Business Segments |
BUSINESS SEGMENTSThe Company has six reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing and Healthcare. The following tables summarize the financial information related to each of the Company’s business segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | | | | | | | | | | | March 31 | | | (in thousands) | | | | | | | | | | | | | 2021 | | 2020 | | | | | Operating Revenues | | | | | | | | | | | | | | | | | | | | Education | | | | | | | | | | | | | $ | 329,317 | | | $ | 356,378 | | | | | | Television broadcasting | | | | | | | | | | | | | 113,625 | | | 115,448 | | | | | | Manufacturing | | | | | | | | | | | | | 115,960 | | | 113,458 | | | | | | Healthcare | | | | | | | | | | | | | 50,043 | | | 45,994 | | | | | | Other businesses | | | | | | | | | | | | | 104,039 | | | 101,282 | | | | | | Corporate office | | | | | | | | | | | | | — | | | — | | | | | | Intersegment elimination | | | | | | | | | | | | | (529) | | | (303) | | | | | | | | | | | | | | | | | | | $ | 712,455 | | | $ | 732,257 | | | | | | Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets |
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| | | | | Education | | | | | | | | | | | | | $ | 24,148 | | | $ | 8,893 | | | | | | Television broadcasting | | | | | | | | | | | | | 34,337 | | | 37,136 | | | | | | Manufacturing | | | | | | | | | | | | | 15,894 | | | 13,638 | | | | | | Healthcare | | | | | | | | | | | | | 7,921 | | | 4,479 | | | | | | Other businesses | | | | | | | | | | | | | (18,692) | | | (16,923) | | | | | | Corporate office | | | | | | | | | | | | | (14,780) | | | (8,572) | | | | | | | | | | | | | | | | | | | $ | 48,828 | | | $ | 38,651 | | | | | | Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets | | | | | | | | | | | | | | | | | | | | Education | | | | | | | | | | | | | $ | 5,212 | | | $ | 4,201 | | | | | | Television broadcasting | | | | | | | | | | | | | 1,359 | | | 1,360 | | | | | | Manufacturing | | | | | | | | | | | | | 6,987 | | | 7,137 | | | | | | Healthcare | | | | | | | | | | | | | 781 | | | 1,310 | | | | | | Other businesses | | | | | | | | | | | | | 645 | | | 16,558 | | | | | | Corporate office | | | | | | | | | | | | | — | | | — | | | | | | | | | | | | | | | | | | | $ | 14,984 | | | $ | 30,566 | | | | | | Income (Loss) from Operations | | | | | | | | | | | | | | | | | | | | Education | | | | | | | | | | | | | $ | 18,936 | | | $ | 4,692 | | | | | | Television broadcasting | | | | | | | | | | | | | 32,978 | | | 35,776 | | | | | | Manufacturing | | | | | | | | | | | | | 8,907 | | | 6,501 | | | | | | Healthcare | | | | | | | | | | | | | 7,140 | | | 3,169 | | | | | | Other businesses | | | | | | | | | | | | | (19,337) | | | (33,481) | | | | | | Corporate office | | | | | | | | | | | | | (14,780) | | | (8,572) | | | | | | | | | | | | | | | | | | | $ | 33,844 | | | $ | 8,085 | | | | | | Equity in Earnings (Losses) of Affiliates, Net | | | | | | | | | | | | | 13,428 | | | (1,547) | | | | | | Interest Expense, Net | | | | | | | | | | | | | (7,558) | | | (6,527) | | | | | | Non-Operating Pension and Postretirement Benefit Income, Net | | | | | | | | | | | | | 28,787 | | | 18,403 | | | | | | Gain (Loss) on Marketable Equity Securities, Net | | | | | | | | | | | | | 79,214 | | | (100,393) | | | | | | Other Income, Net | | | | | | | | | | | | | 6,320 | | | 2,688 | | | | | | Income (Loss) Before Income Taxes | | | | | | | | | | | | | $ | 154,035 | | | $ | (79,291) | | | | | | Depreciation of Property, Plant and Equipment | | | | | | | | | | | | | | | | | | | | Education | | | | | | | | | | | | | $ | 7,780 | | | $ | 7,329 | | | | | | Television broadcasting | | | | | | | | | | | | | 3,473 | | | 3,343 | | | | | | Manufacturing | | | | | | | | | | | | | 2,517 | | | 2,527 | | | | | | Healthcare | | | | | | | | | | | | | 317 | | | 540 | | | | | | Other businesses | | | | | | | | | | | | | 2,290 | | | 2,790 | | | | | | Corporate office | | | | | | | | | | | | | 168 | | | 175 | | | | | | | | | | | | | | | | | | | $ | 16,545 | | | $ | 16,704 | | | | | | Pension Service Cost | | | | | | | | | | | | | | | | | | | | Education | | | | | | | | | | | | | $ | 2,283 | | | $ | 2,585 | | | | | | Television broadcasting | | | | | | | | | | | | | 835 | | | 796 | | | | | | Manufacturing | | | | | | | | | | | | | 395 | | | 394 | | | | | | Healthcare | | | | | | | | | | | | | 172 | | | 159 | | | | | | Other businesses | | | | | | | | | | | | | 369 | | | 463 | | | | | | Corporate office | | | | | | | | | | | | | 1,548 | | | 1,386 | | | | | | | | | | | | | | | | | | | $ | 5,602 | | | $ | 5,783 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset information for the Company’s business segments is as follows: | | | | | | | | | | | | | As of | (in thousands) | March 31, 2021 | | December 31, 2020 | Identifiable Assets | | | | Education | $ | 1,901,257 | | | $ | 1,975,104 | | Television broadcasting | 450,403 | | | 453,988 | | Manufacturing | 557,631 | | | 551,611 | | Healthcare | 160,033 | | | 160,654 | | Other businesses | 506,936 | | | 517,533 | | Corporate office | 341,980 | | | 348,045 | | | $ | 3,918,240 | | | $ | 4,006,935 | | Investments in Marketable Equity Securities | 700,352 | | | 573,102 | | Investments in Affiliates | 169,203 | | | 155,777 | | Prepaid Pension Cost | 1,730,625 | | | 1,708,305 | | Total Assets | $ | 6,518,420 | | | $ | 6,444,119 | |
The Company’s education division comprises the following operating segments: | | | | | | | | | | | | | | | | | | | | | | Three months ended | | | | | March 31 | | (in thousands) | | | | | 2021 | | 2020 | | Operating Revenues | | | | | | | | | Kaplan international | | | | | $ | 171,895 | | | $ | 199,615 | | | Higher education | | | | | 75,686 | | | 73,537 | | | | | | | | | | | | | | | | | | | | | Supplemental education | | | | | 79,655 | | | 81,288 | | | Kaplan corporate and other | | | | | 3,363 | | | 3,205 | | | Intersegment elimination | | | | | (1,282) | | | (1,267) | | | | | | | | $ | 329,317 | | | $ | 356,378 | | | | | | | | | | | | Income (Loss) From Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets | | | | | | | | | Kaplan international | | | | | $ | 10,207 | | | $ | 18,980 | | | Higher education | | | | | 6,253 | | | (2,020) | | | | | | | | | | | | | | | | | | | | | Supplemental education | | | | | 12,497 | | | (6,550) | | | Kaplan corporate and other | | | | | (4,907) | | | (1,522) | | | Intersegment elimination | | | | | 98 | | | 5 | | | | | | | | $ | 24,148 | | | $ | 8,893 | | | Amortization of Intangible Assets | | | | | $ | 4,165 | | | $ | 4,201 | | | Impairment of Long-Lived Assets | | | | | $ | 1,047 | | | $ | — | | | | | | | | | | | | Income (Loss) from Operations | | | | | | | | | Kaplan international | | | | | $ | 10,207 | | | $ | 18,980 | | | Higher education | | | | | 6,253 | | | (2,020) | | | | | | | | | | | | | | | | | | | | | Supplemental education | | | | | 12,497 | | | (6,550) | | | Kaplan corporate and other | | | | | (10,119) | | | (5,723) | | | Intersegment elimination | | | | | 98 | | | 5 | | | | | | | | $ | 18,936 | | | $ | 4,692 | | | Depreciation of Property, Plant and Equipment | | | | | | | | | Kaplan international | | | | | $ | 5,252 | | | $ | 4,578 | | | Higher education | | | | | 852 | | | 723 | | | | | | | | | | | | | | | | | | | | | Supplemental education | | | | | 1,576 | | | 1,939 | | | Kaplan corporate and other | | | | | 100 | | | 89 | | | | | | | | $ | 7,780 | | | $ | 7,329 | | | | | | | | | | | | Pension Service Cost | | | | | | | | | Kaplan international | | | | | $ | 71 | | | $ | 112 | | | Higher education | | | | | 1,083 | | | 1,070 | | | | | | | | | | | | | | | | | | | | | Supplemental education | | | | | 931 | | | 1,085 | | | Kaplan corporate and other | | | | | 198 | | | 318 | | | | | | | | $ | 2,283 | | | $ | 2,585 | | |
Asset information for the Company’s education division is as follows: | | | | | | | | | | | | | As of | | | | | (in thousands) | March 31, 2021 | | December 31, 2020 | Identifiable Assets | | | | Kaplan international | $ | 1,387,772 | | | $ | 1,455,722 | | Higher education | 188,602 | | | 187,123 | | | | | | | | | | Supplemental education | 265,408 | | | 274,687 | | Kaplan corporate and other | 59,475 | | | 57,572 | | | $ | 1,901,257 | | | $ | 1,975,104 | |
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