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10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 08/02/2017
Entire Document
 


12. BUSINESS SEGMENTS
The Company has four reportable segments: Kaplan Higher Education, Kaplan Test Preparation, Kaplan International and television broadcasting.
The following table summarizes financial information related to each of the Company’s business segments:
  
Three Months Ended June 30
 
Six Months Ended June 30
(in thousands)
2017
 
2016
 
2017
 
2016
Operating Revenues
 
 
 
 
  
 
  
Education
$
386,499

 
$
419,213

 
$
759,396

 
$
820,289

Television broadcasting
106,102

 
96,520

 
197,598

 
188,538

Other businesses
183,486

 
113,269

 
301,810

 
221,985

Corporate office

 

 

 

Intersegment elimination

 
(69
)
 

 
(139
)
  
$
676,087

 
$
628,933

 
$
1,258,804

 
$
1,230,673

Income (Loss) from Operations
 
 
 
 
 
 
 
Education
$
32,925

 
$
32,892

 
$
41,956

 
$
47,380

Television broadcasting
39,264

 
44,215

 
65,233

 
85,435

Other businesses
(8,918
)
 
(5,062
)
 
(19,482
)
 
(10,792
)
Corporate office
5,090

 
2,095

 
9,708

 
3,989

  
$
68,361

 
$
74,140

 
$
97,415

 
$
126,012

Equity in Earnings (Losses) of Affiliates, Net
1,331

 
(891
)
 
1,980

 
113

Interest Expense, Net
(7,862
)
 
(7,250
)
 
(14,628
)
 
(14,607
)
Other Income, Net
4,069

 
19,000

 
4,918

 
34,096

Income Before Income Taxes
$
65,899

 
$
84,999

 
$
89,685

 
$
145,614

Depreciation of Property, Plant and Equipment
 
 
 
 
 
 
 
Education
$
8,325

 
$
10,242

 
$
16,909

 
$
21,345

Television broadcasting
2,991

 
2,450

 
5,585

 
4,827

Other businesses
4,264

 
3,073

 
7,448

 
6,100

Corporate office
291

 
280

 
581

 
534

  
$
15,871

 
$
16,045

 
$
30,523

 
$
32,806

Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
 
 
 
 
  

 
  

Education
$
1,323

 
$
1,704

 
$
2,443

 
$
3,385

Television broadcasting
970

 
63

 
1,872

 
126

Other businesses
17,462

 
4,511

 
22,276

 
9,029

Corporate office

 

 

 

  
$
19,755

 
$
6,278

 
$
26,591

 
$
12,540

Net Pension (Credit) Expense
 
 
 
 
  

 
  

Education
$
2,153

 
$
3,018

 
$
4,859

 
$
6,127

Television broadcasting
479

 
418

 
972

 
857

Other businesses
415

 
306

 
898

 
560

Corporate office
(17,876
)
 
(16,008
)
 
(36,246
)
 
(31,869
)
  
$
(14,829
)
 
$
(12,266
)
 
$
(29,517
)
 
$
(24,325
)

Asset information for the Company’s business segments are as follows:
  
As of
(in thousands)
June 30,
2017
 
December 31,
2016
Identifiable Assets
  
 
  
Education
$
1,494,736

 
$
1,479,267

Television broadcasting
451,296

 
336,631

Other businesses
946,499

 
796,935

Corporate office
250,071

 
455,209

  
$
3,142,602

 
$
3,068,042

Investments in Marketable Equity Securities
447,763

 
424,229

Investments in Affiliates
67,812

 
58,806

Prepaid Pension Cost
850,262

 
881,593

Total Assets
$
4,508,439

 
$
4,432,670

  

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