Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 18, 2016 | Dec. 31, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | DEVRY EDUCATION GROUP INC. | ||
Entity Central Index Key | 730,464 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,577,843,185 | ||
Trading Symbol | DV | ||
Entity Common Stock, Shares Outstanding | 62,354,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Current Assets: | ||
Cash and Cash Equivalents | $ 308,164 | $ 353,022 |
Marketable Securities and Investments | 3,609 | 3,579 |
Restricted Cash | 7,183 | 10,743 |
Accounts Receivable, Net | 162,389 | 139,163 |
Prepaid Expenses and Other | 36,760 | 53,092 |
Total Current Assets | 518,105 | 559,599 |
Land, Building and Equipment: | ||
Land | 55,690 | 59,691 |
Building | 488,347 | 485,288 |
Equipment | 521,209 | 521,361 |
Construction in Progress | 22,560 | 26,664 |
Land, Building and Equipment, Gross | 1,087,806 | 1,093,004 |
Accumulated Depreciation | (566,043) | (547,130) |
Land, Building and Equipment, Net | 521,763 | 545,874 |
Other Assets: | ||
Deferred Income Taxes, Net | 52,608 | 7,097 |
Intangible Assets, Net | 342,856 | 323,731 |
Goodwill | 588,007 | 552,329 |
Perkins Program Fund, Net | 13,450 | 13,450 |
Other Assets | 60,207 | 37,752 |
Total Other Assets | 1,057,128 | 934,359 |
TOTAL ASSETS | 2,096,996 | 2,039,832 |
Current Liabilities: | ||
Accounts Payable | 64,687 | 63,083 |
Accrued Salaries, Wages and Benefits | 93,328 | 83,491 |
Accrued Expenses | 103,379 | 85,103 |
Deferred Revenue | 100,442 | 90,232 |
Total Current Liabilities | 361,836 | 321,909 |
Other Liabilities: | ||
Deferred Income Taxes, Net | 29,936 | 21,731 |
Deferred Rent and Other | 118,025 | 101,762 |
Total Other Liabilities | 147,961 | 123,493 |
TOTAL LIABILITIES | 509,797 | 445,402 |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | ||
NONCONTROLLING INTEREST | 5,112 | 9,620 |
SHAREHOLDERS' EQUITY: | ||
Common Stock, $0.01 Par Value, 200,000,000 Shares Authorized: 62,549,000 and 63,623,000 Shares Outstanding at June 30, 2016 and June 30, 2015, respectively | 765 | 760 |
Additional Paid-in Capital | 372,175 | 350,256 |
Retained Earnings | 1,771,068 | 1,796,361 |
Accumulated Other Comprehensive Loss | (42,467) | (77,114) |
Treasury Stock, at Cost, 13,990,000 and 12,414,000 Shares, respectively | (519,454) | (485,453) |
TOTAL SHAREHOLDERS' EQUITY | 1,582,087 | 1,584,810 |
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY | $ 2,096,996 | $ 2,039,832 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Outstanding | 62,549,000 | 63,623,000 |
Treasury Stock, Shares | 13,990,000 | 12,414,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUE: | |||
Tuition | $ 1,673,381 | $ 1,755,981 | $ 1,784,638 |
Other Educational | 170,156 | 153,962 | 138,733 |
Total Revenue | 1,843,537 | 1,909,943 | 1,923,371 |
OPERATING COST AND EXPENSE: | |||
Cost of Educational Services | 986,778 | 1,000,055 | 983,436 |
Student Services and Administrative Expense | 654,049 | 708,285 | 727,870 |
Restructuring Expense | 74,225 | 42,913 | 32,715 |
Asset Impairment Charge | 147,660 | 1,780 | 0 |
Gain on Sale of Assets | (7,032) | 0 | (1,918) |
Total Operating Cost and Expense | 1,855,680 | 1,753,033 | 1,742,103 |
Operating (Loss) Income from Continuing Operations | (12,143) | 156,910 | 181,268 |
INTEREST: | |||
Interest Income | 779 | 2,063 | 1,731 |
Interest Expense | (5,934) | (5,313) | (3,632) |
Net Interest Expense | (5,155) | (3,250) | (1,901) |
(Loss) Income from Continuing Operations Before Income Taxes | (17,298) | 153,660 | 179,367 |
Income Tax Benefit (Provision) | 14,542 | (18,537) | (27,699) |
(Loss) Income from Continuing Operations | (2,756) | 135,123 | 151,668 |
DISCONTINUED OPERATIONS (NOTE 2): | |||
Income (Loss) from Operations of Divested Component | 0 | 1,011 | (18,802) |
Income Tax Benefit | 0 | 4,565 | 1,845 |
Income (Loss) on Discontinued Operations | 0 | 5,576 | (16,957) |
NET (LOSS) INCOME | (2,756) | 140,699 | 134,711 |
Net Income Attributable to Noncontrolling Interest | (410) | (800) | (679) |
NET (LOSS) INCOME ATTRIBUTABLE TO DEVRY EDUCATION GROUP | (3,166) | 139,899 | 134,032 |
AMOUNTS ATTRIBUTABLE TO DEVRY EDUCATION GROUP: | |||
(Loss) Income from Continuing Operations, Net of Income Taxes | (3,166) | 134,323 | 150,989 |
Income (Loss) from Discontinued Operations, Net of Income Taxes | 0 | 5,576 | (16,957) |
NET (LOSS) INCOME ATTRIBUTABLE TO DEVRY EDUCATION GROUP | $ (3,166) | $ 139,899 | $ 134,032 |
Basic: | |||
Continuing Operations | $ (0.05) | $ 2.08 | $ 2.35 |
Discontinued Operations | 0 | 0.09 | (0.26) |
Earnings Per Share, Basic | (0.05) | 2.17 | 2.09 |
Diluted: | |||
Continuing Operations | (0.05) | 2.06 | 2.33 |
Discontinued Operations | 0 | 0.08 | (0.26) |
Earnings Per Share, Diluted | (0.05) | 2.14 | 2.07 |
Cash Dividends Declared per Common Share | $ 0.36 | $ 0.36 | $ 0.34 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
NET (LOSS) INCOME | $ (2,756) | $ 140,699 | $ 134,711 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | |||
Currency Translation Gain (Loss) | 34,821 | (61,703) | 1,369 |
Change in Fair Value of Available-For-Sale Securities | (174) | (17) | 338 |
COMPREHENSIVE INCOME | 31,891 | 78,979 | 136,418 |
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (1,150) | 1,509 | (647) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO DEVRY EDUCATION GROUP | $ 30,741 | $ 80,488 | $ 135,771 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOW FROM OPERATING ACTIVITIES: | |||
Net (Loss) Income | $ (2,756) | $ 140,699 | $ 134,711 |
(Income) Loss from Discontinued Operations | 0 | (5,576) | 16,957 |
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities: | |||
Stock-Based Compensation Expense | 22,368 | 17,440 | 17,685 |
Depreciation | 79,400 | 85,008 | 82,739 |
Amortization | 6,151 | 5,548 | 7,078 |
Impairment of Goodwill and Intangible Assets | 147,660 | 1,780 | 0 |
Provision for Refunds and Uncollectible Accounts | 82,016 | 89,886 | 88,506 |
Deferred Income Taxes | (41,648) | 3,563 | (18,115) |
Loss on Disposals, Accelerated Depreciation and Adjustments to Land, Building and Equipment | 14,156 | 6,774 | 9,150 |
Unrealized Loss on Assets Held for Sale | 0 | 0 | 244 |
Realized Gain on Sale of Assets | (7,032) | 0 | (1,918) |
Changes in Assets and Liabilities, Net of Effects from Acquisition and Divestiture of Components: | |||
Restricted Cash | 3,560 | (2,396) | (1,328) |
Accounts Receivable | (91,649) | (96,534) | (82,262) |
Prepaid Expenses and Other | 8,038 | (19,716) | 18,148 |
Accounts Payable | (9,612) | 10,830 | (2,883) |
Accrued Salaries, Wages, Benefits and Expenses | 12,055 | (24,725) | (2,943) |
Deferred Revenue | 8,862 | (9,314) | 301 |
Net Cash Provided by Operating Activities-Continuing Operations | 231,569 | 203,267 | 266,070 |
Net Cash Used in Operating Activities-Discontinued Operations | 0 | (160) | (509) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 231,569 | 203,107 | 265,561 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital Expenditures | (69,396) | (88,707) | (79,355) |
Payment for Purchase of Businesses, Net of Cash Acquired | (173,864) | (73,117) | (13,570) |
Marketable Securities Purchased | (105) | (158) | (135) |
Cash Received on Sale of Assets | 31,072 | 6,100 | 8,727 |
Purchase of Noncontrolling Interest of Subsidiary | (3,114) | 0 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (215,407) | (155,882) | (84,333) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Exercise of Stock Options | 337 | 8,828 | 10,482 |
Proceeds from Stock Issued Under Colleague Stock Purchase Plan | 1,153 | 1,204 | 1,372 |
Repurchase of Common Stock for Treasury | (32,634) | (25,918) | 0 |
Cash Dividends Paid | (22,977) | (23,230) | (21,903) |
Payments of Seller Financed Obligations | (11,500) | (5,978) | (9,095) |
Payment of Debt Refinancing Fees | 0 | (3,519) | 0 |
NET CASH USED IN FINANCING ACTIVITIES | (65,621) | (48,613) | (19,144) |
Effects of Exchange Rate Differences | 4,601 | (3,778) | (1,040) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (44,858) | (5,166) | 161,044 |
Cash and Cash Equivalents at Beginning of Year | 353,022 | 358,188 | 197,144 |
Cash and Cash Equivalents at End of Year | 308,164 | 353,022 | 358,188 |
Cash Paid During the Year For: | |||
Interest | 3,510 | 1,800 | 1,741 |
Income Taxes, Net | 1,420 | 23,943 | 27,864 |
Non-cash Investing and Financing Activity: | |||
(Decrease) Increase in Redemption Value of Noncontrolling Interest Put Option | $ (1,804) | $ 2,427 | $ 4,860 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning Balance at Jun. 30, 2013 | $ 1,397,156 | $ 745 | $ 291,269 | $ 1,575,009 | $ (17,101) | $ (452,766) |
Comprehensive Income: | ||||||
Net income | 134,032 | 134,032 | ||||
Currency Translation Gain (Loss) | 1,369 | 1,369 | ||||
Unrealized investment gains, net of tax | 338 | 338 | ||||
Change in noncontrolling interest put option | (4,860) | (4,860) | ||||
Stock-based compensation | 17,685 | 17,685 | ||||
Cash dividends of $0.34, $0.36 and $0.36, per common share in 2014, 2015 and 2016 respectively | (21,903) | (21,903) | ||||
Net activity from stock-based compensation awards | 6,928 | 8 | 10,473 | (3,553) | ||
Tax benefit from exercise of stock-based compensation awards | 1,276 | 1,276 | ||||
Proceeds from stock issued under Colleague Stock Purchase Plan | 1,372 | (207) | 1,579 | |||
Ending Balance at Jun. 30, 2014 | 1,533,393 | 753 | 320,703 | 1,682,071 | (15,394) | (454,740) |
Comprehensive Income: | ||||||
Net income | 139,899 | 139,899 | ||||
Currency Translation Gain (Loss) | (61,703) | (61,703) | ||||
Unrealized investment gains, net of tax | (17) | (17) | ||||
Change in noncontrolling interest put option | (2,427) | (2,427) | ||||
Stock-based compensation | 17,440 | 17,440 | ||||
Cash dividends of $0.34, $0.36 and $0.36, per common share in 2014, 2015 and 2016 respectively | (23,230) | (23,230) | ||||
Net activity from stock-based compensation awards | 3,458 | 7 | 9,533 | (6,082) | ||
Tax benefit from exercise of stock-based compensation awards | 2,580 | 2,580 | ||||
Proceeds from stock issued under Colleague Stock Purchase Plan | 1,335 | 48 | 1,287 | |||
Repurchase of common shares for treasury | (25,918) | (25,918) | ||||
Ending Balance at Jun. 30, 2015 | 1,584,810 | 760 | 350,256 | 1,796,361 | (77,114) | (485,453) |
Comprehensive Income: | ||||||
Net income | (3,166) | (3,166) | ||||
Currency Translation Gain (Loss) | 34,821 | 34,821 | ||||
Unrealized investment gains, net of tax | (174) | (174) | ||||
Change in noncontrolling interest put option | 1,804 | 1,804 | ||||
Stock-based compensation | 22,368 | 22,368 | ||||
Cash dividends of $0.34, $0.36 and $0.36, per common share in 2014, 2015 and 2016 respectively | (22,977) | (22,977) | ||||
Net activity from stock-based compensation awards | (3,137) | 5 | 332 | (3,474) | ||
Tax benefit from exercise of stock-based compensation awards | (781) | (781) | ||||
Proceeds from stock issued under Colleague Stock Purchase Plan | 1,153 | (954) | 2,107 | |||
Repurchase of common shares for treasury | (32,634) | (32,634) | ||||
Ending Balance at Jun. 30, 2016 | $ 1,582,087 | $ 765 | $ 372,175 | $ 1,771,068 | $ (42,467) | $ (519,454) |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Dividends Declared per Common Share | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.36 | $ 0.36 | $ 0.34 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | DeVry Education Group Inc. (“DeVry Group”) is a global provider of educational services and one of the largest publicly-held educational organizations in the world. DeVry Group’s wholly owned subsidiaries include: American University of the Caribbean School of Medicine (“AUC”) B Carrington College (“Carrington”) Ross University School of Medicine (“RUSM”) R Becker Professional Education (“Becker”) Ross University School of Veterinary Medicine (“RUSVM”) DeVry University Chamberlain College of Nursing (“Chamberlain”) In addition, DeVry Group maintains a 97.9 AUC operates a campus in the Caribbean country of St. Maarten. Students complete their basic science curriculum in a modern, fully equipped campus in the Caribbean and complete their clinical education in the U.S., Canadian and United Kingdom teaching hospitals and veterinary schools under affiliation with AUC. RUSM operates a campus in the Caribbean country of Dominica. RUSM students complete their basic science curriculum in a modern, fully equipped campus in the Caribbean and complete their clinical education in the U.S. and Canadian teaching hospitals under affiliation with RUSM. RUSVM operates a campus in the Caribbean country of St. Kitts. RUSVM students complete their basic science curriculum in a modern, fully equipped campus in the Caribbean and complete their clinical education in the U.S. and international veterinary schools under affiliation with RUSVM. Chamberlain offers pre-licensure associate and bachelor’s degree programs in nursing at 20 Carrington operates 21 8 Becker prepares candidates for the Certified Public Accountant (“CPA”), Association of Chartered Certified Accountants (“ACCA”) and Chartered Institute of Management Accountants (“CIMA”) professional certification examinations, and offers continuing professional education programs and seminars in accounting and finance. These classes are taught in nearly 300 55 DeVry Brasil is based in the city of Fortaleza, State of Ceará, in the Northeast region of Brazil and is currently comprised of 13 institutions: Faculdades Nordeste (“Fanor”), Faculdade Ruy Barbosa (“Ruy Barbosa”) Faculdade ÁREA1 (“ÁREA1”), Faculdade Boa Viagem (“FBV”), Centro Universitário Vale do Ipojuca (“UniFavip”), Faculdade Diferencial Integral (“Facid”), Faculdade DeVry São Luis (“DeVry Sao Luis”), Faculdade DeVry Joao Pessoa (“DeVry Joao Pessoa”), Faculdade Martha Falcão (“FMF”), Faculdade Ideal (“Faci”), Damásio Educacional (“Damasio”), Grupo Ibmec Educacional S.A. (“Grupo Ibmec”) and Faculdade de Imperatriz (“Facimp”). These schools operate 22 12 220 DeVry University is one of the largest regionally accredited higher education systems in North America, offering associate, bachelor’s and master’s degree programs in technology, healthcare technology, business and management. At June 30, 2016, DeVry University programs were offered at 60 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 2: DISCONTINUED OPERATIONS In December 2013, the assets of DeVry Group’s Advanced Academics Inc. (“AAI”) subsidiary, which had previously been disclosed as “held for sale” were divested. These assets were sold for $ 2.0 1.0 5.0 For the Year Ended June 30, 2016 2015 2014 Income (Loss) from Operations of Divested Component $ - $ 1,011 $ (4,992) Asset Impairment Charge and Gain on Sale - - (13,105) Restructuring Expense - - (705) Income Tax Benefit - 4,565 1,845 Income (Loss) from Discontinued Operations, Net of Income Taxes $ - $ 5,576 $ (16,957) |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3: 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 (Loss). 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. DeVry Group owns investments in marketable securities that have been designated as “available-for-sale” in accordance with authoritative guidance. Available-for-sale securities are carried at fair value with the unrealized gains and losses reported in the Consolidated Balance Sheets as a component of Accumulated Other Comprehensive Loss. Marketable securities and investments consist of investments in mutual funds which are classified as available-for-sale securities. Gross Unrealized Cost (Loss) Gain Fair Value Marketable Securities: Bond Mutual Fund $ 1,085 $ - $ 92 $ 1,177 Stock Mutual Funds 2,382 - 50 2,432 Total Marketable Securities $ 3,467 $ - $ 142 $ 3,609 Investments are classified as short-term if they are readily convertible to cash or have other characteristics of short-term investments such as highly liquid markets or maturities within one year. All mutual fund investments are recorded at fair market value based upon quoted market prices. At June 30, 2016, all of the bond and stock mutual fund investments are held in a rabbi trust for the purpose of paying benefits under DeVry Group’s non-qualified deferred compensation plan. Realized gains and losses are computed on the basis of specific identification and are included in Interest in the Consolidated Statements of Income (Loss). DeVry Group has not recorded any realized gains or realized losses for fiscal year 2016. See “Note 5: Fair Value Measurements” for further disclosures on the Fair Value of Financial Instruments. 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, 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, AUC, RUSM and 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 and DeVry Brasil’s test preparation live classroom and DeVry Brasil’s 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 sales, are included in Other Educational Revenue in the Consolidated Statements of Income (Loss). 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 (Loss), is recognized in the same ratable fashion as revenue to most appropriately match these costs with the tuition revenue in that term. Provisions for refunds were $ 46.5 42.3 36.1 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 $ 64.5 65.0 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 (Loss), for years ended June 30, 2016, 2015 and 2014 were $ 35.5 47.6 52.4 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 June 30, 2016 and 2015, the net balance of capitalized software development costs was $ 18.3 31.6 Land, Building and Equipment, including both purchased and internal-use software development costs, are recorded at cost. Cost also includes additions and those improvements that enhance performance, increase the capacity or lengthen the useful lives of the assets. Repairs and maintenance costs are expensed as incurred. Upon sale or retirement of an asset, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting profit or loss included in income in the period incurred. Assets under construction are reflected in Construction in Progress until they are placed into service for their intended use. Interest is capitalized as a component of cost on major projects during the construction period. Leasehold improvements are amortized using the straight-line method over the term of the lease or the estimated useful life of the asset, whichever is shorter. Leased property meeting certain criteria is capitalized, and the present value of the related lease payments is recorded as a liability. Amortization of capitalized leased assets is computed on the straight-line method over the term of the lease or the life of the related asset, whichever is shorter. Depreciation is computed using the straight-line method over estimated service lives. These lives range from 5 40 3 8 Intangible assets relate mainly to acquired business operations (see “Note 8: Business Combinations”). These assets consist of the fair value of certain identifiable assets acquired. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. 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, goodwill and indefinite-lived intangibles must be reviewed annually for impairment, or more frequently if circumstances arise indicating potential impairment. This impairment review was most recently completed as of May 31, 2016. For goodwill, 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, if the carrying amount exceeds the fair value, an impairment loss is recognized in an amount equal to that excess. See “Note 9: Intangible Assets” for results of DeVry Group’s required impairment analysis of its intangible assets and goodwill. Intangible assets with finite lives are amortized over their expected economic lives, generally 2 15 DeVry Group expenses advertising, curriculum development, new school opening and student recruiting costs as incurred. 