Assets Held For Sale

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets Held For Sale

Assets Held For Sale

Assets held for sale at December 31, 2023, and 2024, represents excess real properties located in Charles Town, West Virginia, for the Company’s APUS Segment. Long-lived assets are classified as held for sale when the assets are expected to be sold within the next 12 months and meet the other relevant held for sale criteria. As such, the property is recorded at the lower of the carrying value or fair value, less costs to sell, until such time the asset is sold.

For the year ended December 31, 2023, the Company estimated the fair value of a building and an undeveloped parcel of land designated as held for sale are $9.0 million, which, after reduction for the estimated cost to sell of approximately $0.4 million, resulted in a loss of $2.4 million. The loss is included in loss on assets held for sale in these Consolidated Financial Statements for the year ended December 31, 2023. During the three months ended December 31, 2024, APUS entered into an agreement to sell the undeveloped parcel of land for $0.5 million which approximates its carrying value. The sale closed in the first quarter of 2025.

In the fourth quarter of 2024, APUS entered into an agreement to sell a building currently in use for $16.6 million. As a result, the building was reclassified to held for sale as of December 31, 2024, resulting in a loss of $1.6 million based on the expected net proceeds from the sale, less estimated costs to sell. The loss is included in loss on assets held for sale in these Consolidated Financial Statements for the year ended December 31, 2024. The sale is expected to close in the third quarter of 2025.