Strategic Education (STRA) 10-K 1 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 01, 2019	Jun. 29, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Strategic Education, Inc.
Entity Central Index Key	1,013,934
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1.3
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,745,913

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 311,732	$ 155,933
Marketable securities, current	37,121
Tuition receivable, net	55,694	23,122
Other current assets	15,814	11,293
Total current assets	420,361	190,348
Property and equipment, net	122,677	73,763
Marketable securities, non-current	37,678
Deferred income tax assets		24,452
Intangible assets, net	328,344	7,260
Goodwill	732,540	20,744
Other assets	19,429	4,711
Total assets	1,661,029	321,278
Current liabilities:
Accounts payable and accrued expenses	85,979	46,177
Income taxes payable	419	1,038
Contract liabilities	38,733	21,851
Total current liabilities	125,131	69,066
Deferred income tax liabilities	59,358
Other long-term liabilities	51,316	43,015
Total liabilities	235,805	112,081
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01; 32,000,000 shares authorized; 11,167,425 and 21,743,498 shares issued and outstanding at December 31, 2017 and 2018, respectively	217	112
Additional paid-in capital	1,306,653	47,079
Accumulated other comprehensive income	32
Retained earnings	118,322	162,006
Total stockholders' equity	1,425,224	209,197
Total liabilities and stockholders' equity	$ 1,661,029	$ 321,278

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Balance Sheets [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	32,000,000	32,000,000
Common stock, shares issued	21,743,498	11,167,425
Common stock, shares outstanding	21,743,498	11,167,425

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statements of Income [Abstract]
Revenues	$ 634,185	$ 454,851	$ 441,088
Costs and expenses:
Instruction and educational support	340,076	249,939	242,099
Marketing	136,979	82,540	79,025
Admissions advisory	31,466	19,004	17,832
General and administration	57,056	46,792	47,873
Amortization of intangible assets	25,694
Merger costs	45,745	11,879
Fair value adjustments and impairment of intangible assets	19,909	(7,512)	(3,213)
Total costs and expenses	656,925	402,642	383,616
Income (loss) from operations	(22,740)	52,209	57,472
Other (expense) income	3,601	437	(180)
Income (loss) before income taxes	(19,139)	52,646	57,292
Provision (benefit) for income taxes	(3,468)	32,034	22,490
Net income (loss)	$ (15,671)	$ 20,612	$ 34,802
Earnings (loss) per share:
Basic	$ (1.03)	$ 1.93	$ 3.28
Diluted	$ (1.03)	$ 1.84	$ 3.21
Weighted average shares outstanding:
Basic	15,190	10,678	10,610
Diluted	15,190	11,199	10,845
Cash dividend declared per share (in dollars per share)	$ 1.50	$ 1

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statements of Comprehensive Income [Abstract]
Net income (loss)	$ (15,671)	$ 20,612	$ 34,802
Other comprehensive income:
Unrealized gain on marketable securities, net of tax	32
Comprehensive income (loss)	$ (15,639)	$ 20,612	$ 34,802

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	Total
Beginning balance at Dec. 31, 2015	$ 110	$ 24,738	$ 118,008		$ 142,856
Beginning balance, shares at Dec. 31, 2015	11,027,177
Tax shortfall associated with stock-based compensation arrangements		(51)			(51)
Restricted stock grants, net of forfeitures	$ 1	(1)
Restricted stock grants, net of forfeitures, shares	66,312
Stock-based compensation		10,767			$ 10,767
Exercise of stock options, net (in shares)					0
Net income (loss)			34,802		$ 34,802
Ending balance at Dec. 31, 2016	$ 111	35,453	152,810		188,374
Ending balance, shares at Dec. 31, 2016	11,093,489
Restricted stock grants, net of forfeitures	$ 1	(1)
Restricted stock grants, net of forfeitures, shares	73,936
Stock-based compensation		11,627			$ 11,627
Exercise of stock options, net (in shares)					0
Common stock dividends			(11,416)		$ (11,416)
Net income (loss)			20,612		20,612
Ending balance at Dec. 31, 2017	$ 112	47,079	162,006		209,197
Ending balance, shares at Dec. 31, 2017	11,167,425
Restricted stock grants, net of forfeitures	$ 1	(1)
Restricted stock grants, net of forfeitures, shares	125,694
Issuance of stock in connection with the acquisition of Capella Education Company	$ 103	1,236,858			1,236,961
Issuance of stock in connection with the acquisition of Capella Education Company (in shares)	10,263,775
Filing fee related to new stock issuance		(148)			(148)
Stock-based compensation		14,994			14,994
Exercise of stock options, net	$ 1	8,647			8,648
Exercise of stock options, net (in shares)	156,424
Issuance of restricted stock, net		(776)			(776)
Issuance of restricted stock, net (in shares)	30,180
Common stock dividends			(27,842)		(27,842)
Unrealized gain on marketable securities, net of tax				$ 32	32
Net income (loss)			(15,671)		(15,671)
Ending balance at Dec. 31, 2018	$ 217	$ 1,306,653	118,322	$ 32	1,425,224
Ending balance, shares at Dec. 31, 2018	21,743,498
Impact of adoption of new accounting standards | Accounting Standards Update 2014-09			$ (171)		$ (171)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (15,671)	$ 20,612	$ 34,802
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of gain on sale of assets		(133)	(281)
Amortization of deferred rent	(1,716)	(1,780)	(1,441)
Amortization of deferred financing costs	292	262	262
Amortization of investment discount/premium	298
Depreciation and amortization	54,543	18,733	17,817
Deferred income taxes	(16,322)	6,429	(8,697)
Stock-based compensation	15,532	11,627	10,767
Fair value adjustments and impairment of intangible assets	19,909	(7,512)	(3,213)
Changes in assets and liabilities:
Tuition receivable, net	7,880	(3,250)	(1,453)
Other current assets	3,768	(526)	(3,936)
Other assets	(135)	1,582	(1,865)
Accounts payable and accrued expenses	1,140	4,468	(262)
Income taxes payable and income taxes receivable	(516)	(629)	(408)
Contract liabilities	(19,329)	8,212	7,018
Other long-term liabilities	(2,806)	(1,938)	(4,587)
Net cash provided by operating activities	46,867	56,157	44,523
Cash flows from investing activities:
Net cash (used) acquired in acquisition	167,859		(7,635)
Purchases of property and equipment	(27,547)	(18,051)	(13,161)
Purchases of marketable securities	(25,304)
Maturities of marketable securities	16,367
Other investments	(1,238)
Net cash (used in) provided by investing activities	130,137	(18,051)	(20,796)
Cash flows from financing activities:
Common dividends paid	(27,842)	(11,416)
Net proceeds from exercise of stock options	8,648
Taxes paid for restricted stock units	(859)
Payments of contingent consideration			(1,358)
Payment of deferred financing costs	(1,162)
Net cash used in financing activities	(21,215)	(11,416)	(1,358)
Net increase in cash, cash equivalents, and restricted cash	155,789	26,690	22,369
Cash, cash equivalents, and restricted cash - beginning of period	156,448	129,758	107,389
Cash, cash equivalents, and restricted cash - end of period	312,237	156,448	129,758
Noncash transactions:
Purchases of property and equipment included in accounts payable	$ 1,029	$ 1,734	$ 349