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 fiscal years 2016 and 2015, management consolidated operations at several DeVry University and Carrington locations. These decisions resulted in the pre-tax accelerated depreciation and write-offs on leasehold improvements and equipment of $ 13.7 4.3 3.9 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 carrying amounts reported in the Consolidated Balance Sheets for Cash and Cash Equivalents, Marketable Securities and Investments (see “Note 5: Fair Value Measurements”), Restricted Cash, Accounts Receivable, Net, Accounts Payable, Accrued Expenses and Deferred Revenue payments approximate fair value because of the immediate or short-term maturity of these financial instruments. DeVry Group’s current maturities and long-term debt, if any, (see “Note 12: Debt”) bear interest at a floating rate reset to current rates on a periodic basis not currently exceeding six months. Therefore, the carrying amount of DeVry Group’s long-term debt, if any, approximates fair value. 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 the years June 30, 2016, 2015 and 2014 were not material. DeVry Group accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. DeVry Group also recognizes future tax benefits associated with tax loss and credit carryforwards as deferred tax assets. DeVry Group’s deferred tax assets are reduced by a valuation allowance, when in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. DeVry Group measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which DeVry Group expects to recover or settle the temporary differences. The effect of a change in tax rates on deferred taxes is recognized in the period that the change is enacted. DeVry Group reduces its net tax assets for the estimated additional tax and interest that may result from tax authorities disputing uncertain tax positions DeVry Group has taken. DeVry Group’s effective income tax rate reflects benefits derived from significant operations outside the U.S. Earnings of these international operations are not subject to U.S. federal or state income taxes so long as such earnings are not repatriated, as discussed below. Four of DeVry Group’s operating units, AUC which operates in St. Maarten, RUSM, which operates in Dominica, RUSVM which operates in St. Kitts, and DeVry Brasil which operates in Brazil, all benefit from local tax incentives. AUC’s effective tax rate reflects benefits derived from investment incentives. RUSM and RUSVM each have agreements with their respective domestic governments that exempt them from local income taxation. Both of these agreements have been extended to provide, in the case of RUSM, an indefinite period of exemption and, in the case of RUSVM, exemption until 2037. DeVry Brasil’s effective tax rate reflects benefits derived from its participation in PROUNI, a Brazilian program for providing scholarships to a portion of its undergraduate students. DeVry Group intends to indefinitely reinvest international earnings and cash flow to improve and expand facilities and operations at AUC, RUSM, RUSVM and DeVry Brasil, and pursue other business opportunities outside the U.S. 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 (“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 (Loss) based on DeVry Group's noncontrolling interest accounting policy. The following is a reconciliation of the noncontrolling interest balance (in thousands): Year Ended June 30, 2016 2015 Balance at Beginning of Period $ 9,620 $ 6,393 Net Income Attributable to Noncontrolling Interest 410 800 Payment for Purchase of Noncontrolling Interest of Subsidiary (3,114) - (Decrease) Increase in Redemption Value of Noncontrolling Interest Put Option (1,804) 2,427 Balance at End of Period $ 5,112 $ 9,620 Basic earnings per share is computed by dividing net loss or 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. As fiscal year 2016 resulted in a net loss, diluted earnings per share is computed by dividing the net loss attributable to DeVry Group by the weighted average of basic shares outstanding. 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 earnings per share were options to purchase 2,803,000 1,189,000 2,017,000 As of June 30, 2016 2015 2014 Weighted Average Shares Outstanding 63,254 63,772 63,319 Unvested Participating RSUs 782 774 889 Basic Shares 64,036 64,546 64,208 Effect of Dilutive Stock Options 335 731 645 Diluted Shares 64,371 65,277 64,853 DeVry Group’s Board of Directors (the “Board”) has authorized stock repurchase programs on nine occasions (see “Note 7: Dividends and Share Repurchase Programs”). The ninth share 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 4: 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. Stock-based compensation is recorded as compensation expense over the vesting period. 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. 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. The fair value of share-based awards, including those with performance conditions, are measured as of the grant date. 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. Share-based compensation expense is amortized for the estimated number of shares expected to vest. The estimated number of shares that will vest is based on management’s determination of the probable outcome of the performance conditions, which may require considerable judgment. DeVry Group records a cumulative adjustment to share-based compensation expense in periods when the estimate of the number of shares expected to vest changes. Expense is recognized to reflect the actual vested shares following the resolution of the performance conditions. 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 June 30, 2016, consists of $ 42.6 41.7 0.9 0.1 0.1 77.4 74.5 2.9 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 (Loss), was $ 227.2 264.2 259.0 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 accelerated depreciation and gains and losses on disposals of property and equipment related to campus consolidations (see “Note 10: Restructuring Charges”). In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09: “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” 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 ASU 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 January 2016, the FASB issued ASU No. 2016-01: “Financial InstrumentsOverall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance was issued to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The guidance eliminates the classification of equity securities into different categories (that is, trading or available-for-sale) and require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within those annual periods. This guidance will require DeVry Group to record the changes in the fair value of its available-for-sale investments through net income. Management anticipates the adoption will not have a significant impact on DeVry Group’s Consolidated Financial Statements. In November 2015, the FASB issued ASU 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. In the fourth quarter of fiscal year 2016, we retrospectively adopted this guidance. In September 2015, the FASB issued ASU 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 ASU 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 12: 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 ASU 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 ASU 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. In July 2013, the FASB issued ASU No. 2013-11: “Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This guidance requires an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss or a tax credit carryforward to be presented as a reduction to a deferred tax asset, unless the tax benefit is not available at the reporting date to settle any additional income taxes under the tax law of the applicable tax jurisdiction. The guidance was effective for the first quarter of fiscal year 2015 and its adoption did not have a significant impact on DeVry Group’s Consolidated Financial Statements. In the fourth quarter of fiscal year 2016, we retrospectively adopted ASU No. 2015-17: “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” Therefore, we decreased current deferred income tax assets by $ 41.5 7.1 34.4 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 4: 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 June 30, 2016, 7,796,846 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 683,025 22.83 Options Exercised (23,304) 20.03 Options Forfeited (125,209) 29.12 Options Expired (108,263) 36.85 Outstanding at June 30, 2016 3,574,336 32.79 5.44 $ 80 Exercisable at June 30, 2016 2,670,742 $ 35.51 4.17 $ - 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 June 30, 2016 118,065 42.74 1.40 $ - Exercisable at June 30, 2016 118,065 $ 42.74 1.40 $ - The total intrinsic value of options exercised for the fiscal years ended 2016, 2015 and 2014 was $ 0.1 5.4 7.2 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 fiscal years 2016, 2015 and 2014 were $ 8.85 17.94 11.68 Fiscal Year 2016 2015 2014 Expected Life (in Years) 6.78 6.73 6.58 Expected Volatility 41.35 % 42.04 % 43.76 % Risk-free Interest Rate 1.85 % 2.03 % 2.16 % Dividend Yield 1.01 % 1.03 % 0.90 % Pre-vesting Forfeiture Rate 3.00 % 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 fiscal year 2016, DeVry Group granted 724,450 237,520 486,930 Weighted Restricted Average Stock Units Grant Date Outstanding Fair Value Nonvested at July 1, 2015 1,013,140 $ 30.42 RSUs Granted 724,450 24.41 RSUs Vested (432,456) 28.26 RSUs Forfeited (165,784) 27.91 Nonvested at June 30, 2016 1,139,350 $ 27.78 The weighted average estimated grant date fair values for RSUs granted at market price under DeVry Group’s stock-based incentive plans during fiscal years 2016, 2015 and 2014 were $ 24.41 42.99 29.30 For the Year Ended June 30, 2016 2015 2014 Cost of Educational Services $ 5,617 $ 5,581 $ 5,659 Student Services and Administrative Expense 16,751 11,859 12,026 22,368 17,440 17,685 Income Tax Benefit (8,564) (6,307) (6,052) Net Stock-Based Compensation Expense $ 13,804 $ 11,133 $ 11,633 As of June 30, 2016, $ 21.7 2.5 21.7 18.3 16.8 There were no capitalized stock-based compensation costs at June 30, 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 | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 5: 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 June 30, 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 impairment review was most recently completed in May of fiscal year 2016. See “Note 9: Intangible Assets” for further discussion on the impairment review including valuation techniques and assumptions. During the first quarter of fiscal year 2014, it was determined that net assets of the AAI reporting unit had been impaired. This determination was made after review of third-party offers to purchase the assets of the business. To determine the fair value of the AAI assets, management incorporated assumptions that a reasonable market participant would use regarding the impact of the current operating losses and the increased uncertainty impacting future operations. We used significant unobservable inputs (Level 3) in our analysis including third-party offers received to acquire the assets of AAI along with estimated costs to dispose of the assets. Based on this analysis, the fair market value of the AAI assets less the costs to sell was determined to be approximately $ 2.0 13.5 13.5 2.0 Level 1 Level 2 Level 3 Cash and Cash Equivalents $ 308,164 $ - $ - Available-for-Sale Investments: Marketable Securities, short-term 3,609 - - Institutional Loans Receivable, Net - 49,025 - Deferred Acquisition Obligations - 32,121 - FIES Long-Term Receivable - 13,057 - Total Financial Assets at Fair Value $ 311,773 $ 94,203 $ - 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, Net - 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 Sheets as of June 30, 2016 and 2015 is estimated by discounting the future cash flows using current rates for similar arrangements. See “Note 6: Financing Receivables” for further discussion on these institutional loans receivable. The fair value of the deferred acquisition obligations is estimated by discounting the future cash flows using current rates for similar arrangements. $ 7.7 8.2 24.4 18.6 The fair value of the FIES receivable included in Other Assets on the Consolidated Balance Sheet as of June 30, 2016 is estimated by discounting the future cash flows using published market data on Brazilian interest and inflation rates. As of and for the years ended June 30, 2016 and 2015, there were no assets or liabilities measured at fair value using Level 3 inputs. Below is a roll-forward of accrued contingent liabilities measured at fair value using Level 3 inputs for the year ended 2014 (in thousands). During the third quarter of fiscal year 2014, UniFavip, a DeVry Brasil institution, was officially granted Centro Universitario status by the Brazilian Ministry of Education (“MEC”). As a result, the institution’s name was changed from Favip to UniFavip and the UniFavip Contingent Consideration liability, which was owed upon achieving this status, of approximately $ 2.6 For the Year Ended June 30, 2014 Balance at Beginning of Period $ 2,509 Total Unrealized Gains Included in AOCI: Foreign Currency Translation Changes 65 UniFavip Contingent Consideration Payment (2,574) Balance at End of Period $ - |
FINANCING RECEIVABLES
FINANCING RECEIVABLES | 12 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | NOTE 6: 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 an 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 June 30, 2016 2015 Gross Institutional Student Loans $ 69,825 $ 70,345 Allowance for Credit Losses Balance at Beginning of Period $ (20,630) $ (19,868) Charge-offs and Adjustments 7,388 10,061 Recoveries (461) (1,125) Additional Provision (7,097) (9,698) Balance at End of Period (20,800) (20,630) Net Institutional Student Loans $ 49,025 $ 49,715 Of the net balances above, $ 21.7 24.7 27.3 25.0 As of June 30, 2016 2015 Institutional Student Loans: Performing $ 50,045 $ 51,855 Nonperforming 19,780 18,490 Total Institutional Student Loans $ 69,825 $ 70,345 30-59 60-89 90-119 Greater Total Current Total Institutional Student Loans: June 30, 2016 $ 8,038 $ 1,512 $ 924 $ 19,780 $ 30,254 $ 39,571 $ 69,825 June 30, 2015 $ 6,163 $ 1,761 $ 1,527 $ 18,490 $ 27,941 $ 42,404 $ 70,345 Loans are considered nonperforming if they are more than 120 19.8 19.7 18.5 15.9 |
DIVIDENDS AND STOCK REPURCHASE
DIVIDENDS AND STOCK REPURCHASE PROGRAMS | 12 Months Ended |
Jun. 30, 2016 | |
Dividends And Share Repurchase Program [Abstract] | |
DIVIDENDS AND SHARE REPURCHASE PROGRAMS | NOTE 7: DIVIDENDS AND STOCK REPURCHASE PROGRAMS Total Dividend Dividend Amount Declaration Date Record Date Payment Date Per Share (in thousands) November 6, 2014 December 5, 2014 December 26, 2014 $ 0.18 $ 11,641 May 14, 2015 June 5, 2015 June 26, 2015 $ 0.18 $ 11,589 November 5, 2015 December 4, 2015 December 23, 2015 $ 0.18 $ 11,563 May 11, 2016 June 3, 2016 June 24, 2016 $ 0.18 $ 11,414 Future dividends will be at the discretion of the Board of Directors. 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 869,302 16.1 Totals 13,728,815 $ 513.8 DeVry Group’s eighth share repurchase program ended on December 31, 2015. A total of 622,688 16.5 100 869,302 16.1 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 | 12 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | NOTE 8: BUSINESS COMBINATIONS Faculdade de Imperatriz On June 1, 2016, DeVry Brasil completed the acquisition of Faculdade de Imperatriz (“Facimp”). Under the terms of the agreement, DeVry Brasil agreed to pay approximately $ 6.3 100 3.5 2.8 2,000 The operations of Facimp are included in DeVry Group’s International and Professional Education segment. The results of Facimp’s operations have been included in the Consolidated Financial Statements of DeVry Group since the date of acquisition. At June 1, 2016 Current Assets $ 1,057 Property and Equipment 291 Intangible Assets 2,652 Goodwill 4,997 Total Assets Acquired 8,997 Liabilities Assumed 2,704 Net Assets Acquired $ 6,293 Goodwill, which represents the excess of the purchase price 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 Facimp’s strategic fit into DeVry Group’s expanding presence in 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 $ 2.7 2.1 0.5 There is no pro forma presentation of operating results for this acquisition due to the insignificant effect on consolidated operations. 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 $ 191.0 100 180.5 10.5 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 60,634 Goodwill 111,010 Total Assets Acquired 215,385 Liabilities Assumed 24,423 Net Assets Acquired $ 190,962 Goodwill, which represents the excess of the purchase price 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 March 31, 2016 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 $ 60.6 34.7 18.4 At December 15, 2015 Value Estimated 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. Damásio 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 $ 81.3 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 $ 8,015 Property and Equipment 3,154 Other Long-term Assets 2,246 Intangible Assets 47,011 Goodwill 48,637 Total Assets Acquired 109,063 Liabilities Assumed 27,721 Net Assets Acquired $ 81,342 Goodwill, which represents the excess of the purchase price 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. A purchase accounting adjustment was made during the third quarter of fiscal year 2016, within the one year measurement period, to the Consolidated Financial Statements that was not previously disclosed and updated in the table above. 