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.