,264		(89,670)		260,594
Cash flow hedges:
Loss for the year	(5,630)		1,295		(4,335)
Other Comprehensive Income	$	366,561	$	(88,375)	$	278,186

The accumulated balances related to each component of other comprehensive income (loss) are as follows:


(in thousands, net of taxes)	Cumulative Foreign Currency Translation Adjustment		Unrealized Gain on Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
As of December 31, 2023	$	(32,711)	$	649,185	$	(2,137)	$	614,337
Other comprehensive (loss) income before reclassifications	(24,568)		261,925		1,393		238,750
Net amount reclassified from accumulated other comprehensive income	(765)		(517,161)		(364)		(518,290)
Net other comprehensive (loss) income	(25,333)		(255,236)		1,029		(279,540)

As of December 31, 2024	(58,044)		393,949		(1,108)		334,797

Other comprehensive income (loss) before reclassifications	45,136		209,547		(912)		253,771
Net amount reclassified from accumulated other comprehensive income	646		(2,432)		298		(1,488)
Net other comprehensive income (loss)	45,782		207,115		(614)		252,283

As of December 31, 2025	$	(12,262)	$	601,064	$	(1,722)	$	587,080

The amounts and line items of reclassifications out of accumulated other comprehensive income (loss) are as follows:


	Year Ended December 31						Affected Line Item in the Consolidated Statements of Operations
(in thousands)	2025		2024		2023
Foreign Currency Translation Adjustments:
Adjustment for sale of businesses with foreign operations	$	646	$	(765)	$	—	Other (expense) income, net
Pension and Other Postretirement Plans:


Amortization of net actuarial gain	(1,207)		(39,742)		(42,146)		(1)
Amortization of net prior service (credit) cost	(2,080)		(1,951)		1,641		(1)

Settlement gains	—		(653,427)		(1,087)		(1)


	(3,287)		(695,120)		(41,592)		Before tax
	855		177,959		10,649		Provision for income taxes
	(2,432)		(517,161)		(30,943)		Net of tax

Cash Flow Hedges	298		(364)		(5,363)		Interest expense


Total reclassification for the year	$	(1,488)	$	(518,290)	$	(36,306)	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 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations.

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Percentage Of Refundable Amounts Included Within Contract Liabilities	22.00%	19.00%
Deferred revenue recognized in period related to prior year's ending balance	$ 351.1
Deferred Revenue Recognized of Refundable Prepaid Amounts	$ 60.9
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	79.00%	79.00%	79.00%
Non U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	21.00%	21.00%	21.00%
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	53.00%	54.00%	54.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	47.00%	46.00%	46.00%
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Contract Asset, Total	$ 36.5	$ 36.6
Contract Asset, Current	4.4	1.9
Contract Asset, Noncurrent	32.1	34.7
Additional Contract Assets [Member]
Disaggregation of Revenue [Line Items]
Contract Asset, Current	$ 3.0	$ 3.1
Long-term Contract with Customer [Member] \| Supplemental Education [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	68.00%

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Acquisitions And Dispositions [Abstract]
Operating revenues	$ 5,040,565	$ 4,974,991	$ 4,529,817
Net income	$ 312,100	$ 733,302	$ 218,205

Capital Stock, Stock Awards and Stock Options (Tables)

12 Months Ended

Dec. 31, 2025

Capital Stock, Stock Awards, and Stock Options [Abstract]

Activity Related to Stock Awards

Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2025 was as follows:


	Number of Shares	Average Grant-Date Fair Value
Beginning of year, unvested	29,314	$	575.33
Awarded	11,386	871.87
Vested	(12,769)	536.18
Forfeited	(3,535)	749.90
End of Year, unvested	24,396	708.93

Activity Related to Stock Options

Activity related to options outstanding for the year ended December 31, 2025 was as follows:


	Number of Shares	Average Option Price
Beginning of year	97,787	$	546.68
Granted	—	—
Exercised	(24,742)	866.58
Expired or forfeited	—	—
End of Year	73,045	438.33

Information related to stock options outstanding and exercisable at December 31, 2025, is as follows:


	Options Outstanding			Options Exercisable
Exercise Prices	Shares Outstanding at 12/31/2025	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price	Shares Exercisable at 12/31/2025	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price

$427	71,045	4.7	426.86	58,168	4.7	426.86



$846	2,000	1.2	845.72	2,000	1.2	845.72

	73,045	4.6	438.33	60,168	4.6	440.78

Summary of Earnings Per Share, Basic and Diluted

The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method:


	Year Ended December 31
(in thousands, except per share amounts)	2025			2024			2023
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	292,291		$	724,634		$	205,288
Less: Dividends paid–common stock outstanding and unvested restricted shares	(31,360)			(30,347)			(30,953)
Undistributed earnings	260,931			694,287			174,335
Percent allocated to common stockholders	99.44		%	99.32		%	99.34		%
	259,473			689,588			173,182
Add: Dividends paid–common stock outstanding	31,183			30,147			30,756
Numerator for basic earnings per share	290,656			719,735			203,938
Add: Additional undistributed earnings due to dilutive stock options	14			35			4
Numerator for diluted earnings per share	$	290,670		$	719,770		$	203,942
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,331			4,372			4,639
Add: Effect of dilutive stock options	42			33			15
Denominator for diluted earnings per share	4,373			4,405			4,654
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	67.11		$	164.62		$	43.96
Diluted earnings per share	$	66.47		$	163.40		$	43.82

____________


Earnings per share amounts may not recalculate due to rounding.

Antidilutive Weighted Average Restricted Stock

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:


	Year Ended December 31
(in thousands)	2025	2024	2023
Weighted average restricted stock	15	21	12

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Components of Expense

The components of lease expense were as follows:


	Year Ended December 31
(in thousands)	2025		2024		2023
Operating lease cost	$	84,563	$	87,204	$	89,994
Finance lease cost:
Amortization of right-of-use assets	9,250		8,431		5,687
Interest on lease liabilities	1,364		1,456		989
Short-term and month-to-month lease cost	44,547		47,048		44,457
Variable lease cost	20,405		20,626		23,213
Sublease income	(619)		(9,135)		(16,035)
Total net lease cost	$	159,510	$	155,630	$	148,305

Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases were as follows:


	As of December 31
(in thousands)	2025		2024
Assets:
Lease right-of-use assets	$	404,818	$	388,419
Finance lease assets	22,695		21,716
Total lease assets	$	427,513	$	410,135

Current liabilities:
Operating lease liabilities	$	64,290	$	58,239
Finance lease liabilities	17,059		18,028
Noncurrent liabilities:
Operating lease liabilities	377,897		362,885
Finance lease liabilities	7,062		5,049
Total lease liabilities	$	466,308	$	444,201


Weighted average remaining lease term (years):
Operating leases	10.0		10.4
Finance leases	1.8		1.5
Weighted average discount rate:
Operating leases	5.4	%	5.4	%
Finance leases	6.1	%	6.8	%

Maturities of Lease Liabilities

At December 31, 2025, maturities of lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	81,369	$	17,623
2027	79,378		4,896
2028	66,239		2,319
2029	57,225		80
2030	43,532		55
Thereafter	262,631		—
Total payments	590,374		24,973
Less: Imputed interest	(148,187)		(852)
Present value of lease liabilities	$	442,187	$	24,121

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases were as follows:


	Year Ended December 31
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases (payments)	$	81,081	$	86,210	$	94,630
Operating cash flows from finance leases	1,364		1,456		989
Financing cash flows from finance leases (payments)	17,969		13,425		10,376
Right-of-use assets obtained in exchange for new lease liabilities (noncash):
Operating leases	$	68,915	$	55,283	$	38,967
Finance leases	19,058		12,569		20,265

Capital Stock, Stock Awards, and Stock Options (Earnings Per Share) (Details 5) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income attributable to Graham Holdings Company common stockholders	$ 292,291	$ 724,634	$ 205,288
Less: Dividends paid–common stock outstanding and unvested restricted shares	(31,360)	(30,347)	(30,953)
Undistributed earnings	$ 260,931	$ 694,287	$ 174,335
Percent allocated to common stockholders	99.44%	99.32%	99.34%
Undistributed earnings allocated to common stockholders	$ 259,473	$ 689,588	$ 173,182
Add: Dividends paid–common stock outstanding	31,183	30,147	30,756
Numerator for basic earnings per share	290,656	719,735	203,938
Add: Additional undistributed earnings due to dilutive stock options	14	35	4
Numerator for diluted earnings per share	$ 290,670	$ 719,770	$ 203,942
Denominator:
Weighted average shares outstanding (shares)	4,331	4,372	4,639
Denominator for diluted earnings per share (shares)	4,373	4,405	4,654
Graham Holdings Company Common Stockholders:
Basic earnings per common share (in USD per share)	$ 67.11	$ 164.62	$ 43.96
Diluted earnings per common share (in USD per share)	$ 66.47	$ 163.40	$ 43.82
Stock Option Plan [Member]
Denominator:
Add: Effect of dilutive stock options (shares)	42	33	15

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill	$ 1,585,666	$ 1,500,036	$ 1,525,194
Floor plan payables	(118,959)	$ (147,884)
Business Combination, Series of Individually Immaterial Business Combinations [Member]
Business Combination [Line Items]
Accounts receivable	11,641		68
Inventory	32,731		5,224
Property, plant and equipment	35,920		29,859
Lease right-of-use assets	3,642		0
Goodwill	51,943		45,968
Indefinite-lived intangible assets	15,500		6,300
Amortized intangible assets	41,300		235
Deferred income taxes	13,947		0
Other assets	221		4
Pension liabilities	(107,517)		0
Floor plan payables	(4,939)		(2,215)
Other liabilities	(18,371)		(935)
Current and noncurrent lease liabilities	(4,783)		(1,184)
Aggregate purchase price, net of cash acquired	$ 71,235		$ 83,324

Contingencies and Other Commitments	12 Months Ended
Contingencies and Other Commitments	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Other Commitments	CONTINGENCIES AND OTHER COMMITMENTS Litigation, Legal and Other Matters. The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, defamation and invasion of privacy; trademark, copyright and patent infringement; real estate lease and sublease disputes; violations of employment laws and applicable wage and hour laws; and statutory or common law claims involving current and former students and employees. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial condition, results of operations or cash flows. However, based on currently available information, management believes it is reasonably possible that future losses from existing and threatened legal, regulatory and other proceedings in excess of the amounts recorded could reach approximately $10 million. In 2021, Kaplan received the borrower defense to repayment (BDTR) applications from the Department of Education (ED) seeking discharge of approximately $35 million in loans, excluding interest, from students at Kaplan’s previously owned schools, including Kaplan University. It is not clear to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence provided by Kaplan, prior settlements with these students relieving their debt outside of the BDTR process, or any prior investigation related to schools attended by the student applicants. Kaplan believes it has substantive as well as procedural defenses to the borrower defense claims that would bar any student discharge or school liability, including that the claims are barred by the applicable statute of limitations, are 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. 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 the Sweet v. Cardona lawsuit in the Northern District of California which was settled in November 2022, Plaintiffs claimed that the ED failed to properly consider and decide pending BDTR claims. As part of the Sweet v. Cardona settlement, the ED agreed to review any BDTR applications submitted between June 23, 2022 and November 15, 2022 on an expedited basis. In January 2024, Kaplan was informed that the ED received applications during this time period regarding former Kaplan University and Purdue Global students. Kaplan received those applications and believes none of the applications has merit and that the applications are far outside any statute of limitations period and accordingly Kaplan responded similarly to responses for prior claims. The total discharge amount sought or how much of that amount would apply to Kaplan University students is not fully known. The Sweet v. Cardona settlement requires the ED to adjudicate applications received during the designated time period pursuant to the requirements of the 2016 Borrower Defense Regulation. Kaplan believes it has significant defenses against any attempt by the ED at recoupment including the claims’ collective lack of merit, the applicable statute of limitations periods, and the ED’s standing for recoupment given the Sweet v. Cordona settlement. If the ED initiates a reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to significant liability. Other Commitments. The Company’s broadcast subsidiaries are parties to certain agreements that commit them to purchase programming to be produced in future years. As of December 31, 2025, such commitments amounted to approximately $18.2 million. If such programs are not produced, the Company’s commitment would expire without obligation.

Income Taxes (Deferred Tax Valuation Allowances) (Details 7) - Deferred Tax Valuation Allowance [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 74,793	$ 66,298	$ 62,816
Tax Expense and Revaluation	11,788	9,389	9,786
Deductions	(3,618)	(894)	(6,304)
Balance at End of Period	$ 82,963	$ 74,793	$ 66,298

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Oct. 31, 2025 USD ($)	Jul. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) performanceObligation business	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022
Summary of Significant Accounting Policies [Line Items]
Maximum Term of Contract					1 year
Finance lease assets \| $			$ 21,716		$ 22,695	$ 21,716
Finance lease, liability, current \| $			18,028		17,059	18,028
Noncontrolling interest, decrease from redemptions or purchase of interests \| $					$ 529	1,985	$ 14,965
GHC One [Member] \| Group of Senior Managers of GHG [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Contributed Capital					5.00%
GHC One [Member] \| Graham Holdings Company [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Contributed Capital					95.00%
GHC One [Member] \| Graham Holdings Company [Member]
Summary of Significant Accounting Policies [Line Items]
Guaranteed Return					8.00%
Percentage of Distributions Available to Common Unit Holders					80.00%
GHC One [Member] \| Group of Senior Managers of GHG [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Distributions Available to Common Unit Holders					20.00%
GHC One [Member] \| GHC One [Member] \| Group of Senior Managers of GHG [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage by non-parent					5.00%
Automotive [Member]
Summary of Significant Accounting Policies [Line Items]
Finance lease assets \| $			10,500		$ 9,300	10,500
Finance lease, liability, current \| $			10,500		$ 9,300	$ 10,500
Impact Medical[Member] \| Graham Holdings Company [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage by parent					50.10%
Framebridge [Member] \| Graham Holdings Company [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage by parent					93.40%
CSI Pharmacy Holding Company, LLC [Member]
Summary of Significant Accounting Policies [Line Items]
Total Payments due for Redemption of Noncontrolling Interest \| $			2,100
Noncontrolling interest, decrease from redemptions or purchase of interests \| $		$ 1,800	$ 2,000	$ 20,000
CSI Pharmacy Holding Company, LLC [Member] \| Graham Holdings Company [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage by parent				86.70%	87.50%		86.70%	76.50%
Skin Clique \| Graham Holdings Company [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage by parent					51.00%
Clarus [Member]
Summary of Significant Accounting Policies [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests \| $	$ 400
Clarus [Member] \| Graham Holdings Company [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage by parent			95.00%		95.75%	95.00%
Transferred over Time [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Revenue					53.00%	54.00%	54.00%
Kaplan International [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Number of business lines \| business					1
Number of performance obligations with variable consideration					2
Higher Education [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Transition and Operations Support Agreement Initial Term					30 years
Television Broadcasting [Member] \| Advertising Revenue [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					60 days
Television Broadcasting [Member] \| Retransmission Revenue [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					60 days
Manufacturing [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					90 days
Number of business lines \| business					4
Manufacturing [Member] \| Transferred over Time [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Revenue					22.00%	21.00%	19.00%
Health Care [Member] \| Home Health Revenue [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					30 days
Health Care [Member] \| Hospice Revenue [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					60 days
Health Care [Member] \| Management Services
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Health Care [Member] \| Specialty Pharmacy
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Automotive [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Code3 [Member]
Summary of Significant Accounting Policies [Line Items]
Number of Performance Obligations					1
Revenue Recognition, Maximum Period between Recognition of Revenue and Receipt of Payment					100 days
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Amortized intangible assets useful life (in years)					10 years
Lessee, Operating Lease, Renewal or Termination Option Term					10 years
Maximum [Member] \| Impact Medical[Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Shares Eligible to be Redeemed					10.00%
Maximum [Member] \| Framebridge [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Shares Eligible to be Redeemed					20.00%
Maximum [Member] \| CSI Pharmacy Holding Company, LLC [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of Shares Eligible to be Redeemed					50.00%
Maximum [Member] \| Machinery, Equipment and Fixtures [Member]
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment useful life (in years)					20 years
Maximum [Member] \| Buildings [Member]
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment useful life (in years)					50 years
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Lessee, Operating Lease, Renewal or Termination Option Term					1 year
Minimum [Member] \| Machinery, Equipment and Fixtures [Member]
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment useful life (in years)					3 years
Minimum [Member] \| Buildings [Member]
Summary of Significant Accounting Policies [Line Items]
Property, plant and equipment useful life (in years)					20 years

Income Taxes (Income Taxes Paid) (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, net of refunds, U.S. Federal	$ 17,204	$ 36,035	$ 17,500
Income taxes paid, net of refunds, State	8,503	8,418	7,135
Income taxes paid	62,831	63,303	39,283
non-U.S. [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, net of refund, Non-U.S.	37,124	18,850	14,648
AUSTRALIA
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, net of refund, Non-U.S.	12,025	6,474	925
SINGAPORE
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, net of refund, Non-U.S.	2,115	1,916	2,158
UNITED KINGDOM
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, net of refund, Non-U.S.	16,734	5,708	7,666
Foreign Tax Jurisdiction, Other [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income taxes paid, net of refund, Non-U.S.	$ 6,250	$ 4,752	$ 3,899

Other Non-Operating (Expense) Income (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Nonoperating Income (Expense) [Abstract]
Impairment of cost method investments	$ (14,725)	$ (744)	$ (500)
Foreign currency (loss) gain, net	(10,051)	5,415	(1,141)
Gain on sale of cost method investments	4,717	7	958
Gain on sale of businesses	375	8,121	15,618
Gain on sale of investment in affiliates	314	15	15
Net (loss) gain on cost method investments	0	(1,526)	3,104
Other, net	517	1,258	1,040
Total Other Non-Operating (Expense) Income	$ (18,853)	$ 12,546	$ 19,094

Pensions and Other Postretirement Plans (Key Assumptions - Obligation) (Details 3) - Benefit Obligation [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (percent)	5.60%	5.80%
Cash balance interest crediting rate	4.89%	5.43%
Ultimate cash balance interest crediting rate	6.00%	6.00%
Year that reaches ultimate cash balance interest crediting rate	2027	2026
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (percent)	5.20%	5.60%
Cash balance interest crediting rate	0.00%	0.00%
Maximum [Member] \| Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)	5.00%	5.00%
Maximum [Member] \| Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)	5.00%	5.00%
Minimum [Member] \| Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)	1.00%	1.00%
Minimum [Member] \| Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase (percent)	1.00%	1.00%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,184,543	$ 1,099,571
Less: accumulated depreciation	(597,109)	(550,207)
Property, plant and equipment, net	587,434	549,364
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	112,981	100,274
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	284,627	248,978
Machinery, Equipment and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	550,375	533,781
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	205,455	185,674
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 31,105	$ 30,864

Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Assets

Money market investments

$ 5,300

$ 3,900

Marketable Equity Securities

1,081,938

852,434

Fair Value, Recurring [Member]

Assets

Money market investments

^[1]

5,251

3,908

Marketable Equity Securities

^[2]

1,081,938

852,434

Other current investments

^[3]

7,032

6,309

Foreign exchange swap

^[4]

710

Total Financial Assets

1,094,221

863,361

Liabilities

Contingent consideration liabilities

^[5]

1,526

1,419

Interest rate swaps

^[6]

2,289

1,419

Mandatorily redeemable noncontrolling interest

^[7]

8,401

159,548

Total Financial Liabilities

12,216

162,386

Level 1 [Member] | Fair Value, Recurring [Member]

Assets

Money market investments

^[1]

Marketable Equity Securities

^[2]

1,081,938

852,434

Other current investments

^[3]

Foreign exchange swap

^[4]

Total Financial Assets

1,081,938

852,434

Liabilities

Contingent consideration liabilities

^[5]

Interest rate swaps

^[6]

Mandatorily redeemable noncontrolling interest

^[7]

Total Financial Liabilities

Level 2 [Member] | Fair Value, Recurring [Member]

Assets

Money market investments

^[1]

5,251

3,908

Marketable Equity Securities

^[2]

Other current investments

^[3]

7,032

6,309

Foreign exchange swap

^[4]

710

Total Financial Assets

12,283

10,927

Liabilities

Contingent consideration liabilities

^[5]

Interest rate swaps

^[6]

2,289

1,419

Mandatorily redeemable noncontrolling interest

^[7]

Total Financial Liabilities

2,289

1,419

Level 3 [Member] | Fair Value, Recurring [Member]

Assets

Money market investments

^[1]

Marketable Equity Securities

^[2]

Other current investments

^[3]

Foreign exchange swap

^[4]

Total Financial Assets

Liabilities

Contingent consideration liabilities

^[5]

1,526

1,419

Interest rate swaps

^[6]

Mandatorily redeemable noncontrolling interest

^[7]

8,401

159,548

Total Financial Liabilities

$ 9,927

$ 160,967

[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. exchanges. Price quotes for these shares are readily available.
[3]	Includes mutual funds, which 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.
[4]	Included in Other current assets and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.
[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 swap multiplied by the observable inputs of time to maturity and market interest rates.
[7]	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.

