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 table: | | | | | | | | | | | | For the years ended December 31, | 2021 | 2020 | 2019 | Revenues | $ | 542,979 | | $ | 1,674,602 | | $ | 2,539,995 | | Depreciation and amortization expense | — | | (60,378) | | (111,376) | | Share-based compensation expense | (1,277) | | (3,050) | | (2,669) | | Other direct costs | (433,127) | | (1,313,258) | | (2,026,187) | | Loss on impairment of assets | (1,268) | | (438,258) | | (691) | | Other non-operating expense | (22,288) | | (68,553) | | (70,719) | | Gain on sale of discontinued operations before taxes, net | 636,172 | | 25,048 | | 793,475 | | Pretax income (loss) of discontinued operations | 721,191 | | (183,847) | | 1,121,828 | | Income tax expense | (234,326) | | (114,257) | | (33,681) | | Income (loss) from discontinued operations, net of tax | $ | 486,865 | | $ | (298,104) | | $ | 1,088,147 | | | | | | Operating cash flows of discontinued operations | $ | 39,544 | | $ | 288,271 | | $ | 315,406 | | Investing cash flows of discontinued operations | $ | (11,161) | | $ | (48,428) | | $ | (99,725) | | Financing cash flows of discontinued operations | $ | (18,054) | | $ | (969) | | $ | (103,583) | | The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table: | | | | | | | | | | December 31, 2021 | December 31, 2020 | Assets of Discontinued Operations | | | Cash and cash equivalents | $ | — | | $ | 270,164 | | Receivables, net | — | | 113,386 | | Property and equipment, net | — | | 259,471 | | Goodwill and tradenames | — | | 1,202,496 | | Operating lease assets | 6,164 | | 136,806 | | Other assets | — | | 183,742 | | Valuation allowance on held-for-sale disposal groups | — | | (248,630) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total assets held for sale | $ | 6,164 | | $ | 1,917,435 | |
| | | | | | | | | Liabilities of Discontinued Operations | | | Deferred revenue and student deposits | $ | — | | $ | 87,793 | | Operating leases, including current portion | 10,849 | | 151,413 | | Long-term debt, seller notes and finance leases, including current portion | — | | 171,451 | | Other liabilities | — | | 291,599 | | Total liabilities held for sale | $ | 10,849 | | $ | 702,256 | |
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Disposal Groups, Including Discontinued Operations, 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: | | | | | | | | | Goodwill and tradenames | | $ | 238,400 | | Land and buildings | | 80,600 | | Other long-lived assets | | 36,500 | | Operating lease right-of-use assets, net | | 62,500 | | Total Chile impairment | | $ | 418,000 | |
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