Laureate Education (LAUR) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2020shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-38002
Entity Registrant Name	Laureate Education, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1492296
Entity Address, Address Line One	650 S. Exeter Street,
Entity Address, City or Town	Baltimore,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	843-6100
Title of 12(b) Security	Class A common stock, par value $0.004 per share
Trading Symbol	LAUR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000912766
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	119,074,637
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	90,813,257

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 528,557	$ 601,072
Costs and expenses:
Direct costs	588,987	639,190
General and administrative expenses	52,937	53,911
Loss on impairment of assets	3,768	0
Operating loss	(117,135)	(92,029)
Interest income	2,667	3,553
Interest expense	(36,110)	(54,653)
Loss on debt extinguishment	0	(10,622)
Gain on derivatives	802	5,183
Other (expense) income, net	(102)	397
Foreign currency exchange gain (loss), net	35,944	(4,746)
Gain on disposal of subsidiaries, net	2,729	0
Loss from continuing operations before income taxes and equity in net income of affiliates	(111,205)	(152,917)
Income tax benefit	235,102	35,848
Equity in net income of affiliates, net of tax	185	0
Income (loss) from continuing operations	124,082	(117,069)
(Loss) income from discontinued operations, net of tax expense of $1,482 and $10,141, respectively	(3,804)	63,329
(Loss) gain on sales of discontinued operations, net of tax	(21,962)	248,005
Net income	98,316	194,265
Net loss (income) attributable to noncontrolling interests	1,299	(3,022)
Net income (loss) attributable to Laureate Education, Inc.	$ 99,615	$ 191,243
Basic and diluted earnings (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ 0.59	$ (0.52)
(Loss) income from discontinued operations (in dollars per share)	(0.12)	1.37
Basic and diluted loss per share (in dollars per share)	$ 0.47	$ 0.85

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Tax expense (benefit) on gain on sales of discontinued operations,	$ (1,591)	$ (287)
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation	1,591	287
Discontinued Operations
Income Statement [Abstract]
Income tax expense	1,482	10,141
Income tax expense	$ 1,482	$ 10,141

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 98,316	$ 194,265
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax of $0 for both periods	(330,116)	49,551
Unrealized gain on derivative instruments, net of tax of $0	0	2,609
Minimum pension liability adjustment, net of tax of $0	(932)	0
Total other comprehensive (loss) income	(331,048)	52,160
Comprehensive (loss) income	(232,732)	246,425
Net comprehensive loss (income) attributable to noncontrolling interests	540	(3,052)
Comprehensive (loss) income attributable to Laureate Education, Inc.	$ (232,192)	$ 243,373

