Bright Horizons Family Solutions (BFAM) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-35780
Entity Registrant Name	BRIGHT HORIZONS FAMILY SOLUTIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0188269
Entity Address, Address Line One	2 Wells Avenue
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02459
City Area Code	(617)
Local Phone Number	673-8000
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	BFAM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,560,617
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001437578
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 418,638	$ 384,344
Accounts receivable — net of allowance for credit losses of $2,402 and $2,357 at June 30, 2021 and December 31, 2020, respectively	141,253	176,617
Prepaid expenses and other current assets	74,743	62,902
Prepaid income taxes	19,830	322
Total current assets	654,464	624,185
Fixed assets — net	617,248	628,757
Goodwill	1,451,041	1,431,967
Other intangible assets — net	261,013	274,620
Operating lease right-of-use assets	703,107	717,821
Other assets	54,010	49,298
Total assets	3,740,883	3,726,648
Current liabilities:
Current portion of long-term debt	10,750	10,750
Accounts payable and accrued expenses	190,554	194,551
Current portion of operating lease liabilities	87,934	87,181
Deferred revenue	225,683	197,939
Other current liabilities	49,599	40,393
Total current liabilities	564,520	530,814
Long-term debt — net	1,015,433	1,020,137
Operating lease liabilities	712,399	729,754
Other long-term liabilities	117,822	105,980
Deferred revenue	10,421	10,215
Deferred income taxes	49,144	45,951
Total liabilities	2,469,739	2,442,851
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at June 30, 2021 and December 31, 2020	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 60,278,756 and 60,466,168 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	60	60
Additional paid-in capital	868,289	910,304
Accumulated other comprehensive loss	(23,654)	(27,069)
Retained earnings	426,449	400,502
Total stockholders’ equity	1,271,144	1,283,797
Total liabilities and stockholders’ equity	$ 3,740,883	$ 3,726,648

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 2,402	$ 2,357
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	475,000,000	475,000,000
Common stock, shares issued (in shares)	60,278,756	60,466,168
Common stock, shares outstanding (in shares)	60,278,756	60,466,168

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 441,478	$ 293,772	$ 832,318	$ 800,095
Cost of services	335,496	228,536	644,978	626,000
Gross profit	105,982	65,236	187,340	174,095
Selling, general and administrative expenses	64,458	49,247	124,568	106,616
Amortization of intangible assets	7,512	7,875	15,052	16,084
Income from operations	34,012	8,114	47,720	51,395
Interest expense — net	(9,580)	(9,129)	(18,596)	(19,335)
Income (loss) before income tax	24,432	(1,015)	29,124	32,060
Income tax benefit (expense)	(5,617)	1,374	(3,177)	(969)
Net income	$ 18,815	$ 359	$ 25,947	$ 31,091
Weighted average common shares outstanding:
Cost of services, extensible list	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Common Stock
Earnings per common share:
Common stock — basic (in dollars per share)	$ 0.31	$ 0.01	$ 0.43	$ 0.53
Common stock — diluted (in dollars per share)	$ 0.31	$ 0.01	$ 0.42	$ 0.52
Weighted average common shares outstanding:
Common stock — basic (in shares)	60,551,528	59,631,428	60,573,237	58,781,169
Common stock — diluted (in shares)	61,106,792	60,266,102	61,216,383	59,572,444

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 18,815	$ 359	$ 25,947	$ 31,091
Other comprehensive income (loss):
Foreign currency translation adjustments	1,213	1,557	699	(37,951)
Unrealized gain (loss) on cash flow hedges and investments, net of tax	964	793	2,716	(3,477)
Total other comprehensive income (loss)	2,177	2,350	3,415	(41,428)
Comprehensive income (loss)	$ 20,992	$ 2,709	$ 29,362	$ (10,337)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, at Cost	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2019		57,884,020
Beginning balance at Dec. 31, 2019	$ 971,268	$ 58	$ 648,031	$ 0	$ (50,331)	$ 373,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	249,790
Stock-based compensation expense	9,438		9,438
Issuance of common stock under the Equity Incentive Plan (in shares)		416,152
Issuance of common stock under the Equity Incentive Plan	18,039	$ 1	18,038
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(55,252)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(7,715)		(7,715)
Purchase of treasury stock	(32,208)			(32,208)
Retirement of treasury stock (in shares)		(231,313)
Retirement of treasury stock	0	$ (1)	(32,207)	32,208
Other comprehensive income (loss)	(41,428)				(41,428)
Net income	31,091					31,091
Ending balance (in shares) at Jun. 30, 2020		60,152,187
Ending balance at Jun. 30, 2020	1,198,275	$ 60	885,373	0	(91,759)	404,601
Beginning balance (in shares) at Mar. 31, 2020		57,920,154
Beginning balance at Mar. 31, 2020	937,528	$ 58	627,337	0	(94,109)	404,242
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Number of shares issued (shares)		2,138,580
Issuance of common stock	249,790	$ 2	249,788
Stock-based compensation expense	5,155		5,155
Issuance of common stock under the Equity Incentive Plan (in shares)		117,276
Issuance of common stock under the Equity Incentive Plan	5,577	$ 0	5,577
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(23,823)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(2,484)		(2,484)
Other comprehensive income (loss)	2,350				2,350
Net income	359					359
Ending balance (in shares) at Jun. 30, 2020		60,152,187
Ending balance at Jun. 30, 2020	1,198,275	$ 60	885,373	0	(91,759)	404,601
Beginning balance (in shares) at Dec. 31, 2020		60,466,168
Beginning balance at Dec. 31, 2020	1,283,797	$ 60	910,304	0	(27,069)	400,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11,135		11,135
Issuance of common stock under the Equity Incentive Plan (in shares)		371,561
Issuance of common stock under the Equity Incentive Plan	24,338	$ 1	24,337
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(43,973)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(7,142)		(7,142)
Purchase of treasury stock	(70,346)			(70,346)
Retirement of treasury stock (in shares)		(515,000)
Retirement of treasury stock	0	$ (1)	(70,345)	70,346
Other comprehensive income (loss)	3,415				3,415
Net income	25,947					25,947
Ending balance (in shares) at Jun. 30, 2021		60,278,756
Ending balance at Jun. 30, 2021	1,271,144	$ 60	868,289	0	(23,654)	426,449
Beginning balance (in shares) at Mar. 31, 2021		60,726,701
Beginning balance at Mar. 31, 2021	1,310,625	$ 61	928,761	0	(25,831)	407,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	5,829		5,829
Issuance of common stock under the Equity Incentive Plan (in shares)		75,169
Issuance of common stock under the Equity Incentive Plan	5,341	$ 0	5,341
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(8,114)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(1,297)		(1,297)
Purchase of treasury stock	(70,346)			(70,346)
Retirement of treasury stock (in shares)		(515,000)
Retirement of treasury stock	0	$ (1)	(70,345)	70,346
Other comprehensive income (loss)	2,177				2,177
Net income	18,815					18,815
Ending balance (in shares) at Jun. 30, 2021		60,278,756
Ending balance at Jun. 30, 2021	$ 1,271,144	$ 60	$ 868,289	$ 0	$ (23,654)	$ 426,449

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 18,815	$ 359	$ 25,947	$ 31,091
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			55,392	55,880
Impairment losses on long-lived assets			0	16,857
Impairment losses on equity investment			0	2,128
Stock-based compensation expense			11,135	9,438
Deferred income taxes			2,238	(2,783)
Other non-cash adjustments — net			513	(1,187)
Changes in assets and liabilities:
Accounts receivable			35,338	(73,449)
Prepaid expenses and other current assets			(10,612)	(33,156)
Accounts payable and accrued expenses			(1,818)	(19,824)
Income taxes			(19,908)	327
Deferred revenue			28,117	3,399
Leases			(2,143)	30,003
Other assets			3,101	3,404
Other current and long-term liabilities			8,425	29,132
Net cash provided by operating activities			135,725	51,260
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets			(33,953)	(32,374)
Proceeds from the disposal of fixed assets			5,490	7,352
Proceeds from the maturity of debt securities and sale of other investments			10,500	7,247
Purchases of debt securities and other investments			(10,611)	(6,106)
Payments and settlements for acquisitions — net of cash acquired			(9,082)	(4,394)
Net cash used in investing activities			(37,656)	(28,275)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock issuance — net of issuance costs			0	249,937
Borrowings under revolving credit facility			0	43,200
Payments under revolving credit facility			0	(43,200)
Principal payments of long-term debt			(5,375)	(5,375)
Payments of debt issuance costs			(2,057)	(2,818)
Purchase of treasury stock			(70,346)	(32,658)
Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase			28,180	21,187
Taxes paid related to the net share settlement of stock options and restricted stock			(7,142)	(7,715)
Payments of contingent consideration for acquisitions			0	(1,088)
Net cash provided by (used in) financing activities			(56,740)	221,470
Effect of exchange rates on cash, cash equivalents and restricted cash			(675)	(908)
Net increase in cash, cash equivalents and restricted cash			40,654	243,547
Cash, cash equivalents and restricted cash — beginning of period			388,465	31,192	$ 31,192
Cash, cash equivalents and restricted cash — end of period	429,119	274,739	429,119	274,739	388,465
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	418,638	270,442	418,638	270,442	384,344
Restricted cash and cash equivalents, included in prepaid expenses and other current assets	10,481	4,297	10,481	4,297
Total cash, cash equivalents and restricted cash — end of period	$ 429,119	$ 274,739	429,119	274,739	$ 388,465
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest			16,815	18,117
Cash payments of income taxes			21,200	6,709
Cash paid for amounts included in the measurement of lease liabilities			72,496	51,397
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses			2,849	3,311
Contingent consideration issued for acquisitions			7,337	0
Operating right-of-use assets obtained in exchange for operating lease liabilities — net			28,147	71,677
Restricted stock reclassified from other current liabilities to equity upon vesting			$ 4,178	$ 4,424

