Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | DEVRY EDUCATION GROUP INC. | |
Entity Central Index Key | 730,464 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | DV | |
Entity Common Stock, Shares Outstanding | 62,751,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 |
Current Assets: | |||
Cash and Cash Equivalents | $ 330,214 | $ 353,022 | $ 402,115 |
Marketable Securities and Investments | 3,528 | 3,579 | 3,577 |
Restricted Cash | 10,995 | 10,743 | 9,658 |
Accounts Receivable, Net | 170,035 | 139,163 | 149,586 |
Deferred Income Taxes, Net | 43,080 | 41,458 | 45,163 |
Prepaid Expenses and Other | 36,754 | 53,092 | 57,822 |
Total Current Assets | 594,606 | 601,057 | 667,921 |
Land, Building and Equipment: | |||
Land | 50,001 | 59,691 | 63,282 |
Building | 478,253 | 485,288 | 470,706 |
Equipment | 512,825 | 521,361 | 500,902 |
Construction in Progress | 20,241 | 26,664 | 32,292 |
Property, Plant and Equipment, Gross, Total | 1,061,320 | 1,093,004 | 1,067,182 |
Accumulated Depreciation | (548,980) | (547,130) | (522,559) |
Land, Building and Equipment, Net | 512,340 | 545,874 | 544,623 |
Other Assets: | |||
Intangible Assets, Net | 371,046 | 323,731 | 325,000 |
Goodwill | 565,012 | 552,329 | 561,406 |
Perkins Program Fund, Net | 13,450 | 13,450 | 13,450 |
Other Assets | 59,443 | 37,752 | 36,277 |
Total Other Assets | 1,008,951 | 927,262 | 936,133 |
TOTAL ASSETS | 2,115,897 | 2,074,193 | 2,148,677 |
Current Liabilities: | |||
Accounts Payable | 54,222 | 63,083 | 58,531 |
Accrued Salaries, Wages and Benefits | 88,472 | 83,491 | 90,503 |
Accrued Expenses | 88,754 | 85,103 | 74,073 |
Deferred Revenue | 170,106 | 90,232 | 176,451 |
Total Current Liabilities | 401,554 | 321,909 | 399,558 |
Other Liabilities: | |||
Deferred Income Taxes, Net | 46,530 | 56,092 | 71,153 |
Deferred Rent and Other | 108,349 | 101,762 | 103,920 |
Total Other Liabilities | 154,879 | 157,854 | 175,073 |
TOTAL LIABILITIES | $ 556,433 | 479,763 | 574,631 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | |||
NONCONTROLLING INTEREST | $ 3,529 | 9,620 | 9,100 |
SHAREHOLDERS' EQUITY: | |||
Common Stock, $0.01 Par Value, 200,000,000 Shares Authorized; 62,909,000, 63,623,000 and 63,701,000 Shares Outstanding at March 31, 2016, June 30, 2015 and March 31, 2015, respectively | 764 | 760 | 769 |
Additional Paid-in Capital | 364,006 | 350,256 | 343,339 |
Retained Earnings | 1,794,012 | 1,796,361 | 1,778,239 |
Accumulated Other Comprehensive Loss | (91,348) | (77,114) | (78,876) |
Treasury Stock, at Cost, 13,521,000, 12,414,000 and 12,208,000 Shares at March 31, 2016, June 30, 2015 and March 31, 2015, respectively | (511,499) | (485,453) | (478,525) |
TOTAL SHAREHOLDERS' EQUITY | 1,555,935 | 1,584,810 | 1,564,946 |
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | $ 2,115,897 | $ 2,074,193 | $ 2,148,677 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Shares Outstanding | 62,909,000 | 63,623,000 | 63,701,000 |
Treasury Stock, Shares | 13,521,000 | 12,414,000 | 12,208,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUE: | ||||
Tuition | $ 425,966 | $ 444,715 | $ 1,243,624 | $ 1,320,197 |
Other Educational | 48,255 | 45,115 | 128,212 | 116,557 |
Total Revenue | 474,221 | 489,830 | 1,371,836 | 1,436,754 |
OPERATING COST AND EXPENSE: | ||||
Cost of Educational Services | 252,867 | 253,186 | 738,965 | 750,326 |
Student Services and Administrative Expense | 161,483 | 180,212 | 484,662 | 532,878 |
Restructuring Expense | 2,873 | 6,982 | 39,870 | 30,487 |
Asset Impairment Charge | 0 | 0 | 99,473 | 0 |
Gain on Sale of Assets | (3,849) | 0 | (3,849) | 0 |
Total Operating Cost and Expense | 413,374 | 440,380 | 1,359,121 | 1,313,691 |
Operating Income | 60,847 | 49,450 | 12,715 | 123,063 |
INTEREST: | ||||
Interest Income | 27 | 1,318 | 394 | 2,015 |
Interest Expense | (1,408) | (2,813) | (5,581) | (3,558) |
Net Interest Expense | (1,381) | (1,495) | (5,187) | (1,543) |
Income from Continuing Operations Before Income Taxes | 59,466 | 47,955 | 7,528 | 121,520 |
Income Tax Provision | (7,536) | (6,327) | (683) | (16,653) |
Income from Continuing Operations | 51,930 | 41,628 | 6,845 | 104,867 |
DISCONTINUED OPERATIONS: | ||||
Income from Operations of Divested Component | 0 | 1,011 | 0 | 1,011 |
Income Tax Benefit | 0 | 4,565 | 0 | 4,565 |
Income from Discontinued Operations | 0 | 5,576 | 0 | 5,576 |
NET INCOME | 51,930 | 47,204 | 6,845 | 110,443 |
Net Income Attributable to Noncontrolling Interest | (5) | (84) | (42) | (470) |
NET INCOME ATTRIBUTABLE TO DEVRY EDUCATION GROUP | 51,925 | 47,120 | 6,803 | 109,973 |
AMOUNTS ATTRIBUTABLE TO DEVRY EDUCATION GROUP: | ||||
Income from Continuing Operations, Net of Income Taxes | 51,925 | 41,544 | 6,803 | 104,397 |
Income from Discontinued Operations, Net of Income Taxes | 0 | 5,576 | 0 | 5,576 |
NET INCOME ATTRIBUTABLE TO DEVRY EDUCATION GROUP | $ 51,925 | $ 47,120 | $ 6,803 | $ 109,973 |
Basic: | ||||
Continuing Operations | $ 0.81 | $ 0.65 | $ 0.11 | $ 1.62 |
Discontinued Operations | 0 | 0.08 | 0 | 0.08 |
Earnings Per Share, Basic | 0.81 | 0.73 | 0.11 | 1.70 |
Diluted: | ||||
Continuing Operations | 0.81 | 0.64 | 0.11 | 1.60 |
Discontinued Operations | 0 | 0.08 | 0 | 0.08 |
Earnings Per Share, Diluted | 0.81 | 0.72 | 0.11 | 1.68 |
Cash Dividends Declared per Common Share | $ 0 | $ 0 | $ 0.18 | $ 0.18 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
NET INCOME | $ 51,930 | $ 47,204 | $ 6,845 | $ 110,443 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||
Currency Translation Gain (Loss) | 41,842 | (34,779) | (14,144) | (63,470) |
Change in Fair Value of Available-For-Sale Securities | 17 | 31 | (90) | (11) |
COMPREHENSIVE INCOME (LOSS) | 93,789 | 12,456 | (7,389) | 46,962 |
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (901) | 1,304 | 262 | 1,946 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO DEVRY EDUCATION GROUP | $ 92,888 | $ 13,760 | $ (7,127) | $ 48,908 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net Income | $ 6,845 | $ 110,443 |
Income from Discontinued Operations | 0 | (5,576) |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Stock-Based Compensation Expense | 13,989 | 13,435 |
Depreciation | 59,349 | 62,126 |
Amortization | 4,490 | 3,818 |
Impairment of Goodwill and Intangible Assets | 99,473 | 0 |
Provision for Refunds and Uncollectible Accounts | 61,710 | 68,479 |
Deferred Income Taxes | (13,793) | 3,476 |
Loss on Disposals, Accelerated Depreciation and Adjustments to Land, Building and Equipment | 12,810 | 6,312 |
Realized Gain on Sale of Assets | (3,849) | 0 |
Changes in Assets and Liabilities, Net of Effects from Acquisition and Divestiture of Components: | ||
Restricted Cash | (252) | (1,311) |
Accounts Receivable | (83,744) | (85,994) |
Prepaid Expenses and Other | (1,590) | (20,725) |
Accounts Payable | (12,131) | 6,278 |
Accrued Salaries, Wages, Benefits and Expenses | (2,461) | (28,178) |
Deferred Revenue | 78,843 | 76,944 |
Net Cash Provided by Operating Activities-Continuing Operations | 219,689 | 209,527 |
Net Cash Used in Operating Activities-Discontinued Operations | 0 | (160) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 219,689 | 209,367 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital Expenditures | (51,004) | (64,301) |
Payment for Purchase of Businesses, Net of Cash Acquired | (170,577) | (73,117) |
Marketable Securities Purchased | (94) | (147) |
Cash Received on Sale of Assets | 24,788 | 6,100 |
Purchase of Noncontrolling Interest of Subsidiary | (3,114) | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (200,001) | (131,465) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Exercise of Stock Options | 271 | 6,014 |
Proceeds from Stock Issued Under Colleague Stock Purchase Plan | 875 | 866 |
Repurchase of Common Stock for Treasury | (24,378) | (18,672) |
Cash Dividends Paid | (11,563) | (11,639) |
Payments of Seller Financed Obligations | (5,890) | (5,978) |
Payment of Debt Financing Fees | 0 | (3,472) |
NET CASH USED IN FINANCING ACTIVITIES | (40,685) | (32,881) |
Effects of Exchange Rate Differences | (1,811) | (1,094) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (22,808) | 43,927 |
Cash and Cash Equivalents at Beginning of Period | 353,022 | 358,188 |
Cash and Cash Equivalents at End of Period | 330,214 | 402,115 |
Non-cash Investing and Financing Activity: | ||
(Decrease) Increase in Redemption Value of Noncontrolling Interest Put Option | $ (3,019) | $ 2,237 |
INTERIM FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS | 9 Months Ended |
Mar. 31, 2016 | |
Interim Financial Statements [Abstract] | |
INTERIM FINANCIAL STATEMENTS | NOTE 1: INTERIM FINANCIAL STATEMENTS The interim Consolidated Financial Statements include accounts of DeVry Education Group Inc. (“DeVry Group”) and its wholly-owned and majority-owned subsidiaries. These financial statements are unaudited but, in the opinion of management, contain all adjustments consisting only of normal recurring adjustments necessary to present fairly the financial condition and results of operations of DeVry Group. The June 30, 2015 data presented is derived from audited financial statements. The interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto contained in DeVry Group's Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and DeVry Group’s Quarterly Report on Form 10-Q for the quarters ended September 30, 2015 and December 31, 2015, each as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three and nine months ended March 31, 2016, are not necessarily indicative of results to be expected for the entire fiscal year. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Consolidated Financial Statements include the accounts of DeVry Group and its wholly-owned and majority-owned domestic and foreign subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Where our ownership interest is less than 100 percent, the noncontrolling ownership interests are reported on our Consolidated Balance Sheets. The noncontrolling ownership interest in our earnings is classified as “Net Income Attributable to Noncontrolling Interest” in our Consolidated Statements of Income. Unless indicated, or the context requires otherwise, references to years refer to DeVry Group’s fiscal years. Cash and cash equivalents can include time deposits, high-grade commercial paper, money market funds and bankers acceptances with original maturities of three months or less. Short-term investment objectives are to minimize risk and maintain liquidity. These investments are stated at cost (which approximates fair value) because of their short duration or liquid nature. DeVry Group places its cash and temporary cash investments with high credit quality institutions. Cash and cash equivalent balances in U.S. bank accounts are generally in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. Cash and cash equivalent balances in Brazilian bank accounts are generally in excess of the deposit insurance limits for Brazilian banks. DeVry Group has not experienced any losses on its cash and cash equivalents. Management periodically evaluates the creditworthiness of the security issuers and financial institutions with which it invests and maintains deposit accounts. A significant portion of revenue is received from students who participate in government financial aid and assistance programs which are subject to political and governmental budgetary considerations. There is no assurance that such funding will be maintained at current levels. Extensive and complex regulations in the U.S., Canada and Brazil govern all of the government financial assistance programs in which students participate. Administration of these programs is periodically reviewed by various regulatory agencies. Any regulatory violation could be the basis for disciplinary action, which could include the suspension, limitation or termination from such financial aid programs. Restricted cash represents amounts received from the federal and state governments under various student aid grant and loan programs and such restricted funds are held in separate bank accounts. Once the financial aid authorization and disbursement process for the student has been completed, the funds are transferred to unrestricted accounts, and these funds then become available for use in DeVry Group’s operations. This authorization and disbursement process that precedes the transfer of funds generally occurs within the period of the academic term for which such funds were authorized. As a requirement of continuing operations in Pennsylvania, DeVry Group is required to maintain a “minimum protective endowment” of at least $ 500,000 Chamberlain College of Nursing (“Chamberlain”), Carrington College (“Carrington”), DeVry Brasil higher education and DeVry University tuition revenue is recognized on a straight-line basis over their respective applicable academic terms. In addition, American University of the Caribbean School of Medicine (“AUC”), Ross University School of Medicine (“RUSM”) and Ross University School of Veterinary Medicine (“RUSVM”) basic science curriculum revenue is recognized on a straight-line basis over the academic term. The clinical portion of the AUC, RUSM and RUSVM education programs are conducted under the supervision of primarily U.S. teaching hospitals and veterinary schools. AUC, RUSM and RUSVM are responsible for the billing and collection of tuition from their students during the period of clinical education. Revenue is recognized on a weekly basis based on actual program attendance during the period of the clinical program. Fees paid to the hospitals and veterinary schools for supervision of AUC, RUSM and RUSVM students are charged to expense on the same basis. Becker Professional Education (“Becker”) and DeVry Brasil’s test preparation live classroom and online tuition revenue is recognized on a straight-line basis over the applicable delivery period. Sales of textbooks, electronic course materials and other educational products, including training services and the Becker self-study products, are included in Other Educational Revenue in the Consolidated Statements of Income. Textbook, electronic course materials and other educational product revenue is recognized when the sale occurs. Revenue from training services, which are generally short-term in duration, is recognized when the training service is provided. In addition, fees from international licensees of the Becker programs are included in Other Educational Revenue and recognized when confirmation of course delivery is received. Estimates of DeVry Group’s expected refunds are determined at the outset of each academic term, based upon actual experience in previous terms. Inputs to this analysis include refunds issued, withdrawal rates and historical amounts owed by students for that portion of a term that was completed. Management reassesses collectability throughout the period revenue is recognized by the DeVry Group institutions, on a student-by-student basis. This reassessment is based upon new information and changes in facts and circumstances relevant to a student's ability to pay. Management reassesses collectability when a student withdraws from the institution and has unpaid tuition charges. Such unpaid charges do not meet the threshold of reasonably collectible and are recognized as revenue on a cash basis. This cash basis accounting which was adopted beginning in the third quarter of fiscal year 2015 did not have a material effect on the Consolidated Financial Statements. The provision for refunds, which is reported as a reduction to Tuition Revenue in the Consolidated Statements of Income, is recognized in the same ratable fashion as revenue to most appropriately match these costs with the tuition revenue in that academic term. Provisions for refunds were $ 11.5 34.7 10.4 28.5 Provisions for refunds are monitored and adjusted as necessary within the academic term and adjusted for actual refunds issued and withdrawn student accounts receivable balances at the completion of an academic term. If a student leaves school prior to completing an academic term, federal, state and/or Canadian provincial regulations and accreditation criteria permit DeVry Group to retain only a set percentage of the total tuition received from such student, which varies with, but generally equals or exceeds, the percentage of the academic term completed by such student. Payment amounts received by DeVry Group in excess of such set percentages of tuition are refunded to the student or the appropriate funding source. All refunds are netted against revenue during the applicable academic term. Reserves related to refunds and uncollectible accounts totaled $ 65.9 62.9 The allowance for uncollectible accounts is determined by analyzing the current aging of accounts receivable and historical loss rates on collections of accounts receivable. In addition, management considers projections of future receivable levels and collection loss rates. We monitor the inputs to this analysis periodically throughout the year. Provisions required to maintain the allowance at appropriate levels are charged to expense in each period as required. Provisions for uncollectible accounts, which are included in the Cost of Educational Services in the Consolidated Statements of Income, were $ 9.6 27.0 12.5 40.0 DeVry Group capitalizes certain internal-use software development costs that are amortized using the straight-line method over the estimated lives of the software, not to exceed seven years. Capitalized costs include external direct costs of equipment, materials and services consumed in developing or obtaining internal-use software and payroll-related costs for employees directly associated with the internal-use software development project. Capitalization of such costs ceases at the point at which the project is substantially complete and ready for its intended purpose. Capitalized internal-use software development costs for projects not yet complete are included as Construction in Progress in the Land, Building and Equipment section of the Consolidated Balance Sheets. As of March 31, 2016 and 2015, the net balance of capitalized in-service software development costs was $ 21.7 32.7 DeVry Group evaluates the carrying amount of its significant long-lived assets whenever changes in circumstances or events indicate that the value of such assets may not be fully recoverable. Events that may trigger an impairment analysis could include a decision by management to exit a market or a line of business or to consolidate operating locations. In the first nine months of fiscal year 2016 and in fiscal year 2015, management consolidated operations at several DeVry University, Carrington and Chamberlain locations. These decisions resulted in pre-tax accelerated depreciation and write-offs on leasehold improvements and equipment of $ 12.2 1.1 4.2 Carrington and DeVry University are required under U.S. federal aid program regulations to make contributions to the Federal Perkins Student Loan Fund, most recently at a rate equal to 33 2.6 The financial position and results of operations of the AUC, RUSM and RUSVM Caribbean operations are measured using the U.S. dollar as the functional currency. As such, there is no translation gain or loss associated with these operations. DeVry Brasil’s operations, DeVry University’s Canadian operations and Becker’s international operations are measured using the local currency as the functional currency. Assets and liabilities of these entities are translated to U.S. dollars using exchange rates in effect at the balance sheet dates. Income and expense items are translated at monthly average rates of exchange. The resultant translation adjustments are included in the component of Shareholders’ Equity designated as Accumulated Other Comprehensive Loss. Transaction gains or losses during each of the three and nine month periods ended March 31, 2016 and 2015 were not material. DeVry Group currently maintains a 97.9 2.1 96.3 The DeVry Brasil management put option is being accreted to its redemption value in accordance with the stock purchase agreement. The adjustment to increase or decrease the put option to its expected redemption value each reporting period is recorded in retained earnings in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). The adjustment to increase or decrease the DeVry Brasil noncontrolling interest each reporting period for its proportionate share of DeVry Brasil’s profit/loss will continue to flow through the Consolidated Statements of Income based on DeVry Group's noncontrolling interest accounting policy. Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Balance at Beginning of Period $ 2,813 $ 8,139 $ 9,620 $ 6,393 Net Income Attributable to Noncontrolling Interest 5 84 42 470 Payment for Purchase of Noncontrolling Interest of Subsidiary - - (3,114) - Increase (Decrease) in Redemption Value of Noncontrolling Interest Put Option 711 877 (3,019) 2,237 Balance at End of Period $ 3,529 $ 9,100 $ 3,529 $ 9,100 Basic earnings per share is computed by dividing net income attributable to DeVry Group by the weighted average number of common shares outstanding during the period plus unvested participating restricted stock units (“RSUs”). Diluted earnings per share is computed by dividing net income attributable to DeVry Group by the weighted average number of shares assuming dilution. Diluted shares are computed using the Treasury Stock Method and reflect the additional shares that would be outstanding if dilutive stock-based grants were exercised during the period. Excluded from the computations of diluted shares were stock-based grants to purchase 2,828,000 2,765,000 617,000 825,000 Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Weighted Average Shares Outstanding 63,107 63,773 63,378 63,801 Unvested Participating RSUs 815 738 781 791 Basic Shares 63,922 64,511 64,159 64,592 Effect of Dilutive Stock Options 431 754 318 810 Diluted Shares 64,353 65,265 64,477 65,402 DeVry Group’s Board of Directors (the “Board”) has authorized stock repurchase programs on nine occasions (see “Note 6: Dividends and Share Repurchase Programs”). The ninth repurchase program was approved on December 15, 2015 and commenced in January 2016. Shares that are repurchased by DeVry Group are recorded as Treasury Stock at cost and result in a reduction of Shareholders’ Equity. From time to time, shares of its common stock are delivered back to DeVry Group under a swap arrangement resulting from employees’ exercise of incentive stock options pursuant to the terms of the DeVry Group Stock Incentive Plans (see “Note 3: Stock-Based Compensation”). These shares are recorded as Treasury Stock at cost and result in a reduction of Shareholders’ Equity. Treasury shares are reissued on a monthly basis, at market value, to the DeVry Group Colleague Stock Purchase Plan in exchange for employee payroll deductions. When treasury shares are reissued, DeVry Group uses an average cost method to reduce the Treasury Stock balance. Gains on the difference between the average cost and the reissuance price are credited to Additional Paid-in Capital. Losses on the difference are charged to Additional Paid-in Capital to the extent that previous net gains from reissuance are included therein, otherwise such losses are charged to Retained Earnings. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenue and expense reported during the period. Actual results could differ from those estimates. Accumulated Other Comprehensive Loss is composed of the change in cumulative translation adjustment, primarily at DeVry Brasil, and unrealized gains on available-for-sale marketable securities, net of the effects of income taxes. The Accumulated Other Comprehensive Loss balance at March 31, 2016, consists of $ 91.5 89.6 1.9 0.2 0.2 79.1 76.1 3.0 0.3 0.1 Advertising costs are recognized as expense in the period in which materials are purchased or services are performed. Advertising expense, which is included in Student Services and Administrative Expense in the Consolidated Statements of Income, was $ 57.3 173.0 67.9 199.7 DeVry Group’s financial statements include charges related to severance and related benefits for reductions in staff and voluntary separation plans. These charges also include early lease termination or cease-of-use costs and gains and losses on disposals of property and equipment related to campus consolidations (see “Note 9: Restructuring Charges”). In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-09: “Compensation Stock Compensation (Topic 718)”. This guidance was issued to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Management is evaluating the impact the guidance will have on DeVry Group’s Consolidated Financial Statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02: “Leases (Topic 842)”. This guidance was issued to increase transparency and comparability among organizations by recognizing right-to-use assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Management is evaluating the impact the guidance will have on DeVry Group’s Consolidated Financial Statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17: “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. This guidance was issued to simplify the accounting for classification of deferred taxes on the balance sheet. The guidance eliminates the current requirement for organizations to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Management anticipates early adoption of this standard in the fourth quarter of fiscal year 2016. In September 2015, the FASB issued Accounting Standards Update No. 2015-16: “Business Combinations (Topic 805): Simplifying Accounting for Measurement-Period Adjustments”. This guidance was issued to simplify the accounting for provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and where the provisional amounts have been adjusted during the measurement period. The amendments in this guidance require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for the fiscal years and interim periods within those years beginning after December 15, 2015. This guidance will require DeVry Group to record and disclose measurement-period adjustments for future business combinations as a period adjustment as opposed to a retroactive adjustment to the opening balance sheet of the acquired entity. In April 2015, the FASB issued Accounting Standards Update No. 2015-03: “InterestImputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This guidance was issued to simplify the presentation of debt issuance costs. The amendments in this guidance require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments. The guidance is effective for the fiscal years and interim periods within those years beginning after December 15, 2015. DeVry Group’s debt includes a revolving credit facility (see “Note 11: Debt”). This update did not provide guidance specifically addressing debt issuance costs involving revolving credit facilities. As a result, it was announced that the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing them ratably over the term of the revolving debt arrangement. This is DeVry Group’s current accounting policy for debt issuance costs. As a result, this update will have no effect on DeVry Group’s Consolidated Financial Statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09: “Revenue from Contracts with Customers (Topic 606)”. This guidance was issued to clarify the principles for recognizing revenue and develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”). The guidance is effective for the fiscal years and interim periods within those years beginning after December 15, 2017. Management is evaluating the impact the guidance will have on DeVry Group’s Consolidated Financial Statements as well as the transition methodology. In April 2014, the FASB issued Accounting Standards Update No. 2014-08: “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. This guidance requires that only disposals representing a strategic shift in operations be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. The guidance was effective as of July 1, 2015, and had no effect on DeVry Group’s Consolidated Financial Statements as no discontinued operations are presented in the current period. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 3: STOCK-BASED COMPENSATION DeVry Group maintains four stock-based incentive plans: the 1999 Stock Incentive Plan, the 2003 Stock Incentive Plan, the Amended and Restated Incentive Plan of 2005 and the Second Amended and Restated Incentive Plan of 2013. Under these plans, directors, key executives and managerial employees are eligible to receive incentive stock or nonqualified options to purchase shares of DeVry Group’s common stock. The Second Amended and Restated Incentive Plan of 2013 and the Amended and Restated Incentive Plan of 2005 also permit the granting of stock appreciation rights, RSUs, performance stock and other stock and cash-based compensation. Although options remain outstanding under the 1999, 2003 and 2005 incentive plans, no further stock-based grants will be issued from these plans. The Second Amended and Restated Incentive Plan of 2013 and the Amended and Restated Incentive Plan of 2005 are administered by the Compensation Committee of the Board. Options are granted for terms of up to ten years and can vest immediately or over periods of up to five years. The requisite service period is equal to the vesting period. The option price under the plans is the fair market value of the shares on the date of the grant. DeVry Group accounts for stock-based compensation granted to retirement eligible employees that fully vests upon an employee’s retirement under the non-substantive vesting period approach. Under this approach, the entire compensation cost is recognized at the grant date for stock-based grants issued to retirement eligible employees. For non-retirement eligible employees, stock-based compensation cost is measured at grant date based on the fair value of the award, and is recognized as expense over the employee requisite service period, reduced by an estimated forfeiture rate. At March 31, 2016, 7,866,772 Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value Outstanding Price Life (in Years) (in thousands) Outstanding at July 1, 2015 3,148,087 $ 34.86 Options Granted 416,000 26.23 Options Exercised (19,761) 20.29 Options Forfeited (16,185) 24.46 Options Expired (50,369) 35.91 Outstanding at March 31, 2016 3,477,772 33.91 5.41 $ - Exercisable at March 31, 2016 2,461,089 $ 36.15 4.25 $ - Weighted Stock Weighted Average Aggregate Appreciation Average Remaining Intrinsic Rights Exercise Contractual Value Outstanding Price Life (in Years) (in thousands) Outstanding at July 1, 2015 118,065 $ 42.74 Rights Granted - - Rights Exercised - - Rights Canceled - - Outstanding at March 31, 2016 118,065 42.74 3.95 $ - Exercisable at March 31, 2016 113,444 $ 43.25 3.69 $ - The total intrinsic value of options exercised for the nine months ended March 31, 2016 and 2015 was $ 0.1 4.1 The fair value of DeVry Group’s stock option awards was estimated using a binomial model. This model uses historical cancelation and exercise experience of DeVry Group to determine the option value. It also takes into account the illiquid nature of employee options during the vesting period. The weighted average estimated grant date fair values for options granted at market price under DeVry Group’s stock-based incentive plans during the first nine months of fiscal years 2016 and 2015 were $ 10.17 17.94 Fiscal Year 2016 2015 Expected Life (in Years) 6.78 6.73 Expected Volatility 41.35 % 42.04 % Risk-free Interest Rate 1.85 % 2.03 % Dividend Yield 1.01 % 1.03 % Pre-vesting Forfeiture Rate 3.00 % 3.00 % The expected life of the options granted is based on the weighted average exercise life with age and salary adjustment factors from historical exercise behavior. DeVry Group’s expected volatility is computed by combining and weighting the implied market volatility, the most recent volatility over the expected life of the option grant and DeVry Group’s long-term historical volatility. The pre-vesting forfeiture rate is based on DeVry Group’s historical stock option forfeiture experience. If factors change and different assumptions are employed in the valuation of stock-based grants in future periods, the stock-based compensation expense that DeVry Group records may differ significantly from what was recorded in previous periods. During the first nine months of fiscal year 2016, DeVry Group granted 603,410 184,780 418,630 Weighted Restricted Average Stock Units Grant Date Outstanding Fair Value Nonvested at July 1, 2015 1,013,140 $ 30.42 RSUs Granted 603,410 25.84 RSUs Vested (373,925) 28.01 RSUs Forfeited (75,559) 25.52 Nonvested at March 31, 2016 1,167,066 $ 29.14 The weighted average estimated grant date fair values for RSUs granted at market price under DeVry Group’s stock-based incentive plans during the first nine months of fiscal years 2016 and 2015 were $ 25.84 43.67 For the Three Months Ended For the Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Cost of Educational Services $ 1,209 $ 1,249 $ 4,477 $ 4,299 Student Services and Administrative Expense 2,568 2,655 9,512 9,136 3,777 3,904 13,989 13,435 Income Tax Benefit (1,439) (1,403) (5,157) (4,862) Net Stock-Based Compensation Expense $ 2,338 $ 2,501 $ 8,832 $ 8,573 As of March 31, 2016, $ 24.5 2.3 15.9 18.0 There were no capitalized stock-based compensation costs at March 31, 2016 and 2015. DeVry Group has an established practice of issuing new shares of common stock to satisfy share option exercises. However, DeVry Group also may issue treasury shares to satisfy option exercises under certain of its stock-based incentive plans. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4: FAIR VALUE MEASUREMENTS DeVry Group has elected not to measure any assets or liabilities at fair value other than those required to be measured at fair value on a recurring basis. Assets measured at fair value on a non-recurring basis include goodwill, intangible assets and assets of businesses where the long-term value of the operations have been impaired. Management has fully considered all authoritative guidance when determining the fair value of DeVry Group’s financial assets as of March 31, 2016. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The guidance specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The guidance establishes fair value measurement classifications under the following hierarchy: Level 1 Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets. Level 3 Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable. When available, DeVry Group uses quoted market prices to determine fair value, and such measurements are classified within Level 1. In some cases where market prices are not available, DeVry Group makes use of observable market-based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates and yield curves. These measurements are classified within Level 3. Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable. Assets measured at fair value on a non-recurring basis include goodwill and indefinite-lived intangibles arising from a business combination. These assets are not amortized and charged to expense over time. Instead, goodwill and indefinite-lived intangibles must be reviewed annually for impairment or more frequently if circumstances arise indicating potential impairment. This annual impairment review was completed for all reporting units as of May 31, 2015. An interim impairment review was completed for Carrington as of November 30, 2015. See “Note 8: Intangible Assets” for further discussion on the impairment review including valuation techniques and assumptions. Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 330,214 $ - $ - Available-for-Sale Investments: Marketable Securities, short-term 3,528 - - Institutional Loans Receivable - 51,743 - Deferred Acquisition Obligations - 32,860 - FIES Long-Term Receivable - 17,593 - Total Financial Assets at Fair Value $ 333,742 $ 102,196 $ - The following table presents DeVry Group's assets and liabilities at June 30, 2015, that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands). Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 353,022 $ - $ - Available-for-Sale Investments: Marketable Securities, short-term 3,579 - - Institutional Loans Receivable - 49,715 - Deferred Acquisition Obligations - 26,827 - Total Financial Assets at Fair Value $ 356,601 $ 76,542 $ - Cash and Cash Equivalents and Investments in short-term Marketable Securities are valued using a market approach based on the quoted market prices of identical instruments. The fair value of the institutional loans receivable included in Accounts Receivable, Net and Other Assets on the Consolidated Balance Sheet as of March 31, 2016 is estimated by discounting the future cash flows using current rates for similar arrangements. See “Note 5: Financing Receivables” for further discussion on these institutional loans receivable. The fair value of the deferred acquisition obligations included in Accrued Expenses and Deferred Rent and Other Liabilities on the Consolidated Balance Sheet as of March 31, 2016 is estimated by discounting the future cash flows using current rates for similar arrangements. The fair value of the FIES receivable included in Other Assets on the Consolidated Balance Sheet as of March 31, 2016 is estimated by discounting the future cash flows using published market data on Brazilian interest and inflation rates. As of March 31, 2016, there were no assets or liabilities measured at fair value using Level 3 inputs. |
FINANCING RECEIVABLES