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 $ 47.0 19.3 8.0 At February 2, 2015 Value Estimated Franchise Contracts $ 13,085 18 years Student Relationships 5,294 6 years Test Preparation Relationships 1,342 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 the purchase price 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 $ 11.5 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 the purchase price 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 Curriculum $ 121 2 years There is no pro forma presentation of operating results for this acquisition due to the insignificant effect on consolidated operations. Faculdade Diferencial Integral On July 1, 2013, DeVry Brasil acquired the stock of Faculdade Diferencial Integral (“Facid”), located in the state of Piaui, Brazil, for approximately $ 16.1 9.0 2,900 The operations of Facid are included in DeVry Group’s International and Professional Education segment. The results of Facid’s operations have been included in the Consolidated Financial Statements of DeVry Group since the date of acquisition. At July 1, 2013 Current Assets $ 4,699 Property and Equipment 2,037 Other Long-term Assets 167 Intangible Assets 17,723 Goodwill 8,238 Total Assets Acquired 32,864 Liabilities Assumed 16,801 Net Assets Acquired $ 16,063 Goodwill, which represents the excess of the purchase price 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 Facid’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 $ 17.7 15.2 1.9 15 At July 1, 2013 Value Estimated Clinical Agreement $ 583 15 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 | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 9: 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 the purchase price over the fair value of the net tangible and intangible assets acquired. As of June 30, 2016 Gross Accumulated Weighted Average Amortizable Intangible Assets: Student Relationships $ 14,530 $ (7,150) (a) Customer Relationships 400 (170) 10 Years Non-compete Agreements 940 (799) 5 Years Curriculum/Software 4,038 (1,914) 5 Years Franchise Contracts 10,968 (863) 18 Years Clinical Agreements 406 (81) 15 Years Trade Names 1,183 (858) 10 Years Total $ 32,465 $ (11,835) Indefinite-lived Intangible Assets: Trade Names $ 70,731 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 20,200 AUC Title IV Eligibility and Accreditations 100,000 DeVry Brasil Accreditation 100,410 Total $ 322,226 (a) The total weighted average estimated amortization period for Student Relationships is 6 5 6 5 As of June 30, 2015 Gross Accumulated Amortizable Intangible Assets: Student Relationships $ 83,036 $ (78,906) Customer Relationships 400 (130) Test Prep Relationships 1,029 (429) Non-compete Agreements 2,290 (1,961) Curriculum/Software 3,092 (2,615) Outplacement Relationships 3,900 (1,764) Franchise Contracts 11,287 (261) Clinical Agreements 418 0 Trade Names 5,007 (4,550) Total $ 110,459 $ (90,616) Indefinite-lived Intangible Assets: Trade Names $ 48,134 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 57,669 Total $ 303,888 Amortization expense for amortized intangible assets was $ 5.4 4.1 6.4 Fiscal Year DeVry Brasil Becker Total 2017 $ 4,769 $ 312 $ 5,081 2018 3,326 40 3,366 2019 2,290 40 2,330 2020 1,550 40 1,590 2021 945 40 985 Thereafter 7,248 30 7,278 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 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. Authoritative guidance provides for a three step approach to evaluating potential impairment of goodwill and a quantitative or qualitative review of indefinite-lived intangible assets in order to determine if it is more likely than not that these assets have been impaired. Step 0 is a qualitative assessment used to determine whether it is necessary to perform the succeeding two-steps in evaluating impairment of goodwill. DeVry Group had seven reporting units which contained goodwill as of the fourth quarter of fiscal year 2016. These reporting units constitute components for which discrete financial information is available and regularly reviewed by segment management. If the carrying amount of a 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. In analyzing the results of operations and business conditions of all seven reporting units (Step 0), it was determined that for five of the reporting units, a Step 1 impairment analysis was not necessary to determine if the carrying values of the reporting unit exceeded their fair values as of the May 31, 2016, annual impairment review date. For the other two reporting units (DeVry University and Carrington) the results of operations as compared to plan and the prior year as well as forecasted results and the general business environment surrounding their operations required a Step 1 analysis and, in the case of Carrington, a Step 2 analysis. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. For the Step 1 analysis, the estimate of the 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 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 reporting units. Discount rates of 14.8 13.8 For indefinite-lived intangible assets, management first analyzes qualitative factors including results of operations and business conditions of all seven reporting units, significant changes in cash flows at the individual indefinite-lived intangible asset level, if applicable, as well as how much previously calculated fair values exceed carrying values to determine if it is more likely than not that the intangible assets associated with these reporting units have been impaired. In calculating fair value, DeVry Group uses 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. In qualitatively assessing the indefinite-lived assets of all seven reporting units, it was determined that for all intangibles except those in the DeVry University and Carrington reporting units, it was more likely than not that these assets’ fair values exceeded their carrying values as of the May 31, 2016, annual impairment review date. For two reporting units (DeVry University and Carrington) the qualitative assessment required further quantitative analysis. In fiscal year 2016, in determining fair values of intangible assets, discount rates of 14.8% and 13.8% were utilized for those assets at the DeVry University and Carrington reporting units, respectively. The discount rate utilized takes into account management’s assumptions on growth rates and risk, both institution specific and macroeconomic, inherent in that reporting unit. These intangible assets are closely tied to the overall risk of the reporting units in which they are recorded so management would expect the discount rates to also match those used for valuing these reporting units. 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 in fiscal year 2016 is indicative of the reaction to the news of regulatory inquires, in particular the Federal Trade Commission civil complaint filed against DeVry University in January 2016 (see “Note 14: 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 DeVry University diminishes in size and the other DeVry Group 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 and was not cause for an interim impairment review. 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 annual 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 year 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. A discount rate of 14 13 Management’s interim step two 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 An interim triggering event analysis was limited to Carrington during fiscal year 2016 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 any 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 The May 31, 2016 annual impairment review, using inputs and techniques mentioned above, indicated further impairment of the Carrington reporting unit. Revenue and operating income for the second half of fiscal year 2016 were significantly below management’s revised financial projections used in the second quarter interim impairment analysis. Second half revenue was approximately 8 10 8 At May 31, 2016, management performed an impairment analysis and calculated fair value estimates for the Carrington intangible assets, primarily for the Accreditation and Title IV Eligibility intangible asset, of $ 20.2 42.4 42.4 5.8 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 at either the interim or year-end reporting periods. Therefore, in fiscal year 2016, Carrington’s goodwill and other intangibles impairment charges in the aggregate were $ 147.7 30.4 117.3 The May 31, 2016 annual impairment review did not indicate impairment of any other reporting unit. For fiscal year 2016, the DeVry University reporting unit experienced a 23.0 12.7 6 90 Management monitors enrollment and financial performance of the reporting unit. 23.8 At June 30, 2016, intangible assets from business combinations totaled $ 342.9 588.0 44 Reporting Unit As of June 30, 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 DeVry Brasil 223,558 Becker Professional Education 32,043 DeVry University 22,196 Total $ 588,007 Reporting Segment: As of June 30, Medical and Healthcare $ 310,210 International and Professional Education 255,601 Business, Technology and Management 22,196 Total $ 588,007 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 Purchase Accounting Adjustment - - 4,575 - 4,575 Acquisitions - - 116,007 - 116,007 Impairments - (98,784) - - (98,784) Foreign currency exchange rate changes - - 13,880 - 13,880 Balance at June 30, 2016 $ 495,927 $ (185,717) $ 255,601 $ 22,196 $ 588,007 The increase in the goodwill balance from June 30, 2015 in the International and Professional Education segment is the result of the addition of $ 116.0 Reporting Segment As of June 30, Medical and Healthcare $ 157,700 International and Professional Educational 162,881 Business, Technology and Management 1,645 Total $ 322,226 Total indefinite-lived intangible assets increased by $ 18.3 55.7 47.0 |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 12 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | NOTE 10: RESTRUCTURING CHARGES During fiscal year 2016, DeVry Group recorded pre-tax charges , including accelerated depreciation, 50.1 761 24.1 5.6 1.2 66.9 0.5 During fiscal year 2015, DeVry Group recorded pre-tax charges , including accelerated depreciation, 23.5 668 19.4 6.9 0.1 32.6 3.3 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) 67.5 Reduction in liability (payments and adjustments) (46.3) Liability balance at June 30, 2016 $ 48.2 Of this liability balance, $ 26.7 21.5 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 11: INCOME TAXES For the Year Ended June 30, 2016 2015 2014 U.S. $ (131,615) $ 33,693 $ 58,539 Foreign 114,317 119,967 120,828 Total $ (17,298) $ 153,660 $ 179,367 For the Year Ended June 30, 2016 2015 2014 Income Tax (Benefit) Provision: Current Tax Provision U.S. Federal $ 20,226 $ 10,146 $ 32,660 State and Local 4,295 2,756 5,133 Foreign 2,685 2,602 1,240 Total Current 27,206 15,504 39,033 Deferred Tax (Benefit) Provision: U.S. Federal (40,457) (45) (9,545) State and Local (5,441) (486) (4,447) Foreign 4,150 3,564 2,658 Total Deferred (41,748) 3,033 (11,334) Income Tax (Benefit) Provision $ (14,542) $ 18,537 $ 27,699 For the Year Ended June 30, 2016 2015 2014 Income Tax at Statutory Rate $ (6,054) 35.0 % $ 53,787 35.0 % $ 62,778 35.0 % Lower Rates on Foreign Operations (33,213) 192.0 % (36,428) (23.7) % (36,675) (20.4) % State Income Taxes (1,012) 5.9 % 2,320 1.5 % 3,405 1.9 % Nondeductible Tax Items 2,080 (12.0) % 953 0.6 % (1,037) (0.6) % Nondeductible Goodwill 23,957 (138.5) % - 0.0 % - 0.0 % Other (300) 1.7 % (2,095) (1.3) % (772) (0.5) % Income Tax (Benefit) Provision $ (14,542) 84.1 % $ 18,537 12.1 % $ 27,699 15.4 % For the Year Ended June 30, 2016 2015 2014 Loss and Credit Carryforwards, Net $ 24,213 $ 21,544 $ 13,371 Employee Benefits 17,820 17,852 21,853 Stock-Based Payments 21,239 17,136 16,606 Deferred Rent 22,135 24,102 22,145 Receivable Reserve 20,158 20,043 23,036 Restructuring Reserve 18,820 8,903 8,618 Other Reserves 3,978 3,519 3,068 Less: Valuation Allowance (8,624) (10,552) (9,002) Gross Deferred Tax Assets 119,739 102,547 99,695 Depreciation (24,217) (25,860) (34,398) Amortization of Intangible Assets (72,850) (91,321) (73,539) Gross Deferred Tax Liability (97,067) (117,181) (107,937) Net Deferred Taxes $ 22,672 $ (14,634) $ (8,242) DeVry Group has net operating loss carryforwards in various tax jurisdictions expiring at various times through the years ending June 30, 2036. DeVry Group has state credit carryforwards that expire between the years ending June 30, 2018 and June 30, 2021. DeVry Group’s effective income tax rate reflects benefits derived from significant operations outside the U.S. Earnings of these international operations are not subject to U.S. federal or state income taxes, so long as such earnings are not repatriated, as discussed below. Four of DeVry Group’s operating units, AUC, which operates in St. Maarten, RUSM, which operates in Dominica, RUSVM, which operates in St. Kitts, and DeVry Brasil which operates in Brazil, all benefit from local tax incentives. AUC’s effective tax rate reflects benefits derived from investment incentives. RUSM and RUSVM each have agreements with their respective domestic governments that exempt them from local income taxation. Both of these agreements have been extended to provide, in the case of RUSM, an indefinite period of exemption and, in the case of RUSVM, exemption until 2037. DeVry Brasil’s effective tax rate reflects benefits derived from its participation in PROUNI, a Brazilian program for providing scholarships to a portion of its undergraduate students. Valuation allowances are established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The valuation allowance on our deferred tax assets was approximately $ 8.6 10.6 Based on DeVry Group’s expectations for future taxable income, management believes that it is more likely than not that operating income in respective jurisdictions will be sufficient to recognize fully all deferred tax assets, except as explained above. 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 June 30, 2016 and 2015, cumulative undistributed earnings attributable to international operations were approximately $ 891.3 773.1 290 310 The effective tax rate was 84.1 12.1 As of June 30, 2016 the total amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $ 7.5 5.7 8.5 6.7 We expect that our unrecognized tax benefits will decrease during the next 12 months due to the settlement of various audits and the lapsing of statutes of limitation. We estimate this decrease to be approximately $ 2.0 1.6 1.5 1.4 0.2 0.1 0.1 For the Year Ended June 30, 2016 2015 2014 Beginning Balance, July 1 $ 8.5 $ 9.1 $ 9.0 Increases from Positions Taken During Prior Periods 0.3 3.2 0.6 Decreases from Positions Taken During Prior Periods (1.7) (4.4) (1.3) Increases from Positions Taken During the Current Period 0.4 0.6 0.8 Ending Balance, June 30 $ 7.5 $ 8.5 $ 9.1 DeVry Group files tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. DeVry Group remains generally subject to examination in the U.S. for years beginning on or after July 1, 2012; in various states for years beginning on or after July 1, 2011; and in our significant foreign jurisdictions for years beginning on or after July 1, 2010. DeVry Group is currently under audit by the States of Indiana, Missouri, New Jersey, Oregon and South Carolina for various tax years between 2010 and 2014. The U.S. federal tax returns for the years ending June 30, 2013 and 2014 are currently under audit by the Internal Revenue Service (“IRS”) which began in the first quarter of fiscal year 2017. Although we have recorded tax reserves for potential adjustments to tax liabilities for prior years, we cannot provide assurance that a material adjustment, either positive or negative, will not result when the audits are concluded. |
DEBT
DEBT | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 12: DEBT DeVry Group had no outstanding borrowings under its revolving credit facility at each of June 30, 2016 and 2015. DeVry Group does have liabilities recorded for deferred purchase price agreements with sellers related to the purchases of Facid, FMF, Faci, Damasio, Grupo Ibmec and Facimp (see “Note 8: Business Combinations” for discussion of the FMF, Faci, Damasio, Grupo Ibmec and Facimp 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 the resolution of any pre-acquisition contingencies On July 1, 2016, DeVry Group borrowed $ 175 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 DeVry Group recorded deferred financing fees of $ 3.5 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 financial responsibility ratio based upon a composite score of an equity ratio, a primary reserve ratio and a net income 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 June 30, 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. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 13: EMPLOYEE BENEFIT PLANS Success Sharing Retirement Plan All U.S. employees who meet certain eligibility requirements can participate in DeVry Group’s 401(k) Success Sharing Retirement Plan. DeVry Group contributes to the plan an amount up to 4.0 26.2 26.6 33.7 Colleague Stock Purchase Plan Under provisions of DeVry Group’s Colleague Stock Purchase Plan, any eligible colleague (employee) may authorize DeVry Group to withhold up to $ 25,000 95 5 55,162 32,987 40,468 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 14: COMMITMENTS AND CONTINGENCIES DeVry Group and its subsidiaries lease certain equipment and facilities under noncancelable operating leases, some of which contain renewal options, escalation clauses and requirements to pay taxes, insurance and maintenance costs. Fiscal Year Amount 2017 $ 101,107 2018 91,668 2019 82,688 2020 77,523 2021 69,662 Thereafter 204,961 DeVry Group recognizes rent expense on a straight-line basis over the term of the lease, although the lease may include escalation clauses that provide for lower rent payments at the start of the lease term and higher lease payments at the end of the lease term. Rent expense for the years ended June 30, 2016, 2015 and 2014 was $ 80.0 90.1 87.1 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. Descriptions of certain matters from prior SEC filings may not be carried forward in this report to the extent we believe such matters no longer are required to be disclosed or there has not been, to our knowledge, significant activity relating to them. 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 Civil Investigative Demand (a “CID”) issued by the Office of the Attorney General of the Commonwealth of Massachusetts. The 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. In July 2016, DeVry Group received a second CID from the Office requesting information regarding advertising, admissions materials, placement rates, and credit/transferability agreements. DeVry Group is in the process of responding to the second CID. 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, and presently is in discussions with the NYOAG Staff to address certain concerns the Staff has raised that could form the basis for potential claims by the NYOAG if not addressed to the Staff’s satisfaction. 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 has and will continue to collaborate closely with 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 10 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. Since the filing of FTC’s lawsuit, the DeVry Group Defendants answered the FTC’s complaint, denying all allegations of wrongdoing and asserting certain defenses to the FTC’s claims. They filed a motion to dismiss the lawsuit on March 10, 2016, which was not granted. The court thereafter entered a scheduling order that includes key litigation deadlines culminating in a trial beginning March 13, 2018. 