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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2013
Discontinued Operations And Disposal Groups [Abstract] |
Summary Results of Operations for Discontinued Operations | Combined summary results of operations for our discontinued operations for the years ended December 31, 2013, 2012 and 2011, were as follows (dollars in thousands):
|  | For the Year Ended December 31, |
|  | 2013 (1) |  |  | 2012 (2) |  |  | 2011 (3) |
Revenue |  | $ | 137,661 |  |  | $ | 145,684 |  |  | $ | 210,656 |
Pretax income |  | $ | 126,010 |  |  | $ | 2,193 |  |  | $ | 48,895 |
Income tax provision (benefit) |  |  | 88,605 |  |  |  | (3,966 | ) |  |  | 1,611 |
Income from discontinued operations, net of tax |  | $ | 37,405 |  |  | $ | 6,159 |  |  | $ | 47,284 |
(1) | The income tax expense associated with the gain on sale of our International Segment approximates $87.9 million, of which $39.9 million was recorded during the third quarter of 2013 once we determined that our investment in foreign subsidiaries was no longer permanent in duration. The $39.9 million represented the tax effect of the difference in basis for financial reporting versus tax reporting.
(2) | 2012 pretax income includes income for non-profit entities within our International Schools, which are not subject to income tax. This income is partially offset with losses from our domestic schools, which are subject to income tax. As a result, a net tax benefit is reported for 2012.
(3) | During the year ended December 31, 2011, we completed the sale of our Istituto Marangoni schools in Milan, Paris and London resulting in a pretax gain of approximately $27.1 million. The income tax provision for fiscal 2011 included $0.3 million of income tax expense related to this sale. The tax gain related to this transaction was significantly less than the gain reflected within the income before income tax for fiscal 2011 due to the $20.2 million of goodwill which was allocated to the remainder of the International reporting unit for book purposes, but which was included in the net assets sold for purposes of calculating the taxable gain.
Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheets | Assets and liabilities of discontinued operations on our consolidated balance sheets as of December 31, 2013 and 2012 include the following (dollars in thousands):
|  | As of December 31, |
|  | 2013 |  |  | 2012 |
Assets: |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 127,738 |
Receivables, net |  |  | 213 |  |  |  | 16,928 |
Other current assets |  |  | 50 |  |  |  | 6,458 |
Deferred income tax assets, net |  |  | — |  |  |  | 3,454 |
Total current assets |  |  | 263 |  |  |  | 154,578 |
Non-current assets: |  |  |  |  |  |  |  |
Property and equipment, net |  |  | — |  |  |  | 29,790 |
Goodwill |  |  | — |  |  |  | 45,669 |
Intangible assets, net |  |  | — |  |  |  | 5,675 |
Deferred income tax assets |  |  | — |  |  |  | 17,804 |
Other assets, net |  |  | 1,200 |  |  |  | 4,606 |
Total assets of discontinued operations |  | $ | 1,463 |  |  | $ | 258,122 |
Liabilities: |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Current maturities of capital lease obligations |  | $ | — |  |  | $ | 211 |
Accounts payable |  |  | 10 |  |  |  | 6,378 |
Accrued expenses |  |  | 325 |  |  |  | 18,110 |
Deferred tuition revenue |  |  | — |  |  |  | 42,363 |
Remaining lease obligations |  |  | 11,275 |  |  |  | 9,174 |
Total current liabilities |  |  | 11,610 |  |  |  | 76,236 |
Non-current liabilities: |  |  |  |  |  |  |  |
Remaining lease obligations |  |  | 27,507 |  |  |  | 33,103 |
Other |  |  | 75 |  |  |  | 2,836 |
Total liabilities of discontinued operations |  | $ | 39,192 |  |  | $ | 112,175 |
Changes in Future Remaining Lease Obligations Discontinued Operations | Changes in our future remaining lease obligations, which are reflected within current and non-current liabilities of discontinued operations on our consolidated balance sheets, for the years ended December 31, 2013, 2012 and 2011, were as follows (dollars in thousands):
|  | Balance, Beginning of Period |  |  | Charges Incurred(1) |  |  | Net Cash Payments(2) |  |  | Other(3) |  |  | Balance, End of Period |
For the twelve months ended December 31, 2013 |  | $ | 42,277 |  |  | $ | 8,551 |  |  | $ | (12,323 | ) |  | $ | 277 |  |  | $ | 38,782 |
For the twelve months ended December 31, 2012 |  | $ | 45,961 |  |  | $ | 7,371 |  |  | $ | (11,055 | ) |  | $ | — |  |  | $ | 42,277 |
For the twelve months ended December 31, 2011 |  | $ | 50,827 |  |  | $ | 7,636 |  |  | $ | (11,035 | ) |  | $ | (1,467 | ) |  | $ | 45,961 |
(1) | Includes charges for newly vacated spaces and subsequent adjustments for accretion, revised estimates, and variances between estimated and actual charges, net of any reversals for terminated lease obligations.
(2) | See Note 9 “Leases” of the notes to our consolidated financial statements for the future minimum lease payments under operating leases for discontinued operations as of December 31, 2013.
(3) | Includes existing prepaid rent and deferred rent liability balances for newly vacated spaces that are netted with the losses incurred in the period recorded.

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