Business Segments

6 Months Ended

Jun. 30, 2025

BUSINESS SEGMENTS

The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, Manufacturing, Healthcare and Automotive.

As of June 30, 2025, Kaplan had a total outstanding accounts receivable balance of $85.3 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 $19.8 million long-term receivable balance due from Purdue Global at June 30, 2025, related to the advance of $20.0 million during the initial KU Transaction.

Company information broken down by operating segment and education division:


	Three Months Ended June 30, 2025
(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Total Segments
Operating Revenues	$	436,813	$	105,984	$	96,218	$	202,219	$	285,572	$	1,126,806
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											89,591
Intersegment Elimination											(625)
Total Consolidated Revenues											$	1,215,772

Less: Significant Expenses (2)
Cost of Revenue (3)	159,017				65,368		121,952		241,639		587,976
Payroll and Fringe Benefits Expense (4)	120,627		26,818						19,627		167,072
Occupancy Expense	29,024								1,857		30,881
Advertising and Marketing Expense	21,191										21,191
Networking and Programming Expense			31,207								31,207
Management Services (5)									2,059		2,059
Other Segment Items (6)	47,245		14,502		17,545		51,337		9,363		139,992
EBITDAP	$	59,709	$	33,457	$	13,305	$	28,930	$	11,027	$	146,428

Pension Service Cost	4,413		1,532		654		1,993		21		8,613
Depreciation Expense	7,412		2,625		2,654		1,723		1,708		16,122

Income from Operations before Amortization of Intangible Assets	$	47,884	$	29,300	$	9,997	$	25,214	$	9,298	$	121,693
											R
Other Businesses (7)											(25,666)
Corporate Costs											(16,035)
Amortization of Intangible Assets											(7,241)

Income from Operations											$	72,751
Equity in Earnings of Affiliates, Net											3,114
Interest Expense, Net											(15,845)
Non-Operating Pension and Postretirement Benefit Income, Net											28,602
Loss on Marketable Equity Securities, Net											(11,543)
Other Expense, Net											(16,456)
Income Before Income Taxes											$	60,623

Capital Expenditures	$	5,376	$	1,284	$	2,686	$	4,449	$	1,492	$	15,287
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											4,533
Total Capital Expenditures											$	19,820


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (CODM).
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses.
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division comprises the following operating segments:


	Three Months Ended June 30, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	272,171	$	84,738	$	80,161	$	23	$	(280)	$	436,813

Less: Significant Expenses (1)
Cost of Revenue (2)	89,421		56,721		13,117				(242)		159,017
Payroll and Fringe Benefits Expense (3)	76,656		5,242		33,345		5,406		(22)		120,627
Occupancy Expense	27,540		184		1,228		72				29,024
Advertising and Marketing Expense	8,758		2,131		10,180		122				21,191
Other Segment Items (4)	33,320		216		12,282		1,428		(1)		47,245
EBITDAP	$	36,476	$	20,244	$	10,009	$	(7,005)	$	(15)	$	59,709

Pension Service Cost	146		1,889		1,972		406				4,413
Depreciation Expense	6,393		383		631		5				7,412

Income (Loss) from Operations before Amortization of Intangible Assets	$	29,937	$	17,972	$	7,406	$	(7,416)	$	(15)	$	47,884

Capital Expenditures	$	3,713	$	492	$	1,164	$	7			$	5,376


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

Company information broken down by operating segment and education division:


	Three Months Ended June 30, 2024
(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Total Segments
Operating Revenues	$	422,899	$	115,478	$	103,626	$	147,528	$	308,814	$	1,098,345
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											87,566
Intersegment Elimination											(631)
Total Consolidated Revenues											$	1,185,280

Less: Significant Expenses (2)
Cost of Revenue (3)	159,401				78,327		81,608		262,788		582,124
Payroll and Fringe Benefits Expense (4)	118,025		29,120						21,292		168,437
Occupancy Expense	30,429								1,918		32,347
Advertising and Marketing Expense	18,521										18,521
Networking and Programming Expense			31,636								31,636
Management Services (5)									2,002		2,002
Other Segment Items (6)	44,807		17,948		15,400		46,051		8,848		133,054
EBITDAP	$	51,716	$	36,774	$	9,899	$	19,869	$	11,966	$	130,224

Pension Service Cost	4,712		1,416		292		4,851		42		11,313
Depreciation Expense	8,855		2,870		2,694		1,683		1,716		17,818