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	0	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents (includes VIE amounts of $145,502 and $157,003, see Note 2)	$ 546,675	$ 339,629
Restricted cash	196,385	186,921
Receivables:
Accounts and notes receivable	535,408	432,910
Other receivables	20,785	18,350
Allowance for doubtful accounts	(173,173)	(190,785)
Receivables, net	383,020	260,475
Income tax receivable	39,948	22,416
Prepaid expenses and other current assets	73,582	49,686
Current assets held for sale	72,415	83,800
Total current assets	1,312,025	942,927
Notes receivable, net	12,296	9,882
Property and equipment:
Land	205,826	229,663
Buildings	597,641	662,376
Furniture, equipment and software	855,607	952,599
Leasehold improvements	286,184	329,011
Construction in-progress	63,064	57,393
Accumulated depreciation and amortization	(937,277)	(1,031,823)
Property and equipment, net	1,071,045	1,199,219
Operating lease right-of-use assets, net	768,747	861,878
Land use rights, net	1,329	1,628
Goodwill	1,501,042	1,701,495
Other intangible assets:
Tradenames	1,069,084	1,119,454
Other intangible assets, net	1,045	1,431
Deferred costs, net	64,156	69,998
Deferred income taxes	333,325	125,417
Other assets	146,672	176,326
Long-term assets held for sale	216,316	305,973
Total assets	6,497,082	6,515,628
Current liabilities:
Accounts payable	91,285	119,523
Accrued expenses	211,347	214,808
Accrued compensation and benefits	112,672	182,080
Deferred revenue and student deposits	505,716	216,816
Current portion of operating leases	84,241	91,558
Current portion of long-term debt and finance leases	191,254	118,822
Current portion of due to shareholders of acquired companies	8,587	11,523
Income taxes payable	24,085	25,501
Other current liabilities	21,572	25,969
Current liabilities held for sale	60,602	64,204
Total current liabilities (includes VIE amounts of $267,151 and $142,343, see Note 2)	1,311,361	1,070,804
Long-term operating leases, less current portion	712,564	792,358
Long-term debt and finance leases, less current portion	1,411,686	1,260,317
Due to shareholders of acquired companies, less current portion	8,282	9,995
Deferred compensation	12,839	12,744
Income taxes payable	53,675	62,200
Deferred income taxes	190,563	218,378
Other long-term liabilities	143,353	147,472
Long-term liabilities held for sale	70,988	124,914
Total liabilities	3,915,311	3,699,182
Redeemable noncontrolling interests and equity	11,963	12,295
Stockholders' equity:
Additional paid-in capital	3,752,186	3,724,636
Retained earnings	536,124	436,509
Accumulated other comprehensive loss	(1,405,788)	(1,073,981)
Treasury stock at cost (17,627 shares held at March 31, 2020 and 16,008 shares held at December 31, 2019)	(300,309)	(271,106)
Total Laureate Education, Inc. stockholders' equity	2,583,122	2,816,963
Noncontrolling interests	(13,314)	(12,812)
Total stockholders' equity	2,569,808	2,804,151
Total liabilities and stockholders' equity	6,497,082	6,515,628
Variable Interest Entity, Primary Beneficiary
Current assets:
Cash and cash equivalents (includes VIE amounts of $145,502 and $157,003, see Note 2)	145,502	157,003
Receivables:
Current assets held for sale	18,900	16,050
Total current assets	422,752	346,125
Property and equipment:
Operating lease right-of-use assets, net	62,851	65,761
Goodwill	140,673	159,957
Other intangible assets:
Tradenames	55,434	61,691
Other intangible assets, net	0	0
Long-term assets held for sale	62,257	52,519
Total assets	981,102	948,632
Current liabilities:
Current liabilities held for sale	11,784	11,741
Total current liabilities (includes VIE amounts of $267,151 and $142,343, see Note 2)	267,151	142,343
Long-term operating leases, less current portion	53,156	56,571
Long-term liabilities held for sale	39,199	29,666
Total liabilities	395,516	257,199
Stockholders' equity:
Total Laureate Education, Inc. stockholders' equity	585,586	691,433
Total stockholders' equity	585,586	691,433
Class A Common Stock
Stockholders' equity:
Preferred stock, par value $0.001 per share – 49,889 shares authorized as of March 31, 2020 and December 31, 2019, respectively, no shares issued and outstanding as of March 31, 2020 and December 31, 2019	0	0
Common stock	$ 546	$ 542
Common Stock, Shares, Outstanding	119,075	119,575
Common Stock, Shares, Issued	136,702	135,583
Class B Common Stock
Stockholders' equity:
Common stock	$ 363	$ 363
Common Stock, Shares, Outstanding	90,813	90,831
Common Stock, Shares, Issued	90,813	90,831