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based early education and child care, back-up child and adult/elder care, tuition assistance and student loan repayment program administration, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Puerto Rico and India. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer early education and child care, family care solutions, and workforce education services, as part of their employee benefits packages in an effort to support employees across life and career stages and improve employee engagement. Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of June 30, 2021 and the condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2021 and 2020 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts within the condensed consolidated balance sheet and supplemental statement of cash flows information to conform to the current period presentation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of June 30, 2021 and the condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2021 and 2020, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. Stockholders ’ Equity — The board of directors of the Company authorized a share repurchase program of up to $300 million of the Company’s outstanding common stock, effective June 12, 2018. The share repurchase program has no expiration date. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, under Rule 10b5-1 plans, or by other means in accordance with federal securities laws. During the three months ended June 30, 2021, 0.5 million shares were repurchased for $70.3 million under this authorization, and at June 30, 2021, $124.5 million remained available under the repurchase program. On April 21, 2020, the Company completed the issuance and sale of 2,138,580 shares of common stock, par value $0.001 per share, to Durable Capital Master Fund LP at a price of $116.90 per share. The Company subsequently filed a registration statement to register the resale of these shares in accordance with the terms of the purchase agreement. The Company received net proceeds from the offering of $249.8 million. COVID-19 Pandemic — Since March 2020, the Company's global operations have been significantly impacted by the COVID-19 pandemic. As of June 30, 2021, the Company operated 1,006 early education and child care centers, of which approximately 920 early education and child care centers were open. The Company remains focused on the re-enrollment of its centers and the phased re-opening of the limited number of centers that remain temporarily closed, which the Company expects will continue throughout 2021. The broad and long-term effects of COVID-19, its duration and the scope of ongoing and related disruptions, cannot be predicted. Given these factors, the Company currently expects the effects of COVID-19 to continue to adversely impact the results of its operations for the remainder of 2021. Government Support — The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Consolidated Appropriations Act, 2021 (“CAA”) were enacted in the United States on March 27, 2020 and January 1, 2021, respectively; both are economic aid packages to help mitigate the impact of the pandemic. Additionally, other foreign governmental legislation that provided relief provisions was enacted in response to the economic impact of COVID-19. The Company has participated in certain government support programs, including availing itself of certain tax deferrals and tax credits allowed pursuant to the CARES Act in the United States, as well as certain tax deferrals, tax credits, and employee wage support in the United Kingdom. On December 27, 2020, the employee retention tax credit, originally enacted under the CARES Act in the United States, was expanded and extended under the CAA to wages paid through the first two quarters of 2021, among other changes. Governmental support received is recorded on the consolidated statement of income as a reduction to the related expenses that the assistance is intended to defray. During the six months ended June 30, 2021 and 2020, $17.0 million and $39.6 million, respectively, was recorded as a reduction to cost of services in relation to these benefits. As of June 30, 2021 and December 31, 2020, $10.9 million and $8.4 million, respectively, was recorded in prepaid expenses and other current assets on the consolidated balance sheet for amounts due from government support programs. Additionally, the Company had payroll tax deferrals totaling $20.4 million as of June 30, 2021 and December 31, 2020, of which $10.2 million was recorded in accounts payable and accrued expenses and $10.2 million was included in other long-term liabilities. Recently Adopted Pronouncement — In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The standard removes certain exceptions to the general principles in Topic 740 and improves the consistent application of U.S. GAAP by clarifying and amending certain areas of the existing guidance. The Company adopted the new guidance on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into segments and geographical regions. Revenue disaggregated by segment and geographical region was as follows: Full service Back-up care Educational Total (In thousands) Three months ended June 30, 2021 North America $ 216,327 $ 76,660 $ 25,567 $ 318,554 Europe 118,100 4,824 — 122,924 $ 334,427 $ 81,484 $ 25,567 $ 441,478 Three months ended June 30, 2020 North America $ 92,572 $ 133,106 $ 20,562 $ 246,240 Europe 44,734 2,798 — 47,532 $ 137,306 $ 135,904 $ 20,562 $ 293,772 Full service Back-up care Educational Total (In thousands) Six months ended June 30, 2021 North America $ 408,781 $ 147,842 $ 49,733 $ 606,356 Europe 215,965 9,997 — 225,962 $ 624,746 $ 157,839 $ 49,733 $ 832,318 Six months ended June 30, 2020 North America $ 390,639 $ 203,663 $ 41,327 $ 635,629 Europe 158,058 6,408 — 164,466 $ 548,697 $ 210,071 $ 41,327 $ 800,095 The classification “North America” is comprised of the Company’s United States, Puerto Rico, and Canada operations and the classification “Europe” includes the United Kingdom, Netherlands, and India operations. During the third quarter of fiscal 2020, the Company divested its child care center business in Canada and ceased to operate its two centers in that geography. Deferred Revenue The Company records deferred revenue when payments are received in advance of the Company’s performance under the contract, which is recognized as revenue as the performance obligation is satisfied. During the six months ended June 30, 2021, $146.7 million was recognized as revenue related to the deferred revenue balance recorded at December 31, 2020. During the six months ended June 30, 2020, $151.4 million was recognized as revenue related to the deferred revenue balance recorded at December 31, 2019. Remaining Performance Obligations The Company does not disclose the value of unsatisfied performance obligations for contracts with an original contract term of one year or less, or for variable consideration allocated to the unsatisfied performance obligation of a series of services. The transaction price allocated to the remaining performance obligations relates to services that are paid or invoiced in advance. The Company’s remaining performance obligations not subject to the practical expedients were not material.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	LEASES The Company has operating leases for certain of its full service and back-up early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, and the Netherlands. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. The Company does not have any finance leases as of June 30, 2021. Lease Expense The components of lease expense were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In thousands) Operating lease expense (1) $ 33,652 $ 38,667 $ 67,277 $ 72,528 Variable lease expense (1) 6,735 6,120 13,677 15,353 Total lease expense $ 40,387 $ 44,787 $ 80,954 $ 87,881 (1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented. Operating lease expense for the three and six months ended June 30, 2020 includes an impairment loss on operating lease right-of-use assets of $5.2 million. Refer to Note 9, Fair Value Measurements , for additional information. Other Information The weighted average remaining lease term and the weighted average discount rate were as follows: June 30, 2021 December 31, 2020 Weighted average remaining lease term (in years) 10 10 Weighted average discount rate 5.9% 6.0% Maturity of Lease Liabilities The following table summarizes the maturity of lease liabilities as of June 30, 2021: Operating Leases (In thousands) Remainder of 2021 $ 55,582 2022 133,656 2023 125,251 2024 114,428 2025 99,967 Thereafter 540,141 Total lease payments 1,069,025 Less imputed interest (268,692) Present value of lease liabilities 800,333 Less current portion of operating lease liabilities (87,934) Long-term operating lease liabilities $ 712,399 As of June 30, 2021, the Company had entered into additional operating leases that have not yet commenced with total fixed payment obligations of $21.8 million. The leases are expected to commence between the third quarter of fiscal 2021 and the fourth quarter of fiscal 2022 and have initial lease terms of approximately 10 to 15 years. Lease Modifications As of June 30, 2021, the Company had deferred lease payments of $2.0 million. The majority of these lease payments are payable over the next year. As of December 31, 2020, the Company had deferred lease payments of $7.7 million.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS The Company’s growth strategy includes expansion through strategic and synergistic acquisitions. The goodwill resulting from these acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company's existing operations, including cost efficiencies and leveraging existing client relationships, as well as from benefits derived from gaining the related assembled workforce. 2021 Acquisitions During the six months ended June 30, 2021, the Company acquired two centers as well as a camp and back-up care provider in the United States, in two separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for aggregate cash consideration of $8.6 million, net of cash acquired of $0.3 million, and consideration payable of $0.4 million. Additionally, the Company is subject to contingent consideration payments for these two acquisitions, and recorded a preliminary fair value estimate of $7.3 million in relation to these contingent consideration arrangements at acquisition. Contingent consideration of up to $1.2 million may be payable within one year if certain performance targets are met for one of the acquisitions, and contingent consideration is payable in 2026 based on certain financial metrics for the other acquisition. The Company recorded goodwill of $14.5 million related to the back-up care segment and of $3.4 million related to the full service center-based child care segment, all of which will be deductible for tax purposes. In addition, the Company recorded intangible assets of $1.3 million that will be amortized over five years, as well as fixed assets of $1.5 million in relation to these acquisitions. The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2021, the purchase price allocations for these acquisitions remain open as the Company gathers additional information regarding the assets acquired and the liabilities assumed, and finalizes its determination of the estimated fair value of the contingent consideration at the date of acquisition. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition, and were not material to the Company’s financial results. 2020 Acquisitions During the year ended December 31, 2020, the Company acquired two child care centers and the Sittercity business, an online marketplace for families and caregivers, in the United States, in three separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for cash consideration of $8.1 million, net of cash acquired of $1.3 million, and consideration payable of $0.1 million, and included fixed assets and technology of $4.1 million, as well as a trade name of $0.7 million that will be amortized over five years. The Company recorded goodwill of $2.0 million related to the educational advisory and other services segment and $2.1 million related to the full-service center-based child care segment, all of which will be deductible for tax purposes. The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of June 30, 2021, the purchase price allocation for one of the 2020 acquisitions remains open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. During the year ended December 31, 2020, the Company paid $1.2 million for contingent consideration related to acquisitions completed in 2018 and 2019, which had been recorded as a liability at the date of acquisition.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill were as follows: Full service Back-up care Educational Total (In thousands) Balance at January 1, 2021 $ 1,197,658 $ 194,616 $ 39,693 $ 1,431,967 Additions from acquisitions 3,435 14,537 — 17,972 Adjustments to prior year acquisitions — — 150 150 Effect of foreign currency translation 758 194 — 952 Balance at June 30, 2021 $ 1,201,851 $ 209,347 $ 39,843 $ 1,451,041 The Company also has intangible assets, which consisted of the following at June 30, 2021 and December 31, 2020: June 30, 2021 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 402,965 $ (325,348) $ 77,617 Trade names 6 years 12,282 (10,039) 2,243 415,247 (335,387) 79,860 Indefinite-lived intangible assets: Trade names N/A 181,153 — 181,153 $ 596,400 $ (335,387) $ 261,013 December 31, 2020 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 402,319 $ (310,587) $ 91,732 Trade names 6 years 11,219 (9,633) 1,586 413,538 (320,220) 93,318 Indefinite-lived intangible assets: Trade names N/A 181,302 — 181,302 $ 594,840 $ (320,220) $ 274,620