Income from Operations before Amortization of Intangible Assets	$	38,149	$	32,488	$	6,913	$	13,335	$	10,208	$	101,093

Other Businesses (7)											(24,100)
Corporate Costs											(14,737)
Amortization of Intangible Assets											(10,058)
Impairment of Goodwill and Other Long-Lived Assets											(26,287)
Income from Operations											$	25,911
Equity in Earnings of Affiliates, Net											2,560
Interest Expense, Net											(89,272)
Non-Operating Pension and Postretirement Benefit Income, Net											24,655
Gain on Marketable Equity Securities, Net											19,628
Other Income, Net											1,791
Loss Before Income Taxes											$	(14,727)

Capital Expenditures	$	5,138	$	1,708	$	2,608	$	2,890	$	1,165	$	13,509
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											7,255
Total Capital Expenditures											$	20,764


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division comprises the following operating segments:


	Three Months Ended June 30, 2024
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	267,026	$	81,041	$	73,133	$	2,993	$	(1,294)	$	422,899

Less: Significant Expenses (1)
Cost of Revenue (2)	89,687		57,319		13,947				(1,552)		159,401
Payroll and Fringe Benefits Expense (3)	77,109		3,994		30,665		6,257				118,025
Occupancy Expense	26,759		188		704		2,778				30,429
Advertising and Marketing Expense	8,478		1,396		8,450		197				18,521
Other Segment Items (4)	31,826		946		10,744		1,387		(96)		44,807
EBITDAP	$	33,167	$	17,198	$	8,623	$	(7,626)	$	354	$	51,716

Pension Service Cost	166		2,045		2,094		407				4,712
Depreciation Expense	7,177		799		857		22				8,855

Income (Loss) from Operations before Amortization of Intangible Assets	$	25,824	$	14,354	$	5,672	$	(8,055)	$	354	$	38,149

Capital Expenditures	$	4,503	$	174	$	461	$	—			$	5,138


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

Company information broken down by operating segment and education division:


	Six Months Ended June 30, 2025
(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Total Segments
Operating Revenues	$	861,544	$	209,538	$	194,223	$	375,960	$	566,563	$	2,207,828
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											175,108
Intersegment Elimination											(1,249)
Total Consolidated Revenues											$	2,381,687

Less: Significant Expenses (2)
Cost of Revenue (3)	325,104				135,105		222,067		481,946		1,164,222
Payroll and Fringe Benefits Expense (4)	233,947		54,582						39,056		327,585
Occupancy Expense	56,946								3,728		60,674
Advertising and Marketing Expense	40,411										40,411
Networking and Programming Expense			62,564								62,564
Management Services (5)									4,111		4,111
Other Segment Items (6)	91,288		29,130		34,123		101,743		18,442		274,726
EBITDAP	$	113,848	$	63,262	$	24,995	$	52,150	$	19,280	$	273,535

Pension Service Cost	8,636		2,951		1,730		4,992		48		18,357
Depreciation Expense	15,176		5,253		5,357		3,509		3,437		32,732

Income from Operations before Amortization of Intangible Assets	$	90,036	$	55,058	$	17,908	$	43,649	$	15,795	$	222,446

Other Businesses (7)											(55,113)
Corporate Costs											(32,044)
Amortization of Intangible Assets											(15,065)

Income from Operations											$	120,224
Equity in Losses of Affiliates, Net											(5,314)
Interest Expense, Net											(95,622)
Non-Operating Pension and Postretirement Benefit Income, Net											63,219
Gain on Marketable Equity Securities, Net											32,258
Other Expense, Net											(20,521)
Income Before Income Taxes											$	94,244

Capital Expenditures	$	10,117	$	1,482	$	6,059	$	5,066	$	1,972	$	24,696
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											9,227
Total Capital Expenditures											$	33,923


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division comprises the following operating segments:


	Six Months Ended June 30, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	533,427	$	173,225	$	155,564	$	35	$	(707)	$	861,544

Less: Significant Expenses (1)
Cost of Revenue (2)	177,518		123,383		24,872				(669)		325,104
Payroll and Fringe Benefits Expense (3)	147,322		9,719		66,512		10,416		(22)		233,947
Occupancy Expense	54,565		360		1,886		135				56,946
Advertising and Marketing Expense	16,943		4,008		19,210		250				40,411
Other Segment Items (4)	63,852		440		24,467		2,493		36		91,288
EBITDAP	$	73,227	$	35,315	$	18,617	$	(13,259)	$	(52)	$	113,848