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2018
Nature of Operations [Abstract]
Nature of Operations	1. Nature of Operation 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. As further discussed in Note 2 and Note 3, the Company completed its merger with Capella Education Company (“CEC”) on August 1, 2018. The accompanying consolidated financial statements and footnotes include the results of the Company’s three reportable segments: Strayer University, Capella University, and Non-Degree Programs. The Company’s reportable segments are discussed further in Note 18.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant 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. On August 1, 2018, the Company completed its merger with CEC, whereby the Company was deemed the acquirer in the business combination for accounting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Therefore, Strayer Education, Inc. is considered Strategic Education’s predecessor, and its historical financial statements prior to the merger date are reflected in this Annual Report on Form 10-K as the historical financial statements of the Company. Accordingly, the financial results of the Company as of and for any periods ended prior to August 1, 2018 do not include the financial results of CEC and therefore are not directly comparable. Certain amounts in the prior period financial statements have been reclassified to conform to the current period’s presentation. Specifically, costs incurred in connection with the Company’s merger with CEC were reclassified from general and administration expense to merger costs, and adjustments to the value of contingent consideration related to the Company’s acquisition of The New York Code and Design Academy, Inc. (“NYCDA”) were reclassified from instruction and educational support expense to fair value adjustments and impairment of intangible assets within the consolidated statements of income for the years ended December 31, 2016 and 2017. New accounting standard for revenue recognition In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) which supersedes the prior revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. During 2016 and 2017, the FASB issued additional ASUs amending certain aspects of ASU 2014-09. On January 1, 2018, the Company adopted the new accounting standard and all the related amendments (“ASC 606”) using the modified retrospective method. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company expects the impact of the adoption of the new standard to be immaterial to the Company’s net income on an ongoing basis. Refer to Note 4 for further discussion. Cash and Cash Equivalents Cash and cash equivalents consist of cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents. Concentration of Credit Risk Most cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents. 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 Strayer University and Capella University (“the Universities”) during the academic term. The Company had approximately $15,000 and $5,000 of these unpaid obligations as of December 31, 2017 and 2018, respectively, which are recorded as restricted cash and included in other current assets in the consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company was 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 consolidated statements of cash flows as of December 31, 2017 and 2018 (in thousands): As of December 31, 2017 2018 Cash and cash equivalents $ 155,933 $ 311,732 Restricted cash included in other current assets 15 5 Restricted cash included in other long-term assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 156,448 $ 312,237 Marketable Securities Management determines the appropriate designation of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s marketable securities are designated as available-for-sale and consist of tax-exempt municipal securities, variable rate demand notes, and corporate debt securities. Available-for-sale marketable securities are carried at fair value as determined by quoted market prices or other inputs either directly or indirectly observable in the marketplace for identical or similar assets, with unrealized gains and losses, net of tax, recognized as a component of accumulated other comprehensive income within shareholders’ equity. Management reviews the fair value of the portfolio at least quarterly, and evaluates individual securities with fair value below amortized cost at the balance sheet date for impairment. In order to determine whether impairment is other than temporary, management evaluates whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. If management intends to sell an impaired debt security, or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of accumulated other comprehensive income within shareholders’ equity. The cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income and realized gains and losses are included in other income. The contractual maturity date of available-for-sale securities is based on the days remaining to the effective maturity. The Company classifies marketable securities as either current or non-current assets based on management’s intent with regard to usage of those funds, which is dependent upon the security's maturity date and liquidity considerations based on current market conditions. If management intends to hold the securities for longer than one year as of the balance sheet date, they are classified as non-current. Tuition Receivable and Allowance for Doubtful Accounts The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Therefore, at the end of the quarter (and academic term), tuition receivable generally represents amounts due from students for educational services already provided and contract liabilities generally represents advance payments from students for academic services to be provided in the future. 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 doubtful accounts is established primarily based upon historical collection rates by group of receivable reflecting factors such as age of the balance due, student academic status, and size of outstanding balance, net of estimated recoveries, and consideration of other relevant factors. These collection rates incorporate historical performance based on a student’s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience. The Company’s tuition receivable and allowance for doubtful accounts were as follows as of December 31, 2017 and 2018 (in thousands): December 31, 2017 December 31, 2018 Tuition receivable $ 35,809 $ 84,151 Allowance for doubtful accounts (12,687) (28,457) Tuition receivable, net $ 23,122 $ 55,694 Approximately $2.9 million and $1.1 million of tuition receivable is included in other assets as of December 31, 2017 and 2018, respectively, because these amounts are expected to be collected after 12 months. The following table illustrates changes in the Company’s allowance for doubtful accounts for each of the three years ended December 31, 2018 (in thousands): 2016 2017 2018 Allowance for doubtful accounts, beginning of period $ 10,024 $ 10,201 $ 12,687 Additions charged to expense 16,503 21,751 37,704 Additions from merger — — 6,601 Write-offs, net of recoveries (16,326) (19,265) (28,535) Allowance for doubtful accounts, end of period $ 10,201 $ 12,687 $ 28,457 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. In accordance with the Property, Plant, and Equipment Topic, ASC 360, the carrying values of the Company’s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair value-based model. Through 2018, no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives ranging from three to 40 years. Depreciation and amortization expense was $17.8 million, $18.7 million and $31.4 million for the years ended December 31, 2016, 2017, and 2018, respectively. Included in the 2018 depreciation and amortization expense amount is $2.6 million of depreciation expense related to computer software acquired in the CEC merger, which is included in the amortization of intangible assets line on the consolidated statements of income. Construction in progress includes costs of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage, direct consulting costs, payroll, and payroll-related costs for employees that are directly associated with the project are capitalized and amortized over the estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the three years in the period ended December 31, 2018 in the consolidated statements of cash flows have been adjusted to exclude noncash purchases of property and equipment transactions during that period. Fair Value The Fair Value Measurement Topic, ASC 820-10 (“ASC 820-10”), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an active market and lowest priority to unobservable inputs, which require a higher degree of judgment when measuring fair value, as follows: · Level 1 assets or liabilities use quoted prices in active markets for identical assets or liabilities as of the measurement date; · Level 2 assets or liabilities use observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities; and · Level 3 assets or liabilities use unobservable inputs that are supported by little or no market activity. The Company’s assets and liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or liabilities. 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. 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 the Company believes 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 below its carrying amount. 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 $.01, of which 11,167,425 and 21,743,498 shares were issued and outstanding as of December 31, 2017 and 2018, 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. The Board of Directors declared a quarterly cash dividend of $ 0.25 per common share in the first and second quarters of 2018 and a quarterly cash dividend of $0.50 per common share in the third and fourth quarters of 2018. The Company paid these quarterly cash dividends in each of March, June, September and December of 2018. Advertising Costs The Company expenses advertising costs in the quarter incurred. Stock-Based Compensation As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, restricted stock, restricted stock units, performance stock units, and employee stock purchases related to the Company’s Employee Stock Purchase Plan, based on estimated fair values. The Company records compensation expense for all share-based payment awards ratably over the vesting period. For awards with graded vesting, the Company measures fair value and records compensation expense separately for each vesting tranche. Stock-based compensation expense recognized in the consolidated statements of income for each of the three years in the period ended December 31, 2018 is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company estimates forfeitures at the time of grant and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest. Refer to Note 11 for additional information. Net Income (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) 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 (loss) per share for each of the three years ended December 31, 2018 (in thousands): 2016 2017 2018 Weighted average shares outstanding used to compute basic earnings per share 10,610 10,678 15,190 Incremental shares issuable upon the assumed exercise of stock options 5 39 — Unvested restricted stock and restricted stock units 230 482 — Shares used to compute diluted earnings (loss) per share 10,845 11,199 15,190 During the year ended December 31, 2018, approximately 611,000 shares issuable in connection with stock options, restricted stock and restricted stock units were excluded from the diluted loss per share calculation because the effect would have been antidilutive due to the Company’s net loss during the period. During the years ended December 31, 2016 and 2017, the Company had no issued and outstanding awards that were excluded from the calculation. 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, 2018, the balance of accumulated other comprehensive income was $32.2 thousand, net of tax of $9.5 thousand. There were no changes in equity from non-owner sources for the years ended December 31, 2016 and 2017. There were no reclassifications out of accumulated other comprehensive loss to net income for the twelve months ended December 31, 2018. Income Taxes The Company provides for deferred income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the year in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. The Income Taxes Topic, ASC 740, requires the company to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained. The tax years since 2015 remain open for federal tax examination and the tax years since 2014 remain open to examination by state and local taxing jurisdictions in which the Company is subject. Other Investments Through the merger with CEC, the Company holds investments in limited partnerships that invest in innovative companies in the health care and education-related technology fields. Prior to the consummation of the merger, CEC accounted for these investments at cost less impairment with subsequent adjustments for any observable price changes reflected within earnings. In connection with the Company’s ongoing integration efforts to align accounting policies, the Company elected to account for the investments in limited partnerships under the equity method beginning in the fourth quarter of 2018. The Company accounts for the investments made through its venture fund, SEI Ventures, at cost less impairment as these investments do not have readily determinable fair value. 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 doubtful accounts, useful lives of property and equipment and intangible assets, fair value of future contractual operating lease obligations, 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. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, which revises the accounting requirements related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The update also changes certain disclosure requirements associated with the fair value of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity that do not result in consolidation and are not accounted for under the equity method – and recognize the changes in fair value within net income. Entities that hold equity investments without readily determinable fair values will be able to elect to record those investments at cost less impairment with subsequent adjustments for any observable price changes recognized in earnings. The Company has provided the required disclosures related to its investments within Note 17. For its investments that are not accounted for under the equity method and are deemed to be without readily determinable fair values, the Company has elected the option to record the investments at cost less impairment and recognize subsequent adjustments for any observable price changes within earnings. The Company adopted this guidance as of January 1, 2018 with no material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows by providing guidance on eight specific cash flow issues. The Company adopted the standard retrospectively on January 1, 2018 with no material impact on its consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). Under ASU 2016-18, an entity should include in its cash and cash-equivalent balances in the statement of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents. The Company adopted ASU 2016-18 retrospectively on January 1, 2018 with no material impact on its consolidated statements of cash flows. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill only in the event that an impairment is recognized. The amendments in this update should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019, though early adoption is permitted. The Company adopted this guidance effective as of January 1, 2018 and has applied it in the measurement of goodwill since the adoption date. Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. Under current guidance, operating leases are off-balance sheet. ASU 2016-02 also requires more extensive quantitative and qualitative disclosures about leasing arrangements. During 2018, the FASB has issued additional ASUs amending certain aspects of ASU 2016-02. ASU 2016-02 applies to fiscal periods beginning after December 15, 2018, using the modified retrospective method, with early adoption permitted. An entity may choose to use either its effective date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company will adopt the new standard on January 1, 2019 and will use the effective date as the date of initial application. Accordingly, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The Company expects to elect the package of practical expedients permitted under ASU 2016-02, which allows the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs under the new standard. The Company anticipates that the impact of ASU 2016-02 on its consolidated balance sheet will be material as the Company will record significant asset and corresponding liability balances in connection with its leased properties. The final financial statement impacts will depend on the lease portfolio and discount rates as of the adoption date. The Company does not expect ASU 2016-02 to have a material impact to the Company’s consolidated statements of income and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance revises the accounting requirements related to the measurement of credit losses and will require organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectibility. Assets must be presented in the financial statements at the net amount expected to be collected. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2020, with early adoption permitted. The Company is evaluating the impact this standard will have on its financial condition, results of operations, and disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under ASU 2018-07, most of the current guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees, including determination of measurement date and accounting for performance conditions and for share-based payments after vesting. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect this guidance to have a material impact on its consolidated financial statements. Other ASUs issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Business Combinations	3. Business Merger with Capella Education Company On August 1, 2018, the Company completed its merger with CEC and its wholly-owned subsidiaries, pursuant to a merger agreement dated October 29, 2017. The merger is expected to enable the Company to be a national leader in education innovation that improves affordability and enhances career outcomes by offering complementary programs and sharing academic and technological best practices, through a best-in-class corporate platform supporting two independent universities. Pursuant to the merger agreement, the Company issued 0.875 shares of the Company’s common stock for each issued and outstanding share of CEC common stock. Outstanding equity awards held by CEC employees and certain nonemployee directors of CEC were assumed by the Company and converted into comparable Company awards at the exchange ratio. Outstanding equity awards held by CEC nonemployee directors who did not serve as directors of the Company after completion of the merger were converted to Company awards and settled. Outstanding equity awards held by former employees of CEC who left before completion of the merger were settled upon completion of the merger in exchange for cash payments as specified in the merger agreement. The following table summarizes the components of the aggregate consideration transferred for the acquisition of CEC (in thousands): Fair value of Company common stock issued in exchange for CEC outstanding shares (1) $ 1,209,483 Fair value of Company equity-based awards issued in exchange for CEC equity-based awards 27,478 Total fair value of consideration transferred $ 1,236,961 (1) The Company issued 10,263,775 common shares at a market price of $117.84 in exchange for each issued and outstanding share of CEC common stock. The Company applied the acquisition method of accounting to CEC’s business, whereby the excess of the acquisition date fair value of consideration transferred over the fair value of identifiable net assets was allocated to goodwill. Goodwill reflects workforce and synergies expected from cost savings, operations, and revenue enhancements of the combined company that are expected to result from the acquisition. The goodwill recorded as part of the merger has been provisionally allocated to the Strayer University and Capella University reportable segments in the amount of $330.6 million and $395.2 million, respectively, and is not deductible for tax purposes. The Company incurred $19.1 million of acquisition-related costs which were recognized in Merger costs in the consolidated statements of income. Issuance costs of $0.1 million were recognized in additional paid-in capital in the consolidated balance sheets. The preliminary opening balance sheet is subject to adjustment based on final assessment of the fair values of certain acquired assets and liabilities, primarily intangible assets and income taxes. As the Company finalizes its assessment of the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. The Company reflects measurement period adjustments, if any, in the period in which the adjustments occur. During the fourth quarter of 2018, the Company reduced current assets by $0.5 million, long term assets by $1.4 million, and acquired deferred income tax liability by $0.1 million, which resulted in a $1.8 million increase to goodwill recognized in connection with the CEC merger. The preliminary fair value of assets acquired and liabilities assumed as well as a reconciliation to consideration transferred is presented in the table below (in thousands): Cash and cash equivalents $ 167,859 Marketable securities, current 31,419 Tuition receivable 39,141 Income tax receivable 163 Other current assets 8,496 Marketable securities, non-current 34,700 Property and equipment, net 53,182 Other assets 14,556 Intangible assets 349,800 Goodwill 725,740 Total assets acquired 1,425,056 Accounts payable and accrued expenses (46,735) Contract liabilities (39,000) Deferred income taxes (100,123) Other long term liabilities (2,237) Total liabilities assumed (188,095) Total consideration $ 1,236,961 The table below presents a summary of intangible assets acquired (in thousands) and the weighted average useful lives of these assets: Weighted Average Fair Value Useful Life in Years Trade names $ 183,800 Indefinite Student relationships 166,000 3 $ 349,800 The Company determined the fair value of assets acquired and liabilities assumed based on assumptions that reasonable market participants would use while employing the concept of highest and best use of the assets and liabilities. The Company utilized the following assumptions, some of which include significant unobservable inputs which would qualify the valuations as Level 3 measurements, and valuation methodologies to determine fair value: · Intangible assets - To determine the fair value of the trade name, the Company used the relief from royalty approach. The excess earnings method was used to estimate the fair value of student relationships. · Property and equipment - Included in property and equipment is course content of $14.0 million, valued using the relief from royalty approach, and internally developed software of $5.0 million, valued using the cost approach. Each will be amortized over three years. All other property and equipment was valued at estimated cost. · Contract liabilities - The Company estimated the fair value of contract liabilities using the cost build-up method, which represents the cost to deliver the services plus a normal profit margin. · Other current and noncurrent assets and liabilities - The carrying value of all other assets and liabilities approximated fair value at the time of acquisition. The operations of CEC were included in the consolidated financial statements as of the acquisition date. The revenue and net loss for CEC reported within the consolidated statements of income for the year ended December 31, 2018 were $160.4 million and $39.6 million, respectively. Pro Forma Financial information The following unaudited pro forma information has been presented as if the CEC acquisition occurred on January 1, 2017. The information is based on the historical results of operations of the acquired business, adjusted for: · The allocation of purchase price and related adjustments, including the adjustments to amortization expense related to the fair value of intangible assets acquired. · The exclusion of acquisition-related costs incurred during the years ended December 31, 2017 and 2018. · Associated tax-related impacts of adjustments. · Changes to align accounting policies. The pro forma results do not necessarily represent what would have occurred if the acquisition had actually taken place on January 1, 2017, nor do they represent the results that may occur in the future. The pro forma adjustments are based on available information and upon assumptions the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis (in thousands). Pro Forma Combined Year Ended Year Ended December 31, 2017 December 31, 2018 Revenue $ 895,262 $ 923,945 Net Income 16,364 41,058 Acquisition of New York Code and Design Academy On January 13, 2016, the Company acquired all of the outstanding stock of the New York Code and Design Academy, Inc. (“NYCDA”), a provider of web and application software development courses based in New York City. The acquisition supports the Company’s strategy to complement its traditional degree offerings with a broader platform of educational services. The Company incurred approximately $0.2 million of acquisition-related costs, which were included in general and administration costs in the consolidated statements of income. The Company applied the acquisition method of accounting to the purchase of NYCDA’s business. The purchase price included $2.4 million paid up front in cash, plus contingent cash payments of (a) up to $12.5 million payable based on NYCDA’s results of operations over a five-year period (the “Earnout”), and (b) $5.5 million payable based on NYCDA’s receipt of state regulatory permits. Pursuant to the terms of the acquisition, $1.0 million of the Earnout may be accelerated upon receipt of one of the state regulatory permits. The Company recorded total contingent consideration of $14.5 million at the time of acquisition. In April 2016 and August 2016, NYCDA received the state regulatory permits and the Company paid $6.0 and $0.5 million of contingent consideration to the sellers, respectively. In addition, the Company paid a total of $4.6 million to two of NYCDA’s founders who are required to remain employed for at least three years from the acquisition date. If either of them terminates employment voluntarily, or is terminated for cause (as defined), he is required to reimburse the Company his respective portion of the retention amount. This amount was classified as prepaid compensation and is being amortized to compensation expense over three years. The allocation of the purchase price was as follows (in thousands): Purchase Price Allocation Useful Life Cash $ Other assets Intangibles: Trade name Indefinite Goodwill Liabilities assumed Total assets acquired and liabilities assumed, net Less: contingent consideration Less: cash acquired Cash paid for acquisition, net of cash acquired $ The fair value of the Earnout was initially measured using a probability weighted discounted cash flow model based on significant inputs not observable in the market (Level 3 inputs). Key assumptions included a discount rate of 4.5% and expected future value of payments of $12.5 million. During the fourth quarter of 2016, the Company revised its assumptions related to the timing of future cash flows, which resulted in a $1.3 million decrease to the carrying value of the Earnout liability fair value. During 2017, the Company further revised its near-term revenue projections for NYCDA and as a result estimated that no amounts under the Earnout would be paid. Accordingly, the Company recorded a $7.8 million fair value adjustment to reduce the Earnout liability to zero during the year ended December 31, 2017. The Earnout fair value adjustments are included in the Fair value adjustments and impairment of intangible assets line on the consolidated statements of income. No fair value adjustments were recorded to the Earnout liability in the year ended December 31, 2018. The maximum possible amount that could still be paid under the Earnout is $11.5 million. Pro forma financial information for the NYCDA acquisition has not been presented as it was not material to the Company’s consolidated results.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2018
Revenue Recognition [Abstract]
Revenue Recognition	4. Revenue Recognition Impact of Adoption of ASC 606 – Revenue from Contracts with Customers On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606. The comparative information has not been restated and continues to be reported under the accounting standards in effect in those reporting periods. The Company recorded an adjustment to reduce opening retained earnings by $0.2 million, net of tax, due to the impact of adopting ASC 606, primarily related to the allocation of tuition revenue across various performance obligations involved in certain student contract arrangements. In accordance with ASC 606, the disclosure of the impact of adoption on the Company’s consolidated income statement and balance sheet as of and for the year ended December 31, 2018 was as follows (in thousands): For the Year Ended December 31, 2018 As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Income Statement Revenues $ 634,185 $ 634,248 $ (63) Instruction and educational support expense 340,076 340,083 (7) Benefit for income taxes (3,468) (3,453) (15) Net loss (15,671) (15,630) (41) As of December 31, 2018 As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Balance Sheet Tuition receivable – net $ 55,694 $ 54,660 $ 1,034 Other current assets 15,814 17,142 (1,328) Income taxes payable 419 500 (81) Retained earnings 118,322 118,535 (213) 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’s educational programs and Capella’s GuidedPath classes typically are offered on a quarterly basis and such periods coincide with the Company’s quarterly financial reporting periods, while Capella’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 years ended December 31, 2016, 2017, and 2018 (in thousands): 2016 2017 2018 Strayer University Segment Tuition, net of discounts, grants and scholarships $ 418,220 $ 433,938 $ 451,646 Other 1 16,933 15,609 19,458 Total Strayer University Segment 435,153 449,547 471,104 Capella University Segment Tuition, net of discounts, grants and scholarships — — 147,138 Other 1 — — 7,780 Total Capella University Segment — — 154,918 Non-Degree Programs Segment 2 5,935 5,304 8,163 Consolidated revenue $ 441,088 $ 454,851 $ 634,185 (1) Other revenue is primarily comprised of academic fees, sales of textbooks, other course materials, and other revenue streams. (2) Non-Degree Programs revenue is primarily comprised of tuition revenue and placement fee revenue. 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 liability (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 consolidated balance sheets based on when the benefit is expected to be realized. Course materials available through Capella 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. 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 are successfully completed. 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. 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 $20.8 million and is included as a current contract liability in the consolidated balance sheets. The remainder is expected to be redeemed within two to four years. The table below presents activity in the Graduation Fund for the years ended December 31, 2017 and 2018 (in thousands): December 31, 2017 December 31, 2018 Balance at beginning of period $ 29,499 $ 37,400 Revenue deferred 25,360 27,349 Benefit redeemed (17,459) (21,420) Balance at end of period $ 37,400 $ 43,329 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 the 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 is recorded. Following adoption of ASC 606 on January 1, 2018, the balance of unbilled receivables related to such materials was $1.1 million as of December 31, 2018, and is included in tuition receivable.

Restructuring and Related Charg

Restructuring and Related Charges	12 Months Ended
	Dec. 31, 2018
Restructuring and Related Charges [Abstract]
Restructuring and Related Charges	5. 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. A liability for lease obligations, some of which continue through 2022, was recorded and is measured at fair value using a discounted cash flow approach encompassing significant unobservable inputs (Level 3). The estimation of future cash flows includes 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. The Company’s estimates, which involve significant judgment, also consider the amount and timing of sublease rental income based on subleases that have been executed and subleases expected to be executed based on current commercial real estate market data and conditions, and other qualitative factors specific to the facilities. The estimates are subject to adjustment as market conditions change or as new information becomes available, including the execution of additional sublease agreements. In 2017 and 2018, the Company incurred personnel related restructuring charges due to cost reduction efforts and management changes. These changes are primarily intended to integrate CEC successfully and establish an efficient ongoing cost structure for the Company. The following details the changes in the Company’s restructuring liability for lease and related costs during the years ended December 31, 2016, 2017, and 2018 (in thousands): Lease and Related Costs, Net Severance and Other Employee Separation Costs Total Balance at December 31, 2015 $ 20,055 $ — $ 20,055 Restructuring and other charges (2) — — — Payments (6,438) — (6,438) Adjustments (3) (1,632) — (1,632) Balance at December 31, 2016 11,985 — 11,985 Restructuring and other charges (2) — 3,414 3,414 Payments (3,623) (3,414) (7,037) Adjustments (3) 419 — 419 Balance at December 31, 2017 (1) 8,781 — 8,781 Restructuring and other charges (2) — 16,319 16,319 Payments (2,684) (1,972) (4,656) Adjustments (3) 443 — 443 Balance at December 31, 2018 (1) $ 6,540 $ 14,347 $ 20,887 (1) The current portion of restructuring liabilities was $3.1 million and $9.8 million as of December 31, 2017 and December 31, 2018, respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities. (2) Restructuring and other charges of $3.4 million and $16.3 million for the years ended December 31, 2017 and 2018, respectively, are included in Merger costs on the consolidated statements of income. There were no restructuring and other charges in the year ended December 31, 2016. (3) Adjustments include accretion of interest on lease costs, partially offset by changes in the timing and expected income from sublease agreements.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2018
Marketable Securities
Marketable Securities	6. Marketable Securities The following is a summary of available-for-sale securities as of December 31, 2018 (in thousands): December 31, 2018 Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 48,202 $ 12 $ (284) $ 47,930 Tax-exempt municipal securities 22,858 45 (34) 22,869 Variable rate demand notes 4,000 — — 4,000 Total $ 75,060 $ 57 $ (318) $ 74,799 The marketable securities were acquired in the merger with CEC; the Company had no holdings of marketable securities classified as available-for-sale as of December 31, 2017. The unrealized gains and losses on the Company’s investments in municipal and corporate debt securities as of December 31, 2018 were caused by changes in market values primarily due to interest rate changes. As of December 31, 2018, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $15.5 million. 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 other-than-temporary impairment charges were recorded during the year ended December 31, 2018. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2018 (in thousands): December 31, 2018 Due within one year $ 37,121 Due after one year through five years 37,678 Total $ 74,799 Amounts due within one year in the table above included $4.0 million of variable rate demand notes, with contractual maturities ranging from 27 years to 30 years as of December 31, 2018. 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 date, which ranges from one day to nine days from the balance sheet date. The Company received $16.4 million of proceeds from the maturities of available-for-sale securities during the year ended December 31, 2018. The Company did not record any gross realized gains or gross realized losses in net income during the year ended December 31, 2018. Additionally, there were no proceeds from sales of marketable securities prior to maturity during the year ended December 31, 2018.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2018
Property and Equipment [Abstract]
Property and Equipment	7. Property and Equipment The composition of property and equipment as of December 31, 2017 and 2018 is as follows (in thousands): Estimated useful 2017 2018 life (years) Land $ 7,138 $ 7,138 — Buildings and improvements 20,739 20,883 5-40 Furniture and office equipment 76,726 76,856 5-7 Computer hardware 10,970 13,546 3-7 Computer software 80,662 129,519 3-10 Leasehold improvements 42,915 44,215 3-10 Construction in progress 4,914 8,354 — 244,064 300,511 Accumulated depreciation and amortization (170,301) (177,834) $ 73,763 $ 122,677 Construction in progress includes costs associated with the construction and renovation of campuses and the development of information technology applications. In 2017 and 2018, the Company recorded leasehold improvements of $1.2 million and $0.3 million, respectively, which were reimbursed by lessors as lease incentives. In 2017 and 2018, the Company wrote off $5.3 million and $17.8 million, respectively, in fixed assets that were fully depreciated and no longer in service.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2018
Fair Value Measurement [Abstract]
Fair Value Measurement	8. Fair Value Measurement Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2018 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 1,791 $ 1,791 $ — $ — Marketable securities: Corporate debt securities 48,430 — 48,430 — Tax-exempt municipal securities 22,869 — 22,869 — Variable rate demand notes 4,000 — 4,000 — Total assets at fair value on a recurring basis $ 77,090 $ 1,791 $ 75,299 $ — Liabilities: Deferred payments $ 4,120 $ — $ — $ 4,120 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2017 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 113 $ 113 $ — $ — Liabilities: Deferred payments $ 4,514 $ — $ — $ 4,514 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 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, 2017 and 2018, 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 and 2016. The deferred payments are classified within Level 3 as there is no liquid market for similarly priced instruments and are valued using models that encompass significant unobservable inputs to estimate the operating results of the acquired assets. The assumptions used to prepare the discounted cash flows include estimates for interest rates, enrollment growth, retention rates, obtaining regulatory approvals for expansion into new markets, 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 $1.7 million as of December 31, 2018 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 years ended December 31, 2017 or 2018. Changes in the fair value of the Company’s Level 3 liabilities during the years ended December 31, 2017 and 2018 are as follows (in thousands): December 31, 2017 December 31, 2018 Balance as of the beginning of period $ 11,741 $ 4,514 Amounts paid (1,133) (1,412) Other adjustments to fair value (6,094) 1,018 Balance at end of period $ 4,514 $ 4,120

