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v3.19.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2019
Segment Reporting Information [Line Items] |
Summary of Segment Reporting Information, by Operating Segment | The following table summarizes the financial information related to each of the Company’s business segments:
| Three Months Ended |  | Six months ended
| June 30 |  | June 30
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Operating Revenues |  |  |  |  |  |  |
Education | $ | 367,763 |  |  | $ | 370,005 |  |  | $ | 740,217 |  |  | $ | 745,504 |
Television broadcasting | 116,628 |  |  | 114,086 |  |  | 224,851 |  |  | 222,888 |
Healthcare | 40,641 |  |  | 38,208 |  |  | 78,369 |  |  | 75,829 |
Other businesses | 212,614 |  |  | 150,399 |  |  | 386,448 |  |  | 287,937 |
Corporate office | — |  |  | — |  |  | — |  |  | — |
Intersegment elimination | (44 | ) |  | (21 | ) |  | (84 | ) |  | (45 | )
| $ | 737,602 |  |  | $ | 672,677 |  |  | $ | 1,429,801 |  |  | $ | 1,332,113 |
Income (Loss) from Operations |  |  |  |  |  |  |
Education | $ | 26,305 |  |  | $ | 37,554 |  |  | $ | 51,900 |  |  | $ | 60,254 |
Television broadcasting | 44,494 |  |  | 41,118 |  |  | 80,034 |  |  | 81,660 |
Healthcare | 2,598 |  |  | 764 |  |  | 4,927 |  |  | (627 | )
Other businesses | (2,196 | ) |  | (1,054 | ) |  | (11,433 | ) |  | (4,749 | )
Corporate office | (13,238 | ) |  | (12,756 | ) |  | (27,462 | ) |  | (26,698 | )
| $ | 57,963 |  |  | $ | 65,626 |  |  | $ | 97,966 |  |  | $ | 109,840 |
Equity in Earnings of Affiliates, Net | 1,467 |  |  | 931 |  |  | 3,146 |  |  | 3,510 |
Interest Expense, Net | (6,807 | ) |  | (15,264 | ) |  | (12,532 | ) |  | (21,963 | )
Debt Extinguishment Costs | — |  |  | (11,378 | ) |  | — |  |  | (11,378 | )
Non-Operating Pension and Postretirement Benefit Income, Net | 12,253 |  |  | 23,041 |  |  | 32,181 |  |  | 44,427 |
Gain (Loss) on Marketable Equity Securities, Net | 7,791 |  |  | (2,554 | ) |  | 31,857 |  |  | (16,656 | )
Other Income, Net | 1,228 |  |  | 2,333 |  |  | 30,579 |  |  | 11,520 |
Income Before Income Taxes | $ | 73,895 |  |  | $ | 62,735 |  |  | $ | 183,197 |  |  | $ | 119,300 |
Depreciation of Property, Plant and Equipment |  |  |  |  |  |  |
Education | $ | 6,137 |  |  | $ | 6,839 |  |  | $ | 12,338 |  |  | $ | 14,445 |
Television broadcasting | 3,293 |  |  | 2,974 |  |  | 6,532 |  |  | 6,045 |
Healthcare | 607 |  |  | 647 |  |  | 1,217 |  |  | 1,300 |
Other businesses | 3,605 |  |  | 2,906 |  |  | 6,838 |  |  | 5,965 |
Corporate office | 242 |  |  | 253 |  |  | 482 |  |  | 506 |
| $ | 13,884 |  |  | $ | 13,619 |  |  | $ | 27,407 |  |  | $ | 28,261 |
Amortization of Intangible Assets and Impairment of Long-Lived Assets |  |  |  |  |  |  |  |
Education | $ | 4,070 |  |  | $ | 1,663 |  |  | $ | 7,637 |  |  | $ | 2,812 |
Television broadcasting | 1,408 |  |  | 1,408 |  |  | 2,816 |  |  | 2,816 |
Healthcare | 1,410 |  |  | 1,809 |  |  | 2,808 |  |  | 3,617 |
Other businesses | 6,685 |  |  | 6,519 |  |  | 13,372 |  |  | 12,538 |
Corporate office | — |  |  | — |  |  | — |  |  | — |
| $ | 13,573 |  |  | $ | 11,399 |  |  | $ | 26,633 |  |  | $ | 21,783 |
Pension Service Cost |  |  |  |  |  |  |  |
Education | $ | 2,522 |  |  | $ | 1,878 |  |  | $ | 5,186 |  |  | $ | 4,542 |
Television broadcasting | 780 |  |  | 601 |  |  | 1,511 |  |  | 1,094 |
Healthcare | 63 |  |  | 165 |  |  | 246 |  |  | 287 |
Other businesses | 367 |  |  | 378 |  |  | 841 |  |  | 667 |
Corporate office | 1,231 |  |  | 1,295 |  |  | 2,400 |  |  | 2,667 |
| $ | 4,963 |  |  | $ | 4,317 |  |  | $ | 10,184 |  |  | $ | 9,257 |
Asset information for the Company’s business segments are as follows:
| As of