Credit Arrangements and Debt Ob

Credit Arrangements and Debt Obligations	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Credit Arrangements and Debt Obligations	CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS Senior Secured Credit Facilities The Company’s senior secured credit facilities consist of a secured term loan facility (“term loan facility”) and a $400 million multi-currency revolving credit facility (“revolving credit facility”). The term loan matures on November 7, 2023 and requires quarterly principal payments of $2.7 million, with the remaining principal balance due on November 7, 2023. Outstanding term loan borrowings were as follows: June 30, 2021 December 31, 2020 (In thousands) Term loan $ 1,029,313 $ 1,034,688 Deferred financing costs and original issue discount (3,130) (3,801) Total debt 1,026,183 1,030,887 Less current maturities (10,750) (10,750) Long-term debt $ 1,015,433 $ 1,020,137 On May 26, 2021, the Company amended its existing senior credit facilities to, among other changes, extend the revolving credit facility maturity date from July 31, 2022 to May 26, 2026 (subject to a springing maturity to August 8, 2023 if more than $25 million of the term loans have not been repaid, refinanced or extended), and reduce the interest rates applicable to borrowings outstanding on the revolving credit facility. In conjunction with this credit amendment, the Company incurred $2.1 million in fees that have been capitalized in other assets on the consolidated balance sheet and are amortized over the contractual life of the revolving credit facility. There were no borrowings outstanding on the revolving credit facility at June 30, 2021 and December 31, 2020. In April and May 2020, the Company amended its existing senior credit facilities to, among other things, increase the borrowing capacity of the revolving credit facility from $225 million to $400 million, modify the interest rates applicable to borrowings outstanding on the revolving credit facility, and modify the terms of the applicable covenants. In conjunction with these credit amendments, the Company incurred $2.8 million in fees that have been capitalized in other assets on the consolidated balance sheet and were being amortized over the contractual life of the revolving credit facility prior to the May 26, 2021 amendment. All borrowings under the credit agreement are subject to variable interest. The effective interest rate for the term loan was 2.50% at June 30, 2021 and December 31, 2020, and the weighted average interest rate was 2.50% and 3.00% for the six months ended June 30, 2021 and 2020, respectively, prior to the effects of any interest rate hedge arrangements. Effective as of May 26, 2021, borrowings under the revolving credit facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the eurocurrency rate. The weighted average interest rate for the revolving credit facility was 4.00% and 4.49% for the six months ended June 30, 2021 and 2020, respectively. All obligations under the senior secured credit facilities are secured by substantially all the assets of the Company’s U.S. subsidiaries. The senior secured credit facilities contain a number of covenants that, among other things and subject to certain exceptions, may restrict the ability of Bright Horizons Family Solutions LLC, the Company’s wholly-owned subsidiary, and its restricted subsidiaries, to: incur certain liens; make investments, loans, advances and acquisitions; incur additional indebtedness or guarantees; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; engage in transactions with affiliates; sell assets, including capital stock of the Company’s subsidiaries; alter the business conducted; enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and consolidate or merge. In addition, the credit agreement governing the senior secured credit facilities requires Bright Horizons Capital Corp., the Company’s direct subsidiary, to be a passive holding company, subject to certain exceptions. The revolving credit facility requires Bright Horizons Family Solutions LLC, the borrower, and its restricted subsidiaries, to comply with a maximum first lien net leverage ratio of 4.25 to 1.00 beginning June 30, 2021. A breach of the applicable covenant is subject to certain equity cure rights. Future principal payments of long-term debt are as follows for the years ending December 31: Term Loan (In thousands) Remainder of 2021 $ 5,375 2022 10,750 2023 1,013,188 Total future principal payments $ 1,029,313 Derivative Financial Instruments The Company is subject to interest rate risk as all borrowings under the senior secured credit facilities are subject to variable interest rates. In October 2017, the Company entered into variable-to-fixed interest rate swap agreements to mitigate the exposure to variable interest arrangements on $500 million notional amount of the outstanding term loan borrowings. These swap agreements, designated and accounted for as cash flow hedges from inception, are scheduled to mature on October 31, 2021. The Company is required to make monthly payments on the notional amount at a fixed average interest rate, plus the applicable rate for eurocurrency loans. Effective as of May 31, 2018, the notional amount is subject to a total interest rate of approximately 3.65%. In exchange, the Company receives interest on the notional amount at a variable rate based on the one-month LIBOR rate, subject to a 0.75% floor. In June 2020, the Company entered into interest rate cap agreements with a total notional value of $800 million, designated and accounted for as cash flow hedges from inception, to provide the Company with interest rate protection in the event the one-month LIBOR rate increases above 1%. Interest rate cap agreements for $300 million notional value have an effective date of June 30, 2020 and expire on October 31, 2023, while interest rate cap agreements for another $500 million notional amount have a forward starting effective date of October 29, 2021, which coincides with the maturity of the interest rate swap agreements, and expire on October 31, 2023. The interest rate swaps and interest rate caps are recorded on the Company’s consolidated balance sheet at fair value and classified based on the instruments’ maturity dates. The Company records gains and losses resulting from changes in the fair value of the interest rate swaps and interest rate caps to accumulated other comprehensive income or loss. These gains and losses are subsequently reclassified into earnings and recognized to interest expense in the Company’s consolidated statement of income in the period that the hedged interest expense on the term loan facility is recognized. The premium paid for the interest rate cap was recorded as an asset and will be allocated to each of the individual hedged interest payments on the basis of their relative fair values. The change in each respective allocated fair value amount will be reclassified out of accumulated other comprehensive income when each of the hedged forecasted transactions impacts earnings and recognized to interest expense in the Company's consolidated statement of income. The fair value of the derivative financial instruments was as follows for the periods presented: Derivative financial instruments Consolidated balance sheet classification June 30, 2021 December 31, 2020 (In thousands) Interest rate swaps - liability Other current liabilities $ 1,911 $ 4,775 Interest rate caps - asset Other assets $ 1,141 $ 277 The effect of the derivative financial instruments on other comprehensive income (loss) was as follows: Derivatives designated as cash flow hedging instruments Amount of gain (loss) recognized in other comprehensive income (loss) Consolidated statement of income classification Amount of net gain (loss) reclassified into earnings Total effect on other comprehensive income (loss) (In thousands) (In thousands) Three months ended June 30, 2021 Cash flow hedges $ (138) Interest expense — net $ (1,471) $ 1,333 Income tax effect 37 Income tax expense 393 (356) Net of income taxes $ (101) $ (1,078) $ 977 Three months ended June 30, 2020 Cash flow hedges $ (219) Interest expense — net $ (1,356) $ 1,137 Income tax effect 59 Income tax expense 365 (306) Net of income taxes $ (160) $ (991) $ 831 Derivatives designated as cash flow hedging instruments Amount of gain (loss) recognized in other comprehensive income (loss) Consolidated statement of income classification Amount of net gain (loss) reclassified into earnings Total effect on other comprehensive income (loss) (In thousands) (In thousands) Six months ended June 30, 2021 Cash flow hedges $ 840 Interest expense — net $ (2,921) $ 3,761 Income tax effect (224) Income tax expense 780 (1,004) Net of income taxes $ 616 $ (2,141) $ 2,757 Six months ended June 30, 2020 Cash flow hedges $ (6,521) Interest expense — net $ (1,641) $ (4,880) Income tax effect 1,754 Income tax expense 442 1,312 Net of income taxes $ (4,767) $ (1,199) $ (3,568) During the next twelve months, the Company estimates that a net loss of $2.2 million, pre-tax, will be reclassified from accumulated other comprehensive income (loss) and recorded to interest expense related to these derivative financial instruments.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share using the two-class method: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In thousands, except share data) Basic earnings per share: Net income $ 18,815 $ 359 $ 25,947 $ 31,091 Allocation of net income to common stockholders: Common stock $ 18,733 $ 358 $ 25,838 $ 30,945 Unvested participating shares 82 1 109 146 Net income $ 18,815 $ 359 $ 25,947 $ 31,091 Weighted average common shares outstanding: Common stock 60,551,528 59,631,428 60,573,237 58,781,169 Unvested participating shares 263,957 250,427 249,571 262,614 Earnings per common share: Common stock $ 0.31 $ 0.01 $ 0.43 $ 0.53 Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In thousands, except share data) Diluted earnings per share: Earnings allocated to common stock $ 18,733 $ 358 $ 25,838 $ 30,945 Plus: earnings allocated to unvested participating shares 82 1 109 146 Less: adjusted earnings allocated to unvested participating shares (81) (1) (108) (144) Earnings allocated to common stock $ 18,734 $ 358 $ 25,839 $ 30,947 Weighted average common shares outstanding: Common stock 60,551,528 59,631,428 60,573,237 58,781,169 Effect of dilutive securities 555,264 634,674 643,146 791,275 Weighted average common shares outstanding — diluted 61,106,792 60,266,102 61,216,383 59,572,444 Earnings per common share: Common stock $ 0.31 $ 0.01 $ 0.42 $ 0.52 Options outstanding to purchase 1.0 million and 1.2 million shares of common stock were excluded from diluted earnings per share for the three months ended June 30, 2021 and 2020, respectively, and 0.9 million and 0.8 million shares of common stock were excluded for the six months ended June 30, 2021 and 2020, respectively, since their effect was anti-dilutive. These options may become dilutive in the future.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rates were 23.0% and (135.4)% for the three months ended June 30, 2021 and 2020, respectively, and 10.9% and 3.0% for the six months ended June 30, 2021 and 2020, respectively. The effective income tax rate may fluctuate from quarter to quarter for various reasons, including changes to income (loss) before income tax, jurisdictional mix of income (loss) before income tax, valuation allowances, jurisdictional income tax rate changes, as well as discrete items such as the settlement of foreign, federal and state tax issues and the effects of excess tax benefits associated with the exercise of stock options and vesting of restricted stock, which is included as a reduction of tax expense. During the three and six months ended June 30, 2021, the excess tax benefit from stock-based compensation expense decreased tax expense by $1.2 million and $5.1 million, respectively. During the three and six months ended June 30, 2020, the excess tax benefit from stock-based compensation expense decreased tax expense by $1.7 million and $8.6 million, respectively. For the three and six months ended June 30, 2021, prior to the inclusion of the excess tax benefit and other discrete items, the effective income tax rate approximated 28%. For the three and six months ended June 30, 2020, prior to the inclusion of the excess tax benefit and other discrete items, the effective income tax rate approximated 29%. The Company’s unrecognized tax benefits were $3.8 million at June 30, 2021 and $4.0 million at December 31, 2020, inclusive of interest. The Company settled an open tax matter during the quarter resulting in a decrease in the unrecognized tax benefits of $0.4 million. The Company expects the unrecognized tax benefits to change over the next twelve months if certain tax matters settle with the applicable taxing jurisdiction during this time frame, or, if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $2.4 million. The Company and its domestic subsidiaries are subject to audit for U.S. federal income tax as well as multiple state jurisdictions. U.S. federal income tax returns are typically subject to examination by the Internal Revenue Service (“IRS”) and the statute of limitations for federal tax returns is three years. The Company’s filings for the tax years 2017 through 2020 are subject to audit based upon the federal statute of limitations. State income tax returns are generally subject to examination for a period of three to four years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. As of June 30, 2021, there were two income tax audits in process and the tax years from 2016 to 2020 are subject to audit. The Company is also subject to corporate income tax at its subsidiaries located in the United Kingdom, the Netherlands, India, Ireland, and Puerto Rico. The tax returns for the Company’s subsidiaries located in foreign jurisdictions are subject to examination for periods ranging from one to five years.