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v3.23.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting Information [Line Items] |
Summary of Segment Reporting Information, by Operating Segment | 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 |
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 |
(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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