SEGMENT INFORMATION

12 Months Ended

Jun. 30, 2012

SEGMENT INFORMATION

NOTE 15: SEGMENT INFORMATION

DeVry’s principal business is providing secondary and post-secondary education. The services of our operations are described in more detail in “Note 1 — Nature of Operations.” DeVry presents three reportable segments: “Business, Technology and Management”, which includes DeVry University undergraduate and graduate operations; “Medical and Healthcare” which includes the operations of Ross University medical and veterinary schools, Chamberlain College of Nursing and Carrington; “International, K-12 and Professional Education”, which includes the operations of DeVry Brasil, AAI and the professional exam review and training operations of Becker Professional Review.

These segments are consistent with the method by which the Chief Operating Decision Maker (DeVry’s President and CEO) evaluates performance and allocates resources. Performance evaluations are based, in part, on each segment’s operating income, which is defined as income before interest income and expense, amortization, non-controlling interest and income taxes. Intersegment sales are accounted for at amounts comparable to sales to nonaffiliated customers and are eliminated in consolidation. The accounting policies of the segments are the same as those described in “Note 2 — Summary of Significant Accounting Policies.”

The consistent measure of segment operating income excludes interest income and expense, amortization and certain corporate-related depreciation and expenses. As such, these items are reconciling items in arriving at income before income taxes. The consistent measure of segment assets excludes deferred income tax assets and certain depreciable corporate assets. Additions to long-lived assets have been measured in this same manner. Reconciling items are included as corporate assets.

Following is a tabulation of business segment information based on the current segmentation for each of the years ended June 30, 2012, 2011 and 2010. Corporate information is included where it is needed to reconcile segment data to the consolidated financial statements.

	For the Year Ended June 30,
	2012			2011			2010
Revenues:
Business, Technology and Management	$	1,303,556		$	1,460,146		$	1,263,553
Medical and Healthcare		611,953			558,335			507,037
International, K-12 and Professional Education		174,272			163,890			144,591
Total Consolidated Revenues	$	2,089,781		$	2,182,371		$	1,915,181
Operating Income:
Business, Technology and Management	$	201,122		$	359,403		$	291,060
Medical and Healthcare		9,602			106,965			111,081
International, K-12 and Professional Education		3,510			32,684			19,882
Reconciling Items:
Amortization Expense		(10,885	)		(6,103	)		(10,812	)
Depreciation and Other		888			1,226			(309	)
Total Consolidated Operating Income	$	204,237		$	494,175		$	410,902
Interest and Other Income (Expense):
Interest Income	$	818		$	1,539		$	2,080
Interest Expense		(2,612	)		(1,282	)		(1,585	)
Net Gain on Sale of Assets		3,695			—			—
Net Investment Gain		—			—			1,225
Net Interest and Other Income (Expense)		1,901			257			1,720
Total Consolidated Income Before Income Taxes	$	206,138		$	494,432		$	412,622
Segment Assets:
Business, Technology and Management	$	383,064		$	446,810		$	406,505
Medical and Healthcare		1,029,481			1,036,834			939,854
International, K-12 and Professional Education		250,042			238,733			196,813
Corporate		176,029			128,126			84,654
Total Consolidated Assets	$	1,838,616		$	1,850,503		$	1,627,826
Additions to Long-lived Assets:
Business, Technology and Management	$	54,320		$	55,726		$	55,458
Medical and Healthcare		268,288			40,590			26,453
International, K-12 and Professional Education		64,412			23,844			6,242
Corporate		28,862			25,865			42,856
Total Consolidated Additions to Long-lived Assets	$	415,882		$	146,025		$	131,009
Reconciliation to Consolidated Financial Statements:
Capital Expenditures	$	129,055		$	135,726		$	131,009
Increase in Capital Assets from Acquisitions		47,947			23			—
Increase in Intangible Assets and Goodwill		238,880			10,276			—
Total Increase in Consolidated Long-lived Assets	$	415,882		$	146,025		$	131,009
Depreciation Expense:
Business, Technology and Management	$	37,835		$	26,572		$	32,814
Medical and Healthcare		22,626			17,025			14,591
International, K-12 and Professional Education		6,651			4,066			3,139
Corporate		10,037			10,370			681
Total Consolidated Depreciation	$	77,149		$	58,033		$	51,225
Intangible Asset Amortization Expense:
Medical and Healthcare	$	6,013		$	420		$	4,750
International, K-12 and Professional Education		4,872			5,683			6,062
Total Consolidated Amortization	$	10,885		$	6,103		$	10,812

DeVry conducts its educational operations in the United States, Canada, the Caribbean countries of Dominica and St. Kitts/Nevis, Grand Bahama and St. Maarten, Brazil, Europe, the Middle East and the Pacific Rim. Other international revenues, which are derived principally from Brazil and Canada, were less than 5% of total revenues for the years ended June 30, 2012, 2011 and 2010. Revenues and long-lived assets by geographic area are as follows:

	For the Year Ended June 30,
	2012		2011		2010
Revenue from Unaffiliated Customers:
Domestic Operations	$	1,739,268	$	1,913,328	$	1,669,517
International Operations:
Dominica and St. Kitts/Nevis, St. Maarten		272,539		205,409		193,024
Other		77,974		63,634		52,640
Total International		350,513		269,043		245,664
Consolidated	$	2,089,781	$	2,182,371	$	1,915,181
Long-lived Assets:
Domestic Operations	$	746,473	$	792,482	$	730,710
International Operations:
Dominica and St. Kitts/Nevis, St. Maarten		584,018		347,441		331,682
Other		107,011		85,930		65,787
Total International		691,029		433,371		397,469
Consolidated	$	1,437,502	$	1,225,853	$	1,128,179

No one customer accounted for more than 10% of DeVry’s consolidated revenues.