Thread regarding Kaplan University layoffs

How the Kaplan deal was profitable to Graham Holdings

Raided the pensions, and used the pension money to downsize? Classy, very classy.

"On March 22, 2018, the Company eliminated the accrual of pension benefits for certain Kaplan University employees related to their future service. As a result, the Company remeasured the accumulated and projected benefit obligation of the pension plan as of March 22, 2018, and the Company recorded a curtailment gain in the first quarter of 2018. The new measurement basis was used for the recognition of the Company’s pension benefit following the remeasurement. The curtailment gain on the Kaplan University transaction is included in the gain on the Kaplan University transaction and reported in Other income, net on the Condensed Consolidated Statement of Operations."

(p. 20)

"In the second quarter of 2019, the Company offered a Separation Incentive Program (SIP) for certain Kaplan employees, which was funded from the assets of the Company’s pension plan. The Company recorded $6.4 million in expense related to the SIP for the nine months ended September 30, 2019."

https://www.sec.gov/ix?doc=/Archives/edgar/data/104889/000010488919000037/a2019q310-q.htm

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