Strategic Education (STRA) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 17, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	0-21039
Entity Registrant Name	Strategic Education, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1975978
Entity Address, Address Line One	2303 Dulles Station Boulevard
Entity Address, City or Town	Herndon,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20171
City Area Code	703
Local Phone Number	247-2500
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	STRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,222,672
Entity Central Index Key	0001013934
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 470,319	$ 419,693
Marketable securities	23,106	34,874
Tuition receivable, net	41,004	51,523
Other current assets	19,067	18,004
Total current assets	553,496	524,094
Property and equipment, net	117,247	117,029
Right-of-use lease assets	81,418	84,778
Marketable securities, non-current	31,917	36,633
Intangible assets, net	245,344	273,011
Goodwill	732,075	732,075
Other assets	30,067	21,788
Total assets	1,791,564	1,789,408
Current liabilities:
Accounts payable and accrued expenses	67,258	90,828
Income taxes payable	16,722	1,352
Contract liabilities	40,052	39,284
Lease liabilities	24,852	25,284
Total current liabilities	148,884	156,748
Deferred income tax liabilities	40,107	47,942
Lease liabilities, non-current	77,458	80,557
Other long-term liabilities	40,565	41,451
Total liabilities	307,014	326,698
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01; 32,000,000 shares authorized; 21,964,809 and 22,222,936 shares issued and outstanding at December 31, 2019 and June 30, 2020, respectively	222	220
Additional paid-in capital	1,291,597	1,309,438
Accumulated other comprehensive income	659	233
Retained earnings	192,072	152,819
Total stockholders’ equity	1,484,550	1,462,710
Total liabilities and stockholders’ equity	$ 1,791,564	$ 1,789,408

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	32,000,000	32,000,000
Common stock, shares issued (in shares)	22,222,936	21,964,809
Common stock, shares outstanding (in shares)	22,222,936	21,964,809

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues	$ 255,831	$ 245,110	$ 521,133	$ 491,618
Costs and expenses:
Instructional and support costs	125,544	130,704	258,480	264,754
General and administration	67,301	68,374	136,527	132,513
Amortization of intangible assets	15,417	15,417	30,834	30,834
Merger and integration costs	1,174	3,019	4,938	10,198
Total costs and expenses	209,436	217,514	430,779	438,299
Income from operations	46,395	27,596	90,354	53,319
Other income	1,639	4,125	3,762	7,452
Income before income taxes	48,034	31,721	94,116	60,771
Provision for income taxes	13,882	7,312	24,725	24,862
Net income	$ 34,152	$ 24,409	$ 69,391	$ 35,909
Earnings per share:
Basic (in dollars per share)	$ 1.57	$ 1.12	$ 3.18	$ 1.66
Diluted (in dollars per share)	$ 1.55	$ 1.10	$ 3.15	$ 1.63
Weighted average shares outstanding:
Basic (in shares)	21,764	21,777	21,787	21,638
Diluted (in shares)	22,012	22,109	22,041	22,079

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 34,152	$ 24,409	$ 69,391	$ 35,909
Other comprehensive income:
Unrealized gains on marketable securities, net of tax	406	183	426	417
Comprehensive income	$ 34,558	$ 24,592	$ 69,817	$ 36,326

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERSEQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Cumulative Effect Period of Adoption Adjustment	Cumulative Effect Period of Adoption AdjustmentRetained Earnings
Beginning balance, shares at Dec. 31, 2018		21,743,498
Beginning balance at Dec. 31, 2018	$ 1,425,224	$ 217	$ 1,306,653	$ 118,322	$ 32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,008		5,926	82
Exercise of stock options, net (in shares)		90,569
Exercise of stock options, net	(208)	$ 1	(209)
Issuance of restricted stock, net (in shares)		114,496
Issuance of restricted stock, net	(7,221)	$ 1	(7,222)
Common stock dividends	(22,253)			(22,253)
Unrealized gains on marketable securities, net of tax	417				417
Net income	35,909			35,909
Ending balance, shares at Jun. 30, 2019		21,948,563
Ending balance at Jun. 30, 2019	1,437,876	$ 219	1,305,148	132,060	449
Beginning balance, shares at Mar. 31, 2019		21,923,800
Beginning balance at Mar. 31, 2019	1,423,438	$ 219	1,304,170	118,783	266
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,155		3,155
Exercise of stock options, net (in shares)		38,680
Exercise of stock options, net	1,491		1,491
Issuance of restricted stock, net (in shares)		(13,917)
Issuance of restricted stock, net	(3,668)		(3,668)
Common stock dividends	(11,132)			(11,132)
Unrealized gains on marketable securities, net of tax	183				183
Net income	24,409			24,409
Ending balance, shares at Jun. 30, 2019		21,948,563
Ending balance at Jun. 30, 2019	1,437,876	$ 219	1,305,148	132,060	449
Beginning balance, shares at Dec. 31, 2019		21,964,809
Beginning balance at Dec. 31, 2019	1,462,710	$ 220	1,309,438	152,819	233	$ (3,311)	$ (3,311)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,884		6,883	1
Exercise of stock options, net (in shares)		19,567
Exercise of stock options, net	1,185		1,185
Issuance of restricted stock, net (in shares)		240,329
Issuance of restricted stock, net	(25,802)	$ 2	(25,804)
Repurchase of common stock (in shares)		(1,769)
Repurchase of common stock	(247)		(105)	(142)
Common stock dividends	(26,686)			(26,686)
Unrealized gains on marketable securities, net of tax	426				426
Net income	69,391			69,391
Ending balance, shares at Jun. 30, 2020		22,222,936
Ending balance at Jun. 30, 2020	1,484,550	$ 222	1,291,597	192,072	659
Beginning balance, shares at Mar. 31, 2020		22,213,587
Beginning balance at Mar. 31, 2020	1,459,147	$ 222	1,287,406	171,266	253
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,859		3,858	1
Exercise of stock options, net (in shares)		5,252
Exercise of stock options, net	339		339
Issuance of restricted stock, net (in shares)		4,097
Issuance of restricted stock, net	(6)		(6)
Common stock dividends	(13,347)			(13,347)
Unrealized gains on marketable securities, net of tax	406				406
Net income	34,152			34,152
Ending balance, shares at Jun. 30, 2020		22,222,936
Ending balance at Jun. 30, 2020	$ 1,484,550	$ 222	$ 1,291,597	$ 192,072	$ 659

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Retained Earnings
Common stock dividends (in dollars per share)	$ 0.60	$ 0.50	$ 1.20	$ 1

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 69,391	$ 35,909
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs	167	167
Amortization of investment discount/premium	68	220
Depreciation and amortization	51,981	52,497
Deferred income taxes	(6,736)	9,909
Stock-based compensation	6,884	6,576
Impairment of right-of-use lease assets	453	0
Changes in assets and liabilities:
Tuition receivable, net	3,820	5,777
Other assets	(6,338)	(1,240)
Accounts payable and accrued expenses	(22,180)	229
Income taxes payable and income taxes receivable	15,303	(10,673)
Contract liabilities	2,053	4,778
Other long-term liabilities	(2,925)	(1,086)
Net cash provided by operating activities	111,941	103,063
Cash flows from investing activities:
Purchases of property and equipment	(25,465)	(18,859)
Purchases of marketable securities	(1,863)	(12,443)
Proceeds from marketable securities	18,869	22,560
Other investments	(693)	(740)
Net cash used in investing activities	(9,152)	(9,482)
Cash flows from financing activities:
Common dividends paid	(26,662)	(22,194)
Net payments for stock awards	(24,758)	(7,607)
Repurchase of common stock	(247)	0
Net cash used in financing activities	(51,667)	(29,801)
Net increase in cash, cash equivalents, and restricted cash	51,122	63,780
Cash, cash equivalents, and restricted cash — beginning of period	420,497	312,237
Cash, cash equivalents, and restricted cash — end of period	471,619	376,017
Noncash transactions:
Non-cash additions to property and equipment	2,229	2,578
Right-of-use lease assets obtained in exchange for operating lease liabilities	$ 7,870	$ 2,298

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Strategic Education, Inc. (“Strategic Education” or the “Company”), a Maryland corporation formerly known as Strayer Education, Inc., is a national leader in education innovation, dedicated to enabling economic mobility for working adults through education. The Company operates primarily through its wholly-owned subsidiaries Strayer University and Capella University (the "Universities"), both accredited post-secondary institutions of higher education. During the first quarter of 2020, the Company revised its reportable segments, as discussed further in Note 13. Prior period segment disclosures have been restated to conform to the current period presentation. The accompanying condensed consolidated financial statements and footnotes include the results of the Company’s two