Pension Service Cost	286		3,697		3,859		794				8,636
Depreciation Expense	12,942		839		1,384		11				15,176

Income (Loss) from Operations before Amortization of Intangible Assets	$	59,999	$	30,779	$	13,374	$	(14,064)	$	(52)	$	90,036

Capital Expenditures	$	6,500	$	665	$	2,945	$	7			$	10,117


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

Company information broken down by operating segment and education division:


	Six Months Ended June 30, 2024
(in thousands)	Education		Television Broadcasting		Manufacturing		Healthcare		Automotive		Total Segments
Operating Revenues	$	845,497	$	228,536	$	205,529	$	275,729	$	612,654	$	2,167,945
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											171,440
Intersegment Elimination											(1,443)
Total Consolidated Revenues											$	2,337,942

Less: Significant Expenses (2)
Cost of Revenue (3)	328,940				153,591		152,665		521,749		1,156,945
Payroll and Fringe Benefits Expense (4)	231,922		58,396						43,102		333,420
Occupancy Expense	60,958								3,774		64,732
Advertising and Marketing Expense	35,546										35,546
Networking and Programming Expense			63,526								63,526
Management Services (5)									4,009		4,009
Other Segment Items (6)	89,439		34,350		32,508		90,116		16,674		263,087
EBITDAP	$	98,692	$	72,264	$	19,430	$	32,948	$	23,346	$	246,680

Pension Service Cost	8,822		3,055		919		9,609		57		22,462
Depreciation Expense	18,160		5,738		5,409		3,277		3,429		36,013

Income from Operations before Amortization of Intangible Assets	$	71,710	$	63,471	$	13,102	$	20,062	$	19,860	$	188,205

Other Businesses (7)											(50,383)
Corporate Costs											(29,373)
Amortization of Intangible Assets											(20,809)
Impairment of Goodwill and Other Long-Lived Assets											(26,287)
Income from Operations											$	61,353
Equity in Earnings of Affiliates, Net											4,891
Interest Expense, Net											(106,422)
Non-Operating Pension and Postretirement Benefit Income, Net											67,072
Gain on Marketable Equity Securities, Net											123,780
Other Income, Net											3,438
Income Before Income Taxes											$	154,112

Capital Expenditures	$	12,657	$	3,337	$	8,268	$	4,826	$	2,369	$	31,457
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											10,780
Total Capital Expenditures											$	42,237


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
	(c)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(d)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division comprises the following operating segments:


	Six Months Ended June 30, 2024
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	536,824	$	161,163	$	145,255	$	5,581	$	(3,326)	$	845,497

Less: Significant Expenses (1)
Cost of Revenue (2)	181,340		123,306		27,781				(3,487)		328,940
Payroll and Fringe Benefits Expense (3)	150,223		7,995		61,774		11,930				231,922
Occupancy Expense	53,755		362		1,343		5,498				60,958
Advertising and Marketing Expense	16,388		3,019		15,844		295				35,546
Other Segment Items (4)	63,120		1,080		22,473		2,694		72		89,439
EBITDAP	$	71,998	$	25,401	$	16,040	$	(14,836)	$	89	$	98,692

Pension Service Cost	329		3,826		3,912		755				8,822
Depreciation Expense	14,533		1,702		1,876		49				18,160

Income (Loss) from Operations before Amortization of Intangible Assets	$	57,136	$	19,873	$	10,252	$	(15,640)	$	89	$	71,710

Capital Expenditures	$	11,520	$	233	$	904	$	—			$	12,657


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

Asset information for the Company’s business segments and education division is as follows:


	As of
(in thousands)	June 30, 2025		December 31, 2024
Identifiable Assets
Kaplan international	$	1,439,715	$	1,500,846
Higher education	177,588		182,442
Supplemental education	230,420		238,836
Kaplan corporate and other	38,403		41,754
Education	1,886,126		1,963,878
Television broadcasting	393,233		402,200
Manufacturing	417,315		411,137
Healthcare	340,637		308,591
Automotive	549,591		582,105
Total Segments	3,586,902		3,667,911
Other businesses	327,733		338,089
Corporate office	106,358		139,126
Investments in Marketable Equity Securities	889,515		852,434
Investments in Affiliates	158,059		169,125
Prepaid Pension Cost	2,550,465		2,510,520

Total Assets	$	7,619,032	$	7,677,205

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details