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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity The components of net changes in stockholders' equity for the fiscal quarters of 2019 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | (Accumulated deficit) retained earnings | Accumulated other comprehensive (loss) income | Treasury stock at cost | Non-controlling interests | Total stockholders' equity
| Shares | Amount | Shares | Amount
Balance at December 31, 2018 | 107,450 | $ | 430 |  | 116,865 |  | $ | 467 |  | $ | 3,703,796 |  | $ | (530,919 | ) | $ | (1,112,695 | ) | $ | — |  | $ | (10,133 | ) | $ | 2,050,946 |
Adoption of accounting standards | — |  | — |  | — |  | — |  | — |  | 28,944 |  | — |  | — |  | — |  | 28,944 |
Balance at January 1, 2019 | 107,450 |  | 430 |  | 116,865 |  | 467 |  | 3,703,796 |  | (501,975 | ) | (1,112,695 | ) | — |  | (10,133 | ) | 2,079,890 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 3,149 |  | — |  | — |  | — |  | — |  | 3,149 |
Conversion of Class B shares to Class A shares | 8 |  | — |  | (8 | ) | — |  | — |  | — |  | — |  | — |  | — |  | — |
Vesting of restricted stock, net of shares withheld to satisfy tax withholding | 325 |  | 1 |  | — |  | — |  | (1,421 | ) | — |  | — |  | — |  | — |  | (1,420 | )
Distributions to noncontrolling interest holders | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (625 | ) | (625 | )
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | 263 |  | — |  | — |  | — |  | — |  | 263 |
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 224 |  | 224 |
Net income | — |  | — |  | — |  | — |  | — |  | 191,243 |  | — |  | — |  | 3,022 |  | 194,265 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 49,521 |  | — |  | 30 |  | 49,551 |
Unrealized gain on derivatives, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 2,609 |  | — |  | — |  | 2,609 |
Balance at March 31, 2019 | 107,783 |  | $ | 431 |  | 116,857 |  | $ | 467 |  | $ | 3,705,787 |  | $ | (310,732 | ) | $ | (1,060,565 | ) | $ | — |  | $ | (7,482 | ) | $ | 2,327,906 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 4,854 |  | — |  | — |  | — |  | — |  | 4,854 |
Conversion of Class B shares to Class A shares | 10,991 |  | 44 |  | (10,991 | ) | (44 | ) | — |  | — |  | — |  | — |  | — |  | — |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 32 |  | — |  | — |  | — |  | 170 |  | — |  | — |  | — |  | — |  | 170 |
Distributions to noncontrolling interest holders | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (731 | ) | (731 | )
Change in noncontrolling interests | — |  | — |  | — |  | — |  | (3,700 | ) | — |  | — |  | — |  | — |  | (3,700 | )
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | 194 |  | — |  | — |  | — |  | — |  | 194 |
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (855 | ) | (855 | )
Net income | — |  | — |  | — |  | — |  | — |  | 781,592 |  | — |  | — |  | (1,976 | ) | 779,616 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 10,275 |  | — |  | (87 | ) | 10,188 |
Unrealized loss on derivatives, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (10,559 | ) | — |  | — |  | (10,559 | )
Balance at June 30, 2019 | 118,806 |  | $ | 475 |  | 105,866 |  | $ | 423 |  | $ | 3,707,305 |  | $ | 470,860 |  | $ | (1,060,849 | ) | $ | — |  | $ | (11,131 | ) | $ | 3,107,083 |
| Laureate Education, Inc. Stockholders |  |
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | (Accumulated deficit) retained earnings | Accumulated other comprehensive (loss) income | Treasury stock at cost | Non-controlling interests | Total stockholders' equity
| Shares | Amount | Shares | Amount
Balance at June 30, 2019 | 118,806 |  | $ | 475 |  | 105,866 |  | $ | 423 |  | $ | 3,707,305 |  | $ | 470,860 |  | $ | (1,060,849 | ) | $ | — |  | $ | (11,131 | ) | $ | 3,107,083 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 1,578 |  | — |  | — |  | — |  | — |  | 1,578 |
Conversion of Class B shares to Class A shares | 15,002 |  | 60 |  | (15,002 | ) | (60 | ) | — |  | — |  | — |  | — |  | — |  | — |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 96 |  | — |  | — |  | — |  | 1,455 |  | — |  | — |  | — |  | — |  | 1,455 |
Purchases of treasury stock at cost | (6,150 | ) | — |  | — |  | — |  | — |  | — |  | — |  | (104,849 | ) | — |  | (104,849 | )
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | (193 | ) | — |  | — |  | — |  | — |  | (193 | )
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 649 |  | 649 |
Net loss | — |  | — |  | — |  | — |  | — |  | (95,226 | ) | — |  | — |  | (1,568 | ) | (96,794 | )