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets
Goodwill and Intangible Assets	9. Goodwill and Intangible Assets Goodwill The following table presents changes in the carrying value of goodwill by segment for the years ended December 31, 2017 and 2018 (in thousands): Strayer University Capella University Non-Degree Programs Total Balance as of December 31, 2016 $ 6,800 $ — $ 13,944 $ 20,744 Additions — — — — Impairments — — — — Adjustments — — — — Balance as of December 31, 2017 6,800 — 13,944 20,744 Additions 330,581 393,348 — 723,929 Impairments — — (13,944) (13,944) Adjustments — 1,811 — 1,811 Balance as of December 31, 2018 $ 337,381 $ 395,159 $ — $ 732,540 The additions to goodwill during the year ended December 31, 2018 were due to the acquisition of CEC described in Note 3. The Company assesses goodwill 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 below its carrying amount. During the year ended December 31, 2018, the Company recorded a $13.9 million goodwill impairment charge related to its NYCDA reporting unit (which, following the merger, is included in the Non-Degree Programs segment). The goodwill impairment charge represents the excess of the carrying value of the net assets of the NYCDA reporting unit over its estimated fair value and is reflected within the Fair value adjustments and impairment of intangible assets line in the consolidated statements of income. During the second and third quarters of 2018, the Company determined that the rate of growth reflected in the actual operating results of its NYCDA reporting unit, in relation to the prior impairment assessments, in addition to information and insights obtained through an operational and brand rationalization process following the CEC merger, represented triggering events which warranted interim goodwill impairment re-assessments. In accordance with ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment (“ASU 2017-04”), the Company elected to bypass a qualitative impairment assessment over goodwill and proceeded directly to performing quantitative impairment assessments as of these interim assessment dates. Based on the results of the quantitative interim impairment assessments performed, the Company recorded a $2.8 million and $11.1 million goodwill impairment charge during the second and third quarters of 2018, respectively, related to its NYCDA reporting unit. The Company used an income-based approach to determine the fair value of NYCDA in its interim goodwill impairment assessments. The income approach consisted of a discounted cash flow model that included projections of future cash flows for NYCDA, calculating a terminal value, and discounting such cash flows by a risk-adjusted rate of return. The determination of fair value consists of using unobservable inputs under the fair value measurement standards. The Company believes that the most critical assumptions and estimates used in determining the estimated fair value of the NYCDA reporting unit include, but are not limited to, the amounts and timing of expected future cash flows, the discount rate, and the terminal growth rate. The assumptions used in determining the expected future cash flows consider various factors such as historical operating trends, particularly in student enrollment and pricing, anticipated economic and regulatory conditions, reasonable expectations for planned business expansion opportunities, and long-term operating strategies and initiatives. The discount rate is based on the Company's assumption of a prudent investor's required rate of return for assuming the risk of investing in a particular company. The terminal growth rate reflects the sustainable operating income a reporting unit could generate in a perpetual state as a function of revenue growth, inflation, and future margin expectations. The Company also believes that these assumptions are consistent with a reasonable market participant view while employing the concept of highest and best use of the asset. During the fourth quarter, the Company performed its annual impairment testing of goodwill assigned to its Strayer University and Capella University reporting units. The Company first evaluated the likelihood of impairment by considering qualitative factors relevant to the reporting units, such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and any other factors that have a significant bearing on fair value. Based on the results of its qualitative impairment analysis, the Company determined that no impairment indicators existed for the Strayer and Capella reporting units as of the assessment date. As such, no goodwill impairment charges were recorded in the fourth quarter of 2018. There were no goodwill impairment charges recorded during the years ended December 31, 2016 and 2017. Intangible Assets The following table represents the balance of the Company’s intangible assets for the years ended December 31, 2017 and 2018 (in thousands): December 31,2017 December 31,2018 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Subject to amortization Student relationships $ — $ — $ — $ 166,000 $ (23,056) $ 142,944 Not subject to amortization Trade names 7,260 — 7,260 185,400 — 185,400 Total $ 7,260 $ — $ 7,260 $ 351,400 $ (23,056) $ 328,344 The Company’s finite-lived intangible assets are comprised of student relationships, which were recorded in connection with the CEC merger. The student relationships intangible asset is being amortized on a straight-line basis over a three-year useful life. The Company had no finite-lived intangible assets as of December 31, 2017. Straight-line amortization expense for finite-lived intangible assets reflects the pattern in which the assets' economic benefits are consumed over their estimated useful lives. Amortization expense related to finite-lived intangible assets was $23.1 million for the year ended December 31, 2018. The following table presents future amortization expense for finite-lived intangible assets as of December 31, 2018 (in thousands): 2019 $ 55,333 2020 55,333 2021 32,278 2022 — 2023 — 2024 and thereafter — Total $ 142,944 Indefinite-lived intangible assets not subject to amortization consist of trade names. The Company assigned an indefinite useful life to its trade name intangible assets, as it is believed these assets have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic, or other factors to limit the useful life of the trade name intangibles. 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 below its carrying amount. During the second and third quarters of 2018, the Company determined that the rate of growth reflected in the actual operating results of its NYCDA reporting unit, in relation to the prior impairment assessments, in addition to information and insights obtained through an operational and brand rationalization process following the CEC merger, represented triggering events which warranted interim goodwill impairment reassessments. Accordingly, the Company performed a quantitative indefinite-lived intangible asset impairment assessment as of these assessment dates, using an income-based approach to determine fair value. The income approach consisted of a discounted cash flow model, using the relief from royalty method, which included a projection of future revenues for NYCDA, identifying a royalty rate, calculating a terminal value, and discounting such cash flows by a risk adjusted rate of return. The determination of fair value of the NYCDA trade name primarily consists of using unobservable inputs under the fair value measurement standards. The Company believes that the most critical assumptions and estimates used in determining the estimated fair value of the NYCDA trade name include, but are not limited to, the amounts and timing of expected future revenues, the royalty rate, the discount rate, and the terminal growth rate. The assumptions used in determining the expected future revenues consider various factors such as historical operating trends, particularly in student enrollment and pricing, anticipated economic and regulatory conditions, reasonable expectations for planned business expansion opportunities, and long-term operating strategies and initiatives. The royalty rate is based on the Company’s assumption of what a reasonable market participant would pay to license the NYCDA trade name, expressed as a percentage of revenues. The discount rate is based on the Company's assumption of a prudent investor's required rate of return for assuming the risk of investing in a particular company. The terminal growth rate reflects the sustainable revenue growth the business could generate in a perpetual state as a function of inflationary expectations. The Company believes that the assumptions used in the indefinite-lived intangible asset impairment tests are consistent with a reasonable market participant view while employing the concept of highest and best use of the asset. Based on the results of the quantitative interim impairment assessments performed, the Company recorded a $3.4 million and $2.0 million indefinite-lived intangible asset impairment charge related to its NYCDA trade name (which, following the merger, is included in the Non-Degree Programs segment) during the second and third quarters of 2018, respectively. During the fourth quarter of 2018 following the CEC merger, the Company impaired the remaining $0.3 million NYCDA trade name balance related to the decision to stop teaching on-ground courses in early 2019. The indefinite-lived intangible asset impairment charge represents the excess of the carrying value of the NYCDA trade name over its estimated fair value and is reflected within the Fair value adjustments and impairment of intangible assets line in the consolidated statements of income. During the fourth quarter, the Company performed its annual impairment testing of indefinite-lived intangible assets. The Company first evaluated the likelihood of impairment by considering qualitative factors, such as macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, and any other factors that have a significant bearing on fair value. Based on the results of its qualitative impairment analysis, the Company determined that no impairment indicators existed for the indefinite-lived intangible assets as of the assessment date. As such, no intangible asset impairment charges, other than the NYCDA trade name impairment discussed above, were recorded in the fourth quarter of 2018. There were no indefinite-lived impairment charges recorded during the years ended December 31, 2016 and 2017.

Long Term Debt

Long Term Debt	12 Months Ended
	Dec. 31, 2018
Long Term Debt
Long Term Debt	10. Long Term Debt On August 1, 2018, the Company entered into a Second Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement and Amendment to Other Loan Documents (the “Second Amendment), which Second Amendment amends the Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of November 8, 2012 (as amended by the First Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of July 2, 2015, the “Prior Credit Facility”, and the Prior Credit Facility as amended by the Second Amendment, the “Amended Credit Facility”), among the Company, certain of its subsidiaries party thereto as subsidiary guarantors, SunTrust Bank, as administrative agent (the “Administrative Agent”), and the other lenders party thereto. The Amended Credit Facility provides for a senior secured revolving credit facility (the “Revolver”) in an aggregate principal amount of up to $250 million and 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 Amended Credit Facility replaced the Prior Credit Facility, which had provided, among other things, for a $150 million senior secured revolving credit facility with an original maturity date of July 2, 2020. The Company capitalized 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 a period of five years. 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”) Financial Responsibility Composite Score of not less than 1.5. The Company was in compliance with all the covenants of the Amended Credit Facility at December 31, 2018. During the years ended December 31, 2017 and 2018, the Company paid unused commitment fees of $0.4 million and $0.4 million, respectively, on the Prior Credit Facility and the Amended Credit Facility. The Company had no borrowings under the Revolver during 2016, 2017 and 2018.

Equity Awards

Equity Awards	12 Months Ended
	Dec. 31, 2018
Equity Awards
Equity Awards	11. Equity Awards On November 6, 2018, the Company’s shareholders approved the Strategic Education, Inc. 2018 Equity Compensation Plan (the “2018 Plan”), which replaced the Strayer Education, Inc. 2015 Equity Compensation Plan (the “2015 Plan”). The 2018 Plan provides for the granting of restricted stock, restricted stock units, stock options intended to qualify as incentive stock options, options that do not qualify as incentive stock options, and other forms of equity compensation and performance-based awards to employees, officers, and directors of the Company, or to a consultant or advisor to the Company, at the discretion of the Board of Directors. Vesting provisions are at the discretion of the Board of Directors. Options may be granted at option prices based at or above the fair market value of the shares at the date of grant. The maximum term of the awards granted under the 2018 Plan is ten years. The number of shares of common stock authorized for issuance under the 2018 Plan is 700,000, plus the number of shares available for grant under the 2015 Plan at the time of stockholder approval of the 2018 Plan, plus the number of shares which may in the future become available under the 2015 Plan due to forfeitures of outstanding awards. As of December 31, 2018, no awards are issued or outstanding under the 2018 Plan. The Company has issued and outstanding awards under the 2015 Plan, the Capella Education Company 2005 Stock Incentive Plan, and the Capella Education Company 2014 Equity Incentive Plan (collectively, the “Prior Plans”). Dividends paid on unvested restricted stock are reimbursed to the Company, and dividend equivalents accumulated on unvested restricted stock units are forfeited, if the recipient forfeits his or her shares as a result of termination of employment prior to vesting in the award, other than as a result of the recipient’s death, disability, or certain qualifying terminations in connection with a change in control of the Company, or unless waived by the Company. Restricted Stock and Restricted Stock Units The table below sets forth the restricted stock and restricted stock units activity for each of the three years in the period ended December 31, 2018: Number of Weighted- Balance, December 31, 2015 634,327 $ 104.66 Grants 188,737 50.63 Vested shares (23,539) 50.43 Forfeitures (72,425) 62.41 Balance, December 31, 2016 727,100 $ 97.53 Grants 75,140 82.18 Vested shares (84,908) 66.60 Forfeitures (1,204) 62.28 Balance, December 31, 2017 716,128 $ 99.65 Grants 159,005 93.30 Awards assumed through acquisition of CEC 136,324 118.29 Vested shares (236,164) 76.78 Forfeitures (37,343) 83.69 Balance, December 31, 2018 737,950 $ 114.43 Stock Options The table below sets forth the stock option activity and other stock option information for each of the three years in the period ended December 31, 2018: Weighted- average Weighted- remaining Aggregate Number of average contractual intrinsic value (1) shares exercise price life (years) (in thousands) Balance, December 31, 2015 100,000 $ 51.95 5.1 $ 817 Grants — — Exercises — — Forfeitures — — Balance, December 31, 2016 100,000 $ 51.95 4.1 $ 2,868 Grants — — Exercises — — Forfeitures — — Balance, December 31, 2017 100,000 $ 51.95 3.1 $ 3,763 Grants — — Awards assumed through acquisition of CEC 319,846 66.98 Exercises (162,831) 58.11 Forfeitures/Expirations (769) 51.96 Balance, December 31, 2018 256,246 $ 66.80 7.0 $ 11,947 Exercisable, December 31, 2018 108,317 $ 65.00 6.4 $ 5,245 (1) The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company’s common stock. The Company received $8.6 million of net cash proceeds related to stock options exercised during the year ended December 31, 2018. The aggregate intrinsic value of the stock options exercised during this period was $11.3 million. No stock options were exercised during the years ended December 31, 2016 and 2017. Valuation and Expense Information under Stock Compensation Topic ASC 718 At December 31, 2018, total stock-based compensation cost which has not yet been recognized was $17.8 million for unvested restricted stock, restricted stock units, and stock option awards. This cost is expected to be recognized over the next 28 months on a weighted-average basis. Awards of approximately 530,000 shares of restricted stock and restricted stock units are subject to performance conditions. The accrual for stock-based compensation for performance awards is based on the Company’s estimates that such performance criteria are probable of being achieved over the respective vesting periods. Such a determination involves judgment surrounding the Company’s ability to maintain regulatory compliance. If the performance targets are not reached during the respective vesting period, or it is determined it is more likely than not that the performance criteria will not be achieved, related compensation expense is adjusted. Restricted stock unit awards of approximately 9,100 shares are required to be settled in cash upon vesting, and are classified as accounts payable and accrued expenses in the consolidated balance sheet as of December 31, 2018. The value of these awards is marked to market each period based on the fair value of the Company's common stock at the end of the reporting period, and changes in fair value are recorded in earnings. The following table reflects the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2016, 2017, and 2018 (in thousands): 2016 2017 2018 Instruction and educational support $ 1,432 $ 1,943 $ 2,572 Marketing — — 585 Admissions advisory — — 16 General and administration 9,335 9,684 10,117 Merger costs — — 2,242 Stock-based compensation expense included in operating expense 10,767 11,627 15,532 Tax benefit 4,256 4,593 3,922 Stock-based compensation expense, net of tax $ 6,511 $ 7,034 $ 11,610 During the year ended December 31, 2016, the Company recognized a tax shortfall related to share-based payment arrangements of approximately $0.1 million, which was recorded as an adjustment to additional paid-in capital. During the years ended December 31, 2017 and 2018, the Company recognized tax windfalls related to share-based payment arrangements of approximately $0.6 million and $3.5 million, respectively, which were adjustments to the provision (benefit) for income taxes.

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2018
Other Long-Term Liabilities [Abstract]
Other Long-Term Liabilities	12. Other Long-Term Liabilities Other long-term liabilities consist of the following as of December 31, 2017 and 2018 (in thousands): 2017 2018 Contract liabilities, net of current portion $ 21,033 $ 23,880 Deferred rent and other facility costs 7,113 6,837 Employee separation costs — 6,800 Deferred payments related to acquisitions 6,385 5,904 Loss on facilities not in use 5,652 4,332 Lease incentives 2,832 2,300 Other — 1,263 Other long-term liabilities $ 43,015 $ 51,316 Contract Liabilities As discussed in Note 4, 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. Employee Separation Costs Severance and other employee separation costs to be paid after one year. Deferred Rent and Other Facility Costs and Loss on Facilities Not in Use The Company records a liability for lease costs of campus and non-campus facilities that are not currently in use (see Note 5). For facilities still in use, the Company records rent expense on a straight-line basis over the initial term of a lease. The difference between the rent payment and the straight-line rent expense is recorded as a liability. 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 $3.6 million and $3.1 million as of December 31, 2017 and 2018, respectively. In addition, one of the sellers contributed $2.8 million to the Company representing the seller’s continuing interest in the assets acquired. Lease Incentives In conjunction with the opening of new campuses or renovating existing ones, the Company, in some instances, was reimbursed by the lessors for improvements made to the leased properties. In accordance with ASC 840-20, the underlying assets were capitalized as leasehold improvements and a liability was established for the reimbursements. The leasehold improvements and the liability are amortized on a straight-line basis over the corresponding lease terms, which generally range from five to ten years.

