Summary of Segment Reporting Information, by Operating Segment |
The following table summarizes the quarterly financial information related to each of the Company’s business segments: | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | March 31, | | March 31, | | June 30, | | September 30, | | December 31, | (in thousands) | | 2018 | | 2017 | | 2017 | | 2017 | | 2017 | Operating Revenues | | | | | | | | | | | Education | | $ | 375,499 |
| | $ | 372,897 |
| | $ | 386,499 |
| | $ | 376,805 |
| | $ | 380,575 |
| Television broadcasting | | 108,802 |
| | 91,496 |
| | 106,102 |
| | 101,295 |
| | 111,023 |
| Healthcare | | 37,621 |
| | 36,899 |
| | 38,220 |
| | 40,473 |
| | 38,610 |
| Other businesses | | 137,538 |
| | 81,425 |
| | 145,266 |
| | 138,652 |
| | 145,660 |
| Corporate office | | — |
| | — |
| | — |
| | — |
| | — |
| Intersegment elimination | | (24 | ) | | — |
| | — |
| | — |
| | (51 | ) | | | $ | 659,436 |
| | $ | 582,717 |
| | $ | 676,087 |
| | $ | 657,225 |
| | $ | 675,817 |
| Income (Loss) from Operations | | | | | | | | | | | Education | | $ | 22,700 |
| | $ | 9,437 |
| | $ | 33,331 |
| | $ | 13,797 |
| | $ | 21,122 |
| Television broadcasting | | 40,542 |
| | 26,483 |
| | 39,777 |
| | 33,462 |
| | 39,536 |
| Healthcare | | (1,391 | ) | | (926 | ) | | 384 |
| | 920 |
| | (2,947 | ) | Other businesses | | (3,695 | ) | | (9,638 | ) | | (9,302 | ) | | (7,021 | ) | | 6,698 |
| Corporate office | | (13,942 | ) | | (15,103 | ) | | (14,449 | ) | | (14,208 | ) | | (14,950 | ) | | | $ | 44,214 |
| | $ | 10,253 |
| | $ | 49,741 |
| | $ | 26,950 |
| | $ | 49,459 |
| Equity in Earnings (Losses) of Affiliates, Net | | 2,579 |
| | 649 |
| | 1,331 |
| | (532 | ) | | (4,697 | ) | Interest Expense, Net | | (6,699 | ) | | (6,766 | ) | | (7,862 | ) | | (7,758 | ) | | (4,919 | ) | Non-Operating Pension and Postretirement Benefit Income, Net | | 21,386 |
| | 18,801 |
| | 18,620 |
| | 17,621 |
| | 17,657 |
| Loss on Marketable Equity Securities, Net | | (14,102 | ) | | — |
| | — |
| | — |
| | — |
| Other Income (Expense), Net | | 9,187 |
| | 849 |
| | 4,069 |
| | 1,963 |
| | (2,640 | ) | Income Before Income Taxes | | $ | 56,565 |
| | $ | 23,786 |
| | $ | 65,899 |
| | $ | 38,244 |
| | $ | 54,860 |
| Depreciation of Property, Plant and Equipment | | | | | | | | | | | Education | | $ | 7,606 |
| | $ | 8,584 |
| | $ | 8,325 |
| | $ | 8,085 |
| | $ | 7,912 |
| Television broadcasting | | 3,071 |
| | 2,594 |
| | 2,991 |
| | 3,118 |
| | 3,476 |
| Healthcare | | 653 |
| | 1,069 |
| | 1,194 |
| | 1,166 |
| | 1,154 |
| Other businesses | | 3,059 |
| | 2,115 |
| | 3,070 |
| | 3,354 |
| | 3,184 |
| Corporate office | | 253 |
| | 290 |
| | 291 |
| | 279 |
| | 258 |
| | | $ | 14,642 |
| | $ | 14,652 |
| | $ | 15,871 |
| | $ | 16,002 |
| | $ | 15,984 |
| Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | | |
| | | | | | | | | Education | | $ | 1,149 |
| | $ | 1,120 |
| | $ | 1,323 |