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. An agreement in principle has been reached to settle the litigation with the named plaintiffs as a means of resolving disputed claims without the cost, disruption, uncertainty and expense of further litigation. Pursuant to a confidential settlement agreement that is being documented, the lawsuit will be dismissed in its entirety. On May 13, 2016, a putative class action lawsuit was filed by the Pension Trust Fund for Operation Engineers, individually and on behalf of others similarly situated, against DeVry Group, Daniel Hamburger, Richard M. Gunst, and Timothy J. Wiggins in the United States District Court for the Northern District of Illinois. The complaint was filed on behalf of a putative class of persons who purchased DeVry Group common stock between February 4, 2011 and January 27, 2016. Citing the FTC lawsuit and ED’s January 2016 Notice, the plaintiffs claim that defendants made false or misleading statements regarding DeVry University’s graduate employment rate and the earnings of DeVry University graduates relative to the graduates of other universities and colleges. As a result of these false or misleading statements about DeVry University graduate outcomes, plaintiff alleges, defendants overstated DeVry Group’s growth, revenue and earnings potential and made false or misleading statements about DeVry Group’s business, operations and prospects. Plaintiffs allege direct liability against all defendants for violations of §10(b) and Rule 10b-5 of the Exchange Act and asserted liability against the individual defendants pursuant to § 20(a) of the Exchange Act. Plaintiff seeks monetary damages, interest, attorneys’ fees, costs and other unspecified relief. On July 13, 2016, the Utah Retirement System moved for appointment as lead plaintiff and approval of its selection of counsel. On July 26, 2016, the Pension Trust Fund for Operation Engineers filed a notice of its non-opposition to the appointment of Utah Retirement System as lead plaintiff. On or about June 21, 2016, T’Lani Robinson and Robby Brown filed an arbitration demand with the American Arbitration Association in Chicago, seeking to represent a putative class of students who received a DeVry University education from January 1, 2008 until April 8, 2016. The Demand is predicated on the same core allegations as the FTC case and asserts causes of action for breach of contract, negligence, violation of the Illinois Uniform Deceptive Trade Practices Act, conversion, and unjust enrichment. The Demand seeks a declaratory judgment, unspecified damages, and an injunction. On July 21, 2016, DeVry Group filed a statement in the arbitration objecting to the jurisdiction of an arbitrator to determine whether the enrollment agreements allow for arbitration on a class-wide basis. On the same day, DeVry Group filed a declaratory judgment action in the United States District Court for the Northern District of Illinois seeking (1) an order declaring that the federal court not an arbitrator is to determine whether the enrollment agreements allow for arbitration on a class-wide basis, (2) an order declaring that the enrollment agreements do not authorize arbitration on a class-wide basis, and (3) an order preventing any arbitrator from purporting to conduct any class-wide arbitration. These matters are in their initial stages and no definitive scheduling deadlines have yet been set. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 15: 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 Chief Executive Officer) evaluates performance and allocates resources. Performance evaluations are based, in part, on each segment’s operating (loss) income from continuing operations, 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 (loss) income from continuing operations 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 3: Summary of Significant Accounting Policies.” For the Year Ended June 30, 2016 2015 2014 Revenue: Medical and Healthcare $ 936,332 $ 859,477 $ 769,126 International and Professional Education 299,018 258,839 228,057 Business, Technology and Management 611,132 794,162 929,948 Intersegment Revenue and Other (2,945) (2,535) (3,760) Total Consolidated Revenue $ 1,843,537 $ 1,909,943 $ 1,923,371 Operating Income (Loss) from Continuing Operations: Medical and Healthcare $ 14,337 $ 146,503 $ 136,035 International and Professional Education 41,665 36,796 42,744 Business, Technology and Management (46,897) (17,658) 10,777 Home Office and Other (21,248) (8,731) (8,288) Total Consolidated Operating (Loss) Income from Continuing Operations $ (12,143) $ 156,910 $ 181,268 Interest Income (Expense): Interest Income $ 779 $ 2,063 $ 1,731 Interest Expense (5,934) (5,313) (3,632) Net Interest Expense $ (5,155) $ (3,250) $ (1,901) Total Consolidated (Loss) Income from Continuing Operations Before Income Taxes $ (17,298) $ 153,660 $ 179,367 Segment Assets: Medical and Healthcare $ 892,758 $ 1,164,914 $ 1,149,244 International and Professional Education 678,260 398,857 296,996 Business, Technology and Management 261,251 400,536 433,833 Home Office and Other 264,727 109,886 117,563 Total Consolidated Assets $ 2,096,996 $ 2,074,193 $ 1,997,636 Additions to Long-Lived Assets: Medical and Healthcare $ 32,924 $ 60,029 $ 51,023 International and Professional Education 208,075 139,474 39,862 Business, Technology and Management 10,662 4,944 12,791 Home Office and Other 10,806 9,704 6,064 Total Consolidated Additions to Long-Lived Assets $ 262,467 $ 214,151 $ 109,740 Reconciliation to Consolidated Financial Statements Capital Expenditures $ 69,396 $ 88,707 $ 79,355 Increase in Capital Assets from Acquisitions 13,778 10,921 2,257 Increase in Intangible Assets and Goodwill 179,293 114,523 28,128 Total Increase in Consolidated Long-Lived Assets $ 262,467 $ 214,151 $ 109,740 Depreciation Expense: Medical and Healthcare $ 33,620 $ 27,304 $ 24,831 International and Professional Education 5,910 6,164 3,900 Business, Technology and Management 27,075 37,267 43,713 Home Office and Other 12,795 14,273 10,295 Total Consolidated Depreciation $ 79,400 $ 85,008 $ 82,739 Intangible Asset Amortization Expense: Medical and Healthcare $ 255 $ 647 $ 3,647 International and Professional Education 5,192 3,442 2,772 Total Consolidated Amortization $ 5,447 $ 4,089 $ 6,419 Certain amounts reported for Segment Assets in fiscal year 2015 and 2014 have been revised from Home Office and Other to the Medical and Healthcare and Business, Technology and Management segments. The revision aligns the reporting in this table of intangible assets and goodwill to the appropriate segments. The revision consists of a decrease to Home Office and Other Segment Assets of $ 27.5 3.7 23.8 DeVry Group conducts its educational operations in the U.S., Dominica, St. Kitts, St. Maarten, Brazil, Canada, Europe, the Middle East, India and the Pacific Rim. Other international revenue, which is derived principally from Canada, Europe and the Pacific Rim, was less than 5% For the Year Ended June 30, 2016 2015 2014 Revenue from Unaffiliated Customers: Domestic Operations $ 1,294,487 $ 1,401,301 $ 1,457,430 International Operations: Dominica, St. Kitts and St. Maarten 346,235 337,782 328,218 Brazil 196,097 159,231 125,511 Other 6,718 11,629 12,212 Total International 549,050 508,642 465,941 Consolidated $ 1,843,537 $ 1,909,943 $ 1,923,371 Long-Lived Assets: Domestic Operations $ 294,641 $ 356,183 $ 387,081 International Operations: Dominica, St. Kitts and St. Maarten 190,513 186,258 169,542 Brazil 106,878 54,517 48,927 Other 3,388 118 184 Total International 300,779 240,893 218,653 Consolidated $ 595,420 $ 597,076 $ 605,734 No one customer accounted for more than 10 |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | NOTE 16: QUARTERLY FINANCIAL DATA (UNAUDITED) Quarter First Second Third Fourth Total Year (in thousands, except per share amounts) 2016 Revenue $ 441,413 $ 456,203 $ 474,221 $ 471,700 $ 1,843,537 Operating Income (Loss) 8,247 (56,377) 60,847 (24,860) (12,143) Net Income (Loss) Attributable to DeVry Education Group $ 5,465 $ (50,587) $ 51,925 $ (9,969) $ (3,166) Earnings (Loss) per Common Share Attributable to DeVry Education Group Shareholders: Basic $ 0.08 $ (0.79) $ 0.81 $ (0.16) $ (0.05) Diluted $ 0.08 $ (0.79) $ 0.81 $ (0.16) $ (0.05) Cash Dividend Declared per Common Share $ - $ 0.18 $ - $ 0.18 $ 0.36 Quarter First Second Third Fourth Total Year (in thousands, except per share amounts) 2015 Revenue $ 462,044 $ 484,880 $ 489,830 $ 473,189 $ 1,909,943 Operating Income from Continuing Operations 24,643 48,970 49,450 33,847 156,910 AMOUNTS ATTRIBUTABLE TO DEVRY EDUCATION GROUP: Income from Continuing Operations 20,440 42,413 41,544 29,926 134,323 Income from Discontinued Operations - - 5,576 - 5,576 Net Income Attributable to DeVry Education Group $ 20,440 $ 42,413 $ 47,120 $ 29,926 $ 139,899 Earnings per Common Share Attributable to DeVry Education Group Shareholders: Basic: Continuing Operations $ 0.32 $ 0.66 $ 0.65 $ 0.46 $ 2.08 Discontinued Operations - - 0.08 - 0.09 $ 0.32 $ 0.66 $ 0.73 $ 0.46 $ 2.17 Diluted: Continuing Operations $ 0.31 $ 0.65 $ 0.64 $ 0.46 $ 2.06 Discontinued Operations - - 0.08 - 0.08 $ 0.31 $ 0.65 $ 0.72 $ 0.46 $ 2.14 Cash Dividend Declared per Common Share $ - $ 0.18 $ - $ 0.18 $ 0.36 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 17: SUBSEQUENT EVENT On July 1, 2016, Becker acquired ACAMS, located in Miami, Florida, for approximately $ 330 funded the purchases with available domestic cash balances and 175 |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Jun. 30, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS AND RESERVES For the Years Ended June 30, 2016, 2015 and 2014 Charged Balance at to Costs Charged Balance Beginning and to Other at End of Description of Allowances and Reserves of Period Expenses Accounts Deductions Period (in thousands) FY2016 Deducted from accounts receivable for refunds $ 5,766 $ 46,525 (c) $ - $ 50,504 (b) $ 1,787 Deducted from accounts receivable for uncollectible accounts 59,206 35,496 (217) (a)(f) 31,771 (b) 62,714 Deducted from long-term notes receivable for uncollectible notes 2,368 (1,217) (475) (f) - 676 Deducted from contributions to Perkins loan program for uncollectible loans 2,562 - - - 2,562 Deducted from deferred tax assets for valuation allowances 10,552 - - 1,928 (h) 8,624 Restructuring expense reserve 26,992 67,495 - 46,264 (e) 48,223 FY2015 Deducted from accounts receivable for refunds $ 1,488 $ 42,316 (c) $ - $ 38,038 (b) $ 5,766 Deducted from accounts receivable for uncollectible accounts 60,996 47,587 673 (a)(f) 50,050 (b) 59,206 Deducted from long-term notes receivable for uncollectible notes 4,980 (19) (2,562) (f) 31 (b) 2,368 Deducted from contributions to Perkins loan program for uncollectible loans 2,562 - - - 2,562 Deducted from deferred tax assets for valuation allowances 9,002 1,550 (h) - - 10,552 Restructuring expense reserve 15,392 41,950 - 30,350 (e) 26,992 FY2014 Deducted from accounts receivable for refunds $ 1,240 $ 36,070 (c) $ 559 (d) $ 36,381 (b) $ 1,488 Deducted from accounts receivable for uncollectible accounts (1) 54,103 50,600 2,696 (f)(g) 46,403 (b) 60,996 Deducted from long-term notes receivable for uncollectible notes (1) 10,759 1,781 (7,248) (f) 312 (b) 4,980 Deducted from contributions to Perkins loan program for uncollectible loans 2,562 - - - 2,562 Deducted from deferred tax assets for valuation allowances 6,538 2,464 (h) - - 9,002 Restructuring expense reserve (1) 13,168 30,034 - 27,810 (e) 15,392 (1) Fiscal year 2014 amounts for Deducted from accounts receivable for uncollectible accounts, Deducted from long-term notes receivable for uncollectible notes and Restructuring expense reserve have been changed from the fiscal year 2014 10-K presentation for correction of errors. (a) Effects of foreign currency translation charged to Accumulated Other Comprehensive Income (Loss). (b) Write-offs of uncollectable amounts and cash refunds. (c) Amounts recorded as a reduction of revenue, including adjustment for withdrawn students. (d) Charged to deferred revenue accounts. (e) Payments and/or adjustments of liabilities for restructuring reserve. (f) Reclassifications between accounts. (g) AAI's balance charged to discontinued operations. (h) Adjustments to valuation allowance include an increase of $2.9 million and a decrease of $4.9 million in fiscal year 2016, an increase of $1.6 million in fiscal year 2015, and an increase of $2.5 million in fiscal year 2014. |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 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 (Loss). 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. |
Marketable Securities and Investments | Marketable Securities and Investments DeVry Group owns investments in marketable securities that have been designated as “available-for-sale” in accordance with authoritative guidance. Available-for-sale securities are carried at fair value with the unrealized gains and losses reported in the Consolidated Balance Sheets as a component of Accumulated Other Comprehensive Loss. Marketable securities and investments consist of investments in mutual funds which are classified as available-for-sale securities. Gross Unrealized Cost (Loss) Gain Fair Value Marketable Securities: Bond Mutual Fund $ 1,085 $ - $ 92 $ 1,177 Stock Mutual Funds 2,382 - 50 2,432 Total Marketable Securities $ 3,467 $ - $ 142 $ 3,609 Investments are classified as short-term if they are readily convertible to cash or have other characteristics of short-term investments such as highly liquid markets or maturities within one year. All mutual fund investments are recorded at fair market value based upon quoted market prices. At June 30, 2016, all of the bond and stock mutual fund investments are held in a rabbi trust for the purpose of paying benefits under DeVry Group’s non-qualified deferred compensation plan. Realized gains and losses are computed on the basis of specific identification and are included in Interest in the Consolidated Statements of Income (Loss). DeVry Group has not recorded any realized gains or realized losses for fiscal year 2016. See “Note 5: Fair Value Measurements” for further disclosures on the Fair Value of Financial Instruments. |
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, 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, AUC, RUSM and 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 and DeVry Brasil’s test preparation live classroom and DeVry Brasil’s 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 sales, are included in Other Educational Revenue in the Consolidated Statements of Income (Loss). 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 (Loss), is recognized in the same ratable fashion as revenue to most appropriately match these costs with the tuition revenue in that term. Provisions for refunds were $ 46.5 42.3 36.1 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 $ 64.5 65.0 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 (Loss), for years ended June 30, 2016, 2015 and 2014 were $ 35.5 47.6 52.4 |
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 June 30, 2016 and 2015, the net balance of capitalized software development costs was $ 18.3 31.6 |
Land, Building and Equipment | Land, Building and Equipment Land, Building and Equipment, including both purchased and internal-use software development costs, are recorded at cost. Cost also includes additions and those improvements that enhance performance, increase the capacity or lengthen the useful lives of the assets. Repairs and maintenance costs are expensed as incurred. Upon sale or retirement of an asset, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting profit or loss included in income in the period incurred. Assets under construction are reflected in Construction in Progress until they are placed into service for their intended use. Interest is capitalized as a component of cost on major projects during the construction period. Leasehold improvements are amortized using the straight-line method over the term of the lease or the estimated useful life of the asset, whichever is shorter. Leased property meeting certain criteria is capitalized, and the present value of the related lease payments is recorded as a liability. Amortization of capitalized leased assets is computed on the straight-line method over the term of the lease or the life of the related asset, whichever is shorter. Depreciation is computed using the straight-line method over estimated service lives. These lives range from 5 40 3 8 |
Business Combinations, Intangible Assets and Goodwill | Business Combinations, Intangible Assets and Goodwill Intangible assets relate mainly to acquired business operations (see “Note 8: Business Combinations”). These assets consist of the fair value of certain identifiable assets acquired. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. 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, goodwill and indefinite-lived intangibles must be reviewed annually for impairment, or more frequently if circumstances arise indicating potential impairment. This impairment review was most recently completed as of May 31, 2016. For goodwill, 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, if the carrying amount exceeds the fair value, an impairment loss is recognized in an amount equal to that excess. See “Note 9: Intangible Assets” for results of DeVry Group’s required impairment analysis of its intangible assets and goodwill. Intangible assets with finite lives are amortized over their expected economic lives, generally 2 15 DeVry Group expenses advertising, curriculum development, new school opening and student recruiting costs as incurred. |
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 fiscal years 2016 and 2015, management consolidated operations at several DeVry University and Carrington locations. These decisions resulted in the pre-tax accelerated depreciation and write-offs on leasehold improvements and equipment of $ 13.7 4.3 3.9 |
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 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the Consolidated Balance Sheets for Cash and Cash Equivalents, Marketable Securities and Investments (see “Note 5: Fair Value Measurements”), Restricted Cash, Accounts Receivable, Net, Accounts Payable, Accrued Expenses and Deferred Revenue payments approximate fair value because of the immediate or short-term maturity of these financial instruments. DeVry Group’s current maturities and long-term debt, if any, (see “Note 12: Debt”) bear interest at a floating rate reset to current rates on a periodic basis not currently exceeding six months. Therefore, the carrying amount of DeVry Group’s long-term debt, if any, approximates fair value. |
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 the years June 30, 2016, 2015 and 2014 were not material. |
Income Taxes | Income Taxes DeVry Group accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. DeVry Group also recognizes future tax benefits associated with tax loss and credit carryforwards as deferred tax assets. DeVry Group’s deferred tax assets are reduced by a valuation allowance, when in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. DeVry Group measures deferred tax assets and liabilities using enacted tax rates in effect for the year in which DeVry Group expects to recover or settle the temporary differences. The effect of a change in tax rates on deferred taxes is recognized in the period that the change is enacted. DeVry Group reduces its net tax assets for the estimated additional tax and interest that may result from tax authorities disputing uncertain tax positions DeVry Group has taken. DeVry Group’s effective income tax rate reflects benefits derived from significant operations outside the U.S. Earnings of these international operations are not subject to U.S. federal or state income taxes so long as such earnings are not repatriated, as discussed below. Four of DeVry Group’s operating units, AUC which operates in St. Maarten, RUSM, which operates in Dominica, RUSVM which operates in St. Kitts, and DeVry Brasil which operates in Brazil, all benefit from local tax incentives. AUC’s effective tax rate reflects benefits derived from investment incentives. RUSM and RUSVM each have agreements with their respective domestic governments that exempt them from local income taxation. Both of these agreements have been extended to provide, in the case of RUSM, an indefinite period of exemption and, in the case of RUSVM, exemption until 2037. DeVry Brasil’s effective tax rate reflects benefits derived from its participation in PROUNI, a Brazilian program for providing scholarships to a portion of its undergraduate students. DeVry Group intends to indefinitely reinvest international earnings and cash flow to improve and expand facilities and operations at AUC, RUSM, RUSVM and DeVry Brasil, and pursue other business opportunities outside the U.S. |
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 (“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 (Loss) based on DeVry Group's noncontrolling interest accounting policy. The following is a reconciliation of the noncontrolling interest balance (in thousands): Year Ended June 30, 2016 2015 Balance at Beginning of Period $ 9,620 $ 6,393 Net Income Attributable to Noncontrolling Interest 410 800 Payment for Purchase of Noncontrolling Interest of Subsidiary (3,114) - (Decrease) Increase in Redemption Value of Noncontrolling Interest Put Option (1,804) 2,427 Balance at End of Period $ 5,112 $ 9,620 |
Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net loss or 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. As fiscal year 2016 resulted in a net loss, diluted earnings per share is computed by dividing the net loss attributable to DeVry Group by the weighted average of basic shares outstanding. 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 earnings per share were options to purchase 2,803,000 1,189,000 2,017,000 As of June 30, 2016 2015 2014 Weighted Average Shares Outstanding 63,254 63,772 63,319 Unvested Participating RSUs 782 774 889 Basic Shares 64,036 64,546 64,208 Effect of Dilutive Stock Options 335 731 645 Diluted Shares 64,371 65,277 64,853 |
Treasury Stock | Treasury Stock DeVry Group’s Board of Directors (the “Board”) has authorized stock repurchase programs on nine occasions (see “Note 7: Dividends and Share Repurchase Programs”). The ninth share 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 4: 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. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is recorded as compensation expense over the vesting period. 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. 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. The fair value of share-based awards, including those with performance conditions, are measured as of the grant date. 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. Share-based compensation expense is amortized for the estimated number of shares expected to vest. The estimated number of shares that will vest is based on management’s determination of the probable outcome of the performance conditions, which may require considerable judgment. DeVry Group records a cumulative adjustment to share-based compensation expense in periods when the estimate of the number of shares expected to vest changes. Expense is recognized to reflect the actual vested shares following the resolution of the performance conditions. |
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 June 30, 2016, consists of $ 42.6 41.7 0.9 0.1 0.1 77.4 74.5 2.9 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 (Loss), was $ 227.2 264.2 259.0 |
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 accelerated depreciation and gains and losses on disposals of property and equipment related to campus consolidations (see “Note 10: Restructuring Charges”). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09: “CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” 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 ASU 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 January 2016, the FASB issued ASU No. 2016-01: “Financial InstrumentsOverall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This guidance was issued to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The guidance eliminates the classification of equity securities into different categories (that is, trading or available-for-sale) and require equity securities to be measured at fair value with changes in the fair value recognized through net income. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within those annual periods. This guidance will require DeVry Group to record the changes in the fair value of its available-for-sale investments through net income. Management anticipates the adoption will not have a significant impact on DeVry Group’s Consolidated Financial Statements. In November 2015, the FASB issued ASU 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. In the fourth quarter of fiscal year 2016, we retrospectively adopted this guidance. In September 2015, the FASB issued ASU 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 ASU 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 12: 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 ASU 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 ASU 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. In July 2013, the FASB issued ASU No. 2013-11: “Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This guidance requires an unrecognized tax benefit related to a net operating loss carryforward, a similar tax loss or a tax credit carryforward to be presented as a reduction to a deferred tax asset, unless the tax benefit is not available at the reporting date to settle any additional income taxes under the tax law of the applicable tax jurisdiction. The guidance was effective for the first quarter of fiscal year 2015 and its adoption did not have a significant impact on DeVry Group’s Consolidated Financial Statements. |
Reclassifications | Reclassification In the fourth quarter of fiscal year 2016, we retrospectively adopted ASU No. 2015-17: “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” Therefore, we decreased current deferred income tax assets by $ 41.5 7.1 34.4 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Operating Results of the Discontinued Operations | The reported Income from Operations of Divested Component in fiscal year 2015 is comprised of $ 1.0 5.0 For the Year Ended June 30, 2016 2015 2014 Income (Loss) from Operations of Divested Component $ - $ 1,011 $ (4,992) Asset Impairment Charge and Gain on Sale - - (13,105) Restructuring Expense - - (705) Income Tax Benefit - 4,565 1,845 Income (Loss) from Discontinued Operations, Net of Income Taxes $ - $ 5,576 $ (16,957) |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Available-For-Sale Marketable Securities | The following is a summary of our available-for-sale marketable securities at June 30, 2016 (in thousands): Gross Unrealized Cost (Loss) Gain Fair Value Marketable Securities: Bond Mutual Fund $ 1,085 $ - $ 92 $ 1,177 Stock Mutual Funds 2,382 - 50 2,432 Total Marketable Securities $ 3,467 $ - $ 142 $ 3,609 |
Reconciliation of Non-Controlling Interest Balance | Year Ended June 30, 2016 2015 Balance at Beginning of Period $ 9,620 $ 6,393 Net Income Attributable to Noncontrolling Interest 410 800 Payment for Purchase of Noncontrolling Interest of Subsidiary (3,114) - (Decrease) Increase in Redemption Value of Noncontrolling Interest Put Option (1,804) 2,427 Balance at End of Period $ 5,112 $ 9,620 |
Reconciliation of Basic Shares to Diluted Shares | The following is a reconciliation of basic shares to diluted shares (in thousands): As of June 30, 2016 2015 2014 Weighted Average Shares Outstanding 63,254 63,772 63,319 Unvested Participating RSUs 782 774 889 Basic Shares 64,036 64,546 64,208 Effect of Dilutive Stock Options 335 731 645 Diluted Shares 64,371 65,277 64,853 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of options Activity | The following is a summary of options activity for the fiscal year ended June 30, 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 683,025 22.83 Options Exercised (23,304) 20.03 Options Forfeited (125,209) 29.12 Options Expired (108,263) 36.85 Outstanding at June 30, 2016 3,574,336 32.79 5.44 $ 80 Exercisable at June 30, 2016 2,670,742 $ 35.51 4.17 $ - |
Summary of stock appreciation rights activity | The following is a summary of stock appreciation rights activity for the fiscal year ended June 30, 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 June 30, 2016 118,065 42.74 1.40 $ - Exercisable at June 30, 2016 118,065 $ 42.74 1.40 $ - |
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 2014 Expected Life (in Years) 6.78 6.73 6.58 Expected Volatility 41.35 % 42.04 % 43.76 % Risk-free Interest Rate 1.85 % 2.03 % 2.16 % Dividend Yield 1.01 % 1.03 % 0.90 % Pre-vesting Forfeiture Rate 3.00 % 3.00 % 3.00 % |
Summary of Restricted Stock Units Activity | The following is a summary of RSUs activity for the year ended June 30, 2016: Weighted Restricted Average Stock Units Grant Date Outstanding Fair Value Nonvested at July 1, 2015 1,013,140 $ 30.42 RSUs Granted 724,450 24.41 RSUs Vested (432,456) 28.26 RSUs Forfeited (165,784) 27.91 Nonvested at June 30, 2016 1,139,350 $ 27.78 |
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 (Loss) (in thousands): For the Year Ended June 30, 2016 2015 2014 Cost of Educational Services $ 5,617 $ 5,581 $ 5,659 Student Services and Administrative Expense 16,751 11,859 12,026 22,368 17,440 17,685 Income Tax Benefit (8,564) (6,307) (6,052) Net Stock-Based Compensation Expense $ 13,804 $ 11,133 $ 11,633 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 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 June 30, 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 $ 308,164 $ - $ - Available-for-Sale Investments: Marketable Securities, short-term 3,609 - - Institutional Loans Receivable, Net - 49,025 - Deferred Acquisition Obligations - 32,121 - FIES Long-Term Receivable - 13,057 - Total Financial Assets at Fair Value $ 311,773 $ 94,203 $ - 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, Net - 49,715 - Deferred Acquisition Obligations 26,827 Total Financial Assets at Fair Value $ 356,601 $ 76,542 $ - |
Roll-Forward of Assets Measured at Fair Value using Level Three Inputs | The amount recorded as foreign currency translation loss for the fiscal years ended 2015 and 2014 is classified as Student Services and Administrative Expense in the Consolidated Statements of Income (Loss). For the Year Ended June 30, 2014 Balance at Beginning of Period $ 2,509 Total Unrealized Gains Included in AOCI: Foreign Currency Translation Changes 65 UniFavip Contingent Consideration Payment (2,574) Balance at End of Period $ - |
FINANCING RECEIVABLES (Tables)
FINANCING RECEIVABLES (Tables) | 12 Months Ended |
Jun. 30, 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 June 30, 2016 and 2015 (in thousands). As of June 30, 2016 2015 Gross Institutional Student Loans $ 69,825 $ 70,345 Allowance for Credit Losses Balance at Beginning of Period $ (20,630) $ (19,868) Charge-offs and Adjustments 7,388 10,061 Recoveries (461) (1,125) Additional Provision (7,097) (9,698) Balance at End of Period (20,800) (20,630) Net Institutional Student Loans $ 49,025 $ 49,715 |
Credit Risk Profiles of Institutional Student Loan Balances | As of June 30, 2016 2015 Institutional Student Loans: Performing $ 50,045 $ 51,855 Nonperforming 19,780 18,490 Total Institutional Student Loans $ 69,825 $ 70,345 |
Institutional Student Loans Past Due | 30-59 60-89 90-119 Greater Total Current Total Institutional Student Loans: June 30, 2016 $ 8,038 $ 1,512 $ 924 $ 19,780 $ 30,254 $ 39,571 $ 69,825 June 30, 2015 $ 6,163 $ 1,761 $ 1,527 $ 18,490 $ 27,941 $ 42,404 $ 70,345 |
DIVIDENDS AND STOCK REPURCHAS33
DIVIDENDS AND STOCK REPURCHASE PROGRAMS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Dividends And Share Repurchase Program [Abstract] | |
Dividends Declared | During fiscal years 2016 and 2015, DeVry Group’s Board of Directors declared the following cash dividends: Total Dividend Dividend Amount Declaration Date Record Date Payment Date Per Share (in thousands) November 6, 2014 December 5, 2014 December 26, 2014 $ 0.18 $ 11,641 May 14, 2015 June 5, 2015 June 26, 2015 $ 0.18 $ 11,589 November 5, 2015 December 4, 2015 December 23, 2015 $ 0.18 $ 11,563 May 11, 2016 June 3, 2016 June 24, 2016 $ 0.18 $ 11,414 |
Shares Repurchased Under Programs | DeVry Group has repurchased shares under the following programs as of June 30, 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 869,302 16.1 Totals 13,728,815 $ 513.8 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Jun. 30, 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 $ 8,015 Property and Equipment 3,154 Other Long-term Assets 2,246 Intangible Assets 47,011 Goodwill 48,637 Total Assets Acquired 109,063 Liabilities Assumed 27,721 Net Assets Acquired $ 81,342 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The remaining acquired intangible assets were determined to be subject to amortization with an average useful life of approximately eight years. At February 2, 2015 Value Estimated Franchise Contracts $ 13,085 18 years Student Relationships 5,294 6 years Test Preparation Relationships 1,342 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 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 60,634 Goodwill 111,010 Total Assets Acquired 215,385 Liabilities Assumed 24,423 Net Assets Acquired $ 190,962 |
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 Student Relationships $ 5,720 5 years Curriculum 1,821 5 years |
Faculdade de Imperatriz [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 June 1, 2016 Current Assets $ 1,057 Property and Equipment 291 Intangible Assets 2,652 Goodwill 4,997 Total Assets Acquired 8,997 Liabilities Assumed 2,704 Net Assets Acquired $ 6,293 |
Faculdade Diferencial Integral [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 July 1, 2013 Current Assets $ 4,699 Property and Equipment 2,037 Other Long-term Assets 167 Intangible Assets 17,723 Goodwill 8,238 Total Assets Acquired 32,864 Liabilities Assumed 16,801 Net Assets Acquired $ 16,063 |
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 15 At July 1, 2013 Value Estimated Clinical Agreement $ 583 15 years |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Intangible assets consist of the following (in thousands): As of June 30, 2016 Gross Accumulated Weighted Average Amortizable Intangible Assets: Student Relationships $ 14,530 $ (7,150) (a) Customer Relationships 400 (170) 10 Years Non-compete Agreements 940 (799) 5 Years Curriculum/Software 4,038 (1,914) 5 Years Franchise Contracts 10,968 (863) 18 Years Clinical Agreements 406 (81) 15 Years Trade Names 1,183 (858) 10 Years Total $ 32,465 $ (11,835) Indefinite-lived Intangible Assets: Trade Names $ 70,731 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 20,200 AUC Title IV Eligibility and Accreditations 100,000 DeVry Brasil Accreditation 100,410 Total $ 322,226 (a) The total weighted average estimated amortization period for Student Relationships is 6 5 6 5 As of June 30, 2015 Gross Accumulated Amortizable Intangible Assets: Student Relationships $ 83,036 $ (78,906) Customer Relationships 400 (130) Test Prep Relationships 1,029 (429) Non-compete Agreements 2,290 (1,961) Curriculum/Software 3,092 (2,615) Outplacement Relationships 3,900 (1,764) Franchise Contracts 11,287 (261) Clinical Agreements 418 0 Trade Names 5,007 (4,550) Total $ 110,459 $ (90,616) Indefinite-lived Intangible Assets: Trade Names $ 48,134 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 57,669 Total $ 303,888 |
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). These amounts do not include future amortization related to the July 1, 2016, acquisition of Association of Certified Anti-Money Laundering Specialists (“ACAMS”) (See “Note 17: Subsequent Event”). Fiscal Year DeVry Brasil Becker Total 2017 $ 4,769 $ 312 $ 5,081 2018 3,326 40 3,366 2019 2,290 40 2,330 2020 1,550 40 1,590 2021 945 40 985 Thereafter 7,248 30 7,278 |
Changes in Carrying Amount of Goodwill, by Segment | Reporting Unit As of June 30, 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 DeVry Brasil 223,558 Becker Professional Education 32,043 DeVry University 22,196 Total $ 588,007 Reporting Segment: As of June 30, Medical and Healthcare $ 310,210 International and Professional Education 255,601 Business, Technology and Management 22,196 Total $ 588,007 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 Purchase Accounting Adjustment - - 4,575 - 4,575 Acquisitions - - 116,007 - 116,007 Impairments - (98,784) - - (98,784) Foreign currency exchange rate changes - - 13,880 - 13,880 Balance at June 30, 2016 $ 495,927 $ (185,717) $ 255,601 $ 22,196 $ 588,007 |
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 June 30, 2016 (in thousands): Reporting Segment As of June 30, Medical and Healthcare $ 157,700 International and Professional Educational 162,881 Business, Technology and Management 1,645 Total $ 322,226 |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 12 Months Ended |
Jun. 30, 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) 67.5 Reduction in liability (payments and adjustments) (46.3) Liability balance at June 30, 2016 $ 48.2 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income before Income Tax | The components of (loss) income from continuing operations before income taxes are as follows (in thousands): For the Year Ended June 30, 2016 2015 2014 U.S. $ (131,615) $ 33,693 $ 58,539 Foreign 114,317 119,967 120,828 Total $ (17,298) $ 153,660 $ 179,367 |
Income Tax Provisions (Benefits) | The income tax (benefits) provisions related to the above results are as follows (in thousands): For the Year Ended June 30, 2016 2015 2014 Income Tax (Benefit) Provision: Current Tax Provision U.S. Federal $ 20,226 $ 10,146 $ 32,660 State and Local 4,295 2,756 5,133 Foreign 2,685 2,602 1,240 Total Current 27,206 15,504 39,033 Deferred Tax (Benefit) Provision: U.S. Federal (40,457) (45) (9,545) State and Local (5,441) (486) (4,447) Foreign 4,150 3,564 2,658 Total Deferred (41,748) 3,033 (11,334) Income Tax (Benefit) Provision $ (14,542) $ 18,537 $ 27,699 |
Income Tax Provisions Computed using Statutory U.S. Federal Rate | The income tax (benefit) provisions differ from those that would be computed using the statutory U.S. federal rate as a result of the following items (in thousands): For the Year Ended June 30, 2016 2015 2014 Income Tax at Statutory Rate $ (6,054) 35.0 % $ 53,787 35.0 % $ 62,778 35.0 % Lower Rates on Foreign Operations (33,213) 192.0 % (36,428) (23.7) % (36,675) (20.4) % State Income Taxes (1,012) 5.9 % 2,320 1.5 % 3,405 1.9 % Nondeductible Tax Items 2,080 (12.0) % 953 0.6 % (1,037) (0.6) % Nondeductible Goodwill 23,957 (138.5) % - 0.0 % - 0.0 % Other (300) 1.7 % (2,095) (1.3) % (772) (0.5) % Income Tax (Benefit) Provision $ (14,542) 84.1 % $ 18,537 12.1 % $ 27,699 15.4 % |
Deferred Tax Assets (Liabilities) | Deferred income tax assets (liabilities) result primarily from temporary differences in the recognition of various expenses for tax and financial statement purposes, and from the recognition of the tax benefits of net operating loss carryforwards. These assets and liabilities are composed of the following (in thousands): For the Year Ended June 30, 2016 2015 2014 Loss and Credit Carryforwards, Net $ 24,213 $ 21,544 $ 13,371 Employee Benefits 17,820 17,852 21,853 Stock-Based Payments 21,239 17,136 16,606 Deferred Rent 22,135 24,102 22,145 Receivable Reserve 20,158 20,043 23,036 Restructuring Reserve 18,820 8,903 8,618 Other Reserves 3,978 3,519 3,068 Less: Valuation Allowance (8,624) (10,552) (9,002) Gross Deferred Tax Assets 119,739 102,547 99,695 Depreciation (24,217) (25,860) (34,398) Amortization of Intangible Assets (72,850) (91,321) (73,539) Gross Deferred Tax Liability (97,067) (117,181) (107,937) Net Deferred Taxes $ 22,672 $ (14,634) $ (8,242) |