Debt (Details 1) - USD ($)
$ in Thousands

Dec. 31, 2025

Nov. 24, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Other indebtedness

$ 8,750

$ 18,707

Total Debt

880,756

748,192

Less: current portion of long-term debt

(175,138)

(26,577)

Total Long-Term Debt

705,618

721,615

5.625% Unsecured Notes maturing in 2033 [Member]

Debt Instrument [Line Items]

Unsecured notes

^[1]

493,625

Unamortized debt issuance costs

$ 6,400

Stated interest rate

5.625%

Effective interest rate

5.625%

5.75% Unsecured Notes maturing in 2026 [Member]

Debt Instrument [Line Items]

Unsecured notes

^[2]

$ 0

398,985

Unamortized debt issuance costs

$ 1,000

Stated interest rate

5.75%

Effective interest rate

5.75%

Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Credit Facility

$ 222,466

$ 62,836

Effective interest rate

5.76%

Term Loan maturing in 2027 [Member]

Debt Instrument [Line Items]

Loans payable to bank

^[3]

$ 0

140,099

Unamortized debt issuance costs

500

Effective interest rate

6.22%

Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Loans payable to bank

^[4]

$ 91,836

70,795

Unamortized debt issuance costs

$ 100

100

Effective interest rate

6.05%

Capital Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Loans payable to bank

^[5]

$ 64,079

56,770

Unamortized debt issuance costs

$ 500

$ 600

Effective interest rate

6.82%

Minimum [Member] | Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Stated interest rate

5.10%

Minimum [Member] | Term Loan maturing in 2027 [Member]

Debt Instrument [Line Items]

Stated interest rate

5.81%

Minimum [Member] | Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Stated interest rate

5.62%

Minimum [Member] | Capital Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Stated interest rate

6.37%

Minimum [Member] | Other Indebtedness [Member]

Debt Instrument [Line Items]

Stated interest rate

5.50%

Maximum [Member] | Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Stated interest rate

7.88%

Maximum [Member] | Term Loan maturing in 2027 [Member]

Debt Instrument [Line Items]

Stated interest rate

6.21%

Maximum [Member] | Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Stated interest rate

6.10%

Maximum [Member] | Capital Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Stated interest rate

6.85%

Maximum [Member] | Other Indebtedness [Member]

Debt Instrument [Line Items]

Stated interest rate

8.00%

[1]	The carrying value is net of $6.4 million of unamortized debt issuance costs as of December 31, 2025.
[2]	The carrying value is net of $1.0 million of unamortized debt issuance costs as of December 31, 2024. Unsecured notes were redeemed in November 2025
[3]	The carrying value is net of $0.5 million of unamortized debt issuance costs as of December 31, 2024. Term loan was repaid in November 2025.
[4]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2025 and 2024.
[5]	The carrying value is net of $0.5 million and $0.6 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.

Revenue from Contract with Customer (Narrative 2) (Details) - Long-term Contract with Customer [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 $ in Millions	Dec. 31, 2025 USD ($)
Kaplan International [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 235.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	4 years
Supplemental Education [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 5.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments in marketable equity securities

Investments in marketable equity securities consist of the following:


	As of December 31
(in thousands)	2025		2024
Total cost	$	256,897	$	227,153
Gross unrealized gains	845,889		627,760
Gross unrealized losses	(20,848)		(2,479)
Total Fair Value	$	1,081,938	$	852,434

Gain on marketable equity securities

The net gain on marketable equity securities comprised the following:


	Year Ended December 31
(in thousands)	2025		2024		2023
Gain on marketable equity securities, net	$	200,170	$	181,295	$	138,067
Less: Net gains in earnings from marketable equity securities sold and donated	(25)		(6,010)		(5,475)
Net unrealized gains in earnings from marketable equity securities still held at the end of the year	$	200,145	$	175,285	$	132,592

Business Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Basis of Presentation. The Company’s organizational structure is based on a number of factors that management uses to evaluate, view and run its business operations, which include, but are not limited to, customers, the nature of products and services and use of resources. The business segments disclosed in the Consolidated Financial Statements are based on this organizational structure and information reviewed by the Company’s management to evaluate the business segment results.

To meet the quantitative threshold related to operating income for separate disclosure, the Company changed the presentation of its segments in the fourth quarter of 2025 into the following seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, CSI, Manufacturing and Automotive. Segment operating results have been updated to reflect this change. The Company defines its operating segments as those operations whose results the chief operating decision maker (CODM), who is our Chief Executive Officer, regularly reviews to analyze performance and allocate resources.

The Company and CODM use both operating income before amortization of intangible assets and impairment of goodwill and other long-lived assets and earnings before interest, income taxes, depreciation, amortization and pension service cost (EBITDAP) to evaluate segment performance and allocate resources to the Company’s segments. The CODM uses reports provided during annual budget presentations, the three-year forecasting process, quarterly business reviews and monthly management reports and related communication when making decisions about allocating capital resources across segments. The accounting policies at the segments are the same as described in Note 2. In computing operating income before amortization by segment, the effects of amortization of intangible assets, impairment of goodwill and other long-lived assets, equity in earnings (losses) of affiliates, interest income, interest expense, non-operating pension and postretirement benefit income, other non-operating income and expense items and income taxes are excluded. In computing EBITDAP, the effects of pension service cost, depreciation, amortization of intangible assets, impairment of goodwill and other long-lived assets, equity in earnings (losses) of affiliates, interest income, interest expense, non-operating pension and postretirement benefit income, other non-operating income and expense items and income taxes are excluded. Intersegment sales are not material.

Identifiable assets by segment are those assets used in the Company’s operations in each business segment. The investments in marketable equity securities and affiliates, and prepaid pension cost are not included in identifiable assets by segment. Investments in marketable equity securities are discussed in Note 4.

Education. Education products and services are provided by Kaplan. KI includes professional training and postsecondary education businesses largely outside the U.S., as well as English-language programs. KHE includes the results as a service provider to higher education institutions. Supplemental Education includes Kaplan’s standardized test preparation, domestic professional and other continuing education businesses.

As of December 31, 2025, Kaplan had a total outstanding accounts receivable balance of $87.4 million from Purdue Global related to amounts due for reimbursements for services, fees earned and a deferred fee. Included in this total, Kaplan has a $1.1 million long-term receivable balance and an $18.8 million short-term receivable balance due from Purdue Global at December 31, 2025, related to the advance of $20.0 million during the initial KU Transaction.

Television Broadcasting. Television broadcasting operations are conducted through seven television stations serving the Detroit, Houston, San Antonio, Orlando, Jacksonville and Roanoke television markets. All stations are network-affiliated (except for WJXT in Jacksonville), with revenues derived primarily from sales of advertising time. In addition, the stations generate revenue from retransmission consent agreements for the right to carry their signals.

Healthcare. Healthcare provides nursing care and prescription services for patients receiving in-home infusion treatments through its 87.5% interest in CSI. The healthcare division also provides home health, hospice and palliative services; ABA therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare software-as-a-service technology.

Manufacturing. Manufacturing operations include Hoover, an Augusta, GA-based supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative applications; Dekko, a Garrett, IN-based manufacturer of electrical workspace solutions, architectural lighting, and electrical components and assemblies; Joyce/Dayton, a Dayton, OH-based manufacturer of screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporate (operating as Hoover Architectural Solutions), an Eastman, GA-based manufacturer of aluminum cladding products.

Automotive. Automotive includes eight automotive dealerships and valet repair services in the Washington, D.C. metropolitan area and Richmond, VA, including Lexus of Rockville; Honda of Tysons Corner; Ford of Manassas; Toyota of Woodbridge; CDJR of Woodbridge; Toyota of Richmond, which was acquired in September 2023; and Honda of Woodbridge, which was acquired in October 2025. The automotive group was awarded a Kia Open Point dealership in Bethesda, MD, which commenced operations at the end of December 2023. The Company decided to cease operations at Jeep of Bethesda in September 2025.

Other Businesses. Other businesses includes the following:

•Clyde’s Restaurant Group owns and operates 14 restaurants and entertainment venues in the Washington, D.C. metropolitan area.

•Framebridge, a custom framing company.

•Code3, a marketing solutions provider; the Slate Group and Foreign Policy, which publish online and print magazines and websites; Saatchi Art and Society6, which offer art and designs of various consumer products; and three investment stage businesses, Decile, City Cast and Supporting Cast. Other businesses also includes Pinna, which merged with another entity in June 2023 resulting in the deconsolidation of the subsidiary and WGB, which was disposed of by the end of the third quarter of 2025.

Corporate Office. Corporate office includes the expenses of the Company’s corporate office, defined benefit pension expense, and certain continuing obligations related to prior business dispositions.

Geographical Information. The Company’s non-U.S. revenues in 2025, 2024 and 2023 totaled approximately $1,074 million, $1,042 million and $930 million, respectively, primarily from Kaplan’s operations outside the U.S. Additionally, revenues in 2025, 2024 and 2023 totaled approximately $609 million, $618 million, and $543 million, respectively, from Kaplan’s operations in the U.K. The Company’s long-lived assets in non-U.S. countries (excluding goodwill and other intangible assets), totaled approximately $440 million and $455 million at December 31, 2025 and 2024, respectively.

The Company’s segment information is as follows:


	Year Ended December 31, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,744,332	$	425,106	$	815,049	$	436,279	$	1,133,153	$	4,553,919
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											360,139
Intersegment Elimination											(2,495)
Total Consolidated Revenues											$	4,911,563

Less: Significant Expenses (2)
Cost of Revenue (3)	659,029				503,855		316,467		964,648		2,443,999
Payroll and Fringe Benefits Expense (4)	484,293		107,076						78,967		670,336
Occupancy Expense	108,805								7,692		116,497
Advertising and Marketing Expense	78,260										78,260
Networking and Programming Expense			123,725								123,725
Management Services (5)									8,393		8,393
Other Segment Items (6)	201,201		60,383		196,483		72,202		38,374		568,643
EBITDAP	$	212,744	$	133,922	$	114,711	$	47,610	$	35,079	$	544,066

Pension Service Cost	17,271		5,901		9,984		3,461		63		$	36,680
Depreciation Expense	29,477		10,311		7,303		12,481		6,961		$	66,533

Income from Operations before Amortization of Intangible Assets and Impairment of Intangible and Other Long-Lived Assets	$	165,996	$	117,710	$	97,424	$	31,668	$	28,055	$	440,853

Other Businesses (7)											(94,164)
Corporate Costs											(67,367)
Amortization of Intangible Assets											(32,040)
Impairment of Intangible and Other Long-Lived Assets											(12,335)
Income from Operations											$	234,947
Equity in Earnings of Affiliates, Net											16,394
Interest Expense, Net											(110,530)
Non-Operating Pension and Postretirement Benefit Income, Net											127,539
Gain on Marketable Equity Securities, Net											200,170
Other Expense, Net											(18,853)
Income Before Income Taxes											$	449,667

Capital Expenditures	$	17,930	$	4,426	$	14,435	$	10,621	$	8,114	$	55,526
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											24,229
Total Capital Expenditures											$	79,755

___________


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative expenses (SG&A).
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare (includes CSI) - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division segment information is as follows:


	Year Ended December 31, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	1,079,570	$	349,211	$	317,159	$	585	$	(2,193)	$	1,744,332

Less: Significant Expenses (1)
Cost of Revenue (2)	358,673		251,531		50,303		—		(1,478)		659,029
Payroll and Fringe Benefits Expense (3)	298,607		22,694		136,499		26,618		(125)		484,293
Occupancy Expense	104,536		725		3,327		768		(551)		108,805
Advertising and Marketing Expense	33,973		7,657		36,191		439				78,260
Other Segment Items (4)	144,654		1,375		46,858		8,533		(219)		201,201
EBITDAP	$	139,127	$	65,229	$	43,981	$	(35,773)	$	180	$	212,744

Pension Service Cost	571		7,394		7,718		1,588				17,271
Depreciation Expense	25,154		1,425		2,871		27				29,477

Income (Loss) from Operations before Amortization of Intangible Assets	$	113,402	$	56,410	$	33,392	$	(37,388)	$	180	$	165,996

Capital Expenditures	$	12,725	$	1,012	$	4,132	$	61			$	17,930

____________


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s healthcare division segment information is as follows:


	Year Ended December 31, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	465,508	$	349,541	$	815,049

Less: Significant Expenses (1)
Cost of Revenue (2)	348,151		155,704		503,855
Other Segment Items (3)	63,144		133,339		196,483
EBITDAP	$	54,213	$	60,498	$	114,711

Pension Service Cost	—		9,984		9,984
Depreciation Expense	829		6,474		7,303

Income from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	$	53,384	$	44,040	$	97,424

Capital Expenditures	$	2,336	$	12,099	$	14,435

___________


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

The Company’s segment information is as follows:


	Year Ended December 31, 2024
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,691,778	$	535,678	$	611,109	$	395,642	$	1,200,477	$	4,434,684
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											358,822
Intersegment Elimination											(2,602)
Total Consolidated Revenues											$	4,790,904

Less: Significant Expenses (2)
Cost of Revenue (3)	655,482				343,695		293,215		1,021,271		2,313,663
Payroll and Fringe Benefits Expense (4)	471,144		112,316						84,416		667,876
Occupancy Expense	116,839								7,573		124,412
Advertising and Marketing Expense	70,828										70,828
Networking and Programming Expense			126,474								126,474
Management Services (5)									8,054		8,054
Other Segment Items (6)	190,448		73,064		188,856		59,379		34,059		545,806
EBITDAP	$	187,037	$	223,824	$	78,558	$	43,048	$	45,104	$	577,571

Pension Service Cost	17,733		6,055		19,303		2,877		116		$	46,084
Depreciation Expense	35,058		11,174		6,859		10,983		6,959		$	71,033

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	$	134,246	$	206,595	$	52,396	$	29,188	$	38,029	$	460,454

Other Businesses (7)											(99,101)
Corporate Costs											(58,908)
Amortization of Intangible Assets											(37,119)
Impairment of Goodwill and Other Long-Lived Assets											(49,822)
Income from Operations											$	215,504
Equity in Losses of Affiliates, Net											(3,303)
Interest Expense, Net											(176,281)
Non-Operating Pension and Postretirement Benefit Income, Net											794,949
Gain on Marketable Equity Securities, Net											181,295
Other Income, Net											12,546
Income Before Income Taxes											$	1,024,710

Capital Expenditures	$	25,989	$	5,887	$	10,182	$	15,951	$	4,063	$	62,072
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											31,027
Total Capital Expenditures											$	93,099

___________


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative expenses (SG&A).
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare (includes CSI) - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division segment information is as follows:


	Year Ended December 31, 2024
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	1,074,207	$	324,815	$	291,630	$	5,761	$	(4,635)	$	1,691,778

Less: Significant Expenses (1)
Cost of Revenue (2)	361,508		247,196		51,574		—		(4,796)		655,482
Payroll and Fringe Benefits Expense (3)	299,643		17,431		126,410		27,660		—		471,144
Occupancy Expense	107,813		696		2,703		5,627		—		116,839
Advertising and Marketing Expense	32,414		6,870		30,914		630		—		70,828
Other Segment Items (4)	141,743		1,427		41,760		5,368		150		190,448
EBITDAP	$	131,086	$	51,195	$	38,269	$	(33,524)	$	11	$	187,037

Pension Service Cost	704		7,620		7,848		1,561				17,733
Depreciation Expense	28,683		2,825		3,487		63				35,058

Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Intangible Assets	$	101,699	$	40,750	$	26,934	$	(35,148)	$	11	$	134,246

Capital Expenditures	$	22,560	$	1,016	$	2,413	$	—			$	25,989

____________


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s healthcare division segment information is as follows:


	Year Ended December 31, 2024
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	299,598	$	311,511	$	611,109

Less: Significant Expenses (1)
Cost of Revenue (2)	205,754		137,941		343,695
Other Segment Items (3)	54,035		134,821		188,856
EBITDAP	$	39,809	$	38,749	$	78,558

Pension Service Cost	—		19,303		19,303
Depreciation Expense	586		6,273		6,859

Income from Operations before Amortization of Intangible Assets	$	39,223	$	13,173	$	52,396

Capital Expenditures	$	1,126	$	9,056	$	10,182

___________


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

The Company’s segment information is as follows:


	Year Ended December 31, 2023
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,587,581	$	472,436	$	459,481	$	447,910	$	1,079,893	$	4,047,301
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											371,233
Intersegment Elimination											(3,657)
Total Consolidated Revenues											$	4,414,877

Less: Significant Expenses (2)
Cost of Revenue (3)	623,731				257,639		323,906		913,790		2,119,066
Payroll and Fringe Benefits Expense (4)	432,730		119,311						75,018		627,059
Occupancy Expense	112,230								6,562		118,792
Advertising and Marketing Expense	64,427										64,427
Networking and Programming Expense			129,827								129,827
Management Services (5)									7,312		7,312
Other Segment Items (6)	188,345		68,355		154,764		66,426		32,728		510,618
EBITDAP	$	166,118	$	154,943	$	47,078	$	57,578	$	44,483	$	470,200

Pension Service Cost	8,907		3,331		14,083		1,115		35		$	27,471
Depreciation Expense	38,187		12,224		5,475		9,453		5,177		$	70,516

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	$	119,024	$	139,388	$	27,520	$	47,010	$	39,271	$	372,213

Other Businesses (7)											(98,115)
Corporate Costs											(55,600)
Amortization of Intangible Assets											(50,039)
Impairment of Goodwill and Other Long-Lived Assets											(99,066)
Income from Operations											$	69,393
Equity in Losses of Affiliates, Net											(5,183)
Interest Expense, Net											(56,179)
Non-Operating Pension and Postretirement Benefit Income, Net											133,812
Gain on Marketable Equity Securities, Net											138,067
Other Income, Net											19,094
Income Before Income Taxes											$	299,004

Capital Expenditures	$	36,760	$	9,220	$	12,992	$	23,089	$	10,140	$	92,201
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											15,085
Total Capital Expenditures											$	107,286

____________


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative expenses (SG&A).
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare (includes CSI) - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division segment information is as follows:


	Year Ended December 31, 2023
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	966,879	$	326,961	$	292,776	$	11,012	$	(10,047)	$	1,587,581

Less: Significant Expenses (1)
Cost of Revenue (2)	320,183		254,378		55,162		—		(5,992)		623,731
Payroll and Fringe Benefits Expense (3)	267,878		17,334		127,396		22,823		(2,701)		432,730
Occupancy Expense	96,636		1,044		3,827		11,035		(312)		112,230
Advertising and Marketing Expense	30,654		5,123		28,226		424		—		64,427
Other Segment Items (4)	135,172		1,987		46,381		5,818		(1,013)		188,345
EBITDAP	$	116,356	$	47,095	$	31,784	$	(29,088)	$	(29)	$	166,118

Pension Service Cost	325		3,737		4,147		698				8,907
Depreciation Expense	28,501		4,416		5,165		105				38,187

Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	$	87,530	$	38,942	$	22,472	$	(29,891)	$	(29)	$	119,024

Capital Expenditures	$	31,111	$	2,394	$	3,209	$	46			$	36,760

____________


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s healthcare division segment information is as follows:


	Year Ended December 31, 2023
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	189,202	$	270,279	$	459,481

Less: Significant Expenses (1)
Cost of Revenue (2)	137,363		120,276		257,639
Other Segment Items (3)	33,200		121,564		154,764
EBITDAP	$	18,639	$	28,439	$	47,078

Pension Service Cost	—		14,083		14,083
Depreciation Expense	429		5,046		5,475

Income from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	$	18,210	$	9,310	$	27,520

Capital Expenditures	$	1,129	$	11,863	$	12,992

___________


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

Asset information for the Company’s business segments is as follows:


	As of December 31
(in thousands)	2025		2024
Identifiable Assets
Kaplan international	$	1,551,682	$	1,500,846
Higher education	174,738		182,442
Supplemental education	247,181		238,836
Kaplan corporate and other	34,973		41,754
Education	2,008,574		1,963,878
Television broadcasting	393,097		402,200
CSI	128,170		91,437
Other Healthcare	227,457		217,154
Healthcare	355,627		308,591
Manufacturing	535,006		411,137
Automotive	582,715		582,105
Total Segments	3,875,019		3,667,911
Other businesses	357,408		338,089
Corporate office	79,389		139,126
Investments in Marketable Equity Securities	1,081,938		852,434
Investments in Affiliates	229,565		169,125
Prepaid Pension Cost	2,772,394		2,510,520

Total Assets	$	8,395,713	$	7,677,205

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Capital Stock, Stock Awards, and Stock Options

12 Months Ended

Dec. 31, 2025

Capital Stock, Stock Awards, and Stock Options [Abstract]

Capital Stock, Stock Awards And Stock Options

CAPITAL STOCK, STOCK AWARDS AND STOCK OPTIONS

Capital Stock. Each share of Class A common stock and Class B common stock participates equally in dividends. The Class B stock has limited voting rights and, as a class, has the right to elect 30% of the Board of Directors; the Class A stock has unlimited voting rights, including the right to elect a majority of the Board of Directors.

During 2025, 2024 and 2023, the Company purchased a total of 3,978, 152,948 and 325,134 shares, respectively, of its Class B common stock at a cost of approximately $3.5 million, $115.2 million and $195.0 million, respectively, including commissions and excise taxes. On September 12, 2024, the Board of Directors authorized the Company to purchase up to 500,000 shares of its Class B common stock. This authorization includes shares that remained under the previous authorization. The Company did not announce a ceiling price or time limit for the purchases. At December 31, 2025, the Company had remaining authorization from the Board of Directors to purchase up to 462,482 shares of Class B common stock.

Stock Awards. In 2012, the Company adopted an incentive compensation plan (the 2012 Plan), which, among other provisions, authorizes the awarding of Class B common stock to key employees in the form of stock awards, stock options and other awards involving the issuance of shares. Stock awards made under the 2012 Plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s employment terminates before the end of a specified period of service to the Company. At December 31, 2025, there were 75,045 shares reserved for issuance under the 2012 Plan, which were all subject to stock awards and stock options outstanding.