FINANCING RECEIVABLES | 9 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | NOTE 5: FINANCING RECEIVABLES DeVry Group’s institutional loan programs are available to students at its AUC, RUSM, RUSVM, Chamberlain, Carrington and DeVry University institutions. These loan programs are designed to assist students who are unable to completely cover educational costs by other means. These loans may be used for tuition, books and fees and are available only after all other student financial assistance has been applied toward those purposes. In addition, AUC, RUSM and RUSVM loans may be used for students’ living expenses. Repayment plans for institutional loan program balances are developed to address the financial circumstances of the particular student. Interest charges accrue each month on the unpaid balance. Chamberlain, Carrington and DeVry University require that students begin repaying loans while they are still in school with a minimum payment level designed to prove their capability to repay and reduce the possibility of over borrowing and targeted to minimize interest being accrued on the loan balance. Payments may increase upon completing or departing the program. After a student leaves school, the student typically will have a monthly installment repayment plan. In addition, the Becker CPA Review Course can be financed through Becker with a zero percent, 18 Reserves for uncollectible loans are determined by analyzing the current aging of accounts receivable and historical loss rates of loans at each institution. Management performs this analysis periodically throughout the year. Since all of DeVry Group’s financing receivables are generated through the extension of credit to students to fund educational costs, all such receivables are considered part of the same loan portfolio. As of March 31, 2016 2015 Gross Institutional Student Loans $ 71,915 $ 67,199 Allowance for Credit Losses Balance at Beginning of Period $ (20,630) $ (19,868) Charge-offs and Adjustments 6,290 7,798 Recoveries (141) (618) Additional Provision (5,691) (7,193) Balance at End of Period (20,172) (19,881) Net Institutional Student Loans $ 51,743 $ 47,318 Amounts as of March 31, 2015 have been revised from those reported in the third quarter of fiscal year 2015 for correction of errors in the table. Of the net balances above, $ 25.9 23.1 25.8 24.2 As of March 31, 2016 2015 Institutional Student Loans: Performing $ 52,775 $ 49,573 Nonperforming 19,140 17,626 Total Institutional Student Loans $ 71,915 $ 67,199 Greater Total 30-59 60-89 90-119 Than 120 Institutional Days Past Days Past Days Past Days Past Total Past Student Due Due Due Due Due Current Loans Institutional Student Loans: March 31, 2016 $ 5,882 $ 2,896 $ 1,130 $ 19,140 $ 29,048 $ 42,867 $ 71,915 March 31, 2015 $ 4,321 $ 1,554 $ 1,217 $ 17,626 $ 24,718 $ 42,481 $ 67,199 Loans are considered nonperforming if they are more than 120 19.1 18.8 17.6 15.9 |
DIVIDENDS AND SHARE REPURCHASE
DIVIDENDS AND SHARE REPURCHASE PROGRAMS | 9 Months Ended |
Mar. 31, 2016 | |
Share Repurchase Program [Abstract] | |
DIVIDENDS AND SHARE REPURCHASE PROGRAMS | NOTE 6: DIVIDENDS AND SHARE REPURCHASE PROGRAMS DeVry Group paid dividends of $ 11.6 Date Shares Total Cost Authorized Repurchased (in millions) November 15, 2006 908,399 $ 35.0 May 13, 2008 1,027,417 50.0 November 11, 2009 972,205 50.0 August 11, 2010 1,103,628 50.0 November 10, 2010 968,105 50.0 May 20, 2011 2,396,143 100.0 November 2, 2011 3,478,299 100.0 August 29, 2012 2,005,317 62.7 December 15, 2015 400,812 7.9 Totals 13,260,325 $ 505.6 DeVry Group’s eighth share repurchase program ended on December 31, 2015. A total of 622,688 16.5 100 400,812 7.9 Shares of stock repurchased under the programs are held as treasury shares. These repurchased shares have reduced the weighted average number of shares of common stock outstanding for basic and diluted earnings per share calculations. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | NOTE 7: BUSINESS COMBINATIONS Grupo Ibmec Educacional S.A. On December 15, 2015, DeVry Brasil completed the acquisition of Grupo Ibmec Educacional S.A. (“Grupo Ibmec”). Under the terms of the agreement, DeVry Brasil agreed to pay approximately $ 190.8 180.5 10.3 15,000 The operations of Grupo Ibmec are included in DeVry Group’s International and Professional Education segment. The results of Grupo Ibmec’s operations have been included in the Consolidated Financial Statements of DeVry Group since the date of acquisition. At December 15, 2015 Current Assets $ 27,615 Property and Equipment 13,487 Other Long-term Assets 2,639 Intangible Assets 62,609 Goodwill 108,246 Total Assets Acquired 214,596 Liabilities Assumed 23,802 Net Assets Acquired $ 190,794 Goodwill, which represents the excess of cost over the fair value of the net tangible and intangible assets acquired, was all assigned to the DeVry Brasil reporting unit which is classified within the International and Professional Education segment. The goodwill balance changed from that reported at December 31, 2015 after an adjustment to purchase accounting. Factors that contributed to a purchase price resulting in the recognition of goodwill include Grupo Ibmec’s strategic fit into DeVry Group’s expanding presence in Brazil, the reputation of the educational programs and the acquired assembled workforce. None of the goodwill acquired is expected to be deductible for income tax purposes. Of the $ 62.6 36.7 18.4 At December 15, 2015 Value Estimated Assigned Useful Life Student Relationships $ 5,720 5 years Curriculum 1,821 5 years There is no pro forma presentation of operating results for this acquisition due to the insignificant effect on consolidated operations. Dam á sio Educacional On February 2, 2015, DeVry Brasil completed the acquisition of Damásio Educacional (“Damasio”). Under the terms of the agreement, DeVry Brasil agreed to pay approximately $ 81.4 Approximately $ 66.0 15.4 50,000 220 The operations of Damasio are included in DeVry Group’s International and Professional Education segment. The results of Damasio’s operations have been included in the Consolidated Financial Statements of DeVry Group since the date of acquisition. At February 2, 2015 Current Assets $ 9,747 Property and Equipment 3,367 Other Long-term Assets 136 Intangible Assets 46,862 Goodwill 44,062 Total Assets Acquired 104,174 Liabilities Assumed 22,832 Net Assets Acquired $ 81,342 Goodwill, which represents the excess of cost over the fair value of the net tangible and intangible assets acquired, was all assigned to the DeVry Brasil reporting unit which is classified within the International and Professional Education segment. Factors that contributed to a purchase price resulting in the recognition of goodwill include Damasio’s strategic fit into DeVry Group’s expanding presence in Brazil, the reputation of the educational programs and the acquired assembled workforce. None of the goodwill acquired is expected to be deductible for income tax purposes. Of the $ 46.9 19.3 8.0 At February 2, 2015 Value Assigned Estimated Useful Life Franchise Contracts $ 13,085 18 years Student Relationships 5,294 6 years Test Preparation Relationships 1,193 1 year There is no pro forma presentation of operating results for this acquisition due to the insignificant effect on consolidated operations. Faculdade Ideal On January 2, 2015, DeVry Brasil completed the acquisition of Faculdade Ideal (“Faci”) which is located in Belém, Pará in northern Brazil. Under the terms of the agreement, DeVry Brasil agreed to pay approximately $ 0.1 The operations of Faci are included in DeVry Group’s International and Professional Education segment. The results of Faci’s operations have been included in the Consolidated Financial Statements of DeVry Group since the date of acquisition. At January 2, 2015 Current Assets $ 1,052 Property and Equipment 6,049 Intangible Assets 6,754 Goodwill 1,399 Total Assets Acquired 15,254 Liabilities Assumed 15,144 Net Assets Acquired $ 110 Goodwill, which represents the excess of cost over the fair value of the net tangible and intangible assets acquired, was all assigned to the DeVry Brasil reporting unit which is classified within the International and Professional Education segment. Factors that contributed to a purchase price resulting in the recognition of goodwill include Faci’s strategic fit into DeVry Group’s expanding presence in northern Brazil, the reputation of the educational programs and the acquired assembled workforce. None of the goodwill acquired is expected to be deductible for income tax purposes. Of the $ 6.8 5.8 1.0 There is no pro forma presentation of operating results for this acquisition due to the insignificant effect on consolidated operations. Faculdade Martha Falcão On October 1, 2014, DeVry Brasil completed the acquisition of Faculdade Martha Falcão (“FMF”) which is located in the city of Manaus in the state of Amazonas in northern Brazil. Under the terms of the agreement, DeVry Brasil agreed to pay approximately $ 11.4 1.6 The operations of FMF are included in DeVry Group’s International and Professional Education segment. The results of FMF’s operations have been included in the Consolidated Financial Statements of DeVry Group since the date of acquisition. At October 1, 2014 Current Assets $ 890 Property and Equipment 1,505 Other Long-term Assets 36 Intangible Assets 5,249 Goodwill 10,454 Total Assets Acquired 18,134 Liabilities Assumed 6,675 Net Assets Acquired $ 11,459 Goodwill, which represents the excess of cost over the fair value of the net tangible and intangible assets acquired, was all assigned to the DeVry Brasil reporting unit which is classified within the International and Professional Education segment. Factors that contributed to a purchase price resulting in the recognition of goodwill include FMF’s strategic fit into DeVry Group’s expanding presence in north and northeast Brazil, the reputation of the educational programs and the acquired assembled workforce. None of the goodwill acquired is expected to be deductible for income tax purposes. Of the $ 5.2 4.1 1.0 At October 1, 2014 Value Estimated Assigned Useful Life Curriculum $ 121 2 years There is no pro forma presentation of operating results for this acquisition due to the insignificant effect on consolidated operations. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 8: INTANGIBLE ASSETS Intangible assets relate mainly to acquired business operations. These assets consist of the acquisition fair value of certain identifiable intangible assets acquired and goodwill. Goodwill represents the excess of cost over the fair value of the net tangible and intangible assets acquired. As of March 31, 2016 Gross Weighted Average Carrying Accumulated Amortization Amount Amortization Period Amortizable Intangible Assets: Student Relationships $ 13,082 (5,430) (a) Customer Relationships 400 (160) 10 Years Test Prep Relationships 900 (900) 1 Year Non-compete Agreements 940 (752) 5 Years Curriculum/Software 3,881 (1,786) 5 Years Outplacement Relationships 3,900 (1,959) 15 Years Franchise Contracts 9,875 (640) 18 Years Clinical Agreements 366 (67) 15 Years Trade Names 1,064 (746) 10 Years Total $ 34,408 $ (12,440) Indefinite-lived Intangible Assets: Trade Names $ 66,808 Trademarks 1,645 Ross Title IV Eligibility and Accreditations 14,100 Intellectual Property 13,940 Chamberlain Title IV Eligibility and Accreditations 1,200 Carrington Title IV Eligibility and Accreditations 60,700 AUC Title IV Eligibility and Accreditations 100,000 DeVry Brasil Accreditation 90,685 Total $ 349,078 (a) The total weighted average estimated amortization period for Student Relationships is 6 5 6 5 As of March 31, 2015 Gross Carrying Accumulated Amount Amortization Amortizable Intangible Assets: Student Relationships $ 82,754 $ (77,946) Customer Relationships 3,294 (1,245) Test Prep Relationships 1,006 (168) Non-compete Agreements 2,467 (2,091) Curriculum/Software 3,026 (2,381) Outplacement Relationships 3,900 (1,699) Franchise Contracts 11,032 (102) Clinical Agreements 409 (48) Trade Names 5,091 (4,614) Total $ 112,979 $ (90,294) Indefinite-lived Intangible Assets: Trade Names $ 47,864 Trademarks 1,645 Ross Title IV Eligibility and Accreditations 14,100 Intellectual Property 13,940 Chamberlain Title IV Eligibility and Accreditations 1,200 Carrington Title IV Eligibility and Accreditations 67,200 AUC Title IV Eligibility and Accreditations 100,000 DeVry Brasil Accreditation 56,366 Total $ 302,315 Amortization expense for amortized intangible assets was $ 1.4 4.0 1.2 2.5 Fiscal Year Carrington DeVry Brasil Becker Total 2016 $ 260 $ 4,672 $ 557 $ 5,489 2017 260 4,294 311 4,865 2018 260 2,994 40 3,294 2019 260 2,062 40 2,362 2020 260 1,396 40 1,696 Thereafter 836 7,410 70 8,316 All amortizable intangible assets except student relationships are being amortized on a straight-line basis. The amount being amortized for student relationships is based on the estimated progression of the students through the respective FBV, Unifavip, Damasio and Grupo Ibmec programs, giving consideration to the revenue and cash flow associated with both existing students and new applicants. Indefinite-lived intangible assets related to trademarks, trade names, Title IV eligibility, accreditations and intellectual property are not amortized, as there are no legal, regulatory, contractual, economic or other factors that limit the useful life of these intangible assets to the reporting entity. In accordance with U.S. GAAP, goodwill and indefinite-lived intangibles arising from a business combination are not amortized and charged to expense over time. Instead, these assets must be reviewed annually for impairment or more frequently if circumstances arise indicating potential impairment. This annual impairment review was most recently completed as of May 31, 2015. As of the May 31, 2015 impairment review, there was no impairment loss associated with recorded goodwill or indefinite-lived intangible assets for any reporting unit, as estimated fair values exceeded the carrying amounts. For goodwill, DeVry Group estimates the fair value of its reporting units primarily using a discounted cash flow model utilizing inputs which include projected operating results and cash flows from management’s long-term plan. If the carrying amount of the reporting unit containing the goodwill exceeds the fair value of that reporting unit, an impairment loss is recognized to the extent the “implied fair value” of the reporting unit goodwill is less than the carrying amount of the goodwill. For indefinite-lived intangible assets, DeVry Group determines their fair value based on the nature of the asset using various valuation techniques including a royalty rate model for trade names, trademarks and intellectual property, a discounted income stream model for Title IV eligibility and a discounted cash flow model for accreditation. The estimated fair values of these indefinite-lived intangible assets are based on management’s projection of revenue, gross margin, operating costs and cash flows considering planned business and operational strategies over a long-term planning horizon of five years. The assumed royalty rates and the growth rates used to project cash flows and operating results are based upon historical results and analysis of the economic environment in which the reporting units that record indefinite-lived intangible assets operate. The valuations employ present value techniques to measure fair value and consider market factors. Management believes the assumptions used for the impairment testing are consistent with those that would be utilized by a market participant in performing similar valuations of its indefinite-lived intangible assets. The discount rates of 13 15 Management considers certain triggering events when evaluating whether an interim impairment analysis is warranted. Among these would be a significant long-term decrease in the market capitalization of DeVry Group based on events specific to DeVry Group’s operations. Management believes the decline in the market capitalization of DeVry Group is indicative of the reaction to the news of regulatory inquires, in particular a reaction to the Federal Trade Commission civil complaint filed against DeVry University in January 2016 (see “Note 12: Commitments and Contingencies”), as well as continuing declining enrollment and financial results of DeVry University. DeVry University’s contributions to the operating results of DeVry Group have been diminishing for several years as this institution shrinks and the other institutions continue to grow; however, the market continues to react unfavorably as if DeVry University was a much larger contributor to DeVry Group. Management concluded that the decline in market capitalization during fiscal year 2016 was not indicative that the fair values of the DeVry Group reporting units had more likely than not declined below their carrying values. DeVry Group will perform its annual impairment test during the fourth quarter of fiscal year 2016. Other triggering events that could be cause for an interim impairment review would be changes in the accreditation, regulatory or legal environment, increased competition, innovation changes and changes in the market acceptance of our educational programs and the graduates of those programs, among others. During the second quarter of fiscal year 2016, revenue and operating income for the Carrington reporting unit were significantly below management’s operating plan. Carrington had invested in faculty and program costs based on planned growth in enrollment; however, new student enrollment did not meet plan and costs could not be reduced commensurate with these enrollment shortfalls. This plan was utilized in the impairment review completed as of May 31, 2015. In this review, the Carrington fair value exceeded its carrying value by 8 12 Based upon these facts and circumstances, management performed an interim impairment review as of November 30, 2015 for the Carrington indefinite-lived intangible asset and the Carrington reporting unit. As a result of the revenue shortfall experienced in the second quarter of fiscal year 2016, management revised its fiscal 2016 forecast and future cash flow projections for Carrington. To determine the fair value of the Carrington indefinite-lived intangible asset and Carrington reporting unit in our interim step one impairment analysis, a discounted cash flow valuation method was utilized incorporating assumptions that a reasonable market participant would use regarding the impact of the current operating losses and the increased uncertainty impacting future operations. Management used significant unobservable inputs (Level 3) in our discounted cash flow valuation including future cash flow projections and discount rate assumptions. For indefinite-lived intangible assets, DeVry Group determines fair value based on the nature of the asset using various valuation techniques including a discounted cash flow model for the Carrington accreditation and Title IV eligibility. The estimated fair values of indefinite-lived intangible assets are based on management’s projection of revenue, gross margin, operating costs and cash flows considering planned business and operational strategies over a long-term planning horizon of five years. The assumed growth rates used to project cash flows and operating results are commensurate with historical results and analysis of the economic environment in which the reporting unit that records indefinite-lived intangible assets operates. The valuations employ present value techniques to measure fair value and consider market factors. Management believes the assumptions used for the impairment testing are consistent with those that would be utilized by a market participant in performing similar valuations of its indefinite-lived intangible assets. The discount rate of 14 13 Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. The estimate of fair value of each reporting unit is based on management’s projection of revenue, gross margin, operating costs and cash flows considering planned business and operational strategies over a long-term planning horizon of five years along with a terminal value calculated based on discounted cash flows. These measures of business performance are similar to those management uses to evaluate the results of operations on a regular basis. The growth rates used to project cash flows, operating results and terminal values of reporting units are commensurate with historical results and future plans and analysis of the economic environment in which the reporting units operate. The valuations employ present value techniques to estimate fair value and consider market factors. Management’s interim step one impairment analysis in the second quarter of fiscal year 2016 resulted in an estimated fair value for the Carrington accreditation and Title IV eligibility intangible asset of $ 60.7 6.5 5.8 93.0 6.5 93.0 66.5 Management also evaluated Carrington’s remaining long-lived assets, including leasehold improvements and equipment and finite-lived intangible assets, for recoverability and determined there was no impairment. Therefore, in the second quarter of fiscal year 2016, Carrington’s goodwill and other intangibles impairment charges in the aggregate were $ 99.5 13.5 86.0 This interim triggering event analysis was limited to Carrington because only Carrington had a small enough margin between estimated fair value and carrying value as of May 31, 2015 where the actual results in the second quarter deviated from plan by an amount sufficient to result in a possible impairment. The estimated fair values of DeVry Group’s indefinite-lived intangible assets exceeded their carrying values by no less than 56 7 For the first nine months of fiscal year 2016 the DeVry University reporting unit experienced a 22.9 18.4 3.0 114 90 23.8 Determining the fair value of a reporting unit or an intangible asset involves the use of significant estimates and assumptions. Management bases its fair value estimates on assumptions it believes to be reasonable at the time, but such assumptions are subject to inherent uncertainty. Actual results may differ from those estimates which could lead to additional impairments of intangible assets. At March 31, 2016, intangible assets from business combinations totaled $ 371.0 565.0 44 As of March 31, Reporting Unit 2016 American University of the Caribbean School of Medicine $ 68,321 Ross University School of Medicine and Ross University School of Veterinary Medicine 237,173 Chamberlain College of Nursing 4,716 Carrington College 5,811 DeVry Brasil 194,409 Becker Professional Education 32,386 DeVry University 22,196 Total $ 565,012 As of March 31, Reporting Segment 2016 Medical and Healthcare $ 316,021 International and Professional Education 226,795 Business, Technology and Management 22,196 Total $ 565,012 Medical and Healthcare International Business, Accumulated and Technology Impairment Professional and Gross Losses Education Management Total Balance at June 30, 2013 $ 495,927 $ (86,933) $ 77,747 $ 22,196 $ 508,937 Acquisitions - - 9,675 - 9,675 Foreign currency exchange rate changes - - 1,267 - 1,267 Balance at June 30, 2014 495,927 (86,933) 88,689 22,196 519,879 Acquisitions - - 55,915 - 55,915 Foreign currency exchange rate changes - - (23,465) - (23,465) Balance at June 30, 2015 495,927 (86,933) 121,139 22,196 552,329 Acquisitions - - 108,246 - 108,246 Impairments - (92,973) - - (92,973) Foreign currency exchange rate changes - - (2,590) - (2,590) Balance at March 31, 2016 $ 495,927 $ (179,906) $ 226,795 $ 22,196 $ 565,012 The increase in the goodwill balance from June 30, 2015 in the International and Professional Education segment is the result of the addition of $ 108.2 As of March 31, Reporting Segment 2016 Medical and Healthcare $ 198,200 International and Professional Educational 149,233 Business, Technology and Management 1,645 Total $ 349,078 Total indefinite-lived intangible assets increased by $ 45.2 55.1 6.5 |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 9 Months Ended |
Mar. 31, 2016 | |
Restructuring Activities And Related Charges Disclosure [Abstract] | |
RESTRUCTURING CHARGES | NOTE 9: RESTRUCTURING CHARGES During the third quarter and first nine months of fiscal year 2016, DeVry Group recorded pre-tax charges related to real estate consolidations of $ 1.0 32.2 303 1.9 7.7 0.4 0.3 39.2 During the third quarter and first nine months of fiscal year 2015, DeVry Group recorded pre-tax charges related to real estate consolidations of $ 5.9 16.9 298 1.1 13.6 4.5 26.0 Liability balance at June 30, 2014 $ 15.4 Increase in liability (separation and other charges) 42.0 Reduction in liability (payments and adjustments) (30.4) Liability balance at June 30, 2015 27.0 Increase in liability (separation and other charges) 35.3 Reduction in liability (payments and adjustments) (33.1) Liability balance at March 31, 2016 $ 29.2 Of this liability balance, $ 14.4 14.8 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10: INCOME TAXES The effective income tax rates on income from continuing operations were 12.7 9.1 13.2 13.7 DeVry Group has not recorded a U.S. federal or state tax provision for the undistributed earnings of its international subsidiaries. It is DeVry Group’s intention to indefinitely reinvest accumulated cash balances, future cash flows and post-acquisition undistributed earnings and profits to improve the facilities and operations of its international schools and pursue future opportunities outside the U.S. In accordance with this plan, cash held by the international subsidiaries will not be available for general company purposes and under current laws will not be subject to U.S. taxation. As of March 31, 2016 and 2015, cumulative undistributed earnings attributable to international operations were approximately $ 861 748 |
DEBT
DEBT | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 11: DEBT DeVry Group had no outstanding borrowings under its credit facility at each of March 31, 2016 and 2015. DeVry Group does have liabilities recorded for deferred purchase price agreements with sellers related to the purchases of FBV, Facid, FMF, Damasio and Grupo Ibmec (see “Note 7: Business Combinations” for discussion of the FMF, Damasio and Grupo Ibmec acquisitions). This financing is in the form of holdbacks of a portion of the purchase price of these acquisitions or installment payments. Payments are made under these agreements based on payment schedules or as certain conditions of the purchases are met. Revolving Credit Facility DeVry Group entered into a revolving credit facility on March 31, 2015 March 31, 2020 400 200 50 550 2 3 1 2 0.1 2.0 0.35 The revolving credit agreement contains covenants that, among other things, require maintenance of certain financial ratios, as defined in the agreement. Maintenance of these financial ratios could place restrictions on DeVry Group’s ability to pay dividends. These financial ratios include a consolidated fixed charge coverage ratio, a consolidated leverage ratio and a U.S. Department of Education composite Equity, Primary Reserve and Net Income financial responsibility ratio. Failure to maintain any of these ratios or to comply with other covenants contained in the agreement will constitute an event of default and could result in termination of the agreement and require payment of all outstanding borrowings and replacement of outstanding letters of credit. DeVry Group was in compliance with the debt covenants as of March 31, 2016. The stock of all U.S. and certain foreign subsidiaries of DeVry Group is pledged as collateral for the borrowings under the revolving credit facility. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 12: COMMITMENTS AND CONTINGENCIES DeVry Group is subject to lawsuits, administrative proceedings, regulatory reviews and investigations associated with financial assistance programs and other matters arising in the normal conduct of its business. The following is a description of pending legal and regulatory matters that may be considered other than ordinary, routine and incidental to the business. The timing or outcome of the following matters, or their possible impact on DeVry Group’s business, financial condition or results of operations, cannot be predicted at this time. The continued defense, resolution or settlement of any of the following matters could require us to expend significant resources and could have a material adverse effect on our business, financial condition, results of operations and cash flows and result in the imposition of significant restrictions on us and our ability to operate. In April 2013, DeVry Group received a subpoena from the Office of the Attorney General of the State of Illinois and a Civil Investigative Demand (a “CID”) issued by the Office of the Attorney General of the Commonwealth of Massachusetts. The Illinois subpoena concerns potential state law implications in the event violations of federal law took place. It was issued pursuant to the Illinois False Claims Act in connection with an investigation concerning whether the compensation practices of DeVry Group and certain of its affiliates are in compliance with the Incentive Compensation Ban of the Higher Education Act and required DeVry Group to provide documents relating to these matters for periods on or after January 1, 2002. DeVry Group responded to the subpoena in May 2013. The Massachusetts CID was issued in connection with an investigation into whether DeVry Group caused false claims and/or false statements to be submitted to the Commonwealth of Massachusetts relating to student loans, guarantees, and grants provided to DeVry Group’s Massachusetts students and required DeVry Group to answer interrogatories and to provide documents relating to periods on or after January 1, 2007. DeVry Group responded to the CID in May 2013. On July 15, 2014, DeVry Group received a letter dated July 9, 2014 from the New York Office of the Attorney General (“NYOAG”). The letter requested cooperation with the NYOAG’s inquiry into whether recent television advertisements and website marketing regarding DeVry University may have violated federal and state laws prohibiting false advertising and deceptive practices. The letter requested relevant information from January 1, 2011, to the date of the aforementioned letter request to enable NYOAG to make a determination of what action, if any, is warranted. DeVry Group has produced, and continues to produce, responsive information in cooperation with the NYOAG’s inquiry. On August 28, 2015, DeVry University received a request for documents and information regarding published employment outcomes and relative earnings information of DeVry University graduates from the Multi-Regional and Foreign School Participation Division of the Federal Student Aid office of the Department of Education (“ED FSA”). The stated purpose of the request was to permit ED FSA to assess DeVry University's compliance with applicable regulations under Title IV. On January 27, 2016, DeVry University received a Notice of Intent to Limit from ED FSA (the “January 2016 Notice”), based on a portion of its pending August 28, 2015 inquiry, informing DeVry University of ED FSA’s intention to impose certain limitations on the participation of DeVry University in programs authorized pursuant to Title IV. The proposed limitations relate to representations in advertising and marketing, regarding the post-graduation employment outcomes of DeVry University students over a period from 1975 to October 1980 (the “Since 1975 Representation”). DeVry University has requested a hearing on ED’s decision, and will collaborate closely with the ED to demonstrate DeVry University’s compliance and resolve this matter satisfactorily. In the event DeVry University is unable to demonstrate its compliance or otherwise resolve this matter satisfactorily, the January 2016 Notice would become effective, thus requiring, among other things, DeVry University to cease its Since 1975 Representation, notify enrolled and prospective students that such representations were unsubstantiated under ED regulations, and take certain steps to substantiate future representations related to post-graduation employment outcomes. Additionally, DeVry University would be required to post a letter of credit with ED in an amount at least equal to 10% of the Title IV funds disbursed by DeVry University in fiscal year 2015, which would reduce DeVry Group’s available credit under our revolving credit facility and/or cash balances by an amount equal to the letter of credit. In such circumstances, DeVry University would also be required to disburse funds under either ED FSA’s cash monitoring or reimbursement payment method, the latter of which could result in delayed, potentially substantial, disbursements of Title IV funds. DeVry University also would be required to participate in the Title IV programs under provisional certification during which time it would be required obtain prior ED approval to open a new location, add an educational program, or make any other substantive changes. Provisional certification status carries fewer due process protections than full certification. As a result, the ED may withdraw an institution’s provisional certification more easily than if it is fully certified. Provisional certification does not otherwise limit access to Title IV program funds by students attending the institution. On January 27, 2016, the Federal Trade Commission (“FTC”) filed a civil complaint (the “FTC lawsuit”) against DeVry Group, DeVry University, Inc., and DeVry/New York Inc. in the United States District Court for the Central District of California alleging that certain of DeVry University’s advertising claims were false or misleading or unsubstantiated at the time they were made in violation of Section 5(a) of the Federal Trade Commission Act, 15 U.S.C. § 45(a), as amended (the “FTC Act”). The advertising claims at issue relate to DeVry University graduates’ employment rates and earnings relative to graduates of other colleges and universities. The lawsuit seeks permanent injunctive relief against future alleged violations of the FTC Act, reimbursement of FTC costs, and such other relief as the court deems necessary to redress any consumer injury from the alleged violations, including rescission or reformation of contracts, restitution, the refund of monies paid, and the disgorgement of ill-gotten monies. The lawsuit followed the previously reported receipt of a CID from the FTC dated January 28, 2014. DeVry Group strongly believes DeVry University advertising complied with the FTC Act and each defendant in this action intends to vigorously defend itself. DeVry Group, DeVry University, Inc., and DeVry/New York Inc. filed a motion to dismiss the lawsuit on March 10, 2016. A hearing on this motion to dismiss was held on May 2, 2016 and a decision is pending. On January 29, 2016, a putative class action lawsuit was filed by Alex Rayter and Ryan Herendeen, individually and on behalf of others similarly situated, against DeVry Group and DeVry University, Inc. in the United States District Court for the Northern District of California claiming breaches of implied contract and the implied covenant of good faith and fair dealing, violations of the California Unfair Trade Practices Act, the California False Advertising Act and the California Consumer Legal Remedies Act, and negligent misrepresentations. The claims are based on allegations substantially similar to the allegations in the FTC lawsuit. The lawsuit seeks preliminary and permanent injunctive relief against future violations of law, restitution, disgorgement of profits, punitive damages, reimbursement of costs and reasonable attorneys’ fees, and such other relief as the court deems proper. DeVry Group strongly believes DeVry University’s advertising complied with each of the various laws implicated in this action and both DeVry Group and DeVry University intend to vigorously defend themselves. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 13: SEGMENT INFORMATION DeVry Group’s principal business is providing postsecondary education. DeVry Group presents three reportable segments: “Medical and Healthcare”, which includes the operations of AUC, RUSM, RUSVM, Chamberlain and Carrington; “International and Professional Education”, which includes the operations of DeVry Brasil and Becker; and “Business, Technology and Management”, which is comprised solely of DeVry University. These segments are consistent with the method by which the Chief Operating Decision Maker (DeVry Group’s President and CEO) evaluates performance and allocates resources. Performance evaluations are based, in part, on each segment’s operating income, which is defined as income before special charges, noncontrolling interest, income taxes and interest. Interest and certain home office related expenses are reconciling items in arriving at consolidated income before income taxes. Intersegment sales are accounted for at amounts comparable to sales to nonaffiliated customers and are eliminated in consolidation. The consistent measure of segment assets excludes deferred income tax assets and certain depreciable Home Office and Other assets. Additions to long-lived assets have been measured in this same manner. Reconciling items are included as Home Office and Other assets. The accounting policies of the segments are the same as those described in “Note 2: Summary of Significant Accounting Policies”. For the Three Months For the Nine Months Ended March 31, Ended March 31, 2016 2015 2016 2015 Revenue: Medical and Healthcare $ 246,806 $ 225,427 $ 705,164 $ 645,424 International and Professional Education 71,745 61,112 192,821 175,539 Business, Technology and Management 156,417 203,832 476,095 617,810 Intersegment Revenue and Other (747) (541) (2,244) (2,019) Total Consolidated Revenue $ 474,221 $ 489,830 $ 1,371,836 $ 1,436,754 Operating Income: Medical and Healthcare $ 52,454 $ 43,302 $ 29,766 $ 117,807 International and Professional Education 4,348 4,629 14,232 19,859 Business, Technology and Management 8,037 1,146 (21,574) (9,155) Home Office and Other (3,992) 373 (9,709) (5,448) Total Consolidated Operating Income $ 60,847 $ 49,450 $ 12,715 $ 123,063 Interest: Interest Income $ 27 $ 1,318 $ 394 $ 2,015 Interest Expense (1,408) (2,813) (5,581) (3,558) Net Interest Expense (1,381) (1,495) (5,187) (1,543) Total Consolidated Income Before Income Taxes $ 59,466 $ 47,955 $ 7,528 $ 121,520 Segment Assets: Medical and Healthcare $ 959,400 $ 1,130,359 $ 959,400 $ 1,130,359 International and Professional Education 614,165 398,399 614,165 398,399 Business, Technology and Management 442,069 467,075 442,069 467,075 Home Office and Other 100,263 152,844 100,263 152,844 Total Consolidated Assets $ 2,115,897 $ 2,148,677 $ 2,115,897 $ 2,148,677 Additions to Long-lived Assets: Medical and Healthcare $ 3,484 $ 14,366 $ 21,965 $ 44,642 International and Professional Education 5,777 122,926 194,926 145,137 Business, Technology and Management 2,259 965 8,788 4,154 Home Office and Other 2,080 4,196 9,667 7,419 Total Consolidated Additions to Long-lived Assets $ 13,600 $ 142,453 $ 235,346 $ 201,352 Reconciliation to Consolidated Financial Statements: Capital Expenditures $ 9,956 $ 21,240 $ 51,004 $ 64,301 Increase in Capital Assets from Acquisitions - 9,416 13,487 10,921 Increase in Intangible Assets and Goodwill 3,644 111,797 170,855 126,130 Total Increase in Consolidated Long-lived Assets $ 13,600 $ 142,453 $ 235,346 $ 201,352 Depreciation Expense: Medical and Healthcare $ 8,862 $ 6,437 $ 24,842 $ 19,468 International and Professional Education 1,338 1,579 4,084 4,532 Business, Technology and Management 6,469 9,290 20,934 28,171 Home Office and Other 3,310 3,459 9,489 9,955 Total Consolidated Depreciation $ 19,979 $ 20,765 $ 59,349 $ 62,126 Intangible Asset Amortization Expense: Medical and Healthcare $ 65 $ 162 $ 190 $ 485 International and Professional Education 1,347 1,080 3,772 2,050 Total Consolidated Amortization $ 1,412 $ 1,242 $ 3,962 $ 2,535 Certain amounts reported for Segment Assets in fiscal year 2015 have been reclassified to conform to current year segment classification. DeVry Group conducts its educational operations in the U.S., Dominica, St. Kitts, St. Maarten, Brazil, Canada, Europe, the Middle East and the Pacific Rim. Other international revenue, which is derived principally from Canada, Europe and the Pacific Rim, was less than 5% of total revenue for each of the three and nine month periods ended March 31, 2016 and 2015. For the Three Months For the Nine Months Ended March 31, Ended March 31, 2016 2015 2016 2015 Revenue from Unaffiliated Customers: Domestic Operations $ 336,927 $ 365,677 $ 982,656 $ 1,067,034 International Operations: Dominica, St. Kitts and St. Maarten 88,263 85,144 262,963 257,590 Brazil 48,063 37,503 121,405 106,930 Other 968 1,506 4,812 5,200 Total International 137,294 124,153 389,180 369,720 Total Consolidated Revenue $ 474,221 $ 489,830 $ 1,371,836 $ 1,436,754 Long-lived Assets: Domestic Operations $ 309,281 $ 360,253 $ 309,281 $ 360,253 International Operations: Dominica, St. Kitts and St. Maarten 183,146 182,975 183,146 182,975 Brazil 92,779 48,973 92,779 48,973 Other 27 2,148 27 2,148 Total International 275,952 234,096 275,952 234,096 Total Consolidated Long-lived Assets $ 585,233 $ 594,349 $ 585,233 $ 594,349 No one customer accounted for more than 10 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of DeVry Group and its wholly-owned and majority-owned domestic and foreign subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Where our ownership interest is less than 100 percent, the noncontrolling ownership interests are reported on our Consolidated Balance Sheets. The noncontrolling ownership interest in our earnings is classified as “Net Income Attributable to Noncontrolling Interest” in our Consolidated Statements of Income. Unless indicated, or the context requires otherwise, references to years refer to DeVry Group’s fiscal years. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents can include time deposits, high-grade commercial paper, money market funds and bankers acceptances with original maturities of three months or less. Short-term investment objectives are to minimize risk and maintain liquidity. These investments are stated at cost (which approximates fair value) because of their short duration or liquid nature. DeVry Group places its cash and temporary cash investments with high credit quality institutions. Cash and cash equivalent balances in U.S. bank accounts are generally in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. Cash and cash equivalent balances in Brazilian bank accounts are generally in excess of the deposit insurance limits for Brazilian banks. DeVry Group has not experienced any losses on its cash and cash equivalents. Management periodically evaluates the creditworthiness of the security issuers and financial institutions with which it invests and maintains deposit accounts. |
Financial Aid and Restricted Cash | Financial Aid and Restricted Cash A significant portion of revenue is received from students who participate in government financial aid and assistance programs which are subject to political and governmental budgetary considerations. There is no assurance that such funding will be maintained at current levels. Extensive and complex regulations in the U.S., Canada and Brazil govern all of the government financial assistance programs in which students participate. Administration of these programs is periodically reviewed by various regulatory agencies. Any regulatory violation could be the basis for disciplinary action, which could include the suspension, limitation or termination from such financial aid programs. Restricted cash represents amounts received from the federal and state governments under various student aid grant and loan programs and such restricted funds are held in separate bank accounts. Once the financial aid authorization and disbursement process for the student has been completed, the funds are transferred to unrestricted accounts, and these funds then become available for use in DeVry Group’s operations. This authorization and disbursement process that precedes the transfer of funds generally occurs within the period of the academic term for which such funds were authorized. As a requirement of continuing operations in Pennsylvania, DeVry Group is required to maintain a “minimum protective endowment” of at least $ 500,000 |
Revenue Recognition | Revenue Recognition Chamberlain College of Nursing (“Chamberlain”), Carrington College (“Carrington”), DeVry Brasil higher education and DeVry University tuition revenue is recognized on a straight-line basis over their respective applicable academic terms. In addition, American University of the Caribbean School of Medicine (“AUC”), Ross University School of Medicine (“RUSM”) and Ross University School of Veterinary Medicine (“RUSVM”) basic science curriculum revenue is recognized on a straight-line basis over the academic term. The clinical portion of the AUC, RUSM and RUSVM education programs are conducted under the supervision of primarily U.S. teaching hospitals and veterinary schools. AUC, RUSM and RUSVM are responsible for the billing and collection of tuition from their students during the period of clinical education. Revenue is recognized on a weekly basis based on actual program attendance during the period of the clinical program. Fees paid to the hospitals and veterinary schools for supervision of AUC, RUSM and RUSVM students are charged to expense on the same basis. Becker Professional Education (“Becker”) and DeVry Brasil’s test preparation live classroom and online tuition revenue is recognized on a straight-line basis over the applicable delivery period. Sales of textbooks, electronic course materials and other educational products, including training services and the Becker self-study products, are included in Other Educational Revenue in the Consolidated Statements of Income. Textbook, electronic course materials and other educational product revenue is recognized when the sale occurs. Revenue from training services, which are generally short-term in duration, is recognized when the training service is provided. In addition, fees from international licensees of the Becker programs are included in Other Educational Revenue and recognized when confirmation of course delivery is received. Estimates of DeVry Group’s expected refunds are determined at the outset of each academic term, based upon actual experience in previous terms. Inputs to this analysis include refunds issued, withdrawal rates and historical amounts owed by students for that portion of a term that was completed. Management reassesses collectability throughout the period revenue is recognized by the DeVry Group institutions, on a student-by-student basis. This reassessment is based upon new information and changes in facts and circumstances relevant to a student's ability to pay. Management reassesses collectability when a student withdraws from the institution and has unpaid tuition charges. Such unpaid charges do not meet the threshold of reasonably collectible and are recognized as revenue on a cash basis. This cash basis accounting which was adopted beginning in the third quarter of fiscal year 2015 did not have a material effect on the Consolidated Financial Statements. The provision for refunds, which is reported as a reduction to Tuition Revenue in the Consolidated Statements of Income, is recognized in the same ratable fashion as revenue to most appropriately match these costs with the tuition revenue in that academic term. Provisions for refunds were $ 11.5 34.7 10.4 28.5 Provisions for refunds are monitored and adjusted as necessary within the academic term and adjusted for actual refunds issued and withdrawn student accounts receivable balances at the completion of an academic term. If a student leaves school prior to completing an academic term, federal, state and/or Canadian provincial regulations and accreditation criteria permit DeVry Group to retain only a set percentage of the total tuition received from such student, which varies with, but generally equals or exceeds, the percentage of the academic term completed by such student. Payment amounts received by DeVry Group in excess of such set percentages of tuition are refunded to the student or the appropriate funding source. All refunds are netted against revenue during the applicable academic term. Reserves related to refunds and uncollectible accounts totaled $ 65.9 62.9 The allowance for uncollectible accounts is determined by analyzing the current aging of accounts receivable and historical loss rates on collections of accounts receivable. In addition, management considers projections of future receivable levels and collection loss rates. We monitor the inputs to this analysis periodically throughout the year. Provisions required to maintain the allowance at appropriate levels are charged to expense in each period as required. Provisions for uncollectible accounts, which are included in the Cost of Educational Services in the Consolidated Statements of Income, were $ 9.6 27.0 12.5 40.0 |
Internal-Use Software Development Costs | Internal-Use Software Development Costs DeVry Group capitalizes certain internal-use software development costs that are amortized using the straight-line method over the estimated lives of the software, not to exceed seven years. Capitalized costs include external direct costs of equipment, materials and services consumed in developing or obtaining internal-use software and payroll-related costs for employees directly associated with the internal-use software development project. Capitalization of such costs ceases at the point at which the project is substantially complete and ready for its intended purpose. Capitalized internal-use software development costs for projects not yet complete are included as Construction in Progress in the Land, Building and Equipment section of the Consolidated Balance Sheets. As of March 31, 2016 and 2015, the net balance of capitalized in-service software development costs was $ 21.7 32.7 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets DeVry Group evaluates the carrying amount of its significant long-lived assets whenever changes in circumstances or events indicate that the value of such assets may not be fully recoverable. Events that may trigger an impairment analysis could include a decision by management to exit a market or a line of business or to consolidate operating locations. In the first nine months of fiscal year 2016 and in fiscal year 2015, management consolidated operations at several DeVry University, Carrington and Chamberlain locations. These decisions resulted in pre-tax accelerated depreciation and write-offs on leasehold improvements and equipment of $ 12.2 1.1 4.2 |
Perkins Program Fund | Perkins Program Fund Carrington and DeVry University are required under U.S. federal aid program regulations to make contributions to the Federal Perkins Student Loan Fund, most recently at a rate equal to 33 2.6 |
Foreign Currency Translation | Foreign Currency Translation The financial position and results of operations of the AUC, RUSM and RUSVM Caribbean operations are measured using the U.S. dollar as the functional currency. As such, there is no translation gain or loss associated with these operations. DeVry Brasil’s operations, DeVry University’s Canadian operations and Becker’s international operations are measured using the local currency as the functional currency. Assets and liabilities of these entities are translated to U.S. dollars using exchange rates in effect at the balance sheet dates. Income and expense items are translated at monthly average rates of exchange. The resultant translation adjustments are included in the component of Shareholders’ Equity designated as Accumulated Other Comprehensive Loss. Transaction gains or losses during each of the three and nine month periods ended March 31, 2016 and 2015 were not material. |
Noncontrolling Interest | Noncontrolling Interest DeVry Group currently maintains a 97.9 2.1 96.3 The DeVry Brasil management put option is being accreted to its redemption value in accordance with the stock purchase agreement. The adjustment to increase or decrease the put option to its expected redemption value each reporting period is recorded in retained earnings in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). The adjustment to increase or decrease the DeVry Brasil noncontrolling interest each reporting period for its proportionate share of DeVry Brasil’s profit/loss will continue to flow through the Consolidated Statements of Income based on DeVry Group's noncontrolling interest accounting policy. Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Balance at Beginning of Period $ 2,813 $ 8,139 $ 9,620 $ 6,393 Net Income Attributable to Noncontrolling Interest 5 84 42 470 Payment for Purchase of Noncontrolling Interest of Subsidiary - - (3,114) - Increase (Decrease) in Redemption Value of Noncontrolling Interest Put Option 711 877 (3,019) 2,237 Balance at End of Period $ 3,529 $ 9,100 $ 3,529 $ 9,100 |
Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to DeVry Group by the weighted average number of common shares outstanding during the period plus unvested participating restricted stock units (“RSUs”). Diluted earnings per share is computed by dividing net income attributable to DeVry Group by the weighted average number of shares assuming dilution. Diluted shares are computed using the Treasury Stock Method and reflect the additional shares that would be outstanding if dilutive stock-based grants were exercised during the period. Excluded from the computations of diluted shares were stock-based grants to purchase 2,828,000 2,765,000 617,000 825,000 Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Weighted Average Shares Outstanding 63,107 63,773 63,378 63,801 Unvested Participating RSUs 815 738 781 791 Basic Shares 63,922 64,511 64,159 64,592 Effect of Dilutive Stock Options 431 754 318 810 Diluted Shares 64,353 65,265 64,477 65,402 |
Treasury Stock | Treasury Stock DeVry Group’s Board of Directors (the “Board”) has authorized stock repurchase programs on nine occasions (see “Note 6: Dividends and Share Repurchase Programs”). The ninth repurchase program was approved on December 15, 2015 and commenced in January 2016. Shares that are repurchased by DeVry Group are recorded as Treasury Stock at cost and result in a reduction of Shareholders’ Equity. From time to time, shares of its common stock are delivered back to DeVry Group under a swap arrangement resulting from employees’ exercise of incentive stock options pursuant to the terms of the DeVry Group Stock Incentive Plans (see “Note 3: Stock-Based Compensation”). These shares are recorded as Treasury Stock at cost and result in a reduction of Shareholders’ Equity. Treasury shares are reissued on a monthly basis, at market value, to the DeVry Group Colleague Stock Purchase Plan in exchange for employee payroll deductions. When treasury shares are reissued, DeVry Group uses an average cost method to reduce the Treasury Stock balance. Gains on the difference between the average cost and the reissuance price are credited to Additional Paid-in Capital. Losses on the difference are charged to Additional Paid-in Capital to the extent that previous net gains from reissuance are included therein, otherwise such losses are charged to Retained Earnings. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenue and expense reported during the period. Actual results could differ from those estimates. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss is composed of the change in cumulative translation adjustment, primarily at DeVry Brasil, and unrealized gains on available-for-sale marketable securities, net of the effects of income taxes. The Accumulated Other Comprehensive Loss balance at March 31, 2016, consists of $ 91.5 89.6 1.9 0.2 0.2 79.1 76.1 3.0 0.3 0.1 |
Advertising Expense | Advertising Expense Advertising costs are recognized as expense in the period in which materials are purchased or services are performed. Advertising expense, which is included in Student Services and Administrative Expense in the Consolidated Statements of Income, was $ 57.3 173.0 67.9 199.7 |
Restructuring Charges | Restructuring Charges DeVry Group’s financial statements include charges related to severance and related benefits for reductions in staff and voluntary separation plans. These charges also include early lease termination or cease-of-use costs and gains and losses on disposals of property and equipment related to campus consolidations (see “Note 9: Restructuring Charges”). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-09: “Compensation Stock Compensation (Topic 718)”. This guidance was issued to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Management is evaluating the impact the guidance will have on DeVry Group’s Consolidated Financial Statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02: “Leases (Topic 842)”. This guidance was issued to increase transparency and comparability among organizations by recognizing right-to-use assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Management is evaluating the impact the guidance will have on DeVry Group’s Consolidated Financial Statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17: “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. This guidance was issued to simplify the accounting for classification of deferred taxes on the balance sheet. The guidance eliminates the current requirement for organizations to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Management anticipates early adoption of this standard in the fourth quarter of fiscal year 2016. In September 2015, the FASB issued Accounting Standards Update No. 2015-16: “Business Combinations (Topic 805): Simplifying Accounting for Measurement-Period Adjustments”. This guidance was issued to simplify the accounting for provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and where the provisional amounts have been adjusted during the measurement period. The amendments in this guidance require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for the fiscal years and interim periods within those years beginning after December 15, 2015. This guidance will require DeVry Group to record and disclose measurement-period adjustments for future business combinations as a period adjustment as opposed to a retroactive adjustment to the opening balance sheet of the acquired entity. In April 2015, the FASB issued Accounting Standards Update No. 2015-03: “InterestImputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This guidance was issued to simplify the presentation of debt issuance costs. The amendments in this guidance require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments. The guidance is effective for the fiscal years and interim periods within those years beginning after December 15, 2015. DeVry Group’s debt includes a revolving credit facility (see “Note 11: Debt”). This update did not provide guidance specifically addressing debt issuance costs involving revolving credit facilities. As a result, it was announced that the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing them ratably over the term of the revolving debt arrangement. This is DeVry Group’s current accounting policy for debt issuance costs. As a result, this update will have no effect on DeVry Group’s Consolidated Financial Statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09: “Revenue from Contracts with Customers (Topic 606)”. This guidance was issued to clarify the principles for recognizing revenue and develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”). The guidance is effective for the fiscal years and interim periods within those years beginning after December 15, 2017. Management is evaluating the impact the guidance will have on DeVry Group’s Consolidated Financial Statements as well as the transition methodology. In April 2014, the FASB issued Accounting Standards Update No. 2014-08: “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. This guidance requires that only disposals representing a strategic shift in operations be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. The guidance was effective as of July 1, 2015, and had no effect on DeVry Group’s Consolidated Financial Statements as no discontinued operations are presented in the current period. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Reconciliation of Non-Controlling Interest Balance | The following is a reconciliation of the noncontrolling interest balance (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Balance at Beginning of Period $ 2,813 $ 8,139 $ 9,620 $ 6,393 Net Income Attributable to Noncontrolling Interest 5 84 42 470 Payment for Purchase of Noncontrolling Interest of Subsidiary - - (3,114) - Increase (Decrease) in Redemption Value of Noncontrolling Interest Put Option 711 877 (3,019) 2,237 Balance at End of Period $ 3,529 $ 9,100 $ 3,529 $ 9,100 |
