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Business Combination
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9 Months Ended | ||
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Mar. 31, 2012
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| Business Combination [Abstract] | |||
| Business Combination |
Investment in Web International Education Group, Ltd. On January 3, 2011, K12 invested $10 million in Web International Education Group, Ltd. (Web). This investment gives the Company a 20% minority interest in Web, with the option by June 30, 2012 to: (i) purchase no less than 51% of the shares of Web, (ii) purchase all remaining equity interest between January 1, 2013 and December 31, 2015, (iii) put the shares back to Web for the $10 million investment plus interest, or (iv) maintain the 20% minority interest. Web is a leader in English language training for learners of all ages throughout China with an extensive network of learning centers in cities throughout the country. The Company has recorded its investment in Web as an available for sale debt security because of our ability to put the investment to other Web stockholders in return for the original $10 million purchase price plus interest. During the nine months ended March 31, 2012, there was no change to the fair value of the Web investment based on the initial cost of the investment and Web's financial performance since the initial investment. The Company continues to evaluate whether it will exercise its option to purchase additional interest in Web. International School of Berne On April 1, 2011, the Company finalized its acquisition of the operations and substantially all assets of the International School of Berne (IS Berne) for 2 million Swiss francs ($2.2 million). IS Berne is a traditional school located in Berne, Switzerland serving students in grades Pre-K through 12. IS Berne is an International Baccalaureate school in its 50th year of operation. The Company purchased the right to operate IS Berne and acquired substantially all of its assets excluding real estate. Slightly more than half of the purchase price has been allocated on a preliminary basis to goodwill. Acquisition of Assets from Kaplan Virtual Education and Insight Schools, Inc. On July 1, 2011, the Company acquired certain assets of Kaplan Virtual Education (Kaplan/Insight Assets) for $12.6 million. The Kaplan/Insight Assets included contracts to serve nine virtual charter schools and private virtual high schools throughout the United States that have been integrated into the Company's existing operations. The majority of the purchase price on a preliminary basis has been allocated to goodwill and intangible assets for $6.7 million and $4.3 million, respectively. |