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10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 11/01/2017
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 September 30
 
Nine Months Ended September 30
(in thousands)
2017
 
2016
 
2017
 
2016
Operating Revenues
 
 
 
 
  
 
  
Education
$
376,805

 
$
386,936

 
$
1,136,201

 
$
1,207,225

Television broadcasting
101,295

 
112,389

 
298,893

 
300,927

Other businesses
179,125

 
122,313

 
480,935

 
344,298

Corporate office

 

 

 

Intersegment elimination

 

 

 
(139
)
  
$
657,225

 
$
621,638

 
$
1,916,029

 
$
1,852,311

Income (Loss) from Operations
 
 
 
 
 
 
 
Education
$
13,391

 
$
16,333

 
$
55,347

 
$
63,713

Television broadcasting
32,948

 
59,159

 
98,181

 
144,594

Other businesses
(7,033
)
 
(10,801
)
 
(26,515
)
 
(21,593
)
Corporate office
5,265

 
3,342

 
14,973

 
7,331

  
$
44,571

 
$
68,033

 
$
141,986

 
$
194,045

Equity in Earnings (Losses) of Affiliates, Net
(532
)
 
(1,008
)
 
1,448

 
(895
)
Interest Expense, Net
(7,758
)
 
(7,874
)
 
(22,386
)
 
(22,481
)
Other Income (Expense), Net
1,963

 
(18,225
)
 
6,881

 
15,871

Income Before Income Taxes
$
38,244

 
$
40,926

 
$
127,929

 
$
186,540

Depreciation of Property, Plant and Equipment
 
 
 
 
 
 
 
Education
$
8,085

 
$
9,977

 
$
24,994

 
$
31,322

Television broadcasting
3,118

 
2,540

 
8,703

 
7,367

Other businesses
4,520

 
3,289

 
11,968

 
9,389

Corporate office
279

 
291

 
860

 
825

  
$
16,002

 
$
16,097

 
$
46,525

 
$
48,903

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

 
  

Education
$
1,355

 
$
1,773

 
$
3,798

 
$
5,158

Television broadcasting
1,071

 
63

 
2,943

 
189

Other businesses
8,809

 
4,784

 
31,085

 
13,813

Corporate office

 

 

 

  
$
11,235

 
$
6,620

 
$
37,826

 
$
19,160

Net Pension (Credit) Expense
 
 
 
 
  

 
  

Education
$
2,430

 
$
2,838

 
$
7,289

 
$
8,965

Television broadcasting
485

 
428

 
1,457

 
1,285

Other businesses
1,375

 
279

 
2,273

 
839

Corporate office
(18,122
)
 
(15,934
)
 
(54,368
)
 
(47,803
)
  
$
(13,832
)
 
$
(12,389
)
 
$
(43,349
)
 
$
(36,714
)

Asset information for the Company’s business segments are as follows:
  
As of
(in thousands)
September 30,
2017
 
December 31,
2016
Identifiable Assets
  
 
  
Education
$
1,615,116

 
$
1,479,267

Television broadcasting
447,702

 
336,631

Other businesses
918,684

 
796,935

Corporate office
157,550

 
455,209

  
$
3,139,052

 
$
3,068,042

Investments in Marketable Equity Securities
495,599

 
424,229

Investments in Affiliates
122,166

 
58,806

Prepaid Pension Cost
863,098

 
881,593

Total Assets
$
4,619,915

 
$
4,432,670

  

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