Reconciliation of Basic Shares to Diluted Shares | The following is a reconciliation of basic shares to diluted shares (in thousands): Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Weighted Average Shares Outstanding 63,107 63,773 63,378 63,801 Unvested Participating RSUs 815 738 781 791 Basic Shares 63,922 64,511 64,159 64,592 Effect of Dilutive Stock Options 431 754 318 810 Diluted Shares 64,353 65,265 64,477 65,402 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of options Activity | The following is a summary of options activity for the nine months ended March 31, 2016: Weighted Weighted Average Aggregate Average Remaining Intrinsic Options Exercise Contractual Value Outstanding Price Life (in Years) (in thousands) Outstanding at July 1, 2015 3,148,087 $ 34.86 Options Granted 416,000 26.23 Options Exercised (19,761) 20.29 Options Forfeited (16,185) 24.46 Options Expired (50,369) 35.91 Outstanding at March 31, 2016 3,477,772 33.91 5.41 $ - Exercisable at March 31, 2016 2,461,089 $ 36.15 4.25 $ - |
Summary of stock appreciation rights activity | The following is a summary of stock appreciation rights activity for the nine months ended March 31, 2016: Weighted Stock Weighted Average Aggregate Appreciation Average Remaining Intrinsic Rights Exercise Contractual Value Outstanding Price Life (in Years) (in thousands) Outstanding at July 1, 2015 118,065 $ 42.74 Rights Granted - - Rights Exercised - - Rights Canceled - - Outstanding at March 31, 2016 118,065 42.74 3.95 $ - Exercisable at March 31, 2016 113,444 $ 43.25 3.69 $ - |
Fair Values of Stock Option Awards Estimated Weighted Average Assumptions | The fair value of DeVry Group’s stock option grants were estimated assuming the following weighted average assumptions: Fiscal Year 2016 2015 Expected Life (in Years) 6.78 6.73 Expected Volatility 41.35 % 42.04 % Risk-free Interest Rate 1.85 % 2.03 % Dividend Yield 1.01 % 1.03 % Pre-vesting Forfeiture Rate 3.00 % 3.00 % |
Summary of Restricted Stock Units Activity | The following is a summary of RSUs activity for the nine months ended March 31, 2016: Weighted Restricted Average Stock Units Grant Date Outstanding Fair Value Nonvested at July 1, 2015 1,013,140 $ 30.42 RSUs Granted 603,410 25.84 RSUs Vested (373,925) 28.01 RSUs Forfeited (75,559) 25.52 Nonvested at March 31, 2016 1,167,066 $ 29.14 |
Total Stock-Based Compensation Expense Included in Consolidated Statement of Earnings | The following table shows total stock-based compensation expense included in the Consolidated Statements of Income (in thousands): For the Three Months Ended For the Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Cost of Educational Services $ 1,209 $ 1,249 $ 4,477 $ 4,299 Student Services and Administrative Expense 2,568 2,655 9,512 9,136 3,777 3,904 13,989 13,435 Income Tax Benefit (1,439) (1,403) (5,157) (4,862) Net Stock-Based Compensation Expense $ 2,338 $ 2,501 $ 8,832 $ 8,573 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents DeVry Group's assets and liabilities at March 31, 2016, that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands). Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 330,214 $ - $ - Available-for-Sale Investments: Marketable Securities, short-term 3,528 - - Institutional Loans Receivable - 51,743 - Deferred Acquisition Obligations - 32,860 - FIES Long-Term Receivable - 17,593 - Total Financial Assets at Fair Value $ 333,742 $ 102,196 $ - The following table presents DeVry Group's assets and liabilities at June 30, 2015, that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands). Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 353,022 $ - $ - Available-for-Sale Investments: Marketable Securities, short-term 3,579 - - Institutional Loans Receivable - 49,715 - Deferred Acquisition Obligations - 26,827 - Total Financial Assets at Fair Value $ 356,601 $ 76,542 $ - |
FINANCING RECEIVABLES (Tables)
FINANCING RECEIVABLES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Institutional Loan Balances and Related Allowances for Credit Losses | The following table details the institutional loan balances along with the related allowances for credit losses as of March 31, 2016 and 2015 (in thousands). As of March 31, 2016 2015 Gross Institutional Student Loans $ 71,915 $ 67,199 Allowance for Credit Losses Balance at Beginning of Period $ (20,630) $ (19,868) Charge-offs and Adjustments 6,290 7,798 Recoveries (141) (618) Additional Provision (5,691) (7,193) Balance at End of Period (20,172) (19,881) Net Institutional Student Loans $ 51,743 $ 47,318 |
Credit Risk Profiles of Institutional Student Loan Balances | The following tables detail the credit risk profiles of the institutional student loan balances based on payment activity and provide an aging analysis of past due institutional student loans as of March 31, 2016 and 2015 (in thousands). As of March 31, 2016 2015 Institutional Student Loans: Performing $ 52,775 $ 49,573 Nonperforming 19,140 17,626 Total Institutional Student Loans $ 71,915 $ 67,199 |
Institutional Student Loans Past Due | Greater Total 30-59 60-89 90-119 Than 120 Institutional Days Past Days Past Days Past Days Past Total Past Student Due Due Due Due Due Current Loans Institutional Student Loans: March 31, 2016 $ 5,882 $ 2,896 $ 1,130 $ 19,140 $ 29,048 $ 42,867 $ 71,915 March 31, 2015 $ 4,321 $ 1,554 $ 1,217 $ 17,626 $ 24,718 $ 42,481 $ 67,199 |
DIVIDENDS AND SHARE REPURCHAS25
DIVIDENDS AND SHARE REPURCHASE PROGRAMS (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Share Repurchase Program [Abstract] | |
Shares Repurchased Under Programs | DeVry Group has repurchased shares under the following programs as of March 31, 2016: Date Shares Total Cost Authorized Repurchased (in millions) November 15, 2006 908,399 $ 35.0 May 13, 2008 1,027,417 50.0 November 11, 2009 972,205 50.0 August 11, 2010 1,103,628 50.0 November 10, 2010 968,105 50.0 May 20, 2011 2,396,143 100.0 November 2, 2011 3,478,299 100.0 August 29, 2012 2,005,317 62.7 December 15, 2015 400,812 7.9 Totals 13,260,325 $ 505.6 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Damasio Educacional [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands). At February 2, 2015 Current Assets $ 9,747 Property and Equipment 3,367 Other Long-term Assets 136 Intangible Assets 46,862 Goodwill 44,062 Total Assets Acquired 104,174 Liabilities Assumed 22,832 Net Assets Acquired $ 81,342 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The values and estimated useful lives by asset type are as follows (in thousands): At February 2, 2015 Value Assigned Estimated Useful Life Franchise Contracts $ 13,085 18 years Student Relationships 5,294 6 years Test Preparation Relationships 1,193 1 year |
Faculdade Ideal [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands). At January 2, 2015 Current Assets $ 1,052 Property and Equipment 6,049 Intangible Assets 6,754 Goodwill 1,399 Total Assets Acquired 15,254 Liabilities Assumed 15,144 Net Assets Acquired $ 110 |
Faculdade Martha Falcao [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands). At October 1, 2014 Current Assets $ 890 Property and Equipment 1,505 Other Long-term Assets 36 Intangible Assets 5,249 Goodwill 10,454 Total Assets Acquired 18,134 Liabilities Assumed 6,675 Net Assets Acquired $ 11,459 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The remaining acquired intangible asset was determined to be subject to amortization with an average useful life of approximately two years. Its value and estimated useful life by asset type is as follows (in thousands): At October 1, 2014 Value Estimated Assigned Useful Life Curriculum $ 121 2 years |
Grupo Ibmec Educacional S A [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands). At December 15, 2015 Current Assets $ 27,615 Property and Equipment 13,487 Other Long-term Assets 2,639 Intangible Assets 62,609 Goodwill 108,246 Total Assets Acquired 214,596 Liabilities Assumed 23,802 Net Assets Acquired $ 190,794 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary values and estimated useful lives by asset type are as follows (in thousands): At December 15, 2015 Value Estimated Assigned Useful Life Student Relationships $ 5,720 5 years Curriculum 1,821 5 years |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets consist of the following (in thousands): As of March 31, 2016 Gross Weighted Average Carrying Accumulated Amortization Amount Amortization Period Amortizable Intangible Assets: Student Relationships $ 13,082 (5,430) (a) Customer Relationships 400 (160) 10 Years Test Prep Relationships 900 (900) 1 Year Non-compete Agreements 940 (752) 5 Years Curriculum/Software 3,881 (1,786) 5 Years Outplacement Relationships 3,900 (1,959) 15 Years Franchise Contracts 9,875 (640) 18 Years Clinical Agreements 366 (67) 15 Years Trade Names 1,064 (746) 10 Years Total $ 34,408 $ (12,440) Indefinite-lived Intangible Assets: Trade Names $ 66,808 Trademarks 1,645 Ross Title IV Eligibility and Accreditations 14,100 Intellectual Property 13,940 Chamberlain Title IV Eligibility and Accreditations 1,200 Carrington Title IV Eligibility and Accreditations 60,700 AUC Title IV Eligibility and Accreditations 100,000 DeVry Brasil Accreditation 90,685 Total $ 349,078 (a) The total weighted average estimated amortization period for Student Relationships is 6 5 6 5 As of March 31, 2015 Gross Carrying Accumulated Amount Amortization Amortizable Intangible Assets: Student Relationships $ 82,754 $ (77,946) Customer Relationships 3,294 (1,245) Test Prep Relationships 1,006 (168) Non-compete Agreements 2,467 (2,091) Curriculum/Software 3,026 (2,381) Outplacement Relationships 3,900 (1,699) Franchise Contracts 11,032 (102) Clinical Agreements 409 (48) Trade Names 5,091 (4,614) Total $ 112,979 $ (90,294) Indefinite-lived Intangible Assets: Trade Names $ 47,864 Trademarks 1,645 Ross Title IV Eligibility and Accreditations 14,100 Intellectual Property 13,940 Chamberlain Title IV Eligibility and Accreditations 1,200 Carrington Title IV Eligibility and Accreditations 67,200 AUC Title IV Eligibility and Accreditations 100,000 DeVry Brasil Accreditation 56,366 Total $ 302,315 |
Estimated Amortization Expense for Amortized Intangible Assets | Estimated amortization expense for amortizable intangible assets by reporting unit for the next five fiscal years ending June 30, and in the aggregate, is as follows (in thousands): Fiscal Year Carrington DeVry Brasil Becker Total 2016 $ 260 $ 4,672 $ 557 $ 5,489 2017 260 4,294 311 4,865 2018 260 2,994 40 3,294 2019 260 2,062 40 2,362 2020 260 1,396 40 1,696 Thereafter 836 7,410 70 8,316 |
Summary of Goodwill Balances by Reporting Unit | The table below summarizes goodwill balances by reporting unit as of March 31, 2016 (in thousands): As of March 31, Reporting Unit 2016 American University of the Caribbean School of Medicine $ 68,321 Ross University School of Medicine and Ross University School of Veterinary Medicine 237,173 Chamberlain College of Nursing 4,716 Carrington College 5,811 DeVry Brasil 194,409 Becker Professional Education 32,386 DeVry University 22,196 Total $ 565,012 |
Summary of Goodwill Balances by Reporting Segment | The table below summarizes goodwill balances by reporting segment as of March 31, 2016 (in thousands): As of March 31, Reporting Segment 2016 Medical and Healthcare $ 316,021 International and Professional Education 226,795 Business, Technology and Management 22,196 Total $ 565,012 |
Changes in Carrying Amount of Goodwill, by Segment | The table below summarizes the changes in the carrying amount of goodwill by segment as of March 31, 2016 (in thousands): Medical and Healthcare International Business, Accumulated and Technology Impairment Professional and Gross Losses Education Management Total Balance at June 30, 2013 $ 495,927 $ (86,933) $ 77,747 $ 22,196 $ 508,937 Acquisitions - - 9,675 - 9,675 Foreign currency exchange rate changes - - 1,267 - 1,267 Balance at June 30, 2014 495,927 (86,933) 88,689 22,196 519,879 Acquisitions - - 55,915 - 55,915 Foreign currency exchange rate changes - - (23,465) - (23,465) Balance at June 30, 2015 495,927 (86,933) 121,139 22,196 552,329 Acquisitions - - 108,246 - 108,246 Impairments - (92,973) - - (92,973) Foreign currency exchange rate changes - - (2,590) - (2,590) Balance at March 31, 2016 $ 495,927 $ (179,906) $ 226,795 $ 22,196 $ 565,012 |
Summary of Indefinite-Lived Intangible Assets Balances by Reporting Segment | The table below summarizes the indefinite-lived intangible asset balances by reporting segment as of March 31, 2016 (in thousands): As of March 31, Reporting Segment 2016 Medical and Healthcare $ 198,200 International and Professional Educational 149,233 Business, Technology and Management 1,645 Total $ 349,078 |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the separation and restructuring plan activity for the fiscal years 2016 and 2015, for which cash payments are required (in millions): Liability balance at June 30, 2014 $ 15.4 Increase in liability (separation and other charges) 42.0 Reduction in liability (payments and adjustments) (30.4) Liability balance at June 30, 2015 27.0 Increase in liability (separation and other charges) 35.3 Reduction in liability (payments and adjustments) (33.1) Liability balance at March 31, 2016 $ 29.2 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Tabulation of Business Segment Information Based on Current Segmentation | Following is a tabulation of business segment information based on the segmentation for the three and nine months ended March 31, 2016 and 2015. Home Office and Other information is included where it is needed to reconcile segment data to the Consolidated Financial Statements (in thousands). For the Three Months For the Nine Months Ended March 31, Ended March 31, 2016 2015 2016 2015 Revenue: Medical and Healthcare $ 246,806 $ 225,427 $ 705,164 $ 645,424 International and Professional Education 71,745 61,112 192,821 175,539 Business, Technology and Management 156,417 203,832 476,095 617,810 Intersegment Revenue and Other (747) (541) (2,244) (2,019) Total Consolidated Revenue $ 474,221 $ 489,830 $ 1,371,836 $ 1,436,754 Operating Income: Medical and Healthcare $ 52,454 $ 43,302 $ 29,766 $ 117,807 International and Professional Education 4,348 4,629 14,232 19,859 Business, Technology and Management 8,037 1,146 (21,574) (9,155) Home Office and Other (3,992) 373 (9,709) (5,448) Total Consolidated Operating Income $ 60,847 $ 49,450 $ 12,715 $ 123,063 Interest: Interest Income $ 27 $ 1,318 $ 394 $ 2,015 Interest Expense (1,408) (2,813) (5,581) (3,558) Net Interest Expense (1,381) (1,495) (5,187) (1,543) Total Consolidated Income Before Income Taxes $ 59,466 $ 47,955 $ 7,528 $ 121,520 Segment Assets: Medical and Healthcare $ 959,400 $ 1,130,359 $ 959,400 $ 1,130,359 International and Professional Education 614,165 398,399 614,165 398,399 Business, Technology and Management 442,069 467,075 442,069 467,075 Home Office and Other 100,263 152,844 100,263 152,844 Total Consolidated Assets $ 2,115,897 $ 2,148,677 $ 2,115,897 $ 2,148,677 Additions to Long-lived Assets: Medical and Healthcare $ 3,484 $ 14,366 $ 21,965 $ 44,642 International and Professional Education 5,777 122,926 194,926 145,137 Business, Technology and Management 2,259 965 8,788 4,154 Home Office and Other 2,080 4,196 9,667 7,419 Total Consolidated Additions to Long-lived Assets $ 13,600 $ 142,453 $ 235,346 $ 201,352 Reconciliation to Consolidated Financial Statements: Capital Expenditures $ 9,956 $ 21,240 $ 51,004 $ 64,301 Increase in Capital Assets from Acquisitions - 9,416 13,487 10,921 Increase in Intangible Assets and Goodwill 3,644 111,797 170,855 126,130 Total Increase in Consolidated Long-lived Assets $ 13,600 $ 142,453 $ 235,346 $ 201,352 Depreciation Expense: Medical and Healthcare $ 8,862 $ 6,437 $ 24,842 $ 19,468 International and Professional Education 1,338 1,579 4,084 4,532 Business, Technology and Management 6,469 9,290 20,934 28,171 Home Office and Other 3,310 3,459 9,489 9,955 Total Consolidated Depreciation $ 19,979 $ 20,765 $ 59,349 $ 62,126 Intangible Asset Amortization Expense: Medical and Healthcare $ 65 $ 162 $ 190 $ 485 International and Professional Education 1,347 1,080 3,772 2,050 Total Consolidated Amortization $ 1,412 $ 1,242 $ 3,962 $ 2,535 |
Revenues and Long-Lived Assets by Geographic Area | Revenue and long-lived assets by geographic area are as follows (in thousands): For the Three Months For the Nine Months Ended March 31, Ended March 31, 2016 2015 2016 2015 Revenue from Unaffiliated Customers: Domestic Operations $ 336,927 $ 365,677 $ 982,656 $ 1,067,034 International Operations: Dominica, St. Kitts and St. Maarten 88,263 85,144 262,963 257,590 Brazil 48,063 37,503 121,405 106,930 Other 968 1,506 4,812 5,200 Total International 137,294 124,153 389,180 369,720 Total Consolidated Revenue $ 474,221 $ 489,830 $ 1,371,836 $ 1,436,754 Long-lived Assets: Domestic Operations $ 309,281 $ 360,253 $ 309,281 $ 360,253 International Operations: Dominica, St. Kitts and St. Maarten 183,146 182,975 183,146 182,975 Brazil 92,779 48,973 92,779 48,973 Other 27 2,148 27 2,148 Total International 275,952 234,096 275,952 234,096 Total Consolidated Long-lived Assets $ 585,233 $ 594,349 $ 585,233 $ 594,349 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reconciliation of Non-Controlling Interest Balance) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Noncontrolling Interest [Line Items] | ||||
Balance at Beginning of Period | $ 2,813 | $ 8,139 | $ 9,620 | $ 6,393 |
Net Income Attributable to Noncontrolling Interest | 5 | 84 | 42 | 470 |
Payment for Purchase of Noncontrolling Interest of Subsidiary | 0 | 0 | (3,114) | 0 |
Increase (Decrease) in Redemption Value of Noncontrolling Interest Put Option | 711 | 877 | (3,019) | 2,237 |
