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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended
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Sep. 30, 2019
Accounting Policies [Abstract] |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Consolidated Financial Statements include the accounts of Adtalem and its wholly-owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Where our ownership interest is less than 100%, but greater than 50%, the noncontrolling ownership interest is reported on our Consolidated Balance Sheets. The noncontrolling ownership interest earnings portion is classified as “Net Loss Attributable to Noncontrolling Interest from Continuing Operations” and “Net Income Attributable to Noncontrolling Interest from Discontinued Operations” in our Consolidated Statements of Income (Loss). Unless indicated, or the context requires otherwise, references to years refer to Adtalem’s fiscal years. Investments in Equity Securities For an investment in equity securities where we do not have the ability to influence the operating and financial decisions of the investee, the initially recorded cost basis is adjusted upon the occurrence of an observable transaction in the security. Generally, an investment in an equity security is defined as an ownership interest of less than 20%. The equity investment is classified as Other Assets, Net on the Consolidated Balance Sheets. Cash and Cash Equivalents Cash and cash equivalents can include time deposits, high-grade commercial paper, money market funds and bankers acceptances with original maturities of three months or less. Short-term investment objectives are to minimize risk and maintain liquidity. These investments are stated at cost (which approximates fair value) because of their short duration or liquid nature. Adtalem places its cash and temporary cash investments with high credit quality institutions. Cash and cash equivalent balances in U.S. bank accounts are generally in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. Adtalem has not experienced any losses on its cash and cash equivalents. Management periodically evaluates the creditworthiness of the security issuers and financial institutions with which it invests and maintains deposit accounts. Financial Aid and Restricted Cash A significant portion of cash is received from students who participate in government financial aid and assistance programs which are subject to political and governmental budgetary considerations. There is no assurance that such funding will be maintained at current levels. Extensive and complex regulations in the U.S. govern all of the government financial assistance programs in which students participate. Administration of these programs is periodically reviewed by various regulatory agencies. Any regulatory violation could be the basis for disciplinary action, which could include the suspension, limitation or termination from such financial aid programs. Restricted cash represents amounts received from federal and state governments under various student aid grant and loan programs and such restricted funds are held in separate bank accounts. Once the financial aid authorization and disbursement process for the student has been completed, the funds are transferred to unrestricted accounts, and these funds then become available for use in Adtalem’s operations. This authorization and disbursement process that precedes the transfer of funds generally occurs within the period of the academic term for which such funds were authorized. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers (students and members), in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. The following tables disaggregate revenue by source (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2019
​ | ​ | Medical and | ​ | Financial | ​ | Home Office | ​ | ​
​ |  | Healthcare |  | Services |  | and Other |  | Consolidated
Higher Education |  | $ | 201,453 |  | $ | — |  | $ | — |  | $ | 201,453
Test Preparation/Certifications | ​ | ​ | — | ​ | ​ | 24,972 | ​ | ​ | — | ​ | ​ | 24,972
Conferences/Seminars | ​ | ​ | — | ​ | ​ | 17,070 | ​ | ​ | — | ​ | ​ | 17,070
Memberships/Subscriptions | ​ | ​ | — | ​ | ​ | 4,867 | ​ | ​ | — | ​ | ​ | 4,867
Other | ​ | ​ | 6,034 | ​ | ​ | 217 | ​ | ​ | — | ​ | ​ | 6,251
Total |  | $ | 207,487 |  | $ | 47,126 |  | $ | — |  | $ | 254,613
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2018
​ | ​ | Medical and | ​ | Financial | ​ | Home Office | ​ | ​
​ |  | Healthcare |  | Services |  | and Other |  | Consolidated
Higher Education |  | $ | 201,173 |  | $ | — |  | $ | — |  | $ | 201,173
