Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of effect of revision on affected line items within financial statements

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Balance Sheets (in thousands):

	June 30, 2022						March 31, 2022
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
Assets:
Current assets:
Prepaid expenses and other current assets	$	126,467	$	1,065	$	127,532	$	123,505	$	1,463	$	124,968
Total current assets		556,039		1,065		557,104		1,010,996		1,463		1,012,459
Total assets		3,029,175		1,065		3,030,240		3,518,460		1,463		3,519,923
Liabilities and shareholders' equity:
Current liabilities:
Accrued payroll and benefits		66,642		1,150		67,792		56,705		805		57,510
Deferred revenue		144,840		4,970		149,810		167,576		4,361		171,937
Total current liabilities		417,527		6,120		423,647		521,206		5,166		526,372
Noncurrent liabilities:
Other liabilities		65,074		8,626		73,700		65,729		8,651		74,380
Total noncurrent liabilities		1,106,581		8,626		1,115,207		1,505,947		8,651		1,514,598
Total liabilities		1,524,108		14,746		1,538,854		2,027,153		13,817		2,040,970
Shareholders' equity:
Retained earnings		2,322,810		(12,414)		2,310,396		2,314,796		(11,146)		2,303,650
Accumulated other comprehensive loss		(960)		(1,267)		(2,227)		(2,209)		(1,208)		(3,417)
Total shareholders' equity		1,505,067		(13,681)		1,491,386		1,491,307		(12,354)		1,478,953
Total liabilities and shareholders' equity		3,029,175		1,065		3,030,240		3,518,460		1,463		3,519,923

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Income (in thousands, except per share data):

	Three Months Ended March 31, 2022						Nine Months Ended March 31, 2022
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
Revenue	$	365,623	$	(1,342)	$	364,281	$	1,025,891	$	(4,696)	$	1,021,195
Operating cost and expense:
Student services and administrative expense		149,890		(1,027)		148,863		432,923		456		433,379
Total operating cost and expense		332,359		(1,027)		331,332		989,956		456		990,412
Operating income		33,264		(315)		32,949		35,935		(5,152)		30,783
Other income (expense), net		1,045		(1,372)		(327)		2,784		(349)		2,435
Loss from continuing operations before income taxes		(2,276)		(1,687)		(3,963)		(71,188)		(5,501)		(76,689)
Benefit from income taxes		8,133		230		8,363		38,897		700		39,597
Income (loss) from continuing operations		5,857		(1,457)		4,400		(32,291)		(4,801)		(37,092)
Discontinued operations:
Income from discontinued operations before income taxes		4,071		(645)		3,426		2,180		(645)		1,535
Income from discontinued operations		343,985		(645)		343,340		341,982		(645)		341,337
Net income		349,842		(2,102)		347,740		309,691		(5,446)		304,245
Earnings (loss) per share:
Basic:
Continuing operations	$	0.12	$	(0.03)	$	0.09	$	(0.65)	$	(0.10)	$	(0.75)
Discontinued operations	$	7.03	$	(0.01)	$	7.02	$	6.91	$	(0.01)	$	6.90
Total basic earnings per share	$	7.15	$	(0.04)	$	7.11	$	6.26	$	(0.11)	$	6.15
Diluted:
Continuing operations	$	0.12	$	(0.03)	$	0.09	$	(0.65)	$	(0.10)	$	(0.75)
Discontinued operations	$	6.97	$	(0.02)	$	6.95	$	6.91	$	(0.01)	$	6.90
Total diluted earnings per share	$	7.09	$	(0.05)	$	7.04	$	6.26	$	(0.11)	$	6.15

To conform to current period presentation, the previously reported interest and dividend income and investment gain lines have been condensed to other income (expense), net.

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Comprehensive Income (in thousands):

	Three Months Ended March 31, 2022						Nine Months Ended March 31, 2022
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
Net income	$	349,842	$	(2,102)	$	347,740	$	309,691	$	(5,446)	$	304,245
Comprehensive income before reclassification		349,818		(2,102)		347,716		309,703		(5,446)		304,257
Reclassification adjustment for realized gain on foreign currency translation adjustments		(1,551)		645		(906)		(1,551)		645		(906)
Comprehensive income		348,267		(1,457)		346,810		314,847		(4,801)		310,046

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Cash Flows (in thousands):

	Nine Months Ended March 31, 2022
	As reported		Adjustment		As revised
Operating activities:
Net income	$	309,691	$	(5,446)	$	304,245
Income from discontinued operations		(341,982)		645		(341,337)
Loss from continuing operations		(32,291)		(4,801)		(37,092)
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on investments		—		807		807
Changes in assets and liabilities:
Prepaid expenses and other current assets		3,531		(1,133)		2,398
Accrued payroll and benefits		(23,221)		805		(22,416)
Deferred revenue		87,811		4,696		92,507
Net cash provided by operating activities-continuing operations		58,397		374		58,771
Net cash provided by operating activities		51,482		374		51,856
Investing activities:
Proceeds from sales of marketable securities		—		941		941
Purchases of marketable securities		—		(1,315)		(1,315)
Net cash used in investing activities-continuing operations		(1,500,303)		(374)		(1,500,677)
Net cash used in investing activities		(540,938)		(374)		(541,312)

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Shareholders’ Equity (in thousands):

	As reported		Adjustment		As revised
June 30, 2021
Retained earnings	$	2,005,105	$	(5,700)	$	1,999,405
Accumulated other comprehensive loss		(7,365)		(1,853)		(9,218)
Total shareholders' equity		1,301,070		(7,553)		1,293,517
December 31, 2021
Retained earnings		1,964,954		(9,044)		1,955,910
Accumulated other comprehensive loss		(634)		(1,853)		(2,487)
Total shareholders' equity		1,287,890		(10,897)		1,276,993
March 31, 2022
Retained earnings		2,314,796		(11,146)		2,303,650
Accumulated other comprehensive loss		(2,209)		(1,208)		(3,417)
Total shareholders' equity		1,491,307		(12,354)		1,478,953
June 30, 2022
Retained earnings		2,322,810		(12,414)		2,310,396
Accumulated other comprehensive loss		(960)		(1,267)		(2,227)
Total shareholders' equity		1,505,067		(13,681)		1,491,386
December 31, 2022
Retained earnings		2,349,146		(13,505)		2,335,641
Total shareholders' equity		1,522,722		(13,505)		1,509,217
Three Months Ended March 31, 2022
Net income		349,842		(2,102)		347,740
Reclassification adjustment for realized gain on foreign currency translation adjustments		(1,551)		645		(906)
Nine Months Ended March 31, 2022
Net income		309,691		(5,446)		304,245
Reclassification adjustment for realized gain on foreign currency translation adjustments		(1,551)		645		(906)