Business Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s segment information is as follows:

	Three Months Ended March 31, 2026
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	440,479	$	111,553	$	209,340	$	125,034	$	267,624	$	1,154,030
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											82,599
Intersegment Elimination											(637)
Total Consolidated Revenues											$	1,235,992
Less: Significant Expenses (2)
Cost of Revenue (3)	167,427				133,936		88,214		226,743		616,320
Payroll and Fringe Benefits Expense (4)	117,657		27,285						19,992		164,934
Occupancy Expense	27,377								2,032		29,409
Advertising and Marketing Expense	19,429										19,429
Networking and Programming Expense			30,123								30,123
Management Services (5)									2,292		2,292
Other Segment Items (6)	46,371		15,018		54,082		20,712		9,390		145,573
EBITDAP	$	62,218	$	39,127	$	21,322	$	16,108	$	7,175	$	145,950
Pension Service Cost	4,439		1,488		1,886		1,230		17		9,060
Depreciation Expense	6,054		2,336		1,914		3,135		1,845		15,284
Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale	$	51,725	$	35,303	$	17,522	$	11,743	$	5,313	$	121,606
Other Businesses (7)											(23,600)
Corporate Costs											(15,089)
Amortization of Intangible Assets											(6,055)
Impairment of Goodwill and Asset Group Held for Sale											(19,029)
Income from Operations											$	57,833
Equity in Earnings of Affiliates, Net											34,850
Interest Expense, Net											(13,754)
Non-Operating Pension and Postretirement Benefit Income, Net											31,073
Loss on Marketable Equity Securities, Net											(68,923)
Other Expense, Net											(428)
Income Before Income Taxes											$	40,651
Capital Expenditures	$	4,450	$	2,936	$	2,165	$	1,688	$	6,133	$	17,372
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											3,497
Total Capital Expenditures											$	20,869

(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)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) 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.

The Company’s segment information is as follows:

	Three Months Ended March 31, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	424,731	$	103,554	$	173,741	$	98,005	$	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				100,115		69,737		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		50,406		16,578		9,079		134,734
EBITDAP	$	54,139	$	29,805	$	23,220	$	11,690	$	8,253	$	127,107
Pension Service Cost	4,223		1,419		2,999		1,076		27		9,744
Depreciation Expense	7,764		2,628		1,786		2,703		1,729		16,610
Income from Operations before Amortization of Intangible Assets	$	42,152	$	25,758	$	18,435	$	7,911	$	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	$	617	$	3,373	$	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 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)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) 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 is as follows:

	As of
(in thousands)	March 31, 2026		December 31, 2025
Identifiable Assets
Kaplan international	$	1,431,048	$	1,551,682
Higher education	164,418		174,738
Supplemental education	234,128		247,181
Kaplan corporate and other	38,053		34,973
Education	1,867,647		2,008,574
Television broadcasting	388,564		393,097
CSI	197,339		128,170
Other healthcare	183,373		227,457
Healthcare	380,712		355,627
Manufacturing	542,933		535,006
Automotive	579,675		582,715
Total Segments	3,759,531		3,875,019
Other businesses	345,737		357,408
Corporate office	79,149		79,389
Investments in Marketable Equity Securities	966,719		1,081,938
Investments in Affiliates	237,053		229,565
Prepaid Pension Cost	2,792,300		2,772,394
Total Assets	$	8,180,489	$	8,395,713

Education [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s education division segment information is as follows:

	Three Months Ended March 31, 2026
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	271,636	$	92,403	$	76,864	$	271	$	(695)	$	440,479
Less: Significant Expenses (1)
Cost of Revenue (2)	90,001		66,243		11,522				(339)		167,427
Payroll and Fringe Benefits Expense (3)	76,392		3,805		33,032		4,502		(74)		117,657
Occupancy Expense	26,278		158		834		374		(267)		27,377
Advertising and Marketing Expense	8,199		1,920		9,217		93				19,429
Other Segment Items (4)	34,285		401		12,183		(764)		266		46,371
EBITDAP	$	36,481	$	19,876	$	10,076	$	(3,934)	$	(281)	$	62,218
Pension Service Cost	126		1,920		1,986		407				4,439
Depreciation Expense	4,968		267		810		9				6,054
Income (Loss) from Operations before Amortization of Intangible Assets	$	31,387	$	17,689	$	7,280	$	(4,350)	$	(281)	$	51,725
Capital Expenditures	$	3,300	$	815	$	335	$	—			$	4,450

(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 segment information is as follows:

	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.

Healthcare [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s healthcare division segment information is as follows:

	Three Months Ended March 31, 2026
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	117,781	$	91,559	$	209,340
Less: Significant Expenses (1)
Cost of Revenue (2)	91,144		42,792		133,936
Other Segment Items (3)	20,011		34,071		54,082
EBITDAP	$	6,626	$	14,696	$	21,322
Pension Service Cost	—		1,886		1,886
Depreciation Expense	293		1,621		1,914
Income from Operations before Amortization of Intangible Assets	$	6,333	$	11,189	$	17,522
Capital Expenditures	$	1,567	$	598	$	2,165

(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. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

The Company’s healthcare division segment information is as follows:

	Three Months Ended March 31, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	90,248	$	83,493	$	173,741
Less: Significant Expenses (1)
Cost of Revenue (2)	63,974		36,141		100,115
Other Segment Items (3)	16,422		33,984		50,406
EBITDAP	$	9,852	$	13,368	$	23,220
Pension Service Cost	—		2,999		2,999
Depreciation Expense	176		1,610		1,786
Income from Operations before Amortization of Intangible Assets	$	9,676	$	8,759	$	18,435
Capital Expenditures	$	298	$	319	$	617

(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. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)	Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.