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximates their fair value because of their short-term nature. Financial instruments that potentially expose the Company to concentrations of credit risk consisted mainly of cash and accounts receivable. The Company mitigates its exposure by maintaining its cash in financial institutions of high credit standing. The Company’s accounts receivable is derived primarily from the services it provides, and the related credit risk is dispersed across many clients in various industries with no single client accounting for more than 10% of the Company's net revenue or accounts receivable. No significant credit concentration risk existed at June 30, 2021. Long-term Debt — The Company’s long-term debt is recorded at adjusted cost, net of original issue discounts and deferred financing costs. The fair value of the Company’s long-term debt is based on current bid prices, which approximates carrying value. As such, the Company’s long-term debt was classified as Level 1. As of June 30, 2021, the carrying value and estimated fair value of long-term debt were both $1.03 billion. As of December 31, 2020, the carrying value and estimated fair value of long-term debt were $1.03 billion and $1.02 billion, respectively. Derivative Financial Instruments — The Company’s interest rate swap agreements and interest rate cap agreements are recorded at fair value, which were estimated using market-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs. Additionally, the fair value of the interest rate swaps and interest rate caps included consideration of credit risk. The Company used a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA were largely based on observable market data, with the exception of certain assumptions regarding credit worthiness. As the magnitude of the CVA was not a significant component of the fair value of the interest rate swaps and interest rate caps, it was not considered a significant input. The fair value of the interest rate swaps and interest rate caps are classified as Level 2. As of June 30, 2021 and December 31, 2020, the fair value of the interest rate swap agreements was $1.9 million and $4.8 million, respectively, which were recorded in other current liabilities on the consolidated balance sheet. As of June 30, 2021 and December 31, 2020, the fair value of the interest rate cap agreements was $1.1 million and $0.3 million, respectively, which were recorded in other assets on the consolidated balance sheet. Debt Securities — The Company’s investments in debt securities, which are classified as available-for-sale, consist of U.S. Treasury and U.S. government agency securities and certificates of deposit. These securities are held in escrow by the Company’s wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company’s operations. These securities are recorded at fair value using quoted prices available in active markets and are classified as Level 1. As of June 30, 2021, the fair value of the available-for-sale debt securities was $25.9 million and was classified based on the instruments’ maturity dates, with $21.5 million included in prepaid expenses and other current assets and $4.4 million in other assets on the consolidated balance sheet. As of December 31, 2020, the fair value of the available-for-sale debt securities was $27.9 million, with $21.5 million included in prepaid expenses and other current assets and $6.4 million in other assets on the consolidated balance sheet. At June 30, 2021 and December 31, 2020, the amortized cost was $25.9 million and $27.9 million, respectively. The debt securities held at June 30, 2021 had remaining maturities ranging from less than one year to approximately 1.5 years. Unrealized gains and losses, net of tax, on available-for-sale debt securities were immaterial for the three and six months ended June 30, 2021 and 2020. Liabilities for Contingent Consideration — The Company is subject to contingent consideration arrangements in connection with certain business combinations. Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition-date fair value included as part of the consideration payable for the related business combination and subsequent changes in fair value recorded to selling, general and administrative expenses on the Company’s consolidated statement of income. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The key inputs to the valuations are the projections of future financial results in relation to the businesses and the company-specific discount rates. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model. The contingent consideration liabilities outstanding as of June 30, 2021 related to 2019 and 2021 acquisitions. See Note 4, Acquisitions, for additional information. The following table provides a roll forward of the recurring Level 3 fair value measurements: Six months ended June 30, 2021 (In thousands) Balance at January 1, 2021 $ 13,721 Issuance of contingent consideration in connection with acquisitions 7,337 Changes in fair value 379 Foreign currency translation 100 Balance at June 30, 2021 $ 21,537 Nonrecurring Fair Value Estimate s — During the three and six months ended June 30, 2020, the Company recognized impairment losses of $11.9 million and $16.9 million, respectively, on fixed assets and operating lease right-of-use assets for certain centers. The impairment losses were included in cost of services on the consolidated statement of income, which have been allocated to the full service center-based child care segment. The estimated fair value of the applicable center long-lived assets was based on the fair value of the asset groups, calculated using a discounted cash flow model, with unobservable inputs. The fair value of the fixed assets was insignificant given the current and expected cash flows of these centers and the valuation of the lease right-of-use-assets considered the amount a market participant would pay for use of the asset. The Company classified the center long-lived assets as a Level 3 fair value measurement due to the lack of observable inputs used in the model. During the three and six months ended June 30, 2020, the Company recognized a $2.1 million impairment loss on an equity investment. The impairment loss was included in cost of services on the consolidated statement of income, which has been allocated to the back-up care segment. The estimated fair value of the equity investment was based on a qualitative assessment, that considered the current economic environment, business prospects and transaction information in the entity's securities, among other factors considered. The Company classified the equity investment as a Level 3 fair value measurement due to the lack of observable inputs.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss), which is included as a component of stockholders’ equity, is comprised of foreign currency translation adjustments and unrealized gains (losses) on cash flow hedges and investments, net of tax. The changes in accumulated other comprehensive income (loss) by component were as follows: Six months ended June 30, 2021 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2021 $ (22,332) $ (4,785) $ 48 $ (27,069) Other comprehensive income (loss) before reclassifications — net of tax 1,086 616 (41) 1,661 Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax 387 (2,141) — (1,754) Net other comprehensive income (loss) 699 2,757 (41) 3,415 Balance at June 30, 2021 $ (21,633) $ (2,028) $ 7 $ (23,654) Six months ended June 30, 2020 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2020 $ (47,835) $ (2,566) $ 70 $ (50,331) Other comprehensive income (loss) before reclassifications — net of tax (37,951) (4,767) 91 (42,627) Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — (1,199) — (1,199) Net other comprehensive income (loss) (37,951) (3,568) 91 (41,428) Balance at June 30, 2020 $ (85,786) $ (6,134) $ 161 $ (91,759) (1) Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The Company’s reportable segments are comprised of (1) full service center-based child care, (2) back-up care, and (3) educational advisory and other services. The full service center-based child care segment includes the traditional center-based early education and child care, preschool, and elementary education. The Company’s back-up care segment consists of center-based back-up child care, in-home child and adult/elder care, and self-sourced reimbursed care. The Company’s educational advisory and other services segment consists of tuition assistance and student loan repayment program administration, workforce education and related educational advising, college admissions advisory services, and an online marketplace for families and caregivers, which have been aggregated as they do not meet the thresholds for separate disclosure. The Company and its chief operating decision maker evaluate performance based on revenues and income from operations. Intercompany activity is eliminated in the segment results. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; therefore, no segment asset information is produced or included herein. Revenue and income from operations by reportable segment were as follows: Full service Back-up care Educational Total (In thousands) Three months ended June 30, 2021 Revenue $ 334,427 $ 81,484 $ 25,567 $ 441,478 Income from operations 4,062 24,769 5,181 34,012 Three months ended June 30, 2020 Revenue $ 137,306 $ 135,904 $ 20,562 $ 293,772 Income (loss) from operations (1) (71,842) 75,121 4,835 8,114 (1) For the three months ended June 30, 2020, income (loss) from operations included impairment costs of $14.0 million, of which $6.7 million related to fixed assets and $5.2 million related to operating lease right-of-use assets in the full service center-based child care segment, and $2.1 million related to an equity investment in the back-up care segment. Additionally, loss from operations in the full service center-based child care segment included $4.4 million in costs primarily associated with the closure of centers, including related severance and facilities costs. Full service Back-up care Educational Total (In thousands) Six months ended June 30, 2021 Revenue $ 624,746 $ 157,839 $ 49,733 $ 832,318 Income (loss) from operations (13,905) 51,959 9,666 47,720 Six months ended June 30, 2020 Revenue $ 548,697 $ 210,071 $ 41,327 $ 800,095 Income (loss) from operations (1) (55,095) 97,360 9,130 51,395 (1) For the six months ended June 30, 2020, income (loss) from operations included impairment costs of $19.0 million, of which $11.7 million related to fixed assets and $5.2 million related to operating lease right-of-use assets in the full service center-based child care segment, and $2.1 million related to an equity investment in the back-up care segment. Additionally, loss from operations in the full service center-based child care segment included $4.4 million in costs primarily associated with the closure of centers, including related severance and facilities costs.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIESLitigationThe Company is a defendant in certain legal matters in the ordinary course of business and records accruals for outstanding legal matters when the Company believes it is probable that a loss has been incurred, and the amount can be reasonably estimated. The Company is currently subject to a governmental investigation and may be subject to one or more health and safety charges in the United Kingdom related to an incident at a Company nursery in July 2019. The Company accrued a liability with respect to this matter, which is reflected in the consolidated financial statements, but is not considered material. While the outcome is inherently uncertain and may be subject to liability in excess of the accrual, the Company does not expect this matter to have a material adverse effect on the Company’s consolidated financial position. The Company's accruals for outstanding legal matters are not material, individually or in the aggregate, to the Company's consolidated financial position. Management believes the resolution of such pending legal matters will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows, although the Company cannot predict the ultimate outcome of any such actions

