XML 31 R21.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Business Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
In the second quarter of 2023, Kaplan modified its segment reporting for Kaplan India, a shared services center that supports Higher Education. Kaplan India was previously included in Kaplan corporate and other. Certain amounts in previously issued financial statements have been reclassified to conform to the current presentation.
The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive.
As of March 31, 2024, Kaplan had a total outstanding accounts receivable balance of $105.9 million from Purdue Global related to amounts due for reimbursements for services, fees earned and a deferred fee. Included in this total, Kaplan has a $19.6 million long-term receivable balance due from Purdue Global at March 31, 2024, related to the advance of $20.0 million during the initial KU Transaction.
During the three months ended March 31, 2024 and 2023, the automotive group recorded expense of $2.0 million and $1.7 million, respectively, for operating and management services provided by Christopher J. Ourisman and his team of industry professionals.
The following tables summarize the financial information related to each of the Company’s business segments:
  Three Months Ended 
 March 31
(in thousands)20242023
Operating Revenues    
Education$422,598 $378,041 
Television broadcasting113,058 112,877 
Manufacturing101,903 114,584 
Healthcare128,201 102,059 
Automotive303,840 232,561 
Other businesses83,298 92,008 
Corporate office576 — 
Intersegment elimination(812)(584)
  $1,152,662 $1,031,546 
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets




Education$33,561 $27,456 
Television broadcasting30,983 29,945 
Manufacturing6,189 12,190 
Healthcare6,727 3,890 
Automotive9,652 10,843 
Other businesses(26,283)(27,906)
Corporate office(14,636)(14,073)
$46,193 $42,345 
Amortization of Intangible Assets and Impairment of Long-Lived Assets
Education$2,974 $4,416 
Television broadcasting1,350 1,362 
Manufacturing3,120 4,862 
Healthcare636 954 
Automotive— — 
Other businesses2,671 3,095 
Corporate office— — 
$10,751 $14,689 
Income (Loss) from Operations
Education$30,587 $23,040 
Television broadcasting29,633 28,583 
Manufacturing3,069 7,328 
Healthcare6,091 2,936 
Automotive9,652 10,843 
Other businesses(28,954)(31,001)
Corporate office(14,636)(14,073)
  $35,442 $27,656 
Equity in Earnings of Affiliates, Net
2,331 4,661 
Interest Expense, Net(17,150)(13,090)
Non-Operating Pension and Postretirement Benefit Income, Net
42,417 31,845 
Gain on Marketable Equity Securities, Net
104,152 18,022 
Other Income, Net
1,647 3,083 
Income Before Income Taxes
$168,839 $72,177 
  Three Months Ended 
 March 31
(in thousands)20242023
Depreciation of Property, Plant and Equipment
Education$9,305 $8,968 
Television broadcasting2,868 3,036 
Manufacturing2,715 2,282 
Healthcare1,594 1,104 
Automotive1,713 1,113 
Other businesses4,183 3,369 
Corporate office149 153 
  $22,527 $20,025 
Pension Service Cost  
Education$4,110 $2,198 
Television broadcasting1,639 860 
Manufacturing627 275 
Healthcare4,758 4,357 
Automotive15 5 
Other businesses1,940 572 
Corporate office945 976 
  $14,034 $9,243 
Asset information for the Company’s business segments is as follows:
  As of
(in thousands)March 31, 2024December 31, 2023
Identifiable Assets    
Education$1,939,781 $2,021,471 
Television broadcasting419,819 419,557 
Manufacturing436,797 431,712 
Healthcare267,707 265,150 
Automotive623,376 597,267 
Other businesses364,656 368,542 
Corporate office92,331 93,760 
  $4,144,467 $4,197,459 
Investments in Marketable Equity Securities794,305 690,153 
Investments in Affiliates186,674 186,480 
Prepaid Pension Cost2,129,682 2,113,638 
Total Assets$7,255,128 $7,187,730 
The Company’s education division comprises the following operating segments:
  Three Months Ended 
 March 31
  
(in thousands)20242023
Operating Revenues  
Kaplan international$269,798 $227,076 
Higher education80,122 78,341 
Supplemental education72,122 73,587 
Kaplan corporate and other2,588 2,372 
Intersegment elimination(2,032)(3,335)
  $422,598 $378,041 
Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Long-Lived Assets
Kaplan international$31,312 $21,301 
Higher education5,519 7,083 
Supplemental education4,580 3,751 
Kaplan corporate and other(7,585)(4,838)
Intersegment elimination(265)159 
$33,561 $27,456 
Amortization of Intangible Assets$2,974 $3,939 
Impairment of Long-Lived Assets$— $477 
Income (Loss) from Operations    
Kaplan international$31,312 $21,301 
Higher education5,519 7,083 
Supplemental education4,580 3,751 
Kaplan corporate and other(10,559)(9,254)
Intersegment elimination(265)159 
  $30,587 $23,040 
Depreciation of Property, Plant and Equipment
    
Kaplan international$7,356 $6,330 
Higher education903 1,102 
Supplemental education1,019 1,509 
Kaplan corporate and other27 27 
  $9,305 $8,968 
Pension Service Cost    
Kaplan international$163 $80 
Higher education1,781 922 
Supplemental education1,818 1,024 
Kaplan corporate and other348 172 
  $4,110 $2,198 
Asset information for the Company’s education division is as follows:
  As of
(in thousands)March 31, 2024December 31, 2023
Identifiable Assets    
Kaplan international$1,453,727 $1,537,989 
Higher education200,115 187,972 
Supplemental education237,263 249,519 
Kaplan corporate and other48,676 45,991 
  $1,939,781 $2,021,471