In 2022, the Company adopted a new incentive compensation plan (the 2022 Plan), which, among other provisions, authorizes the awarding of Class B common stock to key employees and non-employee Directors in the form of stock awards, stock options and other awards involving the issuance of shares. All stock awards, stock options and other awards involving the issuance of shares issued subsequent to the adoption of this plan are covered under this new incentive compensation plan. Stock awards made under the 2022 Plan are primarily subject to the general restriction that stock awarded to a participant will be forfeited and revert to Company ownership if the participant’s

employment terminates before the end of a specified period of service to the Company. The number of Class B common shares authorized for issuance under the 2022 Plan is 500,000 shares. At December 31, 2025, there were 496,824 shares reserved for issuance under the 2022 Plan. Of this number, 23,396 shares were subject to stock awards and 473,428 shares were available for future awards.

Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2025 was as follows:


	Number of Shares	Average Grant-Date Fair Value
Beginning of year, unvested	29,314	$	575.33
Awarded	11,386	871.87
Vested	(12,769)	536.18
Forfeited	(3,535)	749.90
End of Year, unvested	24,396	708.93

For the share awards outstanding at December 31, 2025, the aforementioned restriction is expected to lapse in 2027 for 14,617 shares and 2029 for 9,779 shares. Also, early in 2026, the Company issued stock awards of 172 shares. Stock-based compensation costs resulting from Company stock awards were $3.7 million, $4.0 million and $3.9 million in 2025, 2024 and 2023, respectively.

As of December 31, 2025, there was $8.5 million of total unrecognized compensation expense related to these awards. That cost is expected to be recognized on a straight-line basis over a weighted average period of 1.8 years.

Stock Options. Stock options granted under the incentive compensation plans cannot be less than the fair value on the grant date, generally vest over six years and have a maximum term of 10 years.

Activity related to options outstanding for the year ended December 31, 2025 was as follows:


	Number of Shares	Average Option Price
Beginning of year	97,787	$	546.68
Granted	—	—
Exercised	(24,742)	866.58
Expired or forfeited	—	—
End of Year	73,045	438.33

Of the shares covered by options outstanding at the end of 2025, 60,168 are now exercisable and 12,877 are expected to become exercisable in 2026. For each of 2025, 2024 and 2023, the Company recorded expense of $1.2 million related to stock options. Information related to stock options outstanding and exercisable at December 31, 2025, is as follows:


	Options Outstanding			Options Exercisable
Exercise Prices	Shares Outstanding at 12/31/2025	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price	Shares Exercisable at 12/31/2025	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price

$427	71,045	4.7	426.86	58,168	4.7	426.86



$846	2,000	1.2	845.72	2,000	1.2	845.72

	73,045	4.6	438.33	60,168	4.6	440.78

At December 31, 2025, the intrinsic value for all options outstanding, exercisable and unvested was $48.2 million, $39.6 million and $8.6 million, respectively. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The market value of the Company’s stock was $1,098.60 at December 31, 2025. At December 31, 2025, there were 12,877 unvested options related to this plan with an average exercise price of $426.86 and a weighted average remaining contractual term of 4.7 years. At December 31, 2024, there were 25,754 unvested options with an average exercise price of $426.86 and a weighted average remaining contractual term of 5.7 years.

As of December 31, 2025, total unrecognized stock-based compensation expense related to stock options was $0.8 million, which is expected to be recognized on a straight-line basis over a weighted average period of approximately 0.7 years. There were 24,742 options exercised during 2025. The total intrinsic value of options exercised during 2025 was $6.1 million; a tax benefit from these option exercises of $1.6 million was realized. There were 77,258

options exercised during 2024. The total intrinsic value of options exercised during 2024 was $8.0 million; a tax benefit from these option exercises of $2.1 million was realized. There were 3,060 options exercised during 2023. The total intrinsic value of options exercised during 2023 was $0.5 million; a tax benefit from these option exercises of $0.1 million was realized.

No options were granted during 2025, 2024 or 2023.

Other Awards. At December 31, 2025, an executive officer has a stock award that is subject to price-based vesting conditions. The stock award provides the executive officer the right to receive 1,000 shares of the Company’s Class B common stock each time the Company’s closing share price exceeds a certain share price target for a 90 consecutive day period; the award period expires on December 31, 2027. The grant date fair value of the stock award totaled $3.5 million, which was estimated using a Monte Carlo simulation. The grant date fair value is recognized over the derived service period of each tranche. In 2025, the second and third tranches of 1,000 shares each related to this award vested following satisfaction of the price-based vesting condition. In 2024, the first tranche of 1,000 shares related to this award vested following satisfaction of the price-based vesting condition. No shares related to this award vested in 2023. The Company recognized $0.4 million, $0.7 million and $1.1 million in stock-based compensation expense related to this award in 2025, 2024 and 2023, respectively.

For each of the years ended December 31, 2025, 2024 and 2023, the Company recognized expense of $0.4 million related to the issuance and vesting of 425, 532 and 731 shares, respectively, to non-employee Directors under the 2022 Plan.

The Company also maintains a stock option plan at Kaplan. Under the provisions of this plan, options are issued with an exercise price equal to the estimated fair value of Kaplan’s common stock, and options vest ratably over the number of years specified (generally four to five years) at the time of the grant. Upon exercise, an option holder may receive Kaplan shares or cash equal to the difference between the exercise price and the then fair value.

At December 31, 2025, a Kaplan senior manager held 7,206 Kaplan restricted shares. The fair value of Kaplan’s common stock is determined by the Company’s compensation committee of the Board of Directors, and in January 2026, the committee set the fair value price at $2,034 per share. No options were awarded during 2025, 2024, or 2023; no options were exercised during 2025, 2024 or 2023; and no options were outstanding at December 31, 2025.

Kaplan recorded stock compensation expense of $1.9 million, $0.5 million and $1.0 million in 2025, 2024 and 2023, respectively. At December 31, 2025, the Company’s accrual balance related to the Kaplan restricted shares totaled $14.7 million. There were no payouts in 2025, 2024 or 2023.

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 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 income and share data used in the basic and diluted earnings per share computations using the two-class method:


	Year Ended December 31
(in thousands, except per share amounts)	2025			2024			2023
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	292,291		$	724,634		$	205,288
Less: Dividends paid–common stock outstanding and unvested restricted shares	(31,360)			(30,347)			(30,953)
Undistributed earnings	260,931			694,287			174,335
Percent allocated to common stockholders	99.44		%	99.32		%	99.34		%
	259,473			689,588			173,182
Add: Dividends paid–common stock outstanding	31,183			30,147			30,756
Numerator for basic earnings per share	290,656			719,735			203,938
Add: Additional undistributed earnings due to dilutive stock options	14			35			4
Numerator for diluted earnings per share	$	290,670		$	719,770		$	203,942
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,331			4,372			4,639
Add: Effect of dilutive stock options	42			33			15
Denominator for diluted earnings per share	4,373			4,405			4,654
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	67.11		$	164.62		$	43.96
Diluted earnings per share	$	66.47		$	163.40		$	43.82

____________


Earnings per share amounts may not recalculate due to rounding.

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:


	Year Ended December 31
(in thousands)	2025	2024	2023
Weighted average restricted stock	15	21	12

The 2025, 2024 and 2023 diluted earnings per share amounts exclude the effects of 1,000, 27,742 and 105,000 stock options and contingently issuable shares outstanding, respectively, as their inclusion would have been antidilutive due to a market condition.

In 2025, 2024 and 2023, the Company declared regular dividends totaling $7.20, $6.88 and $6.60 per share, respectively.

Pensions and Other Postretirement Plans (Narrative) (Details)	1 Months Ended		3 Months Ended										12 Months Ended
	Oct. 31, 2024 USD ($) retirees_beneficiaries	Jan. 31, 2022 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) investment	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) investment company multiemployer_plan	Dec. 31, 2024 USD ($) investment multiemployer_plan	Dec. 31, 2023 USD ($) multiemployer_plan
Retirement Benefits Disclosure [Line Items]
Number of multiemployer plans contributed to \| multiemployer_plan													1	1	1
Contributions to multiemployer pension plans													$ 100,000	$ 100,000	$ 100,000
Expense associated with the retirement benefits provided under incentive savings plans													3,800,000	3,500,000	13,000,000.0
Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Settlement of obligation													0	522,793,000
Settlement gain													0	653,427,000	0
Early retirement and separation program costs													9,185,000	20,998,000	9,886,000
Service cost													47,400,000	57,538,000	33,787,000
Accumulated benefit obligation						$ 448,700,000							632,000,000.0	448,700,000
Company contributions													0	0
Estimated employer contributions in next fiscal year													0
Benefits paid													$ 41,429,000	$ 49,963,000
Percent of plan assets managed internally by Company													42.00%
Percent of plan assets managed by investment companies													58.00%
Number of investment companies actively managing plan assets \| company													2
Percentage of total plan assets						100.00%							100.00%	100.00%
Pension Plans [Member] \| Markel Corporation [Member]
Retirement Benefits Disclosure [Line Items]
Value of investments						$ 100,100,000							$ 124,700,000	$ 100,100,000
Pension Plans [Member] \| Irrevocable Group Annuity Contract Purchase [Member]
Retirement Benefits Disclosure [Line Items]
Payment for settlement	$ 461,300,000
Settlement of obligation	$ 457,900,000
Number of retirees and beneficiaries \| retirees_beneficiaries	1,850
Settlement gain	$ 653,400,000
Supplemental Executive Retirement Plan (SERP) [Member]
Retirement Benefits Disclosure [Line Items]
Service cost													955,000	1,149,000	593,000
Accumulated benefit obligation						$ 84,900,000							90,400,000	84,900,000
Benefits paid													6,300,000	6,100,000
Other Postretirement Plans [Member]
Retirement Benefits Disclosure [Line Items]
Settlement of obligation															1,700,000
Settlement gain													0	0	$ 1,087,000
Benefits paid													$ 600,000	$ 100,000
Discount rate to determine benefit obligation						5.12%							4.84%	5.12%
Discount rate to determine periodic cost													5.12%	4.53%	4.76%
Other Postretirement Plans [Member] \| Pre-Age 65 [Member]
Retirement Benefits Disclosure [Line Items]
Assumed health care cost trend rate													8.15%
Direction of change for assumed health care cost trend rate													decreasing
Ultimate health care cost trend rate													4.50%
Year that rate reaches ultimate trend rate													2034
Other Postretirement Plans [Member] \| Post-Age 65 [Member]
Retirement Benefits Disclosure [Line Items]
Assumed health care cost trend rate													9.35%
Direction of change for assumed health care cost trend rate													decreasing
Ultimate health care cost trend rate													4.50%
Year that rate reaches ultimate trend rate													2034
Other Postretirement Plans [Member] \| Medicare Advantage [Member]
Retirement Benefits Disclosure [Line Items]
Assumed health care cost trend rate													11.00%
Direction of change for assumed health care cost trend rate													decreasing
Ultimate health care cost trend rate													4.50%
Year that rate reaches ultimate trend rate													2034
Private investment fund [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Percentage of total plan assets						19.00%							17.00%	19.00%
Single Equity Concentration [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator													10.00%	10.00%
Value of investments						$ 1,178,500,000							$ 1,267,400,000	$ 1,178,500,000
Percentage of total plan assets						40.00%							37.00%	40.00%
Single Equity Concentration [Member] \| Equity securities [Member] \| Pension Plans [Member]
Retirement Benefits 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] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| investment						1							1	1
Defined Benefit Plan Assets Total [Member] \| Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans													10.00%
Separation Incentive Program [Member] \| Pension Plans [Member] \| Leaf Group and Code3 [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs												$ 4,100,000
Separation Incentive Program [Member] \| Pension Plans [Member] \| Kaplan, Graham Media Group, Leaf Group, Code3 and Pinna [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs											$ 5,500,000
Separation Incentive Program [Member] \| Pension Plans [Member] \| Framebridge [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs									$ 400,000
Separation Incentive Program [Member] \| Pension Plans [Member] \| Framebridge and Code3 [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs								$ 1,600,000
Separation Incentive Program [Member] \| Pension Plans [Member] \| Kaplan, Dekko, WGB, Saatchi Art, Society6, Slate and Decile [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs							$ 3,700,000
Separation Incentive Program [Member] \| Pension Plans [Member] \| Kaplan, Dekko, WGB, Decile and Foreign Policy [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs						$ 500,000
Separation Incentive Program [Member] \| Pension Plans [Member] \| World Of Good Brands [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs					$ 600,000
Separation Incentive Program [Member] \| Pension Plans [Member] \| Kaplan, Graham Media Group, WGB, Saatchi Art, Society6, Code3 and Decile
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs				$ 6,000,000.0
Separation Incentive Program [Member] \| Pension Plans [Member] \| Kaplan, Graham Media Group, Joyce, Society6, Saatchi Art, Code3 and Corporate
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs			$ 2,500,000
Voluntary Retirement Incentive Program [Member] \| Pension Plans [Member] \| Graham Media Group and Corporate [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs								$ 14,800,000
Television Broadcasting [Member] \| Separation Incentive Program [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Early retirement and separation program costs										$ 200,000
Graham Healthcare Group [Member] \| Pension Plans [Member] \| Pension Credit Retention Program [Member]
Retirement Benefits Disclosure [Line Items]
Service cost													$ 5,300,000	$ 18,600,000	$ 13,500,000
Maximum [Member] \| Graham Healthcare Group [Member] \| Pension Plans [Member] \| Pension Credit Retention Program [Member]
Retirement Benefits Disclosure [Line Items]
Pension credit per employee		$ 50,000
Investment Manager 1 [Member] \| Alphabet And Berkshire Hathaway Common Stock [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator													15.00%
Investment Manager 1 [Member] \| Maximum [Member] \| Foreign Investments [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets													50.00%
Investment Manager 2 [Member] \| Berkshire Hathaway Common Stock [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator													20.00%
Investment Manager 2 [Member] \| Maximum [Member] \| Foreign Investments [Member] \| Pension Plans [Member]
Retirement Benefits Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets													15.00%

Income Taxes (Unrecognized Tax Benefits Rollforward) (Details 8) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning unrecognized tax benefits	$ 3,309	$ 3,263	$ 3,897
Increases related to current year tax positions	233	235	135
Increases related to prior year tax positions	0	990	0
Decrease related to prior year tax positions	(3)	(43)	(165)
Decreases related to settlement with tax authorities	(4)	0	0
Decreases due to lapse of applicable statute of limitations	(474)	(1,136)	(604)
Ending unrecognized tax benefits	$ 3,061	$ 3,309	$ 3,263

Capital Stock, Stock Awards, and Stock Options (Stock Awards Rollforward) (Details 1) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning of year, unvested, Number of Shares \| shares	29,314
Awarded, Number of Shares \| shares	11,386
Vested, Number of Shares \| shares	(12,769)
Forfeited, Number of Shares \| shares	(3,535)
End of year, unvested, Number of Shares \| shares	24,396
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning of year, Average Grant-Date Fair Value (in dollars per share) \| $ / shares	$ 575.33
Awarded, Average Grant-Date Fair Value (in dollars per share) \| $ / shares	871.87
Vested, Average Grant-Date Fair Value (in dollars per share) \| $ / shares	536.18
Forfeited, Average Grant-Date Fair Value (in dollars per share) \| $ / shares	749.90
End of year, Average Grant-Date Fair Value (in dollars per share) \| $ / shares	$ 708.93

Debt (Narrative) (Details)

3 Months Ended

12 Months Ended

Nov. 24, 2025

USD ($)

Oct. 21, 2025

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2025

GBP (£)

Debt Instrument [Line Items]

Average borrowings outstanding

$ 834,200,000

$ 804,700,000

Average annual interest rate of borrowings

6.00%

6.30%

Interest Expense, Net

$ 110,530,000

$ 176,281,000

$ 56,179,000

Interest expense

118,787,000

186,149,000

63,301,000

5.625% Unsecured Notes maturing in 2033 [Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

6,400,000

Unsecured fixed-rate notes, face amount

$ 500,000,000

Interest rate

5.625%

Fair value of debt instrument

$ 504,000,000.0

Five-Year Credit Agreement [Member]

Debt Instrument [Line Items]

Credit facility current borrowing capacity

$ 400,000,000

400,000,000

Letter of credit sublimit

$ 40,000,000

Line of credit facility outstanding

222,466,000

62,836,000

USD revolving credit facility borrowings [Member]

Debt Instrument [Line Items]

Line of credit facility outstanding

$ 155,000,000.0

GBP revolving credit facility borrowings [Member]

Debt Instrument [Line Items]

Line of credit facility outstanding | £

£ 50,000,000.0

5.75% Unsecured Notes maturing in 2026 [Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

1,000,000.0

Unsecured fixed-rate notes, face amount

$ 400,000,000

Interest rate

5.75%

Debt extinguishment amount

$ 400,000,000

Fair value of debt instrument

$ 398,900,000

Term Loan maturing in 2027 [Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

500,000

Debt extinguishment amount

$ 150,000,000

Loans payable to bank

^[1]

$ 0

140,099,000

Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

100,000

Loans payable to bank

^[2]

91,836,000

70,795,000

Capital Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

500,000

600,000

Loans payable to bank

^[3]

$ 64,079,000

56,770,000

Secured Overnight Financing Rate (SOFR) [Member] | USD revolving credit facility borrowings [Member]

Debt Instrument [Line Items]

Applicable interest rate margin

1.375%

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] | Delayed Draw Term Loan [Member]

Debt Instrument [Line Items]

Loans payable to bank

$ 38,700,000

Automotive [Member] | Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Periodic payments of principal

400,000

Automotive [Member] | Capital Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Periodic payments of principal

$ 700,000

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 Rate (SOFR) [Member] | Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Applicable interest rate margin

1.75%

Securities Subject to Mandatory Redemption [Member]

Debt Instrument [Line Items]

Interest expense

$ 54,500,000

$ 119,300,000

$ 10,100,000

[1]	The carrying value is net of $0.5 million of unamortized debt issuance costs as of December 31, 2024. Term loan was repaid in November 2025.
[2]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2025 and 2024.
[3]	The carrying value is net of $0.5 million and $0.6 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.

Other Non-Operating (Expense) Income

12 Months Ended

Dec. 31, 2025

Other Nonoperating Income (Expense) [Abstract]

Other Non-Operating (Expense) Income

OTHER NON-OPERATING (EXPENSE) INCOME

A summary of non-operating (expense) income is as follows:


	Year Ended December 31
(in thousands)	2025		2024		2023
Impairment of cost method investments	$	(14,725)	$	(744)	$	(500)
Foreign currency (loss) gain, net	(10,051)		5,415		(1,141)
Gain on sale of cost method investments	4,717		7		958
Gain on sale of businesses	375		8,121		15,618
Gain on sale of investment in affiliates	314		15		15
Net (loss) gain on cost method investments	—		(1,526)		3,104




Other, net	517		1,258		1,040
Total Other Non-Operating (Expense) Income	$	(18,853)	$	12,546	$	19,094

The net (loss) gain on cost method investments result from observable price changes in the fair value of the underlying equity securities accounted for under the cost method (see Notes 4 and 12).

For the years ended December 31, 2024 and 2023, the Company recorded contingent consideration gains of $0.9 million and $5.6 million, respectively, related to the disposition of Kaplan University (KU) in 2018.

In the third quarter of 2024, the Company recorded a $3.7 million gain related to Kaplan’s sale of a small business (see Note 3).

In the second quarter of 2024, the Company recorded a $3.5 million gain related to the sale of a small business by WGB, which included five websites (see Note 3).

In the second quarter of 2023, the Company recorded a $10.0 million gain related to the Pinna transaction (see Note 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.

