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Stockholders' Equity
 9 Months Ended
Sep. 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 stockAdditional paid-in capitalRetained earnings (accumulated deficit)Accumulated other comprehensive lossTreasury stock at costNon-controlling interestsTotal stockholders’ equity
SharesAmount
Balance at December 31, 2021180,611 $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 withholding1,379 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, 2022172,505 $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 withholding171 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, 2022164,663 $922 $2,404,243 $14,735 $(452,648)$(950,410)$(1,615)$1,015,227 
Non-cash stock compensation— — 1,849 — — — — 1,849 
Purchase of treasury stock at cost(77)— — — — (862)— (862)
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding63 — 199 — — — — 199 
Special cash distribution accrued on outstanding common stock— — (136,642)— — — — (136,642)
Equitable adjustments to stock-based awards— — (770)— — — — (770)
Net income— — — 31,117 — — (81)31,036 
Foreign currency translation adjustment, net of tax of $0
— — — — (42,160)— (1)(42,161)
Minimum pension liability adjustment, net of tax of $0
— — — — 983 — — 983 
Balance at September 30, 2022164,649 $922 $2,268,879 $45,852 $(493,825)$(951,272)$(1,697)$868,859 
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 capitalAccumulated deficitAccumulated other comprehensive lossTreasury stock at costNon-controlling interestsTotal stockholders’ equity
SharesAmountSharesAmount
Balance at December 31, 2020115,119 $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 shares17,248 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 withholding247 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, 2021122,213 $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 shares2 — (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 withholding119 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, 2021114,786 $619 73,542 $294 $3,763,855 $(370,851)$(491,425)$(616,908)$(13,142)$2,272,442 
Non-cash stock compensation— — — — 2,397 — — — — 2,397 
Conversion of Class B shares to Class A shares7,188 29 (7,188)(29)— — — — — — 
Purchase of treasury stock at cost(7,110)— — — — — — (112,994)— (112,994)
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding119 — — — 304 — — — — 304 
Change in noncontrolling interests— — — — 90 — — — — 90 
Special cash distribution accrued on outstanding common stock— — — — (1,271,790)— — — — (1,271,790)
Net income— — — — — 360,406 — — (269)360,137 
Foreign currency translation adjustment, net of tax of $0— — — — — — (22,648)— 21 (22,627)
Balance at September 30, 2021114,983 $648 66,354 $265 $2,494,856 $(10,445)$(514,073)$(729,902)$(13,390)$1,227,959 

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 nine months ended September 30, 2022, the Company repurchased 17,575 shares of its outstanding common stock for a total purchase price of $207,098, and its repurchases reached the total authorized limit of $650,000.

Special Cash Distribution

On September 14, 2022, the Company announced that its Board of Directors approved, pursuant to the previously announced adoption of a Partial Liquidation Plan related to the distribution of net proceeds from the Company’s sale of Walden e-Learning LLC (the Walden Sale), the payment of a special cash distribution (the October 2022 Distribution) equal to $0.83 per each share of the Company’s common stock, par value $0.004 per share, to each holder of record on September 28, 2022. The proceeds that were distributed were attributable to the release during the third quarter of 2022 of $71,700 of escrowed funds from the Walden Sale, plus remaining net proceeds that had yet to be distributed. This is anticipated to be the final distribution pursuant to the Plan. The October 2022 Distribution was paid on October 12, 2022. During the third quarter of 2022, the Company recorded additional dividend payable of approximately $136,600, based on the number of shares outstanding at the record date.

In connection with the October 2022 Distribution, the Board of Directors approved certain required adjustments under the Company’s equity award compensation plans. The ex-dividend date was September 27, 2022, and therefore these required equitable adjustments were recorded in the consolidated financial statements during the third quarter of 2022. The exercise prices of the Company’s stock options were reduced by $0.83 per share, and holders of restricted and performance stock units will receive an amount in cash equal to $0.83 per unvested stock unit, payable when such unit vests. As of September 30, 2022, the Company recorded a payable of approximately $770 related to the equitable adjustments for the equity award compensation plans.

As previously disclosed in the 2021 Form 10-K, in September 2021, the Board approved the payment of a special cash distribution pursuant to the Partial Liquidation Plan equal to $7.01 per each share of the Company’s common stock, par value $0.004 per share, to each holder of record on October 6, 2021. The distribution was paid on October 29, 2021.

As of December 31, 2021, there were dividends payable of $6,932 for equitable adjustments related to restricted stock awards that had not yet vested. In the December 31, 2021 balance sheet that was included in our 2021 Form 10-K, this amount was classified within Other current liabilities. In order to conform with the presentation in the September 30, 2022 balance sheet presented in this Form 10-Q, this $6,932 has been reclassified within Special cash distribution payable on the comparative December 31, 2021 balance sheet.
Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized 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:
September 30, 2022December 31, 2021
Laureate Education, Inc.Noncontrolling InterestsTotalLaureate Education, Inc.Noncontrolling InterestsTotal
Foreign currency translation adjustment$(504,090)$950 $(503,140)$(529,472)$946 $(528,526)
Unrealized gain on derivatives10,416 — 10,416 10,416 — 10,416 
Minimum pension liability adjustment(151)— (151)(1,148)— (1,148)
Accumulated other comprehensive loss$(493,825)$950 $(492,875)$(520,204)$946 $(519,258)