XML 36 R20.htm IDEA: XBRL DOCUMENT
v3.21.2

Stockholders' Equity | 6 Months Ended
--- | ---
Jun. 30, 2021
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The components of net changes in stockholders’ equity for the fiscal quarters of 2021 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Class A Common Stock | Class B Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Treasury stock at cost | Non-controlling interests | Total stockholders’ equity
| Shares | Amount | Shares | Amount
Balance at December 31, 2020 | 115,119 | $ | 548 |  | 90,792 |  | $ | 363 |  | $ | 3,760,029 |  | $ | (176,822) |  | $ | (941,986) |  | $ | (365,316) |  | $ | (12,882) |  | $ | 2,263,934 |
Beginning retained earnings adjustment | — |  | — |  | — |  | — |  | — |  | (101) |  | — |  | — |  | — |  | (101) |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 1,576 |  | — |  | — |  | — |  | — |  | 1,576 |
Conversion of Class B shares to Class A shares | 17,248 |  | 69 |  | (17,248) |  | (69) |  | — |  | — |  | — |  | — |  | — |  | — |
Purchase of treasury stock at cost | (10,401) |  | — |  | — |  | — |  | — |  | — |  | — |  | (145,806) |  | — |  | (145,806) |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 247 |  | 1 |  | — |  | — |  | (1,223) |  | — |  | — |  | — |  | — |  | (1,222) |
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | (20) |  | — |  | — |  | — |  | — |  | (20) |
Net loss | — |  | — |  | — |  | — |  | — |  | (164,928) |  | — |  | — |  | (15) |  | (164,943) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (59,743) |  | — |  | (18) |  | (59,761) |
Minimum pension liability adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | (168) |  | — |  | — |  | (168) |
Balance at March 31, 2021 | 122,213 |  | $ | 618 |  | 73,544 |  | $ | 294 |  | $ | 3,760,362 |  | $ | (341,851) |  | $ | (1,001,897) |  | $ | (511,122) |  | $ | (12,915) |  | $ | 1,893,489 |
Non-cash stock compensation | — |  | — |  | — |  | — |  | 3,202 |  | — |  | — |  | — |  | — |  | 3,202 |
Conversion of Class B shares to Class A shares | 2 |  | — |  | (2) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Purchase of treasury stock at cost | (7,548) |  | — |  | — |  | — |  | — |  | — |  | — |  | (105,786) |  | — |  | (105,786) |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 119 |  | 1 |  | — |  | — |  | 359 |  | — |  | — |  | — |  | — |  | 360 |
Accretion of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | (68) |  | — |  | — |  | — |  | — |  | (68) |
Reclassification of redeemable noncontrolling interests and equity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (1) |  | (1) |
Net loss | — |  | — |  | — |  | — |  | — |  | (29,000) |  | — |  | — |  | (224) |  | (29,224) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 510,445 |  | — |  | (2) |  | 510,443 |
Minimum pension liability adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | — |  | — |  | 27 |  | — |  | — |  | 27 |
Balance at June 30, 2021 | 114,786 |  | $ | 619 |  | 73,542 |  | $ | 294 |  | $ | 3,763,855 |  | $ | (370,851) |  | $ | (491,425) |  | $ | (616,908) |  | $ | (13,142) |  | $ | 2,272,442 |
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 other comprehensive loss | 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 |
Stock Repurchase Program On November 5, 2020, Laureate’s board of directors announced a new stock repurchase program to acquire up to $300,000 of the Company’s Class A common stock. On April 30, 2021, the Company’s board of directors approved an increase of its existing authorization to repurchase shares of the Company’s Class A common stock by $200,000, for a total authorization (including the previously authorized repurchases) of up to $500,000 of the Company’s Class A common stock. The Company’s repurchases may be made on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act). Repurchases may be effected pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company’s board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to finance the repurchases with free cash flow, from excess cash and liquidity on-hand, or from its revolving credit facility, or a combination thereof. During the six months ended June 30, 2021, the Company repurchased 17,949 shares of its outstanding Class A common stock for a total purchase price of $251,592. 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. The components of these balances were as follows:
| June 30, 2021 |  | December 31, 2020
| Laureate Education, Inc. | Noncontrolling Interests | Total |  | Laureate Education, Inc. | Noncontrolling Interests | Total
Foreign currency translation adjustment | $ | (500,754) |  | $ | 938 |  | $ | (499,816) |  |  | $ | (951,456) |  | $ | 958 |  | $ | (950,498) |
Unrealized gain on derivatives | 10,416 |  | — |  | 10,416 |  |  | 10,416 |  | — |  | 10,416 |
Minimum pension liability adjustment | (1,087) |  | — |  | (1,087) |  |  | (946) |  | — |  | (946) |
Accumulated other comprehensive loss | $ | (491,425) |  | $ | 938 |  | $ | (490,487) |  |  | $ | (941,986) |  | $ | 958 |  | $ | (941,028) |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: 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 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration