Discontinued Operations and Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of major classes of assets and liabilities reclassified to held for sale

Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables:

For the three months ended September 30,	2020		2019
Revenues	$	459,442	$	561,748
Costs and expenses:
Depreciation and amortization	13,656		28,523
Share-based compensation expense	1,045		334
Loss on impairment of assets	208,040		25,000
Other direct costs	340,657		468,573
Operating (loss) income	(103,956)		39,318
Other non-operating loss	(14,731)		(32,402)
Pretax (loss) income of discontinued operations	(118,687)		6,916
Income tax (expense) benefit	(51,081)		24,070
(Loss) income from discontinued operations, net of tax	$	(169,768)	$	30,986

For the nine months ended September 30,	2020		2019
Revenues	$	1,342,298	$	1,952,952
Costs and expenses:
Depreciation and amortization	60,168		84,666
Share-based compensation expense	2,378		2,044
Loss on impairment of assets	639,319		25,222
Other direct costs	1,070,363		1,572,733
Operating (loss) income	(429,930)		268,287
Other non-operating loss	(79,807)		(45,278)
Pretax (loss) income of discontinued operations	(509,737)		223,009
Income tax (expense) benefit	(48,214)		17,364
(Loss) income from discontinued operations, net of tax	$	(557,951)	$	240,373
Operating cash flows of discontinued operations	$	248,972	$	313,647
Investing cash flows of discontinued operations	$	(40,578)	$	(69,653)
Financing cash flows of discontinued operations	$	8,725	$	(68,824)

The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following tables:

	September 30, 2020		December 31, 2019
Assets of Discontinued Operations
Cash and cash equivalents	$	113,016	$	333,455
Receivables, net	152,557		209,704
Property and equipment, net	243,030		741,119
Goodwill	648,018		1,003,765
Tradenames	438,477		665,207
Operating lease right-of-use assets, net	169,991		399,345
Other assets	336,484		446,458
Subtotal: assets of Discontinued Operations	$	2,101,573	$	3,799,053
Other assets classified as held for sale
Property and equipment, net	7,127		8,476
Total assets held for sale	$	2,108,700	$	3,807,529

	September 30, 2020		December 31, 2019
Liabilities of Discontinued Operations
Deferred revenue and student deposits	$	203,865	$	176,255
Operating leases, including current portion	185,473		388,202
Long-term debt, seller notes and finance leases, including current portion	180,112		304,355
Other liabilities	400,437		581,329
Total liabilities held for sale	$	969,887	$	1,450,141

Schedule of asset impairment

As a result of the impairment test, the Company determined that the carrying value of the Chile asset group exceeded its fair value by approximately $418,000 and recorded an impairment charge in that amount during the second quarter of 2020, as follows:

Tradenames	$	90,700
Land	20,900
Buildings	59,700
Other long-lived assets	36,500
Operating lease right-of-use assets, net	62,500
Goodwill	147,700
Total Chile impairment	$	418,000