Other Employee Benefit Plans

Other Employee Benefit Plans	12 Months Ended
	Dec. 31, 2018
Other Employee Benefit Plans [Abstract]
Other Employee Benefit Plans	13. Other Employee Benefit Plans The Company sponsors the Strayer Education, Inc. 401(k) Plan and the Capella Education Company Retirement Savings Plan which, collectively, cover all eligible employees of the Company. Effective January 1, 2019, participants under both plans may contribute up to $19,000 of their base compensation annually and employee contributions under both plans are voluntary. Discretionary contributions were made by the Company to participants of the Strayer Education, Inc. 401(k) Plan matching 50% of employee deferrals up to a maximum of 3% of the employee’s annual salary. Under the Capella Education Company Retirement Savings Plan, the Company matches 100% on the first 2%, and 50% on the next 4%, of the employee contributions. The Company’s contributions to these plans totaled $1.1 million, $1.3 million and $3.5 million for the years ended December 31, 2016, 2017, and 2018, respectively. In May 1998, the Company adopted the Strayer Education, Inc. Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees may purchase shares of the Company’s common stock, subject to certain limitations, at 90% of its market value at the date of purchase. Purchases are limited to 10% of an employee’s eligible compensation. The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP is 2,500,000 shares. Shares purchased in the open market for employees for the years ended December 31, 2016, 2017, and 2018 were as follows: Shares Average price purchased per share 2016 4,988 $ 46.46 2017 4,718 $ 77.05 2018 4,647 $ 100.34

Stock Repurchase Plan

Stock Repurchase Plan	12 Months Ended
	Dec. 31, 2018
Stock Repurchase Plan [Abstract]
Stock Repurchase Plan	14. Stock Repurchase Plan In November 2003, the Company’s Board of Directors authorized the Company to repurchase up to an aggregate of $15 million in value of common stock in open market purchases from time to time at the discretion of the Company’s management depending on market conditions and other corporate considerations. The Company’s Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date. At December 31, 2018, $70 million of the Company’s share repurchase authorization was remaining for repurchases through December 31, 2019. All of the Company’s share repurchases were effected in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. This stock repurchase plan may be modified, suspended, or terminated at any time by the Company without notice. Repurchases of common stock are recorded as a reduction to additional paid-in capital. To the extent additional paid-in capital had been reduced to zero through stock repurchases, retained earnings was then reduced. No shares were repurchased during each of the three years ended December 31, 2016, 2017, and 2018, and the Company has $70.0 million available for future repurchases.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies The Universities participate in various federal student financial assistance programs which are subject to audit by agencies, including the Department of Education, the Veterans Administration, and the Department of Defense. Management believes that the potential effects of audit adjustments, if any, for the periods currently under audit will not have a material adverse effect, individually or in the aggregate, on the Company’s consolidated financial position, results of operations, or cash flows. As of December 31, 2018, the Company had 87 long-term, non-cancelable operating leases for campuses and other administrative facilities. Rent expense was $33.7 million, $33.6 million, and $35.9 million for the years ended December 31, 2016, 2017, and 2018, respectively. Rent expense for 2016 includes a benefit of approximately $1.9 million, and rent expense for both 2017 and 2018 includes a charge of approximately $0.3 million in each year to adjust the Company’s liability for losses on facilities no longer in use. The rents on most of the Company’s leases are subject to annual increases. The minimum rental commitments for the Company as of December 31, 2018 are as follows (in thousands): Minimum rental commitments 2019 $ 33,600 2020 28,399 2021 23,485 2022 13,770 2023 10,316 Thereafter 32,745 Total $ 142,315

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Income Taxes	16. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “2017 Act”) was signed into law, making a broad range of tax reform legislation affecting businesses, including, reducing the corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. The company recognized the income tax effects of the 2017 Act in accordance with Staff Accounting Bulletin No. 118 and revalued its federal deferred tax assets based upon the new 21% rate which resulted in an $11.4 million provisional charge recorded to income tax expense during the year ended December 31, 2017. As of December 31, 2018, the Company has now completed the accounting for all of the enactment-date income tax effects of the 2017 Act. During 2018, the Company recognized a tax benefit of $1.2 million related to adjustments to the provisional amount recorded as of December 31, 2017. The 2017 Act also allows for immediate full expensing for property placed in service after September 27, 2017 and before January 1, 2023. The Company made the election to accelerate these deductions for the year ended December 31, 2017 tax returns. In addition, the 2017 Act places limitations on the deductibility of certain executive compensation awards in the future. The income tax provision (benefit) for the years ended December 31, 2016, 2017 and 2018 is summarized below (in thousands): 2016 2017 2018 Current: Federal $ 26,015 $ 21,156 $ 9,069 State 4,869 4,477 3,785 Total current 30,884 25,633 12,854 Deferred: Change in federal tax rate due to the 2017 Act — 11,375 — Federal (7,748) (3,193) (13,381) State (646) (1,781) (2,941) Total deferred (8,394) 6,401 (16,322) Total provision (benefit) for income taxes $ 22,490 $ 32,034 $ (3,468) The tax effects of the principal temporary differences that give rise to the Company’s net deferred tax asset (liability) are as follows as of December 31, 2017 and 2018 (in thousands): 2017 2018 Stock-based compensation $ 15,024 $ 19,834 Allowance for doubtful accounts 3,250 7,943 Contract liabilities 5,445 6,107 Capital loss carryforward — 4,174 Other 1,217 3,650 Other facility-related costs 2,622 2,080 Deferred leasing costs 1,789 1,673 Intangible assets (1,196) (82,022) Property and equipment (3,326) (18,441) Valuation allowance — (4,356) Prepaid compensation (373) — Net deferred tax asset (liability) $ 24,452 $ (59,358) The valuation allowance for deferred tax assets as of December 31, 2017 and 2018 was $0 and $4.4 million, respectively. The increase in the valuation allowance was primarily related to capital loss carryforwards acquired in the merger with CEC. The Company concluded that it was more likely than not that the deferred tax asset for the capital loss carryforward would not be realized due to a lack of history of recognizing capital gains. As of December 31, 2017 and 2018, the Company’s liabilities for unrecognized tax benefits are included in other long-term liabilities in the consolidated balance sheets. Interest and penalties, including those related to uncertain tax positions, are included in the provision for income taxes in the consolidated statements of income. The Company recognized $0.2 million and $12,000 of expense related to interest and penalties in 2017 and 2018, respectively. The total amount of interest and penalties included in the consolidated balance sheets was $0 and $36,000 as of December 31, 2017 and 2018, respectively. The following table summarizes changes in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands): Year Ended December 31, 2017 2018 Beginning unrecognized tax benefits $ 176 $ — Additions from merger — 687 Reductions for tax positions taken in prior years (176) (63) Ending unrecognized tax benefits $ — $ 624 The Company does not anticipate significant changes to unrecognized tax benefits within the next 12 months. As of December 31, 2018, $0.6 million of the Company’s total unrecognized tax benefits would favorably affect the Company’s effective tax rate, if recognized. A reconciliation between the Company’s statutory tax rate and the effective tax rate for the years ended December 31, 2016, 2017, and 2018 is as follows: 2016 2017 2018 Statutory federal rate 35.0 % 35.0 % 21.0 % State income taxes, net of federal benefits 4.5 4.2 (1.4) Adjustment to deferred tax assets as a result of the 2017 Act — 21.8 — Transaction costs — 5.2 (6.2) Adjustments to contingent consideration (0.3) (5.0) — Excess tax benefit on share-based compensation — — 15.5 Impairment of intangible assets — — (15.3) Acceleration of deductions due to change in tax law — — 6.4 Other 0.1 (0.4) (1.9) Effective tax rate 39.3 % 60.8 % 18.1 % Cash payments for income taxes were $31.6 million, $26.2 million, and $13.4 million in 2016, 2017, and 2018, respectively.

Other Investments

Other Investments	12 Months Ended
	Dec. 31, 2018
Other Investments
Other Investments	17. Other Investments At December 31, 2018, the Company held $13.4 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 $2.0 million across these partnerships through December 2027. During the year ended December 31, 2018, the Company made investments totaling $0.7 million in the partnerships. The Company's investments range from 3%-5% of any partnership’s interest and are accounted for under the equity method. The Company had no holdings of these other investments as of December 31, 2017.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2018
Segment Reporting
Segment Reporting	18. 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. Two of the Company’s operating segments that meet the quantitative thresholds to qualify as reportable segments are the Strayer University and Capella University segments. The Strayer University segment is comprised of Strayer University, including its programs offered through the the Jack Welch Management Institute; the Capella University segment consists of Capella University. None of the Company’s other operating segments individually meet the quantitative thresholds to qualify as reportable segments; therefore, these other operating segments are combined and presented below as Non-Degree Programs. The Non-Degree Programs reportable segment is comprised of the DevMountain, LLC (“DevMountain”), Hackbright Academy, Inc. (“Hackbright”), NYCDA, and Sophia Learning, LLC businesses. 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 (in thousands) for the years ended December 31, 2016, 2017, and 2018 is presented in the following table: 2016 2017 2018 Revenues Strayer University $ 435,153 $ 449,547 $ 471,104 Capella University — — 154,918 Non-Degree Programs 5,935 5,304 8,163 Consolidated revenues $ 441,088 $ 454,851 $ 634,185 Income (loss) from operations Strayer University $ 67,991 $ 64,801 $ 68,188 Capella University — — 6,340 Non-Degree Programs (13,732) (8,225) (5,920) Amortization of intangible assets — — (25,694) Merger costs — (11,879) (45,745) Fair value adjustments and impairment of intangible assets 3,213 7,512 (19,909) Consolidated income (loss) from operations $ 57,472 $ 52,209 $ (22,740) The following table presents a schedule of significant non-cash items included in segment income (loss) from operations by reportable segment (in thousands): 2016 2017 2018 Depreciation and amortization Strayer University $ 17,380 $ 18,268 $ 19,997 Capella University — — 7,382 Non-Degree Programs 437 465 741 Amortization of intangible assets — — 25,694 Merger costs — — 729 Consolidated depreciation and amortization $ 17,817 $ 18,733 $ 54,543 Stock-Based compensation Strayer University $ 10,767 $ 11,627 $ 11,602 Capella University — — 1,495 Non-Degree Programs — — 193 Merger costs — — 2,242 Consolidated stock-based compensation $ 10,767 $ 11,627 $ 15,532

Summarized Quarterly Financial

Summarized Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Summarized Quarterly Financial Data (Unaudited) [Abstract]
Summarized Quarterly Financial Data (Unaudited)	19. Summarized Quarterly Financial Data (Unaudited) Quarterly financial information for 2017 and 2018 is as follows (in thousands except per share data): Quarter 2017 First Second Third Fourth Revenues $ 114,912 $ 112,720 $ 108,512 $ 118,707 Income from operations 18,443 13,854 8,224 11,688 Net income (loss) 10,578 10,302 6,227 (6,495) Net income (loss) per share: Basic $ 1.00 $ 0.96 $ 0.58 $ (0.61) Diluted $ 0.95 $ 0.92 $ 0.56 $ (0.61) Quarter 2018 First Second Third Fourth Revenues $ 116,469 $ 114,668 $ 160,945 $ 242,103 Income (loss) from operations 11,328 4,184 (57,127) 18,875 Net income (loss) 9,467 5,188 (52,781) 22,455 Net income (loss) per share: Basic $ 0.88 $ 0.48 $ (2.97) $ 1.05 Diluted $ 0.84 $ 0.46 $ (2.97) $ 1.02

Litigation

Litigation	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies [Abstract]
Litigation	20. Litigation From time to time, the Company is involved in litigation and other legal proceedings arising out of the ordinary course of its business. There are no material pending legal proceedings, other than routine litigation incidental to the business, to which the Company is subject or to which its property is subject.

