Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETSAmortization of intangible assets for the three months ended June 30, 2023 and 2022, was $13.3 million and $14.9 million, respectively. Amortization of intangible assets for the six months ended June 30, 2023 and 2022, was $27.2 million and $29.8 million, respectively. Amortization of intangible assets is estimated to be approximately $23 million for the remainder of 2023, $37 million in 2024, $29 million in 2025, $20 million in 2026, $6 million in 2027 and $19 million thereafter.

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

(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Other Businesses		Total
Balance as of December 31, 2022
Goodwill	$	1,145,502	$	190,815	$	234,993	$	135,870	$	84,697	$	251,216	$	2,043,093
Accumulated impairment losses	(331,151)		—		(34,302)		—		—		(116,687)		(482,140)
	814,351		190,815		200,691		135,870		84,697		134,529		1,560,953
Measurement period adjustments	—		—		—		(2,217)		—		—		(2,217)
Acquisitions	—		—		—		385		—		—		385
Foreign currency exchange rate changes	8,899		—		—		—		—		—		8,899
Balance as of June 30, 2023
Goodwill	1,154,401		190,815		234,993		134,038		84,697		251,216		2,050,160
Accumulated impairment losses	(331,151)		—		(34,302)		—		—		(116,687)		(482,140)
	$	823,250	$	190,815	$	200,691	$	134,038	$	84,697	$	134,529	$	1,568,020

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

(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total
Balance as of December 31, 2022
Goodwill	$	579,561	$	174,564	$	391,377	$	1,145,502
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	579,561		63,240		171,550		814,351
Foreign currency exchange rate changes	8,856		—		43		8,899
Balance as of June 30, 2023
Goodwill	588,417		174,564		391,420		1,154,401
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)
	$	588,417	$	63,240	$	171,593	$	823,250

Other intangible assets consist of the following:

		As of June 30, 2023						As of December 31, 2022
(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	$	282,017	$	226,281	$	55,736	$	297,766	$	230,429	$	67,337
Trade names and trademarks	2–15 years	143,024		83,129		59,895		148,102		81,078		67,024
Network affiliation agreements	10 years	17,400		11,857		5,543		17,400		10,367		7,033
Databases and technology	3–6 years	36,287		34,545		1,742		36,216		32,219		3,997
Noncompete agreements	2–5 years	20		17		3		1,000		995		5
Other	1–8 years	41,144		29,700		11,444		43,644		27,618		16,026
		$	519,892	$	385,529	$	134,363	$	544,128	$	382,706	$	161,422
Indefinite-Lived Intangible Assets
Franchise agreements		$	85,858					$	85,858
Trade names and trademarks		83,997						81,905
FCC licenses		11,000						11,000
Licensure and accreditation		150						150
Other		21						21
		$	181,026					$	178,934