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Basis of Presentation | 6 Months Ended
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Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying unaudited condensed 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 ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The unaudited condensed 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. On May 1, 2015, the Board of Directors of the Company approved the teach out of the Company’s remaining 15 Sanford-Brown campuses and the pursuit of divestiture options for the Company’s three additional Career Colleges campuses: Briarcliffe College, Brooks Institute and Missouri College. These campuses are reported within our Transitional Group segment as of June 30, 2015 in accordance with ASC Topic 280 – Segment Reporting. As of June 30, 2015, we organized our business across three reporting segments: CTU, AIU (comprises University Group); and Transitional Group. Campuses included in our Transitional Group segment are those (i) currently being taught out and therefore no longer enrolling new students, (ii) campuses that completed their teach-out subsequent to January 1, 2015 or (iii) that have either been sold or are held for sale and which decisions were made subsequent to January 1, 2015. Those campuses in teach-out employ a gradual teach-out process, enabling them to continue to operate while current students complete their course of study. As a result of the change within our Transitional Group segment, all prior periods were recast to reflect our segments on a comparable basis and our results of operations for these campuses are recorded within continuing operations as part of the Transitional Group segment for all periods presented. Effective January 1, 2015, ASC Topic 360 – Property, Plant and Equipment, limits discontinued operations reporting and thus as campuses cease teach-out operations going forward, the results of operations for these campuses will remain within the results of continuing operations. Prior to January 1, 2015, campuses met the criteria for discontinued operations upon completion of the teach-out. During the second quarter of 2015, the Company completed the teach-out of two Transitional Group campuses, Sanford-Brown Cleveland and Sanford-Brown Fenton, which continue to be reported under the Transitional Group as of June 30, 2015. During the second quarter of 2015, the Company completed the sale of its Brooks Institute and signed a definitive agreement to sell its Missouri College campus with an expected closing date during the third quarter of 2015. As a result, the assets and liabilities of Missouri College are classified as held for sale within continuing operations as of June 30, 2015. The historical results of operations for Brooks Institute continue to be reported within continuing operations and the loss on sale for this campus is reported within other (expense) income on our consolidated statements of loss and comprehensive loss.

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