Washington Post 2015 Annual Report Download - page 143

Download and view the complete annual report

Please find page 143 of the 2015 Washington Post annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

The Company’s education division comprises the following operating segments:
Year Ended December 31
(in thousands) 2015 2014 2013
Operating Revenues
Higher education ............................................................. $ 849,625 $1,010,058 $1,080,908
Test preparation .............................................................. 301,607 304,662 293,201
Kaplan international ........................................................... 770,273 840,915 783,588
Kaplan corporate and other ..................................................... 6,502 6,094 7,990
Intersegment elimination ....................................................... (486) (1,312) (1,953)
$1,927,521 $2,160,417 $2,163,734
Income (Loss) from Operations
Higher education ............................................................. $ 55,572 $ 83,069 $ 71,584
Test preparation .............................................................. 16,798 (4,730) 4,118
Kaplan international ........................................................... 53,661 69,153 51,653
Kaplan corporate and other ..................................................... (349,583) (82,034) (76,701)
Intersegment elimination ....................................................... 96 5 335
$ (223,456) $ 65,463 $ 50,989
Depreciation of Property, Plant and Equipment
Higher education ............................................................. $ 17,937 $ 29,187 $ 43,892
Test preparation .............................................................. 9,045 12,547 19,194
Kaplan international ........................................................... 17,811 19,297 16,154
Kaplan corporate and other ..................................................... 16,384 706 10,382
$ 61,177 $ 61,737 $ 89,622
Amortization of Intangible Assets .................................................. $ 5,523 $ 7,738 $ 8,503
Impairment of Goodwill and Other Long-Lived Assets ................................. $ 256,830 $ 17,203 $ 3,250
Pension Expense .................................................................
Higher education ............................................................. $ 10,849 $ 10,514 $ 11,714
Test preparation .............................................................. 3,101 2,888 2,674
Kaplan international ........................................................... 424 356 363
Kaplan corporate and other ..................................................... 4,430 1,660 1,787
$ 18,804 $ 15,418 $ 16,538
Capital Expenditures
Higher education ............................................................. $ 10,202 $ 11,551 $ 10,879
Test preparation .............................................................. 8,720 1,143 7,008
Kaplan international ........................................................... 22,673 20,802 27,472
Kaplan corporate and other ..................................................... 625 32 62
$ 42,220 $ 33,528 $ 45,421
In the third quarter of 2015, a favorable $3.0 million out of period revenue adjustment was included at the test
preparation segment that related to prior periods from 2011 through the second quarter of 2015. With respect to
this error, the Company has concluded that it was not material to the Company’s financial position or results of
operations for 2015 and prior years and the related interim periods, based on its consideration of quantitative and
qualitative factors.
Asset information for the Company’s education division is as follows:
As of December 31
(in thousands) 2015 2014
Identifiable Assets
Higher education ........................................ $ 447,282 $ 749,421
Test preparation ......................................... 134,535 167,055
Kaplan international ...................................... 826,475 838,148
Kaplan corporate and other ................................ 46,228 26,919
$1,454,520 $1,781,543
2015 FORM 10-K 128