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (82,070 | ) | — |  | (510 | ) | (82,580 | )
Minimum pension liability adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 4,531 |  | — |  | — |  | 4,531 |
Balance at September 30, 2019 | 127,754 |  | $ | 535 |  | 90,864 |  | $ | 363 |  | $ | 3,710,145 |  | $ | 375,634 |  | $ | (1,138,388 | ) | $ | (104,849 | ) | $ | (12,560 | ) | $ | 2,830,880 |
As described in Note 2, Significant Accounting Policies, the change in beginning retained earnings resulting from the adoption of accounting standards represents the cumulative impact of adopting ASU 2016-02. Stock Repurchase Program As previously disclosed, on August 8, 2019, the Company announced that its board of directors had authorized a stock repurchase program to acquire up to $150,000 of the Company’s Class A common stock. The Company’s repurchases were made in a block trade and pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act). During the quarter ended September 30, 2019, the Company repurchased 6,150 shares of its outstanding Class A common stock for a total purchase price of $104,849, of which 5,130 shares totaling $87,921 had settled by close of business on September 30, 2019. The remaining shares settled during the first several days of October 2019 and their purchase price of $16,928 is recorded as a liability as of September 30, 2019. In early October 2019, the Company's stock repurchases reached the authorized limit of $150,000. As discussed in Note 21, Subsequent Events, on October 14, 2019, the Company's board of directors approved the increase of its existing authorization to repurchase shares of the Company's Class A common stock by $150,000 for a total authorization (including the previously authorized repurchases) of up to $300,000 of the Company's Class A common stock. The components of net changes in stockholders' equity for the fiscal quarters of 2018 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | (Accumulated deficit) retained earnings | Accumulated other comprehensive (loss) income | Non-controlling interests | Total stockholders' equity
| Shares | Amount | Shares | Amount
Balance at December 31, 2017 | 55,052 |  | $ | 220 |  | 132,443 |  | $ | 530 |  | $ | 3,446,206 |  | $ | (946,236 | ) | $ | (925,556 | ) | $ | 12,118 |  | $ | 1,587,282 |
Adoption of accounting standards | — |  | — |  | — |  | — |  | — |  | 5,074 |  | — |  | — |  | 5,074 |
Balance at January 1, 2018 | 55,052 |  | 220 |  | 132,443 |  | 530 |  | 3,446,206 |  | (941,162 | ) | (925,556 | ) | 12,118 |  | 1,592,356 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | (3,756 | ) | — |  | — |  | — |  | (3,756 | )
Conversion of Class B shares to Class A shares | 59 |  | — |  | (59 | ) | — |  | — |  | — |  | — |  | — |  | — |
Vesting of restricted stock, net of shares withheld to satisfy tax withholding | 145 |  | 1 |  | 59 |  | — |  | (804 | ) | — |  | — |  | — |  | (803 | )
Distributions from noncontrolling interest holders | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 581 |  | 581 |
Change in noncontrolling interests | — |  | — |  | — |  | — |  | (468 | ) | — |  | — |  | (20,575 | ) | (21,043 | )
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | (76 | ) | — |  | — |  | — |  | (76 | )
Accretion of Series A Convertible Redeemable Preferred Stock | — |  | — |  | — |  | — |  | (57,324 | ) | — |  | — |  | — |  | (57,324 | )
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 38 |  | 38 |
Net income | — |  | — |  | — |  | — |  | — |  | 168,879 |  | — |  | 2,666 |  | 171,545 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 83,648 |  | (279 | ) | 83,369 |
Unrealized gain on derivatives, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 2,210 |  | — |  | 2,210 |
Minimum pension liability adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 376 |  | — |  | 376 |
Balance at March 31, 2018 | 55,256 |  | $ | 221 |  | 132,443 |  | $ | 530 |  | $ | 3,383,778 |  | $ | (772,283 | ) | $ | (839,322 | ) | $ | (5,451 | ) | $ | 1,767,473 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 7,687 |  | — |  | — |  | — |  | 7,687 |
Conversion of Class B shares to Class A shares | 27 |  | — |  | (27 | ) | — |  | — |  | — |  | — |  | — |  | — |
Vesting of restricted stock, net of shares withheld to satisfy tax withholding | 188 |  | 1 |  | — |  | — |  | (942 | ) | — |  | — |  | — |  | (941 | )
Distributions to noncontrolling interest holders | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (1,473 | ) | (1,473 | )
Change in noncontrolling interests | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (2,730 | ) | (2,730 | )
