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v3.23.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Summary of effect of revision on affected line items within financial statements | The following table summarizes the effect of the revisions on the affected line items within the Consolidated Balance Sheets (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022
​ | ​ | As reported | ​ | Adjustment | ​ | As revised
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaid expenses and other current assets | ​ | $ | 126,467 | ​ | $ | 1,065 | ​ | $ | 127,532
Total current assets | ​ |  | 556,039 | ​ | ​ | 1,065 | ​ |  | 557,104
Total assets | ​ |  | 3,029,175 | ​ | ​ | 1,065 | ​ |  | 3,030,240
Liabilities and shareholders' equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued payroll and benefits | ​ | ​ | 66,642 | ​ | ​ | 1,150 | ​ | ​ | 67,792
Deferred revenue | ​ | ​ | 144,840 | ​ | ​ | 4,970 | ​ | ​ | 149,810
Total current liabilities | ​ |  | 417,527 | ​ | ​ | 6,120 | ​ |  | 423,647
Noncurrent liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities | ​ |  | 65,074 | ​ | ​ | 8,626 | ​ |  | 73,700
Total noncurrent liabilities | ​ |  | 1,106,581 | ​ | ​ | 8,626 | ​ |  | 1,115,207
Total liabilities | ​ |  | 1,524,108 | ​ | ​ | 14,746 | ​ |  | 1,538,854
Shareholders' equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retained earnings | ​ |  | 2,322,810 | ​ | ​ | (12,414) | ​ |  | 2,310,396
Accumulated other comprehensive loss | ​ | ​ | (960) | ​ | ​ | (1,267) | ​ | ​ | (2,227)
Total shareholders' equity | ​ |  | 1,505,067 | ​ | ​ | (13,681) | ​ |  | 1,491,386
Total liabilities and shareholders' equity | ​ |  | 3,029,175 | ​ | ​ | 1,065 | ​ |  | 3,030,240
​ The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Income (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30, 2022 |  | Year Ended June 30, 2021
​ | ​ | As reported | ​ | Adjustment | ​ | As revised | ​ | As reported | ​ | Adjustment | ​ | As revised
Revenue | ​ | $ | 1,387,122 | ​ | $ | (5,280) | ​ | $ | 1,381,842 | ​ | $ | 906,901 | ​ | $ | (7,653) | ​ | $ | 899,248
Operating cost and expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Student services and administrative expense | ​ |  | 568,056 | ​ | ​ | (1,562) | ​ |  | 566,494 | ​ |  | 292,482 | ​ | ​ | — | ​ |  | 292,482
Total operating cost and expense | ​ |  | 1,306,658 | ​ | ​ | (1,562) | ​ |  | 1,305,096 | ​ |  | 788,849 | ​ | ​ | — | ​ |  | 788,849
Operating income | ​ |  | 80,464 | ​ | ​ | (3,718) | ​ |  | 76,746 | ​ |  | 118,052 | ​ | ​ | (7,653) | ​ |  | 110,399
Other income, net | ​ | ​ | 3,820 | ​ | ​ | (2,712) | ​ | ​ | 1,108 | ​ | ​ | 6,732 | ​ | ​ | — | ​ | ​ | 6,732
(Loss) income from continuing operations before income taxes | ​ |  | (45,064) | ​ | ​ | (6,430) | ​ |  | (51,494) | ​ |  | 83,419 | ​ | ​ | (7,653) | ​ |  | 75,766
Benefit from (provision for) income taxes | ​ |  | 15,237 | ​ | ​ | 302 | ​ |  | 15,539 | ​ |  | (13,089) | ​ | ​ | 771 | ​ |  | (12,318)
(Loss) income from continuing operations | ​ |  | (29,827) | ​ | ​ | (6,128) | ​ |  | (35,955) | ​ |  | 70,330 | ​ | ​ | (6,882) | ​ |  | 63,448
Discontinued operations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) income from discontinued operations before income taxes | ​ | ​ | (395) | ​ | ​ | (591) | ​ | ​ | (986) | ​ | ​ | 9,485 | ​ | ​ | (178) | ​ | ​ | 9,307
(Provision for) benefit from income taxes | ​ | ​ | (125,556) | ​ | ​ | 5 | ​ | ​ | (125,551) | ​ | ​ | (3,340) | ​ | ​ | 178 | ​ | ​ | (3,162)
Income from discontinued operations | ​ | ​ | 347,532 | ​ | ​ | (586) | ​ | ​ | 346,946 | ​ | ​ | 6,145 | ​ | ​ | — | ​ | ​ | 6,145
Net income | ​ |  | 317,705 | ​ | ​ | (6,714) | ​ |  | 310,991 | ​ |  | 76,475 | ​ | ​ | (6,882) | ​ |  | 69,593
Net income attributable to Adtalem | ​ |  | 317,705 | ​ | ​ | (6,714) | ​ |  | 310,991 | ​ |  | 76,909 | ​ | ​ | (6,882) | ​ |  | 70,027
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts attributable to Adtalem: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income from continuing operations | ​ | ​ | (29,827) | ​ | ​ | (6,128) | ​ | ​ | (35,955) | ​ | ​ | 70,330 | ​ | ​ | (6,882) | ​ | ​ | 63,448
Net income from discontinued operations | ​ |  | 347,532 | ​ |  | (586) | ​ |  | 346,946 | ​ |  | 6,579 | ​ |  | — | ​ |  | 6,579
Net income attributable to Adtalem | ​ | ​ | 317,705 | ​ | ​ | (6,714) | ​ | ​ | 310,991 | ​ | ​ | 76,909 | ​ | ​ | (6,882) | ​ | ​ | 70,027
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (loss) per share: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations | ​ | $ | (0.62) | ​ | $ | (0.12) | ​ | $ | (0.74) | ​ | $ | 1.37 | ​ | $ | (0.13) | ​ | $ | 1.24
Discontinued operations | ​ | $ | 7.18 | ​ | $ | (0.01) | ​ | $ | 7.17 | ​ | $ | 0.13 | ​ | $ | — | ​ | $ | 0.13
Total basic earnings per share | ​ | $ | 6.57 | ​ | $ | (0.14) | ​ | $ | 6.43 | ​ | $ | 1.50 | ​ | $ | (0.14) | ​ | $ | 1.36
Diluted: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Continuing operations | ​ | $ | (0.62) | ​ | $ | (0.12) | ​ | $ | (0.74) | ​ | $ | 1.36 | ​ | $ | (0.13) | ​ | $ | 1.23
Discontinued operations | ​ | $ | 7.18 | ​ | $ | (0.01) | ​ | $ | 7.17 | ​ | $ | 0.13 | ​ | $ | — | ​ | $ | 0.13
Total diluted earnings per share | ​ | $ | 6.57 | ​ | $ | (0.14) | ​ | $ | 6.43 | ​ | $ | 1.49 | ​ | $ | (0.13) | ​ | $ | 1.36
​ To conform to current period presentation, the previously reported interest and dividend income and investment gain (loss) lines have been condensed to other income, net. The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Comprehensive Income (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30, 2022 |  | Year Ended June 30, 2021
​ | ​ | As reported | ​ | Adjustment | ​ | As revised | ​ | As reported | ​ | Adjustment | ​ | As revised
Net income | ​ | $ | 317,705 | ​ | $ | (6,714) | ​ | $ | 310,991 | ​ | $ | 76,475 | ​ | $ | (6,882) | ​ | $ | 69,593
Gain on foreign currency translation adjustments | ​ |  | 59 | ​ | ​ | (59) | ​ |  | — | ​ |  | 713 | ​ | ​ | — | ​ |  | 713
Comprehensive income before reclassification | ​ |  | 317,764 | ​ | ​ | (6,773) | ​ |  | 310,991 | ​ |  | 78,291 | ​ | ​ | (6,882) | ​ |  | 71,409
Reclassification adjustment for realized (gain) loss on foreign currency translation adjustments | ​ | ​ | (349) | ​ | ​ | 645 | ​ | ​ | 296 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Comprehensive income | ​ |  | 324,110 | ​ | ​ | (6,128) | ​ |  | 317,982 | ​ |  | 78,165 | ​ | ​ | (6,882) | ​ |  | 71,283
Comprehensive income attributable to Adtalem | ​ |  | 324,110 | ​ | ​ | (6,128) | ​ |  | 317,982 | ​ |  | 78,599 | ​ | ​ | (6,882) | ​ |  | 71,717
​ The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Cash Flows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30, 2022 |  | Year Ended June 30, 2021
​ | ​ | As reported | ​ | Adjustment | ​ | As revised | ​ | As reported | ​ | Adjustment | ​ | As revised
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 317,705 | ​ | $ | (6,714) | ​ | $ | 310,991 | ​ | $ | 76,475 | ​ | $ | (6,882) | ​ | $ | 69,593
Income from discontinued operations | ​ | ​ | (347,532) | ​ | ​ | 586 | ​ | ​ | (346,946) | ​ | ​ | (6,145) | ​ | ​ | — | ​ | ​ | (6,145)
(Loss) income from continuing operations | ​ | ​ | (29,827) | ​ | ​ | (6,128) | ​ | ​ | (35,955) | ​ | ​ | 70,330 | ​ | ​ | (6,882) | ​ | ​ | 63,448
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loss (gain) on investments | ​ | ​ | — | ​ | ​ | 3,271 | ​ | ​ | 3,271 | ​ | ​ | (2,638) | ​ | ​ | — | ​ | ​ | (2,638)
Changes in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaid expenses and other current assets | ​ | ​ | 569 | ​ | ​ | (3,396) | ​ | ​ | (2,827) | ​ | ​ | (17,198) | ​ | ​ | (771) | ​ | ​ | (17,969)
Accrued payroll and benefits | ​ | ​ | (13,268) | ​ | ​ | 1,150 | ​ | ​ | (12,118) | ​ | ​ | 12,552 | ​ | ​ | — | ​ | ​ | 12,552
Deferred revenue | ​ | ​ | 65,075 | ​ | ​ | 5,280 | ​ | ​ | 70,355 | ​ | ​ | 5,312 | ​ | ​ | 7,653 | ​ | ​ | 12,965
Net cash provided by operating activities-continuing operations | ​ | ​ | 163,825 | ​ | ​ | 177 | ​ | ​ | 164,002 | ​ | ​ | 168,760 | ​ | ​ | — | ​ | ​ | 168,760
Net cash provided by operating activities | ​ | ​ | 10,424 | ​ | ​ | 177 | ​ | ​ | 10,601 | ​ | ​ | 192,199 | ​ | ​ | — | ​ | ​ | 192,199
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sales of marketable securities | ​ | ​ | — | ​ | ​ | 3,447 | ​ | ​ | 3,447 | ​ | ​ | 2,721 | ​ | ​ | — | ​ | ​ | 2,721
Purchases of marketable securities | ​ | ​ | — | ​ | ​ | (3,624) | ​ | ​ | (3,624) | ​ | ​ | (10,745) | ​ | ​ | — | ​ | ​ | (10,745)
Net cash used in investing activities-continuing operations | ​ | ​ | (1,509,108) | ​ | ​ | (177) | ​ | ​ | (1,509,285) | ​ | ​ | (47,905) | ​ | ​ | — | ​ | ​ | (47,905)
Net cash used in investing activities | ​ | ​ | (551,627) | ​ | ​ | (177) | ​ | ​ | (551,804) | ​ | ​ | (56,688) | ​ | ​ | — | ​ | ​ | (56,688)
​ The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Shareholders’ Equity (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As reported | ​ | Adjustment | ​ | As revised
June 30, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retained earnings | ​ | $ | 1,927,568 | ​ | $ | 1,182 | ​ | $ | 1,928,750
Accumulated other comprehensive loss | ​ | ​ | (9,055) | ​ | ​ | (1,853) | ​ | ​ | (10,908)
Total shareholders' equity | ​ |  | 1,310,421 | ​ | ​ | (671) | ​ |  | 1,309,750
June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retained earnings | ​ |  | 2,005,105 | ​ | ​ | (5,700) | ​ |  | 1,999,405
Accumulated other comprehensive loss | ​ | ​ | (7,365) | ​ | ​ | (1,853) | ​ | ​ | (9,218)
Total shareholders' equity | ​ |  | 1,301,070 | ​ | ​ | (7,553) | ​ |  | 1,293,517
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retained earnings | ​ |  | 2,322,810 | ​ | ​ | (12,414) | ​ |  | 2,310,396
Accumulated other comprehensive loss | ​ |  | (960) | ​ | ​ | (1,267) | ​ |  | (2,227)
Total shareholders' equity | ​ |  | 1,505,067 | ​ | ​ | (13,681) | ​ |  | 1,491,386
Year Ended June 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to Adtalem | ​ |  | 76,909 | ​ | ​ | (6,882) | ​ |  | 70,027
Year Ended June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income attributable to Adtalem | ​ |  | 317,705 | ​ | ​ | (6,714) | ​ |  | 310,991
Other comprehensive income, net of tax | ​ |  | 59 | ​ | ​ | (59) | ​ |  | —
Reclassification adjustment for realized (gain) loss on foreign currency translation adjustments | ​ |  | (349) | ​ | ​ | 645 | ​ |  | 296

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
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