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based early education and child care, back-up child and adult/elder care, tuition assistance and student loan repayment program administration, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Puerto Rico and India. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer early education and child care, family care solutions, and workforce education services, as part of their employee benefits packages in an effort to support employees across life and career stages and improve employee engagement.
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated balance sheet as of June 30, 2021 and the condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2021 and 2020 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required in accordance with U.S. GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to prior period amounts within the condensed consolidated balance sheet and supplemental statement of cash flows information to conform to the current period presentation. In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of June 30, 2021 and the condensed consolidated statements of income, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the interim periods ended June 30, 2021 and 2020, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year.
Recently Adopted Pronouncement	Recently Adopted Pronouncement — In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The standard removes certain exceptions to the general principles in Topic 740 and improves the consistent application of U.S. GAAP by clarifying and amending certain areas of the existing guidance. The Company adopted the new guidance on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenue disaggregated by segment and geographical region was as follows: Full service Back-up care Educational Total (In thousands) Three months ended June 30, 2021 North America $ 216,327 $ 76,660 $ 25,567 $ 318,554 Europe 118,100 4,824 — 122,924 $ 334,427 $ 81,484 $ 25,567 $ 441,478 Three months ended June 30, 2020 North America $ 92,572 $ 133,106 $ 20,562 $ 246,240 Europe 44,734 2,798 — 47,532 $ 137,306 $ 135,904 $ 20,562 $ 293,772 Full service Back-up care Educational Total (In thousands) Six months ended June 30, 2021 North America $ 408,781 $ 147,842 $ 49,733 $ 606,356 Europe 215,965 9,997 — 225,962 $ 624,746 $ 157,839 $ 49,733 $ 832,318 Six months ended June 30, 2020 North America $ 390,639 $ 203,663 $ 41,327 $ 635,629 Europe 158,058 6,408 — 164,466 $ 548,697 $ 210,071 $ 41,327 $ 800,095

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In thousands) Operating lease expense (1) $ 33,652 $ 38,667 $ 67,277 $ 72,528 Variable lease expense (1) 6,735 6,120 13,677 15,353 Total lease expense $ 40,387 $ 44,787 $ 80,954 $ 87,881 (1) Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.
Schedule of Weighted Average Remaining Lease Term and Discount Rate	The weighted average remaining lease term and the weighted average discount rate were as follows: June 30, 2021 December 31, 2020 Weighted average remaining lease term (in years) 10 10 Weighted average discount rate 5.9% 6.0%
Maturities of Lease Liabilities	The following table summarizes the maturity of lease liabilities as of June 30, 2021: Operating Leases (In thousands) Remainder of 2021 $ 55,582 2022 133,656 2023 125,251 2024 114,428 2025 99,967 Thereafter 540,141 Total lease payments 1,069,025 Less imputed interest (268,692) Present value of lease liabilities 800,333 Less current portion of operating lease liabilities (87,934) Long-term operating lease liabilities $ 712,399