Changes in Unrecognized Tax Benefits | The changes in our unrecognized tax benefits were (in millions): For the Year Ended June 30, 2016 2015 2014 Beginning Balance, July 1 $ 8.5 $ 9.1 $ 9.0 Increases from Positions Taken During Prior Periods 0.3 3.2 0.6 Decreases from Positions Taken During Prior Periods (1.7) (4.4) (1.3) Increases from Positions Taken During the Current Period 0.4 0.6 0.8 Ending Balance, June 30 $ 7.5 $ 8.5 $ 9.1 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Commitments for Non-Cancellable Operating Leases | Future minimum rental commitments for all noncancelable operating leases having a remaining term in excess of one year at June 30, 2016, are as follows (in thousands): Fiscal Year Amount 2017 $ 101,107 2018 91,668 2019 82,688 2020 77,523 2021 69,662 Thereafter 204,961 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 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 each of the years ended June 30, 2016, 2015 and 2014. Home Office and Other information is included where it is needed to reconcile segment data to the Consolidated Financial Statements (in thousands). For the Year Ended June 30, 2016 2015 2014 Revenue: Medical and Healthcare $ 936,332 $ 859,477 $ 769,126 International and Professional Education 299,018 258,839 228,057 Business, Technology and Management 611,132 794,162 929,948 Intersegment Revenue and Other (2,945) (2,535) (3,760) Total Consolidated Revenue $ 1,843,537 $ 1,909,943 $ 1,923,371 Operating Income (Loss) from Continuing Operations: Medical and Healthcare $ 14,337 $ 146,503 $ 136,035 International and Professional Education 41,665 36,796 42,744 Business, Technology and Management (46,897) (17,658) 10,777 Home Office and Other (21,248) (8,731) (8,288) Total Consolidated Operating (Loss) Income from Continuing Operations $ (12,143) $ 156,910 $ 181,268 Interest Income (Expense): Interest Income $ 779 $ 2,063 $ 1,731 Interest Expense (5,934) (5,313) (3,632) Net Interest Expense $ (5,155) $ (3,250) $ (1,901) Total Consolidated (Loss) Income from Continuing Operations Before Income Taxes $ (17,298) $ 153,660 $ 179,367 Segment Assets: Medical and Healthcare $ 892,758 $ 1,164,914 $ 1,149,244 International and Professional Education 678,260 398,857 296,996 Business, Technology and Management 261,251 400,536 433,833 Home Office and Other 264,727 109,886 117,563 Total Consolidated Assets $ 2,096,996 $ 2,074,193 $ 1,997,636 Additions to Long-Lived Assets: Medical and Healthcare $ 32,924 $ 60,029 $ 51,023 International and Professional Education 208,075 139,474 39,862 Business, Technology and Management 10,662 4,944 12,791 Home Office and Other 10,806 9,704 6,064 Total Consolidated Additions to Long-Lived Assets $ 262,467 $ 214,151 $ 109,740 Reconciliation to Consolidated Financial Statements Capital Expenditures $ 69,396 $ 88,707 $ 79,355 Increase in Capital Assets from Acquisitions 13,778 10,921 2,257 Increase in Intangible Assets and Goodwill 179,293 114,523 28,128 Total Increase in Consolidated Long-Lived Assets $ 262,467 $ 214,151 $ 109,740 Depreciation Expense: Medical and Healthcare $ 33,620 $ 27,304 $ 24,831 International and Professional Education 5,910 6,164 3,900 Business, Technology and Management 27,075 37,267 43,713 Home Office and Other 12,795 14,273 10,295 Total Consolidated Depreciation $ 79,400 $ 85,008 $ 82,739 Intangible Asset Amortization Expense: Medical and Healthcare $ 255 $ 647 $ 3,647 International and Professional Education 5,192 3,442 2,772 Total Consolidated Amortization $ 5,447 $ 4,089 $ 6,419 |
Revenues and Long-Lived Assets by Geographic Area | Revenue and long-lived assets by geographic area are as follows (in thousands): For the Year Ended June 30, 2016 2015 2014 Revenue from Unaffiliated Customers: Domestic Operations $ 1,294,487 $ 1,401,301 $ 1,457,430 International Operations: Dominica, St. Kitts and St. Maarten 346,235 337,782 328,218 Brazil 196,097 159,231 125,511 Other 6,718 11,629 12,212 Total International 549,050 508,642 465,941 Consolidated $ 1,843,537 $ 1,909,943 $ 1,923,371 Long-Lived Assets: Domestic Operations $ 294,641 $ 356,183 $ 387,081 International Operations: Dominica, St. Kitts and St. Maarten 190,513 186,258 169,542 Brazil 106,878 54,517 48,927 Other 3,388 118 184 Total International 300,779 240,893 218,653 Consolidated $ 595,420 $ 597,076 $ 605,734 |
QUARTERLY FINANCIAL DATA (UNA40
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA | Summarized unaudited quarterly data for the years ended June 30, 2016 and 2015, are as follows: Quarter First Second Third Fourth Total Year (in thousands, except per share amounts) 2016 Revenue $ 441,413 $ 456,203 $ 474,221 $ 471,700 $ 1,843,537 Operating Income (Loss) 8,247 (56,377) 60,847 (24,860) (12,143) Net Income (Loss) Attributable to DeVry Education Group $ 5,465 $ (50,587) $ 51,925 $ (9,969) $ (3,166) Earnings (Loss) per Common Share Attributable to DeVry Education Group Shareholders: Basic $ 0.08 $ (0.79) $ 0.81 $ (0.16) $ (0.05) Diluted $ 0.08 $ (0.79) $ 0.81 $ (0.16) $ (0.05) Cash Dividend Declared per Common Share $ - $ 0.18 $ - $ 0.18 $ 0.36 Quarter First Second Third Fourth Total Year (in thousands, except per share amounts) 2015 Revenue $ 462,044 $ 484,880 $ 489,830 $ 473,189 $ 1,909,943 Operating Income from Continuing Operations 24,643 48,970 49,450 33,847 156,910 AMOUNTS ATTRIBUTABLE TO DEVRY EDUCATION GROUP: Income from Continuing Operations 20,440 42,413 41,544 29,926 134,323 Income from Discontinued Operations - - 5,576 - 5,576 Net Income Attributable to DeVry Education Group $ 20,440 $ 42,413 $ 47,120 $ 29,926 $ 139,899 Earnings per Common Share Attributable to DeVry Education Group Shareholders: Basic: Continuing Operations $ 0.32 $ 0.66 $ 0.65 $ 0.46 $ 2.08 Discontinued Operations - - 0.08 - 0.09 $ 0.32 $ 0.66 $ 0.73 $ 0.46 $ 2.17 Diluted: Continuing Operations $ 0.31 $ 0.65 $ 0.64 $ 0.46 $ 2.06 Discontinued Operations - - 0.08 - 0.08 $ 0.31 $ 0.65 $ 0.72 $ 0.46 $ 2.14 Cash Dividend Declared per Common Share $ - $ 0.18 $ - $ 0.18 $ 0.36 |
NATURE OF OPERATIONS - Addition
NATURE OF OPERATIONS - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2016 | |
Devry Brasil [Member] | |
Nature Of Operations [Line Items] | |
Number Of Campuses | 22 |
Noncontrolling Interest, Ownership Percentage by Parent | 97.90% |
Number Of States | 12 |
Number Of Distance Learning Centers | 220 |
Chamberlain College [Member] | |
Nature Of Operations [Line Items] | |
Number Of Campuses | 20 |
Carrington College [Member] | |
Nature Of Operations [Line Items] | |
Number Of Campuses | 21 |
Number Of States | 8 |
Becker Professional Education [Member] | |
Nature Of Operations [Line Items] | |
Number Of Locations | 300 |
Number Of Countries | 55 |
Devry University [Member] | |
Nature Of Operations [Line Items] | |
Number Of Locations | 60 |
DISCONTINUED OPERATIONS (Operat
DISCONTINUED OPERATIONS (Operating Results of the Discontinued Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income (Loss) from Operations of Divested Component | $ 1,000 | $ 0 | $ 1,011 | $ (4,992) | ||||
Asset Impairment Charge and Gain on Sale | 0 | 0 | (13,105) | |||||
Restructuring Expense | 0 | 0 | (705) | |||||
Income Tax Benefit | 0 | 4,565 | 1,845 | |||||
Income (Loss) from Discontinued Operations, Net of Income Taxes | $ 0 | $ 5,576 | $ 0 | $ 0 | $ 0 | $ 5,576 | $ (16,957) |
DISCONTINUED OPERATIONS - Addit
DISCONTINUED OPERATIONS - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Assets Sale Price On Divestiture Of Businesses | $ 2,000 | |||
Adjustment Of Income Loss From Discontinued Operations Related to Impairment of Charge | $ 5,000 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 1,000 | $ 0 | $ 1,011 | $ (4,992) |
SUMMARY OF SIGNIFICANT ACCOUN44
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Available-For-Sale Marketable Securities) (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis, Total | $ 3,467 |
Available-for-sale Securities, Gross Unrealized Gain, Total | 142 |
Available-for-sale Securities, Gross Unrealized Loss, Total | 0 |
Available-for-sale Securities, Total | 3,609 |
Bond Mutual Fund [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis, Total | 1,085 |
Available-for-sale Securities, Gross Unrealized Gain, Total | 92 |
Available-for-sale Securities, Gross Unrealized Loss, Total | 0 |
Available-for-sale Securities, Total | 1,177 |
Stock Mutual Funds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis, Total | 2,382 |
Available-for-sale Securities, Gross Unrealized Gain, Total | 50 |
Available-for-sale Securities, Gross Unrealized Loss, Total | 0 |
Available-for-sale Securities, Total | $ 2,432 |
SUMMARY OF SIGNIFICANT ACCOUN45
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reconciliation of Non-Controlling Interest Balance) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Noncontrolling Interest [Line Items] | |||
Balance at Beginning of Period | $ 9,620 | $ 6,393 | |
Net Income Attributable to Noncontrolling Interest | 410 | 800 | $ 679 |
Payment for Purchase of Noncontrolling Interest of Subsidiary | (3,114) | 0 | 0 |
(Decrease) Increase in Redemption Value of Noncontrolling Interest Put Option | (1,804) | 2,427 | 4,860 |
Balance at End of Period | $ 5,112 | $ 9,620 | $ 6,393 |
SUMMARY OF SIGNIFICANT ACCOUN46
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reconciliation of Basic Shares to Diluted Shares) (Detail) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Shares Outstanding | 63,254 | 63,772 | 63,319 |
Unvested Participating RSUs | 782 | 774 | 889 |
Basic Shares | 64,036 | 64,546 | 64,208 |
Effect of Dilutive Stock Options | 335 | 731 | 645 |
Diluted Shares | 64,371 | 65,277 | 64,853 |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Minimum protective endowment related to continuing operation in Pennsylvania | $ 500,000 | ||
Reserves related to uncollectible accounts and refunds | 64,500,000 | $ 65,000,000 | |
Net balance of capitalized software development costs | $ 18,300,000 | $ 31,600,000 | |
Anti-dilutive shares excluded from computations of earnings per share | 2,803,000 | 1,189,000 | 2,017,000 |
Cumulative translation losses | $ 42,600,000 | $ 77,400,000 | |
Advertising expense | 227,200,000 | 264,200,000 | $ 259,000,000 |
Provision for Doubtful Accounts | 82,016,000 | 89,886,000 | 88,506,000 |
Impairment of Leasehold | 13,700,000 | 4,300,000 | 3,900,000 |
Provisions For Refund Payments | 46,500,000 | 42,300,000 | 36,100,000 |
Deferred Tax Liabilities, Net, Noncurrent | 29,936,000 | 21,731,000 | |
Accounting Standards Update 2015-17 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred Tax Assets, Net, Current | 41,500,000 | ||
Deferred Tax Assets, Net, Noncurrent | 7,100,000 | ||
Deferred Tax Liabilities, Net, Noncurrent | 34,400,000 | ||
Noncontrolling Interest | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cumulative translation losses | 900,000 | 2,900,000 | |
Educational Services | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Provision for Doubtful Accounts | $ 35,500,000 | 47,600,000 | $ 52,400,000 |
Perkins Student Loan Fund | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of Contributions | 33.00% | ||
Allowances for expected losses on loan collections | $ 2,600,000 | $ 2,600,000 | |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite Lived Intangible Asset Useful Life | 2 years | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Finite Lived Intangible Asset Useful Life | 15 years | ||
Buildings and Leasehold Improvements | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Buildings and Leasehold Improvements | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Computer, Furniture and Equipment | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Computer, Furniture and Equipment | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 8 years | ||
DeVry Brasil | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Minority interest ownership percentage by noncontrolling owners | 2.10% | ||
DeVry Education Group Inc. | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Ownership interest of parent in subsidiary | 97.90% | 96.30% | |
Cumulative translation losses | $ 41,700,000 | $ 74,500,000 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax, Total | 100,000 | 300,000 | |
Tax effect on unrealized gains on available-for-sale securities | $ 100,000 | $ 100,000 |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Options Activity) (Detail) - Stock Option $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 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 | 683,025 |
Options, Exercised | shares | (23,304) |
Options Forfeited | shares | (125,209) |
Options Expired | shares | (108,263) |
Options, Outstanding at end of period | shares | 3,574,336 |
Options, Exercisable at end of period | shares | 2,670,742 |
Weighted Average Exercise Price at beginning of period | $ / shares | $ 34.86 |
Weighted Average Exercise Price, Options Granted | $ / shares | 22.83 |
Weighted Average Exercise Price, Options Exercised | $ / shares | 20.03 |
Weighted Average Exercise Price, Options Forfeited | $ / shares | 29.12 |
Weighted Average Exercise Price, Options Expired | $ / shares | 36.85 |
Weighted Average Outstanding Price at end of period | $ / shares | 32.79 |
Weighted Average Exercise Price, Exercisable at end of period | $ / shares | $ 35.51 |
Weighted Average Remaining Contractual Life, Outstanding at end of period | 5 years 5 months 8 days |
Weighted Average Remaining Contractual Life, Exercisable at end of period | 4 years 2 months 1 day |
Aggregate Intrinsic Value, Outstanding at End of period | $ | $ 80 |
Aggregate Intrinsic Value, Exercisable at end of period | $ | $ 0 |
STOCK-BASED COMPENSATION (Sum49
STOCK-BASED COMPENSATION (Summary of Stock Appreciation Rights Activity) (Detail) - Stock Appreciation Rights (SARs) [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 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 | 118,065 |
Weighted Average Grant Date Fair Value, Nonvested beginning balance | $ / 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 Grant Date Fair Value, Nonvested ending balance | $ / shares | 42.74 |
Weighted Average Exercise Price, Exercisable at end of period | $ / shares | $ 42.74 |
Weighted Average Remaining Contractual Life, Outstanding at end of period | 1 year 4 months 24 days |
Weighted Average Remaining Contractual Life, Exercisable at end of period | 1 year 4 months 24 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) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 6 years 6 months 29 days |
Expected Volatility | 41.35% | 42.04% | 43.76% |
Risk-free Interest Rate | 1.85% | 2.03% | 2.16% |
Dividend Yield | 1.01% | 1.03% | 0.90% |
Pre-vesting Forfeiture Rate | 3.00% | 3.00% | 3.00% |
STOCK-BASED COMPENSATION (Sum51
STOCK-BASED COMPENSATION (Summary of Restricted Stock Units Activity) (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 724,450 | ||
Restricted Stock Units Outstanding, Shares Vested | (432,456) | ||
Restricted Stock Units Outstanding, Shares Forfeited | (165,784) | ||
Outstanding at end of period | 1,139,350 | 1,013,140 | |
Weighted Average Grant Date Fair Value, Nonvested beginning balance | $ 30.42 | ||
Weighted Average Grant Date Fair Value, Shares Granted | 24.41 | $ 42.99 | $ 29.30 |
Weighted Average Grant Date Fair Value, Shares Vested | 28.26 | ||
Weighted Average Grant Date Fair Value, Shares Forfeited | 27.91 | ||
Weighted Average Grant Date Fair Value, Nonvested ending balance | $ 27.78 | $ 30.42 |
STOCK-BASED COMPENSATION (Total
STOCK-BASED COMPENSATION (Total Stock-Based Compensation Expense Included in Consolidated Statement of Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation Expense | $ 22,368 | $ 17,440 | $ 17,685 |
Income Tax Benefit | (8,564) | (6,307) | (6,052) |
Net Stock-Based Compensation Expense | 13,804 | 11,133 | 11,633 |
Cost Of Educational Services | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation Expense | 5,617 | 5,581 | 5,659 |
Student Services And Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-Based Compensation Expense | $ 16,751 | $ 11,859 | $ 12,026 |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 0.1 | $ 5.4 | $ 7.2 |
Total pre-tax unrecognized compensation costs related to non-vested awards | $ 21.7 | ||
Total pre-tax unrecognized compensation costs related to non-vested awards expected to be recognized, years | 2 years 6 months | ||
Total fair value of options and Restricted Stock Units vested | $ 21.7 | $ 18.3 | $ 16.8 |
Stock Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average estimated grant date fair values, for options granted at market price, per share | $ 8.85 | $ 17.94 | $ 11.68 |
Common Stock, Capital Shares Reserved for Future Issuance | 7,796,846 | ||
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 | $ 24.41 | $ 42.99 | $ 29.30 |
Restricted Stock Units Outstanding, Shares Granted | 724,450 | ||
Performance Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Outstanding, Shares Granted | 237,520 | ||
Non-Performance Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units Outstanding, Shares Granted | 486,930 |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured at Fair Value on Recurring Basis) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Available-for-Sale Investments: | ||
Marketable Securities, short-term | $ 3,609 | $ 3,579 |
Institutional Loans Receivable, Net | 49,025 | 49,715 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 308,164 | 353,022 |
Available-for-Sale Investments: | ||
Marketable Securities, short-term | 3,609 | 3,579 |
Institutional Loans Receivable, Net | 0 | 0 |
Deferred Acquisition Obligations | 0 | |
FIES Long-Term Receivable | 0 | |
Total Financial Assets at Fair Value | 311,773 | 356,601 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Available-for-Sale Investments: | ||
Marketable Securities, short-term | 0 | 0 |
Institutional Loans Receivable, Net | 49,025 | 49,715 |
Deferred Acquisition Obligations | 32,121 | 26,827 |
FIES Long-Term Receivable | 13,057 | |
Total Financial Assets at Fair Value | 94,203 | 76,542 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Available-for-Sale Investments: | ||
Marketable Securities, short-term | 0 | 0 |
Institutional Loans Receivable, Net | 0 | 0 |
Deferred Acquisition Obligations | 0 | |
FIES Long-Term Receivable | 0 | |
Total Financial Assets at Fair Value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Roll-F
FAIR VALUE MEASUREMENTS (Roll-Forward of Assets and Liabilities Measured at Fair Value using Level Three Inputs) (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2014USD ($) | |
Fair Value, Assets and liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at Beginning of Period | $ 2,509 |
Total Unrealized Gains Included in AOCI: | |
Foreign Currency Translation Changes | 65 |
Unifavip Contingent Consideration Payment | (2,574) |
Balance at End of Period | $ 0 |
FAIR VALUE MEASUREMENTS - Addit
FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charge | $ 147,660,000 | $ 1,780,000 | $ 0 | ||
Impairment loss | 0 | 0 | (13,105,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | $ 2,574,000 | ||||
Accrued Expenses [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Acquisition Obligations | 7.7 | 8.2 | |||
Deferred Rent and Other Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Deferred Acquisition Obligations | $ 24.4 | $ 18.6 | |||
Advanced Academics | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charge | $ 13,500,000 | ||||
Impairment loss | $ 13,500,000 | ||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 2,000,000 | ||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 2,000,000 |
FINANCING RECEIVABLES (Institut
FINANCING RECEIVABLES (Institutional Loan Balances and Related Allowances for Credit Losses) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivables [Line Items] | ||
Gross Institutional Student Loans | $ 69,825 | $ 70,345 |
Allowance for Credit Losses | ||
Balance at Beginning of Period | (20,630) | (19,868) |
Charge-offs and Adjustments | 7,388 | 10,061 |
Recoveries | (461) | (1,125) |
Additional Provision | (7,097) | (9,698) |
Balance at End of Period | (20,800) | (20,630) |
Net Institutional Student Loans | $ 49,025 | $ 49,715 |
FINANCING RECEIVABLES (Credit R
FINANCING RECEIVABLES (Credit Risk Profiles of Institutional Student Loan Balance) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | $ 69,825 | $ 70,345 |
Credit Risk Profiles Of Institutional Student Loans | ||
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | 69,825 | 70,345 |
Performing | Credit Risk Profiles Of Institutional Student Loans | ||
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | 50,045 | 51,855 |