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. All information as of June 30, 2019 and 2020 , and for the three and six months ended June 30, 2019 and 2020 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated financial position, results of operations, and cash flows of the Company. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements at that date. Certain amounts in the prior period financial statements have been reclassified to conform to the current period's presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 . The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full fiscal year. Below is a description of the nature of the costs included in the Company’s operating expense categories. Instructional and support costs ("I&SC") generally contain items of expense directly attributable to activities of the Strayer University and Capella University segments that support students and learners. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs. General and administration ("G&A") expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions. Amortization of intangibles assets consists of amortization and depreciation expense related to intangible assets and software assets acquired through the Company's merger with Capella Education Company ("CEC"). Merger and integration costs include integration expenses associated with the Company's merger with CEC, and transaction expenses associated with potential future business combinations. New Accounting Standard for Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13" or "ASC 326"). ASU 2016-13 revises the accounting requirements related to the measurement of credit losses and requires organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectability. Assets must be presented in the financial statements at the net amount expected to be collected. During 2019, the FASB issued additional ASUs amending certain aspects of ASU 2016-13. On January 1, 2020, the Company adopted the new accounting standard and all of the related amendments using the modified retrospective method. The Company recognized the cumulative effect of initially applying the new credit loss standard to its tuition receivables by recording a $3.3 million adjustment, net of tax, to the opening balance of retained earnings. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326. The comparative information has not been restated and continues to be reported under the accounting standards in effect in those reporting periods. The impact of adoption of ASC 326 on the Company's balance sheet was as follows (in thousands): As of January 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Tuition receivable, net $ 46,952 $ 51,523 $ (4,571 ) Deferred income tax liabilities $ 46,681 $ 47,942 $ (1,261 ) Retained earnings $ 149,509 $ 152,819 $ (3,310 ) The Company does not expect ASC 326 to have a significant impact on its financial condition or results of operations on an ongoing basis. Restricted Cash A significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the Universities during the academic term. The Company had approximately $0.3 million and $0.8 million of these unpaid obligations as of December 31, 2019 and June 30, 2020 , respectively, which are recorded as restricted cash and included in other current assets in the unaudited condensed consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company is required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account, which is included in other assets. The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of June 30, 2019 and 2020 (in thousands): As of June 30, 2019 2020 Cash and cash equivalents $ 375,515 $ 470,319 Restricted cash included in other current assets 2 800 Restricted cash included in other assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 376,017 $ 471,619 Tuition Receivable and Allowance for Credit Losses The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the Universities' student bases and through the participation of the majority of the students in federally funded financial aid programs. An allowance for credit losses is established based upon historical collection rates by age of receivable and adjusted for reasonable expectations of future collection performance, net of estimated recoveries. These collection rates incorporate historical performance based on a student’s current enrollment status, likelihood of future enrollment, degree mix trends and changes in the overall economic environment. The Company periodically assesses its methodologies for estimating credit losses in consideration of actual experience. The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Tuition receivable $ 82,454 $ 83,960 Allowance for credit losses (30,931 ) (42,956 ) Tuition receivable, net $ 51,523 $ 41,004 Approximately $1.0 million and $3.1 million of tuition receivable are included in other assets as of December 31, 2019 and June 30, 2020 , respectively, because these amounts are expected to be collected after 12 months. The following table illustrates changes in the Company’s allowance for credit losses for the three and six months ended June 30, 2019 and 2020 (in thousands). The provision for credit losses for the three and six months ended June 30, 2020 includes additional reserves to account for projected deterioration in collections performance in 2020 due to the COVID-19 pandemic. For the three months ended For the six months ended 2019 2020 2019 2020 Allowance for credit losses, beginning of period $ 29,387 $ 38,094 $ 28,457 $ 30,931 Impact of adopting ASC 326 — — — 4,571 Additions charged to expense 11,462 11,976 23,782 23,147 Adjustment to value of acquired receivables 2,207 — 2,207 — Write-offs, net of recoveries (12,323 ) (7,114 ) (23,713 ) (15,693 ) Allowance for credit losses, end of period $ 30,733 $ 42,956 $ 30,733 $ 42,956 Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely. Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components. Finite-lived intangible assets that are acquired in business combinations are recorded at fair value on their acquisition dates and are amortized on a straight-line basis over the estimated useful life of the asset. Finite-lived intangible assets consist of student relationships. The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets. Authorized Stock The Company has authorized 32,000,000 shares of common stock, par value $0.01 , of which 21,964,809 and 22,222,936 shares were issued and outstanding as of December 31, 2019 and June 30, 2020 , respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock. In April 2020, the Company’s Board of Directors declared a regular, quarterly cash dividend of $0.60 per share of common stock. The dividend was paid on June 8, 2020. Net Income Per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options, and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period. Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Weighted average shares outstanding used to compute basic earnings per share 21,777 21,764 21,638 21,787 Incremental shares issuable upon the assumed exercise of stock options 58 16 75 19 Unvested restricted stock and restricted stock units 274 232 366 235 Shares used to compute diluted earnings per share 22,109 22,012 22,079 22,041 Anti-dilutive shares of restricted stock excluded from the diluted earnings per share calculation — — 29 2 Comprehensive Income Comprehensive income includes net income and all changes in the Company’s equity during a period from non-owner sources, which for the Company consists of unrealized gains and losses on available-for-sale marketable securities, net of tax. As of December 31, 2019 and June 30, 2020 , the balance of accumulated other comprehensive income was $233,000 , net of tax of $90,000 and $659,000 , net of tax of $252,000 , respectively. During the three and six months ended June 30, 2020 , approximately $25,000 , net of tax of $10,000 , of unrealized gains on available-for-sale marketable securities was reclassified out of accumulated other comprehensive income to Other income on the unaudited condensed consolidated statements of income. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for credit losses, useful lives of property and equipment and intangible assets, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. During the six months ended June 30, 2020, management estimates also include potential impacts the COVID-19 pandemic will have on student enrollment, tuition pricing, and collections in future periods. The duration and severity of the COVID-19 pandemic and its impact on the Company’s condensed consolidated financial statements is subject to uncertainty. Actual results could differ from those estimates. Recently Issued Accounting Standards Not Yet Adopted ASUs recently issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenues primarily consist of tuition revenue arising from educational services provided in the form of classroom instruction and online courses. Tuition revenue is deferred and recognized ratably over the period of instruction, which varies depending on the course format and chosen program of study. Strayer University’s educational programs and Capella University’s GuidedPath classes typically are offered on a quarterly basis, and such periods coincide with the Company’s quarterly financial reporting periods, while Capella University’s FlexPath courses are delivered over a twelve-week subscription period. The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Strayer University Segment Tuition, net of discounts, grants and scholarships $ 126,932 $ 133,544 $ 252,915 $ 274,042 Other (1) 4,796 4,536 9,559 9,692 Total Strayer University Segment 131,728 138,080 262,474 283,734 Capella University Segment Tuition, net of discounts, grants and scholarships 107,947 112,483 218,168 226,669 Other (1) 5,435 5,268 10,976 10,730 Total Capella University Segment 113,382 117,751 229,144 237,399 Consolidated revenue $ 245,110 $ 255,831 $ 491,618 $ 521,133 _________________________________________ (1) Other revenue is primarily comprised of academic fees, sales of course materials, placement fees and other revenue streams. Revenues are recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods and services. The Company applies the five-step revenue model under ASC 606 to determine when revenue is earned and recognized. Arrangements with students may have multiple performance obligations. For such arrangements, the Company allocates net tuition revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers and observable market prices. The standalone selling price of material rights to receive free classes in the future is estimated based on class tuition prices and likelihood of redemption based on historical student attendance and completion behavior. At the start of each academic term or program, a contract liability is recorded for academic services to be provided, and a tuition receivable is recorded for the portion of the tuition not paid in advance. Any cash received prior to the start of an academic term or program is recorded as a contract liability. Some students may be eligible for scholarship awards, the estimated value of which will be realized in the future and is deducted from revenue when earned, based on historical student attendance and completion behavior. Contract liabilities are recorded as a current or long-term liability in the unaudited condensed consolidated balance sheets based on when the benefit is expected to be realized. Course materials available through Capella University enable students to access electronically all required materials for courses in which they enroll during the quarter. Revenue derived from course materials is recognized ratably over the duration of the course as the Company provides the student with continuous access to these materials during the term. For sales of certain other course materials, the Company is considered the agent in the transaction, and as such, the Company recognizes revenue net of amounts owed to the vendor at the time of sale. Revenues also include certain academic fees recognized within the quarter of instruction, and certificate revenue and licensing revenue, which are recognized as the services are provided. Contract Liabilities – Graduation Fund In 2013, Strayer University introduced the Graduation Fund, which allows new undergraduate students to earn tuition credits that are redeemable in the final year of a student’s course of study if he or she successfully remains in the program. New students registering in credit-bearing courses in any undergraduate program receive one free course for every three courses that the student successfully completes. To be eligible, students must meet all of Strayer University’s admission requirements and must be enrolled in a bachelor’s degree program. The Company’s employees and their dependents are not eligible for the program. Students who have more than one consecutive term of non-attendance lose any Graduation Fund credits earned to date, but may earn and accumulate new credits if the student is reinstated or readmitted by Strayer University in the future. In response to the COVID-19 pandemic, Strayer University is temporarily allowing students to miss two consecutive terms without losing their Graduation Fund credits. Revenue from students participating in the Graduation Fund is recorded in accordance with ASC 606. The Company defers the value of the related performance obligation associated with the credits estimated to be redeemed in the future based on the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company’s estimate of the benefits that will be redeemed in the future is based on its historical experience of student persistence toward completion of a course of study within this program and similar programs. Each quarter, the Company assesses its methodologies and assumptions underlying these estimates, and to date, any adjustments to the estimates have not been material. The amount estimated to be redeemed in the next 12 months is $21.0 million and is included as a current contract liability in the unaudited condensed consolidated balance sheets. The remainder is expected to be redeemed within two to four years . The table below presents activity in the contract liability related to the Graduation Fund (in thousands): For the six months ended 2019 2020 Balance at beginning of period $ 43,329 $ 49,641 Revenue deferred 14,787 13,942 Benefit redeemed (12,025 ) (11,235 ) Balance at end of period $ 46,091 $ 52,348 Unbilled receivables – Student tuition Academic materials may be shipped to certain new undergraduate students in advance of the term of enrollment. Under ASC 606, the materials represent a performance obligation to which the Company allocates revenue based on the fair value of the materials relative to the total fair value of all performance obligations in the arrangement with the student. When control of the materials passes to the student in advance of the term of enrollment, an unbilled receivable and related revenue are recorded. The balance of unbilled receivables related to such materials was $1.2 million as of June 30, 2020 , and is included in tuition receivable.

