0001104659-20-104583.txt : 20200914 0001104659-20-104583.hdr.sgml : 20200914 20200914070022 ACCESSION NUMBER: 0001104659-20-104583 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20200911 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20200914 DATE AS OF CHANGE: 20200914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAUREATE EDUCATION, INC. CENTRAL INDEX KEY: 0000912766 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 521492296 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38002 FILM NUMBER: 201172250 BUSINESS ADDRESS: STREET 1: 650 S. EXETER STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4108436100 MAIL ADDRESS: STREET 1: 650 S. EXETER STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: SYLVAN LEARNING SYSTEMS INC DATE OF NAME CHANGE: 19930929 8-K 1 tm2030568-1_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

September 14, 2020 (September 11, 2020)

Laureate Education, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-38002

52-1492296

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

650 South Exeter Street

Baltimore, MD 21202

(Address of principal executive offices, including zip code)

(410) 843-6100

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.004 per share		LAUR		The NASDAQ Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01

Entry into a Material Definitive Agreement.

On September 11, 2020, Laureate Education, Inc., a Delaware public benefit corporation (the “Company”), and Rede Internacional de Universidades Laureate Ltda., a Brazilian limited liability company and an indirect wholly owned subsidiary of the Company (“Rede”), entered into a Transaction Agreement (the “Transaction Agreement”) with Ser Educacional S.A., a Brazilian publicly held company (the “Purchaser”), and, solely for the purposes of certain provisions thereof, José Janguiê Bezerra Diniz and certain of his family members.

Pursuant to the Transaction Agreement, the Company has agreed to sell to the Purchaser all of the issued and outstanding equity interests of Rede, the direct or indirect owner of the Company’s Brazilian operations, in exchange for R$1.70 billion in cash (the “Cash Consideration”), subject to certain adjustments, and 101,138,369 newly issued shares of the Purchaser’s common stock (the “Stock Consideration”). Immediately following the closing of the transaction (the “Closing”), the Company will own approximately 44% of the Purchaser’s outstanding common stock, unless the Purchaser issues additional common stock prior to the Closing to the extent permitted under the Transaction Agreement. The transaction value is approximately R$3.862 billion (US$724 million at the current exchange rate and share value), including the assumption of indebtedness, net of cash (which, as of June 30, 2020, was US$124.9 million).

The Transaction Agreement provides that, at the Closing, the board of directors of the Purchaser will consist of nine members, two of whom will be designated by the Company prior to the Closing with the prior written consent of Mr. José Janguiê Bezerra Diniz (such consent not to be unreasonably withheld) to serve for a two-year term. In addition, at the Closing, unless elected by the minority shareholders of the Purchaser, the Purchaser’s board of directors will include up to two independent directors designated by the Purchaser with the prior written consent of the Company (such consent not to be unreasonably withheld).

So long as the Company holds common stock of the Purchaser (including in the form of American Depositary Shares (“ADSs”)) representing, in the aggregate, more than 7.5% of the outstanding common stock of the Purchaser (including shares of common stock underlying ADSs), the Company may not, subject to certain specified exceptions, vote its shares of the Purchaser common stock other than with respect to 7.5% of the outstanding common stock of the Purchaser (including shares of common stock underlying ADSs).

The Closing is targeted to occur toward the end of 2021 and is subject to certain specified closing conditions, including receipt of regulatory approval, receipt of required approvals by the Purchaser’s shareholders, establishment of a facility to issue ADSs, the listing of the ADSs on a U.S. securities exchange, the effectiveness of registration statements to register the issuance of the Stock Consideration and other matters under U.S. federal securities laws and other customary closing conditions.

During the period from September 11, 2020 and continuing until 12:01 A.M. (New York time) on October 13, 2020 (the “Go-Shop Period”), the Company has the right to, among other things, (i) initiate, solicit, facilitate and encourage any inquiry or the making of any proposal or offer that constitutes, or could reasonably be expected to lead to, a Company Competing Proposal (as defined in the Transaction Agreement), (ii) subject to certain specified requirements, provide information (including non-public information) regarding the Company to any persons relating to a potential Company Competing Proposal and (iii) engage in discussions or negotiations with any persons that are party to an acceptable confidentiality agreement with respect to any Company Competing Proposals (or inquiries, proposals or offers or other efforts that constitute, or could reasonably be expected to lead to, a Company Competing Proposal). After the expiration of the Go-Shop Period, the Company will be restricted from, among other things, soliciting or participating in any discussions or negotiations with, and from providing any information to or entering into any agreement with, any person concerning any Company Competing Proposal.

The Company is permitted to terminate the Transaction Agreement under certain specified circumstances, including in order to enter into a definitive agreement with respect to a Superior Proposal (as defined in the Transaction Agreement), subject to complying with the requirements of the Transaction Agreement, including notifying the Purchaser of such Superior Proposal no later than two business days after the expiration of the Go-Shop Period and providing the Purchaser the right to negotiate with the Company for a period of up to ten business days to make adjustments to the terms of the Transaction Agreement proposed by the Purchaser in writing so that such proposal would cease to be a Superior Proposal.

Upon termination of the Transaction Agreement by the Company in order to enter into a definitive agreement with respect to a Superior Proposal, the Company will be obligated to pay the Purchaser, in the aggregate, a R$180 million termination fee. In addition, under certain specified circumstances, each party will be required to pay the other party a termination fee of R$400 million.

As of June 30, 2020, the carrying value of the Company’s Brazil operations was approximately US$396 million. In addition, as previously disclosed, as of June 30, 2020, the Company has recorded within stockholders’ equity, as a component of accumulated other comprehensive income, approximately US$488 million of accumulated foreign currency translation (FX) losses associated with the Brazil operations. During the third quarter of 2020, the Company expects to classify the Brazil operations as held-for-sale and these FX losses will be included as part of the carrying value of that business when evaluating it for potential impairment.

For the 12-month period ended June 30, 2020, the Brazil operations collectively had approximately US$473.6 million in revenue, US$10.0 million in operating income (which included US$3.3 million in impairment charges, US$34.3 million in Excellence-in-Process expenses¹ and US$0.6 million in share-based compensation expense) and US$28.2 million in depreciation and amortization and, as of June 30, 2020, collectively had approximately 267,400 students.

Forward-Looking Statements

This Current Report on Form 8-K includes certain disclosures which contain “forward-looking statements” within the meaning of the U.S. federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they often contain words such as “subject to,” “expect” or similar expressions that concern the Transaction Agreement and the transaction contemplated by the Transaction Agreement. Any statement that we make relating to the Closing is a forward-looking statement. Forward-looking statements are based on the Company’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. These uncertainties, risks and changes in circumstances include the risks and uncertainties inherent in the transaction contemplated by the Transaction Agreement and in our business, including, without limitation: the occurrence of any event, change or other circumstances that could give rise to the termination of the Transaction Agreement; the risk that the conditions to the Closing are not satisfied; and the risk that such transaction will not be consummated within the expected time period or at all. Other important factors that could cause actual results to differ materially from the Company’s expectations are set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated in the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020. The Company is under no obligation to (and specifically disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

¹ Excellence-in-Process (“EiP”) implementation expenses are related to an enterprise-wide initiative to optimize and standardize the Company’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations around the world, as well as improvements to the Company’s system of internal controls over financial reporting. The EiP initiative also includes other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure and certain non-recurring costs incurred in connection with the planned and completed dispositions. Beginning in the third quarter of 2019, EiP also includes expenses associated with an enterprise-wide program aimed at revenue growth.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	LAUREATE EDUCATION, INC.