Test Preparation/Certifications | ​ | ​ | — | ​ | ​ | 28,716 | ​ | ​ | (807) | ​ | ​ | 27,909
Conferences/Seminars | ​ | ​ | — | ​ | ​ | 2,868 | ​ | ​ | — | ​ | ​ | 2,868
Memberships/Subscriptions | ​ | ​ | — | ​ | ​ | 3,936 | ​ | ​ | — | ​ | ​ | 3,936
Other | ​ | ​ | 927 | ​ | ​ | 126 | ​ | ​ | — | ​ | ​ | 1,053
Total |  | $ | 202,100 |  | $ | 35,646 |  | $ | (807) |  | $ | 236,939
​ In addition, see “Note 15: Segment Information” for a disaggregation of revenue by geographical region. Performance Obligations and Revenue Recognition Higher Education: Higher education revenue consists of tuition, fees, books and other educational products. The majority of revenue is derived from tuition and fees, which is recognized on a straight-line basis over the term as instruction is delivered. Books and other educational product revenue is recognized when products are shipped or students receive access to electronic materials. Under certain circumstances, we report revenue from these transactions on a net basis because our performance obligation is to facilitate a transaction between the student and a vendor. Test Preparation/Certifications: Test preparation revenue consists of test preparation course instruction and self-study materials sales. Becker test preparation revenue is recognized when access to the course materials is delivered to the customer. EduPristine test preparation course instruction revenue is recognized on a straight-line basis over the applicable instruction delivery periods. Certification revenue consists of exam preparation guides, seminars, exam sitting fees and recertification fees. We recognize revenue for each of these items at a point in time when the applicable performance obligation is satisfied. Conferences/Seminars: Conference revenue consists of revenue from attendees, sponsors and exhibitors. We recognize revenue for all items related to conferences at the time of the conference. Seminar revenue consists of seminars delivered in live, live-online, or on-demand online formats. We recognize revenue for live and live-online seminars on the day of the seminar. On-demand online seminars, in which customers have access to a webcast of a seminar, are recognized on the day the customer places the order. Memberships/Subscriptions: Membership revenue is recognized on a straight-line basis over the membership period. Subscription revenue is recognized on a straight-line basis over the subscription period. Other: Other revenue consists of housing and other miscellaneous services. Other revenue is recognized over the period in which the applicable performance obligation is satisfied. Customer contracts generally have separately stated prices for each performance obligation contained in the contract. Therefore, each performance obligation generally has its own standalone selling price. For higher education students, arrangements for payment are agreed to prior to registration of the student’s first academic term. The majority of U.S. students obtain Title IV or other financial aid resulting in institutions receiving a significant amount of the transaction price at the beginning of the academic term. Students utilizing private funding or funding through Adtalem’s institutional loan programs (see “Note 6: Financing Receivables” for further discussion) generally pay during or after the academic term is complete. For non-higher education customers, payment is typically due and collected at the time a customer places an order. Transaction Price Revenue, or transaction price, is measured as the amount of consideration expected to be received in exchange for transferring goods or services. For higher education, students may receive discounts, scholarships or refunds, which gives rise to variable consideration. The amounts of discounts or scholarships are applied to individual student accounts when such amounts are awarded. Therefore, the transaction price is reduced directly by these discounts or scholarships from the amount of the standard tuition rate charged. Upon withdrawal, a student may be eligible to receive a refund, or partial refund, the amount of which is dependent on the timing of the withdrawal during the academic term. If a student withdraws prior to completing an academic term, federal and state regulations and accreditation criteria permit Adtalem to retain only a set percentage of the total tuition received from such student, which varies with, but generally equals or exceeds, the percentage of the academic term completed by such student. Payment amounts received by Adtalem in excess of such set percentages of tuition are refunded to the student or the appropriate funding source. For contracts with similar characteristics and historical data on refunds, the expected value method is applied in determining the variable consideration related to refunds. Estimates of Adtalem’s expected refunds are determined at the outset of each academic term, based upon actual refunds in previous academic terms. Reserves related to refunds are presented as refund liabilities within Accrued Liabilities on the Consolidated Balance Sheets. All refunds are netted against revenue during the applicable academic term. Management reassesses collectability throughout the period revenue is recognized by the Adtalem institutions, on a student-by-student basis. This reassessment is based upon new information and changes in facts and circumstances relevant to a student’s ability to pay. Management also reassesses collectability when a student withdraws from the institution and has unpaid tuition charges. Such unpaid charges do not meet the threshold of reasonably collectible and are recognized as revenue on a cash basis. For test preparation and other Financial Services products, the transaction price is equal to the amount charged to the customer, which is the standard rate, less any discounts and an estimate for returns or refunds. We believe it is probable that no significant reversal will occur in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. Therefore, the estimate of variable consideration is not constrained. Contract Balances For higher education institutions, students are billed at the beginning of each academic term and payment is due at that time. Adtalem’s performance obligation is to provide educational services in the form of instruction during the academic term. As instruction is provided, deferred revenue is reduced. A significant portion of student payments are from Title IV financial aid and other programs and are generally received during the first month of the respective academic term. For students utilizing Adtalem’s institutional loan programs (see “Note 6: Financing Receivables”), payments are generally received after the academic term, and the corresponding performance obligation, is complete. When payments are received, accounts receivable is reduced. For our Financial Services businesses, customers are billed and payment is due at the time of order placement. In most cases, performance obligations are delivered subsequent to payments received. Delivering our performance obligations reduces deferred revenue, and accounts receivable is reduced upon payments received. Becker offers flexible payment plans with terms of up to 18-months as a financing option for the Becker CPA Exam Review Course (see “Note 6: Financing Receivables”). In this case, payment is received after satisfying the performance obligation. Revenue of $79.4 million was recognized during the first three months of fiscal year 2020 that was included in the deferred revenue balance at the beginning of fiscal year 2020. Revenue recognized from performance obligations that were satisfied, or partially satisfied, in prior periods was not material. The difference between the opening and closing balances of deferred revenue includes decreases from revenue recognized during the period and increases from charges and payments received related to the start of academic terms beginning during the period. Allowance for bad debts as of September 30, 2019, June 30, 2019 and September 30, 2018 were $18.8 million, $14.5 million and $13.3 million, respectively. Practical Expedients As our performance obligations have an original expected duration of one year or less, we have applied the practical expedient (as provided in ASC 606-10-50-14) to not disclose the information in ASC 606-10-50-13, which requires disclosure of the amount of the transaction price allocated to our performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and when the entity expects to recognize this amount as revenue. All consideration from contracts with customers is included in the transaction price. Internal-Use Software Development Costs Adtalem capitalizes certain internal-use software development costs that are amortized using the straight-line method over the estimated lives of the software, not to exceed seven years. Capitalized costs include external direct costs of equipment, materials and services consumed in developing or obtaining internal-use software and payroll-related costs for employees directly associated with the internal-use software development project. Capitalization of such costs ceases at the point at which the project is substantially complete and ready for its intended purpose. Capitalized internal-use software development costs for projects not yet complete are included as Construction in Progress in the Land, Building and Equipment section of the Consolidated Balance Sheets. Once the project is complete, capitalized internal-use software development costs are included as Equipment on the Consolidated Balance Sheets. As of September 30, 2019, June 30, 2019 and September 30, 2018, the net balance of capitalized internal-use software development costs was $11.1 million, $10.6 million and $12.4 million, respectively. Impairment of Long-Lived Assets Adtalem evaluates the carrying amount of its significant long-lived assets whenever changes in circumstances or events indicate that the value of such assets may not be fully recoverable. Events that may trigger an impairment analysis could include a decision by management to exit a market or a line of business or to consolidate operating locations. During the first quarter of fiscal year 2019, we recorded impairment charges of $2.2 million to write-down building, building improvements, furniture and equipment to zero based on the fair market value of the DeVry University operations, which are classified within discontinued operations. In the first quarter of fiscal year 2019, Adtalem announced its decision to relocate RUSM’s campus operations to Barbados and not return to RUSM’s Dominica campus. Adtalem recorded impairment charges of $37.8 million in the first quarter of fiscal year 2019, to fully impair the land, buildings and equipment in Dominica as management determined the market value less the costs to sell the facilities or move the equipment is zero (see “Note 10: Restructuring Charges”). The impairment charges are included in Restructuring Expense in the Consolidated Statements of Income (Loss). For a discussion of the impairment review of goodwill and intangible assets see “Note 9: Intangible Assets.” Foreign Currency Translation The financial position and results of operations of the AUC, RUSM and RUSVM Caribbean operations are measured using the U.S. dollar as the functional currency. As such, there is no translation gain or loss associated with these operations. Adtalem Brazil’s and EduPristine’s operations and ACAMS international operations are measured using the local currency as the functional currency. Assets and liabilities of these entities are translated to U.S. dollars using exchange rates in effect at the balance sheet dates. Income and expense items are translated at monthly average exchange rates. The resulting translation adjustments are included in the component of Shareholders’ Equity designated as Accumulated Other Comprehensive Loss. Transaction gains or losses during each of the three-month periods ended September 30, 2019 and 2018 were not material. Noncontrolling Interest As of June 30, 2019, Adtalem maintained a 97.9% ownership interest in Adtalem Brazil with the remaining 2.1% owned by members of the Adtalem Brazil senior management group. Since July 1, 2015, Adtalem has had the right to exercise a call option and purchase any remaining Adtalem Brazil stock from Adtalem Brazil management. Likewise, Adtalem Brazil management has had the right to exercise a put option and sell its remaining ownership interest in Adtalem Brazil to Adtalem. In addition, Adtalem currently maintains a 69% ownership interest in EduPristine with the remaining 31% owned by Kaizen Management Advisors (“Kaizen”), an India-based private equity firm. The adjustment to increase or decrease the Adtalem Brazil and EduPristine noncontrolling interests for their respective proportionate shares of Adtalem Brazil’s and EduPristine’s profit (loss) flows through the Consolidated Statements of Income (Loss) each reporting period based on Adtalem’s noncontrolling interest accounting policy. Beginning on March 26, 2020, Adtalem will have the right to exercise a call option and purchase any remaining EduPristine stock from Kaizen. Likewise, Kaizen will have the right to exercise a put option and sell up to 33% of its remaining ownership interest in EduPristine to Adtalem. Beginning on March 26, 2022, Kaizen will have the right to exercise a put option and sell its remaining ownership interest in EduPristine to Adtalem. Since the put options are out of the control of Adtalem, authoritative guidance requires the noncontrolling interests, which includes the value of the put options, to be displayed outside of the equity section of the Consolidated Balance Sheets. On July 1, 2019, the Adtalem Brazil management noncontrolling members exercised their put option and sold their remaining ownership interest in Adtalem Brazil to Adtalem. In the first quarter of fiscal year 2020, $6.2 million of noncontrolling interest was removed from the