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred Stock, Shares Authorized	977,000	977,000
Preferred Stock, Shares Issued	0	0
Class A Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	7,000,000	7,000,000
Common Stock, Shares, Issued	964,001	964,001
Common Stock, Shares, Outstanding	964,001	964,001
Class B Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	40,000,000	40,000,000
Common Stock, Shares, Issued	19,035,999	19,035,999
Common Stock, Shares, Outstanding	3,396,942	3,368,306
Treasury Stock, Common, Shares	15,639,057	15,667,693

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2025 segment	Dec. 31, 2024 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment			7
Goodwill, Impairment Loss				$ 7,502
Goodwill Impairment Loss Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		goodwill impairment charge
Other Businesses [Member]
Goodwill [Line Items]
Goodwill, Impairment Loss				7,502
Manufacturing [Member]
Goodwill [Line Items]
Goodwill, Impairment Loss				$ 0
World Of Good Brands [Member] \| Other Businesses [Member]
Goodwill [Line Items]
Goodwill, Impairment Loss		$ 50,200
Goodwill and Intangible Asset Impairment	$ 26,300
Group Dekko [Member] \| Manufacturing [Member]
Goodwill [Line Items]
Goodwill, Impairment Loss		$ 47,800

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Revenues
Operating Revenues	$ 4,911,563	$ 4,790,904	$ 4,414,877
Operating Costs and Expenses
Selling, general and administrative	1,110,198	1,076,875	1,007,381
Depreciation of property, plant and equipment	80,366	87,046	86,064
Amortization of intangible assets	32,040	37,119	50,039
Impairment of goodwill and other long-lived assets	12,335	49,822	99,066
Total Operating Costs and Expenses	4,676,616	4,575,400	4,345,484
Income from Operations	234,947	215,504	69,393
Equity in earnings (losses) of affiliates, net	16,394	(3,303)	(5,183)
Interest income	8,257	9,868	7,122
Interest expense	(118,787)	(186,149)	(63,301)
Non-operating pension and postretirement benefit income, net	127,539	794,949	133,812
Gain on marketable equity securities, net	200,170	181,295	138,067
Other (expense) income, net	(18,853)	12,546	19,094
Income Before Income Taxes	449,667	1,024,710	299,004
Provision for Income Taxes	146,400	292,100	87,300
Net Income	303,267	732,610	211,704
Net Income Attributable to Noncontrolling Interests	(10,976)	(7,976)	(6,416)
Net Income Attributable to Graham Holdings Company Common Stockholders	$ 292,291	$ 724,634	$ 205,288
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share (in USD per share)	$ 67.11	$ 164.62	$ 43.96
Basic average number of common shares outstanding (in shares)	4,331	4,372	4,639
Diluted net income per common share (in USD per share)	$ 66.47	$ 163.40	$ 43.82
Diluted average number of common shares outstanding (in shares)	4,373	4,405	4,654
Services [Member]
Operating Revenues
Operating Revenues	$ 2,664,808	$ 2,697,314	$ 2,484,327
Operating Costs and Expenses
Cost of services and goods	1,570,547	1,558,639	1,468,114
Goods [Member]
Operating Revenues
Operating Revenues	2,246,755	2,093,590	1,930,550
Operating Costs and Expenses
Cost of services and goods	$ 1,871,130	$ 1,765,899	$ 1,634,820

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

DEBT

The Company’s borrowings consist of the following:


				As of December 31
(in thousands)	Maturities	Stated Interest Rate	Effective Interest Rate	2025		2024
5.625% Unsecured notes (1)	2033	5.625%	5.625%	$	493,625	$	—
5.75% Unsecured notes (2)	2026	5.75%	5.75%	—		398,985
Revolving credit facility	2030	5.10% - 7.88%	5.76%	222,466		62,836
Term loan (3)	2027	5.81% - 6.21%	6.22%	—		140,099
Real estate term loan (4)	2028	5.62% - 6.10%	6.05%	91,836		70,795
Capital term loan (5)	2028	6.37% - 6.85%	6.82%	64,079		56,770
Other indebtedness	2026 - 2027	5.50% - 8.00%		8,750		18,707
Total Debt				880,756		748,192
Less: current portion				(175,138)		(26,577)
Total Long-Term Debt				$	705,618	$	721,615

____________

(1) The carrying value is net of $6.4 million of unamortized debt issuance costs as of December 31, 2025.

(2) The carrying value is net of $1.0 million of unamortized debt issuance costs as of December 31, 2024. Unsecured notes were redeemed in November 2025.

(3) The carrying value is net of $0.5 million of unamortized debt issuance costs as of December 31, 2024. Term loan was repaid in November 2025.

(4) The carrying value is net of $0.1 million of unamortized debt issuance costs as of December 31, 2025 and 2024.

(5) The carrying value is net of $0.5 million and $0.6 million of unamortized debt issuance costs as of December 31, 2025 and 2024, respectively.

On November 24, 2025, the Company issued $500 million of senior unsecured fixed-rate notes due December 1, 2033 (the Notes). The Notes are guaranteed, jointly and severally, on a senior unsecured basis, by certain of the Company's existing and future domestic subsidiaries, as described in the terms of the indenture, dated as of November 24, 2025 (the Indenture). The Notes have a coupon rate of 5.625% per annum, payable semi-annually on June 1 and December 1 of each year, beginning on June 1, 2026. The Company may redeem the Notes in whole or in part at any time at the respective redemption prices described in the Indenture.

In combination with the issuance of the Notes, the Company amended and restated the Second Amended and Restated Five Year Credit Agreement, dated as of May 3, 2022, to, among other things, (i) increase the Company’s borrowing capacity by replacing the existing revolving commitments with a new revolving credit facility in the aggregate principal amount of $400 million, (ii) extend the maturity of the facility to November 24, 2030, and (iii) increase the letter of credit sublimit to $40 million.

The Company used the net proceeds from the sale of the Notes, together with borrowings under the new revolving credit facility, to (i) redeem the $400 million of 5.75% unsecured notes due June 1, 2026, (ii) refinance outstanding revolving loans under the existing revolving credit facility, and (iii) repay all amounts outstanding under the Company's existing $150 million term loan.

At December 31, 2025, the fair value of the Company’s $500 million of 5.625% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $504.0 million. At December 31, 2024, the fair value of the Company’s $400 million of 5.75% unsecured notes, based on quoted market prices (Level 2 fair value assessment) totaled $398.9 million.

The outstanding balance on the Company’s $400 million unsecured revolving credit facility was $222.5 million as of December 31, 2025, consisting of U.S. dollar borrowing of $155.0 million with interest payable at SOFR plus 1.375% and British Pound (GBP) borrowings of £50.0 million with interest payable at Daily Sterling Overnight Index Average (SONIA) plus 1.375%.

On September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank that includes a delayed draw term loan under 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. On September 24, 2025, the Company executed an amendment to extend the delayed draw term loan availability to November 10, 2025. On October 21, 2025, the automotive subsidiary borrowed $38.7 million under the delayed draw term loan to finance the acquisition of a Honda automotive dealership, including the real property for the dealership operations. The real estate term loan is payable in monthly installments of $0.4 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 $0.7 million and bears interest at variable rates based on SOFR plus an applicable margin.

The automotive subsidiary used the net proceeds from the new credit agreement in 2023 to repay the outstanding balances of the previously issued commercial notes. The previous interest rate swap agreements were also terminated resulting in realized gains of $4.6 million that reduced interest expense during the third quarter of 2023.

The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as of December 31, 2025 and 2024. The Company is in compliance with all financial covenants of the revolving credit facility and term loans as of December 31, 2025.

During 2025 and 2024, the Company had average borrowings outstanding of approximately $834.2 million and $804.7 million, respectively, at average annual interest rates of approximately 6.0% and 6.3%, respectively. The Company incurred net interest expense of $110.5 million, $176.3 million and $56.2 million during 2025, 2024 and 2023, respectively.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded interest expense of $54.5 million, $119.3 million and $10.1 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) (see Notes 3 and 12).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pensions and Other Postretirement Plans (Fair Value of Pension Plan Assets) (Details 9) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

$ 3,412,689

$ 2,967,170

$ 3,005,687

Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

3,412,689

2,967,170

Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

2,686,887

2,263,860

Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

2,591

2,308

U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[1]

2,129,883

1,899,611

International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[2]

$ 554,413

$ 361,941

Short-term investment funds [Member]

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration]

Fair Value Measured at Net Asset Value Per Share [Member]

Short-term investment funds [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[3]

$ 130,774

$ 150,103

Private investment fund [Member]

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration]

Fair Value Measured at Net Asset Value Per Share [Member]

Private investment fund [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[4]

$ 592,818

$ 557,122

Receivables/(payables), net [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

2,210

(3,915)

Level 1 [Member] | Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

2,686,887

2,263,860

Level 1 [Member] | Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

2,591

2,308

Level 1 [Member] | U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[1]

2,129,883

1,899,611

Level 1 [Member] | International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[2]

554,413

361,941

Level 2 [Member] | Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

Level 2 [Member] | Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

Level 2 [Member] | U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[1]

Level 2 [Member] | International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[2]

Level 3 [Member] | Total investments [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

Level 3 [Member] | Cash Equivalents [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

Level 3 [Member] | U.S. equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[1]

Level 3 [Member] | International equities [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair Value

^[2]

Fair Value Measured at Net Asset Value Per Share [Member] | Short-term investment funds [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Unfunded Commitment

Fair Value Measured at Net Asset Value Per Share [Member] | Private investment fund [Member] | Pension Plan [Member] | Fair Value, Recurring [Member]

Defined Benefit Plan Disclosure [Line Items]

Unfunded Commitment

$ 6,683

$ 11,105

[1]	U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
[2]	International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
[3]	Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company.
[4]	Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding.

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period	$ 95,621	$ 99,588	$ 98,527
Costs amortized during the period	(97,611)	(101,914)	(90,839)
Change in capitalized contract cost, other	2,273	2,813	2,299
Balance of costs to obtain a contract	$ 42,404	$ 42,121	$ 41,634	$ 31,647

Pensions and Other Postretirement Plans (Total Benefit/Cost) (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Total (Benefit) Cost for the Year	$ (83,771)	$ (740,152)	$ (101,398)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial (gain) loss	(283,882)	(351,322)	(380,593)
Current year prior service (credit) cost	663	(734)	(11,263)
Amortization of prior service credit (cost)	2,080	1,951	(1,641)
Recognized net actuarial gain	1,207	39,742	42,146
Settlement	0	653,427	1,087
Total Recognized in Other Comprehensive Income (Before Tax Effects)	(279,932)	343,064	(350,264)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	47,400	57,538	33,787
Interest cost	29,406	40,095	46,211
Expected return on assets	(167,682)	(165,487)	(153,125)
Amortization of prior service (credit) cost	(2,080)	(1,951)	1,646
Recognized actuarial gain	0	(37,918)	(39,803)
Net Periodic Benefit for the Year	(92,956)	(107,723)	(111,284)
Settlement	0	(653,427)	0
Early retirement and separation program costs	9,185	20,998	9,886
Total (Benefit) Cost for the Year	(83,771)	(740,152)	(101,398)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial (gain) loss	(288,363)	(349,292)	(381,088)
Current year prior service (credit) cost	663	(734)	(11,263)
Amortization of prior service credit (cost)	2,080	1,951	(1,646)
Recognized net actuarial gain	0	37,918	39,803
Settlement	0	653,427	0
Total Recognized in Other Comprehensive Income (Before Tax Effects)	(285,620)	343,270	(354,194)
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	(369,391)	(396,882)	(455,592)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	955	1,149	593
Interest cost	4,789	4,514	4,659
Total (Benefit) Cost for the Year	5,744	5,663	5,252
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial (gain) loss	4,238	(1,886)	909
Total Recognized in Other Comprehensive Income (Before Tax Effects)	4,238	(1,886)	909
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	9,982	3,777	6,161
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	50	51	149
Amortization of prior service (credit) cost	0	0	(5)
Recognized actuarial gain	(1,207)	(1,824)	(2,343)
Net Periodic Benefit for the Year	(1,157)	(1,773)	(2,199)
Settlement	0	0	(1,087)
Total (Benefit) Cost for the Year	(1,157)	(1,773)	(3,286)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Current year actuarial (gain) loss	243	(144)	(414)
Amortization of prior service credit (cost)	0	0	5
Recognized net actuarial gain	1,207	1,824	2,343
Settlement	0	0	1,087
Total Recognized in Other Comprehensive Income (Before Tax Effects)	1,450	1,680	3,021
Total Recognized in Total (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)	$ 293	$ (93)	$ (265)

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:


	As of December 31
(in thousands)	2025		2024
Land	$	112,981	$	100,274
Buildings	284,627		248,978
Machinery, equipment and fixtures	550,375		533,781
Leasehold improvements	205,455		185,674
Construction in progress	31,105		30,864
	1,184,543		1,099,571
Less: accumulated depreciation	(597,109)		(550,207)
	$	587,434	$	549,364

Depreciation expense was $80.4 million, $87.0 million, and $86.1 million in 2025, 2024 and 2023, respectively.

The Company recorded property, plant and equipment impairment charges of $0.1 million and $0.3 million in 2025 and 2023, respectively. The Company estimated the fair value of the property, plant and equipment using income and market approaches.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington, District of Columbia

Goodwill and Other Intangible Assets (Finite-lived Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amortization of Intangible Assets
Amortization of intangible assets	$ 32,040	$ 37,119	$ 50,039
Estimated amortization of intangible assets, 2026	24,000
Estimated amortization of intangible assets, 2027	9,000
Estimated amortization of intangible assets, 2028	6,000
Estimated amortization of intangible assets, 2029	5,000
Estimated amortization of intangible assets, 2030	5,000
Estimated amortization of intangible assets, after 2030	$ 13,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Acquisitions and Dispositions of Businesses (Narrative) (Details) $ in Thousands		1 Months Ended										12 Months Ended
	Feb. 25, 2025 USD ($)	Dec. 31, 2025 USD ($)	Oct. 31, 2025 USD ($) business	Jul. 31, 2025 USD ($)	Jun. 30, 2025 business	Dec. 31, 2024 USD ($)	May 31, 2024 business	Jan. 31, 2024 business	Dec. 31, 2023 USD ($) business	Jul. 31, 2023 business	Jan. 31, 2023 business	Dec. 31, 2025 USD ($) business	Dec. 31, 2024 USD ($) business	Dec. 31, 2023 USD ($) business	Sep. 30, 2023 USD ($)	Dec. 31, 2022
Business Combination [Line Items]
Number of businesses acquired \| business												5	2	5
Acquisition purchase price												$ 71,200		$ 83,300
Net pension obligations		$ 107,500										107,500
Floor plan payables		118,959				$ 147,884						118,959	$ 147,884
Acquisition-related costs		4,300							$ 1,200			4,300		1,200
Goodwill expected to be deductible for income tax purposes		12,400							45,000			12,400		45,000
Revenues of acquired companies since acquisition date												68,500
Operating losses of acquired companies since acquisition date												(2,300)
Noncontrolling interest, decrease from redemptions or purchase of interests												529	1,985	14,965
Interest expense												118,787	186,149	63,301
Mandatorily redeemable noncontrolling interest, Current		6,874				0						6,874	0
Securities Subject to Mandatory Redemption [Member]
Business Combination [Line Items]
Interest expense												54,500	$ 119,300	$ 10,100
CSI Pharmacy Holding Company, LLC [Member]
Business Combination [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests				$ 1,800		$ 2,000			$ 20,000
Clarus [Member]
Business Combination [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests			$ 400
GHC One [Member]
Business Combination [Line Items]
Mandatory redemption settlement amount	$ 205,000
Mandatorily redeemable noncontrolling interest, Current		6,900										6,900
GHC One [Member] \| Securities Subject to Mandatory Redemption [Member]
Business Combination [Line Items]
Interest expense	66,200
Remaining GHC One and GHC Two [Member]
Business Combination [Line Items]
Mandatory redemption settlement amount		$ 8,400										$ 8,400
Graham Holdings Company [Member] \| CSI Pharmacy Holding Company, LLC [Member]
Business Combination [Line Items]
Ownership percentage by parent		87.50%							86.70%			87.50%		86.70%		76.50%
Graham Holdings Company [Member] \| Clarus [Member]
Business Combination [Line Items]
Ownership percentage by parent		95.75%				95.00%						95.75%	95.00%
Cash paid to settle a significant portion of the mandatorily redeemable noncontrolling interest [Member] \| GHC One [Member]
Business Combination [Line Items]
Mandatory redemption settlement amount	186,250
GHC Class B Common Stock issued [Member] \| GHC One [Member]
Business Combination [Line Items]
Mandatory redemption settlement amount	$ 18,750
Cash Paid for CSI Minority Shares [Member] \| CSI Pharmacy Holding Company, LLC [Member]
Business Combination [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests						$ 600			$ 5,000
Promissory Note for CSI Minority Shares due 2026 [Member] \| CSI Pharmacy Holding Company, LLC [Member]
Business Combination [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests						$ 1,400
Interest rate						5.50%							5.50%
Promissory Note for CSI Minority Shares due 2027 [Member] \| CSI Pharmacy Holding Company, LLC [Member]
Business Combination [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests									$ 15,000
Interest rate									8.00%					8.00%
Additional Amount Payable for CSI Minority Shares [Member] \| CSI Pharmacy Holding Company, LLC [Member]
Business Combination [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests		$ 100
Interest rate		5.50%										5.50%
Education [Member]
Business Combination [Line Items]
Number of businesses acquired \| business												1
Education [Member] \| Supplemental Education [Member]
Business Combination [Line Items]
Number of businesses acquired \| business					1
Education [Member] \| Kaplan International [Member]
Business Combination [Line Items]
Number of businesses acquired \| business							1
Manufacturing [Member]
Business Combination [Line Items]
Number of businesses acquired \| business												1
Automotive [Member]
Business Combination [Line Items]
Number of businesses acquired \| business												1		1
Graham Healthcare Group [Member] \| Other Healthcare Businesses [Member]
Business Combination [Line Items]
Number of businesses acquired \| business			2						1		2	2		3
Other Businesses [Member]
Business Combination [Line Items]
Number of businesses acquired \| business								1		1				1
Arconic Architectural Products, LLC [Member] \| Manufacturing [Member] \| Hoover Treated Wood Products [Member]
Business Combination [Line Items]
Percentage of interest acquired				100.00%
Honda auto dealership [Member] \| Automotive [Member]
Business Combination [Line Items]
Floor plan payables			$ 4,900
Honda auto dealership [Member] \| Delayed Draw Term Loan [Member] \| Automotive [Member]
Business Combination [Line Items]
Amount borrowed to finance business acquisition			$ 38,700
Toyota auto dealership [Member] \| Automotive [Member]
Business Combination [Line Items]
Floor plan payables															$ 2,200
Amount borrowed to finance business acquisition															$ 37,000

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Cash overdrafts	$ 0.6
Weighted average interest rate	6.00%	6.30%
Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Floor plan interest expense	$ 7.9	$ 11.5	$ 6.6
Floor plan assistance	$ 8.3	$ 9.3	$ 6.7
Automotive [Member] \| Vehicle Floor Plan Facility - New Vehicles [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable, vehicle floor plan payable and accrued liabilities
Vehicle Floor Plan Facility [Member] \| Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Weighted average interest rate	6.20%	6.70%	6.20%

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), Before Tax

$ 324,883

$ (367,005)

$ 366,561

Other Comprehensive Income (Loss), Income Tax

(72,600)

87,465

(88,375)

Other Comprehensive Income (Loss), Net of Tax

252,283

(279,540)

278,186

Foreign Currency Translation Adjustment [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, before Tax

45,136

(24,568)

Other Comprehensive Income (Loss) before Reclassifications, Tax

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

45,136

(24,568)

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

646

(765)

Reclassification from AOCI, Current Period, Tax

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

646

(765)

Other Comprehensive Income (Loss), Before Tax

45,782

(25,333)

21,927

Other Comprehensive Income (Loss), Income Tax

Other Comprehensive Income (Loss), Net of Tax

45,782

(25,333)

21,927

Pension and Other Postretirement Plans [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

209,547

261,925

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

(3,287)

(695,120)

(41,592)

Reclassification from AOCI, Current Period, Tax

855

177,959

10,649

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(2,432)

(517,161)

(30,943)

Other Comprehensive Income (Loss), Before Tax

279,932

(343,064)

350,264

Other Comprehensive Income (Loss), Income Tax

(72,817)

87,828

(89,670)

Other Comprehensive Income (Loss), Net of Tax

207,115

(255,236)

260,594

Net Actuarial Loss [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, before Tax

283,882

351,322

380,593

Other Comprehensive Income (Loss) before Reclassifications, Tax

(73,845)

(89,943)

(97,436)

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

210,037

261,379

283,157

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

(1,207)

(39,742)

(42,146)

Reclassification from AOCI, Current Period, Tax

314

10,174

10,790

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(893)

(29,568)

(31,356)

Net Prior Service Cost [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, before Tax

(663)

734

11,263

Other Comprehensive Income (Loss) before Reclassifications, Tax

173

(188)

(2,883)

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

(490)

546

8,380

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

(2,080)

(1,951)

1,641

Reclassification from AOCI, Current Period, Tax

541

500

(420)

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(1,539)

(1,451)

1,221

Settlement Gains Included In Net Income [Member]

Other Comprehensive Income (Loss) [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

(653,427)

(1,087)

Reclassification from AOCI, Current Period, Tax

167,285

279

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(486,142)

(808)

Cash Flow Hedges

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

(912)

1,393

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

298

(364)

Other Comprehensive Income (Loss), Before Tax

(831)

1,392

(5,630)

Other Comprehensive Income (Loss), Income Tax

217

(363)

1,295

Other Comprehensive Income (Loss), Net of Tax

$ (614)

$ 1,029

$ (4,335)

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations.

Income Taxes (Income Tax Reconciliation) (Details 3) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

U.S. Federal taxes at statutory rate

$ 94,430

$ 215,189

$ 62,791

State and local taxes, net of U.S. Federal tax

^[1]

27,211

47,133

12,590

Other

3,516

(592)

697

Goodwill impairments

1,148

10,864

Mandatorily redeemable noncontrolling interest

8,526

20,189

1,612

Other

2,148

710

518

Total provision for income tax

$ 146,400

$ 292,100

$ 87,300

Effective Income Tax Rate Reconciliation, Percent [Abstract]

U.S. Federal taxes at statutory rate

21.00%

State and local taxes, net of U.S. Federal tax

^[1]

6.05%

4.60%

4.21%

Other

0.77%

(0.05%)

0.25%

Goodwill impairments

0.00%

0.11%

3.63%

Mandatorily Redeemable Noncontrolling Interest

1.90%

1.97%

0.54%

Other

0.48%

0.07%

0.17%

Provision for Income Taxes

32.56%

28.51%

29.20%

Tax Jurisdiction of Domicile [Extensible Enumeration]

U.S. [Member]

Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]

VIRGINIA

MARYLAND, VIRGINIA

AUSTRALIA

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

Change in valuation allowance

$ 31

$ 3,217

$ (4,010)

Other

$ 2,996

$ (305)

$ 2,016

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Change in valuation allowance

0.01%

0.31%

(1.34%)

Other

0.67%

(0.03%)

0.67%

UNITED KINGDOM

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

Foreign income tax rate differential

$ 5,123

$ 3,787

$ 1,323

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Foreign income tax rate differential

1.14%

0.37%

0.44%

Foreign Tax Jurisdiction, Other [Member]

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

Foreign income tax rate differential

$ 2,419

$ 1,624

$ (1,101)

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Foreign income tax rate differential

0.54%

0.16%

(0.37%)

[1]	The states that contribute to the majority (greater than 50%) of the tax effect in this category include Virginia for 2025, Virginia for 2024, and Maryland and Virginia for 2023.

