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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The components of net changes in stockholders’ equity for the fiscal quarters of 2020 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive (loss) income | Treasury stock at cost | Non-controlling interests | Total stockholders’ equity
| Shares | Amount | Shares | Amount
Balance at December 31, 2019 | 119,575 | $ | 542 |  | 90,831 |  | $ | 363 |  | $ | 3,724,636 |  | $ | 436,509 |  | $ | (1,073,981) |  | $ | (271,106) |  | $ | (12,812) |  | $ | 2,804,151 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 1,984 |  | — |  | — |  | — |  | — |  | 1,984 |
Conversion of Class B shares to Class A shares | 18 |  | — |  | (18) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Purchase of treasury stock at cost | (1,619) |  | — |  | — |  | — |  | — |  | — |  | — |  | (29,203) |  | — |  | (29,203) |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 1,101 |  | 4 |  | — |  | — |  | 25,610 |  | — |  | — |  | — |  | — |  | 25,614 |
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | (44) |  | — |  | — |  | — |  | — |  | (44) |
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 38 |  | 38 |
Net income | — |  | — |  | — |  | — |  | — |  | 99,615 |  | — |  | — |  | (1,299) |  | 98,316 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (330,875) |  | — |  | 759 |  | (330,116) |
Minimum pension liability adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (932) |  | — |  | — |  | (932) |
Balance at March 31, 2020 | 119,075 |  | $ | 546 |  | 90,813 |  | $ | 363 |  | $ | 3,752,186 |  | $ | 536,124 |  | $ | (1,405,788) |  | $ | (300,309) |  | $ | (13,314) |  | $ | 2,569,808 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 4,621 |  | — |  | — |  | — |  | — |  | 4,621 |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 132 |  | 1 |  | — |  | — |  | (33) |  | — |  | — |  | — |  | — |  | (32) |
Change in noncontrolling interests | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 3,471 |  | 3,471 |
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | 201 |  | — |  | — |  | — |  | — |  | 201 |
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (414) |  | (414) |
Net loss | — |  | — |  | — |  | — |  | — |  | (307,823) |  | — |  | — |  | (3,805) |  | (311,628) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 14,102 |  | — |  | (68) |  | 14,034 |
Balance at June 30, 2020 | 119,207 |  | $ | 547 |  | 90,813 |  | $ | 363 |  | $ | 3,756,975 |  | $ | 228,301 |  | $ | (1,391,686) |  | $ | (300,309) |  | $ | (14,130) |  | $ | 2,280,061 |
Non-cash stock compensation | — |  | $ | — |  | — |  | $ | — |  | $ | 3,672 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,672 |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 63 |  | — |  | — |  | — |  | (35) |  | — |  | — |  | — |  | — |  | (35) |
Change in noncontrolling interests | — |  | — |  | — |  | — |  | (2,610) |  | — |  | — |  | — |  | — |  | (2,610) |
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | 6 |  | — |  | — |  | — |  | — |  | 6 |
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,574 |  | 1,574 |
Net loss | — |  | — |  | — |  | — |  | — |  | (784,442) |  | — |  | — |  | 12 |  | (784,430) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 326,416 |  | — |  | (74) |  | 326,342 |
Balance at September 30, 2020 | 119,270 |  | $ | 547 |  | 90,813 |  | $ | 363 |  | $ | 3,758,008 |  | $ | (556,141) |  | $ | (1,065,270) |  | $ | (300,309) |  | $ | (12,618) |  | $ | 1,824,580 |
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 gain 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 |
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 |
Stock Repurchase Program 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. In early October 2019, the Company’s stock repurchases reached the authorized limit of $150,000. 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 aut horized repurchases) of up to $300,000 of the Company’s Class A common stock. The Company’s repurchases were made in a block trade, as well as on the open market at prevailing market prices 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). In January 2020, the Company repurchased 1,619 shares of its outstanding Class A common stock for a total purchase price of $29,203 and reached the total authorized limit of $300,000. As discussed in Note 19, Subsequent Events, the Company announced an additional stock repurchase program in November 2020. Accumulated Other Comprehen sive 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, which consisted primarily of the Chile balance of $293,000. The components of these balances were as follows:
| September 30, 2020 |  | December 31, 2019
| Laureate Education, Inc. | Noncontrolling Interests | Total |  | Laureate Education, Inc. | Noncontrolling Interests | Total
Foreign currency translation adjustment | $ | (1,075,008) |  | $ | 943 |  | $ | (1,074,065) |  |  | $ | (1,084,651) |  | $ | 326 |  | $ | (1,084,325) |
Unrealized gain on derivatives | 10,416 |  | — |  | 10,416 |  |  | 10,416 |  | — |  | 10,416 |
Minimum pension liability adjustment | (678) |  | — |  | (678) |  |  | 254 |  | — |  | 254 |
Accumulated other comprehensive loss | $ | (1,065,270) |  | $ | 943 |  | $ | (1,064,327) |  |  | $ | (1,073,981) |  | $ | 326 |  | $ | (1,073,655) |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: 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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