| | $ | 1,355 |
| | $ | 1,364 |
| Television broadcasting | | 1,408 |
| | 902 |
| | 970 |
| | 1,071 |
| | 3,406 |
| Healthcare | | 1,808 |
| | 1,654 |
| | 1,644 |
| | 2,420 |
| | 2,187 |
| Other businesses | | 6,019 |
| | 3,160 |
| | 15,818 |
| | 6,389 |
| | 6,018 |
| Corporate office | | — |
| | — |
| | — |
| | — |
| | — |
| | | $ | 10,384 |
| | $ | 6,836 |
| | $ | 19,755 |
| | $ | 11,235 |
| | $ | 12,975 |
| Pension Expense | | |
| | | | | | | | | Education | | $ | 2,664 |
| | $ | 2,706 |
| | $ | 2,153 |
| | $ | 2,430 |
| | $ | 2,431 |
| Television broadcasting | | 493 |
| | 493 |
| | 479 |
| | 485 |
| | 485 |
| Healthcare | | 122 |
| | 166 |
| | 166 |
| | 166 |
| | 167 |
| Other businesses | | 289 |
| | 317 |
| | 249 |
| | 277 |
| | 282 |
| Corporate office | | 1,372 |
| | 1,232 |
| | 1,544 |
| | 1,233 |
| | 1,226 |
| | | $ | 4,940 |
| | $ | 4,914 |
| | $ | 4,591 |
| | $ | 4,591 |
| | $ | 4,591 |
|
The following table summarizes annual financial information related to each of the Company's business segments: | | | | | | | | | | (in thousands) | | 2017 | | 2016 | Operating Revenues | | | | | Education | | $ | 1,516,776 |
| | $ | 1,598,461 |
| Television broadcasting | | 409,916 |
| | 409,718 |
| Healthcare | | 154,202 |
| | 146,962 |
| Other businesses | | 511,003 |
| | 326,888 |
| Corporate office | | — |
| | — |
| Intersegment elimination | | (51 | ) | | (139 | ) | | | $ | 2,591,846 |
| | $ | 2,481,890 |
| Income (Loss) from Operations | | | | | Education | | $ | 77,687 |
| | $ | 95,321 |
| Television broadcasting | | 139,258 |
| | 202,863 |
| Healthcare | | (2,569 | ) | | 2,799 |
| Other businesses | | (19,263 | ) | | (24,901 | ) | Corporate office | | (58,710 | ) | | (53,213 | ) | | | $ | 136,403 |
| | $ | 222,869 |
| Equity in Losses of Affiliates, Net | | (3,249 | ) | | (7,937 | ) | Interest Expense, Net | | (27,305 | ) | | (32,297 | ) | Non-Operating Pension and Postretirement Benefit Income, Net | | 72,699 |
| | 80,665 |
| Other Income (Expense), Net | | 4,241 |
| | (12,642 | ) | Income Before Income Taxes | | $ | 182,789 |
| | $ | 250,658 |
| Depreciation of Property, Plant and Equipment | | | | | Education | | $ | 32,906 |
| | $ | 41,187 |
| Television broadcasting | | 12,179 |
| | 9,942 |
| Healthcare | | 4,583 |
| | 2,805 |
| Other businesses | | 11,723 |
| | 9,570 |
| Corporate office | | 1,118 |
| | 1,116 |
| | | $ | 62,509 |
| | $ | 64,620 |
| Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | | | | | Education | | $ | 5,162 |
| | $ | 7,516 |
| Television broadcasting | | 6,349 |
| | 251 |
| Healthcare | | 7,905 |
| | 6,701 |
| Other businesses | | 31,385 |
| | 13,806 |
| Corporate office | | — |
| | — |
| | | $ | 50,801 |
| | $ | 28,274 |
| Pension Expense | | | | | Education | | $ | 9,720 |
| | $ | 11,803 |
| Television broadcasting | | 1,942 |
| | 1,714 |
| Healthcare | | 665 |
| | — |
| Other businesses | | 1,125 |
| | 1,118 |