Restructuring and Related Charg

Restructuring and Related Charges	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Charges	Restructuring and Related Charges In October 2013, the Company implemented a restructuring to better align the Company’s resources with student enrollments at the time. This restructuring included the closing of 20 physical locations and reductions in the number of campus-based and corporate employees. At the time of this restructuring, a liability for lease obligations, some of which continue through 2022, was recorded and measured at fair value using a discounted cash flow approach encompassing significant unobservable inputs (Level 3). The estimation of future cash flows included non-cancelable contractual lease costs over the remaining terms of the leases discounted at the Company’s marginal borrowing rate of 4.5% , partially offset by estimated future sublease rental income discounted at credit-adjusted rates. In addition, the Company has incurred personnel-related restructuring charges due to cost reduction efforts and management changes. These changes primarily related to the integration of CEC in order to establish an efficient ongoing cost structure for the Company. The following details the changes in the Company’s restructuring liability during the six months ended June 30, 2019 and 2020 (in thousands): Lease and Related Costs, Net Severance and Other Employee Separation Costs Total Balance at December 31, 2018 $ 6,540 $ 14,347 $ 20,887 Restructuring and other charges (1) — 2,086 2,086 Payments — (5,764 ) (5,764 ) Adjustments (2) (6,540 ) — (6,540 ) Balance at June 30, 2019 $ — $ 10,669 $ 10,669 Balance at December 31, 2019 (3) $ — $ 8,283 $ 8,283 Restructuring and other charges (1) — — — Payments — (3,986 ) (3,986 ) Adjustments — — — Balance at June 30, 2020 (3) $ — $ 4,297 $ 4,297 _____________________________________ (1) Restructuring and other charges were $0.2 million and $2.1 million for the three and six months ended June 30, 2019 , respectively. Restructuring and other charges are included in Merger and integration costs on the unaudited condensed consolidated statements of income. There were no restructuring and other charges for the three and six months ended June 30, 2020 . (2) Adjustments represent the impact of adopting ASC 842 on January 1, 2019. In accordance with ASC 842, the lease related restructuring liability balance as of December 31, 2018 was netted against the initial ROU lease asset recognized upon adoption. Asset retirement obligations related to these restructured properties are also included in the adjustments amount. (3) The current portion of restructuring liabilities was $6.4 million and $3.9 million as of December 31, 2019 and June 30, 2020 , respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The following is a summary of available-for-sale securities as of June 30, 2020 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 26,920 $ 480 $ (8 ) $ 27,392 Tax-exempt municipal securities 21,890 215 (74 ) 22,031 Variable rate demand notes 5,600 — — 5,600 Total $ 54,410 $ 695 $ (82 ) $ 55,023 The following is a summary of available-for-sale securities as of December 31, 2019 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 42,584 $ 165 $ (40 ) $ 42,709 Tax-exempt municipal securities 23,301 112 (215 ) 23,198 Variable rate demand notes 5,600 — — 5,600 Total $ 71,485 $ 277 $ (255 ) $ 71,507 The unrealized gains and losses on the Company’s investments in corporate debt and municipal securities as of December 31, 2019 and June 30, 2020 were caused by changes in market values primarily due to interest rate changes. As of June 30, 2020 , there were no securities in an unrealized loss position for a period longer than twelve months. The Company has no allowance for credit losses related to its available-for-sale securities as all investments are in investment grade securities. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. No impairment charges were recorded during the three and six months ended June 30, 2019 and 2020 . The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Due within one year $ 34,874 $ 23,106 Due after one year through five years 36,633 31,917 Total $ 71,507 $ 55,023 Amounts due within one year in the table above included $5.6 million of variable rate demand notes, which have contractual maturities ranging from 17 years to 26 years as of June 30, 2020 . The variable rate demand notes are floating rate municipal bonds with embedded put options that allow the Company to sell the security at par plus accrued interest on a settlement basis ranging from one day to seven days . The Company has classified these securities based on their effective maturity dates, which range from one day to seven days from the balance sheet date. The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Maturities of marketable securities $ 9,650 $ 7,500 $ 22,560 $ 17,405 Sales of marketable securities — 1,464 — 1,464 Total $ 9,650 $ 8,964 $ 22,560 $ 18,869 The Company recorded approximately $35,000 in gross realized gains in net income during the three and six months ended June 30, 2020 related to the sale of marketable securities. The Company did not record any gross realized gains or losses in net income during the three and six months ended June 30, 2019 .

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Assets and liabilities measured at fair value on a recurring basis consist of the following as of June 30, 2020 (in thousands): Fair Value Measurements at Reporting Date Using June 30, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 5,876 $ 5,876 $ — $ — Marketable securities: Corporate debt securities 27,392 — 27,392 — Tax-exempt municipal securities 22,031 — 22,031 — Variable rate demand notes 5,600 — 5,600 — Total assets at fair value on a recurring basis $ 60,899 $ 5,876 $ 55,023 $ — Liabilities: Deferred payments $ 2,428 $ — $ — $ 2,428 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2019 (in thousands): Fair Value Measurements at Reporting Date Using December 31, 2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 30,693 $ 30,693 $ — $ — Marketable securities: Corporate debt securities 42,709 — 42,709 — Tax-exempt municipal securities 23,198 — 23,198 — Variable rate demand notes 5,600 — 5,600 — Total assets at fair value on a recurring basis $ 102,200 $ 30,693 $ 71,507 $ — Liabilities: Deferred payments $ 3,257 $ — $ — $ 3,257 The Company measures the above items on a recurring basis at fair value as follows: • Money market funds – Classified in Level 1 is excess cash the Company holds in both taxable and tax-exempt money market funds, which are included in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets. The Company records any net unrealized gains and losses for changes in fair value as a component of accumulated other comprehensive income in stockholders' equity. The Company's cash and cash equivalents held at December 31, 2019 and June 30, 2020 approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments. • Marketable securities – Classified in Level 2 and valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets. The Company does not hold securities in inactive markets. • Deferred payments – The Company acquired certain assets and entered into deferred payment arrangements with the sellers in transactions that occurred in 2011. The deferred payments are classified within Level 3 as there is no liquid market for similarly priced instruments and are valued using discounted cash flow models that encompass significant unobservable inputs. The assumptions used to prepare the discounted cash flows include estimates for interest rates, enrollment growth, retention rates, and pricing strategies. These assumptions are subject to change as the underlying data sources evolve and the programs mature. The short-term portion of deferred payments was $0.8 million as of June 30, 2020 and is included in accounts payable and accrued expense. The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and did not transfer assets or liabilities between levels of the fair value hierarchy during the six months ended June 30, 2019 and 2020 . Changes in the fair value of the Company’s Level 3 liabilities during the six months ended June 30, 2019 and 2020 are as follows (in thousands): As of June 30, 2019 2020 Balance as of the beginning of period $ 4,120 $ 3,257 Amounts paid (751 ) (808 ) Other adjustments to fair value 295 (21 ) Balance at end of period $ 3,664 $ 2,428

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts Payables and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Trade payables $ 47,503 $ 33,861 Accrued compensation and benefits 33,924 23,689 Accrued student obligations 4,580 4,261 Real estate liabilities 751 486 Other 4,070 4,961 Accounts payable and accrued expenses $ 90,828 $ 67,258

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On August 1, 2018, the Company entered into an amended credit facility (the “Amended Credit Facility”), which provides for a senior secured revolving credit facility (the “Revolver”) in an aggregate principal amount of up to $250 million . The Amended Credit Facility provides the Company with an option, under certain conditions, to increase the commitments under the Revolver or establish one or more incremental term loans (each, an “Incremental Facility”) in an amount up to the sum of (x) $150 million and (y) if such Incremental Facility is incurred in connection with a permitted acquisition, any amount so long as the Company’s leverage ratio (calculated on a trailing four-quarter basis) on a pro forma basis will be no greater than 1.75 :1.00. The maturity date of the Amended Credit Facility is August 1, 2023. The Company paid approximately $1.2 million in debt financing costs associated with the Amended Credit Facility, and these costs are being amortized on a straight-line basis over the five -year term of the Amended Credit Facility. Borrowings under the Revolver will bear interest at a per annum rate equal to, at the Company’s election, LIBOR or a base rate, plus a margin ranging from 1.50% to 2.00% depending on the Company’s leverage ratio. The Company also is subject to a quarterly unused commitment fee ranging from 0.20% to 0.30% per annum depending on the Company’s leverage ratio, times the daily unused amount under the Revolver. The Amended Credit Facility is guaranteed by all domestic subsidiaries, subject to certain exceptions, and secured by substantially all of the assets of the Company and its subsidiary guarantors. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default, and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including: • A leverage ratio of not greater than 2 to 1. Leverage ratio is defined as the ratio of total debt to trailing four-quarter EBITDA (earnings before interest, taxes, depreciation, amortization, and noncash charges, such as stock-based compensation). • A coverage ratio of not less than 1.75 to 1. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense. • A U.S. Department of Education (“Department” or "Department of Education") Financial Responsibility Composite Score of not less than 1.5 . The Company was in compliance with all the terms of the Amended Credit Facility and had no borrowings outstanding under the Revolver as of June 30, 2020 .

Other Long-Term Liabilities

Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2020
Other Liabilities, Noncurrent [Abstract]
Other Long-Term Liabilities	Other Long-Term Liabilities Other long-term liabilities consist of the following as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Contract liabilities, net of current portion $ 30,925 $ 32,210 Deferred payments related to acquisitions 4,963 4,232 Asset retirement obligations 1,961 1,902 Employee separation costs 1,838 361 Other 1,764 1,860 Other long-term liabilities $ 41,451 $ 40,565 Contract Liabilities As discussed in Note 3, in connection with its student tuition contracts, the Company has an obligation to provide free classes in the future should certain eligibility conditions be maintained (the Graduation Fund). Long-term contract liabilities represent the amount of revenue under these arrangements that the Company expects will be realized after one year. Deferred Payments Related to Acquisitions In connection with previous acquisitions, the Company acquired certain assets and entered into deferred payment arrangements with the sellers. The deferred payment arrangements are valued at approximately $2.2 million and $1.4 million as of December 31, 2019 and June 30, 2020 , respectively. In addition, one of the sellers contributed $2.8 million to the Company representing the seller’s continuing interest in the assets acquired. Asset Retirement Obligations Obligations related to lease agreements that require the leased premises to be returned in a predetermined condition. Employee Separation Costs Severance and other employee separation costs to be paid after one year.

