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Assets Held for Sale | 9 Months Ended
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Sep. 30, 2015
Assets Held For Sale [Abstract] |
Assets Held for Sale | 6. ASSETS HELD FOR SALE As of September 30, 2015, the Company continues to believe the sale of our Le Cordon Bleu Culinary Arts campuses, 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 campuses are included within assets and liabilities held for sale on our condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014. The sale of the LCB campuses 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 September 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 September 30, 2015 and 2014 were as follows (dollars in thousands): Reported within loss from discontinued operations for our LCB campuses
|  | For the Quarter Ended September 30, |  |  | For the Year to Date Ended September 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Revenue |  | $ | 41,410 |  |  | $ | 44,499 |  |  | $ | 128,170 |  |  | $ | 129,312 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Educational services and facilities |  |  | 20,687 |  |  |  | 21,750 |  |  |  | 59,745 |  |  |  | 61,055 |
General and administrative |  |  | 20,473 |  |  |  | 29,546 |  |  |  | 68,804 |  |  |  | 96,894 |
Depreciation and amortization |  |  | — |  |  |  | 4,282 |  |  |  | 1 |  |  |  | 12,860 |
Asset impairment |  |  | 33,446 |  |  |  | 1,523 |  |  |  | 43,133 |  |  |  | 8,923 |
Total operating expenses |  |  | 74,606 |  |  |  | 57,101 |  |  |  | 171,683 |  |  |  | 179,732 |
Operating loss |  | $ | (33,196 | ) |  | $ | (12,602 | ) |  | $ | (43,513 | ) |  | $ | (50,420 | )
During the third 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 $33.4 million. The determination of estimated fair value was based upon the receipt of indications of interest and this fair value measurement is categorized as Level 3 per ASC Topic 820, as little or no market data exists for these assets. Assets and Liabilities of Assets Held for Sale Assets and liabilities of assets held for sale on our condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 include the following (dollars in thousands):
|  | September 30, |  |  | December 31, |
|  | 2015 |  |  | 2014 |
Assets: |  |  |  |  |  |  |  |
Receivables, net |  | $ | 6,719 |  |  | $ | 8,303 |
Property and equipment, net |  |  | 40,646 |  |  |  | 42,521 |
Other intangible assets |  |  | 18,400 |  |  |  | 18,400 |
Other assets |  |  | 6,600 |  |  |  | 7,622 |
Valuation allowance (1) |  |  | (43,126 | ) |  |  | — |
Total assets held for sale |  | $ | 29,239 |  |  | $ | 76,846 |
Liabilities: |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 9,712 |  |  | $ | 12,410 |
Deferred revenue |  |  | 17,857 |  |  |  | 17,001 |
Remaining lease obligations |  |  | 1,625 |  |  |  | 2,253 |
Other liabilities |  |  | 15,993 |  |  |  | 18,693 |
Total liabilities held for sale |  | $ | 45,187 |  |  | $ | 50,357 |
(1) | During the third quarter of 2015, the valuation allowance against our LCB assets held for sale was adjusted to $43.1 million to reflect the updated fair value for the LCB asset held for sale.

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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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- Definition Assets held for sale. + References No definition available. + Details
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