Consolidated Balance Sheet as a result of the put option exercise and Adtalem currently owns 100% of Adtalem Brazil. Prior to July 1, 2019, the Adtalem Brazil management put option was being accreted to its fair value in accordance with the terms of the related stock purchase agreement. The adjustments to increase or decrease the put option to its expected redemption value each reporting period was recorded in retained earnings in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Adtalem has not adjusted the redemption value related to the Kaizen put option as management believes the redemption value has not materially changed since acquiring a majority stake in EduPristine. The following is a reconciliation of the noncontrolling interest balance (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | September 30, | ​
​ |  | 2019 |  | 2018 | ​
Balance at Beginning of Period | ​ | $ | 9,543 | ​ | $ | 9,110 | ​
Net Loss Attributable to Noncontrolling Interest | ​ |  | (109) | ​ |  | (55) | ​
Decrease in Redemption Value of Noncontrolling Interest Put Option | ​ |  | — | ​ |  | (241) | ​
Payment for Purchase of Noncontrolling Interest of Subsidiary | ​ | ​ | (6,247) | ​ | ​ | — | ​
Balance at End of Period | ​ | $ | 3,187 | ​ | $ | 8,814 | ​
​ Earnings per Common Share Basic earnings per share is computed by dividing net income or loss attributable to Adtalem by the weighted average number of common shares outstanding during the period plus unvested participating restricted stock units (“RSUs”). Diluted earnings per share is computed by dividing net income or loss attributable to Adtalem by the weighted average number of shares assuming dilution. As required by GAAP, because the three months ended September 30, 2018 resulted in a loss from continuing operations, diluted earnings per share was computed by dividing the net loss attributable to Adtalem by the weighted average number of basic shares. Diluted shares are computed using the Treasury Stock Method and reflect the additional shares that would be outstanding if dilutive stock-based grants were exercised during the period. Excluded from the computations of diluted earnings per share were outstanding stock-based grants representing 329,000 and 272,000 shares of common stock for the three months ended September 30, 2019 and 2018, respectively. These outstanding stock-based grants were excluded because the exercise prices were greater than the average market price of the common shares or the assumed proceeds upon exercise under the Treasury Stock Method resulted in the repurchase of more shares than would be issued; thus, their effect would be anti-dilutive. The following is a reconciliation of basic shares to diluted shares (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | September 30, | ​
​ |  | 2019 |  | 2018 | ​
Weighted Average Shares Outstanding |  | 55,018 |  | 59,722 |
Unvested Participating RSUs |  | 475 |  | 606 |
Basic Shares |  | 55,493 |  | 60,328 |
Effect of Dilutive Stock Options |  | 647 |  | 874 |
Diluted Shares |  | 56,140 |  | 61,202 |
​ Treasury Stock Adtalem’s Board of Directors (the “Board”) has authorized share repurchase programs on eleven occasions (see “Note 7: Share Repurchase Programs”). The eleventh share repurchase program was approved on November 7, 2018 and commenced in January 2019. Shares that are repurchased by Adtalem are recorded as Treasury Stock at cost and result in a reduction of Shareholders’ Equity. From time to time, shares of our common stock are delivered back to Adtalem under a swap arrangement resulting from employees’ exercise of incentive stock options pursuant to the terms of the Adtalem Stock Incentive Plans (see “Note 4: Stock-Based Compensation”). In addition, shares of our common stock are delivered back to Adtalem for payment of withholding taxes from employees for vesting RSUs. These shares are recorded as Treasury Stock at cost and result in a reduction of Shareholders’ Equity. Prior to March 2019, treasury shares were reissued on a monthly basis, at market value, less a 5% discount, to the Adtalem Colleague Stock Purchase Plan in exchange for employee payroll deductions. When treasury shares are reissued, Adtalem uses an average cost method to reduce the Treasury Stock balance. Gains on the difference between the average cost and the reissuance price are credited to Additional Paid-in Capital. Losses on the difference are charged to Additional Paid-in Capital to the extent that previous net gains from reissuance are included therein, otherwise such losses are charged to Retained Earnings. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenue and expense reported during the period. Actual results could differ from those estimates. Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss is composed of the change in cumulative translation adjustment, primarily at Adtalem Brazil, and unrealized gains on available-for-sale marketable securities, net of the effects of income taxes. The Accumulated Other Comprehensive Loss balance at September 30, 2019, consists of $176.9 million of cumulative translation losses ($176.6 million attributable to Adtalem and $0.3 million attributable to noncontrolling interest) and $0.1 million of unrealized gains on available-for-sale marketable securities, net of tax of $0.0 million and all attributable to Adtalem. At June 30, 2019, this balance consisted of $137.4 million of cumulative translation losses ($134.3 million attributable to Adtalem and $3.1 million attributable to noncontrolling interest) and $0.1 million of unrealized gains on available-for-sale marketable securities, net of tax of $0.0 million and all attributable to Adtalem. As of September 30, 2018, this balance consisted of $163.2 million of cumulative translation losses ($159.4 million attributable to Adtalem and $3.8 million attributable to noncontrolling interest) and unrealized gains on available-for-sale marketable securities were immaterial. Advertising Expense Advertising costs are recognized as expense in the period in which materials are purchased or services are performed. Advertising expense, which is included in Student Services and Administrative Expense in the Consolidated Statements of Income (Loss), was $20.2 million and $16.8 million for the three months ended September 30, 2019 and 2018, respectively. Hurricane Expense In September 2017, Hurricanes Irma and Maria caused damage and disrupted operations at AUC and RUSM. Adtalem recorded expenses of $6.9 million in the first quarter of fiscal year 2019 associated with incremental costs of teaching at alternative sites. No hurricane-related costs were recorded in the first quarter of fiscal year 2020. Received and expected insurance proceeds of $6.9 million were recorded to offset these expenses in the first quarter of fiscal year 2019. Restructuring Charges Adtalem’s financial statements include charges related to severance and related benefits for workforce reductions in staff. These charges also include early lease termination or cease-of-use costs, accelerated depreciation and losses on disposals of property and equipment related to campus and administrative office consolidations (see “Note 10: Restructuring Charges”). When estimating the costs of exiting lease space, estimates are made which could differ materially from actual results and result in additional restructuring charges or reversals in future periods. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13: “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This guidance was issued to provide financial statement users with more decision-useful information about the expected losses on financial instruments by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses by requiring a broader range of reasonable and supportable information to inform credit loss estimates. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management is evaluating the impact the guidance will have on Adtalem’s Consolidated Financial Statements. In February 2016, FASB issued ASU No. 2016-02: “Leases (Topic 842).” This guidance was issued to increase transparency and comparability among organizations by recognizing right-of-use assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We adopted this guidance, along with the related clarifications and improvements, effective July 1, 2019 using the modified retrospective approach without adjusting prior comparative periods. The adoption of this standard significantly impacts our Consolidated Balance Sheets, but did not impact our Consolidated Statements of Income (Loss). We elected the practical expedients package which allows us to forego reassessing (i) whether any expired or existing contracts are or contain leases; (ii) the lease classification for any expired or expiring leases; and (iii) initial direct costs for any existing leases. We did not elect the hindsight practical expedient, which permits the use of hindsight when determining the lease term and impairment of operating lease assets. See “Note 11: Leases” for the disclosures related to this new accounting standard. ​ The impact on the Consolidated Balance Sheet upon adoption of ASC 842 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | Adjustments due to | ​ | July 1,
​ |  | 2019 |  | adoption of ASC 842 |  | 2019
​ | ​ | (in thousands, except share and par value amounts)