Equity Awards

Equity Awards	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity Awards	Equity Awards The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Instructional and support costs $ 1,017 $ 1,356 $ 1,875 $ 2,386 General and administration 2,138 2,503 3,811 4,498 Merger and integration costs 411 — 890 — Stock-based compensation expense included in operating expense 3,566 3,859 6,576 6,884 Tax benefit 923 993 1,682 1,770 Stock-based compensation expense, net of tax $ 2,643 $ 2,866 $ 4,894 $ 5,114 During the six months ended June 30, 2019 and 2020 , the Company recognized a tax windfall related to share-based payment arrangements of approximately $3.5 million and $2.8 million , respectively, which was recorded as an adjustment to the provision for income taxes.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the six months ended June 30, 2019 and 2020 , the Company recorded income tax expense of $24.9 million and $24.7 million , reflecting an effective tax rate of 40.9% and 26.3% , respectively. In February 2019, to align compensation and benefit plans after completion of the merger with CEC, the Compensation Committee of the Company’s Board of Directors took action to terminate all deferred compensation arrangements, including for employees already participating in such arrangements. These changes affected the tax deductibility of certain arrangements, which resulted in a discrete item recorded during the three months ended March 31, 2019, reducing the Company’s deferred tax assets by $11.5 million and increasing the Company’s 2019 effective tax rate and future cash tax payments. The Company had $1.2 million of unrecognized tax benefits as of December 31, 2019 and June 30, 2020 . Interest and penalties, including those related to uncertain tax positions, are included in the provision for income taxes in the unaudited condensed consolidated statements of income. The Company incurred approximately $105,000 and $39,000 related to interest and penalties during the six months ended June 30, 2019 and 2020 , respectively. The Company paid $24.7 million and $16.2 million in income taxes during the six months ended June 30, 2019 and 2020 , respectively. The tax years since 2016 remain open for Federal tax examination and the tax years since 2015 remain open to examination by state and local taxing jurisdictions in which the Company is subject to taxation.

Other Investments

Other Investments	6 Months Ended
	Jun. 30, 2020
Other Investments [Abstract]
Other Investments	Other Investments At June 30, 2020 , the Company held $17.0 million in investments in certain limited partnerships that invest in various innovative companies in the health care and education-related technology fields. The Company has commitments to invest up to an additional $1.9 million across these partnerships through 2027. The Company's investments range from 3% - 5% of any partnership’s interest and are accounted for under the equity method. At December 31, 2019 , the Company's investment in limited partnerships was $15.8 million . The following table illustrates changes in the Company’s limited partnership investments for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2018 2019 Limited partnership investments, beginning of period $ 13,823 $ 15,805 $ 13,449 $ 15,795 Capital contributions 245 175 513 293 Pro-rata share in the net income of limited partnerships 597 1,010 1,554 1,242 Distributions (175 ) — (1,026 ) (340 ) Limited partnership investments, end of period $ 14,490 $ 16,990 $ 14,490 $ 16,990

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Strategic Education is an educational services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. Strategic Education’s portfolio of companies is dedicated to closing the skills gap by placing adults on the most direct path between learning and employment. The Company merged DevMountain into Strayer University, which resulted in a change to the way management reviews financial information in 2020 and by which the Chief Operating Decision Maker evaluates performance and allocates the resources of the Company. Prior period segment disclosures have been recast to conform to the current period presentation. The Company’s two operating segments, Strayer University and Capella University, meet the quantitative thresholds to qualify as reportable segments. The Strayer University segment is comprised of Strayer University, including its programs offered through the Jack Welch Management Institute and DevMountain, as well as Hackbright Academy. The Capella University segment consists of Capella University and Sophia Learning. Revenue and operating expenses are generally directly attributable to the segments. Inter-segment revenues are not presented separately, as these amounts are immaterial. The Company’s Chief Operating Decision Maker does not evaluate operating segments using asset information. A summary of financial information by reportable segment for the three and six months ended June 30, 2019 and 2020 is presented in the following table (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Revenues Strayer University $ 131,728 $ 138,080 $ 262,474 $ 283,734 Capella University 113,382 117,751 229,144 237,399 Consolidated revenues $ 245,110 $ 255,831 $ 491,618 $ 521,133 Income from operations Strayer University $ 24,433 $ 35,813 $ 48,236 $ 72,416 Capella University 21,599 27,173 46,115 53,710 Amortization of intangible assets (15,417 ) (15,417 ) (30,834 ) (30,834 ) Merger and integration costs (3,019 ) (1,174 ) (10,198 ) (4,938 ) Consolidated income from operations $ 27,596 $ 46,395 $ 53,319 $ 90,354

Litigation

Litigation	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation The Company is involved in litigation and other legal proceedings arising out of the ordinary course of its business. From time to time, certain matters may arise that are other than ordinary and routine. The outcome of such matters is uncertain, and the Company may incur costs in the future to defend, settle, or otherwise resolve them. The Company currently believes that the ultimate outcome of such matters will not, individually or in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or cash flows. However, depending on the amount and timing, an unfavorable resolution of some or all of these matters could materially affect future results of operations in a particular period.

