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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2021
Income Tax Disclosure [Abstract] |
Income before Income Tax | Income from continuing operations before income taxes, classified by source of income, were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
Domestic | ​ | $ | 62,397 | ​ | $ | 160,334 | ​ | $ | 80,209
Foreign | ​ |  | 64,453 | ​ |  | 76,845 | ​ |  | 59,538
Total | ​ | $ | 126,850 | ​ | $ | 237,179 | ​ | $ | 139,747
Income Tax Provisions (Benefits) | The components of the provision for (benefit from) income taxes were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ |  | 2021 | ​ | 2020 | ​ | 2019
Current tax provision (benefit): |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | 17,516 | ​ | $ | (3,097) | ​ | $ | 15,912
State and local | ​ |  | 4,389 | ​ |  | 735 | ​ |  | 1,749
Foreign | ​ |  | 1,856 | ​ |  | 519 | ​ |  | 2,224
Total current | ​ |  | 23,761 | ​ |  | (1,843) | ​ |  | 19,885
Deferred tax provision (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ |  | (2,097) | ​ |  | (4,197) | ​ |  | 4,066
State and local | ​ |  | 1,641 | ​ |  | (104) | ​ |  | 9,028
Foreign | ​ |  | 1,943 | ​ |  | (214) | ​ |  | (101)
Total deferred | ​ |  | 1,487 | ​ |  | (4,515) | ​ |  | 12,993
Provision for (benefit from) income taxes | ​ | $ | 25,248 | ​ | $ | (6,358) | ​ | $ | 32,878
Income Tax Provisions Computed using Statutory U.S. Federal Rate | The effective tax rate differs from the statutory tax rates as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30, |
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 |
Income tax at statutory rate | ​ | $ | 26,639 | ​ | 21.0 | % | $ | 49,807 | ​ | 21.0 | % | $ | 29,347 | ​ | 21.0 | %
Lower rates on foreign operations | ​ |  | (12,171) |  | (9.6) | % |  | (16,210) |  | (6.8) | % |  | (12,738) |  | (9.1) | %
State income taxes | ​ |  | 4,390 |  | 3.5 | % |  | 3,072 |  | 1.3 | % |  | 5,825 |  | 4.2 | %
Loss on investment in subsidiary | ​ |  | (374) |  | (0.3) | % |  | (25,688) |  | (10.8) | % |  | 1,797 |  | 1.3 | %
Gain on derivative | ​ | ​ | — | ​ | — | % |  | (23,252) | ​ | (9.8) | % |  | — | ​ | — | %
Permanent non-deductible items | ​ |  | 1,086 |  | 0.9 | % |  | (236) |  | (0.1) | % |  | 469 |  | 0.3 | %
Foreign tax provisions under GILTI | ​ | ​ | 6,084 | ​ | 4.8 | % |  | 6,502 | ​ | 2.7 | % |  | 3,231 | ​ | 2.3 | %
Other | ​ |  | (406) |  | (0.3) | % |  | (353) |  | (0.1) | % |  | 4,947 |  | 3.5 | %
Provision for (benefit from) income taxes | ​ | $ | 25,248 |  | 19.9 | % | $ | (6,358) |  | (2.7) | % | $ | 32,878 |  | 23.5 | %
Deferred Tax Assets (Liabilities) | The components of the deferred income tax assets and liabilities were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ | ​ | 2021 | ​ | 2020
Employee benefits | ​ | $ | 13,434 | ​ | $ | 10,818
Stock-based compensation | ​ |  | 6,895 | ​ |  | 6,924
Receivable reserve | ​ |  | 2,920 | ​ |  | 2,530
Operating lease liabilities | ​ | ​ | 50,808 | ​ | ​ | 48,110
Other reserves | ​ |  | 4,116 | ​ |  | 4,748
Loss and credit carryforwards, net | ​ |  | 18,756 | ​ |  | 23,695
Less: valuation allowance | ​ |  | (8,000) | ​ |  | (9,937)
Gross deferred tax assets | ​ |  | 88,929 | ​ |  | 86,888
Depreciation | ​ |  | (2,916) | ​ |  | (177)
Deferred taxes on unremitted foreign earnings | ​ | ​ | (733) | ​ | ​ | (525)
Amortization of intangible assets | ​ |  | (53,465) | ​ |  | (54,864)
Operating lease assets | ​ | ​ | (35,513) | ​ | ​ | (33,279)
Other accruals | ​ | ​ | (814) | ​ | ​ | (741)
Gross deferred tax liability | ​ |  | (93,441) | ​ |  | (89,586)
Net deferred tax asset (liability) | ​ | $ | (4,512) | ​ | $ | (2,698)
Net Operating Loss and Credit Carryforwards | Adtalem has the following tax net operating loss (tax effected), interest (tax effected), and credit carryforwards as of June 30, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | Years of Expiration
​ | ​ | 2021 | ​ | Beginning | ​ | Ending
U.S. interest expense carryforwards | ​ | $ | 112 | ​ | no expiration
U.S. credit carryforwards | ​ | ​ | 672 |  | 2027 |  | 2030
State net operating loss carryforwards | ​ |  | 14,398 |  | 2023 |  | 2040
Foreign net operating loss carryforwards | ​ |  | 2,483 |  | 2022 |  | 2041
Foreign net operating loss carryforwards | ​ |  | 1,091 |  | no expiration
Total loss and credit carryforwards, net | ​ | $ | 18,756 |  | ​ | ​ | ​
Changes in Unrecognized Tax Benefits | The changes in our unrecognized tax benefits were (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
Balance at beginning of period | ​ | $ | 11,481 | ​ | $ | 31,818 | ​ | $ | 32,804
Increases from positions taken during prior periods | ​ |  | 47 | ​ |  | — | ​ |  | 582
Decreases from positions taken during prior periods | ​ |  | (906) | ​ |  | (26,489) | ​ |  | (660)
Increases from positions taken during the current period | ​ |  | 43 | ​ |  | 6,456 | ​ |  | 606
Reductions due to lapse of statute | ​ |  | (264) | ​ |  | (231) | ​ |  | (1,390)
Reductions due to settlement | ​ |  | (3) | ​ |  | (73) | ​ |  | (124)
Balance at end of period | ​ | $ | 10,398 | ​ | $ | 11,481 | ​ | $ | 31,818

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