Discontinued Operations and Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2021

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,	2021		2020
Revenues	$	70,787	$	459,442
Depreciation and amortization expense	—		(13,656)
Share-based compensation expense	(371)		(1,045)
Other direct costs	(58,123)		(340,657)
Loss on impairment of assets	—		(10,275)
Other non-operating expense	(4,938)		(14,731)
Gain (loss) on sale of discontinued operations before taxes, net	612,010		(488,674)
Pretax income (loss) of discontinued operations	619,365		(409,596)
Income tax expense	(248,838)		(103,794)
Income (loss) from discontinued operations, net of tax	$	370,527	$	(513,390)

For the nine months ended September 30,	2021		2020
Revenues	$	542,650	$	1,342,298
Depreciation and amortization expense	—		(60,168)
Share-based compensation expense	(1,198)		(2,378)
Other direct costs	(430,789)		(1,070,362)
Loss on impairment of assets	(1,268)		(431,587)
Other non-operating expense	(20,489)		(79,807)
Gain (loss) on sale of discontinued operations before taxes, net	625,304		(523,667)
Pretax income (loss) of discontinued operations	714,210		(825,671)
Income tax expense	(257,440)		(95,568)
Income (loss) from discontinued operations, net of tax	$	456,770	$	(921,239)
Operating cash flows of discontinued operations	$	16,420	$	248,972
Investing cash flows of discontinued operations	$	(11,161)	$	(40,578)
Financing cash flows of discontinued operations	$	(18,054)	$	8,725

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, 2021		December 31, 2020
Assets of Discontinued Operations
Cash and cash equivalents	$	3,157	$	270,164
Receivables, net	1,000		113,386
Property and equipment, net	8,645		259,471
Goodwill and Tradenames	—		1,202,496
Operating lease right-of-use assets, net	6,892		136,806
Other assets	569		183,742
Valuation allowance on held-for-sale disposal groups	—		(248,630)
Total assets held for sale	$	20,263	$	1,917,435

Liabilities of Discontinued Operations
Deferred revenue and student deposits	$	198	$	87,793
Operating leases, including current portion	12,034		151,413
Long-term debt, seller notes and finance leases, including current portion	—		171,451
Other liabilities	4,388		291,599
Total liabilities held for sale	$	16,620	$	702,256