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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
In the third quarter of 2021, as a result of the emergence of the COVID-19 Delta variant and continued weak product demand in the commercial office electrical products and hospitality sectors caused by the COVID-19 pandemic, the Company performed an interim review of the goodwill and indefinite-lived intangibles of the Dekko reporting unit. As a result of the impairment review, the Company recorded a $26.7 million goodwill impairment charge. The Company estimated the fair value of the reporting unit by utilizing a discounted cash flow model. The carrying value of the reporting unit exceeded the estimated fair value, resulting in a goodwill impairment charge for the amount by which the carrying value exceeded the estimated fair value after taking into account the effect of deferred income taxes. Dekko is included in manufacturing.
Amortization of intangible assets for the three months ended September 30, 2022 and 2021, was $14.6 million and $16.0 million, respectively. Amortization of intangible assets for the nine months ended September 30, 2022 and 2021, was $44.4 million and $43.8 million, respectively. Amortization of intangible assets is estimated to be approximately $15 million for the remainder of 2022, $51 million in 2023, $39 million in 2024, $31 million in 2025, $26 million in 2026 and $40 million thereafter.
The changes in the carrying amount of goodwill, by segment, were as follows:
(in thousands)EducationTelevision
Broadcasting		ManufacturingHealthcareAutomotiveOther
Businesses		Total
Balance as of December 31, 2021        
Goodwill$1,186,236 $190,815 $234,993 $118,329 $45,826 $253,399 $2,029,598 
Accumulated impairment losses
(331,151)— (34,302)— — (14,563)(380,016)
855,085 190,815 200,691 118,329 45,826 238,836 1,649,582 
Measurement period adjustments
1,081 — — 249 — (2,183)(853)
Acquisitions— — — 18,031 38,871 — 56,902 
Foreign currency exchange rate changes
(74,191)— — — — — (74,191)
Balance as of September 30, 2022        
Goodwill1,113,126 190,815 234,993 136,609 84,697 251,216 2,011,456 
Accumulated impairment losses
(331,151)— (34,302)— — (14,563)(380,016)
$781,975 $190,815 $200,691 $136,609 $84,697 $236,653 $1,631,440 
The changes in carrying amount of goodwill at the Company’s education division were as follows:
(in thousands)Kaplan
International		Higher
Education		Supplemental EducationTotal
Balance as of December 31, 2021      
Goodwill$621,268 $174,564 $390,404 $1,186,236 
Accumulated impairment losses— (111,324)(219,827)(331,151)
621,268 63,240 170,577 855,085 
Measurement period adjustments— — 1,081 1,081 
Foreign currency exchange rate changes(74,068)— (123)(74,191)
Balance as of September 30, 2022      
Goodwill547,200 174,564 391,362 1,113,126 
Accumulated impairment losses— (111,324)(219,827)(331,151)
$547,200 $63,240 $171,535 $781,975 
Other intangible assets consist of the following:
As of September 30, 2022As of December 31, 2021
(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
$296,743 $223,485 $73,258 $300,027 $206,714 $93,313 
Trade names and trademarks
2–15 years
157,303 78,189 79,114 158,365 68,113 90,252 
Databases and technology
3–6 years
35,848 30,454 5,394 36,585 26,464 10,121 
Network affiliation agreements
10 years
17,400 9,933 7,467 17,400 8,628 8,772 
Noncompete agreements
2–5 years
1,000 994 6 1,000 991 9 
Other
1–8 years
69,450 32,429 37,021 68,500 23,847 44,653 
    $577,744 $375,484 $202,260 $581,877 $334,757 $247,120 
Indefinite-Lived Intangible Assets
              
Trade names and trademarks  $77,887     $86,972     
Franchise agreements85,858 44,058 
FCC licenses11,000 11,000 
Licensure and accreditation  150     150     
Other20 — 
  $174,915 $142,180