Regulation

Regulation	6 Months Ended
	Jun. 30, 2020
Regulation [Abstract]
Regulation	Regulation CARES Act On March 27, 2020, Congress passed and President Trump signed into law the Coronavirus Aid, Relief, and Economic Securities ("CARES") Act. Among other things, the $2.2 trillion bill established some flexibilities related to the processing of federal student financial aid, established a higher education emergency fund, and created relief for some federal student loan borrowers. Through the CARES Act, Congress provided institutions of higher education relief from conducting a return to Title IV (R2T4) calculation in cases where the student withdrew because of COVID-19, including removing the requirement that the institution return unearned funds to the Department of Education and providing loan cancellation for the portion of the Direct Loan associated with a payment period that the student did not complete due to COVID-19. The CARES Act also allows institutions to exclude from satisfactory academic progress calculations any attempted credits that the student did not complete due to COVID-19, without requiring an appeal from the student. Additionally, under the legislation, institutions are permitted to transfer up to 100% of Federal Work Study funds into their Federal Supplemental Educational Opportunity Grant allocation and are granted a waiver of the 2019/2020 and 2020/2021 non-federal share institutional match. Institutions may continue to make Federal Work Study payments to student employees who are unable to meet their employment obligations due to COVID-19. The CARES Act also suspends payments and interest accrual on federal student loans until September 30, 2020, in addition to suspending involuntary collections such as wage garnishment, tax refund reductions, and reductions of federal benefits like Social Security benefits during the same timeframe. The Department issued and will continue to issue sub-regulatory guidance to institutions regarding implementation of the provisions included in the CARES Act. Finally, the CARES Act allocated $14 billion to higher education through the creation of the Education Stabilization Fund. Fifty percent of the emergency funds received by institutions must go directly to students in the form of emergency financial aid grants to cover expenses related to the disruption of campus operations due to COVID-19. Students who were previously enrolled in exclusively online courses prior to March 13, 2020 are not eligible for these grants. Institutions may use remaining emergency funds not given to students on costs associated with significant changes to the delivery of instruction due to COVID-19, as long as such costs do not include payment to contractors for the provision of pre-enrollment recruitment activities, including marketing and advertising; endowments; or capital outlays associated with facilities related to athletics, sectarian instruction, or religious worship. Institutions receive funds under the Education Stabilization Fund based on a formula that factors in their relative percentage of full-time, Federal Pell Grant-eligible students who were not exclusively enrolled in online education prior to the emergency period. On April 9, 2020, the Department published guidance and funding levels for the Education Stabilization Fund, indicating that Strayer University was eligible to receive $5,792,122 . Given that Strayer University is predominantly online, and very few students take only on-ground classes, Strayer declined to accept the funds allocated to it because most students would not have expenses related to the disruption of campus operations. Instead, Strayer University provided a $500 tuition grant for all students who had enrolled in on-ground classes for the Spring term, prior to the classes being converted to online. Because Capella University’s students are exclusively online, Capella was ineligible for Education Stabilization funding. Gainful Employment Under the Higher Education Act ("HEA"), a proprietary institution offering programs of study other than a baccalaureate degree in liberal arts (for which there is a limited statutory exception) must prepare students for gainful employment in a recognized occupation. The Department of Education published final regulations related to gainful employment that went into effect on July 1, 2015, with the additional disclosure requirements that became effective January 1, 2017 and July 1, 2019 (the “2015 Regulations”). On July 1, 2019, the Department of Education released final gainful employment regulations, which contained a full repeal of the 2015 Regulations and became effective on July 1, 2020. Both Capella University and Strayer University implemented the July 2019 regulations early, by means permitted by the Secretary, and accordingly were not required to report gainful employment data for the 2018-2019 award year. For the period between July 2019 and July 1, 2020, Capella and Strayer University were not required to comply with gainful employment disclosure and template publication requirements and were not required to comply with the regulation’s certification requirements with respect to programmatic accreditation and program satisfaction of prerequisites for professional licensure/state certification. Borrower Defenses to Repayment On September 23, 2019, the Department published final Borrower Defense to Repayment regulations (the “2019 BDTR Rule”), which governs borrower defense to repayment claims in connection with loans first disbursed on or after July 1, 2020, the date the 2019 BDTR Rule became effective. The 2019 BDTR Rule supplants the 2016 Borrower Defense to Repayment rule. Under the 2019 BDTR Rule, an individual borrower can assert a defense to repayment and be eligible for relief if she or he establishes, by a preponderance of the evidence, that (1) the institution at which the borrower enrolled made a misrepresentation of material fact upon which the borrower reasonably relied in deciding to obtain a Direct Loan or a loan repaid by a Direct Consolidation Loan; (2) the misrepresentation directly and clearly related to the borrower’s enrollment or continuing enrollment at the institution or the institution’s provision of education services for which the loan was made; and (3) the borrower was financially harmed by the misrepresentation. The Department will grant forbearance on all loans related to a claim at the time the claim is made. The 2019 BDTR Rule defines “financial harm” as the amount of monetary loss that a borrower incurs as a consequence of a misrepresentation. The Department will determine financial harm based upon individual earnings and circumstances, which must include consideration of the individual borrower’s career experience subsequent to enrollment and may include, among other factors, evidence of program-level median or mean earnings. “Financial harm” does not include damages for nonmonetary loss, and the act of taking out a Direct Loan, alone, does not constitute evidence of financial harm. Financial harm also cannot be predominantly due to intervening local, regional, national economic or labor market conditions, nor can it arise from the borrower’s voluntary change in occupation or decision to pursue less than full-time work or decision not to work. The 2019 BDTR Rule contains certain limitations and procedural protections. Among the most prominent of these restrictions, the regulation contains a three-year limitation period of claims, measured from the student’s separation from the institution, does not permit claims to be filed on behalf of groups, and requires that institutions receive access to any evidence in the Department’s possession to inform its response. The 2019 BDTR Rule permits the usage of pre-dispute arbitration agreements and class action waivers as conditions of enrollment, so long as the institution provides plain-language disclosures to students and the disclosure is placed on the institution’s website. The regulations also allow for a borrower to choose whether to apply for a closed school loan discharge or accept a teach-out opportunity. In addition, the closed school discharge window is expanded from 120 days to 180 days prior to the school’s closure, though the final rule does not allow for an automatic closed school loan discharge. Institutions are required to accept responsibility for the repayment of amounts discharged by the Secretary pursuant to the borrower defense to repayment, closed school discharge, false certification discharge, and unpaid refund discharge regulations. If the Secretary discharges a loan in whole or in part, the Department of Education may require the school to repay the amount of the discharged loan. On March 11, 2020, the 116 th Congress passed a joint resolution providing for Congressional disapproval of the 2019 BDTR Rule. President Trump vetoed the joint resolution on May 29, 2020, and the House subsequently failed to override the veto during a vote on June 26, 2020. Accrediting Agencies and State Authorization On November 1, 2019, the Department of Education published final rules amending regulations governing the recognition of accrediting agencies, certain student assistance provisions including state authorization rules, and institutional eligibility. Among other changes, the final rules revise the definition of “state authorization reciprocity agreement” such that member states may enforce their own general-purpose state laws and regulations, but may not impose additional requirements related to state authorization of distance education directed at all or a subgroup of educational institutions. The regulations also clarify that state authorization requirements related to distance education courses are based on the state where a student is “located,” as determined by the institution, and not the state of the student’s “residence.” In addition, the final rules remove certain disclosure requirements related to programs offered solely through distance education, and they replace those requirements with certain disclosure requirements applicable to all programs that lead to professional licensure or certification, regardless of the delivery modality of those programs. The Department’s new rules also refine the process for recognition and review of accrediting agencies, the criteria used by the Department to recognize accrediting agencies, and the Department’s requirements for accrediting agencies in terms of their oversight of accredited institutions and programs. The final regulations became effective on July 1, 2020, excepting certain provisions which were eligible to be implemented early by institutions, and certain provisions relating to recognition of accrediting agencies effective January 1 or July 1, 2021. Neither Capella University nor Strayer University opted for early implementation. On July 29, 2020, the National Advisory Committee on Institutional Quality and Integrity (“NACIQI”) held a meeting to review compliance by the Higher Learning Commission (“HLC”) with Department of Education requirements for recognized accrediting agencies. HLC is the institutional accreditor for Capella University. On June 30, 2020, the Department released a staff report that outlined HLC’s alleged noncompliance with its own policies and the Department’s regulations with regard to a change of ownership approval process for the acquisition of the Art Institute of Colorado and the Illinois Institute of Art, by Dream Center Educational Holdings. The staff report noted noncompliance in the areas of due process, consistency in decision making, and proper appeals procedures. The staff report proposed a one-year prohibition on HLC accrediting new institutions and a required compliance report on HLC’s remedial actions. NACIQI voted 9-2 to reject the staff report’s proposed sanctions, but NACIQI’s recommendation is non-binding. A Senior Department Official will make the decision on any action regarding HLC’s recognition by the Department. That decision can be appealed to the Secretary of Education. The Company cannot predict what conclusions the Department will reach regarding HLC. Distance Education and Innovation On April 2, 2020, the Department of Education published proposed regulations related to distance education and innovation to amend the sections of the institutional eligibility regulations issued under the HEA regarding establishing eligibility, maintaining eligibility, and losing eligibility. The proposed rules are the third package of regulations reflecting consensus language from the Accreditation and Innovation negotiated rulemaking, which took place from January to April, 2019. Among other changes, the proposed rules would establish an updated definition of distance education; amend the existing definition of the credit hour; create a definition of academic engagement; and update eligibility, program design, and disbursement rules for programs offered through the direct assessment of learning. The Department accepted public comments through May 4, 2020. If the final regulations are published by November 1, 2020, they will be effective July 1, 2021. Title IX On May 6, 2020, the Department of Education published final rules related to implementation of Title IX of the Education Amendments of 1972 (“Title IX”), which prohibits discrimination on the basis of sex in education programs that receive funding from the federal government. The final rules define what constitutes sexual harassment for purposes of Title IX in the administrative enforcement context, describe what actions trigger an institution’s obligation to respond to incidents of alleged sexual harassment, and specify how an institution must respond to allegations of sexual harassment. Among other things, the new rules include a requirement for live hearings on Title IX sexual harassment claims, which includes direct and cross-examination of parties, university-provided advisors (in the event a student or party does not provide an advisor), rulings on questions of relevance by decision-makers, and the creation and maintenance of a record of the live hearing proceedings. If pending litigation seeking court intervention to delay or vacate the final Title IX rule is unsuccessful, it will become effective August 14, 2020. Compliance Reviews The Universities are subject to announced and unannounced compliance reviews and audits by various external agencies, including the Department, its Office of Inspector General, state licensing agencies, guaranty agencies, and accrediting agencies. In 2014, the Department conducted four campus-based program reviews of Strayer University locations in three states and the District of Columbia. The reviews covered federal financial aid years 2012-2013 and 2013-2014, and two of the reviews also covered compliance with the Clery Act, the Drug-Free Schools and Communities Act, and related regulations. For three of the program reviews, Strayer University received correspondence from the Department in 2015 closing the program reviews with no further action required by Strayer University. For the other program review, in 2016, Strayer University received a Final Program Review Determination Letter that identified a payment of less than $500 due to the Department based on an underpayment on a return to Title IV calculation and otherwise closed the review. Strayer University remitted payment and received a letter from the Department indicating that no further action was required and that the matter was closed. In June 2019, the Department conducted an announced, on-site program review at Capella University, focused on Capella University’s FlexPath program. The review covered the 2017-2018 and 2018-2019 federal student financial aid years. The program review has not concluded. In general, after the Department conducts its site visit and reviews data supplied by the institution, it sends the institution a program review report. The institution has the opportunity to respond to any findings in the report. The Department then issues a Final Program Review Determination, which identifies any liabilities. The institution may appeal any monetary liabilities specified in the Final Program Review Determination. Program Participation Agreement Each institution participating in Title IV programs must enter into a Program Participation Agreement with the Department. Under the agreement, the institution agrees to follow the Department’s rules and regulations governing Title IV programs. On October 11, 2017, the Department and Strayer University executed a new Program Participation Agreement, approving Strayer University’s continued participation in Title IV programs with full certification through June 30, 2021. Strayer University is required to apply for recertification by March 31, 2021. As a result of the August 1, 2018 merger, Capella University experienced a change of ownership, with the Company as its new owner. On January 18, 2019, consistent with standard procedure upon a Title IV institution’s change of ownership, the Department and Capella University executed a new Provisional Program Participation Agreement, approving Capella’s continued participation in Title IV programs with provisional certification through December 31, 2022. As is typical, the Provisional Program Participation Agreement subjects Capella University to certain requirements during the period of provisional certification, including that Capella must apply for and receive approval from the Department in connection with new locations or addition of new Title IV-eligible educational programs. Capella will be required to apply for recertification by September 30, 2022.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 29, 2020, the Company announced it entered into a definitive agreement to acquire the Australia and New Zealand operations of Laureate Education, Inc. The transaction is valued at approximately $642.7 million , subject to potential adjustments, and has been unanimously approved by the Boards of Directors of both companies. The transaction is subject to the satisfaction of certain customary closing conditions and regulatory approvals and is expected to close by the first quarter of 2021. The Company has received commitments from its lenders to expand its existing revolving credit facility from $250 million to $350 million coinciding with the close of the transaction.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements. All information as of June 30, 2019 and 2020 , and for the three and six months ended June 30, 2019 and 2020 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated financial position, results of operations, and cash flows of the Company. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited consolidated financial statements at that date. Certain amounts in the prior period financial statements have been reclassified to conform to the current period's presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 . The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full fiscal year. Below is a description of the nature of the costs included in the Company’s operating expense categories. Instructional and support costs ("I&SC") generally contain items of expense directly attributable to activities of the Strayer University and Capella University segments that support students and learners. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs. General and administration ("G&A") expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions. Amortization of intangibles assets consists of amortization and depreciation expense related to intangible assets and software assets acquired through the Company's merger with Capella Education Company ("CEC").
New Accounting Standard for Credit Losses and Recently Issued Accounting Standards Not Yet Adopted	New Accounting Standard for Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13" or "ASC 326"). ASU 2016-13 revises the accounting requirements related to the measurement of credit losses and requires organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectability. Assets must be presented in the financial statements at the net amount expected to be collected. During 2019, the FASB issued additional ASUs amending certain aspects of ASU 2016-13. Recently Issued Accounting Standards Not Yet Adopted ASUs recently issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.
Restricted Cash	Restricted Cash A significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from the Universities during the academic term. The Company had approximately $0.3 million and $0.8 million of these unpaid obligations as of December 31, 2019 and June 30, 2020 , respectively, which are recorded as restricted cash and included in other current assets in the unaudited condensed consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company is required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account, which is included in other assets.
Tuition Receivable and Allowance for Credit Losses	Tuition Receivable and Allowance for Credit Losses The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the Universities' student bases and through the participation of the majority of the students in federally funded financial aid programs. An allowance for credit losses is established based upon historical collection rates by age of receivable and adjusted for reasonable expectations of future collection performance, net of estimated recoveries. These collection rates incorporate historical performance based on a student’s current enrollment status, likelihood of future enrollment, degree mix trends and changes in the overall economic environment. The Company periodically assesses its methodologies for estimating credit losses in consideration of actual experience.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely. Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components. Finite-lived intangible assets that are acquired in business combinations are recorded at fair value on their acquisition dates and are amortized on a straight-line basis over the estimated useful life of the asset. Finite-lived intangible assets consist of student relationships. The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are not recoverable, a potential impairment loss is recognized to the extent the carrying amount of the assets exceeds the fair value of the assets.
Authorized Stock	Authorized Stock The Company has authorized 32,000,000 shares of common stock, par value $0.01 , of which 21,964,809 and 22,222,936 shares were issued and outstanding as of December 31, 2019 and June 30, 2020 , respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued in the future, the Board of Directors would need to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock. In April 2020, the Company’s Board of Directors declared a regular, quarterly cash dividend of $0.60 per share of common stock. The dividend was paid on June 8, 2020.
Net Income Per Share	Net Income Per Share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units. The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, all of the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options, and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period.
Comprehensive Income	Comprehensive Income
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for credit losses, useful lives of property and equipment and intangible assets, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. During the six months ended June 30, 2020, management estimates also include potential impacts the COVID-19 pandemic will have on student enrollment, tuition pricing, and collections in future periods. The duration and severity of the COVID-19 pandemic and its impact on the Company’s condensed consolidated financial statements is subject to uncertainty. Actual results could differ from those estimates.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of impact of adoption on balance sheet	The impact of adoption of ASC 326 on the Company's balance sheet was as follows (in thousands): As of January 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption Tuition receivable, net $ 46,952 $ 51,523 $ (4,571 ) Deferred income tax liabilities $ 46,681 $ 47,942 $ (1,261 ) Retained earnings $ 149,509 $ 152,819 $ (3,310 )
Schedule of cash, cash equivalents, and restricted cash	The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of June 30, 2019 and 2020 (in thousands): As of June 30, 2019 2020 Cash and cash equivalents $ 375,515 $ 470,319 Restricted cash included in other current assets 2 800 Restricted cash included in other assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 376,017 $ 471,619
Schedule of tuition receivable and allowance for credit losses	The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Tuition receivable $ 82,454 $ 83,960 Allowance for credit losses (30,931 ) (42,956 ) Tuition receivable, net $ 51,523 $ 41,004
Schedule of allowance for credit losses	The following table illustrates changes in the Company’s allowance for credit losses for the three and six months ended June 30, 2019 and 2020 (in thousands). The provision for credit losses for the three and six months ended June 30, 2020 includes additional reserves to account for projected deterioration in collections performance in 2020 due to the COVID-19 pandemic. For the three months ended For the six months ended 2019 2020 2019 2020 Allowance for credit losses, beginning of period $ 29,387 $ 38,094 $ 28,457 $ 30,931 Impact of adopting ASC 326 — — — 4,571 Additions charged to expense 11,462 11,976 23,782 23,147 Adjustment to value of acquired receivables 2,207 — 2,207 — Write-offs, net of recoveries (12,323 ) (7,114 ) (23,713 ) (15,693 ) Allowance for credit losses, end of period $ 30,733 $ 42,956 $ 30,733 $ 42,956
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share	Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Weighted average shares outstanding used to compute basic earnings per share 21,777 21,764 21,638 21,787 Incremental shares issuable upon the assumed exercise of stock options 58 16 75 19 Unvested restricted stock and restricted stock units 274 232 366 235 Shares used to compute diluted earnings per share 22,109 22,012 22,079 22,041 Anti-dilutive shares of restricted stock excluded from the diluted earnings per share calculation — — 29 2

