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BASIS OF PRESENTATION | 6 Months Ended
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Jun. 30, 2014
Accounting Policies [Abstract] |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the quarter and year to date ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The unaudited consolidated financial statements presented herein include the accounts of CEC and our wholly-owned subsidiaries (collectively “CEC”). All intercompany transactions and balances have been eliminated. We organize our business across five reporting segments: CTU, AIU (comprises University Schools); Career Colleges, Culinary Arts (comprises Career Schools); and Transitional Schools. Campuses included in our Transitional Schools segment are currently being taught out and no longer enroll new students. These campuses employ a gradual teach-out process, enabling them to continue to operate while current students complete their course of study. The results of operations for campuses within the Transitional Schools segment will be reported within continuing operations for all periods presented until they complete their teach-out. As campuses within Transitional Schools cease operations, the results of operations for all periods presented will be reflected within discontinued operations. During the second quarter of 2014, the Company completed the teach-out of the following Sanford-Brown campuses: Boston, Columbus, Farmington, Hillside, Orlando, St. Peters and Wilkins Township as well as the CTU North Kansas City campus. As a result, all current and prior periods reflect these campuses as components of discontinued operations. All prior period results have been recast to reflect our reporting segments on a comparable basis. During the second quarter of 2014, we sold Everblue Training Institute (Career Colleges segment) and SBI Pittsburgh (Transitional Schools segment). Accordingly, the results of operations for these entities are reported within discontinued operations. In the fourth quarter of 2013, we completed the sale of our International Segment. Prior period financial statements and the related notes herein have been recast to include the results of operations and financial condition of these entities as components of discontinued operations. See Note 4 “Discontinued Operations” of the notes to our unaudited consolidated financial statements.

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