Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

During the first quarter of 2026, in connection with the classification of the KLG disposal group as held for sale, the Company recognized a goodwill impairment charge of $1.0 million at Kaplan International (see Note 2).

Amortization of intangible assets for the three months ended March 31, 2026 and 2025, was $6.1 million and $7.8 million, respectively. Amortization of intangible assets is estimated to be approximately $17 million for the remainder of 2026, $9 million in 2027, $6 million in 2028, $5 million in 2029, $5 million in 2030 and $13 million thereafter.

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

(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Other Businesses		Total
As of December 31, 2025
Goodwill	$	1,181,284	$	190,815	$	136,637	$	272,523	$	140,832	$	108,943	$	2,031,034
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(32,155)		(445,368)
	850,133		190,815		136,637		190,461		140,832		76,788		1,585,666
Acquisition	—		—		17,996		—		—		—		17,996
Impairment	(976)		—		—		—		—		—		(976)
Foreign currency exchange rate changes	(3,197)		—		—		—		—		—		(3,197)
As of March 31, 2026
Goodwill	1,178,087		190,815		154,633		272,523		140,832		108,943		2,045,833
Accumulated impairment losses	(332,127)		—		—		(82,062)		—		(32,155)		(446,344)
	$	845,960	$	190,815	$	154,633	$	190,461	$	140,832	$	76,788	$	1,599,489

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

(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total Education		CSI		Other Healthcare		Total Healthcare
As of December 31, 2025
Goodwill	$	614,096	$	174,564	$	392,624	$	1,181,284	$	87,140	$	49,497	$	136,637
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	614,096		63,240		172,797		850,133		87,140		49,497		136,637
Acquisition	—		—		—		—		—		17,996		17,996
Impairment	(976)		—		—		(976)		—		—		—
Foreign currency exchange rate changes	(3,168)		—		(29)		(3,197)		—		—		—
As of March 31, 2026
Goodwill	610,928		174,564		392,595		1,178,087		87,140		67,493		154,633
Accumulated impairment losses	(976)		(111,324)		(219,827)		(332,127)		—		—		—
	$	609,952	$	63,240	$	172,768	$	845,960	$	87,140	$	67,493	$	154,633

Other intangible assets consist of the following:

		As of March 31, 2026						As of December 31, 2025
(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	$	296,773	$	259,893	$	36,880	$	307,312	$	266,453	$	40,859
Trade names and trademarks	2–10 years	108,127		93,878		14,249		114,227		98,147		16,080
Network affiliation agreements	10 years	17,400		16,022		1,378		17,400		15,588		1,812
Databases and technology	3–6 years	30,224		28,349		1,875		32,376		30,293		2,083
Other	1–8 years	38,063		37,330		733		38,063		37,266		797
		$	490,587	$	435,472	$	55,115	$	509,378	$	447,747	$	61,631
Indefinite-Lived Intangible Assets
Franchise agreements		$	97,002					$	97,002
Trade names and trademarks		62,169						62,653
FCC licenses		11,000						11,000
Other		150						150
		$	170,321					$	170,805