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Discontinued Operations and Assets Held for Sale | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale As discussed in Note 1, Description of Business, the Company’s remaining principal markets are Mexico and Peru (the Continuing Operations). All other markets have been divested (the Discontinued Operations). In the tables below, certain classification changes have been made to the prior year amounts in order to conform to the current year presentation. On the Consolidated Statements of Operations, the results from the Discontinued Operations, which in the prior year were presented in two lines, have been combined into one line labeled Income (loss) from discontinued operations, net of tax, for all periods presented. Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables:
For the three months ended September 30, | 2021 |  | 2020
Revenues | $ | 70,787 |  |  | $ | 459,442 |
Depreciation and amortization expense | — |  |  | (13,656) |
Share-based compensation expense | (371) |  |  | (1,045) |
Other direct costs | (58,123) |  |  | (340,657) |
Loss on impairment of assets | — |  |  | (10,275) |
Other non-operating expense | (4,938) |  |  | (14,731) |
Gain (loss) on sale of discontinued operations before taxes, net | 612,010 |  |  | (488,674) |
Pretax income (loss) of discontinued operations | 619,365 |  |  | (409,596) |
Income tax expense | (248,838) |  |  | (103,794) |
Income (loss) from discontinued operations, net of tax | $ | 370,527 |  |  | $ | (513,390) |
For the nine months ended September 30, | 2021 |  | 2020
Revenues | $ | 542,650 |  |  | $ | 1,342,298 |
Depreciation and amortization expense | — |  |  | (60,168) |
Share-based compensation expense | (1,198) |  |  | (2,378) |
Other direct costs | (430,789) |  |  | (1,070,362) |
Loss on impairment of assets | (1,268) |  |  | (431,587) |
Other non-operating expense | (20,489) |  |  | (79,807) |
Gain (loss) on sale of discontinued operations before taxes, net | 625,304 |  |  | (523,667) |
Pretax income (loss) of discontinued operations | 714,210 |  |  | (825,671) |
Income tax expense | (257,440) |  |  | (95,568) |
Income (loss) from discontinued operations, net of tax | $ | 456,770 |  |  | $ | (921,239) |
Operating cash flows of discontinued operations | $ | 16,420 |  |  | $ | 248,972 |
Investing cash flows of discontinued operations | $ | (11,161) |  |  | $ | (40,578) |
Financing cash flows of discontinued operations | $ | (18,054) |  |  | $ | 8,725 |
Loss Recognized on Brazil Held-For-Sale Disposal Group During the first quarter of 2021, the Company recorded a loss of approximately $32,400 related to the Brazil disposal group, which was classified as a Discontinued Operation, in order to write down the carrying value of those assets to their estimated fair value less costs to sell as of March 31, 2021, in accordance with ASC 360-10, “Impairment and Disposal of Long-lived Assets” (ASC 360-10). The estimated fair value was based on the sale agreement for the disposal group that was announced on November 2, 2020, as previously disclosed. The sale of the Brazil disposal group closed on May 28, 2021. See Note 5, Dispositions, for more information. The assets and liabilities of the Discontinued Operations, which are subject to finalization, have been classified as held for sale as of September 30, 2021 and December 31, 2020. The assets and liabilities are recorded at the lower of their carrying values or their estimated fair values less costs to sell. 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, 2021 |  | December 31, 2020
Assets of Discontinued Operations |  |  |
Cash and cash equivalents | $ | 3,157 |  |  | $ | 270,164 |
Receivables, net | 1,000 |  |  | 113,386 |
Property and equipment, net | 8,645 |  |  | 259,471 |
Goodwill and Tradenames | — |  |  | 1,202,496 |
Operating lease right-of-use assets, net | 6,892 |  |  | 136,806 |
Other assets | 569 |  |  | 183,742 |
Valuation allowance on held-for-sale disposal groups | — |  |  | (248,630) |
Total assets held for sale | $ | 20,263 |  |  | $ | 1,917,435 |
Liabilities of Discontinued Operations |  |  |
Deferred revenue and student deposits | $ | 198 |  |  | $ | 87,793 |
Operating leases, including current portion | 12,034 |  |  | 151,413 |
Long-term debt, seller notes and finance leases, including current portion | — |  |  | 171,451 |
Other liabilities | 4,388 |  |  | 291,599 |
Total liabilities held for sale | $ | 16,620 |  |  | $ | 702,256 |

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- Definition The entire disclosure 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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