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

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:


	Year Ended December 31, 2025
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	45,136	$	—	$	45,136
Adjustment for sale of a business with foreign operations	646		—		646
	45,782		—		45,782
Pension and other postretirement plans:
Actuarial gain	283,882		(73,845)		210,037
Prior service cost	(663)		173		(490)
Amortization of net actuarial gain included in net income	(1,207)		314		(893)
Amortization of net prior service credit included in net income	(2,080)		541		(1,539)




	279,932		(72,817)		207,115
Cash flow hedges:
Loss for the year	(831)		217		(614)
Other Comprehensive Income	$	324,883	$	(72,600)	$	252,283


	Year Ended December 31, 2024
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year	$	(24,568)	$	—	$	(24,568)
Adjustment for sale of a business with foreign operations	(765)		—		(765)
	(25,333)		—		(25,333)
Pension and other postretirement plans:
Actuarial gain	351,322		(89,943)		261,379
Prior service credit	734		(188)		546
Amortization of net actuarial gain included in net income	(39,742)		10,174		(29,568)
Amortization of net prior service credit included in net income	(1,951)		500		(1,451)

Settlement included in net income	(653,427)		167,285		(486,142)


	(343,064)		87,828		(255,236)
Cash flow hedges:
Gain for the year	1,392		(363)		1,029
Other Comprehensive Loss	$	(367,005)	$	87,465	$	(279,540)


	Year Ended December 31, 2023
	Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount
Foreign currency translation adjustments:


Translation adjustments arising during the year	$	21,927	$	—	$	21,927
Pension and other postretirement plans:
Actuarial gain	380,593		(97,436)		283,157
Prior service credit	11,263		(2,883)		8,380
Amortization of net actuarial gain included in net income	(42,146)		10,790		(31,356)
Amortization of net prior service cost included in net income	1,641		(420)		1,221


Settlement included in net income	(1,087)		279		(808)
	350,264		(89,670)		260,594
Cash flow hedges:
Loss for the year	(5,630)		1,295		(4,335)
Other Comprehensive Income	$	366,561	$	(88,375)	$	278,186

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 Foreign Currency Translation Adjustment		Unrealized Gain on Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
As of December 31, 2023	$	(32,711)	$	649,185	$	(2,137)	$	614,337
Other comprehensive (loss) income before reclassifications	(24,568)		261,925		1,393		238,750
Net amount reclassified from accumulated other comprehensive income	(765)		(517,161)		(364)		(518,290)
Net other comprehensive (loss) income	(25,333)		(255,236)		1,029		(279,540)

As of December 31, 2024	(58,044)		393,949		(1,108)		334,797

Other comprehensive income (loss) before reclassifications	45,136		209,547		(912)		253,771
Net amount reclassified from accumulated other comprehensive income	646		(2,432)		298		(1,488)
Net other comprehensive income (loss)	45,782		207,115		(614)		252,283

As of December 31, 2025	$	(12,262)	$	601,064	$	(1,722)	$	587,080

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:


	Year Ended December 31						Affected Line Item in the Consolidated Statements of Operations
(in thousands)	2025		2024		2023
Foreign Currency Translation Adjustments:
Adjustment for sale of businesses with foreign operations	$	646	$	(765)	$	—	Other (expense) income, net
Pension and Other Postretirement Plans:


Amortization of net actuarial gain	(1,207)		(39,742)		(42,146)		(1)
Amortization of net prior service (credit) cost	(2,080)		(1,951)		1,641		(1)

Settlement gains	—		(653,427)		(1,087)		(1)


	(3,287)		(695,120)		(41,592)		Before tax
	855		177,959		10,649		Provision for income taxes
	(2,432)		(517,161)		(30,943)		Net of tax

Cash Flow Hedges	298		(364)		(5,363)		Interest expense


Total reclassification for the year	$	(1,488)	$	(518,290)	$	(36,306)	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 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations.

Investments

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments

INVESTMENTS

Money Market Investments. As of December 31, 2025 and 2024, the Company had money market investments of $5.3 million and $3.9 million, respectively, that are classified as cash and cash equivalents in the Company’s Consolidated Balance Sheets.

Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following:


	As of December 31
(in thousands)	2025		2024
Total cost	$	256,897	$	227,153
Gross unrealized gains	845,889		627,760
Gross unrealized losses	(20,848)		(2,479)
Total Fair Value	$	1,081,938	$	852,434

At December 31, 2025 and 2024, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $119.2 million and $95.7 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of December 31, 2025, the Company owned 422 Class A and 481,920 Class B shares in Berkshire Hathaway valued at $560.8 million, which exceeded 5% of the Company’s total assets.

The Company purchased $29.8 million, $5.0 million, and $4.6 million of marketable equity securities during 2025, 2024 and 2023, respectively.

There were no sales of marketable equity securities during 2025. During 2024 and 2023, the gross cumulative realized net gains from the sales of marketable equity securities were $19.8 million and $12.7 million, respectively. The total proceeds from such sales were $23.5 million and $62.0 million, respectively. The Company donated marketable equity securities in 2025, 2024 and 2023 and recorded $0.4 million in gross cumulative realized gains from the donations in each year.

The net gain on marketable equity securities comprised the following:


	Year Ended December 31
(in thousands)	2025		2024		2023
Gain on marketable equity securities, net	$	200,170	$	181,295	$	138,067
Less: Net gains in earnings from marketable equity securities sold and donated	(25)		(6,010)		(5,475)
Net unrealized gains in earnings from marketable equity securities still held at the end of the year	$	200,145	$	175,285	$	132,592

Investments in Affiliates. As of December 31, 2025, the Company’s healthcare subsidiary held investments in several affiliates that GHG actively manages; GHG held a 40% interest in each of the following affiliates: Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health Network Healthcare at Home. For the years ended December 31, 2025, 2024 and 2023, GHG recorded $16.5 million, $17.5 million and $15.6 million, respectively, in revenue for services provided to its affiliates.

In September 2025, the Company invested an additional $29.3 million in Intersection Holdings, LLC (Intersection). Intersection used a portion of the additional investment to settle, in a non-cash exchange, $19.3 million of the outstanding amount owed to the Company on the $30.0 million term loan extended in April 2023. Following the additional investment, the Company recognized a gain of $18.6 million in equity earnings. In November 2025, the Company invested an additional $28.7 million in Intersection. In December 2025, Intersection repaid the remaining $5.0 million outstanding balance on the term loan. As of December 31, 2025, the Company held an approximate 25.2% interest in Intersection.

As of December 31, 2025, the Company held a 50.4% and 41.4% interest in N2K Networks and Realm, respectively, on a fully diluted basis, and accounts for these investments under the equity method. The Company holds 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. In May 2024, the Company entered into a convertible promissory note agreement to loan N2K Networks $2.0 million. The convertible promissory note bears interest at a rate of 12% per annum and, subject to conversion provisions, all unpaid interest and principal are due by May 2027. In the third quarter of 2024, the Company recorded an impairment charge of $14.4 million on its investment in N2K Networks as a result of the investee exiting a significant product offering following losses incurred.

The Company had $30.0 million and $38.0 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of December 31, 2025 and 2024, 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 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 £18.8 million as of December 31, 2025. 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 $49.4 million and $74.8 million as of December 31, 2025 and 2024, respectively. For the years ended December 31, 2025, 2024 and 2023, the Company recorded impairment losses of $14.7 million, $0.7 million and $0.5 million, respectively, to those securities. During the years ended December 31, 2024 and 2023, the Company recorded gains of $0.2 million and $3.1 million, respectively, to those equity securities based on observable transactions. During the year ended December 31, 2024, the Company recorded losses of $1.7 million to those equity securities based on observable transactions.

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	ORGANIZATION AND NATURE OF OPERATIONS Graham Holdings Company (the Company), is a diversified holding company whose operations include educational services, television broadcasting, healthcare, manufacturing, automotive dealerships and other businesses. Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to students, schools, colleges, universities and businesses, both domestically and outside the United States (U.S.). Kaplan’s educational services include academic preparation programs for international students; English-language programs; operations support services for pre-college, certificate, undergraduate and graduate programs; exam preparation for high school and graduate students and for professional certifications and licensures; career and academic advisement services to businesses; and a United Kingdom (U.K.) sixth-form college that prepares students for A-level examinations. The Company’s television broadcasting segment owns and operates seven television broadcasting stations and provides social media management tools designed to connect newsrooms with their users. The Company’s healthcare division provides in-home specialty pharmacy infusion therapies; home health, hospice and palliative services; physician services for allergy, asthma and immunology patients; in-home aesthetics; applied behavior analysis (ABA) therapy; and healthcare software-as-a-service technology. The Company’s manufacturing companies include a supplier of pressure-treated wood and aluminum cladding products, 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 automotive business comprises eight dealerships and valet repair services. The Company’s other businesses include restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; Slate and Foreign Policy magazines; a daily local news podcast and newsletter company; a company that provides a software-as-a-service platform that enables podcasters and media companies to monetize audio content through paid subscriptions, memberships, and audiobooks; an online art gallery and in-person art fair business; and an online commerce platform featuring original art and designs on an array of consumer products.

Income Taxes (Provision for Income Taxes Components) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Continuing Operations [Abstract]
U.S. Federal, Current	$ 8,782	$ 37,783	$ 19,752
State and Local, Current	8,531	7,142	5,886
Non-U.S., Current	36,598	19,775	17,897
Total income tax, Current	53,911	64,700	43,535
U.S. Federal, Deferred	66,842	170,380	36,640
State and Local, Deferred	25,765	52,928	10,044
Non-U.S., Deferred	(118)	4,092	(2,919)
Total income tax, Deferred	92,489	227,400	43,765
U.S. Federal, Total	75,624	208,163	56,392
State and Local, Total	34,296	60,070	15,930
Non-U.S., Total	36,480	23,867	14,978
Total provision for income tax	$ 146,400	$ 292,100	$ 87,300

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company generated 79% of its revenue from U.S. domestic sales in each of 2025, 2024 and 2023. The remaining 21% of revenue was generated from non-U.S. sales.

In 2025, 2024 and 2023, the Company recognized 53%, 54% and 54%, respectively, of its revenue over time as control of the services and goods transferred to the customer. The remaining 47%, 46% and 46%, respectively, of revenue was recognized at a point in time, when the customer obtained control of the promised goods.

The determination of the method by which the Company measures its progress towards the satisfaction of its performance obligations requires judgment and is described in the Summary of Significant Accounting Policies (see Note 2).

Contract Assets. As of December 31, 2025, the Company recognized a total contract asset of $36.5 million related to a contract at a Kaplan International business, of which $4.4 million is included in Other current assets and $32.1 million is included in Deferred Charges and Other Assets. The Company expects to recognize an additional $235.8 million related to the remaining performance obligation in the contract over the next four years. As of December 31, 2024, the contract asset was $36.6 million, of which $1.9 million was included in Other current assets and $34.7 million was included in Deferred Charges and Other Assets. Additional contract assets of $3.0 million and

$3.1 million are included in Other current assets on the Company’s Consolidated Balance Sheet as of December 31, 2025 and 2024, respectively.

Deferred Revenue. The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance which includes some payments that are refundable due to the contractual right of the customer to cancel the agreement. As of December 31, 2025 and 2024, 22% and 19%, respectively, of the Company’s deferred revenue consisted of prepaid amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance during the year ended December 31, 2025:


	As of December 31
(in thousands)	2025		2024		% Change
Deferred revenue	$	418,090	$	397,435	5

The majority of the change in the deferred revenue balance is related to increases within the KI and Supplemental Education divisions due to the cyclical nature of services. During the year ended December 31, 2025, the Company recognized $351.1 million from the Company’s deferred revenue balance as of December 31, 2024, including $60.9 million of prepaid amounts which were refundable at the prior year-end.

Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of December 31, 2025, the deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than 12 months at Kaplan Supplemental Education was $5.0 million. Kaplan Supplemental Education expects to recognize 68% of this revenue over the next 12 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 Beginning of Year		Costs Associated with New Contracts		Less: Costs Amortized During the Year		Other	Balance at End of Year
2025	$	42,121	$	95,621	$	(97,611)	2,273	$	42,404
2024	41,634		99,588		(101,914)		2,813	42,121
2023	31,647		98,527		(90,839)		2,299	41,634

The majority of other activity was related to currency translation adjustments and other adjustments in 2025, 2024 and 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Pensions and Other Postretirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Defined Benefit Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Company’s Consolidated Balance Sheets for its defined benefit pension plans are as follows:


	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2025		2024		2025		2024
Noncurrent asset	$	2,772,394	$	2,510,520	$	—	$	—

Current liability	—		—		(7,191)		(6,786)
Noncurrent liability	—		—		(83,981)		(80,737)
Recognized Asset (Liability)	$	2,772,394	$	2,510,520	$	(91,172)	$	(87,523)

Schedule of Estimated Benefit Payments

At December 31, 2025, future estimated benefit payments, excluding charges for early retirement programs, are as follows:


(in thousands)	Pension Plans		SERP
2026	$	37,570	$	7,376
2027	40,280		7,579
2028	41,372		7,701
2029	44,000		7,752
2030	43,947		7,815
2031–2035	236,353		37,669

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (AOCI) includes the following components of unrecognized net periodic cost for the defined benefit plans:


	Pension Plans				SERP
	As of December 31				As of December 31
(in thousands)	2025		2024		2025		2024
Unrecognized actuarial (gain) loss	$	(812,304)	$	(523,941)	$	750	$	(3,488)
Unrecognized prior service credit	(7,273)		(10,016)		—		—

Gross Amount	(819,577)		(533,957)		750		(3,488)
Deferred tax liability (asset)	222,523		148,226		(622)		481
Net Amount	$	(597,054)	$	(385,731)	$	128	$	(3,007)

Defined Benefit Plans [Member] | Benefit Obligation [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

Key assumptions utilized for determining the benefit obligation are as follows:


	Pension Plans		SERP
	As of December 31		As of December 31
	2025	2024	2025	2024
Discount rate	5.6%	5.8%	5.2%	5.6%
Rate of compensation increase – age graded	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%
Cash balance interest crediting rate	4.89% with phase in to 6.00% in 2027	5.43% with phase in to 6.00% in 2026	—	—

Defined Benefit Plans [Member] | Periodic Cost [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

The costs for the Company’s defined benefit pension plans are actuarially determined. Below are the key assumptions utilized to determine periodic cost:


	Pension Plans			SERP
	Year Ended December 31			Year Ended December 31
	2025	2024	2023	2025	2024	2023
Discount rate	5.8%	5.2% / 5.3% (1)	5.5%	5.6%	5.1%	5.5%
Expected return on plan assets	6.25%	6.25%	6.25%	—	—	—
Rate of compensation increase – age graded	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%	5.0%–1.0%
Cash balance interest crediting rate	5.43% with phase in to 6.00% in 2026	6.37% with phase in to 5.20% in 2025 / 6.37% with phase in to 5.50% in 2026 (2)	4.28% with phase in to 5.50% in 2025	—	—	—

____________


(1)			As a result of the irrevocable group annuity contract purchase, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of October 17, 2024. The remeasurement changed the discount rate from 5.2% for the period January 1 to October 17, 2024 to 5.3% for the period after October 17, 2024.
(2)			As a result of the irrevocable group annuity contract purchase, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of October 17, 2024. The remeasurement changed the cash balance interest crediting rate from 6.37% with phase in to 5.20% in 2025 for the period January 1 to October 17, 2024 to 6.37% with phase in to 5.50% in 2026 for the period after October 17, 2024.

Pension Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Obligation, Asset and Funding Information

The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:


	Pension Plans
	As of December 31
(in thousands)	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	456,650	$	892,049
Service cost	47,400		57,538
Interest cost	29,406		40,095
Amendments	663		(734)
Actuarial loss	30,903		19,460
Acquisitions	107,517		—
Benefits paid	(41,429)		(49,963)
Special termination benefits	9,185		20,998

Settlement	—		(522,793)
Benefit Obligation at End of Year	$	640,295	$	456,650
Change in Plan Assets
Fair value of assets at beginning of year	$	2,967,170	$	3,005,687
Actual return on plan assets	486,948		534,239
Benefits paid	(41,429)		(49,963)
Settlement	—		(522,793)
Fair Value of Assets at End of Year	$	3,412,689	$	2,967,170
Funded Status	$	2,772,394	$	2,510,520

Schedule of Net (Benefit) Costs

The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components:


	Pension Plans
	Year Ended December 31
(in thousands)	2025		2024		2023
Service cost	$	47,400	$	57,538	$	33,787
Interest cost	29,406		40,095		46,211
Expected return on assets	(167,682)		(165,487)		(153,125)

Amortization of prior service (credit) cost	(2,080)		(1,951)		1,646
Recognized actuarial gain	—		(37,918)		(39,803)
Net Periodic Benefit for the Year	(92,956)		(107,723)		(111,284)

Settlement	—		(653,427)		—
Early retirement and separation program costs	9,185		20,998		9,886


Total Benefit for the Year	$	(83,771)	$	(740,152)	$	(101,398)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial gain	$	(288,363)	$	(349,292)	$	(381,088)
Current year prior service cost (credit)	663		(734)		(11,263)
Amortization of prior service credit (cost)	2,080		1,951		(1,646)
Recognized net actuarial gain	—		37,918		39,803
Settlement	—		653,427		—
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	(285,620)	$	343,270	$	(354,194)
Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects)	$	(369,391)	$	(396,882)	$	(455,592)

Allocation of the Assets of the Company's Pension Plans

The assets of the Company’s pension plans were allocated as follows:


	As of December 31
	2025		2024
U.S. equities	63	%	64	%
Private investment funds	17	%	19	%
International equities	16	%	12	%
U.S. fixed income	4	%	5	%

	100	%	100	%

Fair Value, Assets Measured on Recurring Basis

The Company’s pension plan assets measured at fair value on a recurring basis were as follows:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	2,591	$	—	$	—	$	2,591
Equity securities
U.S. equities (1)	2,129,883		—		—		2,129,883
International equities (2)	554,413		—		—		554,413






Total Investments	$	2,686,887	$	—	$	—	$	2,686,887
Short-term investment funds measured at NAV (3)							130,774
Private investment funds measured at NAV (4)							592,818

Receivables, net							2,210
Total							$	3,412,689


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	2,308	$	—	$	—	$	2,308
Equity securities
U.S. equities (1)	1,899,611		—		—		1,899,611
International equities (2)	361,941		—		—		361,941





Total Investments	$	2,263,860	$	—	$	—	$	2,263,860
Short-term investment funds measured at NAV (3)							150,103
Private investment funds measured at NAV (4)							557,122

Payables, net							(3,915)
Total							$	2,967,170

____________


(1)			U.S. equities. These investments are held in common and preferred stock of U.S. corporations and American Depositary Receipts (ADRs) traded on U.S. exchanges. Common and preferred shares and ADRs are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
(2)			International equities. These investments are held in common and preferred stock issued by non-U.S. corporations. Common and preferred shares are traded actively on exchanges, and price quotes for these shares are readily available. These investments are classified as Level 1 in the valuation hierarchy.
(3)			Short-term investment funds. These investments include commingled funds that are primarily held in U.S. Treasury securities. The funds are valued using the net asset value (NAV) provided by the administrator of the funds and reviewed by the Company.
(4)			Private investment funds. This category includes a commingled fund and a private investment fund. The commingled fund invests in a diversified mix of publicly traded securities (U.S. and international stocks) and private companies. The private investment fund invests in non-public companies. The funds are valued using the NAV provided by the administrator of the funds and reviewed by the Company. The NAV is based on the value of the underlying assets owned by the fund, minus liabilities and divided by the number of units outstanding.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

The following table sets forth a summary of the Plan’s investments with a reported NAV:


(in thousands)	Fair Value		Unfunded Commitment		Redemption Frequency	Other Redemption Restriction	Redemption Notice Period
Short-term investment funds
2025	$	130,774	$	—	Immediate	None	None
2024	$	150,103	$	—	Immediate	None	None
Private investment funds
2025	$	592,818	$	6,683	(1)	(1)	90 days
2024	$	557,122	$	11,105	(1)	(1)	90 days

____________


(1)			Five percent of the NAV of the investment in the commingled fund may be redeemed annually starting at the 12-month anniversary of the investment, subject to certain limitations. Additionally, the investment in the commingled fund may be redeemed in part, or in full, at the 60-month anniversary of the investment, or at any subsequent 36-month anniversary date following the initial 60-month anniversary. The investment in the private investment fund is generally not redeemable until the dissolution of the fund.