Balance at End of Period | $ 3,529 | $ 9,100 | $ 3,529 | $ 9,100 |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reconciliation of Basic Shares to Diluted Shares) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Shares Outstanding | 63,107 | 63,773 | 63,378 | 63,801 |
Unvested Participating RSUs | 815 | 738 | 781 | 791 |
Basic Shares | 63,922 | 64,511 | 64,159 | 64,592 |
Effect of Dilutive Stock Options | 431 | 754 | 318 | 810 |
Diluted Shares | 64,353 | 65,265 | 64,477 | 65,402 |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Minimum protective endowment related to continuing operation in Pennsylvania | $ 500,000 | $ 500,000 | ||
Reserves related to uncollectible accounts and refunds | 65,900,000 | $ 62,900,000 | 65,900,000 | $ 62,900,000 |
Net balance of capitalized software development costs | $ 21,700,000 | $ 32,700,000 | $ 21,700,000 | $ 32,700,000 |
Anti-dilutive shares excluded from computations of earnings per share | 2,828,000 | 617,000 | 2,765,000 | 825,000 |
Cumulative translation losses | $ 91,500,000 | $ 79,100,000 | $ 91,500,000 | $ 79,100,000 |
Advertising expense | 57,300,000 | 67,900,000 | 173,000,000 | 199,700,000 |
Provision for Doubtful Accounts | 61,710,000 | 68,479,000 | ||
Impairment of Leasehold | 1,100,000 | 12,200,000 | 4,200,000 | |
Student Refundable Fees, Refund Payments | 11,500,000 | 10,400,000 | 34,700,000 | 28,500,000 |
Noncontrolling Interest | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative translation losses | 1,900,000 | 3,000,000 | 1,900,000 | 3,000,000 |
Educational Services | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Provision for Doubtful Accounts | $ 9,600,000 | 12,500,000 | $ 27,000,000 | 40,000,000 |
Perkins Student Loan Fund | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of Contributions | 33.00% | 33.00% | ||
Allowances for expected losses on loan collections | $ 2,600,000 | $ 2,600,000 | $ 2,600,000 | $ 2,600,000 |
DeVry Brasil | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Ownership interest of parent in subsidiary | 2.10% | 2.10% | ||
DeVry Education Group Inc. | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Ownership interest of parent in subsidiary | 97.90% | 96.30% | 97.90% | 96.30% |
Cumulative translation losses | $ 89,600,000 | $ 76,100,000 | $ 89,600,000 | $ 76,100,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax, Total | 200,000 | 300,000 | 200,000 | 300,000 |
Tax effect on unrealized gains on available-for-sale securities | $ 200,000 | $ 100,000 | $ 200,000 | $ 100,000 |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Options Activity) (Detail) - Stock Option $ / shares in Units, $ in Thousands | 9 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Options, Outstanding at beginning of period | shares | 3,148,087 |
Options, Granted | shares | 416,000 |
Options, Exercised | shares | (19,761) |
Options Forfeited | shares | (16,185) |
Options Expired | shares | (50,369) |
Options, Outstanding at end of period | shares | 3,477,772 |
Options, Exercisable at end of period | shares | 2,461,089 |
Weighted Average Exercise Price at beginning of period | $ / shares | $ 34.86 |
Weighted Average Exercise Price, Options Granted | $ / shares | 26.23 |
Weighted Average Exercise Price, Options Exercised | $ / shares | 20.29 |
Weighted Average Outstanding Price, Options Forfeited | $ / shares | 24.46 |
Weighted Average Exercise Price, Options Expired | $ / shares | 35.91 |
Weighted Average Exercise Price at end of period | $ / shares | 33.91 |
Weighted Average Exercise Price, Exercisable at end of period | $ / shares | $ 36.15 |
Weighted Average Remaining Contractual Life, Outstanding at end of period | 5 years 4 months 28 days |
Weighted Average Remaining Contractual Life, Exercisable at end of period | 4 years 3 months |
Aggregate Intrinsic Value, Outstanding at End of period | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable at end of period | $ | $ 0 |
STOCK-BASED COMPENSATION (Sum34
STOCK-BASED COMPENSATION (Summary of Stock Appreciation Rights Activity) (Detail) - Stock Appreciation Rights (SARs) $ / shares in Units, $ in Thousands | 9 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Outstanding at beginning of period | shares | 118,065 |
Rights Granted | shares | 0 |
Rights Exercised | shares | 0 |
Rights Canceled | shares | 0 |
Outstanding at end of period | shares | 118,065 |
Exercisable at end of period | shares | 113,444 |
Weighted Average Exercise Price at beginning of period | $ / shares | $ 42.74 |
Weighted Average Exercise Price Rights Granted | $ / shares | 0 |
Weighted Average Exercise Price Rights Exercised | $ / shares | 0 |
Weighted Average Exercise Price Rights Canceled | $ / shares | 0 |
Weighted Average Exercise Price at end of period | $ / shares | 42.74 |
Weighted Average Exercise Price, Exercisable at end of period | $ / shares | $ 43.25 |
Weighted Average Remaining Contractual Life, Outstanding at end of period | 3 years 11 months 12 days |
Weighted Average Remaining Contractual Life, Exercisable at end of period | 3 years 8 months 8 days |
Aggregate Intrinsic Value, Outstanding at end of period | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable at end of period | $ | $ 0 |
STOCK-BASED COMPENSATION (Fair
STOCK-BASED COMPENSATION (Fair Values of Stock Option Awards Weighted Average Assumptions) (Detail) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected Life (in Years) | 6 years 9 months 11 days | 6 years 8 months 23 days |
Expected Volatility | 41.35% | 42.04% |
Risk-free Interest Rate | 1.85% | 2.03% |
Dividend Yield | 1.01% | 1.03% |
Pre-vesting Forfeiture Rate | 3.00% | 3.00% |
STOCK-BASED COMPENSATION (Sum36
STOCK-BASED COMPENSATION (Summary of Restricted Stock Units Activity) (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period | 1,013,140 | |
Restricted Stock Units Outstanding, Shares Granted | 603,410 | |
Restricted Stock Units Outstanding, Shares Vested | (373,925) | |
Restricted Stock Units Outstanding, Shares Forfeited | (75,559) | |
Outstanding at end of period | 1,167,066 | |
Weighted Average Grant Date Fair Value, Nonvested beginning balance | $ 30.42 | |
Weighted Average Grant Date Fair Value, Shares Granted | 25.84 | $ 43.67 |
Weighted Average Grant Date Fair Value, Shares Vested | 28.01 | |
Weighted Average Grant Date Fair Value, Shares Forfeited | 25.52 | |
Weighted Average Grant Date Fair Value, Nonvested ending balance | $ 29.14 |
STOCK-BASED COMPENSATION (Total
STOCK-BASED COMPENSATION (Total Stock-Based Compensation Expense Included in Consolidated Statement of Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | $ 3,777 | $ 3,904 | $ 13,989 | $ 13,435 |
Income Tax Benefit | (1,439) | (1,403) | (5,157) | (4,862) |
Net Stock-Based Compensation Expense | 2,338 | 2,501 | 8,832 | 8,573 |
Cost Of Educational Services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | 1,209 | 1,249 | 4,477 | 4,299 |
Student Services And Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | $ 2,568 | $ 2,655 | $ 9,512 | $ 9,136 |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 0.1 | $ 4.1 | |
Total pre-tax unrecognized compensation costs related to non-vested awards | $ 24.5 | 24.5 | |
Total pre-tax unrecognized compensation costs related to non-vested awards expected to be recognized, years | 2 years 3 months 18 days | ||
Total fair value of options and Restricted Stock Units vested | $ 15.9 | $ 18 | |
Stock Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.17 | $ 17.94 | |
Common Stock, Capital Shares Reserved for Future Issuance | 7,866,772 | 7,866,772 | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.84 | $ 43.67 | |
Restricted Stock Units Outstanding, Shares Granted | 603,410 | ||
Performance Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Outstanding, Shares Granted | 184,780 | ||
Non-Performance Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Outstanding, Shares Granted | 418,630 |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured at Fair Value on Recurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Institutional Loans Receivable | $ 51,743 | $ 47,318 | |
Available-for-Sale Investments: | |||
Marketable Securities, short-term | 3,528 | $ 3,579 | $ 3,577 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents | 330,214 | 353,022 | |
Institutional Loans Receivable | 0 | 0 | |
Available-for-Sale Investments: | |||
Marketable Securities, short-term | 3,528 | 3,579 | |
Deferred Acquisition Obligations | 0 | 0 | |
FIES Long-Term Receivable | 0 | ||
Total Financial Assets at Fair Value | 333,742 | 356,601 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents | 0 | 0 | |
Institutional Loans Receivable | 51,743 | 49,715 | |
Available-for-Sale Investments: | |||
Marketable Securities, short-term | 0 | 0 | |
Deferred Acquisition Obligations | 32,860 | 26,827 | |
FIES Long-Term Receivable | 17,593 | ||
Total Financial Assets at Fair Value | 102,196 | 76,542 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents | 0 | 0 | |
Institutional Loans Receivable | 0 | 0 | |
Available-for-Sale Investments: | |||
Marketable Securities, short-term | 0 | 0 | |
Deferred Acquisition Obligations | 0 | 0 | |
FIES Long-Term Receivable | 0 | ||
Total Financial Assets at Fair Value | $ 0 | $ 0 |
FINANCING RECEIVABLES (Institut
FINANCING RECEIVABLES (Institutional Loan Balances and Related Allowances for Credit Losses) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivables [Line Items] | ||
Gross Institutional Student Loans | $ 71,915 | $ 67,199 |
Allowance for Credit Losses | ||
Balance at Beginning of Period | (20,630) | (19,868) |
Charge-offs and Adjustments | 6,290 | 7,798 |
Recoveries | (141) | (618) |
Additional Provision | (5,691) | (7,193) |
Balance at End of Period | (20,172) | (19,881) |
Net Institutional Student Loans | $ 51,743 | $ 47,318 |
FINANCING RECEIVABLES (Credit R
FINANCING RECEIVABLES (Credit Risk Profiles of Institutional Student Loan Balance) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | $ 71,915 | $ 67,199 |
Credit Risk Profiles Of Institutional Student Loans | ||
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | 71,915 | 67,199 |
Performing | Credit Risk Profiles Of Institutional Student Loans | ||
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | 52,775 | 49,573 |
Nonperforming | Credit Risk Profiles Of Institutional Student Loans | ||
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | $ 19,140 | $ 17,626 |
FINANCING RECEIVABLES (Instit42
FINANCING RECEIVABLES (Institutional Student Loans Past Due) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Institutional Student Loans, 30-59 Days Past Due | $ 5,882 | $ 4,321 |
Institutional Student Loans, 60-89 Days Past Due | 2,896 | 1,554 |
Institutional Student Loans, 90-119 Days Past Due | 1,130 | 1,217 |
Institutional Student Loans, Greater Than 120 Days Past Due | 19,140 | 17,626 |
Institutional Student Loans, Total Past Due | 29,048 | 24,718 |
Institutional Student Loans, Current | 42,867 | 42,481 |
Total Institutional Student Loans | $ 71,915 | $ 67,199 |
FINANCING RECEIVABLES - Additio
FINANCING RECEIVABLES - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivables [Line Items] | ||
Number of days past due, to consider loans as nonperforming | 120 days | |
Nonperforming loan | ||
Financing Receivables [Line Items] | ||
Impaired Financing Receivable, Gross | $ 19.1 | $ 17.6 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 18.8 | 15.9 |
Accounts Receivable | ||
Financing Receivables [Line Items] | ||
Net Institutional Student Loans, classified as Accounts Receivable | 25.9 | 23.1 |
Other Assets | ||
Financing Receivables [Line Items] | ||
Net Institutional Student Loans, classified as Other Assets | $ 25.8 | $ 24.2 |
Becker | ||
Financing Receivables [Line Items] | ||
Term of loan, in months | 18 months |
DIVIDENDS AND SHARE REPURCHAS44
DIVIDENDS AND SHARE REPURCHASE PROGRAMS (Shares Repurchased under Programs) (Detail) $ in Millions | 9 Months Ended |
Mar. 31, 2016USD ($)shares | |
Stock Repurchase Programs Total | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 13,260,325 |
Total Cost | $ | $ 505.6 |
Authorized on November 15, 2006 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 908,399 |
Total Cost | $ | $ 35 |
Authorized on May 13, 2008 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 1,027,417 |
Total Cost | $ | $ 50 |
Authorized on November 11, 2009 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 972,205 |
Total Cost | $ | $ 50 |
Authorized on August 11, 2010 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 1,103,628 |
Total Cost | $ | $ 50 |
Authorized on November 10, 2010 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 968,105 |
Total Cost | $ | $ 50 |
Authorized on May 20, 2011 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 2,396,143 |
Total Cost | $ | $ 100 |
Authorized on November 2, 2011 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 3,478,299 |
Total Cost | $ | $ 100 |
Authorized On August 29, 2012 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 2,005,317 |
Total Cost | $ | $ 62.7 |
Authorized On December 15, 2015 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 400,812 |
Total Cost | $ | $ 7.9 |
DIVIDENDS AND SHARE REPURCHAS45
DIVIDENDS AND SHARE REPURCHASE PROGRAMS - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 15, 2015 | |
Share Repurchases [Line Items] | |||
Payments of Dividends | $ 11.6 | $ 11.6 | |
Eighth share repurchase plan [Member] | |||
Share Repurchases [Line Items] | |||
Stock Repurchased During Period, Shares | 622,688 | ||
Stock Repurchased During Period, Value | $ 16.5 | ||
Ninth share repurchase plan [Member] | |||
Share Repurchases [Line Items] | |||
Stock Repurchased During Period, Shares | 400,812 | ||
Stock Repurchased During Period, Value | $ 7.9 | ||
Maximum | |||
Share Repurchases [Line Items] | |||
Authorized amount for repurchase | $ 100 |
BUSINESS COMBINATIONS (Estimate
BUSINESS COMBINATIONS (Estimated Fair Values of Assets Acquired and Liabilities Assumed) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 15, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Feb. 02, 2015 | Jan. 02, 2015 | Oct. 02, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 565,012 | $ 552,329 | $ 561,406 | $ 519,879 | $ 508,937 | ||||
Faculdade Martha Falcao [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current Assets | $ 890 | ||||||||
Property and Equipment | 1,505 | ||||||||
Other Long-term Assets | 36 | ||||||||
Intangible Assets | 5,249 | ||||||||
Goodwill | 10,454 | ||||||||
Total Assets Acquired | 18,134 | ||||||||
Liabilities Assumed | 6,675 | ||||||||
Net Assets Acquired | $ 11,459 | ||||||||
Damasio Educacional [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current Assets | $ 9,747 | ||||||||
Property and Equipment | 3,367 | ||||||||
Other Long-term Assets | 136 | ||||||||
Intangible Assets | 46,862 | ||||||||
Goodwill | 44,062 | ||||||||
Total Assets Acquired | 104,174 | ||||||||
Liabilities Assumed | 22,832 | ||||||||
Net Assets Acquired | $ 81,342 | ||||||||
Faculdade Ideal [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current Assets | $ 1,052 | ||||||||
Property and Equipment | 6,049 | ||||||||
Intangible Assets | 6,754 | ||||||||
Goodwill | 1,399 | ||||||||
Total Assets Acquired | 15,254 | ||||||||
Liabilities Assumed | 15,144 | ||||||||
Net Assets Acquired | $ 110 | ||||||||
Grupo Ibmec Educacional S A [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Current Assets | $ 27,615 | ||||||||
Property and Equipment | 13,487 | ||||||||
Other Long-term Assets | 2,639 | ||||||||
Intangible Assets | 62,609 | ||||||||
Goodwill | 108,246 | ||||||||
Total Assets Acquired | 214,596 | ||||||||
Liabilities Assumed | 23,802 | ||||||||
Net Assets Acquired | $ 190,794 |
BUSINESS COMBINATIONS (Acquired
BUSINESS COMBINATIONS (Acquired Intangible Assets Subject to Amortization and Values and Estimated Useful Lives) (Detail) - USD ($) $ in Thousands | Dec. 15, 2015 | Feb. 02, 2015 | Oct. 02, 2014 |
Damasio Educacional [Member] | Student Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Amortizable intangible assets | $ 5,294 | ||
Amortizable intangible assets, estimated useful lives | 6 years | ||
Damasio Educacional [Member] | Franchise Contracts [Member] | |||
Business Acquisition [Line Items] | |||
Amortizable intangible assets | $ 13,085 | ||
Amortizable intangible assets, estimated useful lives | 18 years | ||
Damasio Educacional [Member] | Test Preparation Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Amortizable intangible assets | $ 1,193 | ||
Amortizable intangible assets, estimated useful lives | 1 year | ||
Faculdade Martha Falcao [Member] | Curriculum Software [Member] | |||
Business Acquisition [Line Items] | |||
Amortizable intangible assets | $ 121 | ||
Amortizable intangible assets, estimated useful lives | 2 years | ||
Grupo Ibmec Educacional S A [Member] | Student Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Amortizable intangible assets | $ 5,720 | ||
Amortizable intangible assets, estimated useful lives | 5 years | ||
Grupo Ibmec Educacional S A [Member] | Curriculum Software [Member] | |||
Business Acquisition [Line Items] | |||
Amortizable intangible assets | $ 1,821 | ||
Amortizable intangible assets, estimated useful lives | 5 years |
BUSINESS COMBINATIONS (Details
BUSINESS COMBINATIONS (Details Textual) $ in Thousands | Dec. 15, 2015USD ($) | Feb. 02, 2015USD ($) | Jan. 02, 2015USD ($) | Oct. 02, 2014USD ($) | Mar. 31, 2015USD ($) |
Damasio Educacional [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Students In Degree Programs | 50,000 | ||||
Number Of Campuses | 220 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 46,862 | ||||
Payments to Acquire Businesses, Gross | 81,400 | ||||
Business Combination, Consideration Transferred | $ 66,000 | ||||
Business Combination, Additional Payments Required | 15,400 | ||||
Damasio Educacional [Member] | Title Four Eligibility And Accreditations [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 19,300 | ||||
Damasio Educacional [Member] | Trade Name [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 8,000 | ||||
Faculdade Ideal [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 6,754 | ||||
Payments to Acquire Businesses, Gross | 100 | ||||
Faculdade Ideal [Member] | Trade Name [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,000 | ||||
Faculdade Ideal [Member] | Accreditations [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 5,800 | ||||
Faculdade Martha Falcao [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 5,249 | ||||
Payments to Acquire Businesses, Gross | 11,400 | ||||
Business Combination, Additional Payments Required | 1,600 | ||||
Faculdade Martha Falcao [Member] | Trade Name [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,000 | ||||
Faculdade Martha Falcao [Member] | Accreditations [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 4,100 | ||||
Grupo Ibmec Educacional S A [Member] | |||||
Business Acquisition [Line Items] | |||||
Number Of Students In Degree Programs | 15,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 62,609 | ||||
Payments to Acquire Businesses, Gross | 190,800 | ||||
Business Combination, Consideration Transferred | 180,500 | ||||
Business Combination, Additional Payments Required | 10,300 | ||||
Grupo Ibmec Educacional S A [Member] | Trade Name [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 18,400 | ||||
