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Acquisitions | 6 Months Ended
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Dec. 31, 2019
Acquisitions [Abstract] |
Acquisitions | 3. Acquisitions OnCourse Learning On May 31, 2019, Adtalem completed the acquisition of 100% of the equity interests of OCL for $118.3 million, net of cash of $1.2 million. Adtalem paid $118.4 million for this purchase during the fourth quarter of fiscal year 2019, and funded the purchase with available domestic cash balances and $100 million in borrowings under Adtalem’s revolving credit facility. Adtalem received $0.1 million related to a net working capital adjustment during the second quarter of fiscal year 2020. OCL is a leading provider of compliance training, licensure preparation, continuing education, and professional development in the banking and mortgage industries across the U.S. The acquisition furthers Adtalem’s growth strategy into financial services. The operations of OCL are included in Adtalem’s Financial Services segment. The results of OCL’s operations have been included in the Consolidated Financial Statements of Adtalem since the date of acquisition. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):
​ | ​ | ​ | ​
​ |  | May 31,
​ | ​ | 2019
Current assets | ​ | $ | 5,260
Property and equipment | ​ |  | 1,197
Intangible assets | ​ |  | 63,100
Goodwill | ​ |  | 59,427
Total assets acquired | ​ |  | 128,984
Liabilities assumed | ​ |  | 9,445
Net assets acquired | ​ | $ | 119,539
​ Goodwill, which represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired, was all assigned to the Financial Services reporting unit and reportable segment. The goodwill balance changed from that reported at September 30, 2019 after an adjustment to purchase accounting. Factors that contributed to a purchase price resulting in the recognition of goodwill include OCL’s strategic fit into Adtalem’s expanding presence in financial services, the reputation of the OCL brand as a leader in the industry, and potential future growth opportunity. Of the $63.1 million of acquired intangible assets, $18.4 million was assigned to trade names, which has been determined not to be subject to amortization. The remaining acquired intangible assets were determined to be subject to amortization with an average useful life of approximately nine years. The values and estimated useful lives by asset type are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | May 31, 2019
​ | ​ | Value | ​ | Estimated
​ |  | Assigned |  | Useful Life
Customer relationships | ​ | $ | 26,400 | ​ | 11 years
Curriculum |  | ​ | 11,600 |  | 6 years
Course delivery technology |  | ​ | 6,700 |  | 5 years
There is no proforma presentation of operating results for this acquisition due to the insignificant effect on consolidated operations.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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