Assets Held for Sale

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

During the second quarter of 2023, two of the Company’s subsidiaries that operate K-12 educational programs in Mexico met the criteria for classification as held for sale under ASC 360-10-45-9, “Long-Lived Assets Classified as Held for Sale.” The sale of the K-12 campuses is intended to allow the Mexico segment to focus on its core business. The assets and liabilities of this disposal group are recorded at the lower of their carrying values or their estimated fair values less costs to sell. The planned sale of this disposal group does not represent a strategic shift and therefore does not qualify for presentation as a discontinued operation in the Consolidated Financial Statements. The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following table:


	June 30, 2023		December 31, 2022
Assets Held for Sale
Cash and cash equivalents	$	560	$	—
Receivables, net	473		—
Property and equipment, net	917		—
Operating lease right-of-use assets, net	9,104		—
Other assets	33		—
Total assets held for sale	$	11,087	$	—


Liabilities Held for Sale
Deferred revenue and student deposits	$	879	—
Operating leases, including current portion	9,226		—
Long-term debt, including current portion	868		—
Other liabilities	764		—
Total liabilities held for sale	$	11,737	$	—

The long-term debt balance represents a finance lease for property.