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | 882 |  | — |  | — |  | — |  | 882 |
Accretion of Series A Preferred Stock | — |  | — |  | — |  | — |  | (4,650 | ) | — |  | — |  | — |  | (4,650 | )
Gain upon conversion of Series A Preferred Stock | — |  | — |  | — |  | — |  | 74,110 |  | — |  | — |  | — |  | 74,110 |
Reclassification of Series A Preferred Stock upon conversion | 36,143 |  | 144 |  | — |  | — |  | 237,957 |  | — |  | — |  | — |  | 238,101 |
Other | — |  | — |  | — |  | — |  | — |  | (744 | ) | — |  | — |  | (744 | )
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (19 | ) | (19 | )
Net income | — |  | — |  | — |  | — |  | — |  | 224,412 |  | — |  | (456 | ) | 223,956 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (197,143 | ) | 471 |  | (196,672 | )
Unrealized gain on derivatives, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 10,126 |  | — |  | 10,126 |
Balance at June 30, 2018 | 91,614 |  | $ | 366 |  | 132,416 |  | $ | 530 |  | $ | 3,698,822 |  | $ | (548,615 | ) | $ | (1,026,339 | ) | $ | (9,658 | ) | $ | 2,115,106 |
| Laureate Education, Inc. Stockholders |  |
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | (Accumulated deficit) retained earnings | Accumulated other comprehensive (loss) income | Non-controlling interests | Total stockholders' equity
| Shares | Amount | Shares | Amount
Balance at June 30, 2018 | 91,614 |  | $ | 366 |  | 132,416 |  | $ | 530 |  | $ | 3,698,822 |  | $ | (548,615 | ) | $ | (1,026,339 | ) | $ | (9,658 | ) | $ | 2,115,106 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 6,561 |  | — |  | — |  | — |  | 6,561 |
Conversion of Class B shares to Class A shares | 29 |  | — |  | (29 | ) | — |  | — |  | — |  | — |  | — |  | — |
Vesting of restricted stock, net of shares withheld to satisfy tax withholding | 11 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | 324 |  | — |  | — |  | — |  | 324 |
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (328 | ) | (328 | )
Net loss | — |  | — |  | — |  | — |  | — |  | (94,789 | ) | — |  | (1,895 | ) | (96,684 | )
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (52,961 | ) | 211 |  | (52,750 | )
Unrealized loss on derivatives, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (560 | ) | — |  | (560 | )
Balance at September 30, 2018 | 91,654 |  | $ | 366 |  | 132,387 |  | $ | 530 |  | $ | 3,705,707 |  | $ | (643,404 | ) | $ | (1,079,860 | ) | $ | (11,670 | ) | $ | 1,971,669 |
Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries' financial statements, the unrealized gains on derivatives designated as cash flow hedges, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The change in AOCI includes the removal of the cumulative translation adjustment related to subsidiaries that were sold during the period. The components of these balances were as follows:
| September 30, 2019 |  | December 31, 2018
| Laureate Education, Inc. | Noncontrolling Interests | Total |  | Laureate Education, Inc. | Noncontrolling Interests | Total
Foreign currency translation adjustment | $ | (1,149,993 | ) | $ | (108 | ) | $ | (1,150,101 | ) |  | $ | (1,127,719 | ) | $ | 459 |  | $ | (1,127,260 | )
Unrealized gain on derivatives | 10,416 |  | — |  | 10,416 |  |  | 18,366 |  | — |  | 18,366 |
Minimum pension liability adjustment | 1,189 |  | — |  | 1,189 |  |  | (3,342 | ) | — |  | (3,342 | )
Accumulated other comprehensive loss | $ | (1,138,388 | ) | $ | (108 | ) | $ | (1,138,496 | ) |  | $ | (1,112,695 | ) | $ | 459 |  | $ | (1,112,236 | )
Secondary Offerings In June 2019, Wengen Alberta, Limited Partnership (Wengen), our controlling stockholder, converted owned shares of the Company's Class B common stock into an equal number of shares of the Company's Class A common stock and sold a total of 10,955 shares of Class A common stock in a secondary offering at a price of $15.3032 per share. Wengen received all of the net proceeds from this offering and no shares of Class A common stock were sold by the Company. In September 2019, Wengen converted owned shares of the Company's Class B common stock into an equal number of shares of the Company's Class A common stock and sold a total of 15,000 shares of Class A common stock in a secondary offering at a price of $16.85 per share, prior to underwriting discounts and commissions. Wengen received all of the net proceeds from this offering and no shares of Class A common stock were sold by the Company.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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