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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Income before Income Tax

The components of income (loss) from continuing operations before income taxes are as follows (in thousands):

		Year Ended June 30,
		2017			2016			2015
U.S.		$	(10,419)		$	(131,615)		$	33,693
Foreign			144,813			114,317			119,967
Total		$	134,394		$	(17,298)		$	153,660

Income Tax Provisions (Benefits)

The income tax provisions (benefit) related to the above results are as follows (in thousands):

		Year Ended June 30,
		2017			2016			2015
Income Tax Provision (Benefit):
Current Tax Provision
U.S. Federal		$	(2,222)		$	20,226		$	10,146
State and Local			2,458			4,295			2,756
Foreign			3,777			2,685			2,602
Total Current			4,013			27,206			15,504
Deferred Tax Provision (Benefit):
U.S. Federal			43			(40,457)			(45)
State and Local			1,285			(5,441)			(486)
Foreign			5,079			4,150			3,564
Total Deferred			6,407			(41,748)			3,033
Income Tax Provision (Benefit)		$	10,420		$	(14,542)		$	18,537

Income Tax Provisions Computed using Statutory U.S. Federal Rate

The income tax provisions (benefit) differ from those that would be computed using the statutory U.S. federal rate as a result of the following items (in thousands):

		Year Ended June 30,
		2017						2016						2015
Income Tax at Statutory Rate		$	47,038			35.0	%	$	(6,054)			35.0	%	$	53,787			35.0	%
Lower Rates on Foreign Operations			(42,911)			(31.9)	%		(33,213)			192.0	%		(36,428)			(23.7)	%
State Income Taxes			1,063			0.8	%		(1,012)			5.9	%		2,320			1.5	%
Nondeductible Tax Items			3,686			2.8	%		2,080			(12.0)	%		953			0.6	%
Nondeductible Goodwill			-			0.0	%		23,957			(138.5)	%		-			0.0	%
Other			1,544			1.1	%		(300)			1.7	%		(2,095)			(1.3)	%
Income Tax Provision (Benefit)		$	10,420			7.8	%	$	(14,542)			84.1	%	$	18,537			12.1	%

Deferred Tax Assets (Liabilities)

Deferred income tax assets (liabilities) result primarily from temporary differences in the recognition of various expenses for tax and financial statement purposes, and from the recognition of the tax benefits of net operating loss carryforwards. These assets and liabilities are composed of the following (in thousands):

		Year Ended June 30,
		2017			2016			2015
Loss and Credit Carryforwards, Net		$	37,569		$	24,213		$	21,544
Employee Benefits			19,758			17,820			17,852
Stock-Based Payments			18,130			21,239			17,136
Deferred Rent			17,588			22,135			24,102
Receivable Reserve			13,140			20,158			20,043
Restructuring Reserve			16,484			18,820			8,903
Other Reserves			6,701			3,978			3,519
Less: Valuation Allowance			(9,456)			(8,624)			(10,552)
Gross Deferred Tax Assets			119,914			119,739			102,547
Depreciation			(11,730)			(24,217)			(25,860)
Amortization of Intangible Assets			(109,124)			(72,850)			(91,321)
Gross Deferred Tax Liability			(120,854)			(97,067)			(117,181)
Net Deferred Taxes		$	(940)		$	22,672		$	(14,634)

Net Operating Loss and Credit Carryforwards

Adtalem has the following tax net operating loss (tax effected) and credit carryforwards as of June 30, 2017:

		June 30,			Years of Expiration
		2017			Beginning			Ending
U.S. Net Operating Loss Carryforwards		$	11,246			2037			2037
U.S. Credit Carryforwards			271			2027			2027
State Net Operating Loss Carryforwards			6,772			2018			2037
State Credit Carryforwards			7,020			2018			2027
Foreign Net Operating Loss Carryforwards			6,032			2021			2037
Foreign Net Operating Loss Carryforwards			6,228			No Expiration
Gross Deferred Tax Assets		$	37,569

Changes in Unrecognized Tax Benefits

The changes in our unrecognized tax benefits were (in thousands):

		Year Ended June 30,
		2017			2016			2015
Beginning Balance, July 1		$	7,497		$	8,475		$	9,135
Increases from Positions Taken During Prior Periods			1,397			346			3,089
Decreases from Positions Taken During Prior Periods			(1,445)			(1,716)			(4,352)
Increases from Positions Taken During the Current Period			452			392			603
Ending Balance, June 30		$	7,901		$	7,497		$	8,475

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