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill were as follows: Full service Back-up care Educational Total (In thousands) Balance at January 1, 2021 $ 1,197,658 $ 194,616 $ 39,693 $ 1,431,967 Additions from acquisitions 3,435 14,537 — 17,972 Adjustments to prior year acquisitions — — 150 150 Effect of foreign currency translation 758 194 — 952 Balance at June 30, 2021 $ 1,201,851 $ 209,347 $ 39,843 $ 1,451,041
Schedule of Intangible Assets	The Company also has intangible assets, which consisted of the following at June 30, 2021 and December 31, 2020: June 30, 2021 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 402,965 $ (325,348) $ 77,617 Trade names 6 years 12,282 (10,039) 2,243 415,247 (335,387) 79,860 Indefinite-lived intangible assets: Trade names N/A 181,153 — 181,153 $ 596,400 $ (335,387) $ 261,013 December 31, 2020 Weighted average Cost Accumulated Net carrying (In thousands) Definite-lived intangible assets: Customer relationships 14 years $ 402,319 $ (310,587) $ 91,732 Trade names 6 years 11,219 (9,633) 1,586 413,538 (320,220) 93,318 Indefinite-lived intangible assets: Trade names N/A 181,302 — 181,302 $ 594,840 $ (320,220) $ 274,620

Credit Arrangements and Debt _2

Credit Arrangements and Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Outstanding Borrowings	Outstanding term loan borrowings were as follows: June 30, 2021 December 31, 2020 (In thousands) Term loan $ 1,029,313 $ 1,034,688 Deferred financing costs and original issue discount (3,130) (3,801) Total debt 1,026,183 1,030,887 Less current maturities (10,750) (10,750) Long-term debt $ 1,015,433 $ 1,020,137
Schedule of Maturities of Long-term Debt	Future principal payments of long-term debt are as follows for the years ending December 31: Term Loan (In thousands) Remainder of 2021 $ 5,375 2022 10,750 2023 1,013,188 Total future principal payments $ 1,029,313
Schedule of Fair Value of Derivative Financial Instruments	The fair value of the derivative financial instruments was as follows for the periods presented: Derivative financial instruments Consolidated balance sheet classification June 30, 2021 December 31, 2020 (In thousands) Interest rate swaps - liability Other current liabilities $ 1,911 $ 4,775 Interest rate caps - asset Other assets $ 1,141 $ 277
Schedule of the Effect of Derivatives Financial Instruments on Other Comprehensive Income (Loss)	The effect of the derivative financial instruments on other comprehensive income (loss) was as follows: Derivatives designated as cash flow hedging instruments Amount of gain (loss) recognized in other comprehensive income (loss) Consolidated statement of income classification Amount of net gain (loss) reclassified into earnings Total effect on other comprehensive income (loss) (In thousands) (In thousands) Three months ended June 30, 2021 Cash flow hedges $ (138) Interest expense — net $ (1,471) $ 1,333 Income tax effect 37 Income tax expense 393 (356) Net of income taxes $ (101) $ (1,078) $ 977 Three months ended June 30, 2020 Cash flow hedges $ (219) Interest expense — net $ (1,356) $ 1,137 Income tax effect 59 Income tax expense 365 (306) Net of income taxes $ (160) $ (991) $ 831 Derivatives designated as cash flow hedging instruments Amount of gain (loss) recognized in other comprehensive income (loss) Consolidated statement of income classification Amount of net gain (loss) reclassified into earnings Total effect on other comprehensive income (loss) (In thousands) (In thousands) Six months ended June 30, 2021 Cash flow hedges $ 840 Interest expense — net $ (2,921) $ 3,761 Income tax effect (224) Income tax expense 780 (1,004) Net of income taxes $ 616 $ (2,141) $ 2,757 Six months ended June 30, 2020 Cash flow hedges $ (6,521) Interest expense — net $ (1,641) $ (4,880) Income tax effect 1,754 Income tax expense 442 1,312 Net of income taxes $ (4,767) $ (1,199) $ (3,568)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic	The following tables set forth the computation of basic and diluted earnings per share using the two-class method: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In thousands, except share data) Basic earnings per share: Net income $ 18,815 $ 359 $ 25,947 $ 31,091 Allocation of net income to common stockholders: Common stock $ 18,733 $ 358 $ 25,838 $ 30,945 Unvested participating shares 82 1 109 146 Net income $ 18,815 $ 359 $ 25,947 $ 31,091 Weighted average common shares outstanding: Common stock 60,551,528 59,631,428 60,573,237 58,781,169 Unvested participating shares 263,957 250,427 249,571 262,614 Earnings per common share: Common stock $ 0.31 $ 0.01 $ 0.43 $ 0.53
Schedule of Earnings (Loss) Per Share, Diluted	Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 (In thousands, except share data) Diluted earnings per share: Earnings allocated to common stock $ 18,733 $ 358 $ 25,838 $ 30,945 Plus: earnings allocated to unvested participating shares 82 1 109 146 Less: adjusted earnings allocated to unvested participating shares (81) (1) (108) (144) Earnings allocated to common stock $ 18,734 $ 358 $ 25,839 $ 30,947 Weighted average common shares outstanding: Common stock 60,551,528 59,631,428 60,573,237 58,781,169 Effect of dilutive securities 555,264 634,674 643,146 791,275 Weighted average common shares outstanding — diluted 61,106,792 60,266,102 61,216,383 59,572,444 Earnings per common share: Common stock $ 0.31 $ 0.01 $ 0.42 $ 0.52

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Roll Forward of the Fair Value of Recurring Level 3 Fair Value Measurements	The following table provides a roll forward of the recurring Level 3 fair value measurements: Six months ended June 30, 2021 (In thousands) Balance at January 1, 2021 $ 13,721 Issuance of contingent consideration in connection with acquisitions 7,337 Changes in fair value 379 Foreign currency translation 100 Balance at June 30, 2021 $ 21,537

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) by component were as follows: Six months ended June 30, 2021 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2021 $ (22,332) $ (4,785) $ 48 $ (27,069) Other comprehensive income (loss) before reclassifications — net of tax 1,086 616 (41) 1,661 Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax 387 (2,141) — (1,754) Net other comprehensive income (loss) 699 2,757 (41) 3,415 Balance at June 30, 2021 $ (21,633) $ (2,028) $ 7 $ (23,654) Six months ended June 30, 2020 Foreign currency Unrealized gain (loss) on Unrealized gain (loss) on Total (In thousands) Balance at January 1, 2020 $ (47,835) $ (2,566) $ 70 $ (50,331) Other comprehensive income (loss) before reclassifications — net of tax (37,951) (4,767) 91 (42,627) Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax — (1,199) — (1,199) Net other comprehensive income (loss) (37,951) (3,568) 91 (41,428) Balance at June 30, 2020 $ (85,786) $ (6,134) $ 161 $ (91,759) (1) Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Revenue and Income from Operations by Segment	Revenue and income from operations by reportable segment were as follows: Full service Back-up care Educational Total (In thousands) Three months ended June 30, 2021 Revenue $ 334,427 $ 81,484 $ 25,567 $ 441,478 Income from operations 4,062 24,769 5,181 34,012 Three months ended June 30, 2020 Revenue $ 137,306 $ 135,904 $ 20,562 $ 293,772 Income (loss) from operations (1) (71,842) 75,121 4,835 8,114 (1) For the three months ended June 30, 2020, income (loss) from operations included impairment costs of $14.0 million, of which $6.7 million related to fixed assets and $5.2 million related to operating lease right-of-use assets in the full service center-based child care segment, and $2.1 million related to an equity investment in the back-up care segment. Additionally, loss from operations in the full service center-based child care segment included $4.4 million in costs primarily associated with the closure of centers, including related severance and facilities costs. Full service Back-up care Educational Total (In thousands) Six months ended June 30, 2021 Revenue $ 624,746 $ 157,839 $ 49,733 $ 832,318 Income (loss) from operations (13,905) 51,959 9,666 47,720 Six months ended June 30, 2020 Revenue $ 548,697 $ 210,071 $ 41,327 $ 800,095 Income (loss) from operations (1) (55,095) 97,360 9,130 51,395 (1) For the six months ended June 30, 2020, income (loss) from operations included impairment costs of $19.0 million, of which $11.7 million related to fixed assets and $5.2 million related to operating lease right-of-use assets in the full service center-based child care segment, and $2.1 million related to an equity investment in the back-up care segment. Additionally, loss from operations in the full service center-based child care segment included $4.4 million in costs primarily associated with the closure of centers, including related severance and facilities costs.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details)	Apr. 21, 2020USD ($)$ / sharesshares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)Center$ / shares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)$ / shares	Jun. 12, 2018USD ($)
Line of Credit Facility [Line Items]
Stock repurchase program, authorized amount						$ 300,000,000
Stock repurchased (in shares) | shares		500,000
Stock repurchased		$ (70,300,000)
Stock repurchase program, remaining authorized repurchase amount		$ 124,500,000	$ 124,500,000
Number of shares of common stock issued and sold (in shares) | shares	2,138,580
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001		$ 0.001
Sale of stock, price per share (in dollars per share) | $ / shares	$ 116.90
Gross proceeds from offering	$ 249,800,000
Number of childcare and early education centers operated | Center			1,006
Number of childcare and early education centers open | Center			920
Governmental assistance, reduction to cost of services			$ 17,000,000	$ 39,600,000
Payroll tax deferrals		$ 20,400,000	20,400,000		$ 20,400,000
Prepaid expenses and other current assets
Line of Credit Facility [Line Items]
Due from government assistance programs		10,900,000	10,900,000		8,400,000
Accounts payable and accrued expenses
Line of Credit Facility [Line Items]
Payroll tax deferrals		10,200,000	10,200,000		10,200,000
Other long-term liabilities
Line of Credit Facility [Line Items]
Payroll tax deferrals		$ 10,200,000	$ 10,200,000		$ 10,200,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 441,478	$ 293,772	$ 832,318	$ 800,095
North America
Disaggregation of Revenue [Line Items]
Revenue	318,554	246,240	606,356	635,629
Europe
Disaggregation of Revenue [Line Items]
Revenue	122,924	47,532	225,962	164,466
Full service center-based child care
Disaggregation of Revenue [Line Items]
Revenue	334,427	137,306	624,746	548,697
Full service center-based child care | North America
Disaggregation of Revenue [Line Items]
Revenue	216,327	92,572	408,781	390,639
Full service center-based child care | Europe
Disaggregation of Revenue [Line Items]
Revenue	118,100	44,734	215,965	158,058
Back-up care
Disaggregation of Revenue [Line Items]
Revenue	81,484	135,904	157,839	210,071
Back-up care | North America
Disaggregation of Revenue [Line Items]
Revenue	76,660	133,106	147,842	203,663
Back-up care | Europe
Disaggregation of Revenue [Line Items]
Revenue	4,824	2,798	9,997	6,408
Educational advisory and other services
Disaggregation of Revenue [Line Items]
Revenue	25,567	20,562	49,733	41,327
Educational advisory and other services | North America
Disaggregation of Revenue [Line Items]
Revenue	25,567	20,562	49,733	41,327
Educational advisory and other services | Europe
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2020Center	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Disaggregation of Revenue [Line Items]
Deferred revenue, revenue recognized | $		$ 146.7	$ 151.4
Canada
Disaggregation of Revenue [Line Items]
Number of centers divested | Center	2