Regulation

Regulation	12 Months Ended
	Dec. 31, 2018
Regulation [Abstract]
Regulation	21. Regulation Gainful Employment Under the Higher Education Act, 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 has published final regulations related to gainful employment that went into effect on July 1, 2015, with the exception of new disclosure requirements, which generally went into effect January 1, 2017, but which have now been delayed, to some extent, until July 1, 2019. Additionally, the Department announced, on June 16, 2017, its intention to conduct negotiated rulemaking proceedings to revise the gainful employment regulations. Those proceedings began in December 2017 and concluded in March 2018. The negotiating committee did not reach a consensus, and as a result the Department was able to propose its own regulatory language with no obligation to use the language negotiated or agreed upon during the committee meetings. On August 14, 2018, the Department released draft rules which propose to rescind the gainful employment regulations, including sanctions, appeals, and disclosure and certification requirements. The Department indicated its plans to update the College Scorecard, or similar web-based tool, to provide program-level outcomes for all higher education programs at all institutions that participate in the Title IV programs. The Department accepted public comments through September 13, 2018 and the Department has indicated that it is currently drafting final rules. The Company cannot predict what new regulations will ultimately be adopted. The current regulations include two debt-to-earnings measures, consisting of an annual income rate and a discretionary income rate. The annual income rate measures student debt in relation to earnings, and the discretionary income rate measures student debt in relation to discretionary income. A program passes if the program’s graduates: · have an annual income rate that does not exceed 8%; or · have a discretionary income rate that does not exceed 20%. In addition, a program that does not pass either of the debt-to-earnings metrics and has an annual income rate between 8% and 12%, or a discretionary income rate between 20% and 30%, is considered to be in a warning zone. A program fails if the program’s graduates have an annual income rate of 12% or greater and a discretionary income rate of 30% or greater. A program becomes Title IV-ineligible for three years if it fails both metrics for two out of three consecutive years, or fails to pass at least one metric for four consecutive award years. The regulations provide a means by which an institution may challenge the Department of Education’s calculation of any of the debt metrics prior to loss of Title IV eligibility. On January 8, 2017, Strayer University and Capella University received their final 2015 debt-to-earnings measures. None of Strayer University or Capella University programs failed the debt-to-earnings metrics. Two active Strayer University programs, the Associate in Arts in Accounting and Associate in Arts in Business Administration, and one active Capella University program, the Masters of Science in Marriage and Family Counseling/Therapy, were “in the zone,” which means each of those three programs remains fully eligible unless (1) the program has a combination of zone and failing designations for four consecutive years, in which case it would become Title IV-ineligible in the fifth year; or (2) the program fails the metrics for two out of three consecutive years, in which case the program could become ineligible for the following award year. The Department has not yet released 2016 debt-to-earnings measures, and the Department has announced that because it no longer has a data-sharing agreement with the U.S. Social Security Administration to receive earnings data, the Department is currently unable to calculate the debt-to-earnings measures under the gainful employment regulations. If an institution is notified by the Secretary of Education that a program could become ineligible, based on its final rates, for the next award year: · The institution must provide a warning with respect to the program to students and prospective students indicating, among other things, that students may not be able to use Title IV funds to attend or continue in the program; and · The institution must not enroll, register, or enter into a financial commitment with a prospective student until a specified time after providing the warning to the prospective student. The current regulation also requires institutions annually to report certain student- and program-level data to the Department of Education, and comply with additional disclosure requirements. Regulations adopted by the Department of Education require an institution to use a template designed by the Department of Education to disclose to prospective students, with respect to each gainful employment program, occupations that the program prepares students to enter, total cost of the program, on-time graduation rate, job placement rate, if applicable, and the median loan debt of program completers for the most recently completed award year. The regulation that became effective July 1, 2015 expanded upon those existing disclosure requirements, and institutions were required to update their disclosure templates by July 1, 2017 and regularly in accordance with subsequent deadlines thereafter. In addition, the current gainful employment regulation requires institutions to certify, among other things, that each eligible gainful employment program is programmatically accredited if programmatic accreditation is required by a federal governmental entity or a state governmental entity of a state in which it is located or in which the institution is otherwise required to obtain state approval to offer the program in that state. Institutions also must certify that each eligible program satisfies the applicable educational prerequisites for professional licensure or certification requirements in each state in which it is located or is otherwise required to obtain state approval, so that a student who completes the program and seeks employment in that state qualifies to take any licensure or certification exam that is needed for the student to practice or find employment in an occupation that the program prepares students to enter. The Universities have timely made the required certification. Under the gainful employment regulation, an institution may establish a new program’s Title IV eligibility by updating the list of the institution’s programs maintained by the Department of Education. However, an institution may not update its list of eligible programs to include a failing or zone program that the institution voluntarily discontinued or became ineligible, or a gainful employment program that is substantially similar to such a program, until three years after the loss of eligibility or discontinuance. The requirements associated with the gainful employment regulations may substantially increase the Company’s administrative burdens and could affect the Universities’ program offerings, student enrollment, persistence, and retention. Further, although the regulations provide opportunities for an institution to correct any potential deficiencies in a program prior to the loss of Title IV eligibility, the continuing eligibility of the Company’s academic programs will be affected by factors beyond management’s control such as changes in the Company’s graduates’ income levels, changes in student borrowing levels, increases in interest rates, changes in the percentage of former students who are current in the repayment of their student loans, and various other factors. Even if the Company were able to correct any deficiency in the gainful employment metrics in a timely manner, the disclosure requirements associated with a program’s failure to meet at least one metric may adversely affect student enrollments in that program and may adversely affect the reputation of the University. The Clery Act Strayer University and Capella University must comply with the campus safety and security reporting requirements as well as other requirements in the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act (the “Clery Act”), including changes made to the Clery Act by the Violence Against Women Reauthorization Act of 2013. On October 20, 2014, the Department promulgated regulations, effective July 1, 2015, implementing amendments to the Clery Act. In addition, the Department has interpreted Title IX to categorize sexual violence as a form of prohibited sex discrimination and to require institutions to follow certain disciplinary procedures with respect to such offenses. Failure by Strayer University or Capella University to comply with the Clery Act or Title IX requirements or regulations thereunder could result in action by the Department fining Strayer University or Capella University, or limiting or suspending its participating in Title IV programs, could lead to litigation, and could harm Strayer University or Capella University’s reputation. The Company believes that Strayer University and Capella University are in compliance with these requirements. Compliance Reviews Strayer University and Capella University are subject to announced and unannounced compliance reviews and audits by various external agencies, including the Department of Education, its Office of Inspector General (“ED OIG”), state licensing agencies, and accrediting agencies. The Higher Education Act and Department of Education regulations also require an institution to submit annually to the Secretary of Education a compliance audit of its administration of Title IV programs conducted by an independent certified public accountant in accordance with Generally Accepted Government Auditing Standards and applicable ED OIG audit guides. For fiscal years beginning after June 30, 2016, the Universities must submit such audits that have been conducted in accordance with a revised guide for audits of proprietary schools that was issued by the ED OIG in September 2016. In addition, to enable the Secretary of Education to make a determination of financial responsibility, an institution must submit annually to the Secretary of Education audited financial statements prepared in accordance with Department of Education regulations. The Department conducted four campus-based program reviews of Strayer University campuses in three states and the District of Columbia, with one on-site review conducted August 18-20, 2014; one on-site review conducted September 8-11, 2014; and two on-site reviews conducted September 22-26, 2014. The reviews covered federal financial aid years 2012-2013 and 2013-2014, and two of the reviews also covered compliance with the Clery Act, and regulations related thereto. On October 21, 2014, the Department issued an Expedited Final Program Review Determination Letter for one of the program reviews conducted the week of September 22, 2014, closing the program review with no further action required by the University. On November 17, 2014, the University received a Program Review Report for the program review conducted in August 2014, and provided a response to the Department on December 15, 2014. On January 7, 2015, the University received a Final Program Review Determination letter from that review, closing the review with no further action required by the University. On March 24, 2015, the University received a Program Review Report for another program review, and provided a response to the Department on April 21, 2015. On April 29, 2015, the University received a Final Program Review Determination Letter closing the review and identifying a payment of less than $500 due to the Department of Education based on an underpayment on a return to Title IV calculation. The University remitted payment, and received a letter from the Department on May 26, 2015, indicating that no further action was required and that the matter was closed. On September 15, 2015, the University received a Program Review Report for the final program review, and provided a response to the Department on October 5, 2015. On January 5, 2016, the University received a Final Program Review Determination Letter for the final program review, indicating that the program review was closed and no further action was required. Capella University has not undergone a program review for several years. 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. 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 Program Participation Agreement, approving Capella’s continued participation in Title IV programs with provisional certification through December 31, 2022.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Event [Abstract]
Subsequent Events	22. Subsequent Events 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 affect the tax deductibility of certain arrangements, which will result in an approximately $11.5 million reduction to the Company’s deferred tax asset and an increase to the Company’s future effective tax rates and cash tax payments. In January 2019, the Higher Learning Commission, Capella University’s accreditor, held its standard focused site visit six months after the change of control. It is expected that HLC will issue its final report in May 2019.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Significant 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. On August 1, 2018, the Company completed its merger with CEC, whereby the Company was deemed the acquirer in the business combination for accounting purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Therefore, Strayer Education, Inc. is considered Strategic Education’s predecessor, and its historical financial statements prior to the merger date are reflected in this Annual Report on Form 10-K as the historical financial statements of the Company. Accordingly, the financial results of the Company as of and for any periods ended prior to August 1, 2018 do not include the financial results of CEC and therefore are not directly comparable. Certain amounts in the prior period financial statements have been reclassified to conform to the current period’s presentation. Specifically, costs incurred in connection with the Company’s merger with CEC were reclassified from general and administration expense to merger costs, and adjustments to the value of contingent consideration related to the Company’s acquisition of The New York Code and Design Academy, Inc. (“NYCDA”) were reclassified from instruction and educational support expense to fair value adjustments and impairment of intangible assets within the consolidated statements of income for the years ended December 31, 2016 and 2017.
New accounting standard for revenue recognition	New accounting standard for revenue recognition In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) which supersedes the prior revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. During 2016 and 2017, the FASB issued additional ASUs amending certain aspects of ASU 2014-09. On January 1, 2018, the Company adopted the new accounting standard and all the related amendments (“ASC 606”) using the modified retrospective method. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company expects the impact of the adoption of the new standard to be immaterial to the Company’s net income on an ongoing basis. Refer to Note 4 for further discussion.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash maintained in mostly FDIC-insured bank accounts and cash invested in bank overnight deposits and money market mutual funds. The Company places its cash and temporary cash investments with various financial institutions. The Company considers all highly liquid instruments purchased with a maturity of three months or less at the date of purchase to be cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk Most cash and cash equivalent balances are in excess of the FDIC insurance limit. The Company has not experienced any losses on its cash and cash equivalents.
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 Strayer University and Capella University (“the Universities”) during the academic term. The Company had approximately $15,000 and $5,000 of these unpaid obligations as of December 31, 2017 and 2018, respectively, which are recorded as restricted cash and included in other current assets in the consolidated balance sheets. As part of commencing operations in Pennsylvania in 2003, the Company was 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 consolidated statements of cash flows as of December 31, 2017 and 2018 (in thousands): As of December 31, 2017 2018 Cash and cash equivalents $ 155,933 $ 311,732 Restricted cash included in other current assets 15 5 Restricted cash included in other long-term assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 156,448 $ 312,237
Marketable Securities	Marketable Securities Management determines the appropriate designation of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s marketable securities are designated as available-for-sale and consist of tax-exempt municipal securities, variable rate demand notes, and corporate debt securities. Available-for-sale marketable securities are carried at fair value as determined by quoted market prices or other inputs either directly or indirectly observable in the marketplace for identical or similar assets, with unrealized gains and losses, net of tax, recognized as a component of accumulated other comprehensive income within shareholders’ equity. Management reviews the fair value of the portfolio at least quarterly, and evaluates individual securities with fair value below amortized cost at the balance sheet date for impairment. In order to determine whether impairment is other than temporary, management evaluates whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. If management intends to sell an impaired debt security, or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of accumulated other comprehensive income within shareholders’ equity. The cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income and realized gains and losses are included in other income. The contractual maturity date of available-for-sale securities is based on the days remaining to the effective maturity. The Company classifies marketable securities as either current or non-current assets based on management’s intent with regard to usage of those funds, which is dependent upon the security's maturity date and liquidity considerations based on current market conditions. If management intends to hold the securities for longer than one year as of the balance sheet date, they are classified as non-current.
Tuition Receivable and Allowance for Doubtful Accounts	Tuition Receivable and Allowance for Doubtful Accounts The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Therefore, at the end of the quarter (and academic term), tuition receivable generally represents amounts due from students for educational services already provided and contract liabilities generally represents advance payments from students for academic services to be provided in the future. 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 doubtful accounts is established primarily based upon historical collection rates by group of receivable reflecting factors such as age of the balance due, student academic status, and size of outstanding balance, net of estimated recoveries, and consideration of other relevant factors. These collection rates incorporate historical performance based on a student’s current enrollment status and likelihood of future enrollment. The Company periodically assesses its methodologies for estimating bad debts in consideration of actual experience. The Company’s tuition receivable and allowance for doubtful accounts were as follows as of December 31, 2017 and 2018 (in thousands): December 31, 2017 December 31, 2018 Tuition receivable $ 35,809 $ 84,151 Allowance for doubtful accounts (12,687) (28,457) Tuition receivable, net $ 23,122 $ 55,694 Approximately $2.9 million and $1.1 million of tuition receivable is included in other assets as of December 31, 2017 and 2018, respectively, because these amounts are expected to be collected after 12 months. The following table illustrates changes in the Company’s allowance for doubtful accounts for each of the three years ended December 31, 2018 (in thousands): 2016 2017 2018 Allowance for doubtful accounts, beginning of period $ 10,024 $ 10,201 $ 12,687 Additions charged to expense 16,503 21,751 37,704 Additions from merger — — 6,601 Write-offs, net of recoveries (16,326) (19,265) (28,535) Allowance for doubtful accounts, end of period $ 10,201 $ 12,687 $ 28,457
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. In accordance with the Property, Plant, and Equipment Topic, ASC 360, the carrying values of the Company’s assets are re-evaluated when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined that an impairment loss has occurred based on expected undiscounted future cash flows, then a loss is recognized using a fair value-based model. Through 2018, no such impairment loss had occurred. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives ranging from three to 40 years. Depreciation and amortization expense was $17.8 million, $18.7 million and $31.4 million for the years ended December 31, 2016, 2017, and 2018, respectively. Included in the 2018 depreciation and amortization expense amount is $2.6 million of depreciation expense related to computer software acquired in the CEC merger, which is included in the amortization of intangible assets line on the consolidated statements of income. Construction in progress includes costs of computer software developed for internal use, which is accounted for in accordance with the Internal-Use Software Topic, ASC 350-40. Computer software development costs that are incurred in the preliminary project stage are expensed as incurred. During the development stage, direct consulting costs, payroll, and payroll-related costs for employees that are directly associated with the project are capitalized and amortized over the estimated useful life of the software once placed into operation. Purchases of property and equipment and changes in accounts payable for each of the three years in the period ended December 31, 2018 in the consolidated statements of cash flows have been adjusted to exclude noncash purchases of property and equipment transactions during that period.
Fair Value	Fair Value The Fair Value Measurement Topic, ASC 820-10 (“ASC 820-10”), establishes a framework for measuring fair value, establishes a fair value hierarchy based upon the observability of inputs used to measure fair value, and expands disclosures about fair value measurements. Assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Under ASC 820-10, fair value of an investment is the price that would be received to sell an asset or to transfer a liability to an entity in an orderly transaction between market participants at the measurement date. The hierarchy gives the highest priority to assets and liabilities with readily available quoted prices in an active market and lowest priority to unobservable inputs, which require a higher degree of judgment when measuring fair value, as follows: · Level 1 assets or liabilities use quoted prices in active markets for identical assets or liabilities as of the measurement date; · Level 2 assets or liabilities use observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities; and · Level 3 assets or liabilities use unobservable inputs that are supported by little or no market activity. The Company’s assets and liabilities that are subject to fair value measurement are categorized in one of the three levels above. Fair values are based on the inputs available at the measurement dates, and may rely on certain assumptions that may affect the valuation of fair value for certain assets or liabilities.
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. 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 the Company believes 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 below its carrying amount. 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 $.01, of which 11,167,425 and 21,743,498 shares were issued and outstanding as of December 31, 2017 and 2018, 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. The Board of Directors declared a quarterly cash dividend of $ 0.25 per common share in the first and second quarters of 2018 and a quarterly cash dividend of $0.50 per common share in the third and fourth quarters of 2018. The Company paid these quarterly cash dividends in each of March, June, September and December of 2018.
Advertising Costs	Advertising Costs The Company expenses advertising costs in the quarter incurred.
Stock-Based Compensation	Stock-Based Compensation As required by the Stock Compensation Topic, ASC 718, the Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, restricted stock, restricted stock units, performance stock units, and employee stock purchases related to the Company’s Employee Stock Purchase Plan, based on estimated fair values. The Company records compensation expense for all share-based payment awards ratably over the vesting period. For awards with graded vesting, the Company measures fair value and records compensation expense separately for each vesting tranche. Stock-based compensation expense recognized in the consolidated statements of income for each of the three years in the period ended December 31, 2018 is based on awards ultimately expected to vest and, therefore, has been adjusted for estimated forfeitures. The Company estimates forfeitures at the time of grant and revises the estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rate used is based on historical experience. The Company also assesses the likelihood that performance criteria associated with performance-based awards will be met. If it is determined that it is more likely than not that performance criteria will not be achieved, the Company revises its estimate of the number of shares it believes will ultimately vest. Refer to Note 11 for additional information.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) 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 (loss) per share for each of the three years ended December 31, 2018 (in thousands): 2016 2017 2018 Weighted average shares outstanding used to compute basic earnings per share 10,610 10,678 15,190 Incremental shares issuable upon the assumed exercise of stock options 5 39 — Unvested restricted stock and restricted stock units 230 482 — Shares used to compute diluted earnings (loss) per share 10,845 11,199 15,190 During the year ended December 31, 2018, approximately 611,000 shares issuable in connection with stock options, restricted stock and restricted stock units were excluded from the diluted loss per share calculation because the effect would have been antidilutive due to the Company’s net loss during the period. During the years ended December 31, 2016 and 2017, the Company had no issued and outstanding awards that were excluded from the calculation.
Comprehensive Income	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, 2018, the balance of accumulated other comprehensive income was $32.2 thousand, net of tax of $9.5 thousand. There were no changes in equity from non-owner sources for the years ended December 31, 2016 and 2017. There were no reclassifications out of accumulated other comprehensive loss to net income for the twelve months ended December 31, 2018.
Income Taxes	Income Taxes The Company provides for deferred income taxes based on temporary differences between financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the year in which the differences are expected to reverse. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. The Income Taxes Topic, ASC 740, requires the company to determine whether uncertain tax positions should be recognized within the Company’s financial statements. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. Uncertain tax positions are recognized when a tax position, based solely on its technical merits, is determined more likely than not to be sustained upon examination. Upon determination, uncertain tax positions are measured to determine the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. A tax position is derecognized if it no longer meets the more likely than not threshold of being sustained. The tax years since 2015 remain open for federal tax examination and the tax years since 2014 remain open to examination by state and local taxing jurisdictions in which the Company is subject.
Other Investments	Other Investments Through the merger with CEC, the Company holds investments in limited partnerships that invest in innovative companies in the health care and education-related technology fields. Prior to the consummation of the merger, CEC accounted for these investments at cost less impairment with subsequent adjustments for any observable price changes reflected within earnings. In connection with the Company’s ongoing integration efforts to align accounting policies, the Company elected to account for the investments in limited partnerships under the equity method beginning in the fourth quarter of 2018. The Company accounts for the investments made through its venture fund, SEI Ventures, at cost less impairment as these investments do not have readily determinable fair value.
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 doubtful accounts, useful lives of property and equipment and intangible assets, fair value of future contractual operating lease obligations, 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. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, which revises the accounting requirements related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The update also changes certain disclosure requirements associated with the fair value of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity that do not result in consolidation and are not accounted for under the equity method – and recognize the changes in fair value within net income. Entities that hold equity investments without readily determinable fair values will be able to elect to record those investments at cost less impairment with subsequent adjustments for any observable price changes recognized in earnings. The Company has provided the required disclosures related to its investments within Note 17. For its investments that are not accounted for under the equity method and are deemed to be without readily determinable fair values, the Company has elected the option to record the investments at cost less impairment and recognize subsequent adjustments for any observable price changes within earnings. The Company adopted this guidance as of January 1, 2018 with no material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows by providing guidance on eight specific cash flow issues. The Company adopted the standard retrospectively on January 1, 2018 with no material impact on its consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). Under ASU 2016-18, an entity should include in its cash and cash-equivalent balances in the statement of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents. The Company adopted ASU 2016-18 retrospectively on January 1, 2018 with no material impact on its consolidated statements of cash flows. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the subsequent measurement of goodwill only in the event that an impairment is recognized. The amendments in this update should be adopted on a prospective basis for the annual or any interim goodwill impairment tests beginning after December 15, 2019, though early adoption is permitted. The Company adopted this guidance effective as of January 1, 2018 and has applied it in the measurement of goodwill since the adoption date. Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. Under current guidance, operating leases are off-balance sheet. ASU 2016-02 also requires more extensive quantitative and qualitative disclosures about leasing arrangements. During 2018, the FASB has issued additional ASUs amending certain aspects of ASU 2016-02. ASU 2016-02 applies to fiscal periods beginning after December 15, 2018, using the modified retrospective method, with early adoption permitted. An entity may choose to use either its effective date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company will adopt the new standard on January 1, 2019 and will use the effective date as the date of initial application. Accordingly, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The Company expects to elect the package of practical expedients permitted under ASU 2016-02, which allows the Company to not reassess prior conclusions about lease identification, lease classification, and initial direct costs under the new standard. The Company anticipates that the impact of ASU 2016-02 on its consolidated balance sheet will be material as the Company will record significant asset and corresponding liability balances in connection with its leased properties. The final financial statement impacts will depend on the lease portfolio and discount rates as of the adoption date. The Company does not expect ASU 2016-02 to have a material impact to the Company’s consolidated statements of income and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance revises the accounting requirements related to the measurement of credit losses and will require organizations to measure all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts about collectibility. Assets must be presented in the financial statements at the net amount expected to be collected. The guidance will be effective for the Company's annual and interim reporting periods beginning January 1, 2020, with early adoption permitted. The Company is evaluating the impact this standard will have on its financial condition, results of operations, and disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under ASU 2018-07, most of the current guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees, including determination of measurement date and accounting for performance conditions and for share-based payments after vesting. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect this guidance to have a material impact on its consolidated financial statements. Other ASUs issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Significant Accounting Policies [Abstract]
Schedule of cash, cash equivalents, and restricted cash	The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows as of December 31, 2017 and 2018 (in thousands): As of December 31, 2017 2018 Cash and cash equivalents $ 155,933 $ 311,732 Restricted cash included in other current assets 15 5 Restricted cash included in other long-term assets 500 500 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 156,448 $ 312,237
Schedule of tuition receivable and allowance for doubtful accounts	The Company’s tuition receivable and allowance for doubtful accounts were as follows as of December 31, 2017 and 2018 (in thousands): December 31, 2017 December 31, 2018 Tuition receivable $ 35,809 $ 84,151 Allowance for doubtful accounts (12,687) (28,457) Tuition receivable, net $ 23,122 $ 55,694
Schedule of allowance for doubtful accounts	The following table illustrates changes in the Company’s allowance for doubtful accounts for each of the three years ended December 31, 2018 (in thousands): 2016 2017 2018 Allowance for doubtful accounts, beginning of period $ 10,024 $ 10,201 $ 12,687 Additions charged to expense 16,503 21,751 37,704 Additions from merger — — 6,601 Write-offs, net of recoveries (16,326) (19,265) (28,535) Allowance for doubtful accounts, end of period $ 10,201 $ 12,687 $ 28,457
Schedule of reconciliation of shares used to calculate basic and diluted earnings (loss) per share	Set forth below is a reconciliation of shares used to calculate basic and diluted earnings (loss) per share for each of the three years ended December 31, 2018 (in thousands): 2016 2017 2018 Weighted average shares outstanding used to compute basic earnings per share 10,610 10,678 15,190 Incremental shares issuable upon the assumed exercise of stock options 5 39 — Unvested restricted stock and restricted stock units 230 482 — Shares used to compute diluted earnings (loss) per share 10,845 11,199 15,190

