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FINANCING RECEIVABLES | 6 Months Ended
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Dec. 31, 2017
Receivables [Abstract] |
FINANCING RECEIVABLES | NOTE 7: FINANCING RECEIVABLES Adtalem’s institutional loan programs are available to students at its Chamberlain, AUC, RUSM, RUSVM and Carrington institutions. These loan programs are designed to assist students who are unable to completely cover educational costs consisting of tuition, books and fees and are available only after all other student financial assistance has been applied toward those purposes. In addition, AUC, RUSM and RUSVM loans may be used for students’ living expenses. Repayment plans for institutional loan program balances are developed to address the financial circumstances of the particular student. Interest charges accrue each month on the unpaid balance. Chamberlain and Carrington require that students begin repaying loans while they are still in school with a minimum payment level designed to demonstrate their capability to repay, reduce the possibility of over borrowing and minimize interest being accrued on the loan balance. Payments may increase upon completing or departing the program. After a student leaves school, the student typically will have a monthly installment repayment plan. In addition, the Becker CPA Exam Review Course can be financed through Becker with an 18-month term loan program. Reserves for uncollectible loans are determined by analyzing the current aging of institutional loans and historical loss rates of loans at each institution. Management performs this analysis periodically throughout the year. Since all of Adtalem’s financing receivables are generated through the extension of credit to fund educational costs, all such receivables are considered part of the same loan portfolio. The following table details the institutional loan balances along with the related allowances for credit losses (in thousands).
|  | December 31, 2017 |  | June 30, 2017 |  | December 31, 2016 |
Gross Institutional Loans |  |  |  |  | $ | 57,397 |  |  |  |  | $ | 57,391 |  |  |  |  | $ | 54,070 |
Allowance for Credit Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at July 1 |  | $ | (11,632) |  |  |  |  | $ | (7,915) |  |  |  |  | $ | (7,915) |  |  |  |
Charge-offs and Adjustments |  |  | 1,024 |  |  |  |  |  | 4,722 |  |  |  |  |  | 3,054 |  |  |  |
Recoveries |  |  | (148) |  |  |  |  |  | (573) |  |  |  |  |  | (438) |  |  |  |
Additional Provision |  |  | (2,361) |  |  |  |  |  | (7,866) |  |  |  |  |  | (4,240) |  |  |  |
Balance at End of Period |  |  |  |  |  | (13,117) |  |  |  |  |  | (11,632) |  |  |  |  |  | (9,539) |
Net Institutional Loans |  |  |  |  | $ | 44,280 |  |  |  |  | $ | 45,759 |  |  |  |  | $ | 44,531 |
Of the net balances above, $20.8 million, $20.1 million and $18.1 million was classified as Accounts Receivable, Net on the Consolidated Balance Sheets at December 31, 2017, June 30, 2017 and December 31, 2016, respectively, and $23.5 million, $25.7 million and $26.4 million, representing amounts due beyond one year, was classified as Other Assets, Net on the Consolidated Balance Sheets at December 31, 2017, June 30, 2017 and December 31, 2016, respectively. The following tables detail the credit risk profiles of the institutional loan balances based on payment activity and an aging of past due institutional loans (in thousands).
|  | December 31, |  | June 30, |  | December 31, |
|  | 2017 |  | 2017 |  | 2016 |
Institutional Loans: |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 45,495 |  | $ | 47,072 |  | $ | 46,559 |
Nonperforming |  |  | 11,902 |  |  | 10,319 |  |  | 7,511 |
Total Institutional Loans |  | $ | 57,397 |  | $ | 57,391 |  | $ | 54,070 |
|  | 1-29 Days Past Due |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | Greater Than 90 Days Past Due |  | Total Past Due |  | Current |  | Total Institutional Loans |
Institutional Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2017 |  | $ | 8,569 |  | $ | 1,021 |  | $ | 1,166 |  | $ | 11,902 |  | $ | 22,658 |  | $ | 34,739 |  | $ | 57,397 |
June 30, 2017 |  | $ | 7,162 |  | $ | 2,192 |  | $ | 583 |  | $ | 10,319 |  | $ | 20,256 |  | $ | 37,135 |  | $ | 57,391 |
December 31, 2016 |  | $ | 5,657 |  | $ | 2,904 |  | $ | 1,762 |  | $ | 7,511 |  | $ | 17,834 |  | $ | 36,236 |  | $ | 54,070 |
Loans are considered nonperforming if they are more than 90 days past due. At December 31, 2017, nonperforming loans totaled $11.9 million, of which $11.8 million had a specific allowance for credit losses. At June 30, 2017, nonperforming loans totaled $10.3 million, of which $10.2 million had a specific allowance for credit losses. At December 31, 2016, nonperforming loans totaled $7.5 million, of which $7.4 million had a specific allowance for credit losses.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(6)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5162-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5074-111524 + Details
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