INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 2013

Intangible assets consist of the following (dollars in thousands):

	June 30, 2013
	Gross Carrying Amount		Accumulated Amortization		Weighted Avg. Amortization Period
Amortizable Intangible Assets:
Student Relationships	$	81,576	$	(74,897)		(1)
Customer Relationships		3,364		(684)		12 years
Non-compete Agreements		2,505		(1,800)		(2)
Curriculum/Software		5,584		(4,225)		5 years
Outplacement Relationships		3,900		(1,244)		15 years
Trade Names		5,822		(4,727)		(3)
Total	$	102,751	$	(87,577)
Indefinite-lived Intangible Assets:
Trade Names	$	38,950
Trademark		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 Accreditations		29,789
Total	$	266,824

(1) The total weighted average estimated amortization period for Student Relationships is 5 years for DeVry Brasil (Fanor, Ruy Barbosa and AREA 1), 6 years for FBV, 5 years for Favip and 4 years for AUC. All other student student relationships are fully amortized as of June 30, 2013.

(2) The total weighted average estimated amortization period for Non-compete Agreements is 1.5 years for ATC and 5 years for Falcon. All other and Non-compete agreements are fully amortized as of June 30, 2013.

(3) The total weighted average estimated amortization period for Trade Names is 2 years for ATC, 8.5 years for DeVry Brasil (Fanor, Ruy Barbosa and AREA1) and 1.5 years for Falcon. All other trade names are fully amortized at June 30, 2013.

	As of June 30, 2012
	Gross Carrying Amount		Accumulated Amortization
Amortizable Intangible Assets:
Student Relationships	$	80,318	$	(68,116)
Customer Relationships		3,441		(356)
License and Non-compete Agreements		3,710		(2,771)
Curriculum/Software		5,570		(3,585)
Outplacement Relationships		3,900		(984)
Trade Names		6,043		(4,418)
Total	$	102,982	$	(80,230)
Indefinite-lived Intangible Assets:
Trade Names	$	38,125
Trademark		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		71,100
AUC Title IV Eligibility and Accreditations		100,000
DeVry Brasil Accreditations		22,358
Total	$	262,468

Estimated Amortization Expense for Amortized Intangible Assets

Estimated amortization expense for amortized intangible assets for the next five fiscal years ending June 30, by reporting unit, is as follows (dollars in thousands):

Fiscal Year	AUC		Becker		DeVry Brasil		Carrington		Total
2014	$	3,347	$	903	$	1,842	$	295	$	6,387
2015		387		895		1,053		260		2,595
2016		-		862		661		260		1,783
2017		-		608		293		260		1,161
2018		-		336		170		260		766
Thereafter		-		998		127		1,356		2,481

Amortizable Intangible Assets Amortized at Annual Rate

This results in the basis being amortized at an annual rate for each of the years of estimated economic life as follows:

Fiscal Year	AUC			DeVry Brasil			FBV			FAVIP
2009		-			8.3	%		-			-
2010		-			30.3	%		-			-
2011		-			24.7	%		-			-
2012		38.0	%		19.8	%		11.9	%		-
2013		38.5	%		13.6	%		33.7	%		27.6	%
2014		21.6	%		3.3	%		25.9	%		32.2	%
2015		1.9	%		-			16.7	%		23.0	%
2016		-			-			9.0	%		13.2	%
2017		-			-			2.6	%		4.0	%
2018		-			-			0.2	%		-

Summary of Goodwill Balances by Reporting Unit

The table below summarizes the goodwill balances by reporting unit as of June 30, 2013 (dollars in thousands):

	As of June 30,
Reporting Unit	2013
DeVry University	$	22,196
Becker Professional Review		32,640
Ross University		237,173
Chamberlain College of Nursing		4,716
Carrington Colleges Group		98,784
American University of the Caribbean		68,321
DeVry Brasil		45,107
Total	$	508,937

Summary of Goodwill Balances by Reporting Segment

The table below summarizes goodwill balances by reporting segment as of June 30, 2013 (dollars in thousands):

	As of June 30,
	2013
Reporting Segment:
Business, Technology and Management	$	22,196
Medical and Healthcare		408,994
International and Professional Education		77,747
Total	$	508,937

Changes in Carrying Amount of Goodwill, by Segment

The table below summarizes the changes in the carrying amount of goodwill, by segment, as of June 30, 2013 and 2012 (dollars in thousands):

	Business, Technology and Management		Medical and Healthcare		International and Professional Education		Total
Balance at June 30, 2011	$	22,196	$	427,606	$	73,818	$	523,620
Acquisitions		-		68,321		17,791		86,112
Dispositions		-		-		(413)		(413)
Impairments		-		(33,839)		(17,075)		(50,914)
Foreign currency exchange rate changes and other		-		-		(8,444)		(8,444)
Balance at June 30, 2012	$	22,196	$	462,088	$	65,677	$	549,961
Acquisitions		-		-		16,120		16,120
Dispositions		-		-		-		-
Impairments		-		(53,094)		-		(53,094)
Foreign currency exchange rate changes and other		-		-		(4,050)		(4,050)
Balance at June 30, 2013	$	22,196	$	408,994	$	77,747	$	508,937

Summary of Indefinite-Lived Intangible Assets Balances by Reporting Unit

The table below summarizes the indefinite-lived intangible assets balances by reporting unit as of June 30, 2013 (dollars in thousands):

Reporting Unit:
DeVry University	$	1,645
Becker Professional Review		27,912
Ross University		19,200
Chamberlain College of Nursing		1,200
Carrington Colleges Group		67,200
American University of the Caribbean		117,100
DeVry Brasil		32,567
Total	$	266,824