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Business Segments | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS 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 March 31 |  |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |  |  |  |
Operating Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  |  |  |  |  |  |  |  |  |  |  | $ | 378,041 |  |  | $ | 358,012 |  |  |  |  |
Television broadcasting |  |  |  |  |  |  |  |  |  |  |  |  | 112,877 |  |  | 123,419 |  |  |  |  |
Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  | 114,584 |  |  | 115,940 |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  | 102,059 |  |  | 67,255 |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  | 232,561 |  |  | 150,967 |  |  |  |  |
Other businesses |  |  |  |  |  |  |  |  |  |  |  |  | 92,008 |  |  | 99,617 |  |  |  |  |
Corporate office |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  |  |  | (584) |  |  | (489) |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,031,546 |  |  | $ | 914,721 |  |  |  |  |
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  |  |  |  |  |  |  |  |  |  |  | $ | 27,456 |  |  | $ | 24,558 |  |  |  |  |
Television broadcasting |  |  |  |  |  |  |  |  |  |  |  |  | 29,945 |  |  | 41,258 |  |  |  |  |
Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  | 12,190 |  |  | 15,138 |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  | 3,890 |  |  | 7,288 |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  | 10,843 |  |  | 7,078 |  |  |  |  |
Other businesses |  |  |  |  |  |  |  |  |  |  |  |  | (27,906) |  |  | (27,430) |  |  |  |  |
Corporate office |  |  |  |  |  |  |  |  |  |  |  |  | (14,073) |  |  | (13,007) |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 42,345 |  |  | $ | 54,883 |  |  |  |  |
Amortization of Intangible Assets and Impairment of Long-Lived Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,416 |  |  | $ | 4,146 |  |  |  |  |
Television broadcasting |  |  |  |  |  |  |  |  |  |  |  |  | 1,362 |  |  | 1,360 |  |  |  |  |
Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  | 4,862 |  |  | 5,163 |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  | 954 |  |  | 929 |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Other businesses |  |  |  |  |  |  |  |  |  |  |  |  | 3,095 |  |  | 3,314 |  |  |  |  |
Corporate office |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,689 |  |  | $ | 14,912 |  |  |  |  |
Income (Loss) from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  |  |  |  |  |  |  |  |  |  |  | $ | 23,040 |  |  | $ | 20,412 |  |  |  |  |
Television broadcasting |  |  |  |  |  |  |  |  |  |  |  |  | 28,583 |  |  | 39,898 |  |  |  |  |
Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  | 7,328 |  |  | 9,975 |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  | 2,936 |  |  | 6,359 |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  | 10,843 |  |  | 7,078 |  |  |  |  |
Other businesses |  |  |  |  |  |  |  |  |  |  |  |  | (31,001) |  |  | (30,744) |  |  |  |  |
Corporate office |  |  |  |  |  |  |  |  |  |  |  |  | (14,073) |  |  | (13,007) |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 27,656 |  |  | $ | 39,971 |  |  |  |  |
Equity in Earnings of Affiliates, Net |  |  |  |  |  |  |  |  |  |  |  |  | 4,661 |  |  | 2,604 |  |  |  |  |
Interest Expense, Net |  |  |  |  |  |  |  |  |  |  |  |  | (13,090) |  |  | (10,702) |  |  |  |  |
Non-Operating Pension and Postretirement Benefit Income, Net |  |  |  |  |  |  |  |  |  |  |  |  | 31,845 |  |  | 50,505 |  |  |  |  |
Gain on Marketable Equity Securities, Net |  |  |  |  |  |  |  |  |  |  |  |  | 18,022 |  |  | 46,912 |  |  |  |  |
Other Income, Net |  |  |  |  |  |  |  |  |  |  |  |  | 3,083 |  |  | 2,876 |  |  |  |  |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 72,177 |  |  | $ | 132,166 |  |  |  |  |
|  |  |  |  |  |  |  |  | Three Months Ended March 31 |  |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |  |  |  |
Depreciation of Property, Plant and Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,968 |  |  | $ | 8,505 |  |  |  |  |
Television broadcasting |  |  |  |  |  |  |  |  |  |  |  |  | 3,036 |  |  | 3,289 |  |  |  |  |
Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  | 2,282 |  |  | 2,428 |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  | 1,104 |  |  | 410 |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  | 1,113 |  |  | 777 |  |  |  |  |
Other businesses |  |  |  |  |  |  |  |  |  |  |  |  | 3,369 |  |  | 3,915 |  |  |  |  |
