Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

Company information broken down by operating segment and education division:

	Three Months Ended March 31, 2025
(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Total Segments
Operating Revenues	$	424,731	$	103,554	$	98,005	$	173,741	$	280,991	$	1,081,022
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											85,517
Intersegment Elimination											(624)
Total Consolidated Revenues											$	1,165,915
Less: Significant Expenses (2)
Cost of Revenue (3)	166,087				69,737		100,115		240,307		576,246
Payroll and Fringe Benefits Expense (4)	113,320		27,764						19,429		160,513
Occupancy Expense	27,922								1,871		29,793
Advertising and Marketing Expense	19,220										19,220
Networking and Programming Expense			31,357								31,357
Management Services (5)									2,052		2,052
Other Segment Items (6)	44,043		14,628		16,578		50,406		9,079		134,734
EBITDAP	$	54,139	$	29,805	$	11,690	$	23,220	$	8,253	$	127,107
Pension Service Cost	4,223		1,419		1,076		2,999		27		$	9,744
Depreciation Expense	7,764		2,628		2,703		1,786		1,729		$	16,610
Income from Operations before Amortization of Intangible Assets	$	42,152	$	25,758	$	7,911	$	18,435	$	6,497	$	100,753
Other Businesses (7)											(29,447)
Corporate Costs											(16,009)
Amortization of Intangible Assets											(7,824)
Income from Operations											$	47,473
Equity in Losses of Affiliates, Net											(8,428)
Interest Expense, Net											(79,777)
Non-Operating Pension and Postretirement Benefit Income, Net											34,617
Gain on Marketable Equity Securities, Net											43,801
Other Expense, Net											(4,065)
Income Before Income Taxes											$	33,621
Capital Expenditures	$	4,741	$	198	$	3,373	$	617	$	480	$	9,409
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											4,694
Total Capital Expenditures											$	14,103

(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (CODM).
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses.
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

Company information broken down by operating segment and education division:

	Three Months Ended March 31, 2024
(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Total Segments
Operating Revenues	$	422,598	$	113,058	$	101,903	$	128,201	$	303,840	$	1,069,600
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											83,874
Intersegment Elimination											(812)
Total Consolidated Revenues											$	1,152,662
Less: Significant Expenses (2)
Cost of Revenue (3)	169,539				75,264		71,057		258,961		574,821
Payroll and Fringe Benefits Expense (4)	113,897		29,276						21,810		164,983
Occupancy Expense	30,529								1,856		32,385
Advertising and Marketing Expense	17,025										17,025
Networking and Programming Expense			31,890								31,890
Management Services (5)									2,007		2,007
Other Segment Items (6)	44,632		16,402		17,108		44,065		7,826		130,033
EBITDAP	$	46,976	$	35,490	$	9,531	$	13,079	$	11,380	$	116,456
Pension Service Cost	4,110		1,639		627		4,758		15		$	11,149
Depreciation Expense	9,305		2,868		2,715		1,594		1,713		$	18,195
Income from Operations before Amortization of Intangible Assets	$	33,561	$	30,983	$	6,189	$	6,727	$	9,652	$	87,112
Other Businesses (7)											(26,283)
Corporate Costs											(14,636)
Amortization of Intangible Assets											(10,751)
Income from Operations											$	35,442
Equity in Earnings of Affiliates, Net											2,331
Interest Expense, Net											(17,150)
Non-Operating Pension and Postretirement Benefit Income, Net											42,417
Gain on Marketable Equity Securities, Net											104,152
Other Income, Net											1,647
Income Before Income Taxes											$	168,839
Capital Expenditures	$	7,519	$	1,629	$	5,660	$	1,936	$	1,204	$	17,948
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											3,525
Total Capital Expenditures											$	21,473

(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

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

	As of
(in thousands)	March 31, 2025		December 31, 2024
Identifiable Assets
Kaplan international	$	1,420,247	$	1,500,846
Higher education	194,830		182,442
Supplemental education	229,815		238,836
Kaplan corporate and other	49,134		41,754
Education	1,894,026		1,963,878
Television broadcasting	399,304		402,200
Manufacturing	415,822		411,137
Healthcare	317,663		308,591
Automotive	548,738		582,105
Total Segments	3,575,553		3,667,911
Other businesses	335,956		338,089
Corporate office	113,142		139,126
Investments in Marketable Equity Securities	901,059		852,434
Investments in Affiliates	156,935		169,125
Prepaid Pension Cost	2,533,255		2,510,520
Total Assets	$	7,615,900	$	7,677,205

Education [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

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

	Three Months Ended March 31, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	261,256	$	88,487	$	75,403	$	12	$	(427)	$	424,731
Less: Significant Expenses (1)
Cost of Revenue (2)	88,097		66,662		11,755				(427)		166,087
Payroll and Fringe Benefits Expense (3)	70,666		4,477		33,167		5,010				113,320
Occupancy Expense	27,025		176		658		63				27,922
Advertising and Marketing Expense	8,185		1,877		9,030		128				19,220
Other Segment Items (4)	30,532		224		12,185		1,065		37		44,043
EBITDAP	$	36,751	$	15,071	$	8,608	$	(6,254)	$	(37)	$	54,139
Pension Service Cost	140		1,808		1,887		388				4,223
Depreciation Expense	6,549		456		753		6				7,764
Income (Loss) from Operations before Amortization of Intangible Assets	$	30,062	$	12,807	$	5,968	$	(6,648)	$	(37)	$	42,152
Capital Expenditures	$	2,787	$	173	$	1,781	$	—			$	4,741

(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

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

	Three Months Ended March 31, 2024
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	269,798	$	80,122	$	72,122	$	2,588	$	(2,032)	$	422,598
Less: Significant Expenses (1)
Cost of Revenue (2)	91,653		65,987		13,834				(1,935)		169,539
Payroll and Fringe Benefits Expense (3)	73,114		4,001		31,109		5,673				113,897
Occupancy Expense	26,996		174		639		2,720				30,529
Advertising and Marketing Expense	7,910		1,623		7,394		98				17,025
Other Segment Items (4)	31,294		134		11,729		1,307		168		44,632
EBITDAP	$	38,831	$	8,203	$	7,417	$	(7,210)	$	(265)	$	46,976
Pension Service Cost	163		1,781		1,818		348				4,110
Depreciation Expense	7,356		903		1,019		27				9,305
Income (Loss) from Operations before Amortization of Intangible Assets	$	31,312	$	5,519	$	4,580	$	(7,585)	$	(265)	$	33,561
Capital Expenditures	$	7,017	$	59	$	443	$	—			$	7,519

(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.