ASSETS: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and Cash Equivalents | ​ | $ | 299,445 | ​ | $ | — | ​ | $ | 299,445
Investments in Marketable Securities | ​ |  | 8,680 | ​ |  | — | ​ |  | 8,680
Restricted Cash | ​ |  | 1,022 | ​ |  | — | ​ |  | 1,022
Accounts Receivable, Net | ​ |  | 157,829 | ​ |  | — | ​ |  | 157,829
Prepaid Expenses and Other Current Assets | ​ |  | 37,724 | ​ |  | (3,483) | ​ |  | 34,241
Total Current Assets | ​ |  | 504,700 | ​ |  | (3,483) | ​ |  | 501,217
Land, Building and Equipment: | ​ |  |  | ​ |  |  | ​ |  | ​
Land | ​ |  | 44,609 | ​ |  | — | ​ |  | 44,609
Building | ​ |  | 383,331 | ​ |  | — | ​ |  | 383,331
Equipment | ​ |  | 281,551 | ​ |  | — | ​ |  | 281,551
Construction in Progress | ​ |  | 16,222 | ​ |  | — | ​ |  | 16,222
​ | ​ |  | 725,713 | ​ |  | — | ​ |  | 725,713
Accumulated Depreciation | ​ |  | (361,030) | ​ |  | — | ​ |  | (361,030)
Land, Building and Equipment, Net | ​ |  | 364,683 | ​ |  | — | ​ |  | 364,683
Noncurrent Assets: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating Lease Assets | ​ |  | — | ​ |  | 282,978 | ​ |  | 282,978
Deferred Income Taxes | ​ |  | 18,314 | ​ |  | — | ​ |  | 18,314
Intangible Assets, Net | ​ |  | 418,097 | ​ |  | — | ​ |  | 418,097
Goodwill | ​ |  | 874,451 | ​ |  | — | ​ |  | 874,451
Other Assets, Net | ​ |  | 62,451 | ​ |  | — | ​ |  | 62,451
Total Noncurrent Assets | ​ |  | 1,373,313 | ​ |  | 282,978 | ​ |  | 1,656,291
TOTAL ASSETS | ​ | $ | 2,242,696 | ​ | $ | 279,495 | ​ | $ | 2,522,191
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES: | ​ |  |  | ​ |  |  | ​ |  |
Current Liabilities: | ​ |  |  | ​ |  |  | ​ |  |
Accounts Payable | ​ | $ | 57,627 | ​ | $ | — | ​ | $ | 57,627
Accrued Salaries, Wages and Benefits | ​ |  | 64,492 | ​ |  | — | ​ |  | 64,492
Accrued Liabilities | ​ |  | 86,722 | ​ |  | (16,946) | ​ |  | 69,776
Deferred Revenue | ​ |  | 99,790 | ​ |  | — | ​ |  | 99,790
Current Operating Lease Liabilities | ​ |  | — | ​ |  | 66,707 | ​ |  | 66,707
Current Portion of Long-Term Debt | ​ |  | 3,000 | ​ |  | — | ​ |  | 3,000
Total Current Liabilities | ​ |  | 311,631 | ​ |  | 49,761 | ​ |  | 361,392
Noncurrent Liabilities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Long-Term Debt | ​ |  | 398,094 | ​ |  | — | ​ |  | 398,094
Long-Term Operating Lease Liabilities | ​ |  | — | ​ |  | 269,387 | ​ |  | 269,387
Deferred Income Taxes | ​ |  | 29,426 | ​ |  | — | ​ |  | 29,426
Other Liabilities | ​ |  | 102,472 | ​ |  | (39,653) | ​ |  | 62,819
Total Noncurrent Liabilities | ​ |  | 529,992 | ​ |  | 229,734 | ​ |  | 759,726
TOTAL LIABILITIES | ​ |  | 841,623 | ​ |  | 279,495 | ​ |  | 1,121,118
NONCONTROLLING INTEREST | ​ |  | 9,543 | ​ |  | — | ​ |  | 9,543
SHAREHOLDERS’ EQUITY: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Common Stock, $0.01 Par Value | ​ |  | 801 | ​ |  | — | ​ |  | 801
Additional Paid-in Capital | ​ |  | 486,061 | ​ |  | — | ​ |  | 486,061
Retained Earnings | ​ |  | 2,012,902 | ​ |  | — | ​ |  | 2,012,902
Accumulated Other Comprehensive Loss | ​ |  | (137,290) | ​ |  | — | ​ |  | (137,290)
Treasury Stock, at Cost | ​ |  | (970,944) | ​ |  | — | ​ |  | (970,944)
TOTAL SHAREHOLDERS’ EQUITY | ​ |  | 1,391,530 | ​ |  | — | ​ |  | 1,391,530
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY | ​ | $ | 2,242,696 | ​ | $ | 279,495 | ​ | $ | 2,522,191
​ Upon the adoption of ASC 842, the following balances were removed from the Consolidated Balance Sheet as of July 1, 2019: (i) $3.5 million of prepaid rent balances within Prepaid Expenses and Other Current Assets; (ii) $6.8 million of current deferred rent liability balances within Accrued Liabilities; (iii) $10.1 million of current restructure liability balances within Accrued Liabilities; (iv) $24.8 million of noncurrent deferred rent liability balances within Other Liabilities; and (v) $14.9 million of noncurrent restructure liability balances within Other Liabilities. ​ Reclassifications Beginning in the first quarter of fiscal year 2020, Adtalem Brazil operations were classified as discontinued operations. See “Note 2: Discontinued Operations and Assets Held for Sale” for further information. Prior period amounts have been revised to conform to the current classification. Certain expenses in prior periods previously allocated to Adtalem Brazil within our former Business and Law segment have been reclassified to the Home Office and Other segment based on discontinued operation reporting guidance regarding allocation of corporate overhead. See “Note 15: Segment Information” for additional information.

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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