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2018
Capella Merger
Business Acquisition [Line Items]
Schedule of components of aggregate consideration transferred for acquisition	The following table summarizes the components of the aggregate consideration transferred for the acquisition of CEC (in thousands): Fair value of Company common stock issued in exchange for CEC outstanding shares (1) $ 1,209,483 Fair value of Company equity-based awards issued in exchange for CEC equity-based awards 27,478 Total fair value of consideration transferred $ 1,236,961 (1) The Company issued 10,263,775 common shares at a market price of $117.84 in exchange for each issued and outstanding share of CEC common stock.
Schedule of purchase price allocated to assets acquired and liabilities assumed at fair value	The preliminary fair value of assets acquired and liabilities assumed as well as a reconciliation to consideration transferred is presented in the table below (in thousands): Cash and cash equivalents $ 167,859 Marketable securities, current 31,419 Tuition receivable 39,141 Income tax receivable 163 Other current assets 8,496 Marketable securities, non-current 34,700 Property and equipment, net 53,182 Other assets 14,556 Intangible assets 349,800 Goodwill 725,740 Total assets acquired 1,425,056 Accounts payable and accrued expenses (46,735) Contract liabilities (39,000) Deferred income taxes (100,123) Other long term liabilities (2,237) Total liabilities assumed (188,095) Total consideration $ 1,236,961
Schedule of intangible assets acquired and weighted average useful lives	The table below presents a summary of intangible assets acquired (in thousands) and the weighted average useful lives of these assets: Weighted Average Fair Value Useful Life in Years Trade names $ 183,800 Indefinite Student relationships 166,000 3 $ 349,800
Schedule of supplemental pro forma financial information	The pro forma adjustments are based on available information and upon assumptions the Company believes are reasonable to reflect the impact of this acquisition on the Company’s historical financial information on a supplemental pro forma basis (in thousands). Pro Forma Combined Year Ended Year Ended December 31, 2017 December 31, 2018 Revenue $ 895,262 $ 923,945 Net Income 16,364 41,058
New York Code And Design Academy, Inc.
Business Acquisition [Line Items]
Schedule of purchase price allocated to assets acquired and liabilities assumed at fair value	The allocation of the purchase price was as follows (in thousands): Purchase Price Allocation Useful Life Cash $ Other assets Intangibles: Trade name Indefinite Goodwill Liabilities assumed Total assets acquired and liabilities assumed, net Less: contingent consideration Less: cash acquired Cash paid for acquisition, net of cash acquired $

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2018
Summary of disaggregation of revenue	The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category for the years ended December 31, 2016, 2017, and 2018 (in thousands): 2016 2017 2018 Strayer University Segment Tuition, net of discounts, grants and scholarships $ 418,220 $ 433,938 $ 451,646 Other 1 16,933 15,609 19,458 Total Strayer University Segment 435,153 449,547 471,104 Capella University Segment Tuition, net of discounts, grants and scholarships — — 147,138 Other 1 — — 7,780 Total Capella University Segment — — 154,918 Non-Degree Programs Segment 2 5,935 5,304 8,163 Consolidated revenue $ 441,088 $ 454,851 $ 634,185 (1) Other revenue is primarily comprised of academic fees, sales of textbooks, other course materials, and other revenue streams. (2) Non-Degree Programs revenue is primarily comprised of tuition revenue and placement fee revenue.
Schedule of graduation fund liability	The table below presents activity in the Graduation Fund for the years ended December 31, 2017 and 2018 (in thousands): December 31, 2017 December 31, 2018 Balance at beginning of period $ 29,499 $ 37,400 Revenue deferred 25,360 27,349 Benefit redeemed (17,459) (21,420) Balance at end of period $ 37,400 $ 43,329
Accounting Standards Update 2014-09
Summary of impact of ASU adoption	In accordance with ASC 606, the disclosure of the impact of adoption on the Company’s consolidated income statement and balance sheet as of and for the year ended December 31, 2018 was as follows (in thousands): For the Year Ended December 31, 2018 As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Income Statement Revenues $ 634,185 $ 634,248 $ (63) Instruction and educational support expense 340,076 340,083 (7) Benefit for income taxes (3,468) (3,453) (15) Net loss (15,671) (15,630) (41) As of December 31, 2018 As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Balance Sheet Tuition receivable – net $ 55,694 $ 54,660 $ 1,034 Other current assets 15,814 17,142 (1,328) Income taxes payable 419 500 (81) Retained earnings 118,322 118,535 (213)

Restructuring and Related Cha_2

Restructuring and Related Charges (Tables)	12 Months Ended
	Dec. 31, 2018
Restructuring and Related Charges [Abstract]
Schedule of restructuring liability by type of cost	The following details the changes in the Company’s restructuring liability for lease and related costs during the years ended December 31, 2016, 2017, and 2018 (in thousands): Lease and Related Costs, Net Severance and Other Employee Separation Costs Total Balance at December 31, 2015 $ 20,055 $ — $ 20,055 Restructuring and other charges (2) — — — Payments (6,438) — (6,438) Adjustments (3) (1,632) — (1,632) Balance at December 31, 2016 11,985 — 11,985 Restructuring and other charges (2) — 3,414 3,414 Payments (3,623) (3,414) (7,037) Adjustments (3) 419 — 419 Balance at December 31, 2017 (1) 8,781 — 8,781 Restructuring and other charges (2) — 16,319 16,319 Payments (2,684) (1,972) (4,656) Adjustments (3) 443 — 443 Balance at December 31, 2018 (1) $ 6,540 $ 14,347 $ 20,887 (1) The current portion of restructuring liabilities was $3.1 million and $9.8 million as of December 31, 2017 and December 31, 2018, respectively, which are included in accounts payable and accrued expenses. The long-term portion is included in other long-term liabilities. (2) Restructuring and other charges of $3.4 million and $16.3 million for the years ended December 31, 2017 and 2018, respectively, are included in Merger costs on the consolidated statements of income. There were no restructuring and other charges in the year ended December 31, 2016. (3) Adjustments include accretion of interest on lease costs, partially offset by changes in the timing and expected income from sublease agreements.

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2018
Marketable Securities
Schedule for available-for-sale securities	The following is a summary of available-for-sale securities as of December 31, 2018 (in thousands): December 31, 2018 Amortized Cost Gross Unrealized Gain Gross Unrealized (Losses) Estimated Fair Value Corporate debt securities $ 48,202 $ 12 $ (284) $ 47,930 Tax-exempt municipal securities 22,858 45 (34) 22,869 Variable rate demand notes 4,000 — — 4,000 Total $ 75,060 $ 57 $ (318) $ 74,799
Schedule of maturities of marketable securities	The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2018 (in thousands): December 31, 2018 Due within one year $ 37,121 Due after one year through five years 37,678 Total $ 74,799

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2018
Property and Equipment [Abstract]
Composition of property and equipment	The composition of property and equipment as of December 31, 2017 and 2018 is as follows (in thousands): Estimated useful 2017 2018 life (years) Land $ 7,138 $ 7,138 — Buildings and improvements 20,739 20,883 5-40 Furniture and office equipment 76,726 76,856 5-7 Computer hardware 10,970 13,546 3-7 Computer software 80,662 129,519 3-10 Leasehold improvements 42,915 44,215 3-10 Construction in progress 4,914 8,354 — 244,064 300,511 Accumulated depreciation and amortization (170,301) (177,834) $ 73,763 $ 122,677

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Measurement [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2018 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 1,791 $ 1,791 $ — $ — Marketable securities: Corporate debt securities 48,430 — 48,430 — Tax-exempt municipal securities 22,869 — 22,869 — Variable rate demand notes 4,000 — 4,000 — Total assets at fair value on a recurring basis $ 77,090 $ 1,791 $ 75,299 $ — Liabilities: Deferred payments $ 4,120 $ — $ — $ 4,120 Assets and liabilities measured at fair value on a recurring basis consist of the following as of December 31, 2017 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable December 31, Assets/Liabilities Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) Assets: Money market funds $ 113 $ 113 $ — $ — Liabilities: Deferred payments $ 4,514 $ — $ — $ 4,514
Schedule of changes in fair value of level 3 liability	Changes in the fair value of the Company’s Level 3 liabilities during the years ended December 31, 2017 and 2018 are as follows (in thousands): December 31, 2017 December 31, 2018 Balance as of the beginning of period $ 11,741 $ 4,514 Amounts paid (1,133) (1,412) Other adjustments to fair value (6,094) 1,018 Balance at end of period $ 4,514 $ 4,120

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets
Schedule of changes in goodwill	The following table presents changes in the carrying value of goodwill by segment for the years ended December 31, 2017 and 2018 (in thousands): Strayer University Capella University Non-Degree Programs Total Balance as of December 31, 2016 $ 6,800 $ — $ 13,944 $ 20,744 Additions — — — — Impairments — — — — Adjustments — — — — Balance as of December 31, 2017 6,800 — 13,944 20,744 Additions 330,581 393,348 — 723,929 Impairments — — (13,944) (13,944) Adjustments — 1,811 — 1,811 Balance as of December 31, 2018 $ 337,381 $ 395,159 $ — $ 732,540
Schedule of intangible assets	The following table represents the balance of the Company’s intangible assets for the years ended December 31, 2017 and 2018 (in thousands): December 31,2017 December 31,2018 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Subject to amortization Student relationships $ — $ — $ — $ 166,000 $ (23,056) $ 142,944 Not subject to amortization Trade names 7,260 — 7,260 185,400 — 185,400 Total $ 7,260 $ — $ 7,260 $ 351,400 $ (23,056) $ 328,344
Schedule of future amortization expense for finite-lived intangible assets	The following table presents future amortization expense for finite-lived intangible assets as of December 31, 2018 (in thousands): 2019 $ 55,333 2020 55,333 2021 32,278 2022 — 2023 — 2024 and thereafter — Total $ 142,944

Equity Awards (Tables)

Equity Awards (Tables)	12 Months Ended
	Dec. 31, 2018
Equity Awards
Schedule of restricted stock and restricted stock units activity	Number of Weighted- Balance, December 31, 2015 634,327 $ 104.66 Grants 188,737 50.63 Vested shares (23,539) 50.43 Forfeitures (72,425) 62.41 Balance, December 31, 2016 727,100 $ 97.53 Grants 75,140 82.18 Vested shares (84,908) 66.60 Forfeitures (1,204) 62.28 Balance, December 31, 2017 716,128 $ 99.65 Grants 159,005 93.30 Awards assumed through acquisition of CEC 136,324 118.29 Vested shares (236,164) 76.78 Forfeitures (37,343) 83.69 Balance, December 31, 2018 737,950 $ 114.43
Schedule of stock option activity and other stock option information	Weighted- average Weighted- remaining Aggregate Number of average contractual intrinsic value (1) shares exercise price life (years) (in thousands) Balance, December 31, 2015 100,000 $ 51.95 5.1 $ 817 Grants — — Exercises — — Forfeitures — — Balance, December 31, 2016 100,000 $ 51.95 4.1 $ 2,868 Grants — — Exercises — — Forfeitures — — Balance, December 31, 2017 100,000 $ 51.95 3.1 $ 3,763 Grants — — Awards assumed through acquisition of CEC 319,846 66.98 Exercises (162,831) 58.11 Forfeitures/Expirations (769) 51.96 Balance, December 31, 2018 256,246 $ 66.80 7.0 $ 11,947 Exercisable, December 31, 2018 108,317 $ 65.00 6.4 $ 5,245 (1) The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the respective trading day and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holder had all options been exercised on the respective trading day. The amount of intrinsic value will change based on the fair market value of the Company’s common stock.
Schedule of stock-based compensation expense	The following table reflects the amount of stock-based compensation expense recorded in each of the expense line items for the years ended December 31, 2016, 2017, and 2018 (in thousands): 2016 2017 2018 Instruction and educational support $ 1,432 $ 1,943 $ 2,572 Marketing — — 585 Admissions advisory — — 16 General and administration 9,335 9,684 10,117 Merger costs — — 2,242 Stock-based compensation expense included in operating expense 10,767 11,627 15,532 Tax benefit 4,256 4,593 3,922 Stock-based compensation expense, net of tax $ 6,511 $ 7,034 $ 11,610

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Other Long-Term Liabilities [Abstract]
Schedule of other long-term liabilities	Other long-term liabilities consist of the following as of December 31, 2017 and 2018 (in thousands): 2017 2018 Contract liabilities, net of current portion $ 21,033 $ 23,880 Deferred rent and other facility costs 7,113 6,837 Employee separation costs — 6,800 Deferred payments related to acquisitions 6,385 5,904 Loss on facilities not in use 5,652 4,332 Lease incentives 2,832 2,300 Other — 1,263 Other long-term liabilities $ 43,015 $ 51,316

Other Employee Benefit Plans (T

Other Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Other Employee Benefit Plans [Abstract]
Schedule of shares purchased in the open market for employees	Shares purchased in the open market for employees for the years ended December 31, 2016, 2017, and 2018 were as follows: Shares Average price purchased per share 2016 4,988 $ 46.46 2017 4,718 $ 77.05 2018 4,647 $ 100.34

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies [Abstract]
Schedule of minimum rental commitments	The minimum rental commitments for the Company as of December 31, 2018 are as follows (in thousands): Minimum rental commitments 2019 $ 33,600 2020 28,399 2021 23,485 2022 13,770 2023 10,316 Thereafter 32,745 Total $ 142,315

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes [Abstract]
Schedule of income tax provision	The income tax provision (benefit) for the years ended December 31, 2016, 2017 and 2018 is summarized below (in thousands): 2016 2017 2018 Current: Federal $ 26,015 $ 21,156 $ 9,069 State 4,869 4,477 3,785 Total current 30,884 25,633 12,854 Deferred: Change in federal tax rate due to the 2017 Act — 11,375 — Federal (7,748) (3,193) (13,381) State (646) (1,781) (2,941) Total deferred (8,394) 6,401 (16,322) Total provision (benefit) for income taxes $ 22,490 $ 32,034 $ (3,468)
Schedule of tax effects of principal temporary differences that give rise to net deferred tax assets (liabilities)	The tax effects of the principal temporary differences that give rise to the Company’s net deferred tax asset (liability) are as follows as of December 31, 2017 and 2018 (in thousands): 2017 2018 Stock-based compensation $ 15,024 $ 19,834 Allowance for doubtful accounts 3,250 7,943 Contract liabilities 5,445 6,107 Capital loss carryforward — 4,174 Other 1,217 3,650 Other facility-related costs 2,622 2,080 Deferred leasing costs 1,789 1,673 Intangible assets (1,196) (82,022) Property and equipment (3,326) (18,441) Valuation allowance — (4,356) Prepaid compensation (373) — Net deferred tax asset (liability) $ 24,452 $ (59,358)
Summary of changes in unrecognized tax benefits	The following table summarizes changes in unrecognized tax benefits, excluding interest and penalties, for the respective periods (in thousands): Year Ended December 31, 2017 2018 Beginning unrecognized tax benefits $ 176 $ — Additions from merger — 687 Reductions for tax positions taken in prior years (176) (63) Ending unrecognized tax benefits $ — $ 624
Schedule of reconciliation between statutory tax rate and effective tax rate	2016 2017 2018 Statutory federal rate 35.0 % 35.0 % 21.0 % State income taxes, net of federal benefits 4.5 4.2 (1.4) Adjustment to deferred tax assets as a result of the 2017 Act — 21.8 — Transaction costs — 5.2 (6.2) Adjustments to contingent consideration (0.3) (5.0) — Excess tax benefit on share-based compensation — — 15.5 Impairment of intangible assets — — (15.3) Acceleration of deductions due to change in tax law — — 6.4 Other 0.1 (0.4) (1.9) Effective tax rate 39.3 % 60.8 % 18.1 %

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting
Summary of financial information by reportable segment	A summary of financial information by reportable segment (in thousands) for the years ended December 31, 2016, 2017, and 2018 is presented in the following table: 2016 2017 2018 Revenues Strayer University $ 435,153 $ 449,547 $ 471,104 Capella University — — 154,918 Non-Degree Programs 5,935 5,304 8,163 Consolidated revenues $ 441,088 $ 454,851 $ 634,185 Income (loss) from operations Strayer University $ 67,991 $ 64,801 $ 68,188 Capella University — — 6,340 Non-Degree Programs (13,732) (8,225) (5,920) Amortization of intangible assets — — (25,694) Merger costs — (11,879) (45,745) Fair value adjustments and impairment of intangible assets 3,213 7,512 (19,909) Consolidated income (loss) from operations $ 57,472 $ 52,209 $ (22,740) The following table presents a schedule of significant non-cash items included in segment income (loss) from operations by reportable segment (in thousands): 2016 2017 2018 Depreciation and amortization Strayer University $ 17,380 $ 18,268 $ 19,997 Capella University — — 7,382 Non-Degree Programs 437 465 741 Amortization of intangible assets — — 25,694 Merger costs — — 729 Consolidated depreciation and amortization $ 17,817 $ 18,733 $ 54,543 Stock-Based compensation Strayer University $ 10,767 $ 11,627 $ 11,602 Capella University — — 1,495 Non-Degree Programs — — 193 Merger costs — — 2,242 Consolidated stock-based compensation $ 10,767 $ 11,627 $ 15,532

Summarized Quarterly Financia_2

Summarized Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Summarized Quarterly Financial Data (Unaudited) [Abstract]
Schedule of quarterly financial information	Quarterly financial information for 2017 and 2018 is as follows (in thousands except per share data): Quarter 2017 First Second Third Fourth Revenues $ 114,912 $ 112,720 $ 108,512 $ 118,707 Income from operations 18,443 13,854 8,224 11,688 Net income (loss) 10,578 10,302 6,227 (6,495) Net income (loss) per share: Basic $ 1.00 $ 0.96 $ 0.58 $ (0.61) Diluted $ 0.95 $ 0.92 $ 0.56 $ (0.61) Quarter 2018 First Second Third Fourth Revenues $ 116,469 $ 114,668 $ 160,945 $ 242,103 Income (loss) from operations 11,328 4,184 (57,127) 18,875 Net income (loss) 9,467 5,188 (52,781) 22,455 Net income (loss) per share: Basic $ 0.88 $ 0.48 $ (2.97) $ 1.05 Diluted $ 0.84 $ 0.46 $ (2.97) $ 1.02

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2018segment
Nature of Operations [Abstract]
Number of reporting segments	3

