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SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENT

NOTE 15: SUBSEQUENT EVENTS

In October 2018, Adtalem received the final Proof of Loss (“POL”) statements from its insurance carrier for losses sustained from Hurricanes Irma and Maria at AUC and RUSM, respectively. Funds from the final POLs, which are expected to be received in the second quarter of fiscal year 2019, will provide an additional $40.0 million to offset all costs associated with these events. Adtalem intends to apply these funds against the $17.8 million receivable recorded at September 30, 2018 and additional expenses of approximately $7.0 million to be incurred in the second quarter of fiscal year 2019, likely resulting in a gain of approximately $15.2 million, which Adtalem intends to also record in the second quarter of fiscal year 2019.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774

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