	By:	/s/ Leslie S. Brush
	Name:	Leslie S. Brush
	Title:	Vice President, Assistant General Counsel and Secretary

Date: September 14, 2020

EX-101.SCH 2 laur-20200911.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 3 laur-20200911_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 4 laur-20200911_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 5 tm2030568-1_8k_htm.xml IDEA: XBRL DOCUMENT 0000912766 2020-09-11 2020-09-11 iso4217:USD shares iso4217:USD shares 0000912766 false 8-K 2020-09-11 Laureate Education, Inc. DE 001-38002 52-1492296 650 South Exeter Street Baltimore MD 21202 410 843-6100 false false false false Class A common stock, par value $0.004 per share LAUR NASDAQ false XML 6 R1.htm IDEA: XBRL DOCUMENT

Cover	Sep. 11, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 11, 2020
Entity File Number	001-38002
Entity Registrant Name	Laureate Education, Inc.
Entity Central Index Key	0000912766
Entity Tax Identification Number	52-1492296
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	650 South Exeter Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	843-6100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock, par value $0.004 per share
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

EXCEL 7 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 8 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 9 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 10 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.2 html 1 95 1 false 0 0 false 3 false false R1.htm 00000001 - Document - Cover Sheet http://laureate.net/role/Cover Cover Cover 1 false false All Reports Book All Reports tm2030568-1_8k.htm laur-20200911.xsd laur-20200911_lab.xml laur-20200911_pre.xml http://xbrl.sec.gov/dei/2020-01-31 true false JSON 12 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "tm2030568-1_8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "definitionLink": { "remote": [ "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-eedm-def-2020-01-31.xml", "http://xbrl.fasb.org/srt/2020/elts/srt-eedm1-def-2020-01-31.xml" ] }, "inline": { "local": [ "tm2030568-1_8k.htm" ] }, "labelLink": { "local": [ "laur-20200911_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml" ] }, "presentationLink": { "local": [ "laur-20200911_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml" ] }, "schema": { "local": [ "laur-20200911.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-roles-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd", "http://xbrl.fasb.org/srt/2020/elts/srt-roles-2020-01-31.xsd", "https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 59, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2020-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "laur", "nsuri": "http://laureate.net/20200911", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm2030568-1_8k.htm", "contextRef": "From2020-09-11to2020-09-11", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00000001 - Document - Cover", "role": "http://laureate.net/role/Cover", "shortName": "Cover", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm2030568-1_8k.htm", "contextRef": "From2020-09-11to2020-09-11", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentDescription": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Description of changes contained within amended document.", "label": "Amendment Description" } } }, "localname": "AmendmentDescription", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "stringItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AnnualInformationForm": { "auth_ref": [ "r12" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.", "label": "Annual Information Form" } } }, "localname": "AnnualInformationForm", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AuditedAnnualFinancialStatements": { "auth_ref": [ "r12" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.", "label": "Audited Annual Financial Statements" } } }, "localname": "AuditedAnnualFinancialStatements", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CountryRegion": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Region code of country", "label": "Country Region" } } }, "localname": "CountryRegion", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "xbrltype": "stringItemType" }, "dei_CurrentFiscalYearEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "End date of current fiscal year in the format --MM-DD.", "label": "Current Fiscal Year End Date" } } }, "localname": "CurrentFiscalYearEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "gMonthDayItemType" }, "dei_DocumentAccountingStandard": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.", "label": "Document Accounting Standard" } } }, "localname": "DocumentAccountingStandard", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "accountingStandardItemType" }, "dei_DocumentAnnualReport": { "auth_ref": [ "r9", "r11", "r12" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as an annual report.", "label": "Document Annual Report" } } }, "localname": "DocumentAnnualReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "gYearItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentPeriodStartDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format.", "label": "Document Period Start Date" } } }, "localname": "DocumentPeriodStartDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentQuarterlyReport": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as an quarterly report.", "label": "Document Quarterly Report" } } }, "localname": "DocumentQuarterlyReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentRegistrationStatement": { "auth_ref": [ "r18" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as a registration statement.", "label": "Document Registration Statement" } } }, "localname": "DocumentRegistrationStatement", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentShellCompanyEventDate": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Date of event requiring a shell company report.", "label": "Document Shell Company Event Date" } } }, "localname": "DocumentShellCompanyEventDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentShellCompanyReport": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.", "label": "Document Shell Company Report" } } }, "localname": "DocumentShellCompanyReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentTransitionReport": { "auth_ref": [ "r13" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as