Significant Accounting Polici_4

Significant Accounting Policies - Restricted Cash (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted cash
Cash and cash equivalents	$ 311,732,000	$ 155,933,000
Restricted cash included in other current assets	5,000	15,000
Restricted cash included in other long term assets	500,000	500,000
Total cash, cash equivalents, and restricted cash shown in statement of cash flows	312,237,000	156,448,000	$ 129,758,000	$ 107,389,000
Other current assets
Restricted cash
Restricted cash included in other current assets	$ 5,000	$ 15,000

Significant Accounting Polici_5

Significant Accounting Policies - Tuition Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of tuition receivable and allowance for doubtful accounts
Tuition receivable	$ 84,151	$ 35,809
Allowance for doubtful accounts	(28,457)	(12,687)	$ (10,201)	$ (10,024)
Tuition receivable, net	55,694	23,122
Other assets
Schedule of tuition receivable and allowance for doubtful accounts
Tuition receivable, noncurrent	$ 1,100	$ 2,900

Significant Accounting Polici_6

Significant Accounting Policies - Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of allowance for doubtful accounts
Allowance for doubtful accounts, beginning of period	$ 12,687	$ 10,201	$ 10,024
Additions charged to expense	37,704	21,751	16,503
Additions from merger	6,601
Write-offs, net of recoveries	(28,535)	(19,265)	(16,326)
Allowance for doubtful accounts, end of period	$ 28,457	$ 12,687	$ 10,201

Significant Accounting Polici_7

Significant Accounting Policies - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Impairment loss	$ 0
Depreciation and amortization	31,400,000	$ 18,700,000	$ 17,800,000
Computer software | Capella Merger
Property, Plant and Equipment [Line Items]
Depreciation	$ 2,600,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Minimum | Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Maximum | Computer software
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years

Significant Accounting Polici_8

Significant Accounting Policies - EPS (Details) - $ / shares	3 Months Ended				12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share
Common stock, shares authorized	32,000,000				32,000,000	32,000,000
Common stock, par value	$ 0.01				$ 0.01	$ 0.01
Common stock, shares issued	21,743,498				21,743,498	11,167,425
Common stock, shares outstanding	21,743,498				21,743,498	11,167,425
Preferred stock, shares authorized	8,000,000				8,000,000	8,000,000
Preferred stock, shares issued	0				0	0
Preferred stock, shares outstanding	0				0	0
Dividends declared, per share	$ 0.50	$ 0.50	$ 0.25	$ 0.25	$ 0.50
Dividends paid, per share	$ 0.50	$ 0.50	$ 0.25	$ 0.25
Antidilutive stock options					611,000	0	0
Weighted average shares outstanding used to compute basic earnings per share					15,190,000	10,678,000	10,610,000
Incremental shares issuable upon the assumed exercise of stock options						39,000	5,000
Unvested restricted stock and restricted stock units						482,000	230,000
Shares used to compute diluted earnings (loss) per share					15,190,000	11,199,000	10,845,000

Significant Accounting Polici_9

Significant Accounting Policies - Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Abstract]
Accumulated Other Comprehensive Income	$ 32,000
Tax from unrealized gains and losses on marketable securities	(9,500)
Reclassifications AOCI	$ 0	$ 0	$ 0

Business Combinations - Fair Va

Business Combinations - Fair Value of Consideration Transferred (Details) $ / shares in Units, $ in Thousands	Aug. 01, 2018USD ($)item$ / sharesshares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Number of independent universities | item	2
Capella Merger
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Conversion ratio	0.875
Total fair value of consideration transferred	$ 1,236,961
Capella Merger | Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value	$ 1,209,483
Number of common shares issued | shares	10,263,775
Market price | $ / shares	$ 117.84
Capella Merger | Equity-based awards
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Fair value	$ 27,478

Business Combinations - Goodwil

Business Combinations - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Aug. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Combination Segment Allocation [Line Items]
Goodwill	$ 732,540		$ 20,744	$ 20,744
Strayer University
Business Combination Segment Allocation [Line Items]
Goodwill	337,381		$ 6,800	$ 6,800
Capella University
Business Combination Segment Allocation [Line Items]
Goodwill	$ 395,159
Capella Merger
Business Combination Segment Allocation [Line Items]
Goodwill		$ 725,740
Capella Merger | Strayer University
Business Combination Segment Allocation [Line Items]
Goodwill		330,600
Capella Merger | Capella University
Business Combination Segment Allocation [Line Items]
Goodwill		$ 395,200

Business Combinations - Acquisi

Business Combinations - Acquisition Related Costs and Measurement period adjustments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Issuance costs		$ 148
Measurement adjustment to goodwill		1,811
Capella Merger
Business Acquisition [Line Items]
Transaction costs	$ 19,100	19,100
Issuance costs		$ 100
Measurement period adjustment, current assets	(500)
Measurement period adjustment, noncurrent assets	(1,400)
Measurement adjustment to deferred income tax liabilities	100
Measurement adjustment to goodwill	$ 1,800

Business Combinations - Prelimi

Business Combinations - Preliminary Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Aug. 01, 2018	Dec. 31, 2017	Dec. 31, 2016
Preliminary fair value of assets and liabilities
Goodwill	$ 732,540		$ 20,744	$ 20,744
Capella Merger
Preliminary fair value of assets and liabilities
Cash and cash equivalents		$ 167,859
Marketable securities, current		31,419
Tuition receivable		39,141
Income tax receivable		163
Other current assets		8,496
Marketable securities, non-current		34,700
Property and equipment, net		53,182
Other assets		14,556
Intangible assets		349,800
Goodwill		725,740
Total assets acquired		1,425,056
Accounts payable and accrued expenses		(46,735)
Contract liabilities		(39,000)
Deferred income taxes		(100,123)
Other long term liabilities		(2,237)
Total liabilities assumed		(188,095)
Total consideration		$ 1,236,961

Business Combinations - Intangi

Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Aug. 01, 2018	Dec. 31, 2018
Student relationships
Business Acquisition [Line Items]
Weighted average useful life		3 years
Capella Merger
Business Acquisition [Line Items]
Total intangible assets	$ 349,800
Capella Merger | Student relationships
Business Acquisition [Line Items]
Finite-lived intangible assets, fair value	$ 166,000
Weighted average useful life	3 years
Capella Merger | Trade names
Business Acquisition [Line Items]
Indefinite lived intangible assets, fair value	$ 183,800

Business Combinations - Valuati

Business Combinations - Valuation Methodology (Details) - Capella Merger $ in Thousands	Aug. 01, 2018USD ($)
Business Acquisition [Line Items]
Property and equipment, net	$ 53,182
Amortization period	3 years
Relief from royalty approach
Business Acquisition [Line Items]
Property and equipment, net	$ 14,000
Cost approach
Business Acquisition [Line Items]
Property and equipment, net	$ 5,000

Business Combinations - Revenue

Business Combinations - Revenue and Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended								5 Months Ended	12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Revenues	$ 242,103	$ 160,945	$ 114,668	$ 116,469	$ 118,707	$ 108,512	$ 112,720	$ 114,912		$ 634,185	$ 454,851	$ 441,088
Net income (loss)	$ 22,455	$ (52,781)	$ 5,188	$ 9,467	$ (6,495)	$ 6,227	$ 10,302	$ 10,578		$ (15,671)	$ 20,612	$ 34,802
Capella Education Company
Business Acquisition [Line Items]
Revenues									$ 160,400
Net income (loss)									$ (39,600)

Business Combinations - Prom Fo

Business Combinations - Prom Forma Information (Details) - Capella Merger - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pro Forma Financial information
Revenue	$ 923,945	$ 895,262
Net Income	$ 41,058	$ 16,364

Business Combinations - Acqui_2

Business Combinations - Acquisition of New York Code and Design Academy (Details)	Jan. 13, 2016USD ($)individual	Aug. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018item
Discount Rate
Business Acquisition [Line Items]
Contingent consideration, liability, measurement input | item					0.045
New York Code And Design Academy, Inc.
Business Acquisition [Line Items]
Cash paid in acquisition	$ 2,400,000
Contingent consideration payment	$ 4,600,000	$ 500,000	$ 6,000,000	$ 0
Number of founders | individual	2
Employment term	3 years
Less: contingent consideration	$ (14,500,000)
New York Code And Design Academy, Inc. | Contingent Consideration Results of Operations Over Five Year Period [Member]
Business Acquisition [Line Items]
Contingent consideration	$ 12,500,000
Term of additional contingent payments	5 years
New York Code And Design Academy, Inc. | Contingent Consideration Receipt Of State Regulatory Permit [Member]
Business Acquisition [Line Items]
Contingent consideration	$ 5,500,000
New York Code And Design Academy, Inc. | Contingent Consideration Accelerated Earnout Upon Receipt Of One State Regulatory Permit [Member]
Business Acquisition [Line Items]
Contingent consideration	1,000,000
New York Code And Design Academy, Inc. | Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Transaction costs	$ 200,000

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($)	Jan. 13, 2016	Aug. 31, 2016	Apr. 30, 2016	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill				$ 20,744,000	$ 732,540,000	$ 20,744,000	$ 20,744,000
Cash paid for acquisition, net of cash acquired					(167,859,000)		$ 7,635,000
Deferred payment arrangements value					3,100,000	3,600,000
New York Code And Design Academy, Inc.
Business Acquisition [Line Items]
Cash	$ 790,000
Other assets	1,265,000
Indefinite lived intangible assets, fair value	5,660,000
Goodwill	13,944,000
Liabilities assumed	(4,734,000)
Total consideration	16,925,000
Less: contingent consideration	(14,500,000)
Less: cash acquired	(790,000)
Cash paid for acquisition, net of cash acquired	1,635,000
Reduction in fair value of contingent consideration				$ 1,300,000	0	7,800,000
Contingent consideration payment	$ 4,600,000	$ 500,000	$ 6,000,000			0
Deferred payment arrangements value						$ 0
New York Code And Design Academy, Inc. | Maximum
Business Acquisition [Line Items]
Contingent consideration					$ 11,500,000

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues									$ 634,185	$ 454,851	$ 441,088
Instruction and educational support									340,076	249,939	242,099
Provision (benefit) for income taxes									(3,468)	32,034	22,490
Net income (loss)	$ 22,455	$ (52,781)	$ 5,188	$ 9,467	$ (6,495)	$ 6,227	$ 10,302	$ 10,578	(15,671)	20,612	$ 34,802
Tuition receivable - net	55,694				23,122				55,694	23,122
Other current assets	15,814				11,293				15,814	11,293
Income taxes payable	419				1,038				419	1,038
Retained earnings	118,322				$ 162,006				118,322	$ 162,006
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact of adoption of new accounting standards	(171)								(171)
Accounting Standards Update 2014-09 | Balances without Adoption of ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues									634,248
Instruction and educational support									340,083
Provision (benefit) for income taxes									(3,453)
Net income (loss)									(15,630)
Tuition receivable - net	54,660								54,660
Other current assets	17,142								17,142
Income taxes payable	500								500
Retained earnings	118,535								118,535
Accounting Standards Update 2014-09 | Effect of Change Higher/Lower
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues									(63)
Instruction and educational support									(7)
Provision (benefit) for income taxes									(15)
Net income (loss)									(41)
Tuition receivable - net	1,034								1,034
Other current assets	(1,328)								(1,328)
Income taxes payable	(81)								(81)
Retained earnings	$ (213)								$ (213)

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of revenue
Revenues	$ 634,185	$ 454,851	$ 441,088
Strayer University
Disaggregation of revenue
Revenues	471,104	449,547	435,153
Strayer University | Tuition, net of discounts, grants and scholarships
Disaggregation of revenue
Revenues	451,646	433,938	418,220
Strayer University | Other Revenue
Disaggregation of revenue
Revenues	19,458	15,609	16,933
Capella University
Disaggregation of revenue
Revenues	$ 154,918
Subscription period for FlexPath courses	84 days
Capella University | Tuition, net of discounts, grants and scholarships
Disaggregation of revenue
Revenues	$ 147,138
Capella University | Other Revenue
Disaggregation of revenue
Revenues	7,780
Non-Degree Programs
Disaggregation of revenue
Revenues	$ 8,163	$ 5,304	$ 5,935

Revenue Recognition - Graduatio

Revenue Recognition - Graduation Fund (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Number of free courses | item	1
Number of successfully completed courses | item	3
Consecutive terms of non attendance in which Graduation Fund credits will be lost | item	1
Expected collection period of tuition receivable	12 months
Balance at beginning of year	$ 37,400	$ 29,499
Revenue deferred	27,349	25,360
Benefit redeemed	(21,420)	(17,459)
Balance at end of year	43,329	$ 37,400
Unbilled receivables	1,100
Current Liability [Member]
Graduation fund estimated to be redeemed	$ 20,800
Minimum
Expected collection period of tuition receivable, noncurrent	2 years
Maximum
Expected collection period of tuition receivable, noncurrent	4 years

Restructuring and Related Cha_3

Restructuring and Related Charges (Details) - item	1 Months Ended	12 Months Ended
	Oct. 31, 2013	Dec. 31, 2018
Restructuring and Related Charges [Abstract]
Campus location closed	20
Lease marginal borrowing rate		4.50%

Restructuring and Related Cha_4

Restructuring and Related Charges - Restructuring liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of restructuring liability
Beginning balance	$ 8,781	$ 11,985	$ 20,055
Restructuring and other charges	16,319	3,414	0
Payments	(4,656)	(7,037)	(6,438)
Adjustments	443	419	(1,632)
Ending balance	20,887	8,781	11,985
Accounts payable and accrued expenses
Schedule of restructuring liability
Restructuring liabilities	9,800	3,100
Lease and Related Costs, Net
Schedule of restructuring liability
Beginning balance	8,781	11,985	20,055
Payments	(2,684)	(3,623)	(6,438)
Adjustments	443	419	(1,632)
Ending balance	6,540	8,781	$ 11,985
Severance And Other Employee Separation Costs
Schedule of restructuring liability
Restructuring and other charges	16,319	3,414
Payments	(1,972)	$ (3,414)
Ending balance	$ 14,347

Marketable Securities - Availab

Marketable Securities - Available-For-Sale Securities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Available-For-Sale Securities
Amortized Cost	$ 75,060,000
Gross Unrealized Gain	57,000
Gross Unrealized (Losses)	(318,000)
Estimated Fair Value	74,799,000	$ 0
Corporate debt securities
Available-For-Sale Securities
Amortized Cost	48,202,000
Gross Unrealized Gain	12,000
Gross Unrealized (Losses)	(284,000)
Estimated Fair Value	47,930,000
Tax-exempt municipal securities
Available-For-Sale Securities
Amortized Cost	22,858,000
Gross Unrealized Gain	45,000
Gross Unrealized (Losses)	(34,000)
Estimated Fair Value	22,869,000
Variable rate demand notes
Available-For-Sale Securities
Amortized Cost	4,000,000
Estimated Fair Value	$ 4,000,000

Marketable Securities - Loss po

Marketable Securities - Loss position (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Fair value of unrealized loss position longer than twelve months:
Unrealized loss position for a period longer than twelve months	$ 15.5
Other than temporary impairment charges:
Other-than-temporary impairment charges	$ 0

Marketable Securities - Maturit

Marketable Securities - Maturities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Summary of maturities of marketable securities
Due within one year	$ 37,121,000
Due after one year through five years	37,678,000
Estimated Fair Value - Total	$ 74,799,000	$ 0

Marketable Securities - Matur_2

Marketable Securities - Maturity Period (Details) $ in Thousands	5 Months Ended
	Dec. 31, 2018USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 37,121
Variable rate demand notes
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 4,000
Variable rate demand notes | Minimum
Debt Securities, Available-for-sale [Line Items]
Contractual maturities (in years)	27 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)	30 years
Settlement basis period (in days)	7 days
Effective maturity period (in days)	9 days

Marketable Securities - Proceed

Marketable Securities - Proceeds (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Marketable Securities
Proceeds from maturities of available-for-sale securities	$ 16,367

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 300,511	$ 244,064
Accumulated depreciation and amortization	(177,834)	(170,301)
Property and equipment, net	122,677	73,763
Leasehold improvements reimbursed by lessors as lease incentives	300	1,200
Fixed assets written off	$ 17,800	5,300
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,138	7,138
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,883	20,739
Building and Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Building and Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	40 years
Furniture and Office Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 76,856	76,726
Furniture and Office Equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Furniture and Office Equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	7 years
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,546	10,970
Computer hardware | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Computer hardware | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	7 years
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 129,519	80,662
Computer software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Computer software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 44,215	42,915
Leasehold Improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Leasehold Improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,354	$ 4,914

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Schedule of assets and liabilities measured at fair value on a recurring basis
Money market funds	$ 311,732,000	$ 155,933,000
Marketable securities	74,799,000	0
Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	77,090,000
Money market funds | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Money market funds	1,791,000	113,000
Corporate debt securities
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	47,930,000
Corporate debt securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	48,430,000
Tax-exempt municipal securities
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	22,869,000
Tax-exempt municipal securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	22,869,000
Variable rate demand notes
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	4,000,000
Variable rate demand notes | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	4,000,000
Deferred payments | Recurring
Liabilities:
Deferred payments	4,120,000	4,514,000
Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1) [Member] | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	1,791,000
Quoted Prices In Active Markets For Identical Assets/Liabilities (Level 1) [Member] | Money market funds | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Money market funds	1,791,000	113,000
Significant Other Observable Inputs (Level 2) [Member] | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Total assets at fair value on a recurring basis	75,299,000
Significant Other Observable Inputs (Level 2) [Member] | Corporate debt securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	48,430,000
Significant Other Observable Inputs (Level 2) [Member] | Tax-exempt municipal securities | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	22,869,000
Significant Other Observable Inputs (Level 2) [Member] | Variable rate demand notes | Recurring
Schedule of assets and liabilities measured at fair value on a recurring basis
Marketable securities	4,000,000
Significant Unobservable Inputs (Level 3) [Member] | Deferred payments | Recurring
Liabilities:
Deferred payments	$ 4,120,000	$ 4,514,000