(in thousands) | June 30, 2019 |  | December 31, 2018
Identifiable Assets |  |  |
Education | $ | 1,789,059 |  |  | $ | 1,568,747 |
Television broadcasting | 475,379 |  |  | 452,853 |
Healthcare | 123,876 |  |  | 108,596 |
Other businesses | 962,227 |  |  | 827,113 |
Corporate office | 160,095 |  |  | 162,971 |
| $ | 3,510,636 |  |  | $ | 3,120,280 |
Investments in Marketable Equity Securities | 518,099 |  |  | 496,390 |
Investments in Affiliates | 159,660 |  |  | 143,813 |
Prepaid Pension Cost | 1,024,555 |  |  | 1,003,558 |
Total Assets | $ | 5,212,950 |  |  | $ | 4,764,041 |
Education [Member] |
Segment Reporting Information [Line Items] |
Summary of Segment Reporting Information, by Operating Segment |
| Three Months Ended |  | Six months ended
| June 30 |  | June 30
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Operating Revenues |  |  |  |  |  |  |
Kaplan international | $ | 188,580 |  |  | $ | 184,303 |  |  | $ | 374,336 |  |  | $ | 367,885 |
Higher education | 76,288 |  |  | 85,981 |  |  | 159,068 |  |  | 185,811 |
Test preparation | 65,673 |  |  | 68,604 |  |  | 126,823 |  |  | 127,755 |
Professional (U.S.) | 35,147 |  |  | 31,057 |  |  | 76,361 |  |  | 64,413 |
Kaplan corporate and other | 2,369 |  |  | 442 |  |  | 4,671 |  |  | 727 |
Intersegment elimination | (294 | ) |  | (382 | ) |  | (1,042 | ) |  | (1,087 | )
| $ | 367,763 |  |  | $ | 370,005 |  |  | $ | 740,217 |  |  | $ | 745,504 |
Income (Loss) from Operations |  |  |  |  |  |  |  |  |  |
Kaplan international | $ | 25,537 |  |  | $ | 24,187 |  |  | $ | 49,822 |  |  | $ | 44,591 |
Higher education | 2,721 |  |  | 11,219 |  |  | 4,636 |  |  | 12,574 |
Test preparation | 4,289 |  |  | 6,120 |  |  | 3,835 |  |  | 6,641 |
Professional (U.S.) | 4,745 |  |  | 4,780 |  |  | 16,004 |  |  | 14,095 |
Kaplan corporate and other | (10,990 | ) |  | (8,763 | ) |  | (22,394 | ) |  | (17,658 | )
Intersegment elimination | 3 |  |  | 11 |  |  | (3 | ) |  | 11 |
| $ | 26,305 |  |  | $ | 37,554 |  |  | $ | 51,900 |  |  | $ | 60,254 |
Depreciation of Property, Plant and Equipment |  |  |  |  |  |  |  |  |  |  |
Kaplan international | $ | 3,716 |  |  | $ | 3,764 |  |  | $ | 7,598 |  |  | $ | 7,738 |
Higher education | 629 |  |  | 1,274 |  |  | 1,226 |  |  | 3,132 |
Test preparation | 779 |  |  | 973 |  |  | 1,584 |  |  | 1,951 |
Professional (U.S.) | 959 |  |  | 670 |  |  | 1,824 |  |  | 1,312 |
Kaplan corporate and other | 54 |  |  | 158 |  |  | 106 |  |  | 312 |
| $ | 6,137 |  |  | $ | 6,839 |  |  | $ | 12,338 |  |  | $ | 14,445 |
Amortization of Intangible Assets | $ | 3,377 |  |  | $ | 1,663 |  |  | $ | 6,944 |  |  | $ | 2,812 |
Impairment of Long-lived Assets | $ | 693 |  |  | $ | — |  |  | $ | 693 |  |  | $ | — |
Pension Service Cost |  |  |  |  |  |  |  |  |  |  |
Kaplan international | $ | 110 |  |  | $ | 84 |  |  | $ | 227 |  |  | $ | 167 |
Higher education | 1,102 |  |  | 804 |  |  | 2,265 |  |  | 2,210 |
Test preparation | 821 |  |  | 729 |  |  | 1,687 |  |  | 1,458 |
Professional (U.S.) | 329 |  |  | 290 |  |  | 677 |  |  | 580 |
Kaplan corporate and other | 160 |  |  | (29 | ) |  | 330 |  |  | 127 |
| $ | 2,522 |  |  | $ | 1,878 |  |  | $ | 5,186 |  |  | $ | 4,542 |
Asset information for the Company’s education division is as follows:
| As of
(in thousands) | June 30, 2019 |  | December 31, 2018
Identifiable assets |  |  |
Kaplan international | $ | 1,225,819 |  |  | $ | 1,101,040 |
Higher education | 186,623 |  |  | 126,752 |
Test preparation | 158,612 |  |  | 145,308 |
Professional (U.S.) | 156,632 |  |  | 166,916 |
Kaplan corporate and other | 61,373 |  |  | 28,731 |
| $ | 1,789,059 |  |  | $ | 1,568,747 |

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