a transition report.", "label": "Document Transition Report" } } }, "localname": "DocumentTransitionReport", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "submissionTypeItemType" }, "dei_DocumentsIncorporatedByReferenceTextBlock": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Documents incorporated by reference.", "label": "Documents Incorporated by Reference [Text Block]" } } }, "localname": "DocumentsIncorporatedByReferenceTextBlock", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "textBlockItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityBankruptcyProceedingsReportingCurrent": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.", "label": "Entity Bankruptcy Proceedings, Reporting Current" } } }, "localname": "EntityBankruptcyProceedingsReportingCurrent", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityCommonStockSharesOutstanding": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.", "label": "Entity Common Stock, Shares Outstanding" } } }, "localname": "EntityCommonStockSharesOutstanding", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "sharesItemType" }, "dei_EntityCurrentReportingStatus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Current Reporting Status" } } }, "localname": "EntityCurrentReportingStatus", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityExTransitionPeriod": { "auth_ref": [ "r17" ], "lang": { "en-US": { "role": { "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.", "label": "Elected Not To Use the Extended Transition Period" } } }, "localname": "EntityExTransitionPeriod", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "fileNumberItemType" }, "dei_EntityFilerCategory": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Filer Category" } } }, "localname": "EntityFilerCategory", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "filerCategoryItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInteractiveDataCurrent": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).", "label": "Entity Interactive Data Current" } } }, "localname": "EntityInteractiveDataCurrent", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityPrimarySicNumber": { "auth_ref": [ "r12" ], "lang": { "en-US": { "role": { "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.", "label": "Entity Primary SIC Number" } } }, "localname": "EntityPrimarySicNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "sicNumberItemType" }, "dei_EntityPublicFloat": { "auth_ref": [], "crdr": "credit", "lang": { "en-US": { "role": { "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.", "label": "Entity Public Float" } } }, "localname": "EntityPublicFloat", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "monetaryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityShellCompany": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.", "label": "Entity Shell Company" } } }, "localname": "EntityShellCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntitySmallBusiness": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).", "label": "Entity Small Business" } } }, "localname": "EntitySmallBusiness", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "employerIdItemType" }, "dei_EntityVoluntaryFilers": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.", "label": "Entity Voluntary Filers" } } }, "localname": "EntityVoluntaryFilers", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityWellKnownSeasonedIssuer": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.", "label": "Entity Well-known Seasoned Issuer" } } }, "localname": "EntityWellKnownSeasonedIssuer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_Extension": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Extension number for local phone number.", "label": "Extension" } } }, "localname": "Extension", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_OtherReportingStandardItemNumber": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.", "label": "Other Reporting Standard Item Number" } } }, "localname": "OtherReportingStandardItemNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "otherReportingStandardItemNumberItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_Security12gTitle": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(g) registered security.", "label": "Title of 12(g) Security" } } }, "localname": "Security12gTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SecurityReportingObligation": { "auth_ref": [ "r7" ], "lang": { "en-US": { "role": { "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.", "label": "Security Reporting Obligation" } } }, "localname": "SecurityReportingObligation", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "securityReportingObligationItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r8" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r16" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://laureate.net/role/Cover" ], "xbrltype": "booleanItemType" } }, "unitCount": 3 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-23" }, "r10": { "Name": "Form 10-Q", "Number": "240", "Publisher": "SEC", "Section": "308", "Subsection": "a" }, "r11": { "Name": "Form 20-F", "Number": "249", "Publisher": "SEC", "Section": "220", "Subsection": "f" }, "r12": { "Name": "Form 40-F", "Number": "249", "Publisher": "SEC", "Section": "240", "Subsection": "f" }, "r13": { "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-1" }, "r14": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r15": { "Name": "Regulation S-T", "Number": "232", "Publisher": "SEC", "Section": "405" }, "r16": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" }, "r17": { "Name": "Securities Act", "Number": "7A", "Publisher": "SEC", "Section": "B", "Subsection": "2" }, "r18": { "Name": "Securities Act", "Number": "Section", "Publisher": "SEC", "Section": "12" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "g" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12, 13, 15d" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r6": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r7": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d" }, "r8": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r9": { "Name": "Form 10-K", "Number": "249", "Publisher": "SEC", "Section": "310" } }, "version": "2.1" } ZIP 13 0001104659-20-104583-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-20-104583-xbrl.zip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end