Supplemental Executive Retirement Plan (SERP) [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Obligation, Asset and Funding Information


	SERP
	As of December 31
(in thousands)	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	87,523	$	89,876
Service cost	955		1,149
Interest cost	4,789		4,514

Actuarial loss (gain)	4,238		(1,886)
Benefits paid	(6,333)		(6,130)


Benefit Obligation at End of Year	$	91,172	$	87,523
Funded Status	$	(91,172)	$	(87,523)

Schedule of Net (Benefit) Costs


	SERP
	Year Ended December 31
(in thousands)	2025		2024		2023
Service cost	$	955	$	1,149	$	593
Interest cost	4,789		4,514		4,659








Total Cost for the Year	$	5,744	$	5,663	$	5,252
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	4,238	$	(1,886)	$	909





Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	4,238	$	(1,886)	$	909
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)	$	9,982	$	3,777	$	6,161

Other Postretirement Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Obligation, Asset and Funding Information

The following table sets forth obligation, asset and funding information for the Company’s other postretirement plans:


	Postretirement Plans
	As of December 31
(in thousands)	2025		2024
Change in Benefit Obligation
Benefit obligation at beginning of year	$	1,069	$	1,249

Interest cost	50		51

Actuarial loss (gain)	243		(144)

Benefits paid, net of Medicare subsidy	(550)		(87)

Benefit Obligation at End of Year	$	812	$	1,069
Funded Status	$	(812)	$	(1,069)

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Company’s Consolidated Balance Sheets for its other postretirement plans are as follows:


	Postretirement Plans
	As of December 31
(in thousands)	2025		2024
Current liability	$	(135)	$	(180)
Noncurrent liability	(677)		(889)
Recognized Liability	$	(812)	$	(1,069)

Schedule of Estimated Benefit Payments

At December 31, 2025, future estimated benefit payments are as follows:


(in thousands)	Postretirement Plans
2026	$	135
2027	129
2028	114
2029	105
2030	80
2031–2035	563

Schedule of Net (Benefit) Costs

The total benefit arising from the Company’s other postretirement plans consists of the following components:


	Postretirement Plans
	Year Ended December 31
(in thousands)	2025		2024		2023

Interest cost	$	50	$	51	$	149


Amortization of prior service credit	—		—		(5)
Recognized actuarial gain	(1,207)		(1,824)		(2,343)
Net Periodic Benefit for the Year	(1,157)		(1,773)		(2,199)

Settlement	—		—		(1,087)
Total Benefit for the Year	$	(1,157)	$	(1,773)	$	(3,286)
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Current year actuarial loss (gain)	$	243	$	(144)	$	(414)

Amortization of prior service credit	—		—		5
Recognized actuarial gain	1,207		1,824		2,343
Settlement	—		—		1,087
Total Recognized in Other Comprehensive Income (Before Tax Effects)	$	1,450	$	1,680	$	3,021
Total Recognized in Benefit and Other Comprehensive Income (Before Tax Effects)	$	293	$	(93)	$	(265)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

AOCI included the following components of unrecognized net periodic benefit for the postretirement plans:


	As of December 31
(in thousands)	2025		2024
Unrecognized actuarial gain	$	(5,858)	$	(7,308)

Gross Amount	(5,858)		(7,308)
Deferred tax liability	1,720		2,097
Net Amount	$	(4,138)	$	(5,211)

Business Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s segment information is as follows:


	Year Ended December 31, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,744,332	$	425,106	$	815,049	$	436,279	$	1,133,153	$	4,553,919
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											360,139
Intersegment Elimination											(2,495)
Total Consolidated Revenues											$	4,911,563

Less: Significant Expenses (2)
Cost of Revenue (3)	659,029				503,855		316,467		964,648		2,443,999
Payroll and Fringe Benefits Expense (4)	484,293		107,076						78,967		670,336
Occupancy Expense	108,805								7,692		116,497
Advertising and Marketing Expense	78,260										78,260
Networking and Programming Expense			123,725								123,725
Management Services (5)									8,393		8,393
Other Segment Items (6)	201,201		60,383		196,483		72,202		38,374		568,643
EBITDAP	$	212,744	$	133,922	$	114,711	$	47,610	$	35,079	$	544,066

Pension Service Cost	17,271		5,901		9,984		3,461		63		$	36,680
Depreciation Expense	29,477		10,311		7,303		12,481		6,961		$	66,533

Income from Operations before Amortization of Intangible Assets and Impairment of Intangible and Other Long-Lived Assets	$	165,996	$	117,710	$	97,424	$	31,668	$	28,055	$	440,853

Other Businesses (7)											(94,164)
Corporate Costs											(67,367)
Amortization of Intangible Assets											(32,040)
Impairment of Intangible and Other Long-Lived Assets											(12,335)
Income from Operations											$	234,947
Equity in Earnings of Affiliates, Net											16,394
Interest Expense, Net											(110,530)
Non-Operating Pension and Postretirement Benefit Income, Net											127,539
Gain on Marketable Equity Securities, Net											200,170
Other Expense, Net											(18,853)
Income Before Income Taxes											$	449,667

Capital Expenditures	$	17,930	$	4,426	$	14,435	$	10,621	$	8,114	$	55,526
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											24,229
Total Capital Expenditures											$	79,755

___________


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative expenses (SG&A).
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare (includes CSI) - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s segment information is as follows:


	Year Ended December 31, 2024
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,691,778	$	535,678	$	611,109	$	395,642	$	1,200,477	$	4,434,684
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											358,822
Intersegment Elimination											(2,602)
Total Consolidated Revenues											$	4,790,904

Less: Significant Expenses (2)
Cost of Revenue (3)	655,482				343,695		293,215		1,021,271		2,313,663
Payroll and Fringe Benefits Expense (4)	471,144		112,316						84,416		667,876
Occupancy Expense	116,839								7,573		124,412
Advertising and Marketing Expense	70,828										70,828
Networking and Programming Expense			126,474								126,474
Management Services (5)									8,054		8,054
Other Segment Items (6)	190,448		73,064		188,856		59,379		34,059		545,806
EBITDAP	$	187,037	$	223,824	$	78,558	$	43,048	$	45,104	$	577,571

Pension Service Cost	17,733		6,055		19,303		2,877		116		$	46,084
Depreciation Expense	35,058		11,174		6,859		10,983		6,959		$	71,033

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	$	134,246	$	206,595	$	52,396	$	29,188	$	38,029	$	460,454

Other Businesses (7)											(99,101)
Corporate Costs											(58,908)
Amortization of Intangible Assets											(37,119)
Impairment of Goodwill and Other Long-Lived Assets											(49,822)
Income from Operations											$	215,504
Equity in Losses of Affiliates, Net											(3,303)
Interest Expense, Net											(176,281)
Non-Operating Pension and Postretirement Benefit Income, Net											794,949
Gain on Marketable Equity Securities, Net											181,295
Other Income, Net											12,546
Income Before Income Taxes											$	1,024,710

Capital Expenditures	$	25,989	$	5,887	$	10,182	$	15,951	$	4,063	$	62,072
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											31,027
Total Capital Expenditures											$	93,099

___________


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative expenses (SG&A).
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare (includes CSI) - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s segment information is as follows:


	Year Ended December 31, 2023
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	1,587,581	$	472,436	$	459,481	$	447,910	$	1,079,893	$	4,047,301
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											371,233
Intersegment Elimination											(3,657)
Total Consolidated Revenues											$	4,414,877

Less: Significant Expenses (2)
Cost of Revenue (3)	623,731				257,639		323,906		913,790		2,119,066
Payroll and Fringe Benefits Expense (4)	432,730		119,311						75,018		627,059
Occupancy Expense	112,230								6,562		118,792
Advertising and Marketing Expense	64,427										64,427
Networking and Programming Expense			129,827								129,827
Management Services (5)									7,312		7,312
Other Segment Items (6)	188,345		68,355		154,764		66,426		32,728		510,618
EBITDAP	$	166,118	$	154,943	$	47,078	$	57,578	$	44,483	$	470,200

Pension Service Cost	8,907		3,331		14,083		1,115		35		$	27,471
Depreciation Expense	38,187		12,224		5,475		9,453		5,177		$	70,516

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets	$	119,024	$	139,388	$	27,520	$	47,010	$	39,271	$	372,213

Other Businesses (7)											(98,115)
Corporate Costs											(55,600)
Amortization of Intangible Assets											(50,039)
Impairment of Goodwill and Other Long-Lived Assets											(99,066)
Income from Operations											$	69,393
Equity in Losses of Affiliates, Net											(5,183)
Interest Expense, Net											(56,179)
Non-Operating Pension and Postretirement Benefit Income, Net											133,812
Gain on Marketable Equity Securities, Net											138,067
Other Income, Net											19,094
Income Before Income Taxes											$	299,004

Capital Expenditures	$	36,760	$	9,220	$	12,992	$	23,089	$	10,140	$	92,201
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											15,085
Total Capital Expenditures											$	107,286

____________


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative expenses (SG&A).
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare (includes CSI) - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

Asset information for the Company’s business segments is as follows:


	As of December 31
(in thousands)	2025		2024
Identifiable Assets
Kaplan international	$	1,551,682	$	1,500,846
Higher education	174,738		182,442
Supplemental education	247,181		238,836
Kaplan corporate and other	34,973		41,754
Education	2,008,574		1,963,878
Television broadcasting	393,097		402,200
CSI	128,170		91,437
Other Healthcare	227,457		217,154
Healthcare	355,627		308,591
Manufacturing	535,006		411,137
Automotive	582,715		582,105
Total Segments	3,875,019		3,667,911
Other businesses	357,408		338,089
Corporate office	79,389		139,126
Investments in Marketable Equity Securities	1,081,938		852,434
Investments in Affiliates	229,565		169,125
Prepaid Pension Cost	2,772,394		2,510,520

Total Assets	$	8,395,713	$	7,677,205

Education [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s education division segment information is as follows:


	Year Ended December 31, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	1,079,570	$	349,211	$	317,159	$	585	$	(2,193)	$	1,744,332

Less: Significant Expenses (1)
Cost of Revenue (2)	358,673		251,531		50,303		—		(1,478)		659,029
Payroll and Fringe Benefits Expense (3)	298,607		22,694		136,499		26,618		(125)		484,293
Occupancy Expense	104,536		725		3,327		768		(551)		108,805
Advertising and Marketing Expense	33,973		7,657		36,191		439				78,260
Other Segment Items (4)	144,654		1,375		46,858		8,533		(219)		201,201
EBITDAP	$	139,127	$	65,229	$	43,981	$	(35,773)	$	180	$	212,744

Pension Service Cost	571		7,394		7,718		1,588				17,271
Depreciation Expense	25,154		1,425		2,871		27				29,477

Income (Loss) from Operations before Amortization of Intangible Assets	$	113,402	$	56,410	$	33,392	$	(37,388)	$	180	$	165,996

Capital Expenditures	$	12,725	$	1,012	$	4,132	$	61			$	17,930

____________


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s education division segment information is as follows:


	Year Ended December 31, 2024
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	1,074,207	$	324,815	$	291,630	$	5,761	$	(4,635)	$	1,691,778

Less: Significant Expenses (1)
Cost of Revenue (2)	361,508		247,196		51,574		—		(4,796)		655,482
Payroll and Fringe Benefits Expense (3)	299,643		17,431		126,410		27,660		—		471,144
Occupancy Expense	107,813		696		2,703		5,627		—		116,839
Advertising and Marketing Expense	32,414		6,870		30,914		630		—		70,828
Other Segment Items (4)	141,743		1,427		41,760		5,368		150		190,448
EBITDAP	$	131,086	$	51,195	$	38,269	$	(33,524)	$	11	$	187,037

Pension Service Cost	704		7,620		7,848		1,561				17,733
Depreciation Expense	28,683		2,825		3,487		63				35,058

Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Intangible Assets	$	101,699	$	40,750	$	26,934	$	(35,148)	$	11	$	134,246

Capital Expenditures	$	22,560	$	1,016	$	2,413	$	—			$	25,989

____________


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s education division segment information is as follows:


	Year Ended December 31, 2023
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	966,879	$	326,961	$	292,776	$	11,012	$	(10,047)	$	1,587,581

Less: Significant Expenses (1)
Cost of Revenue (2)	320,183		254,378		55,162		—		(5,992)		623,731
Payroll and Fringe Benefits Expense (3)	267,878		17,334		127,396		22,823		(2,701)		432,730
Occupancy Expense	96,636		1,044		3,827		11,035		(312)		112,230
Advertising and Marketing Expense	30,654		5,123		28,226		424		—		64,427
Other Segment Items (4)	135,172		1,987		46,381		5,818		(1,013)		188,345
EBITDAP	$	116,356	$	47,095	$	31,784	$	(29,088)	$	(29)	$	166,118

Pension Service Cost	325		3,737		4,147		698				8,907
Depreciation Expense	28,501		4,416		5,165		105				38,187

Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	$	87,530	$	38,942	$	22,472	$	(29,891)	$	(29)	$	119,024

Capital Expenditures	$	31,111	$	2,394	$	3,209	$	46			$	36,760

____________


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

Healthcare [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s healthcare division segment information is as follows:


	Year Ended December 31, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	465,508	$	349,541	$	815,049

Less: Significant Expenses (1)
Cost of Revenue (2)	348,151		155,704		503,855
Other Segment Items (3)	63,144		133,339		196,483
EBITDAP	$	54,213	$	60,498	$	114,711

Pension Service Cost	—		9,984		9,984
Depreciation Expense	829		6,474		7,303

Income from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	$	53,384	$	44,040	$	97,424

Capital Expenditures	$	2,336	$	12,099	$	14,435

___________


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

The Company’s healthcare division segment information is as follows:


	Year Ended December 31, 2024
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	299,598	$	311,511	$	611,109

Less: Significant Expenses (1)
Cost of Revenue (2)	205,754		137,941		343,695
Other Segment Items (3)	54,035		134,821		188,856
EBITDAP	$	39,809	$	38,749	$	78,558

Pension Service Cost	—		19,303		19,303
Depreciation Expense	586		6,273		6,859

Income from Operations before Amortization of Intangible Assets	$	39,223	$	13,173	$	52,396

Capital Expenditures	$	1,126	$	9,056	$	10,182

___________


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

The Company’s healthcare division segment information is as follows:


	Year Ended December 31, 2023
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	189,202	$	270,279	$	459,481

Less: Significant Expenses (1)
Cost of Revenue (2)	137,363		120,276		257,639
Other Segment Items (3)	33,200		121,564		154,764
EBITDAP	$	18,639	$	28,439	$	47,078

Pension Service Cost	—		14,083		14,083
Depreciation Expense	429		5,046		5,475

Income from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets	$	18,210	$	9,310	$	27,520

Capital Expenditures	$	1,129	$	11,863	$	12,992

___________


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,087,677	$ 2,105,333
Accumulated impairment losses, beginning balance	(587,641)	(580,139)
Goodwill, net, beginning balance	1,500,036	1,525,194
Acquisitions	51,943	4,300
Impairment		(7,502)
Dispositions	(1,204)	(1,684)
Foreign currency exchange rate changes	34,891	(20,272)
Goodwill, ending balance	2,031,034	2,087,677
Accumulated impairment losses, ending balance	(445,368)	(587,641)
Goodwill, net, ending balance	1,585,666	1,500,036
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,146,335	1,163,991
Accumulated impairment losses, beginning balance	(331,151)	(331,151)
Goodwill, net, beginning balance	815,184	832,840
Reallocation	0
Acquisitions	1,262	4,300
Impairment		0
Dispositions	(1,204)	(1,684)
Foreign currency exchange rate changes	34,891	(20,272)
Goodwill, ending balance	1,181,284	1,146,335
Accumulated impairment losses, ending balance	(331,151)	(331,151)
Goodwill, net, ending balance	850,133	815,184
Education [Member] \| Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	580,495	598,000
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	580,495	598,000
Reallocation	0
Acquisitions	0	4,300
Dispositions	(1,204)	(1,684)
Foreign currency exchange rate changes	34,805	(20,121)
Goodwill, ending balance	614,096	580,495
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	614,096	580,495
Education [Member] \| Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	174,564	174,564
Accumulated impairment losses, beginning balance	(111,324)	(111,324)
Goodwill, net, beginning balance	63,240	63,240
Reallocation	0
Acquisitions	0	0
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	174,564	174,564
Accumulated impairment losses, ending balance	(111,324)	(111,324)
Goodwill, net, ending balance	63,240	63,240
Education [Member] \| Supplemental Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	391,276	391,427
Accumulated impairment losses, beginning balance	(219,827)	(219,827)
Goodwill, net, beginning balance	171,449	171,600
Reallocation	0
Acquisitions	1,262	0
Dispositions	0	0
Foreign currency exchange rate changes	86	(151)
Goodwill, ending balance	392,624	391,276
Accumulated impairment losses, ending balance	(219,827)	(219,827)
Goodwill, net, ending balance	172,797	171,449
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815	190,815
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	190,815	190,815
Acquisitions	0	0
Impairment		0
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	190,815	190,815
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	190,815	190,815
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	135,038	135,038
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	135,038	135,038
Reallocation	0
Acquisitions	1,599	0
Impairment		0
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	136,637	135,038
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	136,637	135,038
Healthcare [Member] \| CSI [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	0	0
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	0	0
Reallocation	87,140
Acquisitions	0	0
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	87,140	0
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	87,140	0
Healthcare [Member] \| Other Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	135,038	135,038
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	135,038	135,038
Reallocation	(87,140)
Acquisitions	1,599	0
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	49,497	135,038
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	49,497	135,038
Manufacturing [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	234,993	234,993
Accumulated impairment losses, beginning balance	(82,062)	(82,062)
Goodwill, net, beginning balance	152,931	152,931
Acquisitions	37,530	0
Impairment		0
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	272,523	234,993
Accumulated impairment losses, ending balance	(82,062)	(82,062)
Goodwill, net, ending balance	190,461	152,931
Automotive [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	129,280	129,280
Accumulated impairment losses, beginning balance	0	0
Goodwill, net, beginning balance	129,280	129,280
Acquisitions	11,552	0
Impairment		0
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	140,832	129,280
Accumulated impairment losses, ending balance	0	0
Goodwill, net, ending balance	140,832	129,280
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	251,216	251,216
Accumulated impairment losses, beginning balance	(174,428)	(166,926)
Goodwill, net, beginning balance	76,788	84,290
Acquisitions	0	0
Impairment		(7,502)
Dispositions	0	0
Foreign currency exchange rate changes	0	0
Goodwill, ending balance	108,943	251,216
Accumulated impairment losses, ending balance	(32,155)	(174,428)
Goodwill, net, ending balance	$ 76,788	$ 76,788

Capital Stock, Stock Awards, and Stock Options (Stock Options Rollforward) (Details 2)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning, Number of Shares \| shares	97,787
Granted, Number of Shares \| shares	0
Exercised, Number of Shares \| shares	(24,742)
Expired or forfeited, Number of Shares \| shares	0
End, Number of Shares \| shares	73,045
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning, Average Option Price (in dollars per share) \| $ / shares	$ 546.68
Granted, Average Option Price (in dollars per share) \| $ / shares	0
Exercised, Average Option Price (in dollars per share) \| $ / shares	866.58
Expired or forfeited, Average Option Price (in dollars per share) \| $ / shares	0
End, Average Option Price (in dollars per share) \| $ / shares	$ 438.33

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities
Net Income	$ 303,267	$ 732,610	$ 211,704
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairments	124,741	173,987	235,169
Amortization of lease right-of-use asset	59,749	63,253	67,734
Net pension benefit, settlement gain and early retirement and separation program costs	(83,771)	(740,152)	(101,398)
Gain on marketable equity securities and cost method investments, net	(185,445)	(179,024)	(140,671)
Credit loss expense	3,883	3,591	6,045
Stock-based compensation expense, net of forfeitures	5,718	6,326	6,712
Accretion expense and change in fair value of contingent consideration liabilities	233	115	(6,593)
Foreign exchange loss (gain)	10,051	(5,415)	1,141
Gain on disposition of businesses, property, plant and equipment, investments and other assets, net	(3,996)	(7,674)	(11,811)
Equity in (earnings) losses of affiliates, net of distributions	(3,880)	18,844	20,751
Provision for deferred income taxes	92,489	227,400	43,765
Change in operating assets and liabilities:
Accounts receivable	(11,198)	11,317	8,231
Inventories	35,287	8,297	(62,873)
Accounts payable and accrued liabilities	5,283	13,910	24,695
Deferred revenue	(1,711)	6,435	38,497
Income taxes receivable/payable	(10,733)	3,217	6,152
Lease liabilities	(57,645)	(62,516)	(71,471)
Other assets and other liabilities, net	64,955	130,681	(12,166)
Other	(92)	1,786	(3,738)
Net Cash Provided by Operating Activities	347,185	406,988	259,875
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(71,881)	(82,912)	(93,447)
Investments in certain businesses, net of cash acquired	(71,235)	(4,118)	(78,149)
Investments in equity affiliates and cost method investments	(39,575)	(4,554)	(14,050)
Purchases of marketable equity securities	(29,823)	(5,000)	(6,162)
Net proceeds from sales of businesses, property, plant and equipment, investments and other assets	26,163	8,387	4,294
Proceeds from sales of marketable equity securities	0	23,524	61,979
Loan to related party	0	(2,000)	(30,000)
Other	6,910	4,343	2,560
Net Cash Used in Investing Activities	(179,441)	(62,330)	(152,975)
Cash Flows from Financing Activities
Repayments of borrowings	(558,085)	(29,026)	(121,744)
Issuance of borrowings	538,895	1,389	293,387
Distributions paid to noncontrolling interests	(191,895)	(6,116)	(5,306)
Net borrowings (payments) under revolving credit facilities	151,855	(35,756)	(104,244)
Net (repayments of) proceeds from vehicle floor plan payable	(33,864)	(416)	73,732
Dividends paid	(31,360)	(30,347)	(30,953)
Principal payments of finance leases	(17,969)	(13,425)	(4,814)
Payments of financing costs	(7,645)	(107)	(1,671)
Deferred payments of acquisitions	(7,017)	(5,390)	(5,328)
Common shares repurchased	(3,468)	(114,101)	(193,160)
Purchase of noncontrolling interest	(2,290)	(1,985)	(4,988)
Issuance of noncontrolling interest	760	604	3,931
Other	(3,394)	(6,291)	1,323
Net Cash Used in Financing Activities	(165,477)	(240,967)	(99,835)
Effect of Currency Exchange Rate Change	11,285	(7,729)	4,394
Net Increase in Cash and Cash Equivalents and Restricted Cash	13,552	95,962	11,459
Cash and Cash Equivalents and Restricted Cash at Beginning of Year	297,853	201,891	190,432
Cash and Cash Equivalents and Restricted Cash at End of Year	311,405	297,853	201,891
Cash paid during the year for:
Income taxes	62,831	63,303	39,283
Interest	$ 63,000	$ 69,000	$ 51,000

