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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity The components of net changes in stockholders’ equity for the fiscal quarters of 2022 are as follows:
| Laureate Education, Inc. Stockholders |  |
| Common stock | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive loss | Treasury stock at cost | Non-controlling interests | Total stockholders’ equity
| Shares | Amount
Balance at December 31, 2021 | 180,611 |  | $ | 915 |  | $ | 2,388,783 |  | $ | 15,523 |  | $ | (520,204) |  | $ | (744,174) |  | $ | (1,285) |  | $ | 1,139,558 |
Non-cash stock compensation | — |  | — |  | 2,762 |  | — |  | — |  | — |  | — |  | 2,762 |
Purchase of treasury stock at cost | (9,485) |  | — |  | — |  | — |  | — |  | (112,874) |  | — |  | (112,874) |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 1,379 |  | 6 |  | 10,716 |  | — |  | — |  | — |  | — |  | 10,722 |
Equitable adjustments to stock-based awards | — |  | — |  | (189) |  | — |  | — |  | — |  | — |  | (189) |
Net loss | — |  | — |  | — |  | (44,211) |  | — |  | — |  | (469) |  | (44,680) |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 49,573 |  | — |  | 2 |  | 49,575 |
Minimum pension liability adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 14 |  | — |  | — |  | 14 |
Balance at March 31, 2022 | 172,505 |  | $ | 921 |  | $ | 2,402,072 |  | $ | (28,688) |  | $ | (470,617) |  | $ | (857,048) |  | $ | (1,752) |  | $ | 1,044,888 |
Non-cash stock compensation | — |  | — |  | 2,360 |  | — |  | — |  | — |  | — |  | 2,360 |
Purchase of treasury stock at cost | (8,013) |  | — |  | — |  | — |  | — |  | (93,362) |  | — |  | (93,362) |
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding | 171 |  | 1 |  | (472) |  | — |  | — |  | — |  | — |  | (471) |
Equitable adjustments to stock-based awards | — |  | — |  | (35) |  | — |  | — |  | — |  | — |  | (35) |
Change in noncontrolling interests | — |  | — |  | 2 |  | — |  | — |  | — |  | (2) |  | — |
Reclassification of redeemable equity to non-redeemable equity | — |  | — |  | 316 |  | — |  | — |  | — |  | — |  | 316 |
Net income | — |  | — |  | — |  | 43,423 |  | — |  | — |  | 136 |  | 43,559 |
Foreign currency translation adjustment, net of tax of $0 | — |  | — |  | — |  | — |  | 17,969 |  | — |  | 3 |  | 17,972 |
Balance at June 30, 2022 | 164,663 |  | $ | 922 |  | $ | 2,404,243 |  | $ | 14,735 |  | $ | (452,648) |  | $ | (950,410) |  | $ | (1,615) |  | $ | 1,015,227 |
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 |
Effective October 29, 2021, each share of Company Class A common stock and each share of Company Class B common stock automatically converted into one share of common stock of the Company. Following the conversion, the Company has only one class of common stock outstanding. Stock Repurchase Program On March 14, 2022, the Company announced that its Board of Directors had approved an increase of $50,000 to the existing authorization to repurchase shares of the Company’s common stock under its share repurchase program, for a total authorization of $650,000. The authorizations do not have an expiration date. 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, 2022, the Company repurchased 17,498 shares of its outstanding common stock for a total purchase price of $206,236. 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 gain on a derivative designated as an effective net investment hedge, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The AOCI related to the net investment hedge will be deferred from earnings until the sale or liquidation of the hedged investee. The components of these balances were as follows:
| June 30, 2022 |  | December 31, 2021
| Laureate Education, Inc. | Noncontrolling Interests | Total |  | Laureate Education, Inc. | Noncontrolling Interests | Total
Foreign currency translation adjustment | $ | (461,930) |  | $ | 951 |  | $ | (460,979) |  |  | $ | (529,472) |  | $ | 946 |  | $ | (528,526) |
Unrealized gain on derivatives | 10,416 |  | — |  | 10,416 |  |  | 10,416 |  | — |  | 10,416 |
Minimum pension liability adjustment | (1,134) |  | — |  | (1,134) |  |  | (1,148) |  | — |  | (1,148) |
Accumulated other comprehensive loss | $ | (452,648) |  | $ | 951 |  | $ | (451,697) |  |  | $ | (520,204) |  | $ | 946 |  | $ | (519,258) |

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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 https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&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 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: 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 https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=126973232&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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