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.