Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014, 2013 and 2012, were as follows (dollars in thousands):


	For the Year Ended December 31,
	2014			2013 ⁽¹⁾			2012 ⁽²⁾
Revenue	$	177,314		$	355,340		$	470,661

Pretax loss	$	(101,923	)	$	(7,749	)	$	(125,123	)
Income tax provision (benefit)		—			38,789			(47,168	)

Loss from discontinued operations, net of tax	$	(101,923	)	$	(46,538	)	$	(77,955	)

Net loss per diluted share	$	(1.52	)	$	(0.70	)	$	(1.17	)

(1)	The income tax expense associated with the gain on sale of our International Segment approximates $87.9 million.

(2)	2012 pretax loss includes income for non-profit entities within our International segment, which are not subject to income tax.

Summary Results of Operations Held for Sale within Discontinued Operations

The summary results of operations held for sale presented within results from discontinued operations above were (dollars in thousands):


	For the Year Ended December 31,
	2014			2013			2012
Asset Held For Sale:
Revenue	$	172,606		$	177,549		$	224,842
Loss from discontinued operations	$	(66,322	)	$	(81,242	)	$	(33,865	)

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, 2014 and 2013 include the following (dollars in thousands):


	As of December 31,
	2014		2013
Assets:
Current assets:
Cash and cash equivalents	$	—	$	475
Receivables, net		473		1,521
Other current assets		—		1,344
Assets held for sale		76,846		10,879

Total current assets		77,319		14,219
Non-current assets:
Property and equipment, net		—		2,731
Other assets, net		975		1,507
Assets held for sale		—		97,470

Total assets of discontinued operations	$	78,294	$	115,927

Liabilities:
Current liabilities:
Accounts payable and accrued expenses	$	579	$	1,370
Deferred tuition revenue		—		1,522
Remaining lease obligations		14,927		13,132
Liabilities held for sale		50,357		19,671

Total current liabilities		65,863		35,695
Non-current liabilities:
Remaining lease obligations		22,689		30,952
Other		170		6,512
Liabilities held for sale		—		25,732

Total liabilities of discontinued operations	$	88,722	$	98,891

Components of Assets and Liabilities Held for Sale

The major components of assets and liabilities held for sale presented above within discontinued operations were (dollars in thousands):


	As of December 31,
	2014		2013
Assets:
Receivables, net ⁽¹⁾	$	8,303	$	7,487
Property and equipment, net ⁽¹⁾		42,521		67,570
Other intangible assets ⁽¹⁾		18,400		27,300
Other assets ⁽¹⁾		7,622		5,992

Total assets held for sale	$	76,846	$	108,349

Liabilities:
Accounts payable and accrued expenses		12,410		4,831
Deferred revenue		17,001		14,840
Remaining lease obligations ⁽²⁾		2,253		2,671
Other liabilities ⁽²⁾		18,693		23,061

Total liabilities held for sale	$	50,357	$	45,403

(1)	Property and equipment, net, other intangible assets and a portion of receivables, net and other assets are classified within non-current assets held for sale as of December 31, 2013.

(2)	Other liabilities and a portion of remaining lease obligations are classified within non-current liabilities held for sale as of December 31, 2013.

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, 2014, 2013 and 2012, 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, 2014	$	46,755	$	14,129	$	(26,546	)	$	5,531	$	39,869

For the twelve months ended December 31, 2013	$	49,392	$	11,855	$	(14,780	)	$	288	$	46,755

For the twelve months ended December 31, 2012	$	53,877	$	8,689	$	(13,174	)	$	—	$	49,392

(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 8 “Leases” for the future minimum lease payments under operating leases for discontinued operations as of December 31, 2014.

(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.