| Corporate office | | 5,235 |
| | 5,826 |
| | | $ | 18,687 |
| | $ | 20,461 |
|
Asset information for the Company’s business segments are as follows: | | | | | | | | | | As of | | March 31, | | December 31, | (in thousands) | 2018 | | 2017 | Identifiable Assets | | | | Education | $ | 1,577,217 |
| | $ | 1,592,097 |
| Television broadcasting | 451,070 |
| | 455,884 |
| Healthcare | 125,041 |
| | 129,856 |
| Other businesses | 789,771 |
| | 855,399 |
| Corporate office | 140,396 |
| | 182,905 |
| | $ | 3,083,495 |
| | $ | 3,216,141 |
| Investments in Marketable Equity Securities | 471,703 |
| | 536,315 |
| Investments in Affiliates | 131,887 |
| | 128,590 |
| Prepaid Pension Cost | 1,073,873 |
| | 1,056,777 |
| Total Assets | $ | 4,760,958 |
| | $ | 4,937,823 |
|
|
Summary of Segment Reporting Information, by Operating Segment |
The following table summaries the quarterly financial information related to the operating segments of the Company’s education division: | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | March 31, | | March 31, | | June 30, | | September 30, | | December 31, | (in thousands) | | 2018 | | 2017 | | 2017 | | 2017 | | 2017 | Operating Revenues | | | | | | | | | | | Kaplan international | | $ | 183,582 |
| | $ | 164,562 |
| | $ | 171,747 |
| | $ | 171,259 |
| | $ | 190,431 |
| Higher education | | 99,830 |
| | 111,111 |
| | 111,840 |
| | 105,210 |
| | 103,264 |
| Test preparation | | 59,151 |
| | 64,568 |
| | 75,730 |
| | 72,680 |
| | 60,320 |
| Professional (U.S.) | | 33,356 |
| | 33,199 |
| | 27,364 |
| | 28,249 |
| | 27,027 |
| Kaplan corporate and other | | 285 |
| | 14 |
| | 57 |
| | 49 |
| | 174 |
| Intersegment elimination | | (705 | ) | | (557 | ) | | (239 | ) | | (642 | ) | | (641 | ) | | | $ | 375,499 |
| | $ | 372,897 |
| | $ | 386,499 |
| | $ | 376,805 |
| | $ | 380,575 |
| Income (Loss) from Operations | | |
| | |
| | | | | | | Kaplan international | | $ | 20,404 |
| | $ | 7,707 |
| | $ | 15,954 |
| | $ | 5,348 |
| | $ | 22,614 |
| Higher education | | 1,355 |
| | 2,446 |
| | 13,140 |
| | 1,493 |
| | (360 | ) | Test preparation | | 521 |
| | (2,864 | ) | | 5,741 |
| | 7,330 |
| | 1,300 |
| Professional (U.S.) | | 9,315 |
| | 10,158 |
| | 4,571 |
| | 7,316 |
| | 5,513 |
| Kaplan corporate and other | | (8,895 | ) | | (8,063 | ) | | (6,045 | ) | | (7,631 | ) | | (8,124 | ) | Intersegment elimination | | — |
| | 53 |
| | (30 | ) | | (59 | ) | | 179 |
| | | $ | 22,700 |
| | $ | 9,437 |
| | $ | 33,331 |
| | $ | 13,797 |
| | $ | 21,122 |
| Depreciation of Property, Plant and Equipment | | |
| | |
| | | | | | | Kaplan international | | $ | 3,974 |
| | $ | 3,682 |
| | $ | 3,609 |
| | $ | 3,780 |
| | $ | 3,821 |
| Higher education | | 1,858 |
| | 2,648 |
| | 2,484 |
| | 2,010 |
| | 1,975 |
| Test preparation | | 978 |
| | 1,341 |
| | 1,332 |
| | 1,407 |
| | 1,206 |
| Professional (U.S.) | | 642 |
| | 783 |
| | 765 |
| | 758 |
| | 735 |