Grupo Ibmec Educacional S A [Member] | Accreditations [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 36,700 |
INTANGIBLE ASSETS (Schedule of
INTANGIBLE ASSETS (Schedule of Intangible Assets) (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 34,408 | $ 112,979 | |
Amortizable Intangible Assets, Accumulated Amortization | (12,440) | (90,294) | |
Indefinite-lived Intangible Assets, Gross Carrying Amount | 349,078 | 302,315 | |
Student Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | 13,082 | 82,754 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (5,430) | (77,946) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | [1] | ||
Customer Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 400 | 3,294 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (160) | (1,245) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 10 years | ||
Test Prep Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 900 | 1,006 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (900) | (168) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 1 year | ||
Non-compete Agreements [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 940 | 2,467 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (752) | (2,091) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 5 years | ||
Curriculum/Software [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 3,881 | 3,026 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (1,786) | (2,381) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 5 years | ||
Outplacement Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 3,900 | 3,900 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (1,959) | (1,699) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 15 years | ||
Franchise Contracts [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 9,875 | 11,032 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (640) | (102) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 18 years | ||
Trade Names [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 1,064 | 5,091 | |
Amortizable Intangible Assets, Accumulated Amortization | (746) | (4,614) | |
Indefinite-lived Intangible Assets, Gross Carrying Amount | $ 66,808 | 47,864 | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 10 years | ||
Trademarks [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | $ 1,645 | 1,645 | |
Ross Title IV Eligibility and Accreditations [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 14,100 | 14,100 | |
Intellectual Property [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 13,940 | 13,940 | |
Chamberlain Title IV Eligibility and Accreditations [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 1,200 | 1,200 | |
Carrington Title IV Eligibility and Accreditations [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 60,700 | 67,200 | |
Devry Brasil Accreditations [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 90,685 | 56,366 | |
AUC Title IV Eligibility and Accreditations [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 100,000 | 100,000 | |
Clinical Agreements [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | 366 | 409 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (67) | $ (48) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 15 years | ||
[1] | The total weighted average estimated amortization period for Student Relationships is 6 years for Faculdade Boa Viagem ("FBV"), 5 years for Centro Universitário Vale do Ipojuca ("Unifavip"), 6 years for Damasio and 5 years for Grupo Ibmec. |
INTANGIBLE ASSETS (Schedule o50
INTANGIBLE ASSETS (Schedule of Intangible Assets) (Parenthetical) (Detail) | 9 Months Ended |
Mar. 31, 2016 | |
Faculdade Boa Viagem [Member] | |
Intangible Assets [Line Items] | |
Amortizable Intangible Assets, Weighted Average Amortization Period (in years) | 6 years |
Damasio [Member] | |
Intangible Assets [Line Items] | |
Amortizable Intangible Assets, Weighted Average Amortization Period (in years) | 6 years |
Unifavip [Member] | |
Intangible Assets [Line Items] | |
Amortizable Intangible Assets, Weighted Average Amortization Period (in years) | 5 years |
Grupo Ibmec [Member] | |
Intangible Assets [Line Items] | |
Amortizable Intangible Assets, Weighted Average Amortization Period (in years) | 5 years |
INTANGIBLE ASSETS (Estimated Am
INTANGIBLE ASSETS (Estimated Amortization Expense for Amortized Intangible Assets) (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Intangible Assets [Line Items] | |
2,016 | $ 5,489 |
2,017 | 4,865 |
2,018 | 3,294 |
2,019 | 2,362 |
2,020 | 1,696 |
Thereafter | 8,316 |
Becker [Member] | |
Intangible Assets [Line Items] | |
2,016 | 557 |
2,017 | 311 |
2,018 | 40 |
2,019 | 40 |
2,020 | 40 |
Thereafter | 70 |
Devry Brasil [Member] | |
Intangible Assets [Line Items] | |
2,016 | 4,672 |
2,017 | 4,294 |
2,018 | 2,994 |
2,019 | 2,062 |
2,020 | 1,396 |
Thereafter | 7,410 |
Carrington Colleges Group Inc [Member] | |
Intangible Assets [Line Items] | |
2,016 | 260 |
2,017 | 260 |
2,018 | 260 |
2,019 | 260 |
2,020 | 260 |
Thereafter | $ 836 |
INTANGIBLE ASSETS (Summary of G
INTANGIBLE ASSETS (Summary of Goodwill Balances by Reporting Unit) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Intangible Assets [Line Items] | |||||
Goodwill | $ 565,012 | $ 552,329 | $ 561,406 | $ 519,879 | $ 508,937 |
American University of the Caribbean School of Medicine [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 68,321 | ||||
Ross University School of Medicine and Ross University School of Veterinary Medicine [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 237,173 | ||||
Chamberlain College Of Nursing [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 4,716 | ||||
Carrington College [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 5,811 | ||||
DeVry Brasil [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 194,409 | ||||
Becker Professional Education [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 32,386 | ||||
DeVry University [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | $ 22,196 |
INTANGIBLE ASSETS (Summary of53
INTANGIBLE ASSETS (Summary of Goodwill Balances by Reporting Segment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Intangible Assets [Line Items] | |||||
Goodwill | $ 565,012 | $ 552,329 | $ 561,406 | $ 519,879 | $ 508,937 |
Medical And Healthcare [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 316,021 | 495,927 | 495,927 | 495,927 | |
International And Professional Education [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | 226,795 | 121,139 | 88,689 | 77,747 | |
Business Technology And Management [Member] | |||||
Intangible Assets [Line Items] | |||||
Goodwill | $ 22,196 | $ 22,196 | $ 22,196 | $ 22,196 |
INTANGIBLE ASSETS (Changes in C
INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill, by Segment) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Line Items] | |||
Goodwill beginning balance | $ 552,329 | $ 519,879 | $ 508,937 |
Acquisitions | 108,246 | 55,915 | 9,675 |
Impairments | (92,973) | ||
Foreign currency exchange rate changes | (2,590) | (23,465) | 1,267 |
Goodwill ending balance | 565,012 | 552,329 | 519,879 |
Medical And Healthcare [Member] | |||
Goodwill [Line Items] | |||
Goodwill beginning balance | 495,927 | 495,927 | 495,927 |
Acquisitions | 0 | 0 | 0 |
Impairments | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | 0 |
Goodwill ending balance | 316,021 | 495,927 | 495,927 |
Accumulated Impairment Losses beginning balance | (86,933) | (86,933) | (86,933) |
Acquisitions | 0 | 0 | 0 |
Impairments | (92,973) | ||
Foreign currency exchange rate changes | 0 | 0 | 0 |
Accumulated Impairment Losses ending balance | (179,906) | (86,933) | (86,933) |
International And Professional Education [Member] | |||
Goodwill [Line Items] | |||
Goodwill beginning balance | 121,139 | 88,689 | 77,747 |
Acquisitions | 108,246 | 55,915 | 9,675 |
Impairments | 0 | ||
Foreign currency exchange rate changes | (2,590) | (23,465) | 1,267 |
Goodwill ending balance | 226,795 | 121,139 | 88,689 |
Business Technology And Management [Member] | |||
Goodwill [Line Items] | |||
Goodwill beginning balance | 22,196 | 22,196 | 22,196 |
Acquisitions | 0 | 0 | 0 |
Impairments | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | 0 |
Goodwill ending balance | $ 22,196 | $ 22,196 | $ 22,196 |
INTANGIBLE ASSETS (Summary of I
INTANGIBLE ASSETS (Summary of Indefinite-Lived Intangible Assets Balances by Reporting Unit) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets balances | $ 349,078 | $ 302,315 |
Medical and Healthcare | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets balances | 198,200 | |
International and Professional Education | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets balances | 149,233 | |
Business, Technology and Management | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets balances | $ 1,645 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
May. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Intangible Assets [Line Items] | |||||||||
Amortization of Intangible Assets | $ 1,412 | $ 1,242 | $ 3,962 | $ 2,535 | |||||
Indefinite-lived Intangible Assets, Period Increase (Decrease) | 45,200 | ||||||||
Goodwill | 565,012 | 561,406 | 565,012 | 561,406 | $ 552,329 | $ 519,879 | $ 508,937 | ||
Intangible Assets, Net (Excluding Goodwill), Total | $ 371,046 | $ 325,000 | $ 371,046 | $ 325,000 | $ 323,731 | ||||
Percentage Of Intangible Assets Including Goodwill | 44.00% | 44.00% | |||||||
Indefinite-lived Intangible Assets Acquired | $ 55,100 | ||||||||
Discount Rate Used For Assumption On Growth Rates And Risk | 14.00% | ||||||||
Implied Goodwill | 5,800 | ||||||||
Goodwill, Impairment Loss | 92,973 | ||||||||
Carrying Value In Excess Of Implied Goodwill | $ 93,000 | ||||||||
Indefinite-lived Intangible Assets [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Fair Value In Excess Of Carrying Value Percentage | 56.00% | ||||||||
Grupo Ibmec [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Goodwill | $ 108,200 | 108,200 | |||||||
Other Assets [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Goodwill | 565,000 | 565,000 | |||||||
Intangible Assets, Net (Excluding Goodwill), Total | 371,000 | 371,000 | |||||||
American University of the Caribbeans [Member] | Accreditation [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Fair Value In Excess Of Carrying Value Percentage | 7.00% | ||||||||
Devry University [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Fair Value In Excess Of Carrying Value Percentage | 114.00% | ||||||||
Goodwill | $ 22,196 | $ 22,196 | |||||||
Percentage of Decline In Revenue | 22.90% | ||||||||
Potential Impairment Of Goodwill And Intangible Assets | $ 23,800 | ||||||||
Percentage Of Cost Savings On Revenue Decline | 90.00% | ||||||||
Operating Income Shortfall Of Plan | $ 3,000 | ||||||||
Percentage Of Decline In Operating Income | 18.40% | ||||||||
Carrington [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Fair Value In Excess Of Carrying Value Percentage | 8.00% | ||||||||
Impairment Of Goodwill And Intangible Assets | $ 99,500 | ||||||||
Impairment Income Tax Benefit | 13,500 | ||||||||
Potential Impairment Of Goodwill And Intangible Assets | 66,500 | ||||||||
Goodwill And Intangible Asset Impairment Net Of Tax | $ 86,000 | ||||||||
Carrington [Member] | Sales Revenue, Segment [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Concentration Risk, Percentage | 12.00% | ||||||||
Carrington [Member] | Title Four Eligibility And Accreditations [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Impairment of Intangible Assets | $ 6,500 | ||||||||
Intangible Assets Fair Value | 60,700 | ||||||||
Carrying Value In Excess Of Fair Value Of Intangible Assets | 6,500 | ||||||||
Goodwill, Impairment Loss | 93,000 | ||||||||
Carrington Accreditation [Member] | Title Four Eligibility And Accreditations [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 6,500 | ||||||||
DeVry Group [Member] | Maximum [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Discount Rate Used For Assumption On Growth Rates And Risk | 15.00% | ||||||||
DeVry Group [Member] | Minimum [Member] | |||||||||
Intangible Assets [Line Items] | |||||||||
Discount Rate Used For Assumption On Growth Rates And Risk | 13.00% |
RESTRUCTURING CHARGES (Separati
RESTRUCTURING CHARGES (Separation and Restructuring Plan Activity) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Liability beginning balance | $ 27 | $ 15.4 |
Increase in liability (separation and other charges) | 35.3 | 42 |
Reduction in liability (payments and adjustments) | (33.1) | (30.4) |
Liability ending balance | $ 29.2 | $ 27 |
RESTRUCTURING CHARGES - Additio
RESTRUCTURING CHARGES - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Deferred Rent and Other [Line Items] | ||||
Reduction In Workforce | 303 | 298 | ||
Restructuring Charges, Total | $ 2,873 | $ 6,982 | $ 39,870 | $ 30,487 |
Accrued Liabilities Current | 88,754 | 74,073 | 88,754 | 74,073 |
Deferred Rent Credit Noncurrent | 108,349 | 103,920 | 108,349 | 103,920 |
Severance Costs | 1,900 | 1,100 | 7,700 | 13,600 |
Real Estate | ||||
Deferred Rent and Other [Line Items] | ||||
Other Restructuring Costs | 1,000 | $ 5,900 | 32,200 | 16,900 |
Business, Technology and Management | ||||
Deferred Rent and Other [Line Items] | ||||
Restructuring Charges, Total | 39,200 | 26,000 | ||
Medical and Healthcare | ||||
Deferred Rent and Other [Line Items] | ||||
Restructuring Charges, Total | 400 | $ 4,500 | ||
International and Professional Education | ||||
Deferred Rent and Other [Line Items] | ||||
Restructuring Charges, Total | 300 | |||
DeVry Group | ||||
Deferred Rent and Other [Line Items] | ||||
Accrued Liabilities Current | 14,400 | 14,400 | ||
Deferred Rent Credit Noncurrent | $ 14,800 | $ 14,800 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 861 | $ 748 | $ 861 | $ 748 |
Effective Income Tax Rate Reconciliation, Percent, Total | 12.70% | 13.20% | 9.10% | 13.70% |
DEBT - Additional Information (
DEBT - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Line Of Credit Facility Unused Capacity Commitment Fee Percentage | 0.35% | |
Letter of Credit Annual Fee Percentage | 2.00% | |
Line of Credit Facility, Expiration Date | Mar. 31, 2020 | |
Foreign Currency Borrowing Capacity | $ 200 | |
Line of Credit Facility, Initiation Date | Mar. 31, 2015 | |
Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.00% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | |
Euro Currency Rate | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.00% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.00% | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |
Amount of Aggregate Commitment May be Increased as Per Credit Agreement | 550 | |
Letters of Credit Outstanding, Amount | 0.1 | $ 0.1 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 |
SEGMENT INFORMATION (Tabulation
SEGMENT INFORMATION (Tabulation of Business Segment Information Based on Current Segmentation) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenue | $ 474,221 | $ 489,830 | $ 1,371,836 | $ 1,436,754 |
Total Consolidated Operating Income | 60,847 | 49,450 | 12,715 | 123,063 |
Interest Income | 27 | 1,318 | 394 | 2,015 |
Interest Expense | (1,408) | (2,813) | (5,581) | (3,558) |
Net Interest Expense | (1,381) | (1,495) | (5,187) | (1,543) |
Total Consolidated Income Before Income Taxes | 59,466 | 47,955 | 7,528 | 121,520 |
Total Consolidated Assets | 2,115,897 | 2,148,677 | 2,115,897 | 2,148,677 |
Total Consolidated Additions to Long-lived Assets | 13,600 | 142,453 | 235,346 | 201,352 |
Capital Expenditures | 9,956 | 21,240 | 51,004 | 64,301 |
Increase in Capital Assets from Acquisitions | 0 | 9,416 | 13,487 | 10,921 |
Increase in Intangible Assets and Goodwill | 3,644 | 111,797 | 170,855 | 126,130 |
Total Increase in Consolidated Long-lived Assets | 13,600 | 142,453 | 235,346 | 201,352 |
Total Consolidated Depreciation | 19,979 | 20,765 | 59,349 | 62,126 |
Total Consolidated Amortization | 1,412 | 1,242 | 3,962 | 2,535 |
Medical and Healthcare | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenue | 246,806 | 225,427 | 705,164 | 645,424 |
Total Consolidated Operating Income | 52,454 | 43,302 | 29,766 | 117,807 |
Total Consolidated Assets | 959,400 | 1,130,359 | 959,400 | 1,130,359 |
Total Consolidated Additions to Long-lived Assets | 3,484 | 14,366 | 21,965 | 44,642 |
Total Consolidated Depreciation | 8,862 | 6,437 | 24,842 | 19,468 |
Total Consolidated Amortization | 65 | 162 | 190 | 485 |
International and Professional Education | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenue | 71,745 | 61,112 | 192,821 | 175,539 |
Total Consolidated Operating Income | 4,348 | 4,629 | 14,232 | 19,859 |
Total Consolidated Assets | 614,165 | 398,399 | 614,165 | 398,399 |
Total Consolidated Additions to Long-lived Assets | 5,777 | 122,926 | 194,926 | 145,137 |
Total Consolidated Depreciation | 1,338 | 1,579 | 4,084 | 4,532 |
Total Consolidated Amortization | 1,347 | 1,080 | 3,772 | 2,050 |
Business, Technology and Management | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenue | 156,417 | 203,832 | 476,095 | 617,810 |
Total Consolidated Operating Income | 8,037 | 1,146 | (21,574) | (9,155) |
Total Consolidated Assets | 442,069 | 467,075 | 442,069 | 467,075 |
Total Consolidated Additions to Long-lived Assets | 2,259 | 965 | 8,788 | 4,154 |
Total Consolidated Depreciation | 6,469 | 9,290 | 20,934 | 28,171 |
Intersegment Revenue and Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenue | (747) | (541) | (2,244) | (2,019) |
Home Office And Other | ||||
Segment Reporting Information [Line Items] | ||||
Total Consolidated Operating Income | (3,992) | 373 | (9,709) | (5,448) |
Total Consolidated Assets | 100,263 | 152,844 | 100,263 | 152,844 |
Total Consolidated Additions to Long-lived Assets | 2,080 | 4,196 | 9,667 | 7,419 |
Total Consolidated Depreciation | $ 3,310 | $ 3,459 | $ 9,489 | $ 9,955 |
SEGMENT INFORMATION (Revenues a
SEGMENT INFORMATION (Revenues and Long-Lived Assets by Geographic Area) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total Consolidated Revenue from Unaffiliated Customers | $ 474,221 | $ 489,830 | $ 1,371,836 | $ 1,436,754 |
Total Consolidated Long-lived Assets | 585,233 | 594,349 | 585,233 | 594,349 |
Domestic Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Unaffiliated Customers | 336,927 | 365,677 | 982,656 | 1,067,034 |
Total Consolidated Long-lived Assets | 309,281 | 360,253 | 309,281 | 360,253 |
Dominica and St. Kitts, St. Maarten | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Unaffiliated Customers | 88,263 | 85,144 | 262,963 | 257,590 |
Total Consolidated Long-lived Assets | 183,146 | 182,975 | 183,146 | 182,975 |
Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Unaffiliated Customers | 48,063 | 37,503 | 121,405 | 106,930 |
Total Consolidated Long-lived Assets | 92,779 | 48,973 | 92,779 | 48,973 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Unaffiliated Customers | 968 | 1,506 | 4,812 | 5,200 |
Total Consolidated Long-lived Assets | 27 | 2,148 | 27 | 2,148 |
International Operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from Unaffiliated Customers | 137,294 | 124,153 | 389,180 | 369,720 |
Total Consolidated Long-lived Assets | $ 275,952 | $ 234,096 | $ 275,952 | $ 234,096 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Benchmark Description | less than 5% | less than 5% | less than 5% | less than 5% |
Entity Wide Revenue Major Customers | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 10.00% |