Career Education Corporation (CECO) financial statements (2020 and earlier)

Company profile

Business Address 231 N. MARTINGALE ROAD
SCHAUMBURG, IL 60173
State of Incorp. DE
Fiscal Year End December 31
SIC 82 - Educational Services (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in millions)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments, including:294229180207232240363
Cash and cash equivalents1093218506794319
Short-term investments185196156148115123 
Other undisclosed cash, cash equivalents, and short-term investments 0610502344
Restricted cash and investments     2313
Receivables55291923322535
Inventory, net of allowances, customer advances and progress billings1112337
Inventory1112337
Prepaid expense78814141521
Disposal group, including discontinued operation  000770
Other current assets2011323
Other undisclosed current assets13115(4)18
Total current assets:360269211248289381460
Noncurrent Assets
Operating lease, right-of-use asset50
Property, plant and equipment263033415873182
Long-term investments and receivables1133435
Accounts and financing receivable, after allowance for credit loss1133435
Intangible assets, net (including goodwill)959595969797127
Goodwill87878787878787
Intangible assets, net (excluding goodwill)888991040
Disposal group, including discontinued operation, noncurrent assets002692
Deferred income tax assets60
Other noncurrent assets6568171918
Assets of disposal group, including discontinued operation1
Other undisclosed noncurrent assets 8298158138(1)11
Total noncurrent assets:239213236311322193345
TOTAL ASSETS:599482447560611574805
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities575575122908874
Accounts payable129910262225
Accrued liabilities162031692435 
Employee-related liabilities28253341393034
Taxes payable11221215
Deferred revenue25
Debt12   3810 
Liability for uncertainty in income taxes11111  
Estimated litigation liability7 4    
Disposal group, including discontinued operation0168136612
Deferred revenue and credits2328403861
Contract with customer, liability32
Other undisclosed current liabilities284911 61
Total current liabilities:10497113169193201207
Noncurrent Liabilities
Long-term debt and lease obligation52      
Operating lease, liability52
Liabilities, other than long-term debt123038698190142
Deferred revenue and credits1531464884
Deferred rent credit 13
Disposal group, including discontinued operation, liabilities  1692328
Other liabilities12172232251931
Total noncurrent liabilities:643038698190142
Total liabilities:168127151238273292350
Stockholders' equity
Stockholders' equity attributable to parent431355296322338282455
Common stock1111111
Treasury stock, value(227)(221)(217)(216)(216)(215)(214)
Additional paid in capital639628621613611607601
Accumulated other comprehensive income (loss)0(0)(0)(0)(1)(1)(1)
Retained earnings (accumulated deficit)18(53)(108)(76)(58)(109)69
Total stockholders' equity:431355296322338282455
TOTAL LIABILITIES AND EQUITY:599482447560611574805

Income statement (P&L) ($ in millions)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Revenues6285815967048477411,057
Cost of revenue   (48)(21)(9)(93)
Gross profit:628581596656827732964
Operating expenses(541)(510)(562)(689)(919)(805)(1,179)
Operating income (loss):867134(32)(92)(73)(215)
Nonoperating income (expense)7321(2)0(7)
Investment income, nonoperating6421111
Other nonoperating income (expense)0010(0)(0)0
Interest and debt expense(0)(1)(0)(1)(1)(0)(1)
Other undisclosed income from continuing operations before equity method investments, income taxes     01
Income (loss) from continuing operations before equity method investments, income taxes:937436(32)(95)(73)(221)
Other undisclosed income from continuing operations before income taxes    1  
Income (loss) from continuing operations before income taxes:937436(32)(94)(73)(221)
Income tax expense (benefit)(22)(19)(67)17147(4)20
Income (loss) from continuing operations:7055(31)(15)53(76)(202)
Income (loss) from discontinued operations(1)(1)(1)(4)(1)(102)37
Income (loss) before gain (loss) on sale of properties:7055(32)(19)52(178)(164)
Other undisclosed net income01     
Net income (loss):7055(32)(19)52(178)(164)
Other undisclosed net income attributable to parent  01   
Net income (loss) available to common stockholders, diluted:7055(32)(19)52(178)(164)

Comprehensive Income ($ in millions)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Net income (loss):7055(32)(19)52(178)(164)
Other comprehensive income (loss)1(0)01(0)  
Comprehensive income (loss):7155(32)(19)52(178)(164)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent  01 (0)4
Comprehensive income (loss), net of tax, attributable to parent:7155(32)(18)52(179)(160)

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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