Adtalem Global Education Inc
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 29, 2024
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Property and Equipment, Net
- Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| · · · · September 30, · · June 30, | ||||||||
| · · Useful Life · · 2024 · · 2024 | ||||||||
| Land | - | $31,776 | | $31,776 | ||||
| Buildings and improvements | | 10 - 31 years | | | 200,238 | | | 200,274 |
| Leasehold improvements | | Shorter of asset useful life or lease term | | | 115,148 | | | 114,019 |
| Furniture and equipment | | 3 - 8 years | | | 99,238 | | | 103,961 |
| Software | | 3 - 5 years | | | 115,429 | | | 113,219 |
| Construction in progress | | - | | | 11,723 | | | 11,554 |
| Property and equipment, gross | | | | | 573,552 | | | 574,803 |
| Accumulated depreciation | | | | (329,049) | | (326,279) | ||
| Property and equipment, net | | | | $244,503 | | $248,524 | ||
During the second quarter of fiscal year 2024, management committed to a plan to sell a building owned by Adtalem located in Naperville, Illinois, and the building met criteria to be classified as assets held for sale. As a result, the building’s carrying value of $8.4 million was adjusted to its estimated fair value less cost to sell of $7.8 million, and the resulting $0.6 million charge was recognized within student services and administrative expense in the Consolidated Statements of Income for the three months ended December 31, 2023. In addition, the building is presented as assets held for sale on the Consolidated Balance Sheets as of September 30, 2024 and June 30, 2024.
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