Nonperforming | Credit Risk Profiles Of Institutional Student Loans | ||
Financing Receivables [Line Items] | ||
Total Institutional Student Loans | $ 19,780 | $ 18,490 |
FINANCING RECEIVABLES (Instit59
FINANCING RECEIVABLES (Institutional Student Loans Past Due) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Institutional Student Loans, Past Due | $ 30,254 | $ 27,941 |
Institutional Student Loans, Current | 39,571 | 42,404 |
Total Institutional Student Loans | 69,825 | 70,345 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Institutional Student Loans, Past Due | 8,038 | 6,163 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Institutional Student Loans, Past Due | 1,512 | 1,761 |
Financing Receivables 90 To 119 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Institutional Student Loans, Past Due | 924 | 1,527 |
Financing Receivables Greater Than 120 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Institutional Student Loans, Past Due | $ 19,780 | $ 18,490 |
FINANCING RECEIVABLES - Additio
FINANCING RECEIVABLES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 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 | $ 19.8 | $ 18.5 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 19.7 | 15.9 |
Accounts Receivable | ||
Financing Receivables [Line Items] | ||
Net Institutional Student Loans, classified as Accounts Receivable | 21.7 | 24.7 |
Other Assets | ||
Financing Receivables [Line Items] | ||
Net Institutional Student Loans, classified as Other Assets | $ 27.3 | $ 25 |
Becker | ||
Financing Receivables [Line Items] | ||
Term of loan, in months | 18 months |
DIVIDENDS AND STOCK REPURCHAS61
DIVIDENDS AND STOCK REPURCHASE PROGRAMS (Cash Dividends Declared) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Dividends Declared per Common Share | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.36 | $ 0.36 | $ 0.34 |
Total Dividend Amount | $ 22,977 | $ 23,230 | $ 21,903 | ||||||||
November 6, 2014 | |||||||||||
Declaration Date | Nov. 6, 2014 | ||||||||||
Record Date | Dec. 5, 2014 | ||||||||||
Payment Date | Dec. 26, 2014 | ||||||||||
Cash Dividends Declared per Common Share | $ 0.18 | ||||||||||
Total Dividend Amount | $ 11,641 | ||||||||||
May 14, 2015 | |||||||||||
Declaration Date | May 14, 2015 | ||||||||||
Record Date | Jun. 5, 2015 | ||||||||||
Payment Date | Jun. 26, 2015 | ||||||||||
Cash Dividends Declared per Common Share | $ 0.18 | ||||||||||
Total Dividend Amount | $ 11,589 | ||||||||||
November 5, 2015 | |||||||||||
Declaration Date | Nov. 5, 2015 | ||||||||||
Record Date | Dec. 4, 2015 | ||||||||||
Payment Date | Dec. 23, 2015 | ||||||||||
Cash Dividends Declared per Common Share | $ 0.18 | ||||||||||
Total Dividend Amount | $ 11,563 | ||||||||||
May 11, 2016 | |||||||||||
Declaration Date | May 11, 2016 | ||||||||||
Record Date | Jun. 3, 2016 | ||||||||||
Payment Date | Jun. 24, 2016 | ||||||||||
Cash Dividends Declared per Common Share | $ 0.18 | ||||||||||
Total Dividend Amount | $ 11,414 |
DIVIDENDS AND SHARE REPURCHASE
DIVIDENDS AND SHARE REPURCHASE PROGRAMS (Shares Repurchased under Programs) (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($)shares | |
Share Repurchases [Line Items] | |
Total Cost | $ 32,634 |
Stock Repurchase Programs Total | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 13,728,815 |
Total Cost | $ 513,800 |
Authorized on November 15, 2006 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 908,399 |
Total Cost | $ 35,000 |
Authorized on May 13, 2008 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 1,027,417 |
Total Cost | $ 50,000 |
Authorized on November 11, 2009 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 972,205 |
Total Cost | $ 50,000 |
Authorized on August 11, 2010 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 1,103,628 |
Total Cost | $ 50,000 |
Authorized on November 10, 2010 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 968,105 |
Total Cost | $ 50,000 |
Authorized on May 20, 2011 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 2,396,143 |
Total Cost | $ 100,000 |
Authorized on November 2, 2011 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 3,478,299 |
Total Cost | $ 100,000 |
Authorized On August 29, 2012 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 2,005,317 |
Total Cost | $ 62,700 |
Authorized On December 15, 2015 | |
Share Repurchases [Line Items] | |
Shares Repurchased | shares | 869,302 |
Total Cost | $ 16,100 |
DIVIDENDS AND STOCK REPURCHAS63
DIVIDENDS AND STOCK REPURCHASE PROGRAMS - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 15, 2015 | |
Share Repurchases [Line Items] | |||
Treasury Stock Value Acquired Cost Method | $ 32,634 | $ 25,918 | |
Eighth share repurchase plan [Member] | |||
Share Repurchases [Line Items] | |||
Treasury Stock Shares Acquired | 622,688 | ||
Treasury Stock Value Acquired Cost Method | $ 16,500 | ||
Ninth share repurchase plan [Member] | |||
Share Repurchases [Line Items] | |||
Treasury Stock Shares Acquired | 869,302 | ||
Treasury Stock Value Acquired Cost Method | $ 16,100 | ||
Maximum | Ninth share repurchase plan [Member] | |||
Share Repurchases [Line Items] | |||
Authorized amount for repurchase | $ 100,000 |
BUSINESS COMBINATIONS (Estimate
BUSINESS COMBINATIONS (Estimated Fair Values of Assets Acquired and Liabilities Assumed) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 01, 2016 | Dec. 15, 2015 | Jun. 30, 2015 | Feb. 02, 2015 | Jan. 02, 2015 | Oct. 02, 2014 | Jul. 02, 2013 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 588,007 | $ 552,329 | ||||||
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 | |||||||
Faculdade Diferencial Integral [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Current Assets | $ 4,699 | |||||||
Property and Equipment | 2,037 | |||||||
Other Long-term Assets | 167 | |||||||
Intangible Assets | 17,723 | |||||||
Goodwill | 8,238 | |||||||
Total Assets Acquired | 32,864 | |||||||
Liabilities Assumed | 16,801 | |||||||
Net Assets Acquired | $ 16,063 | |||||||
Damasio Educacional [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Current Assets | $ 8,015 | |||||||
Property and Equipment | 3,154 | |||||||
Other Long-term Assets | 2,246 | |||||||
Intangible Assets | 47,011 | |||||||
Goodwill | 48,637 | |||||||
Total Assets Acquired | 109,063 | |||||||
Liabilities Assumed | 27,721 | |||||||
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 | 60,634 | |||||||
Goodwill | 111,010 | |||||||
Total Assets Acquired | 215,385 | |||||||
Liabilities Assumed | 24,423 | |||||||
Net Assets Acquired | $ 190,962 | |||||||
Faculdade de Imperatriz [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Current Assets | $ 1,057 | |||||||
Property and Equipment | 291 | |||||||
Intangible Assets | 2,652 | |||||||
Goodwill | 4,997 | |||||||
Total Assets Acquired | 8,997 | |||||||
Liabilities Assumed | 2,704 | |||||||
Net Assets Acquired | $ 6,293 |
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 | Jul. 02, 2013 |
Faculdade Diferencial Integral [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible assets, estimated useful lives | 15 years | |||
Faculdade Diferencial Integral [Member] | Clinical Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible assets | $ 583 | |||
Amortizable intangible assets, estimated useful lives | 15 years | |||
Damasio Educacional [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible assets, estimated useful lives | 8 years | |||
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 | $ 1,342 | |||
Amortizable intangible assets, estimated useful lives | 1 year | |||
Faculdade Martha Falcao [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible assets, estimated useful lives | 2 years | |||
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] | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible assets, estimated useful lives | 5 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 - Additio
BUSINESS COMBINATIONS - Additional Information (Detail) $ in Thousands | Jun. 01, 2016USD ($) | Dec. 15, 2015USD ($) | Feb. 02, 2015USD ($) | Jan. 02, 2015USD ($) | Oct. 02, 2014USD ($) | Jul. 02, 2013USD ($) |
Faculdade Diferencial Integral [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite Lived Intangible Assets Weighted Average Useful Life | 15 years | |||||
Number Of Students In Degree Programs | 2,900 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 17,723 | |||||
Business Combination, Consideration Transferred | 16,100 | |||||
Business Combination, Contingent Consideration | 9,000 | |||||
Faculdade Diferencial Integral [Member] | Trade Name [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,900 | |||||
Faculdade Diferencial Integral [Member] | Accreditations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 15,200 | |||||
Damasio Educacional [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite Lived Intangible Assets Weighted Average Useful Life | 8 years | |||||
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 | $ 47,011 | |||||
Payments to Acquire Businesses, Gross | 66,000 | |||||
Business Combination, Consideration Transferred | 81,300 | |||||
Business Combination, Contingent Consideration | 15,400 | |||||
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 | |||||
Damasio Educacional [Member] | Accreditations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 19,300 | |||||
Faculdade Ideal [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 6,754 | |||||
Business Combination, Consideration Transferred | 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] | ||||||
Acquired Finite Lived Intangible Assets Weighted Average Useful Life | 2 years | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 5,249 | |||||
Business Combination, Consideration Transferred | 11,500 | |||||
Business Combination, Contingent Consideration | 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] | ||||||
Acquired Finite Lived Intangible Assets Weighted Average Useful Life | 5 years | |||||
Number Of Students In Degree Programs | 15,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 60,634 | |||||
Payments to Acquire Businesses, Gross | 180,500 | |||||
Business Combination, Consideration Transferred | $ 191,000 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Combination, Contingent Consideration | $ 10,500 | |||||
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 | $ 34,700 | |||||
Faculdade de Imperatriz [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number Of Students In Degree Programs | 2,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,652 | |||||
Payments to Acquire Businesses, Gross | 3,500 | |||||
Business Combination, Consideration Transferred | $ 6,300 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Combination, Contingent Consideration | $ 2,800 | |||||
Faculdade de Imperatriz [Member] | Trade Name [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 500 | |||||
Faculdade de Imperatriz [Member] | Accreditations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,100 |
INTANGIBLE ASSETS (Schedule of
INTANGIBLE ASSETS (Schedule of Intangible Assets) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | ||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 32,465 | $ 110,459 | |
Amortizable Intangible Assets, Accumulated Amortization | (11,835) | (90,616) | |
Indefinite-lived Intangible Assets, Gross Carrying Amount | 322,226 | 303,888 | |
Student Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | 14,530 | [1] | 83,036 |
Amortizable Intangible Assets, Accumulated Amortization | (7,150) | [1] | (78,906) |
Customer Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | 400 | 400 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (170) | (130) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 10 years | ||
Test Prep Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | 1,029 | ||
Amortizable Intangible Assets, Accumulated Amortization | (429) | ||
Non-compete Agreements [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 940 | 2,290 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (799) | (1,961) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 5 years | ||
Curriculum/Software [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 4,038 | 3,092 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (1,914) | (2,615) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 5 years | ||
Outplacement Relationships [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | 3,900 | ||
Amortizable Intangible Assets, Accumulated Amortization | (1,764) | ||
Franchise Contracts [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 10,968 | 11,287 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (863) | (261) | |
Amortizable Intangible Assets, Weighted Average Amortization Period | 18 years | ||
Trade Names [Member] | |||
Intangible Assets [Line Items] | |||
Amortizable Intangible Assets, Gross Carrying Amount | $ 1,183 | 5,007 | |
Amortizable Intangible Assets, Accumulated Amortization | (858) | (4,550) | |
Indefinite-lived Intangible Assets, Gross Carrying Amount | $ 70,731 | 48,134 | |
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 | 20,200 | 67,200 | |
Devry Brasil Accreditations [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets, Gross Carrying Amount | 100,410 | 57,669 | |
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 | 406 | 418 | |
Amortizable Intangible Assets, Accumulated Amortization | $ (81) | $ 0 | |
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 Universitario Vale do Ipojuca ("UniFavip"), 6 years for Damasio and 5 years for Grupo Ibmec. |
INTANGIBLE ASSETS (Schedule o68
INTANGIBLE ASSETS (Schedule of Intangible Assets) (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2016 | |
Faculdade Boa Viagem [Member] | |
Intangible Assets [Line Items] | |
Amortizable Intangible Assets, Weighted Average Amortization Period (in years) | 6 years |
Centro Universitario do Vale do Ipojuca [Member] | |
Intangible Assets [Line Items] | |
Amortizable Intangible Assets, Weighted Average Amortization Period (in years) | 5 years |
Damasio [Member] | |
Intangible Assets [Line Items] | |
Amortizable Intangible Assets, Weighted Average Amortization Period (in years) | 6 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 | Jun. 30, 2016USD ($) |
Intangible Assets [Line Items] | |
2,017 | $ 5,081 |
2,018 | 3,366 |
2,019 | 2,330 |
2,020 | 1,590 |
2,021 | 985 |
Thereafter | 7,278 |
Becker [Member] | |
Intangible Assets [Line Items] | |
2,017 | 312 |
2,018 | 40 |
2,019 | 40 |
2,020 | 40 |
2,021 | 40 |
Thereafter | 30 |
Devry Brasil [Member] | |
Intangible Assets [Line Items] | |
2,017 | 4,769 |
2,018 | 3,326 |
2,019 | 2,290 |
2,020 | 1,550 |
2,021 | 945 |
Thereafter | $ 7,248 |
INTANGIBLE ASSETS (Summary of G
INTANGIBLE ASSETS (Summary of Goodwill Balances by Reporting Unit) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Intangible Assets [Line Items] | ||
Goodwill | $ 588,007 | $ 552,329 |
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 | |
DeVry Brasil [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 223,558 | |
Becker Professional Education [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 32,043 | |
DeVry University [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | $ 22,196 |
INTANGIBLE ASSETS (Summary of71
INTANGIBLE ASSETS (Summary of Goodwill Balances by Reporting Segment) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Intangible Assets [Line Items] | ||
Goodwill | $ 588,007 | $ 552,329 |
Medical And Healthcare [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 310,210 | |
International And Professional Education [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 255,601 | |
Business Technology And Management [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | $ 22,196 |
INTANGIBLE ASSETS (Changes in C
INTANGIBLE ASSETS (Changes in Carrying Amount of Goodwill, by Segment) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Line Items] | |||
Goodwill beginning balance | $ 552,329 | $ 519,879 | $ 508,937 |
Acquisitions | 116,007 | 55,915 | 9,675 |
Purchase Accounting Adjustment | 4,575 | ||
Impairments | (98,784) | ||
Foreign currency exchange rate changes | 13,880 | (23,465) | 1,267 |
Goodwill ending balance | 588,007 | 552,329 | 519,879 |
Medical And Healthcare [Member] | |||
Goodwill [Line Items] | |||
Goodwill beginning balance | 495,927 | 495,927 | 495,927 |
Acquisitions | 0 | 0 | 0 |
Purchase Accounting Adjustment | 0 | ||
Impairments | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | 0 |
Goodwill ending balance | 495,927 | 495,927 | 495,927 |
Accumulated Impairment Losses beginning balance | (86,933) | (86,933) | (86,933) |
Acquisitions | 0 | 0 | 0 |
Purchase Accounting Adjustment | 0 | ||
Impairments | (98,784) | ||
Foreign currency exchange rate changes | 0 | 0 | 0 |
Accumulated Impairment Losses ending balance | (185,717) | (86,933) | (86,933) |
International And Professional Education [Member] | |||
Goodwill [Line Items] | |||
Goodwill beginning balance | 121,139 | 88,689 | 77,747 |
Acquisitions | 116,007 | 55,915 | 9,675 |
Purchase Accounting Adjustment | 4,575 | ||
Impairments | 0 | ||
Foreign currency exchange rate changes | 13,880 | (23,465) | 1,267 |
Goodwill ending balance | 255,601 | 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 |
Purchase Accounting Adjustment | 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 | Jun. 30, 2016 | Jun. 30, 2015 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets balances | $ 322,226 | $ 303,888 |
Medical and Healthcare | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets balances | 157,700 | |
International and Professional Education | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets balances | 162,881 | |
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 | 12 Months Ended | |||
May 31, 2016 | May 31, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Intangible Assets [Line Items] | |||||||
Amortization of Intangible Assets | $ 5,447 | $ 4,089 | $ 6,419 | ||||
Indefinite-lived Intangible Assets, Period Increase (Decrease) | 18,300 | ||||||
Goodwill | $ 588,007 | 588,007 | 552,329 | ||||
Intangible Assets, Net (Excluding Goodwill), Total | $ 342,856 | $ 342,856 | $ 323,731 | ||||
Percentage Of Intangible Assets Including Goodwill | 44.00% | 44.00% | |||||
Indefinite-lived Intangible Assets Acquired | $ 55,700 | ||||||
Goodwill, Impairment Loss | $ 98,784 | ||||||
Fair Value Inputs, Discount Rate | 14.00% | 13.00% | |||||
Indefinite-lived Intangible Assets [Member] | |||||||
Intangible Assets [Line Items] | |||||||
Fair Value In Excess Of Carrying Value Percentage | 56.00% | ||||||
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] | |||||||
Percentage Of Revenue Declined | 23.00% | ||||||
Fair Value In Excess Of Carrying Value Percentage | 6.00% | ||||||
Goodwill | $ 22,196 | $ 22,196 | |||||
Percentage of Decline In Operating Income Before Special Charges | 12.70% | ||||||
Potential Impairment Of Goodwill And Intangible Assets | $ 23,800 | ||||||
Percentage Of Cost Savings On Revenue Decline | 90.00% | ||||||
Fair Value Inputs, Discount Rate | 14.80% | ||||||
Carrington [Member] | |||||||
Intangible Assets [Line Items] | |||||||
Fair Value In Excess Of Carrying Value Percentage | 8.00% | ||||||
Percentage of Decline In Revenue | 8.00% | ||||||
Impairment Income Tax Benefit | $ 30,400 | ||||||
Percentage of revenue below plan | 12.00% | ||||||
Goodwill and Intangible Asset Impairment, Total | $ 147,700 | ||||||
Implied Goodwill | $ 5,800 | ||||||
Goodwill, Impairment Loss | $ 5,800 | ||||||
Carrying Value In Excess Of Implied Goodwill | 93,000 | ||||||
Total Student Enrollment Declined Percentage | 10.00% | 8.00% | |||||
Fair Value Inputs, Discount Rate | 13.80% | ||||||
Impairment Of Goodwill And Intangible Assets, Net of Tax | $ 117,300 | ||||||
