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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS In the second quarter of 2024, as a result of substantial digital advertising revenue declines and continued operating losses at WGB, the Company performed an interim review of the goodwill and intangible assets at the WGB reporting unit. As a result of the impairment review, the Company recorded goodwill and amortized intangible asset impairment charges totaling $26.3 million. The Company estimated the fair value of the reporting unit and amortized intangible asset by utilizing a discounted cash flow model. The carrying value of the reporting unit and amortized intangible asset exceeded their estimated fair values, resulting in goodwill and intangible asset impairment charges for the amount by which the carrying values exceeded their estimated fair values. WGB is included in other businesses. Amortization of intangible assets for the three months ended June 30, 2025 and 2024, was $7.2 million and $10.1 million, respectively. Amortization of intangible assets for the six months ended June 30, 2025 and 2024, was $15.1 million and $20.8 million, respectively. Amortization of intangible assets is estimated to be approximately $12 million for the remainder of 2025, $19 million in 2026, $4 million in 2027, $1 million in 2028 and $1 million in 2029. The changes in the carrying amount of goodwill, by segment, were as follows:
(in thousands) | Education |  | Television Broadcasting |  | Manufacturing |  | Healthcare |  | Automotive |  | Other Businesses |  | Total
Balance as of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | $ | 1,146,335 |  |  | $ | 190,815 |  |  | $ | 234,993 |  |  | $ | 135,038 |  |  | $ | 129,280 |  |  | $ | 251,216 |  |  | $ | 2,087,677 |
Accumulated impairment losses | (331,151) |  |  | — |  |  | (82,062) |  |  | — |  |  | — |  |  | (174,428) |  |  | (587,641) |
| 815,184 |  |  | 190,815 |  |  | 152,931 |  |  | 135,038 |  |  | 129,280 |  |  | 76,788 |  |  | 1,500,036 |
Acquisitions | 1,167 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,167 |
Dispositions | (1,204) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,204) |
Foreign currency exchange rate changes | 35,562 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,562 |
Balance as of June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 1,181,860 |  |  | 190,815 |  |  | 234,993 |  |  | 135,038 |  |  | 129,280 |  |  | 251,216 |  |  | 2,123,202 |
Accumulated impairment losses | (331,151) |  |  | — |  |  | (82,062) |  |  | — |  |  | — |  |  | (174,428) |  |  | (587,641) |
| $ | 850,709 |  |  | $ | 190,815 |  |  | $ | 152,931 |  |  | $ | 135,038 |  |  | $ | 129,280 |  |  | $ | 76,788 |  |  | $ | 1,535,561 |
The changes in carrying amount of goodwill at the Company’s education division were as follows:
(in thousands) | Kaplan International |  | Higher Education |  | Supplemental Education |  | Total
Balance as of December 31, 2024 |  |  |  |  |  |  |
Goodwill | $ | 580,495 |  |  | $ | 174,564 |  |  | $ | 391,276 |  |  | $ | 1,146,335 |
Accumulated impairment losses | — |  |  | (111,324) |  |  | (219,827) |  |  | (331,151) |
| 580,495 |  |  | 63,240 |  |  | 171,449 |  |  | 815,184 |
Acquisitions | — |  |  | — |  |  | 1,167 |  |  | 1,167 |
Dispositions | (1,204) |  |  | — |  |  | — |  |  | (1,204) |
Foreign currency exchange rate changes | 35,474 |  |  | — |  |  | 88 |  |  | 35,562 |
Balance as of June 30, 2025 |  |  |  |  |  |  |
Goodwill | 614,765 |  |  | 174,564 |  |  | 392,531 |  |  | 1,181,860 |
Accumulated impairment losses | — |  |  | (111,324) |  |  | (219,827) |  |  | (331,151) |
| $ | 614,765 |  |  | $ | 63,240 |  |  | $ | 172,704 |  |  | $ | 850,709 |
Other intangible assets consist of the following:
|  |  | As of June 30, 2025 |  | As of December 31, 2024
(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 |  | $ | 279,276 |  |  | $ | 258,303 |  |  | $ | 20,973 |  |  | $ | 281,140 |  |  | $ | 252,969 |  |  | $ | 28,171 |
Trade names and trademarks | 2–10 years |  | 110,497 |  |  | 98,945 |  |  | 11,552 |  |  | 116,081 |  |  | 94,408 |  |  | 21,673 |
Network affiliation agreements | 10 years |  | 17,400 |  |  | 14,717 |  |  | 2,683 |  |  | 17,400 |  |  | 13,848 |  |  | 3,552 |
Databases and technology | 3–6 years |  | 29,852 |  |  | 29,852 |  |  | — |  |  | 33,290 |  |  | 33,290 |  |  | — |
Other | 1–8 years |  | 36,814 |  |  | 34,991 |  |  | 1,823 |  |  | 41,514 |  |  | 38,214 |  |  | 3,300 |
|  |  | $ | 473,839 |  |  | $ | 436,808 |  |  | $ | 37,031 |  |  | $ | 489,425 |  |  | $ | 432,729 |  |  | $ | 56,696 |
Indefinite-Lived Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Franchise agreements |  |  | $ | 92,158 |  |  |  |  |  |  | $ | 92,158 |  |  |  |  |
Trade names and trademarks |  |  | 63,066 |  |  |  |  |  |  | 60,994 |  |  |  |  |
FCC licenses |  |  | 11,000 |  |  |  |  |  |  | 11,000 |  |  |  |  |
Other |  |  | 150 |  |  |  |  |  |  | 171 |  |  |  |  |
|  |  | $ | 166,374 |  |  |  |  |  |  | $ | 164,323 |  |  |  |  |

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