XML 32 R22.htm IDEA: XBRL DOCUMENT v3.23.2
Business Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
In the second quarter of 2023, Kaplan modified its segment reporting for Kaplan India, a shared services center that supports Higher Education. Kaplan India was previously included in Kaplan corporate and other. Certain amounts in previously issued financial statements have been reclassified to conform to the current presentation.
The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive.
The following tables summarize the financial information related to each of the Company’s business segments:
  Three Months Ended 
 June 30		Six Months Ended 
 June 30
(in thousands)2023202220232022
Operating Revenues    
Education$402,227 $353,013 $780,268 $711,025 
Television broadcasting118,829 122,386 231,706 245,805 
Manufacturing120,082 127,062 234,666 243,002 
Healthcare113,282 76,385 215,341 143,640 
Automotive260,672 147,602 493,233 298,569 
Other businesses90,449 107,326 182,457 206,943 
Corporate office850 — 850 — 
Intersegment elimination(1,392)(472)(1,976)(961)
  $1,104,999 $933,302 $2,136,545 $1,848,023 
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets






Education$34,100 $22,769 $61,556 $47,327 
Television broadcasting34,553 41,042 64,498 82,300 
Manufacturing16,314 9,666 28,504 24,804 
Healthcare9,259 7,250 13,149 14,538 
Automotive9,460 7,365 20,303 14,443 
Other businesses(21,118)(23,031)(49,024)(50,461)
Corporate office(11,209)(10,844)(25,282)(23,851)
$71,359 $54,217 $113,704 $109,100 
Amortization of Intangible Assets and Impairment of Long-Lived Assets
Education$3,984 $4,064 $8,400 $8,210 
Television broadcasting1,363 1,360 2,725 2,720 
Manufacturing4,332 5,164 9,194 10,327 
Healthcare882 988 1,836 1,917 
Automotive— — — — 
Other businesses2,743 3,313 5,838 6,627 
Corporate office— — — — 
$13,304 $14,889 $27,993 $29,801 
Income (Loss) from Operations
Education$30,116 $18,705 $53,156 $39,117 
Television broadcasting33,190 39,682 61,773 79,580 
Manufacturing11,982 4,502 19,310 14,477 
Healthcare8,377 6,262 11,313 12,621 
Automotive9,460 7,365 20,303 14,443 
Other businesses(23,861)(26,344)(54,862)(57,088)
Corporate office(11,209)(10,844)(25,282)(23,851)
  $58,055 $39,328 $85,711 $79,299 
Equity in (Losses) Earnings of Affiliates, Net(6,115)1,427 (1,454)4,031 
Interest Expense, Net(10,226)(15,277)(23,316)(25,979)
Non-Operating Pension and Postretirement Benefit Income, Net
29,815 50,871 61,660 101,376 
Gain (Loss) on Marketable Equity Securities, Net
78,648 (165,540)96,670 (118,628)
Other Income, Net
15,794 1,176 18,877 4,052 
Income (Loss) Before Income Taxes
$165,971 $(88,015)$238,148 $44,151 
  Three Months Ended 
 June 30		Six Months Ended 
 June 30
(in thousands)2023202220232022
Depreciation of Property, Plant and Equipment
Education$9,460 $8,531 $18,428 $17,036 
Television broadcasting3,087 3,085 6,123 6,374 
Manufacturing2,287 2,323 4,569 4,751 
Healthcare1,287 455 2,391 865 
Automotive1,148 752 2,261 1,529 
Other businesses3,681 4,114 7,050 8,029 
Corporate office153 153 306 304 
  $21,103 $19,413 $41,128 $38,888 
Pension Service Cost  
Education$2,256 $1,931 $4,454 $4,467 
Television broadcasting805 856 1,665 1,782 
Manufacturing281 224 556 552 
Healthcare2,685 93 7,042 279 
Automotive5 5 10 11 
Other businesses613 477 1,185 997 
Corporate office928 1,407 1,904 2,936 
  $7,573 $4,993 $16,816 $11,024 
Asset information for the Company’s business segments is as follows:
  As of
(in thousands)June 30, 2023December 31, 2022
Identifiable Assets    
Education$1,925,946 $1,987,042 
Television broadcasting420,915 431,084 
Manufacturing483,495 486,487 
Healthcare258,435 249,845 
Automotive461,630 427,221 
Other businesses424,718 475,583 
Corporate office96,888 70,567 
  $4,072,027 $4,127,829 
Investments in Marketable Equity Securities648,756 609,921 
Investments in Affiliates198,261 186,419 
Prepaid Pension Cost1,684,914 1,658,046 
Total Assets$6,603,958 $6,582,215 
The Company’s education division comprises the following operating segments:
  Three Months Ended 
 June 30		Six Months Ended 
 June 30
  
(in thousands)2023202220232022
Operating Revenues      
Kaplan international$237,663 $200,871 $464,739 $405,384 
Higher education90,291 74,427 168,632 151,676 
Supplemental education74,616 77,546 148,203 153,850 
Kaplan corporate and other2,887 2,445 5,259 4,798 
Intersegment elimination(3,230)(2,276)(6,565)(4,683)
  $402,227 $353,013 $780,268 $711,025 
Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets
Kaplan international$20,751 $19,063 $42,052 $39,627 
Higher education17,795 3,012 24,878 8,359 
Supplemental education3,512 4,829 7,263 8,200 
Kaplan corporate and other(7,824)(4,079)(12,662)(8,822)
Intersegment elimination(134)(56)25 (37)
$34,100 $22,769 $61,556 $47,327 
Amortization of Intangible Assets$3,984 $4,064 $7,923 $8,210 
Impairment of Long-Lived Assets$— $— $477 $— 
Income (Loss) from Operations      
Kaplan international$20,751 $19,063 $42,052 $39,627 
Higher education17,795 3,012 24,878 8,359 
Supplemental education3,512 4,829 7,263 8,200 
Kaplan corporate and other(11,808)(8,143)(21,062)(17,032)
Intersegment elimination(134)(56)25 (37)
  $30,116 $18,705 $53,156 $39,117 
Depreciation of Property, Plant and Equipment
        
Kaplan international$6,903 $5,794 $13,233 $11,549 
Higher education1,071 1,127 2,173 2,206 
Supplemental education1,461 1,578 2,970 3,217 
Kaplan corporate and other25 32 52 64 
  $9,460 $8,531 $18,428 $17,036 
Pension Service Cost        
Kaplan international$81 $63 $161 $135 
Higher education923 820 1,845 1,901 
Supplemental education1,023 895 2,047 2,077 
Kaplan corporate and other229 153 401 354 
  $2,256 $1,931 $4,454 $4,467 
Asset information for the Company’s education division is as follows:
  As of
(in thousands)June 30, 2023December 31, 2022
Identifiable Assets    
Kaplan international$1,416,815 $1,479,833 
Higher education207,928 187,034 
Supplemental education249,206 268,499 
Kaplan corporate and other51,997 51,676 
  $1,925,946 $1,987,042