Corporate office |  |  |  |  |  |  |  |  |  |  |  |  | 153 |  |  | 151 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 20,025 |  |  | $ | 19,475 |  |  |  |  |
Pension Service Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Education |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,198 |  |  | $ | 2,536 |  |  |  |  |
Television broadcasting |  |  |  |  |  |  |  |  |  |  |  |  | 860 |  |  | 926 |  |  |  |  |
Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  | 275 |  |  | 328 |  |  |  |  |
Healthcare |  |  |  |  |  |  |  |  |  |  |  |  | 4,357 |  |  | 186 |  |  |  |  |
Automotive |  |  |  |  |  |  |  |  |  |  |  |  | 5 |  |  | 6 |  |  |  |  |
Other businesses |  |  |  |  |  |  |  |  |  |  |  |  | 572 |  |  | 520 |  |  |  |  |
Corporate office |  |  |  |  |  |  |  |  |  |  |  |  | 976 |  |  | 1,529 |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,243 |  |  | $ | 6,031 |  |  |  |  |
Asset information for the Company’s business segments is as follows:
| As of
(in thousands) | March 31, 2023 |  | December 31, 2022
Identifiable Assets |  |  |
Education | $ | 1,952,768 |  |  | $ | 1,987,042 |
Television broadcasting | 424,185 |  |  | 431,084 |
Manufacturing | 488,192 |  |  | 486,487 |
Healthcare | 255,542 |  |  | 249,845 |
Automotive | 440,036 |  |  | 427,221 |
Other businesses | 445,409 |  |  | 475,583 |
Corporate office | 66,087 |  |  | 70,567 |
| $ | 4,072,219 |  |  | $ | 4,127,829 |
Investments in Marketable Equity Securities | 603,543 |  |  | 609,921 |
Investments in Affiliates | 194,960 |  |  | 186,419 |
Prepaid Pension Cost | 1,671,477 |  |  | 1,658,046 |
Total Assets | $ | 6,542,199 |  |  | $ | 6,582,215 |
The Company’s education division comprises the following operating segments:
|  |  | Three Months Ended March 31 |
(in thousands) |  |  |  |  | 2023 |  | 2022 |
Operating Revenues |  |  |  |  |  |  |  |
Kaplan international |  |  |  |  | $ | 227,076 |  |  | $ | 204,513 |  |
Higher education |  |  |  |  | 76,345 |  |  | 75,808 |  |
Supplemental education |  |  |  |  | 73,587 |  |  | 76,304 |  |
Kaplan corporate and other |  |  |  |  | 5,375 |  |  | 4,345 |  |
Intersegment elimination |  |  |  |  | (4,342) |  |  | (2,958) |  |
|  |  |  |  | $ | 378,041 |  |  | $ | 358,012 |  |
Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets |  |  |  |  |  |  |  |
Kaplan international |  |  |  |  | $ | 21,301 |  |  | $ | 20,564 |  |
Higher education |  |  |  |  | 6,661 |  |  | 5,037 |  |
Supplemental education |  |  |  |  | 3,751 |  |  | 3,371 |  |
Kaplan corporate and other |  |  |  |  | (4,416) |  |  | (4,433) |  |
Intersegment elimination |  |  |  |  | 159 |  |  | 19 |  |
|  |  |  |  | $ | 27,456 |  |  | $ | 24,558 |  |
Amortization of Intangible Assets |  |  |  |  | $ | 3,939 |  |  | $ | 4,146 |  |
Impairment of Long-Lived Assets |  |  |  |  | $ | 477 |  |  | $ | — |  |
Income (Loss) from Operations |  |  |  |  |  |  |  |
Kaplan international |  |  |  |  | $ | 21,301 |  |  | $ | 20,564 |  |
Higher education |  |  |  |  | 6,661 |  |  | 5,037 |  |
Supplemental education |  |  |  |  | 3,751 |  |  | 3,371 |  |
Kaplan corporate and other |  |  |  |  | (8,832) |  |  | (8,579) |  |
Intersegment elimination |  |  |  |  | 159 |  |  | 19 |  |
|  |  |  |  | $ | 23,040 |  |  | $ | 20,412 |  |
Depreciation of Property, Plant and Equipment |  |  |  |  |  |  |  |
Kaplan international |  |  |  |  | $ | 6,330 |  |  | $ | 5,755 |  |
Higher education |  |  |  |  | 996 |  |  | 1,020 |  |
Supplemental education |  |  |  |  | 1,509 |  |  | 1,639 |  |
Kaplan corporate and other |  |  |  |  | 133 |  |  | 91 |  |
|  |  |  |  | $ | 8,968 |  |  | $ | 8,505 |  |
Pension Service Cost |  |  |  |  |  |  |  |
Kaplan international |  |  |  |  | $ | 80 |  |  | $ | 72 |  |
Higher education |  |  |  |  | 922 |  |  | 1,081 |  |
Supplemental education |  |  |  |  | 1,024 |  |  | 1,182 |  |
Kaplan corporate and other |  |  |  |  | 172 |  |  | 201 |  |
|  |  |  |  | $ | 2,198 |  |  | $ | 2,536 |  |
Asset information for the Company’s education division is as follows:
| As of
(in thousands) | March 31, 2023 |  | December 31, 2022
Identifiable Assets |  |  |
Kaplan international | $ | 1,449,063 |  |  | $ | 1,479,833 |
Higher education | 182,720 |  |  | 174,033 |
Supplemental education | 256,050 |  |  | 268,499 |
Kaplan corporate and other | 64,935 |  |  | 64,677 |
| $ | 1,952,768 |  |  | $ | 1,987,042 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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