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Summary of disaggregation of revenue from contracts with customers	The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Strayer University Segment Tuition, net of discounts, grants and scholarships $ 126,932 $ 133,544 $ 252,915 $ 274,042 Other (1) 4,796 4,536 9,559 9,692 Total Strayer University Segment 131,728 138,080 262,474 283,734 Capella University Segment Tuition, net of discounts, grants and scholarships 107,947 112,483 218,168 226,669 Other (1) 5,435 5,268 10,976 10,730 Total Capella University Segment 113,382 117,751 229,144 237,399 Consolidated revenue $ 245,110 $ 255,831 $ 491,618 $ 521,133 _________________________________________ (1) Other revenue is primarily comprised of academic fees, sales of course materials, placement fees and other revenue streams.
Schedule of Graduation Fund liability	The table below presents activity in the contract liability related to the Graduation Fund (in thousands): For the six months ended 2019 2020 Balance at beginning of period $ 43,329 $ 49,641 Revenue deferred 14,787 13,942 Benefit redeemed (12,025 ) (11,235 ) Balance at end of period $ 46,091 $ 52,348

Restructuring and Related Cha_2

Restructuring and Related Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Schedule of restructuring liability by type of cost	The following details the changes in the Company’s restructuring liability during the six months ended June 30, 2019 and 2020 (in thousands): Lease and Related Costs, Net Severance and Other Employee Separation Costs Total Balance at December 31, 2018 $ 6,540 $ 14,347 $ 20,887 Restructuring and other charges (1) — 2,086 2,086 Payments — (5,764 ) (5,764 ) Adjustments (2) (6,540 ) — (6,540 ) Balance at June 30, 2019 $ — $ 10,669 $ 10,669 Balance at December 31, 2019 (3) $ — $ 8,283 $ 8,283 Restructuring and other charges (1) — — — Payments — (3,986 ) (3,986 ) Adjustments — — — Balance at June 30, 2020 (3) $ — $ 4,297 $ 4,297 _____________________________________ (1) Restructuring and other charges were $0.2 million and $2.1 million for the three and six months ended June 30, 2019 , respectively. Restructuring and other charges are included in Merger and integration costs on the unaudited condensed consolidated statements of income. There were no restructuring and other charges for the three and six months ended June 30, 2020 . (2) Adjustments represent the impact of adopting ASC 842 on January 1, 2019. In accordance with ASC 842, the lease related restructuring liability balance as of December 31, 2018 was netted against the initial ROU lease asset recognized upon adoption. Asset retirement obligations related to these restructured properties are also included in the adjustments amount. (3) The current portion of restructuring liabilities was $6.4 million and $3.9 million as of December 31, 2019 and June 30, 2020 , respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule for Available-for-Sale Securities	The following is a summary of available-for-sale securities as of June 30, 2020 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 26,920 $ 480 $ (8 ) $ 27,392 Tax-exempt municipal securities 21,890 215 (74 ) 22,031 Variable rate demand notes 5,600 — — 5,600 Total $ 54,410 $ 695 $ (82 ) $ 55,023 The following is a summary of available-for-sale securities as of December 31, 2019 (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 42,584 $ 165 $ (40 ) $ 42,709 Tax-exempt municipal securities 23,301 112 (215 ) 23,198 Variable rate demand notes 5,600 — — 5,600 Total $ 71,485 $ 277 $ (255 ) $ 71,507
Schedule of Maturities of Marketable Securities	The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Due within one year $ 34,874 $ 23,106 Due after one year through five years 36,633 31,917 Total $ 71,507 $ 55,023
Schedule of Proceeds from the Maturities of Available-for-Sale Securities	The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Maturities of marketable securities $ 9,650 $ 7,500 $ 22,560 $ 17,405 Sales of marketable securities — 1,464 — 1,464 Total $ 9,650 $ 8,964 $ 22,560 $ 18,869

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	Assets and liabilities measured at fair value on a recurring basis consist of the following as of June 30, 2020 (in thousands): Fair Value Measurements at Reporting Date Using June 30, 2020 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 5,876 $ 5,876 $ — $ — Marketable securities: Corporate debt securities 27,392 — 27,392 — Tax-exempt municipal securities 22,031 — 22,031 — Variable rate demand notes 5,600 — 5,600 — Total assets at fair value on a recurring basis $ 60,899 $ 5,876 $ 55,023 $ — Liabilities: Deferred payments $ 2,428 $ — $ — $ 2,428 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2019 (in thousands): Fair Value Measurements at Reporting Date Using December 31, 2019 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds $ 30,693 $ 30,693 $ — $ — Marketable securities: Corporate debt securities 42,709 — 42,709 — Tax-exempt municipal securities 23,198 — 23,198 — Variable rate demand notes 5,600 — 5,600 — Total assets at fair value on a recurring basis $ 102,200 $ 30,693 $ 71,507 $ — Liabilities: Deferred payments $ 3,257 $ — $ — $ 3,257
Schedule of Changes in Fair Value of Level 3 Liability	Changes in the fair value of the Company’s Level 3 liabilities during the six months ended June 30, 2019 and 2020 are as follows (in thousands): As of June 30, 2019 2020 Balance as of the beginning of period $ 4,120 $ 3,257 Amounts paid (751 ) (808 ) Other adjustments to fair value 295 (21 ) Balance at end of period $ 3,664 $ 2,428

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payables and Accrued Expenses	Accounts payable and accrued expenses consist of the following as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Trade payables $ 47,503 $ 33,861 Accrued compensation and benefits 33,924 23,689 Accrued student obligations 4,580 4,261 Real estate liabilities 751 486 Other 4,070 4,961 Accounts payable and accrued expenses $ 90,828 $ 67,258