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Impairment loss on operating lease right-of-use assets	$ 5.2		$ 5.2
Total fixed payment obligations for operating lease not yet commenced		$ 21.8
Deferred current lease payments		$ 2		$ 7.7
Deferred current lease payments, deferral term		1 year
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term		10 years
Operating lease not yet commenced term		10 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term		15 years
Operating lease not yet commenced term		15 years

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease expense	$ 33,652	$ 38,667	$ 67,277	$ 72,528
Variable lease expense	6,735	6,120	13,677	15,353
Total lease expense	$ 40,387	$ 44,787	$ 80,954	$ 87,881

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years	10 years
Weighted average discount rate	5.90%	6.00%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 55,582
2022	133,656
2023	125,251
2024	114,428
2025	99,967
Thereafter	540,141
Total lease payments	1,069,025
Less imputed interest	(268,692)
Present value of lease liabilities	800,333
Less current portion of operating lease liabilities	(87,934)	$ (87,181)
Long-term operating lease liabilities	$ 712,399	$ 729,754

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)CenterBusinessbusiness_acquisition	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)BusinessCenter
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 9,082	$ 4,394
Goodwill recorded	1,451,041		$ 1,431,967
Payment for contingent consideration	$ 0	$ 1,088
Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	6 years		6 years
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired | Business	2		3
Payments to acquire business, net of cash acquired	$ 8,600		$ 8,100
Cash acquired from acquisition	300		1,300
Consideration payable	400		100
Contingent consideration recorded	7,300
Finite-lived intangible assets acquired	$ 1,300
Finite-lived intangible assets amortization period	5 years
Fixed assets and technology acquired	$ 1,500		4,100
Business acquisition term	1 year	1 year
Number of business acquisitions open | business_acquisition	1
Payment for contingent consideration			1,200
Series of Individually Immaterial Business Acquisitions | Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 700
Finite-lived intangible assets amortization period			5 years
Series of Individually Immaterial Business Acquisitions | Back-Up Care Services
Business Acquisition [Line Items]
Goodwill recorded	$ 14,500
Series of Individually Immaterial Business Acquisitions | Full service center-based child care
Business Acquisition [Line Items]
Goodwill recorded			$ 2,100
Amount of goodwill expected to be deductible for tax purposes	3,400		2,100
Series of Individually Immaterial Business Acquisitions | Educational advisory and other services
Business Acquisition [Line Items]
Goodwill recorded			2,000
Amount of goodwill expected to be deductible for tax purposes			$ 2,000
Series of Individually Immaterial Business Acquisitions | Performance targets
Business Acquisition [Line Items]
Contingent consideration (up to)	$ 1,200
Contingent consideration, term	1 year
United States | Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of centers acquired | Center	2		2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,431,967
Additions from acquisitions	17,972
Adjustments to prior year acquisitions	150
Effect of foreign currency translation	952
Ending balance	1,451,041
Full service center-based child care
Goodwill [Roll Forward]
Beginning balance	1,197,658
Additions from acquisitions	3,435
Adjustments to prior year acquisitions	0
Effect of foreign currency translation	758
Ending balance	1,201,851
Back-up care
Goodwill [Roll Forward]
Beginning balance	194,616
Additions from acquisitions	14,537
Adjustments to prior year acquisitions	0
Effect of foreign currency translation	194
Ending balance	209,347
Educational advisory and other services
Goodwill [Roll Forward]
Beginning balance	39,693
Additions from acquisitions	0
Adjustments to prior year acquisitions	150
Effect of foreign currency translation	0
Ending balance	$ 39,843

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Definite-lived intangible assets:
Cost	$ 415,247	$ 413,538
Accumulated amortization	(335,387)	(320,220)
Net carrying amount	79,860	93,318
Intangible Assets:
Cost	596,400	594,840
Accumulated amortization	(335,387)	(320,220)
Net carrying amount	261,013	274,620
Trade names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets:	$ 181,153	$ 181,302
Customer relationships
Definite-lived intangible assets:
Weighted average amortization period	14 years	14 years
Cost	$ 402,965	$ 402,319
Accumulated amortization	(325,348)	(310,587)
Net carrying amount	77,617	91,732
Intangible Assets:
Accumulated amortization	$ (325,348)	$ (310,587)
Trade names
Definite-lived intangible assets:
Weighted average amortization period	6 years	6 years
Cost	$ 12,282	$ 11,219
Accumulated amortization	(10,039)	(9,633)
Net carrying amount	2,243	1,586
Intangible Assets:
Accumulated amortization	$ (10,039)	$ (9,633)

Credit Arrangements and Debt _3

Credit Arrangements and Debt Obligations - Additional Information (Details)	May 26, 2021USD ($)	May 31, 2018	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	May 31, 2020USD ($)	Mar. 31, 2020USD ($)	Oct. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt issuance costs	$ 2,100,000					$ 2,800,000
Borrowing outstanding under revolving credit facility			$ 0	$ 0
Derivative, interest rate		3.65%
Net loss to be reclassified from accumulated other comprehensive loss and recorded to interest expense during the next twelve months			2,200,000
Interest rate swaps
Debt Instrument [Line Items]
Derivative, notional amount								$ 500,000,000
Interest rate caps
Debt Instrument [Line Items]
Derivative, notional amount					$ 800,000,000
Interest rate cap agreement, threshold for interest rate protection					1.00%
Interest rate caps | June 30, 2020
Debt Instrument [Line Items]
Derivative, notional amount					$ 300,000,000
Interest rate caps | October 29, 2021
Debt Instrument [Line Items]
Derivative, notional amount					$ 500,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit Facility, Threshold of Repayment to Trigger Maturity Extension	$ 25,000,000
Revolving Credit Facility | Senior Credit Facilities
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 400,000,000			$ 400,000,000	$ 225,000,000
Weighted average interest rate			4.00%		4.49%
Net leverage ratio			4.25
Revolving Credit Facility | Senior Credit Facilities | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | Senior Credit Facilities | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving Credit Facility | Senior Credit Facilities | Eurocurrency | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | Senior Credit Facilities | Eurocurrency | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Secured Debt | Senior Credit Facilities
Debt Instrument [Line Items]
Quarterly principal payments			$ 2,700,000
Term Loan | Senior Credit Facilities
Debt Instrument [Line Items]
Effective interest rate for the term loans			2.50%
Weighted average interest rate			2.50%		3.00%
Term Loan | Senior Credit Facilities | Eurocurrency | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%