Pensions and Other Postretirement Plans (Consolidated Balance Sheet) (Details 2) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Noncurrent asset	$ 2,772,394	$ 2,510,520
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent asset	2,772,394	2,510,520
Current liability	0	0
Noncurrent liability	0	0
Recognized asset (liability)	2,772,394	2,510,520
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Noncurrent asset	0	0
Current liability	(7,191)	(6,786)
Noncurrent liability	(83,981)	(80,737)
Recognized asset (liability)	(91,172)	(87,523)
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Current liability	(135)	(180)
Noncurrent liability	(677)	(889)
Recognized asset (liability)	$ (812)	$ (1,069)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies (Policy)	12 Months Ended
Summary of Significant Accounting Policies (Policy)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. 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. On an ongoing basis, the Company evaluates its estimates and assumptions.
Business Combinations	Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date.
Cash and Cash Equivalents	Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less.
Restricted Cash	Restricted Cash. Restricted cash represents amounts required to be held by non-U.S. higher education institutions for prepaid tuition pursuant to foreign government regulations. These regulations stipulate that the Company has a fiduciary responsibility to segregate certain funds to ensure these funds are only used for the benefit of eligible students.
Concentration of Credit Risk	Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to receivables from contracts with customers.
Allowance for Credit Losses	Allowance for Credit Losses. Accounts receivable have been reduced by an allowance that reflects the current expected credit losses associated with the receivables. The current expected credit losses are estimated based on historical write-offs, current macroeconomic conditions and reasonable and supportable forecasts of future economic conditions. Reserves are also established against specific receivables based on aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency.
Investments in Equity Securities	Investments in Equity Securities. The Company measures its investments in equity securities at fair value with changes in fair value recognized in earnings. The Company elected the measurement alternative to measure cost method investments that do not have readily determinable fair value at cost less impairment, adjusted by observable price changes with any fair value changes recognized in earnings. If the fair value of a cost method investment declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold.
Fair Value Measurements	Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; lease right-of-use (ROU) assets; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of interest rate hedges is determined based on a number of observable inputs, including time to maturity and market interest rates.
Inventories and Contracts in Progress	Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or net realizable values and are based on the first-in, first-out (FIFO) method or the average cost method. Inventory costs include direct material, direct and indirect labor, and applicable manufacturing overhead. The Company allocates manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on hand relative to historical usage, estimated future usage and technological developments. Vehicle inventory is based on the specific identification method. The cost of new and used vehicle inventories includes the cost of any equipment added, reconditioning and transportation. In certain instances, vehicle manufacturers provide incentives, which are reflected as a reduction in the carrying value of each vehicle purchased.
Property, Plant and Equipment	Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases.
Evaluation of Long-Lived Assets	Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered not to be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from franchise agreements, trade names and trademarks and Federal Communications Commission (FCC) licenses. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 10 years. Costs associated with renewing or extending intangible assets are insignificant and expensed as incurred. The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially assesses qualitative factors to determine if it is necessary to perform the goodwill or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill and indefinite-lived assets for impairment using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company uses a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model, to determine the estimated fair value of its reporting units and indefinite-lived intangible assets. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine the estimated fair value of each reporting unit and indefinite-lived intangible asset. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges.
Investments in Affiliates	Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of an investee between 20% and 50%. The Company also uses the equity method of accounting for its investments in a partnership or limited liability company with specific ownership accounts, if the Company has an ownership interest of 3% or more. The Company considers whether the fair values of any of its equity method investments have declined below their carrying values whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value. The Company records its share of the earnings or losses of its affiliates from their most recent available financial statements. In some instances, the reporting period of the affiliates’ financial statements lag the Company’s reporting period, but such lag is never more than three months.
Revenue Recognition	Revenue Recognition. The Company identifies a contract for revenue recognition when there is approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. The Company evaluates each contract to determine the number of distinct performance obligations in the contract, which requires the use of judgment. Education Revenue. Education revenue is primarily derived from postsecondary education and supplementary education services provided both domestically and abroad. Generally, tuition and other fees are paid upfront and recorded in deferred revenue in advance of the date when education services are provided to the student. In some instances, installment billing is available to students, which reduces the amount of cash consideration received in advance of performing the service. The contractual terms and conditions associated with installment billing indicate that the student is liable for the total contract price, therefore mitigating the Company’s exposure to losses associated with nonpayment. The Company determined the installment billing does not represent a significant financing component. Kaplan International (KI). KI provides higher education, professional education, and test preparation services and materials to students primarily in the U.K., Singapore, and Australia. Some KI contracts consist of one performance obligation that is a combination of indistinct promises to the student, while other KI contracts include multiple performance obligations, as the promises in the contract are capable of being both distinct and distinct within the context of the contract. One KI business offers an option whereby students receive future services at a discount that is accounted for as a material right. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. KI generally determines standalone selling prices based on prices charged to students. Revenue is recognized ratably over the instruction period or access period for higher education, professional education and test preparation services. KI generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and delivery of these services. Course materials determined to be a separate performance obligation are recognized at the point in time when control transfers to the student, generally when the products are delivered to the student. One KI business has a contract with a customer consisting of two performance obligations which consisted entirely of variable consideration at contract inception. The Company allocates revenue to each performance obligation based on the expected cost plus a margin. The margin was determined by a market assessment performed at contract inception. Revenue is recognized over time, using an input method, as the customer simultaneously benefits from the services as delivery occurs. The Company records a contract asset associated with this KI contract, as the right to revenue is dependent on something other than the passage of time. Kaplan Higher Education (KHE). KHE primarily provides non-academic operations support services to Purdue University Global (Purdue Global) pursuant to a Transition and Operations Support Agreement (TOSA). This contract has a 30-year term and consists of one performance obligation, which represents a series of daily promises to provide support services to Purdue Global. The transaction price is entirely made up of variable consideration related to the reimbursement of KHE support costs and the KHE fee. The TOSA outlines a payment structure, which dictates how cash will be distributed at the end of Purdue Global’s fiscal year, which is the 30th of June. The collectability of the KHE support costs and KHE fee is entirely dependent on the availability of cash at the end of the fiscal year. This variable consideration is constrained based on fiscal year forecasts prepared for Purdue Global. The forecasts are updated throughout the fiscal year until the uncertainty is ultimately resolved, which is at the end of each Purdue Global fiscal year. As KHE’s performance obligation is made up of a series, the variable consideration is allocated to the distinct service period to which it relates, which is the Purdue Global fiscal year. Support services revenue is recognized over time based on the expenses incurred to date and the percentage of expected reimbursement. KHE fee revenue is also recognized over time based on the amount of Purdue Global revenue recognized to date and the percentage of fee expected to be collected for the fiscal year. The Company used these input measures as Purdue Global simultaneously receives and consumes the benefits of the services provided by KHE. Kaplan Supplemental Education. Supplemental Education offers test preparation services and materials to students, as well as professional training and exam preparation for professional certifications and licensures to students. Generally, Supplemental Education contracts consist of multiple performance obligations, as promises for these services are distinct within the context of the contract. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Supplemental Education generally determines standalone selling prices based on the prices charged to students and professionals. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation in the contract. Supplemental Education services revenue is recognized ratably over the period of access to the education materials. An estimate of the average access period is developed for each course, and this estimate is evaluated on an ongoing basis and adjusted as necessary. The time elapsed method, an input measure, is used as it best depicts the simultaneous consumption and availability of access to the services. Revenue associated with distinct course materials is recognized at the point in time when control transfers to the student, generally when products are delivered to the student. Supplemental Education offers a guarantee on certain courses that gives students the ability to repeat a course if they are not satisfied with their exam score. The Company accounts for this guarantee as a separate performance obligation. Television Broadcasting Revenue. Television broadcasting revenue at Graham Media Group (GMG) is primarily comprised of television and internet advertising revenue and retransmission revenue. Television Advertising Revenue. GMG accounts for the series of advertisements included in television advertising contracts as one performance obligation and recognizes advertising revenue over time. The Company elected the right to invoice practical expedient, an output method, as GMG has the right to consideration that equals the value provided to the customer for advertisements delivered to date. As a result of the election to use the right to invoice practical expedient, GMG does not determine the transaction price or allocate any variable consideration at contract inception. Rather, GMG recognizes revenue commensurate with the amount to which it has the right to invoice the customer. Payment is typically received in arrears within 60 days of revenue recognition. Retransmission Revenue. Retransmission revenue represents compensation paid by cable, satellite and other multichannel video programming distributors (MVPDs) to retransmit GMG’s stations’ broadcasts in their designated market areas. The retransmission rights granted to MVPDs are accounted for as a license of functional intellectual property, as the retransmitted broadcast provides significant standalone functionality. As such, each retransmission contract with an MVPD includes one performance obligation for each station’s retransmission license. GMG recognizes revenue using the usage-based royalty method, in which revenue is recognized in the month the broadcast is retransmitted based on the number of MVPD subscribers and the applicable per-user rate identified in the retransmission contract. Payment is typically received in arrears within 60 days of revenue recognition. Healthcare Revenue. Healthcare revenue consists primarily of in-home specialty pharmacy infusion therapies at CSI Pharmacy Holding Company, LLC (CSI); home health and hospice services; healthcare software-as-a-service technology; physician services for allergy, asthma and immunology patients; in-home aesthetics; applied behavior analysis therapy; and management services related to equity affiliates. Specialty Pharmacy Revenue. CSI contracts with patients to provide specialty pharmacy infusion and other therapies. Payment is typically received from third-party payors such as private insurers and Medicare. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the customer as the party who benefits from its therapies and as such, the patient is the customer. Specialty pharmacy contracts generally have one performance obligation to deliver the prescribed infusion therapy to the patient’s location and, in some cases, another performance obligation for nursing services to administer the infusion. The transaction price is the total amount CSI expects to receive from a payor as result of fulfilling its performance obligation. Revenue is recognized at the point in time the infusion therapy is delivered to the patient; revenue related to the nursing services is recognized as the services are provided. Home Health and Hospice Revenue. The Company contracts with patients to provide home health or hospice services. Payment is typically received from third-party payors such as Medicare, Medicaid, and private insurers. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the patient as the party who benefits from its healthcare services and as such, the patient is its customer. Home health services contracts generally have one performance obligation to provide home health services to patients. The Company recognizes revenue using the right to invoice practical expedient, an output method, as the contractual right to revenue corresponds directly with the transfer of services to the patient. Given the election of the practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the average length of stay within each of the two 30-day payment periods. Payment is typically received from Medicare within 30 days after a claim is filed. Medicare is the most common third-party payor for home health services. Home health revenue contracts may be modified to account for changes in the patient’s plan of care. The Company identifies contract modifications when the modification changes the existing enforceable rights and obligations. As modifications to the plan of care modify the original performance obligation, the Company accounts for the contract modification as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. Hospice services contracts generally have one performance obligation to provide healthcare services to patients. The transaction price reflects the amount of revenue the Company expects to receive in exchange for providing these services. As the transaction price for healthcare services is known at the time of contract inception, no variable consideration exists. Hospice service revenue is recognized ratably over the period of care. The Company generally uses the time-elapsed method, an input measure, as it best depicts the simultaneous delivery and consumption of healthcare services. Payment is received from third-party payors for hospice services within 60 days after a claim is filed, or in some cases in two installments, one during the contract and one after the services have been provided. Medicare is the most common third-party payor. Healthcare Software-as-a-service Revenue. Software-as-a-service revenue at Clarus is recognized ratably over the subscription period. Physician Services Revenue. Physician services revenue at Impact Medical consists of revenue from physician and nurse visits as well as revenue related to allergy and immunology treatments. Each treatment is a separate performance obligation and revenue is recognized as the performance obligation is satisfied. In-home Aesthetics Revenue. In-home aesthetics revenue at Skin Clique primarily represents treatments provided to a customer by a Skin Clique representative. Revenue is recognized as the service is being provided. Applied Behavior Analysis Revenue. Applied behavior analysis revenue at Surpass is recognized as services are provided to the customer. Payments are generally received in arrears, from customers as well as third-party payors. Management Services Revenue. The Company accounts for the management services provided to each of its affiliates as one performance obligation and recognizes revenue over time as the services are delivered. The Company uses the right to invoice practical expedient, an output method, as the Company’s right to revenue corresponds directly with the value delivered to the affiliate. As a result of the election to use the right to invoice practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the affiliate, which is based on contractually identified percentages. Payment is received monthly in arrears. Manufacturing Revenue. Manufacturing revenue consists primarily of product sales generated by four businesses: Hoover, Dekko, Joyce, and Forney. The Company has determined that each item ordered by the customer is a distinct performance obligation, as it has standalone value and is distinct within the context of the contract. For arrangements with multiple performance obligations, the Company initially allocates the transaction price to each obligation based on its standalone selling price, which is the retail price charged to customers. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. The Company sells some products and services with a right of return. This right of return constitutes variable consideration and is constrained from revenue recognition on a portfolio basis, using the expected value method until the refund period expires. The Company recognizes revenue when or as control transfers to the customer. Some manufacturing revenue is recognized ratably over the manufacturing period, if the product created for the customer does not have an alternative use for the Company and the Company has an enforceable right to payment for performance completed to date. The determination of the method by which the Company measures its progress toward the satisfaction of its performance obligations requires judgment. The Company measures its progress for these products using the units delivered method, an output measure. These arrangements represented 22%, 21%, and 19% of the manufacturing revenue recognized for the years ended December 31, 2025, 2024 and 2023, respectively. Other manufacturing revenue is recognized at the point in time when control transfers to the customer, generally when the products are shipped. Some customers have a bill-and-hold arrangement with the Company. Revenue for bill-and-hold arrangements is recognized when control transfers to the customer, even though the customer does not have physical possession of the goods. Control transfers when the bill-and-hold arrangement has been requested from the customer, the product is identified as belonging to the customer and is ready for physical transfer, and the product cannot be directed for use by anyone but the customer. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 90 days of delivery. The Company evaluated the terms of the warranties and guarantees offered by its manufacturing businesses and determined that these should not be accounted for as a separate performance obligation as a distinct service is not identified. Automotive Revenue. The automotive subsidiary generates revenue primarily through the sale of new and used vehicles; the arrangement of vehicle financing, insurance and other service contracts (F&I revenue); and the performance of vehicle repair and maintenance services. New and used vehicle revenue contracts generally contain one performance obligation to deliver the vehicle to the customer in exchange for the stated contract consideration. Revenue is recognized at the point in time when control of the vehicle passes to the customer. F&I revenue is recognized at the point in time when the agreement between the customer and financing, insurance or service provider is executed. As the automotive subsidiary acts as an agent in these F&I revenue transactions, revenue is recognized net of any financing, insurance and service provider costs. Repair and maintenance services revenue is recognized over time, as the service is performed. Other Revenue. Restaurant Revenue. Restaurant revenues consist of sales generated by Clyde’s Restaurant Group (CRG). Food and beverage revenue, net of discounts and taxes, is recognized at the point in time when it is delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Custom Framing Services Revenue. Framebridge sells custom framing solutions to customers. Custom framing services revenue, net of discounts and taxes, is recognized when the products are delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer. Code3 Revenue. Code3 generates media management revenue in exchange for providing social media marketing solutions to its clients. The Company determined that Code3 contracts generally have one performance obligation made up of a series of promises to manage the client’s media spend on advertising platforms for the duration of the contract period. Code3 recognizes revenue, net of media acquisition costs, over time as media management services are delivered to the customer. Generally, Code3 recognizes revenue using the right to invoice practical expedient, an output method, as Code3’s right to revenue corresponds directly with the value delivered to its customer. As a result of the election to use the right to invoice practical expedient, Code3 does not determine the transaction price or allocate any variable consideration at contract inception. Rather, Code3 recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the cost of social media placement plus a management fee, less any applicable discounts. Payment is typically received within 100 days of revenue recognition. Code3 evaluates whether it is the principal (i.e., presents revenue on a gross basis) or agent (i.e., presents revenue on a net basis) in its contracts. Code3 presents revenue for media management services, net of media acquisition costs, as an agent, as Code3 does not control the media before placement on social media platforms. Society6 Revenue. Revenue is primarily derived from the sale of products. Each product ordered is generally accounted for as an individual performance obligation. Product revenue, net of discounts and taxes, is recognized when control of the promised good is transferred to the customer. Saatchi Art Revenue. Commissions revenue is primarily derived through the sale of artwork through Saatchi’s online art gallery or in-person art fairs. Each individual art piece ordered is generally accounted for as an individual performance obligation. Revenue is recognized net of artist fees when control of the promised good is transferred to the customer. World of Good Brands (WGB) Revenue. Revenue is primarily derived from advertisements displayed on WGB’s online media properties. Revenue is recognized over time as the performance obligation is delivered. Revenue is generally recognized based on an output measure including impressions delivered, cost per click or time-based advertisements. Other Revenue. Other revenue primarily includes advertising and subscription revenue from Slate, Decile, Pinna, Foreign Policy, Supporting Cast and City Cast. The Company accounts for other advertising revenues consistently with the advertising revenue streams addressed above. Subscription revenue consists of fees that provide customers access to online and print publications. The Company recognizes subscription revenue ratably over the subscription period beginning on the date that the publication or product is made available to the customer. Subscription revenue contracts are generally annual or monthly subscription contracts that are paid in advance of the delivery of performance obligations. Revenue Policy Elections. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of the good as a fulfillment cost rather than as an additional promised service. Therefore, revenue for these performance obligations is recognized when control of the good transfers to the customer, which is when the good is ready for shipment. The Company accrues the related shipping and handling costs over the period when revenue is recognized. The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. Revenue Practical Expedients. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the amount of revenue recognized is based on the amount to which the Company has the right to invoice the customer for services performed, (iii) contracts for which the consideration received is a usage-based royalty promised in exchange for a license of intellectual property and (iv) contracts for which variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation. Costs to Obtain a Contract. The Company incurs costs to obtain a contract that are both incremental and expected to be recovered, as the costs would not have been incurred if the contract was not obtained and the revenue from the contract exceeds the associated cost. The revenue guidance provides a practical expedient to expense sales commissions as incurred in instances where the amortization period is one year or less. The amortization period is defined in the guidance as the contract term, inclusive of any expected contract renewal periods. The Company has elected to apply this practical expedient to all contracts except for third-party contracts in its international education division. In the international education division, costs to obtain a contract are amortized over the applicable amortization period except for cases in which commissions paid on initial contracts and renewals are commensurate. The Company amortizes these costs to obtain a contract on a straight-line basis over the amortization period. These expenses are included as cost of services or products in the Company’s Consolidated Statements of Operations.
Leases	Leases. The Company has operating leases for substantially all of its educational facilities, corporate offices and other facilities used in conducting its business, as well as certain equipment. The Company determines if an arrangement is a lease at inception. Operating leases are included in lease ROU assets, current portion of lease liabilities, and lease liabilities on the Company’s Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets also include any initial direct costs, prepaid lease payments and lease incentives received, when applicable. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on December 31, 2018 for operating leases that commenced prior to that date. The Company’s lease terms may include options to extend or terminate the lease by one to 10 years or more when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet; however, lease expense for these leases is recognized on a straight-line basis. The Company has elected the practical expedient to not separate lease components from nonlease components. As such, lease expense includes these nonlease components, when applicable. Fixed lease expense is recognized on a straight-line basis over the lease term. Variable lease expense is recognized when incurred. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants. In some instances, the Company subleases its leased real estate facilities to third parties. The Company has several restaurant leases with an entity affiliated with some of CRG’s senior managers and some automotive leases with an entity affiliated with automotive’s minority shareholder. Finance leases are included in property, plant and equipment, net, accounts payable and accrued liabilities and other liabilities on the Company’s Consolidated Balance Sheets. The Company primarily has finance leases for its vehicle fleet at the healthcare subsidiary and service loaner vehicles at the automotive subsidiary. Service loaner vehicles are generally purchased from the lessor within six months of contract commencement and upon purchase, the vehicles are placed into used vehicle inventory at cost. As of December 31, 2025 and 2024, the Company had $9.3 million and $10.5 million, respectively, in net, property, plant and equipment and current finance lease liabilities related to service loaner vehicles at the automotive subsidiary.
Pensions and Other Postretirement Benefits	Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Most of the Company’s employees are covered by these plans. The Company also provides healthcare and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements. The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheets and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the expected return on plan assets and the rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans.
Self-Insurance	Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee healthcare and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided.
Income Taxes	Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made.
Foreign Currency Translation	Foreign Currency Translation. Income and expense accounts of the Company’s non-U.S. operations where the local currency is the functional currency are translated into U.S. dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations.
Equity-Based Compensation	Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award. Stock award forfeitures are accounted for as they occur.
Earnings Per Share	Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method.
Mandatorily Redeemable Noncontrolling Interest	Mandatorily Redeemable Noncontrolling Interest. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders, consisting of a group of current and former senior managers of the healthcare business, in subsidiaries of Graham Healthcare Group (GHG). The Company established GHC One LLC (GHC One) and GHC Two LLC (GHC Two) as vehicles to invest in a portfolio of healthcare businesses together with the group of senior managers of GHG. As the holder of preferred units, the Company is obligated to contribute 95% of the capital required for the acquisition of portfolio investments with the remaining 5% of the capital coming from the group of senior managers. The operating agreements of GHC One and GHC Two require the dissolution of the entities on March 31, 2026, and March 31, 2029, respectively, at which time the net assets will be distributed to its members. As a preferred unit holder, the Company will receive an amount up to its contributed capital plus a preferred annual return of 8% (guaranteed return) after the group of senior managers has received the redemption of their 5% interest in net assets (manager return). All distributions in excess of the manager and guaranteed return will be paid to common unit holders, which currently comprise the group of senior managers of GHG. The Company may convert its preferred units to common units at any time after which it will receive 80% of all distributions in excess of the manager return, with the remaining 20% of excess distributions going to the group of senior managers as holders of the other common units. The mandatorily redeemable noncontrolling interest related to GHC One is reported as a current liability at December 31, 2025 and a noncurrent liability at December 31, 2024 in the Consolidated Balance Sheets. The mandatorily redeemable noncontrolling interested related to GHC Two is reported as a noncurrent liability at December 31, 2025 and 2024. The Company presents this liability at fair value, which is computed quarterly at the current redemption value. Changes in the redemption value are recorded as interest expense or income in the Company’s Consolidated Statement of Operations.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest. The Company’s redeemable noncontrolling interest represents the noncontrolling interest in CSI, which is 87.5% owned; Framebridge, which is 93.4% owned; Impact Medical, which is 50.1% owned; Skin Clique, which is 51% owned; and Clarus, which is 95.75% owned. CSI’s minority shareholders may put up to 50% of their shares to the Company. The first put period began in 2022. A second put period for another tranche of shares began in 2024. In December 2024, the Company acquired some of the minority-owned shares of CSI for a total amount of $2.1 million. Prior to the redemption, the Company owned 86.7% of CSI. In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. Prior to the redemption, the Company owned 76.5% of CSI. The minority shareholder of Framebridge has an option to put 20% of the shares to the Company annually starting in 2024. The minority shareholder of Impact Medical has an option to put 10% of the shares to the Company annually starting in 2026 and may put all of the shares starting in 2033. The minority shareholders of Skin Clique have the option to put all or a portion of their shares to the Company starting in 2029 and ending in 2032. The minority shareholder at Clarus may put all or a portion of their shares to the Company. The first put period occurred in 2025; a second put period will occur in 2026; and a final put period will occur in 2030. In October 2025, the Company purchased some of the minority-owned interest of Clarus for $0.4 million. Prior to the redemption, the Company owned 95% of Clarus. The Company presents the redeemable noncontrolling interests at the greater of its carrying amount or redemption value at the end of each reporting period in the Consolidated Balance Sheets. Changes in the redemption value are recorded as capital in excess of par value in the Company’s Consolidated Balance Sheets.
Comprehensive Income	Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, net changes in cash flow hedges, and pension and other postretirement plan adjustments.
Recently Adopted and Issued Accounting Pronouncemets	Recently Adopted and Issued Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (FASB) issued new guidance that requires enhanced income tax disclosures related to the rate reconciliation, information on income taxes paid and other items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard permits both prospective and retrospective application. The standard was adopted by the Company in the fourth quarter of 2025 and applied retrospectively to all prior periods presented in the Consolidated Financial Statements. In November 2024, the FASB issued new guidance that requires disclosures about certain significant expense categories including inventory purchases, employee compensation, depreciation, amortization, and selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Consolidated Financial Statements. In September 2025, the FASB issued new guidance which updates the accounting for internal-use software by removing references to software development project stages and adding new criteria to determine when an entity is required to start capitalizing internal-use software costs. The guidance is effective for fiscal years and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Consolidated Financial Statements. Other new accounting pronouncements issued but not effective until after December 31, 2025, are not expected to have a material impact on the Company’s Consolidated Financial Statements.