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash and cash equivalents	$ 546,675	$ 339,629
Current assets	1,312,025	942,927
Total assets	6,497,082	6,515,628
Current liabilities	1,311,361	1,070,804
Liabilities	$ 3,915,311	$ 3,699,182
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	49,889,000	49,889,000
Preferred Stock, Shares Issued	0
Preferred Stock, Shares Outstanding	0	0
Treasury Stock, Shares	17,627,000	16,008,000
Class A Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.004	$ 0.004
Common Stock, Shares Authorized	700,000,000	700,000,000
Common Stock, Shares, Issued	136,702,000	135,583,000
Common Stock, Shares, Outstanding	119,075,000	119,575,000
Class B Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.004	$ 0.004
Common Stock, Shares Authorized	175,000,000	175,000,000
Common Stock, Shares, Issued	90,813,000	90,831,000
Common Stock, Shares, Outstanding	90,813,000	90,831,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 98,316	$ 194,265
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	44,161	47,644
Amortization of operating lease right-of-use assets	23,257	33,374
Loss on impairment of assets	3,768	0
Loss (gain) on sales of subsidiaries and disposal of property and equipment, net	21,175	(246,803)
Gain on derivative instruments	(802)	(5,343)
Payments for settlement of derivative contracts	0	(8,233)
Loss on debt extinguishment	0	10,622
Non-cash interest expense	5,091	5,076
Non-cash share-based compensation expense	1,984	3,149
Bad debt expense	22,912	23,650
Deferred income taxes	(248,701)	8,835
Unrealized foreign currency exchange (gain) loss	(29,720)	5,458
Non-cash loss from non-income tax contingencies	6,514	4,561
Other, net	3,982	1,537
Changes in operating assets and liabilities:
Receivables	(173,760)	(264,944)
Prepaid expenses and other assets	(32,084)	(62,433)
Accounts payable and accrued expenses	(64,924)	(47,929)
Income tax receivable/payable, net	2,709	(45,012)
Deferred revenue and other liabilities	312,593	387,500
Net cash (used in) provided by operating activities	(3,529)	44,974
Cash flows from investing activities
Purchase of property and equipment	(24,582)	(32,319)
Expenditures for deferred costs	(3,500)	(3,488)
Receipts from sales of discontinued operations, net of cash sold, and property and equipment	4,032	330,998
Business acquisitions, net of cash acquired	0	(1,194)
Payments from related parties	87	87
Net cash (used in) provided by investing activities	(23,963)	294,084
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of original issue discount	499,479	90,630
Payments on long-term debt	(226,505)	(532,592)
Payments of deferred purchase price for acquisitions	(1,488)	(369)
Proceeds from exercise of stock options	26,754	0
Payments to repurchase common stock	(29,203)	0
Withholding of shares to satisfy tax withholding for vested stock awards and exercised stock options	(1,140)	(1,420)
Payments of debt issuance costs	0	(5,226)
Payments to purchase noncontrolling interests	0	(625)
Net cash provided by (used in) financing activities	267,897	(449,602)
Effects of exchange rate changes on Cash and cash equivalents and Restricted cash	(33,613)	2,042
Change in cash included in current assets held for sale	9,718	(2,825)
Net change in Cash and cash equivalents and Restricted cash	216,510	(111,327)
Cash and cash equivalents and Restricted cash at beginning of period	526,550	583,572
Cash and cash equivalents and Restricted cash at end of period	$ 743,060	$ 472,245

