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Discontinued Operations and Assets Held for Sale (Tables)

6 Months Ended

Dec. 31, 2019

Discontinued Operations and Assets Held for Sale

Balance Sheet Information of Assets and Liabilities Reported as Discontinued Operations

The following is a summary of balance sheet information of assets and liabilities reported as held for sale, which includes only Adtalem Brazil balances as Carrington and DeVry University were sold as of each period presented below (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,		​	June 30,		​	December 31,
​		2019			2019			2018
Assets:		​			​			​
Current assets:		​			​			​
Cash and cash equivalents	​	$	104,040	​	$	95,243	​	$	86,506
Accounts receivable, net	​		60,494	​		74,269	​		56,718
Prepaid expenses and other current assets	​		6,750	​		8,411	​		9,795
Total current assets held for sale	​		171,284	​		177,923	​		153,019
Noncurrent assets:	​		​	​			​
Property and equipment, net	​	​	74,939	​	​	81,250	​	​	82,753
Operating lease assets	​		72,665	​		—	​		—
Intangible assets, net	​		114,296	​		120,108	​		119,802
Goodwill	​		179,199	​		187,195	​		185,582
Other assets, net	​		12,108	​		10,338	​		8,900
Total noncurrent assets held for sale	​		453,207	​		398,891	​		397,037
Total assets held for sale	​	$	624,491	​	$	576,814	​	$	550,056
​	​	​	​	​	​	​	​	​	​
Liabilities:	​		​	​			​
Current liabilities:	​		​	​			​
Accounts payable	​	$	2,936	​	$	4,242	​	$	2,083
Accrued salaries, wages and benefits	​		13,273	​		17,828	​		15,074
Accrued liabilities	​		6,484	​		10,193	​		7,721
Deferred revenue	​		3,096	​		3,846	​		4,076
Current operating lease liabilities	​		10,905	​		—	​		—
Total current liabilities held for sale	​		36,694	​		36,109	​		28,954
Noncurrent liabilities:	​		​	​			​		​
Long-term operating lease liabilities	​		62,345	​		—	​		—
Other liabilities	​		13,488	​		16,146	​		20,804
Total noncurrent liabilities held for sale	​		75,833	​		16,146	​		20,804
Total liabilities held for sale	​	$	112,527	​	$	52,255	​	$	49,758

The following is a summary of income statement information of operations reported as discontinued operations, which includes Adtalem Brazil operations and includes Carrington’s and DeVry University’s operations through the date of each respective sale (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

​

December 31,

​

December 31,

​

​

2019

2018

2019

2018

​

Revenue

​

$

55,153

​

$

146,046

​

$

100,805

​

$

305,600

​

Operating cost and expense:

​

​

​

​

​

​

Cost of educational services

​

35,717

​

88,231

​

69,665

​

186,690

​

Student services and administrative expense

​

15,706

​

54,658

​

30,079

​

119,363

​

Restructuring expense (gain)

​

391

​

129

​

426

​

(313)

​

Asset impairment charge - building and equipment

​

—

​

(289)

​

—

​

1,953

​

Total operating cost and expense

​

51,814

​

142,729

​

100,170

​

307,693

​

Operating income (loss) from discontinued operations

​

3,339

​

3,317

​

635

​

(2,093)

​

Other income (expense):

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest and dividend income

​

​

761

​

​

1,001

​

​

1,739

​

​

1,976

​

Interest expense

​

​

(806)

​

​

(550)

​

​

(1,963)

​

​

(1,834)

​

Net other (expense) income

​

(45)

​

451

​

(224)

​

142

​

Income (loss) from discontinued operations before income taxes

​

​

3,294

​

​

3,768

​

​

411

​

​

(1,951)

​

Loss on disposal of discontinued operations before income taxes

​

​

—

​

​

(32,714)

​

​

—

​

​

(32,714)

​

Income tax benefit

​

823

​

4,595

​

550

​

5,580

​

Income (loss) from discontinued operations

​

​

4,117

​

​

(24,351)

​

​

961

​

​

(29,085)

​

Net income attributable to redeemable noncontrolling interest

​

​

—

​

​

(299)

​

​

—

​

​

(308)

​

Income (loss) from discontinued operations attributable to Adtalem

​

$

4,117

​

$

(24,650)

​

$

961

​

$

(29,393)

​

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- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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