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities, Noncurrent [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consist of the following as of December 31, 2019 and June 30, 2020 (in thousands): December 31, 2019 June 30, 2020 Contract liabilities, net of current portion $ 30,925 $ 32,210 Deferred payments related to acquisitions 4,963 4,232 Asset retirement obligations 1,961 1,902 Employee separation costs 1,838 361 Other 1,764 1,860 Other long-term liabilities $ 41,451 $ 40,565

Equity Awards (Tables)

Equity Awards (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of stock-based compensation expense	The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Instructional and support costs $ 1,017 $ 1,356 $ 1,875 $ 2,386 General and administration 2,138 2,503 3,811 4,498 Merger and integration costs 411 — 890 — Stock-based compensation expense included in operating expense 3,566 3,859 6,576 6,884 Tax benefit 923 993 1,682 1,770 Stock-based compensation expense, net of tax $ 2,643 $ 2,866 $ 4,894 $ 5,114

Other Investments Other Investm

Other Investments Other Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Other Investments [Abstract]
Changes in company's limited partnership investments	The following table illustrates changes in the Company’s limited partnership investments for the three and six months ended June 30, 2019 and 2020 (in thousands): For the three months ended For the six months ended 2019 2020 2018 2019 Limited partnership investments, beginning of period $ 13,823 $ 15,805 $ 13,449 $ 15,795 Capital contributions 245 175 513 293 Pro-rata share in the net income of limited partnerships 597 1,010 1,554 1,242 Distributions (175 ) — (1,026 ) (340 ) Limited partnership investments, end of period $ 14,490 $ 16,990 $ 14,490 $ 16,990

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Summary of Financial Information By Reportable Segment	A summary of financial information by reportable segment for the three and six months ended June 30, 2019 and 2020 is presented in the following table (in thousands): For the three months ended For the six months ended 2019 2020 2019 2020 Revenues Strayer University $ 131,728 $ 138,080 $ 262,474 $ 283,734 Capella University 113,382 117,751 229,144 237,399 Consolidated revenues $ 245,110 $ 255,831 $ 491,618 $ 521,133 Income from operations Strayer University $ 24,433 $ 35,813 $ 48,236 $ 72,416 Capella University 21,599 27,173 46,115 53,710 Amortization of intangible assets (15,417 ) (15,417 ) (30,834 ) (30,834 ) Merger and integration costs (3,019 ) (1,174 ) (10,198 ) (4,938 ) Consolidated income from operations $ 27,596 $ 46,395 $ 53,319 $ 90,354

Nature of Operations - Additio

Nature of Operations - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reporting segments	2

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 08, 2020	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Accounting Policies [Abstract]
Accounting standards update				us-gaap:AccountingStandardsUpdate201613Member
Retained earnings		$ (192,072)	$ (192,072)	$ (152,819)
Unpaid obligations record as restricted assets		800	800	$ 300	$ 2
Minimum protective endowment held in an interest-bearing account		$ 500	$ 500		$ 500
Authorized shares of common stock		32,000,000	32,000,000	32,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Issued shares of common stock		22,222,936	22,222,936	21,964,809
Outstanding shares of common stock		22,222,936	22,222,936	21,964,809
Authorized shares of preferred stock		8,000,000	8,000,000	8,000,000
Issued shares of preferred stock		0	0	0
Outstanding shares of preferred stock		0	0	0
Common stock dividends (in dollars per share)	$ 0.60
Accumulated other comprehensive income net of tax		$ 659	$ 659	$ 233
Tax from unrealized gains and losses on marketable securities			252	90
Reclassifications from AOCI		25	25
Reclassifications from AOCI, tax		10	10
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Tuition receivable, noncurrent		$ 3,100	$ 3,100	1,000
Cumulative Effect Period of Adoption Adjustment
Accounting Policies [Abstract]
Retained earnings				$ 3,310

Significant Accounting Polici_5

Significant Accounting Policies - Impact of Adoption on Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tuition receivable, net	$ 41,004	$ 51,523
Deferred income tax liabilities	40,107	47,942
Retained earnings	$ 192,072	152,819
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tuition receivable, net		46,952
Deferred income tax liabilities		46,681
Retained earnings		149,509
Cumulative Effect Period of Adoption Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tuition receivable, net		(4,571)
Deferred income tax liabilities		(1,261)
Retained earnings		$ (3,310)

Significant Accounting Polici_6

Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Restricted cash
Cash and cash equivalents	$ 470,319	$ 419,693	$ 375,515
Restricted cash included in other current assets	800	300	2
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 471,619	$ 420,497	$ 376,017	$ 312,237

Significant Accounting Polici_7

Significant Accounting Policies - Tuition Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Tuition receivable	$ 83,960	$ 82,454
Allowance for credit losses	(42,956)	(30,931)
Tuition receivable, net	$ 41,004	$ 51,523

Significant Accounting Polici_8

Significant Accounting Policies - Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Prior to Adoption of ASC 326 [Roll Forward]
Allowance for credit losses, beginning of period		$ 29,387		$ 28,457
Additions charged to expense		11,462		23,782
Adjustment to value of acquired receivables		2,207		2,207
Write-offs, net of recoveries		(12,323)		(23,713)
Allowance for credit losses, end of period		$ 30,733		$ 30,733
After Adoption of ASC 326 [Roll Forward]
Allowance for credit losses, beginning of period	$ 38,094		$ 30,931
Additions charged to expense	11,976		23,147
Adjustment to value of acquired receivables	0		0
Write-offs, net of recoveries	(7,114)		(15,693)
Allowance for credit losses, end of period	42,956		42,956
Cumulative Effect Period of Adoption Adjustment
After Adoption of ASC 326 [Roll Forward]
Allowance for credit losses, beginning of period	$ 0		$ 4,571

Significant Accounting Polici_9

Significant Accounting Policies - Net Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share
Weighted average shares outstanding used to compute basic earnings per share	21,764	21,777	21,787	21,638
Incremental shares issuable upon the assumed exercise of stock options	16	58	19	75
Unvested restricted stock and restricted stock units	232	274	235	366
Shares used to compute diluted earnings per share	22,012	22,109	22,041	22,079
Anti-dilutive shares of restricted stock excluded from the diluted earnings per share calculation	0	0	2	29

Revenue Recognition - Disaggre

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 255,831	$ 245,110	$ 521,133	$ 491,618
Strayer University Segment
Disaggregation of Revenue [Line Items]
Revenues	138,080	131,728	283,734	262,474
Strayer University Segment | Tuition, net of discounts, grants and scholarships
Disaggregation of Revenue [Line Items]
Revenues	133,544	126,932	274,042	252,915
Strayer University Segment | Other
Disaggregation of Revenue [Line Items]
Revenues	4,536	4,796	9,692	9,559
Capella University Segment
Disaggregation of Revenue [Line Items]
Revenues	117,751	113,382	237,399	229,144
Capella University Segment | Tuition, net of discounts, grants and scholarships
Disaggregation of Revenue [Line Items]
Revenues	112,483	107,947	226,669	218,168
Capella University Segment | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 5,268	$ 5,435	$ 10,730	$ 10,976

Revenue Recognition - Graduati

Revenue Recognition - Graduation Fund (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Graduation Fund [Roll Forward]
Balance at beginning of period	$ 49,641	$ 43,329
Revenue deferred	13,942	14,787
Benefit redeemed	(11,235)	(12,025)
Balance at end of period	$ 52,348	$ 46,091

Revenue Recognition - Addition

Revenue Recognition - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)termCourse
Graduation Fund [Line Items]
Number of free courses | Course	1
Number of successfully completed courses | Course	3
Consecutive terms of non attendance in which Graduation Fund credits will be lost | term	1
Expected collection period of current tuition receivable	12 months
Graduation fund estimated to be redeemed | $	$ 21
Unbilled receivables | $	$ 1.2
Minimum
Graduation Fund [Line Items]
Expected collection period of noncurrent tuition receivable	2 years
Maximum
Graduation Fund [Line Items]
Expected collection period of noncurrent tuition receivable	4 years

Restructuring and Related Cha_3

Restructuring and Related Charges - Additional Information (Details)	1 Months Ended
	Oct. 31, 2013Location
Restructuring and Related Activities [Abstract]
Campus locations closed	20
Marginal borrowing rate used to discount leases	4.50%

Restructuring and Related Cha_4

Restructuring and Related Charges - Restructuring liability (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of restructuring liability
Beginning balance			$ 8,283,000	$ 20,887,000
Restructuring and other charges	$ 0	$ 200,000	0	2,086,000
Payments			(3,986,000)	(5,764,000)
Adjustments			0	(6,540,000)
Ending balance	4,297,000	10,669,000	4,297,000	10,669,000
Accounts payable and accrued expenses
Schedule of restructuring liability
Restructuring liabilities	3,900,000		3,900,000		$ 6,400,000
Lease and Related Costs, Net
Schedule of restructuring liability
Beginning balance			0	6,540,000
Restructuring and other charges			0	0
Payments			0	0
Adjustments			0	(6,540,000)
Ending balance	0	0	0	0
Severance and Other Employee Separation Costs
Schedule of restructuring liability
Beginning balance			8,283,000	14,347,000
Restructuring and other charges			0	2,086,000
Payments			(3,986,000)	(5,764,000)
Adjustments			0	0
Ending balance	$ 4,297,000	$ 10,669,000	$ 4,297,000	$ 10,669,000

