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Apollo Education Group Inc – ‘10-K’ for 8/31/16 – ‘R16’

On:  Thursday, 10/20/16, at 4:46pm ET   ·   For:  8/31/16   ·   Accession #:  929887-16-225   ·   File #:  0-25232

Previous ‘10-K’:  ‘10-K’ on 10/22/15 for 8/31/15   ·   Latest ‘10-K’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size

10/20/16  Apollo Education Group Inc        10-K        8/31/16   92:17M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.82M 
 2: EX-2.11     Plan of Acquisition, Reorganization, Arrangement,   HTML     45K 
                Liquidation or Succession                                        
 3: EX-10.55    Material Contract                                   HTML     27K 
 4: EX-21       Subsidiaries List                                   HTML     62K 
 5: EX-23.1     Consent of Experts or Counsel                       HTML     24K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     31K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     31K 
 8: EX-32.1     Certification -- §906 - SOA'02                      HTML     26K 
 9: EX-32.2     Certification -- §906 - SOA'02                      HTML     26K 
16: R1          Document and Entity Information                     HTML     56K 
17: R2          Consolidated Balance Sheets                         HTML    146K 
18: R3          Consolidated Balance Sheets (Parentheticals)        HTML     40K 
19: R4          Consolidated Statements of Operations               HTML    115K 
20: R5          Consolidated Statements of Comprehensive (Loss)     HTML     45K 
                Income                                                           
21: R6          Consolidated Statements of Changes in               HTML    123K 
                Shareholders' Equity and Redeemable Noncontrolling               
                Interests                                                        
22: R7          Consolidated Statements of Cash Flows               HTML    144K 
23: R8          Nature of Operations and Significant Accounting     HTML    131K 
                Policies                                                         
24: R9          Restructuring and Impairment Charges                HTML    134K 
25: R10         Discontinued Operations                             HTML     67K 
26: R11         Acquisitions                                        HTML     92K 
27: R12         Financial Instruments                               HTML    119K 
28: R13         Accounts Receivable, Net                            HTML     53K 
29: R14         Property and Equipment, Net                         HTML     57K 
30: R15         Goodwill and Intangibles                            HTML    176K 
31: R16         Fair Value Measurements                             HTML     75K 
32: R17         Accrued and Other Liabilities                       HTML     52K 
33: R18         Debt                                                HTML     55K 
34: R19         Income Taxes                                        HTML    141K 
35: R20         Shareholders' Equity and Redeemable Noncontrolling  HTML     83K 
                Interests                                                        
36: R21         Earnings Per Share                                  HTML     56K 
37: R22         Stock and Savings Plans                             HTML    186K 
38: R23         Commitments and Contingencies                       HTML     99K 
39: R24         Regulatory Matters                                  HTML     79K 
40: R25         Segment Reporting                                   HTML    142K 
41: R26         Quarterly Results of Operations (Unaudited)         HTML    132K 
42: R27         Nature of Operations and Significant Accounting     HTML    206K 
                Policies (Policies)                                              
43: R28         Nature of Operations and Significant Accounting     HTML     41K 
                Policies (Tables)                                                
44: R29         Restructuring and Impairment Charges (Tables)       HTML    127K 
45: R30         Discontinued Operations (Tables)                    HTML     64K 
46: R31         Acquisitions (Tables)                               HTML    174K 
47: R32         Financial Instruments (Tables)                      HTML    117K 
48: R33         Accounts Receivable, Net (Tables)                   HTML     51K 
49: R34         Property and Equipment, Net (Tables)                HTML     53K 
50: R35         Goodwill and Intangibles (Tables)                   HTML    167K 
51: R36         Fair Value Measurements (Tables)                    HTML     73K 
52: R37         Accrued and Other Liabilities (Tables)              HTML     53K 
53: R38         Debt (Tables)                                       HTML     49K 
54: R39         Income Taxes (Tables)                               HTML    143K 
55: R40         Shareholders' Equity and Redeemable Noncontrolling  HTML     76K 
                Interests (Tables)                                               
56: R41         Earnings Per Share (Tables)                         HTML     54K 
57: R42         Stock and Savings Plans (Tables)                    HTML    180K 
58: R43         Commitments and Contingencies (Tables)              HTML     62K 
59: R44         Regulatory Matters (Tables)                         HTML     30K 
60: R45         Segment Reporting (Tables)                          HTML    138K 
61: R46         Quarterly Results of Operations (Unaudited)         HTML    128K 
                (Tables)                                                         
62: R47         Nature of Operations and Significant Accounting     HTML     73K 
                Policies (Details)                                               
63: R48         Nature of Operations and Significant Accounting     HTML     28K 
                Policies (Details 2)                                             
64: R49         Nature of Operations and Significant Accounting     HTML     29K 
                Policies (Details 3)                                             
65: R50         Nature of Operations and Significant Accounting     HTML     31K 
                Policies (Details 4)                                             
66: R51         Restructuring and Impairment Charges (Details)      HTML    145K 
67: R52         Discontinued Operations (Details)                   HTML    102K 
68: R53         Acquisitions (Details)                              HTML    180K 
69: R54         Financial Instruments (Details)                     HTML     77K 
70: R55         Accounts Receivable, Net (Details)                  HTML     45K 
71: R56         Property and Equipment, Net (Details)               HTML     70K 
72: R57         Goodwill and Intangibles (Details)                  HTML    104K 
73: R58         Goodwill and Intangibles (Details 2)                HTML     59K 
74: R59         Fair Value Measurements (Details)                   HTML     89K 
75: R60         Accrued and Other Liabilities (Details)             HTML     68K 
76: R61         Debt (Details)                                      HTML     84K 
77: R62         Income Taxes (Details)                              HTML    186K 
78: R63         Shareholders' Equity and Redeemable Noncontrolling  HTML     66K 
                Interests (Details)                                              
79: R64         Shareholders' Equity and Redeemable Noncontrolling  HTML     39K 
                Interests (Details 2)                                            
80: R65         Shareholders' Equity and Redeemable Noncontrolling  HTML     35K 
                Interests (Details 3)                                            
81: R66         Earnings Per Share (Details)                        HTML     62K 
82: R67         Stock and Savings Plans (Details)                   HTML     73K 
83: R68         Stock and Savings Plans (Details 2)                 HTML    168K 
84: R69         Stock and Savings Plans (Details 3)                 HTML     42K 
85: R70         Commitments and Contingencies (Details)             HTML     98K 
86: R71         Regulatory Matters (Details)                        HTML     58K 
87: R72         Segment Reporting (Details)                         HTML     88K 
88: R73         Segment Reporting (Details 2)                       HTML     48K 
89: R74         Quarterly Results of Operations (Unaudited)         HTML     88K 
                (Details)                                                        
91: XML         IDEA XML File -- Filing Summary                      XML    161K 
90: EXCEL       IDEA Workbook of Financial Reports                  XLSX    149K 
10: EX-101.INS  XBRL Instance -- apol-20160831                       XML   5.32M 
12: EX-101.CAL  XBRL Calculations -- apol-20160831_cal               XML    355K 
13: EX-101.DEF  XBRL Definitions -- apol-20160831_def                XML    923K 
14: EX-101.LAB  XBRL Labels -- apol-20160831_lab                     XML   2.39M 
15: EX-101.PRE  XBRL Presentations -- apol-20160831_pre              XML   1.39M 
11: EX-101.SCH  XBRL Schema -- apol-20160831                         XSD    208K 
92: ZIP         XBRL Zipped Folder -- 0000929887-16-000225-xbrl      Zip    429K 