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Other (expense) income, net

$ 18,853

$ (12,546)

$ (19,094)

Interest expense

118,787

186,149

63,301

Provision for Income Taxes

146,400

292,100

87,300

Net of Tax

(303,267)

(732,610)

(211,704)

Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Net of Tax

(1,488)

(518,290)

(36,306)

Foreign Currency Translation Adjustments [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

646

(765)

Provision for income taxes

Reclassifications, net of tax

646

(765)

Foreign Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Other (expense) income, net

646

(765)

Pension and Other Postretirement Plans [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

(3,287)

(695,120)

(41,592)

Provision for income taxes

855

177,959

10,649

Reclassifications, net of tax

(2,432)

(517,161)

(30,943)

Net Actuarial Loss [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

^[1]

(1,207)

(39,742)

(42,146)

Provision for income taxes

314

10,174

10,790

Reclassifications, net of tax

(893)

(29,568)

(31,356)

Net Prior Service Cost [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

^[1]

(2,080)

(1,951)

1,641

Provision for income taxes

541

500

(420)

Reclassifications, net of tax

(1,539)

(1,451)

1,221

Settlement Gains Included In Net Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

^[1]

(653,427)

(1,087)

Provision for income taxes

167,285

279

Reclassifications, net of tax

(486,142)

(808)

Cash Flow Hedges

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, net of tax

298

(364)

Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Interest expense

$ 298

$ (364)

$ (5,363)

[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension and postretirement plan cost (see Note 15) and are included in non-operating pension and postretirement benefit income in the Company’s Consolidated Statements of Operations.

Inventories and Contracts in Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 77,977	$ 46,058
Work-in-process	12,906	12,685
Finished goods	209,287	234,344
Contracts in progress	3,200	2,721
Inventories and contracts in progress	$ 303,370	$ 295,808

Pensions and Other Postretirement Plans (Future Estimated Benefit Payments) (Details 4) $ in Thousands	Dec. 31, 2025 USD ($)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
2026	$ 37,570
2027	40,280
2028	41,372
2029	44,000
2030	43,947
2031-2035	236,353
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
2026	7,376
2027	7,579
2028	7,701
2029	7,752
2030	7,815
2031-2035	37,669
Other Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
2026	135
2027	129
2028	114
2029	105
2030	80
2031-2035	$ 563

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Changes in Estimated Credit Losses) (Details 2) - Estimated Credit Losses [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 23,719	$ 24,667	$ 21,387
Additions - Charged to Costs and Expenses	3,883	3,591	6,045
Deductions	(4,438)	(4,539)	(2,765)
Balance at End of Period	$ 23,164	$ 23,719	$ 24,667

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

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 December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	5,251	$	—	$	5,251
Marketable equity securities (2)	1,081,938		—		—		1,081,938
Other current investments (3)	—		7,032		—		7,032


Total Financial Assets	$	1,081,938	$	12,283	$	—	$	1,094,221
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,526	$	1,526
Interest rate swaps (5)	—		2,289		—		2,289

Mandatorily redeemable noncontrolling interest (6)	—		—		8,401		8,401
Total Financial Liabilities	$	—	$	2,289	$	9,927	$	12,216


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	3,908	$	—	$	3,908
Marketable equity securities (2)	852,434		—		—		852,434
Other current investments (3)	—		6,309		—		6,309
Foreign exchange swap (7)	—		710		—		710

Total Financial Assets	$	852,434	$	10,927	$	—	$	863,361
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,419	$	1,419
Interest rate swaps (5)	—		1,419		—		1,419
Mandatorily redeemable noncontrolling interest (6)	—		—		159,548		159,548
Total Financial Liabilities	$	—	$	1,419	$	160,967	$	162,386

____________


(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. exchanges. Price quotes for these shares are readily available.
(3)			Includes mutual funds, which 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.
(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 swap 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 Other current assets and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.

The following table provides a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs:


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2023	$	788	$	40,764
Acquisition of business	1,293		—
Changes in fair value (1)	(75)		119,295
Capital contributions	—		204
Accretion of value included in net income (1)	190		—
Settlements or distributions	(719)		(715)
Foreign currency exchange rate changes	(58)		—
As of December 31, 2024	1,419		159,548

Changes in fair value (1)	—		54,492
Capital contributions	—		80
Accretion of value included in net income (1)	233		—
Settlements or distributions	(317)		(205,719)
Foreign currency exchange rate changes	191		—
As of December 31, 2025	$	1,526	$	8,401

____________


(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 Consolidated Statements of Operations.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded goodwill and other long-lived asset impairment charges of $12.3 million, $49.8 million and $99.1 million, respectively (see Note 9). 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, indefinite-lived intangible assets, and other long-lived assets. Where appropriate, a market value approach was also utilized to supplement the discounted cash flow model. The Company made estimates and assumptions regarding future cash flows, royalty rates, discount rates, market values, and long-term growth rates.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded impairment losses of $14.7 million, $0.7 million and $0.5 million, respectively, to equity securities that are accounted for as cost method investments. During the year ended December 31, 2024, the Company recorded losses of $1.7 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. For the years ended December 31, 2024 and 2023, the Company recorded gains of $0.2 million and $3.1 million, respectively, to those equity securities based on observable transactions (see Note 4).

For the year ended December 31, 2024, the Company recorded impairment charges of $14.4 million on one of its investments in affiliates (see Note 4). The Company used a market approach to determine the estimated fair value of its investment in the affiliate.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Receivable) (Details 1) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivables from contracts with customers, less estimated credit losses	$ 519,068	$ 477,827
Other receivables	57,686	36,599
Accounts receivable, net	576,754	514,426
Estimated credit losses	$ 23,164	$ 23,719

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill, by segment, were as follows:


(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Other Businesses		Total
As of December 31, 2023
Goodwill	$	1,163,991	$	190,815	$	135,038	$	234,993	$	129,280	$	251,216	$	2,105,333
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(166,926)		(580,139)
	832,840		190,815		135,038		152,931		129,280		84,290		1,525,194

Acquisitions	4,300		—		—		—		—		—		4,300
Impairment	—		—		—		—		—		(7,502)		(7,502)
Dispositions	(1,684)		—		—		—		—		—		(1,684)

Foreign currency exchange rate changes	(20,272)		—		—		—		—		—		(20,272)
As of December 31, 2024
Goodwill	1,146,335		190,815		135,038		234,993		129,280		251,216		2,087,677
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(174,428)		(587,641)
	815,184		190,815		135,038		152,931		129,280		76,788		1,500,036

Acquisitions	1,262		—		1,599		37,530		11,552		—		51,943

Dispositions	(1,204)		—		—		—		—		—		(1,204)

Foreign currency exchange rate changes	34,891		—		—		—		—		—		34,891
As of December 31, 2025
Goodwill	1,181,284		190,815		136,637		272,523		140,832		108,943		2,031,034
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(32,155)		(445,368)
	$	850,133	$	190,815	$	136,637	$	190,461	$	140,832	$	76,788	$	1,585,666

Other Intangible Assets

Other intangible assets consist of the following:


		As of December 31, 2025						As of December 31, 2024
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Student and customer relationships	2–10 years	$	307,312	$	266,453	$	40,859	$	281,140	$	252,969	$	28,171
Trade names and trademarks	2–10 years	114,227		98,147		16,080		116,081		94,408		21,673
Network affiliation agreements	10 years	17,400		15,588		1,812		17,400		13,848		3,552
Databases and technology	3–6 years	32,376		30,293		2,083		33,290		33,290		—
Other	1–8 years	38,063		37,266		797		41,514		38,214		3,300
		$	509,378	$	447,747	$	61,631	$	489,425	$	432,729	$	56,696
Indefinite-Lived Intangible Assets
Franchise agreements		$	97,002					$	92,158
Trade names and trademarks		62,653						60,994
FCC licenses		11,000						11,000
Other		150						171
		$	170,805					$	164,323

Education and Healthcare Divisions [Member]

Changes in Carrying Amount of Goodwill

The changes in carrying amount of goodwill at the Company’s education and healthcare divisions were as follows:


(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total Education		CSI		Other Healthcare		Total Healthcare
As of December 31, 2023
Goodwill	$	598,000	$	174,564	$	391,427	$	1,163,991	$	—	$	135,038	$	135,038
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	598,000		63,240		171,600		832,840		—		135,038		135,038

Acquisitions	4,300		—		—		4,300		—		—		—

Dispositions	(1,684)		—		—		(1,684)		—		—		—

Foreign currency exchange rate changes	(20,121)		—		(151)		(20,272)		—		—		—
As of December 31, 2024
Goodwill	580,495		174,564		391,276		1,146,335		—		135,038		135,038
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	580,495		63,240		171,449		815,184		—		135,038		135,038
Reallocation	—		—		—		—		87,140		(87,140)		—

Acquisitions	—		—		1,262		1,262		—		1,599		1,599

Dispositions	(1,204)		—		—		(1,204)		—		—		—

Foreign currency exchange rate changes	34,805		—		86		34,891		—		—		—
As of December 31, 2025
Goodwill	614,096		174,564		392,624		1,181,284		87,140		49,497		136,637
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	$	614,096	$	63,240	$	172,797	$	850,133	$	87,140	$	49,497	$	136,637

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation of property, plant and equipment	$ 80,366	$ 87,046	$ 86,064
Property, plant and equipment impairment charges	$ 100		$ 300

Leases (Maturities of Lease Liabilities) (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
Operating lease payments due in 2026	$ 81,369
Operating lease payments due in 2027	79,378
Operating lease payments due in 2028	66,239
Operating lease payments due in 2029	57,225
Operating lease payments due in 2030	43,532
Operating lease payments due thereafter	262,631
Operating lease liabilities, total payments due	590,374
Less: Imputed interest	(148,187)
Total operating lease liabilities	442,187
Finance lease payments due in 2026	17,623
Finance lease payments due in 2027	4,896
Finance lease payments due in 2028	2,319
Finance lease payments due in 2029	80
Finance lease payments due in 2030	55
Finance lease payments due thereafter	0
Finance lease liabilities, total payments due	24,973
Less: Imputed interest	(852)
Total finance lease liabilities	$ 24,121

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


	As of December 31
(in thousands)	2025		2024
Land	$	112,981	$	100,274
Buildings	284,627		248,978
Machinery, equipment and fixtures	550,375		533,781
Leasehold improvements	205,455		185,674
Construction in progress	31,105		30,864
	1,184,543		1,099,571
Less: accumulated depreciation	(597,109)		(550,207)
	$	587,434	$	549,364

Capital Stock, Stock Awards, and Stock Options (Antidilutive Shares) (Details 6) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	15	21	12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Goodwill and Other Intangible Assets (Indefinite-lived Intangible Assets) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Indefinite-lived Intangible Assets [Line Items]
Impairment Of Intangible Asset Indefinite Lived Excluding Goodwill Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	indefinite-lived intangible asset impairment charge	intangible asset impairment charge
CDJR [Member] \| Automotive [Member]
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 10.1
Mander Portman Woodward [Member] \| Education [Member] \| Kaplan International [Member]
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 22.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Income Taxes (Income from Operations) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income before Income Taxes [Abstract]
U.S.	$ 326,275	$ 950,675	$ 219,240
Non-U.S.	123,392	74,035	79,764
Income Before Income Taxes	$ 449,667	$ 1,024,710	$ 299,004

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Other Non-Operating (Expense) Income (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Non-Operating (Expense) Income [Line Items]
Gain on sale of businesses				$ 375	$ 8,121	$ 15,618
World Of Good Brands [Member]
Schedule of Non-Operating (Expense) Income [Line Items]
Gain on sale of businesses		$ 3,500
Pinna [Member]
Schedule of Non-Operating (Expense) Income [Line Items]
Gain on sale of businesses			$ 10,000
Education [Member]
Schedule of Non-Operating (Expense) Income [Line Items]
Gain on sale of businesses	$ 3,700
Education [Member] \| Higher Education [Member] \| Kaplan University Transaction [Member]
Schedule of Non-Operating (Expense) Income [Line Items]
Gain related to contingent consideration					$ 900	$ 5,600

Investments (Narrative) (Details) £ in Millions	1 Months Ended					3 Months Ended	12 Months Ended
Investments (Narrative) (Details) £ in Millions	Dec. 31, 2025 USD ($) shares	Nov. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	May 31, 2024 USD ($)	Apr. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2025 GBP (£) shares
Schedule of Investments [Line Items]
Money market investments	$ 5,300,000						$ 5,300,000	$ 3,900,000
Marketable Equity Securities	1,081,938,000						1,081,938,000	852,434,000
Payments to acquire marketable securities							29,823,000	5,000,000	$ 6,162,000
Investments in Marketable Securities									4,600,000
Proceeds from sales of marketable equity securities							0	23,524,000	61,979,000
Cumulative realized net gains on sales of marketable securities								19,800,000	12,700,000
Cumulative realized gain on marketable securities donated							400,000	400,000	400,000
Payments for Advance to Affiliate							0	2,000,000	30,000,000
Gain in equity earnings							16,394,000	(3,303,000)	(5,183,000)
Impairment on equity method investment								14,400,000
Cumulative undistributed income in investments in affiliates	30,000,000.0						30,000,000.0	38,000,000.0
Cost method investments	$ 49,400,000						49,400,000	74,800,000
Impairment of cost method investments							$ 14,725,000	744,000	500,000
Gain on cost method investments								200,000	3,100,000
Loss on cost method investments								$ 1,700,000
Concentration in single marketable equity security [Member] \| Total Assets [Member]
Schedule of Investments [Line Items]
Minimum percentage of total assets considered as significant concentrations							5.00%
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	$ 119,200,000						$ 119,200,000	$ 95,700,000
Berkshire Hathaway [Member]
Schedule of Investments [Line Items]
Marketable Equity Securities	$ 560,800,000						$ 560,800,000
Berkshire Hathaway [Member] \| Class A Common Stock [Member]
Schedule of Investments [Line Items]
Number of shares held in investment \| shares	422						422			422
Berkshire Hathaway [Member] \| Class B Common Stock [Member]
Schedule of Investments [Line Items]
Number of shares held in investment \| shares	481,920						481,920			481,920
Realm [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage	41.40%						41.40%			41.40%
N2K Networks [Member]
Schedule of Investments [Line Items]
Payments for Advance to Affiliate				$ 2,000,000.0
Equity Method Investment, Diluted Ownership Percentage	50.40%						50.40%			50.40%
Loan Receivable Fixed Interest Rate				12.00%
Impairment on equity method investment						$ 14,400,000
Intersection [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	25.20%						25.20%			25.20%
Additional Investment in Equity Method Investments		$ 28,700,000	$ 29,300,000
Settlement of Advance to Affiliate			19,300,000
Payments for Advance to Affiliate					$ 30,000,000.0
Gain in equity earnings			$ 18,600,000
Proceeds from Collection of Advance to Affiliate	$ 5,000,000.0
Graham Healthcare Group [Member] \| Related Party [Member]
Schedule of Investments [Line Items]
Operating Revenues							$ 16,500,000	$ 17,500,000	$ 15,600,000
Graham Healthcare Group [Member] \| Residential Home Health Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%						40.00%			40.00%
Graham Healthcare Group [Member] \| Residential Hospice Illinois [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%						40.00%			40.00%
Graham Healthcare Group [Member] \| Mary Free Bed at Home [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%						40.00%			40.00%
Graham Healthcare Group [Member] \| Allegheny Health Network Healthcare at Home [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%						40.00%			40.00%
KIHL [Member] \| York Joint Venture [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	45.00%						45.00%			45.00%
Loan Receivable Fixed Interest Rate							7.00%
Cumulative Payments For Advance to Affiliate \| £										£ 22.0
Loan Receivable, Payment Term							25 years
Advances to Affiliate \| £										£ 18.8

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	As of December 31
(in thousands)	2025		2024

Receivables from contracts with customers, less estimated credit losses of $23,164 and $23,719	$	519,068	$	477,827
Other receivables	57,686		36,599
	$	576,754	$	514,426

Schedule of Changes in Estimated Credit Losses

The changes in estimated credit losses were as follows:


(in thousands)	Balance at Beginning of Period		Additions – Charged to Costs and Expenses		Deductions		Balance at End of Period

2025	$	23,719	$	3,883	$	(4,438)	$	23,164




2024	24,667		3,591		(4,539)		23,719



2023	21,387		6,045		(2,765)		24,667

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 December 31
(in thousands)	2025		2024
Accounts payable	$	181,009	$	160,384
Vehicle floor plan payable	118,959		147,884
Accrued compensation and related benefits	194,972		172,915
Other accrued liabilities	226,686		231,322
	$	721,626	$	712,505

Supplier Finance Program Reconciliation

Activity related to floor plan facilities associated with new vehicles is as follows:


(in thousands)	2025		2024
Obligations outstanding at the beginning of the year	$	133,451	$	128,929
Additions	664,374		733,304
Settlements	(691,974)		(728,782)
Obligations outstanding at the end of the year	$	105,851	$	133,451

Other Non-Operating (Expense) Income (Tables)

12 Months Ended

Dec. 31, 2025

Other Nonoperating Income (Expense) [Abstract]

Summary of Other Non-Operating (Expense) Income

A summary of non-operating (expense) income is as follows:


	Year Ended December 31
(in thousands)	2025		2024		2023
Impairment of cost method investments	$	(14,725)	$	(744)	$	(500)
Foreign currency (loss) gain, net	(10,051)		5,415		(1,141)
Gain on sale of cost method investments	4,717		7		958
Gain on sale of businesses	375		8,121		15,618
Gain on sale of investment in affiliates	314		15		15
Net (loss) gain on cost method investments	—		(1,526)		3,104




Other, net	517		1,258		1,040
Total Other Non-Operating (Expense) Income	$	(18,853)	$	12,546	$	19,094