Marketable Securities - Availa

Marketable Securities - Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Available-For-Sale Securities
Amortized Cost	$ 54,410	$ 71,485
Gross Unrealized Gain	695	277
Gross Unrealized (Losses)	(82)	(255)
Estimated Fair Value	55,023	71,507
Corporate debt securities
Available-For-Sale Securities
Amortized Cost	26,920	42,584
Gross Unrealized Gain	480	165
Gross Unrealized (Losses)	(8)	(40)
Estimated Fair Value	27,392	42,709
Tax-exempt municipal securities
Available-For-Sale Securities
Amortized Cost	21,890	23,301
Gross Unrealized Gain	215	112
Gross Unrealized (Losses)	(74)	(215)
Estimated Fair Value	22,031	23,198
Variable rate demand notes
Available-For-Sale Securities
Amortized Cost	5,600	5,600
Gross Unrealized Gain	0	0
Gross Unrealized (Losses)	0	0
Estimated Fair Value	$ 5,600	$ 5,600

Marketable Securities - Maturi

Marketable Securities - Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Summary of maturities of marketable securities
Due within one year	$ 23,106	$ 34,874
Due after one year through five years	31,917	36,633
Total	$ 55,023	$ 71,507

Marketable Securities - Additi

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for a period longer than twelve months	$ 0		$ 0
Allowance for credit losses	0		0
Impairment charges	0	$ 0	0	$ 0
Marketable securities, due within one year	23,106,000		23,106,000		$ 34,874,000
Gross realized gain related to the sale of marketable securities	35,000		35,000
Variable rate demand notes
Debt Securities, Available-for-sale [Line Items]
Marketable securities, due within one year	$ 5,600,000		$ 5,600,000
Variable rate demand notes | Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturities (in years)			17 years
Settlement basis period (in days)			1 day
Effective maturity period (in days)			1 day
Variable rate demand notes | Maximum
Debt Securities, Available-for-sale [Line Items]
Contractual maturities (in years)			26 years
Settlement basis period (in days)			7 days
Effective maturity period (in days)			7 days

Marketable Securities - Proceed

Marketable Securities - Proceeds From Maturities of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds from marketable securities	$ 7,500	$ 9,650	$ 17,405	$ 22,560
Sales of marketable securities	1,464	0	1,464	0
Total	$ 8,964	$ 9,650	$ 18,869	$ 22,560

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Assets:
Money market funds	$ 470,319	$ 419,693	$ 375,515
Marketable securities:	55,023	71,507
Liabilities:
Deferred payments	67,258	90,828
Recurring
Assets:
Total assets at fair value on a recurring basis	60,899	102,200
Money market funds | Recurring
Assets:
Money market funds	5,876	30,693
Corporate debt securities
Assets:
Marketable securities:	27,392	42,709
Corporate debt securities | Recurring
Assets:
Marketable securities:	27,392	42,709
Tax-exempt municipal securities
Assets:
Marketable securities:	22,031	23,198
Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	22,031	23,198
Variable rate demand notes
Assets:
Marketable securities:	5,600	5,600
Variable rate demand notes | Recurring
Assets:
Marketable securities:	5,600	5,600
Deferred payments | Recurring
Liabilities:
Deferred payments	2,428	3,257
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Recurring
Assets:
Total assets at fair value on a recurring basis	5,876	30,693
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Money market funds | Recurring
Assets:
Money market funds	5,876	30,693
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Corporate debt securities | Recurring
Assets:
Marketable securities:	0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Variable rate demand notes | Recurring
Assets:
Marketable securities:	0	0
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Deferred payments | Recurring
Liabilities:
Deferred payments	0	0
Significant Other Observable Inputs (Level 2) | Recurring
Assets:
Total assets at fair value on a recurring basis	55,023	71,507
Significant Other Observable Inputs (Level 2) | Money market funds | Recurring
Assets:
Money market funds	0	0
Significant Other Observable Inputs (Level 2) | Corporate debt securities | Recurring
Assets:
Marketable securities:	27,392	42,709
Significant Other Observable Inputs (Level 2) | Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	22,031	23,198
Significant Other Observable Inputs (Level 2) | Variable rate demand notes | Recurring
Assets:
Marketable securities:	5,600	5,600
Significant Other Observable Inputs (Level 2) | Deferred payments | Recurring
Liabilities:
Deferred payments	0	0
Significant Unobservable Inputs (Level 3) | Recurring
Assets:
Total assets at fair value on a recurring basis	0	0
Significant Unobservable Inputs (Level 3) | Money market funds | Recurring
Assets:
Money market funds	0	0
Significant Unobservable Inputs (Level 3) | Corporate debt securities | Recurring
Assets:
Marketable securities:	0	0
Significant Unobservable Inputs (Level 3) | Tax-exempt municipal securities | Recurring
Assets:
Marketable securities:	0	0
Significant Unobservable Inputs (Level 3) | Variable rate demand notes | Recurring
Assets:
Marketable securities:	0	0
Significant Unobservable Inputs (Level 3) | Deferred payments | Recurring
Liabilities:
Deferred payments	$ 2,428	$ 3,257

Fair Value Measurement - Addit

Fair Value Measurement - Additional Information (Details) $ in Millions	Jun. 30, 2020USD ($)
Accounts Payable and Accrued Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term portion of deferred payments	$ 0.8

Fair Value Measurement - Chang

Fair Value Measurement - Change in Fair Value of Level 3 Liability (Details) - Deferred payments - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of the beginning of period	$ 3,257	$ 4,120
Amounts paid	(808)	(751)
Other adjustments to fair value	(21)	295
Balance at end of period	$ 2,428	$ 3,664

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Trade payables	$ 33,861	$ 47,503
Accrued compensation and benefits	23,689	33,924
Accrued student obligations	4,261	4,580
Real estate liabilities	486	751
Other	4,961	4,070
Accounts payable and accrued expenses	$ 67,258	$ 90,828

Long-Term Debt (Details)

Long-Term Debt (Details) - Revolving Credit Facility	Aug. 01, 2018USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Maximum leverage ratio allowed in order to increase obligation	1.75
Maximum total leverage ratio		2
Minimum coverage ratio		1.75
Minimum department of education financial composite score		1.5
Minimum
Debt Instrument [Line Items]
Margin rate		1.50%
Unused commitment fee		0.20%
Maximum
Debt Instrument [Line Items]
Margin rate		2.00%
Unused commitment fee		0.30%
Amended Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 250,000,000
Debt financing costs capitalized	$ 1,200,000
Amortization period	5 years
Revolving credit facility, outstanding		$ 0
Prior Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 150,000,000

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities, Noncurrent [Abstract]
Contract liabilities, net of current portion	$ 32,210	$ 30,925
Deferred payments related to acquisitions	4,232	4,963
Asset retirement obligations	1,902	1,961
Employee separation costs	361	1,838
Other	1,860	1,764
Other long-term liabilities	$ 40,565	$ 41,451

Other Long-Term Liabilities - A

Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities, Noncurrent [Abstract]
Deferred payment arrangements value	$ 1.4	$ 2.2
Funds received from investor	$ 2.8

Equity Awards - Stock-based co

Equity Awards - Stock-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 3,859	$ 3,566	$ 6,884	$ 6,576
Tax benefit	993	923	1,770	1,682
Stock-based compensation expense, net of tax	2,866	2,643	5,114	4,894
Instructional and support costs
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	1,356	1,017	2,386	1,875
General and administration
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	2,503	2,138	4,498	3,811
Merger and integration costs
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 0	$ 411	$ 0	$ 890

Equity Awards - Additional Inf

Equity Awards - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Tax windfall related to share-based payment arrangements	$ 2.8	$ 3.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 13,882	$ 7,312		$ 24,725	$ 24,862
Effective income tax rate				26.30%	40.90%
Deferred tax asset			$ 11,500
Unrecognized tax benefits	$ 1,200			$ 1,200		$ 1,200
Amount of interest and penalties				39	$ 105
Cash payments for income taxes				$ 16,200	$ 24,700

Other Investments - Equity Meth

Other Investments - Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2027	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Limited partnership investments		$ 15,805	$ 13,823	$ 15,795	$ 13,449
Equity Method Investment Summarized Financial Information Assets [Roll Forward]
Limited partnership investments		15,805	13,823	15,795	13,449
Capital contributions		175	245	293	513
Pro-rata share in the net income of limited partnerships		1,010	597	1,242	1,554
Distributions		0	(175)	(340)	(1,026)
Limited partnership investments		$ 16,990	$ 14,490	$ 16,990	$ 14,490
Scenario, Forecast
Equity Method Investment Summarized Financial Information Assets [Roll Forward]
Capital contributions	$ 1,900
Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage		3.00%		3.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage		5.00%		5.00%

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Reporting - Financial I

Segment Reporting - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Revenues	$ 255,831	$ 245,110	$ 521,133	$ 491,618
Income from operations
Income from operations	46,395	27,596	90,354	53,319
Amortization of intangible assets	(15,417)	(15,417)	(30,834)	(30,834)
Merger and integration costs	(1,174)	(3,019)	(4,938)	(10,198)
Strayer University
Revenues
Revenues	138,080	131,728	283,734	262,474
Income from operations
Income from operations	35,813	24,433	72,416	48,236
Capella University
Revenues
Revenues	117,751	113,382	237,399	229,144
Income from operations
Income from operations	$ 27,173	$ 21,599	$ 53,710	$ 46,115

Regulation (Details)

Regulation (Details)	12 Months Ended
	Dec. 31, 2014ReviewState	Apr. 09, 2020USD ($)	Dec. 31, 2016USD ($)
Regulation [Line Items]
Education stabilization grant | $		$ 5,792,122
Strayer University
Regulation [Line Items]
Number of states in which compliance reviews were conducted | State	3
Number of conducted compliance reviews	2
Number of reviews in which no further action was required	3
Strayer University | Maximum
Regulation [Line Items]
Amount due to department of education | $			$ 500
Strayer University
Regulation [Line Items]
Number of on-site reviews conducted	4

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 29, 2020	Jul. 28, 2020	Aug. 01, 2018
Revolving Credit Facility | Amended Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value			$ 250,000,000
Subsequent Event | Laureate Education, Australia and New Zealand Operations
Debt Instrument [Line Items]
Value of business acquisition agreement	$ 642,700,000
Subsequent Event | Revolving Credit Facility | Amended Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 350,000,000	$ 250,000,000