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Discontinued Operations and Assets Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2021
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 June 30, | 2021 |  | 2020
Revenues | $ | 232,114 |  |  | $ | 513,372 |
Depreciation and amortization expense | — |  |  | (22,002) |
Share-based compensation expense | (585) |  |  | (888) |
Other direct costs | (171,469) |  |  | (350,822) |
Loss on impairment of assets | (204) |  |  | (421,312) |
Other non-operating expense | (4,389) |  |  | (10,020) |
Gain (loss) on sale of discontinued operations before taxes, net | 30,131 |  |  | (11,440) |
Pretax income (loss) of discontinued operations | 85,598 |  |  | (303,112) |
Income tax benefit | 1,063 |  |  | 3,043 |
Income (loss) from discontinued operations, net of tax | $ | 86,661 |  |  | $ | (300,069) |
For the six months ended June 30, | 2021 |  | 2020
Revenues | $ | 471,863 |  |  | $ | 882,856 |
Depreciation and amortization expense | — |  |  | (46,513) |
Share-based compensation expense | (827) |  |  | (1,333) |
Other direct costs | (372,665) |  |  | (729,704) |
Loss on impairment of assets | (1,268) |  |  | (421,312) |
Other non-operating expense | (15,551) |  |  | (65,076) |
Gain (loss) on sale of discontinued operations before taxes, net | 13,293 |  |  | (34,993) |
Pretax income (loss) of discontinued operations | 94,845 |  |  | (416,075) |
Income tax (expense) benefit | (8,602) |  |  | 8,226 |
Income (loss) from discontinued operations, net of tax | $ | 86,243 |  |  | $ | (407,849) |
Operating cash flows of discontinued operations | $ | 56,567 |  |  | $ | 193,459 |
Investing cash flows of discontinued operations | $ | (9,941) |  |  | $ | (29,632) |
Financing cash flows of discontinued operations | $ | (18,059) |  |  | $ | 14,135 |
The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following tables:
| June 30, 2021 |  | December 31, 2020
Assets of Discontinued Operations |  |  |
Cash and cash equivalents | $ | 105,217 |  |  | $ | 270,164 |
Receivables, net | 42,452 |  |  | 113,386 |
Property and equipment, net | 43,082 |  |  | 259,471 |
Goodwill and Tradenames | 822,440 |  |  | 1,202,496 |
Operating lease right-of-use assets, net | 13,651 |  |  | 136,806 |
Other assets | 95,240 |  |  | 183,742 |
Valuation allowance on held-for-sale disposal groups | — |  |  | (248,630) |
Total assets held for sale | $ | 1,122,082 |  |  | $ | 1,917,435 |
Liabilities of Discontinued Operations |  |  |
Deferred revenue and student deposits | $ | 79,908 |  |  | $ | 87,793 |
Operating leases, including current portion | 19,645 |  |  | 151,413 |
Long-term debt, seller notes and finance leases, including current portion | — |  |  | 171,451 |
Other liabilities | 86,707 |  |  | 291,599 |
Total liabilities held for sale | $ | 186,260 |  |  | $ | 702,256 |

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