‘R16’   —   Fair Value Measurements


This is an IDEA Financial Report.  [ Alternative Formats ]



 
v3.5.0.2
Fair Value Measurements
12 Months Ended
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
We measure and disclose certain financial instruments at fair value as described in Note 5, Financial Instruments. Liabilities measured at fair value on a recurring basis consist of the following as of the respective period ends:
 
 
 
Fair Value Measurements at Reporting Dates Using
 
Fair Value
as of Respective
Reporting Dates
 
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
($ in thousands)
 
 
 
Contingent consideration as of August 31, 2016
$
11,851

 
$

 
$

 
$
11,851

Contingent consideration as of August 31, 2015
$
7,499

 
$

 
$

 
$
7,499

The following summarizes the changes in liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the respective periods:
 
Year Ended August 31,
($ in thousands)
2016
 
2015
Beginning balance
$
7,499

 
$
41,893

Initial contingent consideration at fair value
10,717

 

Change in fair value included in net (loss) income
(6,587
)
 
86

Payment for contingent consideration(1)

 
(34,480
)
Currency translation adjustment
222

 

Ending balance
$
11,851

 
$
7,499


(1) During fiscal year 2015, we paid $34.5 million to settle the contingent consideration for our Open Colleges acquisition.
Our contingent consideration liabilities are valued using discounted cash flow valuation methods encompassing significant unobservable inputs. The inputs include estimated operating results scenarios for the applicable performance periods, probability weightings assigned to operating results scenarios and the discount rates applied. Our contingent consideration liabilities as of the respective fiscal year-ends relate to the following:
Career Partner - We acquired Career Partner during the second quarter of fiscal year 2016 and have contingent consideration of up to €11 million. The contingent consideration is principally based on Career Partner’s operating results for calendar year 2016 and we estimated its fair value to be $10.7 million as of the acquisition date. As of August 31, 2016, the estimated fair value for this contingent consideration was $11.9 million and the associated liability is included in Accrued and other current liabilities on our Consolidated Balance Sheets.
Apollo Global - As a result of our purchase of the noncontrolling interest in Apollo Global during fiscal year 2013, we have contingent consideration that is based on a portion of Apollo Global’s operating results through the fiscal years ending August 31, 2017. As of August 31, 2016, the estimated fair value of this contingent consideration is zero based on our estimate of future operating results for the remainder of the performance period in relation to the contingent payment threshold. Accordingly, we reduced our estimated liability for this contingent payment by $7.5 million during fiscal year 2016, which is included in Merger, acquisition and other related costs, net on our Consolidated Statements of Operations.
We did not change our valuation techniques associated with recurring fair value measurements from prior periods.
Liabilities measured at fair value on a nonrecurring basis during fiscal years 2016 and 2015 are included in other liabilities on our Consolidated Balance Sheets and consist of the following:
 
 
 
Fair Value Measurements at Measurement Date Using
 
 
($ in thousands)
Fair Value at
Measurement
Date
 
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Losses for
Respective
Fiscal Years
Fiscal year 2016 restructuring obligations
$
26,575

 
$

 
$

 
$
26,575

 
$
26,575

Fiscal year 2015 restructuring obligations
$
19,297

 
$

 
$

 
$
19,297

 
$
19,297


During fiscal years 2016 and 2015, we recorded $26.6 million and $19.3 million, respectively, of aggregate initial lease obligations at fair value associated with our restructuring activities. We recorded obligation liabilities on the dates we ceased using the respective facilities, and we measured the liabilities at fair value using Level 3 inputs included in the valuation method. Refer to Note 2, Restructuring and Impairment Charges.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
8/31/17
Filed on:10/20/168-K
For Period end:8/31/16DEF 14C
8/31/1510-K,  DEF 14C
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Filing Submission 0000929887-16-000225   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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