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Assets Held for Sale | 6 Months Ended
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Jun. 30, 2015
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Assets Held for Sale | 6. ASSETS HELD FOR SALE During the second quarter of 2015, we made the decision to sell our Missouri College campus. Accordingly, the assets and liabilities for this institution are included within assets and liabilities held for sale on our unaudited condensed consolidated balance sheet as of June 30, 2015. As this campus does not meet the criteria for discontinued operations under ASC Topic 360, the results of operations for Missouri College are reported within continuing operations for all periods presented. Additionally, the Company continues to believe the sale of our Le Cordon Bleu Culinary Arts institutions, which decision was announced in the fourth quarter of 2014, will occur within the current reporting year or we will have an executed agreement pending regulatory approval. The assets and liabilities for the LCB institutions are included within assets and liabilities held for sale on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014. The sale of the LCB institutions met the criteria to be treated as discontinued operations under ASC Topic 360. Accordingly, the results of operations are reported within discontinued operations in the unaudited condensed consolidated statements of loss and comprehensive loss. As we anticipate the sale of these assets to be completed within one year of the decision to sell, we have recorded the assets and liabilities related to these institutions within current assets and liabilities held for sale as of June 30, 2015. Results of Operations The summary of unaudited results of operations for our assets held for sale for the quarters and years to date ended June 30, 2015 and 2014 were as follows (dollars in thousands): Reported within loss from continuing operations for our Missouri College campus
|  | For the Quarter Ended June 30, |  |  | For the Year to Date Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Revenue |  | $ | 1,876 |  |  | $ | 1,864 |  |  | $ | 3,735 |  |  | $ | 3,811 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Educational services and facilities |  |  | 1,099 |  |  |  | 1,060 |  |  |  | 2,134 |  |  |  | 2,193 |
General and administrative |  |  | 1,905 |  |  |  | 1,741 |  |  |  | 3,587 |  |  |  | 3,403 |
Depreciation and amortization |  |  | 79 |  |  |  | 170 |  |  |  | 158 |  |  |  | 343 |
Asset impairment |  |  | 518 |  |  |  | — |  |  |  | 518 |  |  |  | — |
Total operating expenses |  |  | 3,601 |  |  |  | 2,971 |  |  |  | 6,397 |  |  |  | 5,939 |
Operating loss |  | $ | (1,725 | ) |  | $ | (1,107 | ) |  | $ | (2,662 | ) |  | $ | (2,128 | )
Reported within loss from discontinued operations for our LCB campuses
|  | For the Quarter Ended June 30, |  |  | For the Year to Date Ended June 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Revenue |  | $ | 42,048 |  |  | $ | 42,566 |  |  | $ | 86,760 |  |  | $ | 84,813 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Educational services and facilities |  |  | 19,115 |  |  |  | 19,965 |  |  |  | 39,058 |  |  |  | 39,305 |
General and administrative |  |  | 23,806 |  |  |  | 30,663 |  |  |  | 48,331 |  |  |  | 67,348 |
Depreciation and amortization |  |  | — |  |  |  | 4,310 |  |  |  | 1 |  |  |  | 8,578 |
Asset impairment |  |  | 9,687 |  |  |  | 7,400 |  |  |  | 9,687 |  |  |  | 7,400 |
Total operating expenses |  |  | 52,608 |  |  |  | 62,338 |  |  |  | 97,077 |  |  |  | 122,631 |
Operating loss |  | $ | (10,560 | ) |  | $ | (19,772 | ) |  | $ | (10,317 | ) |  | $ | (37,818 | )
During the second quarter of 2015, we revalued our LCB campuses held for sale in accordance with ASC Topic 360 – Property, Plant and Equipment, and as a result recorded an impairment charge of $9.7 million. The determination of estimated fair value required significant estimates and assumptions, specifically related to future cash flows and an estimated discount rate, and as such is categorized as Level 3 per ASC Topic 820. Assets and Liabilities of Assets Held for Sale Assets and liabilities of assets held for sale on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014 include the following (dollars in thousands):
|  | June 30, 2015 |  |  | December 31, 2014 (1) |
Assets: |  |  |  |  |  |  |  |
Receivables, net |  | $ | 8,111 |  |  | $ | 8,303 |
Property and equipment, net |  |  | 42,808 |  |  |  | 42,521 |
Other intangible assets |  |  | 18,400 |  |  |  | 18,400 |
Other assets |  |  | 6,903 |  |  |  | 7,622 |
Valuation allowance (2) |  |  | (9,681 | ) |  |  | — |
Total assets held for sale |  | $ | 66,541 |  |  | $ | 76,846 |
Liabilities: |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 10,619 |  |  | $ | 12,410 |
Deferred revenue |  |  | 15,018 |  |  |  | 17,001 |
Remaining lease obligations |  |  | 1,595 |  |  |  | 2,253 |
Other liabilities |  |  | 17,767 |  |  |  | 18,693 |
Total liabilities held for sale |  | $ | 44,999 |  |  | $ | 50,357 |
(1) | Only assets and liabilities related to our LCB institutions were reported as held for sale as of December 31, 2014.
(2) | During the second quarter of 2015, a valuation allowance was recorded against our LCB assets held for sale as a result of $9.7 million of impairment charges recorded.

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- Definition The entire disclosure for the facts and circumstances leading to the expected sale of assets, manner and timing of disposal, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References No definition available. + Details
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