| Kaplan corporate and other | | 154 |
| | 130 |
| | 135 |
| | 130 |
| | 175 |
| | | $ | 7,606 |
| | $ | 8,584 |
| | $ | 8,325 |
| | $ | 8,085 |
| | $ | 7,912 |
| Amortization of Intangible Assets | | $ | 1,149 |
| | $ | 1,120 |
| | $ | 1,323 |
| | $ | 1,355 |
| | $ | 1,364 |
| Pension Expense | | |
| | |
| | | | | | | Kaplan international | | $ | 83 |
| | $ | 87 |
| | $ | 87 |
| | $ | 24 |
| | $ | 66 |
| Higher education | | 1,406 |
| | 1,742 |
| | 1,742 |
| | 467 |
| | 1,318 |
| Test preparation | | 729 |
| | 911 |
| | 911 |
| | 244 |
| | 689 |
| Professional (U.S.) | | 290 |
| | 302 |
| | 302 |
| | 81 |
| | 228 |
| Kaplan corporate and other | | 156 |
| | (336 | ) | | (889 | ) | | 1,614 |
| | 130 |
| | | $ | 2,664 |
| | $ | 2,706 |
| | $ | 2,153 |
| | $ | 2,430 |
| | $ | 2,431 |
|
The following table summarizes annual financial information related to the reportable segments of the Company's education division segments: | | | | | | | | | | (in thousands) | | 2017 | | 2016 | Operating Revenues | | | | | Kaplan international | | $ | 697,999 |
| | $ | 696,362 |
| Higher education | | 431,425 |
| | 501,784 |
| Test preparation | | 273,298 |
| | 286,556 |
| Professional (U.S.) | | 115,839 |
| | 115,263 |
| Kaplan corporate and other | | 294 |
| | 214 |
| Intersegment elimination | | (2,079 | ) | | (1,718 | ) | | | $ | 1,516,776 |
| | $ | 1,598,461 |
| Income (Loss) from Operations | | | | | Kaplan international | | $ | 51,623 |
| | $ | 48,398 |
| Higher education | | 16,719 |
| | 39,196 |
| Test preparation | | 11,507 |
| | 9,599 |
| Professional (U.S.) | | 27,558 |
| | 27,436 |
| Kaplan corporate and other | | (29,863 | ) | | (29,279 | ) | Intersegment elimination | | 143 |
| | (29 | ) | | | $ | 77,687 |
| | $ | 95,321 |
| Depreciation of Property, Plant and Equipment | | | | | Kaplan international | | $ | 14,892 |
| | $ | 17,523 |
| Higher education | | 9,117 |
| | 13,816 |
| Test preparation | | 5,286 |
| | 6,287 |
| Professional (U.S.) | | 3,041 |
| | 3,006 |
| Kaplan corporate and other | | 570 |
| | 555 |
| | | $ | 32,906 |
| | $ | 41,187 |
| Amortization of Intangible Assets | | $ | 5,162 |
| | $ | 7,516 |
| Pension Expense | | | | | Kaplan international | | $ | 264 |
| | $ | 268 |
| Higher education | | 5,269 |
| | 6,544 |
| Test preparation | | 2,755 |
| | 3,072 |
| Professional (U.S.) | | 913 |
| | 1,076 |
| Kaplan corporate and other | | 519 |
| | 843 |
| | | $ | 9,720 |
| | $ | 11,803 |
|
Asset information for the Company’s education division is as follows: | | | | | | | | | | As of | | March 31, | | December 31, | (in thousands) | 2018 | | 2017 | Identifiable assets | | | | Kaplan international | $ | 1,147,327 |
| | $ | 1,115,919 |
| Higher education | 172,215 |
| | 231,986 |
| Test preparation | 140,793 |
| | 130,938 |
| Professional (U.S.) | 90,812 |
| | 91,630 |
| Kaplan corporate and other | 26,070 |
| | 21,624 |
| | $ | 1,577,217 |
| | $ | 1,592,097 |
|
|