Carrington [Member] | Title Four Eligibility And Accreditations [Member] | |||||||
Intangible Assets [Line Items] | |||||||
Impairment of Intangible Assets | 47,000 | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 42,400 | 6,500 | |||||
Carrying Value In Excess Of Fair Value Of Intangible Assets | 6,500 | ||||||
Goodwill, Impairment Loss | 93,000 | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 20,200 | $ 60,700 | 20,200 | ||||
Carrington Accreditation [Member] | Title Four Eligibility And Accreditations [Member] | |||||||
Intangible Assets [Line Items] | |||||||
Carrying Value In Excess Of Fair Value Of Intangible Assets | 42,400 | 42,400 | |||||
Facimp [Member] | Grupo Ibmec [Member] | |||||||
Intangible Assets [Line Items] | |||||||
Goodwill | $ 116,000 | $ 116,000 |
RESTRUCTURING CHARGES (Separati
RESTRUCTURING CHARGES (Separation and Restructuring Plan Activity) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Liability beginning balance | $ 27 | $ 15.4 |
Increase in liability (separation and other charges) | 67.5 | 42 |
Reduction in liability (payments and adjustments) | (46.3) | (30.4) |
Liability ending balance | $ 48.2 | $ 27 |
RESTRUCTURING CHARGES - Additio
RESTRUCTURING CHARGES - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Number of Positions Eliminated | 761 | 668 |
Restructuring Charges, Total | $ 74,225 | $ 42,913 |
Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance Costs | 24,100 | 19,400 |
Real Estate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges, Total | 50,100 | 23,500 |
Business, Technology and Management | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges, Total | 66,900 | 32,600 |
Medical and Healthcare | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges, Total | 5,600 | 6,900 |
International and Professional Education | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges, Total | 1,200 | 100 |
DeVry Home Office [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Charges, Total | 500 | $ 3,300 |
DeVry Group | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve, Noncurrent | 21,500 | |
Restructuring Reserve, Current | $ 26,700 |
INCOME TAXES (Components of Inc
INCOME TAXES (Components of Income Before Income Taxes) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Contingency [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (131,615) | $ 33,693 | $ 58,539 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 114,317 | 119,967 | 120,828 |
(Loss) Income from Continuing Operations Before Income Taxes | $ (17,298) | $ 153,660 | $ 179,367 |
INCOME TAXES (Income Tax Provis
INCOME TAXES (Income Tax Provisions (Benefits) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current Tax Provision | |||
U.S. Federal | $ 20,226 | $ 10,146 | $ 32,660 |
State and Local | 4,295 | 2,756 | 5,133 |
Foreign | 2,685 | 2,602 | 1,240 |
Total Current | 27,206 | 15,504 | 39,033 |
Deferred Tax (Benefit) Provision: | |||
U.S. Federal | (40,457) | (45) | (9,545) |
State and Local | (5,441) | (486) | (4,447) |
Foreign | 4,150 | 3,564 | 2,658 |
Total Deferred | (41,748) | 3,033 | (11,334) |
Income Tax (Benefit) Provision | $ (14,542) | $ 18,537 | $ 27,699 |
INCOME TAXES (Income Tax Prov79
INCOME TAXES (Income Tax Provisions Computed using Statutory U.S. Federal Rate) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reconciliation Of Statutory Federal Tax Rate [Line Items] | |||
Income Tax at Statutory Rate | $ (6,054) | $ 53,787 | $ 62,778 |
Lower Rates on Foreign Operations | (33,213) | (36,428) | (36,675) |
State Income Taxes | (1,012) | 2,320 | 3,405 |
Nondeductible Tax Items | 2,080 | 953 | (1,037) |
Nondeductible Goodwill | 23,957 | 0 | 0 |
Other | (300) | (2,095) | (772) |
Income Tax (Benefit) Provision | $ (14,542) | $ 18,537 | $ 27,699 |
Income Tax at Statutory Rate | 35.00% | 35.00% | 35.00% |
Lower Rates on Foreign Operations | 192.00% | (23.70%) | (20.40%) |
State Income Taxes | 5.90% | 1.50% | 1.90% |
Nondeductible Tax Items | (12.00%) | 0.60% | (0.60%) |
Nondeductible Goodwill | (138.50%) | 0.00% | 0.00% |
Tax Credits and Other | 1.70% | (1.30%) | (0.50%) |
Income Tax Provision | 84.10% | 12.10% | 15.40% |
INCOME TAXES (Deferred Income T
INCOME TAXES (Deferred Income Tax Asset (Liabilities)) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Loss and Credit Carryforwards, net | $ 24,213 | $ 21,544 | $ 13,371 |
Employee Benefits | 17,820 | 17,852 | 21,853 |
Stock-Based Payments | 21,239 | 17,136 | 16,606 |
Deferred Rent | 22,135 | 24,102 | 22,145 |
Receivable Reserve | 20,158 | 20,043 | 23,036 |
Restructuring Reserve | 18,820 | 8,903 | 8,618 |
Other Reserves | 3,978 | 3,519 | 3,068 |
Less: Valuation Allowance | (8,624) | (10,552) | (9,002) |
Gross Deferred Tax Assets | 119,739 | 102,547 | 99,695 |
Depreciation | (24,217) | (25,860) | (34,398) |
Amortization of Intangible Assets | (72,850) | (91,321) | (73,539) |
Gross Deferred Tax Liability | (97,067) | (117,181) | (107,937) |
Net Deferred Taxes | $ 22,672 | $ (14,634) | $ (8,242) |
INCOME TAXES (Changes in Unreco
INCOME TAXES (Changes in Unrecognized Tax Benefits) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Beginning Balance, July 1 | $ 8.5 | $ 9.1 | $ 9 |
Increases from Positions Taken During Prior Periods | 0.3 | 3.2 | 0.6 |
Decreases from Positions Taken During Prior Periods | (1.7) | (4.4) | (1.3) |
Increases from Positions Taken During the Current Period | 0.4 | 0.6 | 0.8 |
Ending Balance, June 30 | $ 7.5 | $ 8.5 | $ 9.1 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Contingency [Line Items] | |||
Undistributed Earnings of Foreign Subsidiaries | $ 891,300 | $ 773,100 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 84.10% | 12.10% | 15.40% |
Unrecognized Tax Benefits, Beginning Balance | $ 7,500 | $ 8,500 | $ 9,100 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,700 | 6,700 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,600 | 1,500 | 1,400 |
Deferred Tax Assets, Valuation Allowance | 8,624 | 10,552 | 9,002 |
Income Tax Examination, Penalties and Interest Expense, Total | 200 | $ 100 | $ 100 |
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Undistributed Earnings Of Foreign Subsidiaries Potential Tax | 310,000 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Undistributed Earnings Of Foreign Subsidiaries Potential Tax | $ 290,000 |
DEBT - Additional Information (
DEBT - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2016 | Jul. 01, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | |
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 550 | |||
Letters of Credit Outstanding, Amount | $ 0.1 | $ 0.1 | ||
Line Of Credit Facility Unused Capacity Commitment Fee Percentage | 0.35% | |||
Line of Credit Facility, Current Borrowing Capacity | $ 400 | |||
Deferred Finance Costs, Gross | $ 3.5 | |||
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 | |||
Revolving Credit Facility | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 1.00% | |||
Revolving Credit Facility | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 2.00% | |||
Revolving Credit Facility | Prime Rate | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 2.00% | |||
Revolving Credit Facility | Prime Rate | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 3.00% | |||
Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |||
Association Of Certified Anti-Money Laundering Specialists [Member] | Revolving Credit Facility | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term Line of Credit | $ 175 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 26,200,000 | $ 26,600,000 | $ 33,700,000 |
Employee Stock Purchase Program Authorized Amount | $ 25,000 | ||
Employee Purchase Plan Purchase Price Percentage Of Fair Market Value | 95.00% | ||
Employee Purchase Plan Purchase Price Percentage Of Subsidy By Employer | 5.00% | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 55,162 | 32,987 | 40,468 |
COMMITMENTS AND CONTINGENCIES85
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments for Non-Cancellable Operating Leases) (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
2,017 | $ 101,107 |
2,018 | 91,668 |
2,019 | 82,688 |
2,020 | 77,523 |
2,021 | 69,662 |
Thereafter | $ 204,961 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Leases, Rent Expense | $ 80 | $ 90.1 | $ 87.1 |
Letter of Credit | |||
Letter Of Credit Title IV Percentage | 10.00% |
SEGMENT INFORMATION (Tabulation
SEGMENT INFORMATION (Tabulation of Business Segment Information Based on Current Segmentation) (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||
Total Consolidated Revenue | $ 1,843,537 | $ 1,909,943 | $ 1,923,371 |
Total Consolidated Operating Income | (12,143) | 156,910 | 181,268 |
Interest Income | 779 | 2,063 | 1,731 |
Interest Expense | (5,934) | (5,313) | (3,632) |
Net Interest Expense | (5,155) | (3,250) | (1,901) |
Total Consolidated Income Before Income Taxes | (17,298) | 153,660 | 179,367 |
Total Consolidated Assets | 2,096,996 | 2,039,832 | 1,997,636 |
Total Consolidated Additions to Long-lived Assets | 262,467 | 214,151 | 109,740 |
Capital Expenditures | 69,396 | 88,707 | 79,355 |
Increase in Capital Assets from Acquisitions | 13,778 | 10,921 | 2,257 |
Increase in Intangible Assets and Goodwill | 179,293 | 114,523 | 28,128 |
Total Increase in Consolidated Long-lived Assets | 262,467 | 214,151 | 109,740 |
Total Consolidated Depreciation | 79,400 | 85,008 | 82,739 |
Total Consolidated Amortization | 5,447 | 4,089 | 6,419 |
Medical and Healthcare | |||
Segment Reporting Information [Line Items] | |||
Total Consolidated Revenue | 936,332 | 859,477 | 769,126 |
Total Consolidated Operating Income | 14,337 | 146,503 | 136,035 |
Total Consolidated Assets | 892,758 | 1,164,914 | 1,149,244 |
Total Consolidated Additions to Long-lived Assets | 32,924 | 60,029 | 51,023 |
Increase in Intangible Assets and Goodwill | 3,700 | 3,700 | |
Total Consolidated Depreciation | 33,620 | 27,304 | 24,831 |
Total Consolidated Amortization | 255 | 647 | 3,647 |
International and Professional Education | |||
Segment Reporting Information [Line Items] | |||
Total Consolidated Revenue | 299,018 | 258,839 | 228,057 |
Total Consolidated Operating Income | 41,665 | 36,796 | 42,744 |
Total Consolidated Assets | 678,260 | 398,857 | 296,996 |
Total Consolidated Additions to Long-lived Assets | 208,075 | 139,474 | 39,862 |
Total Consolidated Depreciation | 5,910 | 6,164 | 3,900 |
Total Consolidated Amortization | 5,192 | 3,442 | 2,772 |
Business, Technology and Management | |||
Segment Reporting Information [Line Items] | |||
Total Consolidated Revenue | 611,132 | 794,162 | 929,948 |
Total Consolidated Operating Income | (46,897) | (17,658) | 10,777 |
Total Consolidated Assets | 261,251 | 400,536 | 433,833 |
Total Consolidated Additions to Long-lived Assets | 10,662 | 4,944 | 12,791 |
Increase in Intangible Assets and Goodwill | 23,800 | 23,800 | |
Total Consolidated Depreciation | 27,075 | 37,267 | 43,713 |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Consolidated Assets | 264,727 | 109,886 | |
Intersegment Revenue and Other | |||
Segment Reporting Information [Line Items] | |||
Total Consolidated Revenue | (2,945) | (2,535) | (3,760) |
Home Office And Other | |||
Segment Reporting Information [Line Items] | |||
Total Consolidated Operating Income | (21,248) | (8,731) | (8,288) |
Total Consolidated Assets | 117,563 | ||
Total Consolidated Additions to Long-lived Assets | 10,806 | 9,704 | 6,064 |
Total Consolidated Depreciation | $ 12,795 | $ 14,273 | $ 10,295 |
SEGMENT INFORMATION (Revenues a
SEGMENT INFORMATION (Revenues and Long-Lived Assets by Geographic Area) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | |||||
Total Consolidated Revenue from Unaffiliated Customers | $ 471,700 | $ 473,189 | $ 1,843,537 | $ 1,909,943 | $ 1,923,371 |
Total Consolidated Long-lived Assets | 595,420 | 597,076 | 595,420 | 597,076 | 605,734 |
Domestic Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total Consolidated Revenue from Unaffiliated Customers | 1,294,487 | 1,401,301 | 1,457,430 | ||
Total Consolidated Long-lived Assets | 294,641 | 356,183 | 294,641 | 356,183 | 387,081 |
Dominica and St. Kitts, St. Maarten | |||||
Segment Reporting Information [Line Items] | |||||
Total Consolidated Revenue from Unaffiliated Customers | 346,235 | 337,782 | 328,218 | ||
Total Consolidated Long-lived Assets | 190,513 | 186,258 | 190,513 | 186,258 | 169,542 |
Brazil | |||||
Segment Reporting Information [Line Items] | |||||
Total Consolidated Revenue from Unaffiliated Customers | 196,097 | 159,231 | 125,511 | ||
Total Consolidated Long-lived Assets | 106,878 | 54,517 | 106,878 | 54,517 | 48,927 |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Total Consolidated Revenue from Unaffiliated Customers | 6,718 | 11,629 | 12,212 | ||
Total Consolidated Long-lived Assets | 3,388 | 118 | 3,388 | 118 | 184 |
International Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total Consolidated Revenue from Unaffiliated Customers | 549,050 | 508,642 | 465,941 | ||
Total Consolidated Long-lived Assets | $ 300,779 | $ 240,893 | $ 300,779 | $ 240,893 | $ 218,653 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | |||
Concentration Risk, Benchmark Description | less than 5% | less than 5% | less than 5% |
Increase In Intangible Assets And Goodwill | $ 179,293 | $ 114,523 | $ 28,128 |
Home Office And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Decrease in Intangible Assets and Goodwill | 27,500 | 27,500 | |
Medical And Healthcare [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase In Intangible Assets And Goodwill | 3,700 | 3,700 | |
Business Technology And Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Increase In Intangible Assets And Goodwill | $ 23,800 | $ 23,800 | |
Entity Wide Revenue Major Customers | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
QUARTERLY FINANCIAL DATA (UNA90
QUARTERLY FINANCIAL DATA (UNAUDITED) (Summary of Quarterly Data) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | $ 471,700 | $ 474,221 | $ 456,203 | $ 441,413 | $ 473,189 | $ 489,830 | $ 484,880 | $ 462,044 | $ 1,843,537 | $ 1,909,943 | $ 1,923,371 |
Operating Income (Loss) | (24,860) | 60,847 | (56,377) | 8,247 | 33,847 | 49,450 | 48,970 | 24,643 | (12,143) | 156,910 | 181,268 |
AMOUNTS ATTRIBUTABLE TO DEVRY EDUCATION GROUP: | |||||||||||
Income from Continuing Operations | 29,926 | 41,544 | 42,413 | 20,440 | (3,166) | 134,323 | 150,989 | ||||
Income from Discontinued Operations | 0 | 5,576 | 0 | 0 | 0 | 5,576 | (16,957) | ||||
Net Income Attributable to DeVry Education Group | $ (9,969) | $ 51,925 | $ (50,587) | $ 5,465 | $ 29,926 | $ 47,120 | $ 42,413 | $ 20,440 | $ (3,166) | $ 139,899 | $ 134,032 |
Earnings per Common Share Attributable to DeVry Education Group Shareholders: | |||||||||||
Continuing Operations | $ 0.46 | $ 0.65 | $ 0.66 | $ 0.32 | $ (0.05) | $ 2.08 | $ 2.35 | ||||
Discontinued Operations | 0 | 0.08 | 0 | 0 | 0 | 0.09 | (0.26) | ||||
Basic | $ (0.16) | $ 0.81 | $ (0.79) | $ 0.08 | 0.46 | 0.73 | 0.66 | 0.32 | (0.05) | 2.17 | 2.09 |
Diluted | |||||||||||
Continuing Operations | 0.46 | 0.64 | 0.65 | 0.31 | (0.05) | 2.06 | 2.33 | ||||
Discontinued Operations | 0 | 0.08 | 0 | 0 | 0 | 0.08 | (0.26) | ||||
Diluted | (0.16) | 0.81 | (0.79) | 0.08 | 0.46 | 0.72 | 0.65 | 0.31 | (0.05) | 2.14 | 2.07 |
Cash Dividends Declared per Common Share | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.18 | $ 0 | $ 0.36 | $ 0.36 | $ 0.34 |
SUBSEQUENT EVENT - Additional I
SUBSEQUENT EVENT - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 01, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 173,864 | $ 73,117 | $ 13,570 | |
Association Of Certified Anti-Money Laundering Specialists [Member] | Subsequent Event [Member] | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 330,000 | |||
Association Of Certified Anti-Money Laundering Specialists [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Proceeds from Lines of Credit | $ 175,000 |
SCHEDULE II (Valuation and Qual
SCHEDULE II (Valuation and Qualifying Accounts and Reserves) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Balance at Beginning of period | $ 26,992 | $ 15,392 | |||||
Charged to Costs and Expenses | 41,950 | ||||||
Charged to Other Accounts | 0 | ||||||
Deductions | [1] | 30,350 | |||||
Balance at End of period | 26,992 | $ 15,392 | |||||
Allowance for accounts receivable for refunds | |||||||
Balance at Beginning of period | 5,766 | 1,488 | 1,240 | ||||
Charged to Costs and Expenses | [2] | 46,525 | 42,316 | 36,070 | |||
Charged to Other Accounts | 0 | 0 | 559 | [3] | |||
Deductions | [4] | 50,504 | 38,038 | 36,381 | |||
Balance at End of period | 1,787 | 5,766 | 1,488 | ||||
Allowance for accounts receivable for uncollectible accounts | |||||||
Balance at Beginning of period | 59,206 | 60,996 | [5] | 54,103 | [5] | ||
Charged to Costs and Expenses | 35,496 | 47,587 | 50,600 | [5] | |||
Charged to Other Accounts | [7] | (217) | [6] | 673 | [6] | 2,696 | [5],[8] |
Deductions | [4] | 31,771 | 50,050 | 46,403 | [5] | ||
Balance at End of period | 62,714 | 59,206 | 60,996 | [5] | |||
Allowance for long-term notes receivable for uncollectible notes | |||||||
Balance at Beginning of period | 2,368 | 4,980 | [5] | 10,759 | [5] | ||
Charged to Costs and Expenses | (1,217) | (19) | 1,781 | [5] | |||
Charged to Other Accounts | [7] | (475) | (2,562) | (7,248) | [5] | ||
Deductions | 0 | 31 | [4] | 312 | [4],[5] | ||
Balance at End of period | 676 | 2,368 | 4,980 | [5] | |||
Allowance for contributions to Perkins loan program for uncollectible loans | |||||||
Balance at Beginning of period | 2,562 | 2,562 | 2,562 | ||||
Charged to Costs and Expenses | 0 | 0 | 0 | ||||
Charged to Other Accounts | 0 | 0 | 0 | ||||
Deductions | 0 | 0 | 0 | ||||
Balance at End of period | 2,562 | 2,562 | 2,562 | ||||
Deferred tax assets, valuation allowances | |||||||
Balance at Beginning of period | 10,552 | 9,002 | 6,538 | ||||
Charged to Costs and Expenses | 0 | 1,550 | [9] | 2,464 | [9] | ||
Charged to Other Accounts | 0 | 0 | 0 | ||||
Deductions | 1,928 | [9] | 0 | 0 | |||
Balance at End of period | 8,624 | 10,552 | 9,002 | ||||
Restructuring expense reserve | |||||||
Balance at Beginning of period | 26,992 | 15,392 | [5] | 13,168 | [5] | ||
Charged to Costs and Expenses | 67,495 | 30,034 | [5] | ||||
Charged to Other Accounts | 0 | 0 | [5] | ||||
Deductions | [1] | 46,264 | 27,810 | [5] | |||
Balance at End of period | $ 48,223 | $ 26,992 | $ 15,392 | [5] | |||
[1] | Payments and/or adjustments of liabilities for restructuring reserve. | ||||||
[2] | Amounts recorded as a reduction of revenue, including adjustment for withdrawn students. | ||||||
[3] | Charged to deferred revenue accounts. | ||||||
[4] | Write-offs of uncollectable amounts and cash refunds. | ||||||
[5] | Fiscal year 2014 amounts for Deducted from accounts receivable for uncollectible accounts, Deducted from long-term notes receivable for uncollectible notes and Restructuring expense reserve have been changed from the fiscal year 2014 10-K presentation for correction of errors. | ||||||
[6] | Effects of foreign currency translation charged to Accumulated Other Comprehensive Income (Loss). | ||||||
[7] | Reclassifications between accounts. | ||||||
[8] | AAI's balance charged to discontinued operations. | ||||||
[9] | Adjustments to valuation allowance include an increase of $2.9 million and a decrease of $4.9 million in fiscal year 2016, an increase of $1.6 million in fiscal year 2015, and an increase of $2.5 million in fiscal year 2014. |
SCHEDULE II (Valuation and Qu93
SCHEDULE II (Valuation and Qualifying Accounts and Reserves) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Period Increase | $ 2.9 | $ 1.6 | $ 2.5 |
Valuation Allowances and Reserves, Period Decrease | $ 4.9 |