Business Segments (Tables)

3 Months Ended

Mar. 31, 2020

The following tables summarize the financial information related to each of the Company’s business segments:



	Three months ended
	March 31
(in thousands)	2020			2019
Operating Revenues
Education	$	356,378		$	372,454
Television broadcasting	115,448			108,223
Manufacturing	113,458			115,157
Healthcare	45,994			37,728
SocialCode	12,023			13,447
Other businesses	89,268			45,230
Corporate office	—			—
Intersegment elimination	(312		)	(40		)
	$	732,257		$	692,199
Income (Loss) from Operations
Education	$	4,692		$	25,595
Television broadcasting	35,776			35,540
Manufacturing	6,501			3,274
Healthcare	3,169			2,329
SocialCode	(3,789		)	(4,018		)
Other businesses	(29,692		)	(8,493		)
Corporate office	(8,572		)	(14,224		)
	$	8,085		$	40,003
Equity in (Losses) Earnings of Affiliates, Net	(1,547		)	1,679
Interest Expense, Net	(6,527		)	(5,725		)
Non-Operating Pension and Postretirement Benefit Income, Net	18,403			19,928
(Loss) Gain on Marketable Equity Securities, Net	(100,393		)	24,066
Other Income, Net	2,688			29,351
(Loss) Income Before Income Taxes	$	(79,291	)	$	109,302
Depreciation of Property, Plant and Equipment
Education	$	7,329		$	6,201
Television broadcasting	3,343			3,239
Manufacturing	2,527			2,433
Healthcare	540			610
SocialCode	121			152
Other businesses	2,669			648
Corporate office	175			240
	$	16,704		$	13,523
Amortization of Intangible Assets and Impairment of Goodwill and Intangible Assets
Education	$	4,201		$	3,567
Television broadcasting	1,360			1,408
Manufacturing	7,137			6,530
Healthcare	1,310			1,398
SocialCode	157			157
Other businesses	16,401			—
Corporate office	—			—
	$	30,566		$	13,060
Pension Service Cost
Education	$	2,585		$	2,664
Television broadcasting	796			731
Manufacturing	394			25
Healthcare	159			183
SocialCode	237			248
Other businesses	226			201
Corporate office	1,386			1,169
	$	5,783		$	5,221

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



	As of
(in thousands)	March 31, 2020		December 31, 2019
Identifiable Assets
Education	$	1,893,250	$	2,032,425
Television broadcasting	457,048		463,689
Manufacturing	568,265		564,251
Healthcare	161,511		160,033
SocialCode	134,650		221,746
Other businesses	317,940		345,649
Corporate office	202,486		103,764
	$	3,735,150	$	3,891,557
Investments in Marketable Equity Securities	436,204		585,080
Investments in Affiliates	167,628		162,249
Prepaid Pension Cost	1,306,843		1,292,350
Total Assets	$	5,645,825	$	5,931,236

The Company’s education division comprises the following operating segments:



	Three months ended
	March 31
(in thousands)	2020			2019
Operating Revenues
Kaplan international	$	199,615		$	185,756
Higher education	73,537			82,780
Test preparation	42,839			61,150
Professional (U.S.)	38,449			41,214
Kaplan corporate and other	3,205			2,302
Intersegment elimination	(1,267		)	(748		)
	$	356,378		$	372,454
Income (Loss) from Operations
Kaplan international	$	18,980		$	24,285
Higher education	(2,020		)	1,915
Test preparation	(12,676		)	(454		)
Professional (U.S.)	6,126			11,259
Kaplan corporate and other	(5,723		)	(11,404		)
Intersegment elimination	5			(6		)
	$	4,692		$	25,595
Depreciation of Property, Plant and Equipment
Kaplan international	$	4,578		$	3,882
Higher education	723			597
Test preparation	826			805
Professional (U.S.)	1,113			865
Kaplan corporate and other	89			52
	$	7,329		$	6,201
Amortization of Intangible Assets	$	4,201		$	3,567
Pension Service Cost
Kaplan international	$	112		$	117
Higher education	1,070			1,163
Test preparation	823			866
Professional (U.S.)	262			348
Kaplan corporate and other	318			170
	$	2,585		$	2,664

Asset information for the Company’s education division is as follows: