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Discontinued Operations and Assets Held for Sale (Tables) | 9 Months Ended
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Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Summary of major classes of assets and liabilities reclassified to held for sale | Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables:
For the three months ended September 30, | 2020 |  | 2019
Revenues | $ | 459,442 |  |  | $ | 561,748 |
Costs and expenses: |  |  |
Depreciation and amortization | 13,656 |  |  | 28,523 |
Share-based compensation expense | 1,045 |  |  | 334 |
Loss on impairment of assets | 208,040 |  |  | 25,000 |
Other direct costs | 340,657 |  |  | 468,573 |
Operating (loss) income | (103,956) |  |  | 39,318 |
Other non-operating loss | (14,731) |  |  | (32,402) |
Pretax (loss) income of discontinued operations | (118,687) |  |  | 6,916 |
Income tax (expense) benefit | (51,081) |  |  | 24,070 |
(Loss) income from discontinued operations, net of tax | $ | (169,768) |  |  | $ | 30,986 |
For the nine months ended September 30, | 2020 |  | 2019
Revenues | $ | 1,342,298 |  |  | $ | 1,952,952 |
Costs and expenses: |  |  |
Depreciation and amortization | 60,168 |  |  | 84,666 |
Share-based compensation expense | 2,378 |  |  | 2,044 |
Loss on impairment of assets | 639,319 |  |  | 25,222 |
Other direct costs | 1,070,363 |  |  | 1,572,733 |
Operating (loss) income | (429,930) |  |  | 268,287 |
Other non-operating loss | (79,807) |  |  | (45,278) |
Pretax (loss) income of discontinued operations | (509,737) |  |  | 223,009 |
Income tax (expense) benefit | (48,214) |  |  | 17,364 |
(Loss) income from discontinued operations, net of tax | $ | (557,951) |  |  | $ | 240,373 |
Operating cash flows of discontinued operations | $ | 248,972 |  |  | $ | 313,647 |
Investing cash flows of discontinued operations | $ | (40,578) |  |  | $ | (69,653) |
Financing cash flows of discontinued operations | $ | 8,725 |  |  | $ | (68,824) |
The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following tables:
| September 30, 2020 |  | December 31, 2019
Assets of Discontinued Operations |  |  |
Cash and cash equivalents | $ | 113,016 |  |  | $ | 333,455 |
Receivables, net | 152,557 |  |  | 209,704 |
Property and equipment, net | 243,030 |  |  | 741,119 |
Goodwill | 648,018 |  |  | 1,003,765 |
Tradenames | 438,477 |  |  | 665,207 |
Operating lease right-of-use assets, net | 169,991 |  |  | 399,345 |
Other assets | 336,484 |  |  | 446,458 |
Subtotal: assets of Discontinued Operations | $ | 2,101,573 |  |  | $ | 3,799,053 |
Other assets classified as held for sale |  |  |
Property and equipment, net | 7,127 |  |  | 8,476 |
Total assets held for sale | $ | 2,108,700 |  |  | $ | 3,807,529 |
| September 30, 2020 |  | December 31, 2019
Liabilities of Discontinued Operations |  |  |
Deferred revenue and student deposits | $ | 203,865 |  |  | $ | 176,255 |
Operating leases, including current portion | 185,473 |  |  | 388,202 |
Long-term debt, seller notes and finance leases, including current portion | 180,112 |  |  | 304,355 |
Other liabilities | 400,437 |  |  | 581,329 |
Total liabilities held for sale | $ | 969,887 |  |  | $ | 1,450,141 |
Schedule of asset impairment | As a result of the impairment test, the Company determined that the carrying value of the Chile asset group exceeded its fair value by approximately $418,000 and recorded an impairment charge in that amount during the second quarter of 2020, as follows:
Tradenames |  | $ | 90,700 |
Land |  | 20,900 |
Buildings |  | 59,700 |
Other long-lived assets |  | 36,500 |
Operating lease right-of-use assets, net |  | 62,500 |
Goodwill |  | 147,700 |
Total Chile impairment |  | $ | 418,000 |

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