Fair Value Measurement - Level

Fair Value Measurement - Level 3 Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounts payable and accrued expenses
Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term portion of deferred payments	$ 1,700
Deferred payments
Schedule of changes in fair value of level 3 liability
Balance at beginning of year	4,514	$ 11,741
Amounts paid	(1,412)	(1,133)
Other adjustments to fair value	1,018	(6,094)
Balance at end of year	$ 4,120	$ 4,514

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in carrying amount
Balance, beginning of period		$ 20,744	$ 20,744
Additions		723,929
Impairments	$ 0	(13,944)	0	$ 0
Adjustments		1,811
Balance, end of period	732,540	732,540	20,744	20,744
Strayer University
Changes in carrying amount
Balance, beginning of period		6,800	6,800
Additions		330,581
Balance, end of period	337,381	337,381	6,800	6,800
Capella University
Changes in carrying amount
Additions		393,348
Adjustments		1,811
Balance, end of period	$ 395,159	395,159
Non-Degree Programs
Changes in carrying amount
Balance, beginning of period		13,944	13,944
Impairments		$ (13,944)
Balance, end of period			$ 13,944	$ 13,944

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Subject to amortization
Accumulated Amortization	$ (23,056)
Net	142,944
Total
Intangible assets, gross	351,400	$ 7,260
Intangible assets, net	328,344	7,260
Trade names
Not Subject to amortization
Net	185,400	7,260
Student relationships
Subject to amortization
Gross Carrying Amount	166,000
Accumulated Amortization	(23,056)
Net	$ 142,944	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangibles Impairment (Details) - USD ($)	3 Months Ended			12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of goodwill	$ 0			$ 13,944,000	$ 0	$ 0
Finite-lived intangible assets	142,944,000			142,944,000
Amortization expenses				25,694,000
Impairment of intangible assets					0	$ 0
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,019	55,333,000			55,333,000
2,020	55,333,000			55,333,000
2,021	32,278,000			32,278,000
Net	142,944,000			142,944,000
New York Code And Design Academy, Inc.
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of goodwill		$ 11,100,000	$ 2,800,000	13,900,000
Trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets	185,400,000			185,400,000	7,260,000
Trade names | New York Code And Design Academy, Inc.
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	300,000	$ 2,000,000	$ 3,400,000
Capella University
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	0
Non-Degree Programs
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of goodwill				$ 13,944,000
Strayer University
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets	0
Student relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Useful life - acquired				3 years
Finite-lived intangible assets	142,944,000			$ 142,944,000	0
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Net	$ 142,944,000			$ 142,944,000	$ 0

Long Term Debt (Details)

Long Term Debt (Details)	Aug. 01, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 31, 2018USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Maximum total leverage ratio		2	2
Minimum coverage ratio		1.75	1.75
Minimum department of education financial composite score		1.5	1.5
Cash interest paid			$ 400,000	$ 400,000
Revolving credit facility, outstanding		$ 0	$ 0	$ 0		$ 0
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Margin rate			1.50%
Unused commitment fee			0.20%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Margin rate			2.00%
Unused commitment fee			0.30%
Amended Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value	$ 250,000,000
Maximum aggregate incremental term loans	150,000,000
Amortization period		5 years
Payments of debt financing costs	$ 1,200,000
Prior Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, value					$ 150,000,000

Equity Awards (Details)

Equity Awards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term of the awards granted under the Plan	10 years
Net cash proceeds related to stock options exercised	$ 8,648
Additional shares authorized for grants	700,000
Stock-based compensation cost which has not yet been recognized	$ 17,800
Stock-based compensation cost recognized period, in months	28 months
Restricted stock awarded subject to performance condition	530,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards issued	0
Number of awards outstanding	0
Restricted stock and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants, Number of shares or units	159,005	75,140	188,737
Number of shares to be settled in cash upon vesting	9,100

Equity Awards - RSU (Details)

Equity Awards - RSU (Details) - Restricted stock and restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of restricted stock and restricted stock units activity
Beginning Balance, Number of shares or units	716,128	727,100	634,327
Grants, Number of shares or units	159,005	75,140	188,737
Awards assumed through acquisition of CEC, Number of shares or units	136,324
Vested shares, Number of shares or units	(236,164)	(84,908)	(23,539)
Forfeitures, Number of shares or units	(37,343)	(1,204)	(72,425)
Ending Balance, Number of shares or units	737,950	716,128	727,100
Beginning Balance, Weighted-average grant price	$ 99.65	$ 97.53	$ 104.66
Grants, Weighted-average grant price	93.30	82.18	50.63
Awards assumed through acquisition of CEC, Weighted-average grant price	118.29
Vested shares, Weighted-average grant price	76.78	66.60	50.43
Forfeitures, Weighted-average grant price	83.69	62.28	62.41
Ending Balance, Weighted-average grant price	$ 114.43	$ 99.65	$ 97.53

Equity Awards - Stock Options (

Equity Awards - Stock Options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Schedule of stock option activity and other stock option information
Exercise of stock options, net (in shares)		0	0
Additional information regarding share-based payment arrangements
Net cash proceeds related to stock options exercised | $	$ 8,648
Aggregate intrinsic value of stock options exercised | $	$ 11,300
Stock options exercised		0	0
Stock options
Schedule of stock option activity and other stock option information
Beginning Balance, Number of shares	100,000	100,000	100,000
Awards assumed through acquisition of CEC, Number of shares	319,846
Grants, Number of shares
Exercise of stock options, net (in shares)	(162,831)
Forfeitures/Expirations, Number of shares	(769)
Ending Balance, Number of shares	256,246	100,000	100,000	100,000
Exercisable, Number of shares	108,317
Beginning Balance, Weighted-average exercise price | $ / shares	$ 51.95	$ 51.95	$ 51.95
Awards assumed through acquisition of CEC, Weighted-average exercise price | $ / shares	66.98
Grants, Weighted-average exercise price | $ / shares
Exercises, Weighted-average exercise price | $ / shares	58.11
Forfeitures/Expirations, Weighted-average exercise price | $ / shares	51.96
Ending Balance, Weighted-average exercise price | $ / shares	66.80	$ 51.95	$ 51.95	$ 51.95
Exercisable, Weighted-average exercise price | $ / shares	$ 65
Weighted-average remaining contractual life (years)	7 years	3 years 1 month 6 days	4 years 1 month 6 days	5 years 1 month 6 days
Exercisable, Weighted-average remaining contractual life (years)	6 years 4 months 24 days
Beginning Balance, Aggregate intrinsic value | $	$ 3,763	$ 2,868	$ 817
Ending Balance, Aggregate intrinsic value | $	11,947	$ 3,763	$ 2,868	$ 817
Exercisable, Aggregate intrinsic value | $	$ 5,245
Additional information regarding share-based payment arrangements
Stock options exercised	162,831

Equity Awards - Stock-based com

Equity Awards - Stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 15,532	$ 11,627	$ 10,767
Tax benefit	3,922	4,593	4,256
Stock-based compensation expense, net of income tax	11,610	7,034	6,511
Instruction and educational support
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	2,572	1,943	1,432
Marketing
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	585
Admissions advisory
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	16
General and administration
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	10,117	$ 9,684	$ 9,335
Merger costs
Schedule of stock-based compensation expense
Stock-based compensation expense included in operating expense	$ 2,242

Equity Awards - Tax windfall (D

Equity Awards - Tax windfall (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Additional information regarding share-based payment arrangements
Tax shortfall associated with stock-based compensation arrangements			$ (51)
Tax windfall related to share-based payment arrangements	$ 3,500	$ 600

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other Long-Term Liabilities [Abstract]
Contract liabilities, net of current portion	$ 23,880	$ 21,033
Deferred rent and other facility costs	6,837	7,113
Employee separation costs	6,800
Deferred payments related to acquisitions	5,904	6,385
Loss on facilities not in use	4,332	5,652
Lease incentives	2,300	2,832
Other	1,263
Total other long-term liabilities	$ 51,316	$ 43,015

Other Long-Term Liabilities - D

Other Long-Term Liabilities - Deferred (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Deferred payment arrangement number of sellers | item	1
Deferred payment arrangements value	$ 3.1	$ 3.6
Funds received from investor	$ 2.8
Minimum
Leasehold improvements and long-term liability amortization period	5 years
Maximum
Leasehold improvements and long-term liability amortization period	10 years

Other Employee Benefit Plans (D

Other Employee Benefit Plans (Details) - USD ($)	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Company's contributions to 401(K) plan		$ 3,500,000	$ 1,300,000	$ 1,100,000
Common stock shares purchase price limit for employees as percentage of market value under Employee Stock Purchase Plan		90.00%
Employee stock purchase plan maximum percentage of purchase employee can make on eligible compensation		10.00%
Maximum number of shares available for purchase by participating employees		2,500,000
Forecast
Maximum annual contribution to 401(k) plan by employees, effective January 1, 2019	$ 19,000
Strayer Education, Inc. 401k Plan
Percentage of company matching contribution to 401(K) plan		50.00%
Defined contribution plan employer matching contribution percent		3.00%
Capella Education Company Retirement Savings Plan
Percentage of company matching contribution to 401(K) plan, first tier		100.00%
Percentage of company matching contribution to 401(K) plan, second tier		50.00%
Defined contribution plan employer matching contribution percent, first tier		2.00%
Defined contribution plan employer matching contribution percent, second tier		4.00%

Other Employee Benefit Plans -

Other Employee Benefit Plans - Shares purchased (Details) - ESPP - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased	4,647	4,718	4,988
Average price per share	$ 100.34	$ 77.05	$ 46.46

Stock Repurchase Plan (Details)

Stock Repurchase Plan (Details) - Stock Repurchase Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Nov. 30, 2003
Equity, Class of Treasury Stock [Line Items]
Authorized common stock for repurchases, amount				$ 15
Remaining authorized share for repurchases, amount	$ 70
Number of shares repurchased	0	0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)lease	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Commitments and Contingencies [Abstract]
Number of long-term, non-cancelable operating leases | lease	87
Rent expense	$ 35.9	$ 33.6	$ 33.7
Rent expense (benefit) related to facilities no longer in use	$ 0.3	$ 0.3	$ (1.9)

Commitments and Contingencies -

Commitments and Contingencies - Minimum rental commitments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Schedule of minimum rental commitments
2,019	$ 33,600
2,020	28,399
2,021	23,485
2,022	13,770
2,023	10,316
Thereafter	32,745
Total	$ 142,315

Income Taxes - Income tax provi

Income Taxes - Income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ 9,069	$ 21,156	$ 26,015
State	3,785	4,477	4,869
Total current	12,854	25,633	30,884
Deferred:
Charge in federal tax rate due to the 2017 Act		11,375
Federal	(13,381)	(3,193)	(7,748)
State	(2,941)	(1,781)	(646)
Total deferred	(16,322)	6,401	(8,394)
Total provision for income taxes	$ (3,468)	$ 32,034	$ 22,490
Statutory federal rate	21.00%	35.00%	35.00%
Tax benefit from 2017 Act	$ 1,200

Income Taxes - Deferred tax ass

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule of tax effects of principal temporary differences that give rise to deferred tax assets
Stock-based compensation	$ 19,834	$ 15,024
Allowance for doubtful accounts	7,943	3,250
Contract liabilities	6,107	5,445
Capital loss carryforward	4,174
Other	3,650	1,217
Other facility-related costs	2,080	2,622
Deferred leasing costs	1,673	1,789
Intangible assets	(82,022)	(1,196)
Property and equipment	(18,441)	(3,326)
Valuation allowance	(4,356)
Prepaid compensation		(373)
Net deferred tax asset		$ 24,452
Net deferred tax liability	$ (59,358)

Income Taxes - Unrecognized tax

Income Taxes - Unrecognized tax benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Abstract]
Tax expense (benefits) related to interest and penalties	$ 12,000	$ 200,000
Amount of interest and penalties	36,000	0
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Beginning unrecognized tax benefits		176,000
Additions from merger	687,000
Reductions for tax positions taken in prior years	(63,000)	$ (176,000)
Ending unrecognized tax benefits	$ 624,000

Income Taxes - Statutory rate (

Income Taxes - Statutory rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of reconciliation between statutory tax rate and effective tax rate
Statutory federal rate	21.00%	35.00%	35.00%
State income taxes, net of federal benefits	(1.40%)	4.20%	4.50%
Adjustment to deferred tax assets as a result of the 2017 Act		21.80%
Transaction costs	(6.20%)	5.20%
Adjustments to contingent consideration		(5.00%)	(0.30%)
Excess tax benefit on share-based compensation	15.50%
Impairment of intangible assets	(15.30%)
Acceleration of deductions due to change in tax law	6.40%
Other	(1.90%)	(0.40%)	0.10%
Effective tax rate	18.10%	60.80%	39.30%
Cash payments for income taxes	$ 13.4	$ 26.2	$ 31.6

Other Investments (Details)

Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Equity Securities without Readily Determinable Fair Value [Line Items]
Investments in certain limited partnerships	$ 13.4
Other investments held		$ 0
Payments to acquire partnership interests	0.7
Additional investment	$ 2
Certain Limited Partnerships | Minimum
Equity Securities without Readily Determinable Fair Value [Line Items]
Partnership interest (as a percentage)	3.00%
Certain Limited Partnerships | Maximum
Equity Securities without Readily Determinable Fair Value [Line Items]
Partnership interest (as a percentage)	5.00%

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Operating segments that meet the threshold to qualify as reportable segments | segment									2
Revenues
Revenues									$ 634,185	$ 454,851	$ 441,088
Operating income (loss)
Amortization of intangible assets									(25,694)
Merger costs									(45,745)	(11,879)
Fair value adjustments and impairment of intangible assets									(19,909)	7,512	3,213
Income (loss) from operations	$ 18,875	$ (57,127)	$ 4,184	$ 11,328	$ 11,688	$ 8,224	$ 13,854	$ 18,443	(22,740)	52,209	57,472
Strayer University
Revenues
Revenues									471,104	449,547	435,153
Operating income (loss)
Income (loss) from operations									68,188	64,801	67,991
Capella University
Revenues
Revenues									154,918
Operating income (loss)
Income (loss) from operations									6,340
Non-Degree Programs
Revenues
Revenues									8,163	5,304	5,935
Operating income (loss)
Income (loss) from operations									(5,920)	$ (8,225)	$ (13,732)
Segment Reconciling Items
Operating income (loss)
Amortization of intangible assets									$ (25,694)

Segment Reporting - Non-cash it

Segment Reporting - Non-cash items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non cash items included in segment income (loss) from operations by reportable segment
Amortization of intangible assets	$ 25,694
Depreciation and amortization	54,543	$ 18,733	$ 17,817
Stock-based compensation	15,532	11,627	10,767
Segments | Strayer University
Non cash items included in segment income (loss) from operations by reportable segment
Depreciation and amortization	19,997	18,268	17,380
Stock-based compensation	11,602	11,627	10,767
Segments | Capella University
Non cash items included in segment income (loss) from operations by reportable segment
Depreciation and amortization	7,382
Stock-based compensation	1,495
Segments | Non-Degree Programs
Non cash items included in segment income (loss) from operations by reportable segment
Depreciation and amortization	741	$ 465	$ 437
Stock-based compensation	193
Segment Reconciling Items
Non cash items included in segment income (loss) from operations by reportable segment
Merger costs	2,242
Amortization of intangible assets	25,694
Merger costs	$ 729

Summarized Quarterly Financia_3

Summarized Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]
Revenues	$ 242,103	$ 160,945	$ 114,668	$ 116,469	$ 118,707	$ 108,512	$ 112,720	$ 114,912	$ 634,185	$ 454,851	$ 441,088
Income (loss) from operations	18,875	(57,127)	4,184	11,328	11,688	8,224	13,854	18,443	(22,740)	52,209	57,472
Net income (loss)	$ 22,455	$ (52,781)	$ 5,188	$ 9,467	$ (6,495)	$ 6,227	$ 10,302	$ 10,578	$ (15,671)	$ 20,612	$ 34,802
Net income (loss) per share:
Basic	$ 1.05	$ (2.97)	$ 0.48	$ 0.88	$ (0.61)	$ 0.58	$ 0.96	$ 1	$ (1.03)	$ 1.93	$ 3.28
Diluted	$ 1.02	$ (2.97)	$ 0.46	$ 0.84	$ (0.61)	$ 0.56	$ 0.92	$ 0.95	$ (1.03)	$ 1.84	$ 3.21

Regulation (Details)

Regulation (Details)	Jan. 08, 2017item	Oct. 21, 2014item	Sep. 26, 2014item	Sep. 11, 2014item	Aug. 20, 2014item	Dec. 31, 2018stateitem	Dec. 31, 2014item	Apr. 29, 2015USD ($)
Regulation [Line Items]
Number of debt-to-earnings measures						2
Failed programs	0
Number of ineligible years						3 years
Number of consecutive years program has to fail both metrics to become ineligible						2 years
Number of consecutive years program has to fail one metric to become ineligible						4 years
Number of metrics that can't be failed for consecutive years						1
Minimum
Regulation [Line Items]
Average of median annual earning percentage						8.00%
Average of median discretionary percentage						20.00%
Maximum
Regulation [Line Items]
Average of median annual earning percentage						12.00%
Average of median discretionary percentage						30.00%
Capella University
Regulation [Line Items]
Number of current programs in the Zone						1
Strayer University
Regulation [Line Items]
Number of current programs in the Zone						2
Number of conducted compliance reviews						4
Number of reviews in which no further action was required		1
Number of on-site reviews conducted			2	1	1
Number of states in which compliance reviews were conducted | state						3
Number of reviews also covered compliance with additional agencies							2
Strayer University | Maximum
Regulation [Line Items]
Amount due to department of education | $								$ 500

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2019	Feb. 28, 2019
Subsequent Events
Reduction in deferred tax assets		$ (11.5)
Site visit duration	6 months