Credit Arrangements and Debt _4

Credit Arrangements and Debt Obligations - Outstanding Borrowing (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Borrowings [Line Items]
Term loan		$ 1,030,000
Less current maturities	$ (10,750)	(10,750)
Long-term debt	1,015,433	1,020,137
Term Loan
Schedule Of Borrowings [Line Items]
Term loan	1,029,313	1,034,688
Deferred financing costs and original issue discount	(3,130)	(3,801)
Total debt	1,026,183	1,030,887
Less current maturities	(10,750)	(10,750)
Long-term debt	$ 1,015,433	$ 1,020,137

Credit Arrangements and Debt _5

Credit Arrangements and Debt Obligations - Future Principal Payments Under New Term Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt		$ 1,030,000
Term Loan
Debt Instrument [Line Items]
Remainder of 2021	$ 5,375
2022	10,750
2023	1,013,188
Total debt	$ 1,029,313

Credit Arrangements and Debt _6

Credit Arrangements and Debt Obligations - Schedule of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Interest rate swaps | Other current liabilities
Derivatives, Fair Value [Line Items]
Interest rate swaps - liability	$ 1,911	$ 4,775
Interest rate caps | Other assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 1,141	$ 277

Credit Arrangements and Debt _7

Credit Arrangements and Debt Obligations - Effect of Derivatives on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Amount of gain (loss) recognized in other comprehensive income (loss)
Cash flow hedges	$ (138)	$ (219)	$ 840	$ (6,521)
Income tax effect	37	59	(224)	1,754
Net of income taxes	(101)	(160)	616	(4,767)
Amount of net gain (loss) reclassified into earnings
Interest expense — net	(1,471)	(1,356)	(2,921)	(1,641)
Income tax expense	393	365	780	442
Net of income taxes	(1,078)	(991)	(2,141)	(1,199)
Total effect on other comprehensive income (loss)
Interest expense — net	1,333	1,137	3,761	(4,880)
Income tax expense	(356)	(306)	(1,004)	1,312
Net of income taxes	$ 977	$ 831	$ 2,757	$ (3,568)

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 18,815	$ 359	$ 25,947	$ 31,091
Allocation of net income to common stockholders:
Common stock	18,733	358	25,838	30,945
Unvested participating shares	82	1	109	146
Net income	$ 18,815	$ 359	$ 25,947	$ 31,091
Common Stock
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	60,551,528	59,631,428	60,573,237	58,781,169
Earnings per common share:
Common stock (in dollars per share)	$ 0.31	$ 0.01	$ 0.43	$ 0.53
Unvested participating shares | Common Stock
Weighted average common shares outstanding:
Weighted average number of common shares (in shares)	263,957	250,427	249,571	262,614

Earnings Per Share - Computat_2

Earnings Per Share - Computation of Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings allocated to common stock	$ 18,733	$ 358	$ 25,838	$ 30,945
Plus: earnings allocated to unvested participating shares	82	1	109	146
Less: adjusted earnings allocated to unvested participating shares	(81)	(1)	(108)	(144)
Earnings allocated to common stock	$ 18,734	$ 358	$ 25,839	$ 30,947
Common Stock
Weighted average common shares outstanding:
Common stock (in shares)	60,551,528	59,631,428	60,573,237	58,781,169
Effect of dilutive securities (in shares)	555,264	634,674	643,146	791,275
Weighted average common shares outstanding — diluted (in shares)	61,106,792	60,266,102	61,216,383	59,572,444
Earnings per common share:
Common stock (in dollars per share)	$ 0.31	$ 0.01	$ 0.42	$ 0.52

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common Stock | Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding to purchase shares of common stock excluded from diluted earnings per share (in shares)	1	1.2	0.9	0.8

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)tax_audit	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Income Tax Disclosure [Line Items]
Effective income tax rates	23.00%	(135.40%)	10.90%	3.00%
Decrease in tax expense due to excess tax benefit from stock-based compensation	$ 1,200,000	$ 1,700,000	$ 5,100,000	$ 8,600,000
Effective income tax rate prior to the inclusion of excess tax benefit and other discrete items (percent)	28.00%		28.00%
Effective income tax rate, percent prior to adoption of accounting standards update (percent)		29.00%		29.00%
Unrecognized tax benefits, including interest	$ 3,800,000		$ 3,800,000		$ 4,000,000
Unrecognized tax benefits decrease			400,000
Minimum
Income Tax Disclosure [Line Items]
Change in uncertain tax positions	0		0
Maximum
Income Tax Disclosure [Line Items]
Change in uncertain tax positions	$ 2,400,000		$ 2,400,000
State
Income Tax Disclosure [Line Items]
Number of income tax audits in process | tax_audit			2

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurements Disclosure [Line Items]
Term loan				$ 1,030
Available-for-sale debt securities fair value			$ 25.9	27.9
Available-for-sale debt securities amortized cost			$ 25.9	27.9
Full service center-based child care
Fair Value Measurements Disclosure [Line Items]
Impairment loss	$ 11.9	$ 16.9
Minimum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term			1 year
Maximum
Fair Value Measurements Disclosure [Line Items]
Debt securities, remaining maturity term			1 year 6 months
Prepaid expenses and other current assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value			$ 21.5	21.5
Other assets
Fair Value Measurements Disclosure [Line Items]
Available-for-sale debt securities fair value			4.4	6.4
Term Loan
Fair Value Measurements Disclosure [Line Items]
Term loan			1,030	1,030
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement
Fair Value Measurements Disclosure [Line Items]
Fair value of long-term debt				1,020
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Interest Rate Swap
Fair Value Measurements Disclosure [Line Items]
Derivative liability			1.9	4.8
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | Interest rate caps
Fair Value Measurements Disclosure [Line Items]
Derivative asset			$ 1.1	$ 0.3

Fair Value Measurements - Roll

Fair Value Measurements - Roll Forward of Recurring Level 3 Fair Value Measurements (Details) - Contingent consideration $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	$ 13,721
Issuance of contingent consideration in connection with acquisitions	7,337
Changes in fair value	379
Foreign currency translation	100
Ending balance	$ 21,537

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,310,625	$ 937,528	$ 1,283,797	$ 971,268
Other comprehensive income (loss) before reclassifications — net of tax			1,661	(42,627)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			(1,754)	(1,199)
Total other comprehensive income (loss)	2,177	2,350	3,415	(41,428)
Ending balance	1,271,144	1,198,275	1,271,144	1,198,275
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25,831)	(94,109)	(27,069)	(50,331)
Total other comprehensive income (loss)	2,177	2,350	3,415	(41,428)
Ending balance	(23,654)	(91,759)	(23,654)	(91,759)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(22,332)	(47,835)
Other comprehensive income (loss) before reclassifications — net of tax			1,086	(37,951)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			387	0
Total other comprehensive income (loss)			699	(37,951)
Ending balance	(21,633)	(85,786)	(21,633)	(85,786)
Unrealized gain (loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(4,785)	(2,566)
Other comprehensive income (loss) before reclassifications — net of tax			616	(4,767)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax			(2,141)	(1,199)
Total other comprehensive income (loss)			2,757	(3,568)
Ending balance	(2,028)	(6,134)	(2,028)	(6,134)
Unrealized gain (loss) on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			48	70
Other comprehensive income (loss) before reclassifications — net of tax			(41)	91
Total other comprehensive income (loss)			(41)	91
Ending balance	$ 7	$ 161	$ 7	$ 161

Segment Information - Income fr

Segment Information - Income from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 441,478	$ 293,772	$ 832,318	$ 800,095
Income from operations	34,012	8,114	47,720	51,395
Impairment losses on long-lived assets			0	16,857
Impairment loss on operating lease right-of-use assets		5,200		5,200
COVID 19
Segment Reporting Information [Line Items]
Impairment losses on long-lived assets		14,000		19,000
Fixed asset impairment		6,700		11,700
Impairment loss on operating lease right-of-use assets		5,200		5,200
Full service center-based child care
Segment Reporting Information [Line Items]
Revenue	334,427	137,306	624,746	548,697
Impairment loss		11,900		16,900
Full service center-based child care | Facility Closing
Segment Reporting Information [Line Items]
Impairment losses on long-lived assets		4,400		4,400
Full service center-based child care | Operating Segments
Segment Reporting Information [Line Items]
Revenue	334,427	137,306	624,746	548,697
Income from operations	4,062	(71,842)	(13,905)	(55,095)
Back-up care
Segment Reporting Information [Line Items]
Revenue	81,484	135,904	157,839	210,071
Back-up care | Operating Segments
Segment Reporting Information [Line Items]
Revenue	81,484	135,904	157,839	210,071
Income from operations	24,769	75,121	51,959	97,360
Educational advisory and other services
Segment Reporting Information [Line Items]
Revenue	25,567	20,562	49,733	41,327
Educational advisory and other services | Operating Segments
Segment Reporting Information [Line Items]
Revenue	25,567	20,562	49,733	41,327
Income from operations	$ 5,181	4,835	$ 9,666	9,130
Back-Up Care Services | COVID 19
Segment Reporting Information [Line Items]
Impairment loss		$ 2,100		$ 2,100