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Laureate Education, Inc. and subsidiaries (hereinafter Laureate, we, us, our, or the Company) provide higher education programs and services to students through an international portfolio of licensed universities and higher education institutions (institutions). Laureate's programs are provided through institutions that are campus-based and internet-based, or through electronically distributed educational programs (online). In response to the COVID-19 pandemic, we have temporarily transitioned the educational delivery method at all of our campus-based institutions to be online and are leveraging our existing technologies and learning platforms to serve students outside of the traditional classroom setting. We are domiciled in Delaware as a public benefit corporation, a demonstration of our long-term commitment to our mission to benefit our students and society. The Company completed its initial public offering (IPO) on February 6, 2017 and its shares are listed on the Nasdaq Global Select Market under the symbol “LAUR.” Discontinued Operations On August 9, 2018, the Company announced the divestiture of additional subsidiaries located in Europe, Asia and Central America, which were included in the Rest of World, Andean, and Central America (formerly Central America & U.S. Campuses) segments. Previously, the Company had announced the divestiture of certain subsidiaries in the Rest of World and Central America segments. After completing all of these announced divestitures, the Company’s remaining principal markets would be Brazil, Chile, Mexico and Peru, along with the Online & Partnerships segment and the institutions in Australia and New Zealand. This represented a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, all of the divestitures that were part of this strategic shift, including the divestitures announced on August 9, 2018 and those announced previously, as well as the Company's operations in the Kingdom of Saudi Arabia that were managed under a contract that expired on August 31, 2019 and was not renewed, are accounted for as discontinued operations for all periods presented in accordance with Accounting Standards Codification (ASC) 205-20, “Discontinued Operations” (ASC 205). See Note 4, Discontinued Operations and Assets Held for Sale, for more information. Unless indicated otherwise, the information in the footnotes to the Consolidated Financial Statements relates to continuing operations. Exploration of Strategic Alternatives On January 27, 2020, Laureate announced that its Board of Directors had authorized the Company to explore strategic alternatives for each of its businesses to unlock shareholder value. As part of this process, the Company will evaluate all potential options for its remaining businesses, including sales, spin-offs or business combinations. There can be no assurance as to the outcome of this process, including whether it will result in the completion of any transaction, as to the values that may be realized from any potential transaction or as to how long the review process will take. The rationale for embarking on the strategic review process has not changed. However, as a result of the COVID-19 pandemic and its continuing effect on market conditions, the strategic review is progressing at a slower pace than anticipated. During the quarter ended March 31, 2020, no additional entities met the held-for-sale criteria and therefore, there were no changes to the entities classified as Discontinued Operations. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, these financial statements include all adjustments considered necessary to present a fair statement of our consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with Laureate's audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the 2019 Form 10-K).

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The Variable Interest Entity (VIE) Arrangements Laureate consolidates in its financial statements certain internationally based educational organizations that do not have shares or other equity ownership interests. Although these educational organizations may be considered not-for-profit entities in their home countries and they are operated in compliance with their respective not-for-profit legal regimes, we believe they do not meet the definition of a not-for-profit entity under GAAP, and therefore we treat them as “for-profit” entities for accounting purposes. These entities generally cannot declare dividends or distribute their net assets to the entities that control them. Under ASC 810-10, “Consolidation,” we have determined that these institutions are VIEs and that Laureate is the primary beneficiary of these VIEs because we have, as further described herein: (1) the power to direct the activities of the VIEs that most significantly affect their educational and economic performance and (2) the right to receive economic benefits from contractual and other arrangements with the VIEs that could potentially be significant to the VIEs. We account for the acquisition of the right to control a VIE in accordance with ASC 805, “Business Combinations.” The VIEs in Brazil, for 2019, and Mexico include several not-for-profit foundations that had insignificant revenues and operating expenses. Selected Consolidated Statements of Operations information for VIEs that are included in continuing operations was as follows, net of the charges related to the above-described contractual arrangements: For the three months ended March 31, 2020 2019 Selected Statements of Operations information: Revenues, by segment: Brazil $ — $ — Mexico 5 — Andean 36,466 56,450 Revenues 36,471 56,450 Depreciation and amortization 5,924 6,096 Operating loss, by segment: Brazil — (18) Mexico (168) (97) Andean (32,305) (27,220) Operating loss (32,473) (27,335) Net loss attributable to Laureate Education, Inc. (30,675) (24,200) The following table reconciles the Net loss attributable to Laureate Education, Inc. as presented in the table above, to the amounts in our Consolidated Statements of Operations: For the three months ended March 31, 2020 2019 Net (loss) income attributable to Laureate Education, Inc.: Variable interest entities $ (30,675) $ (24,200) Other operations (82,630) (45,211) Corporate and eliminations 212,920 260,654 Net income (loss) attributable to Laureate Education, Inc. $ 99,615 $ 191,243 The following table presents selected assets and liabilities of the consolidated VIEs. Except for Goodwill, the assets in the table below include the assets that can be used only to settle the obligations for the VIEs. The liabilities in the table are liabilities for which the creditors of the VIEs do not have recourse to the general credit of Laureate. March 31, 2020 December 31, 2019 VIE Consolidated VIE Consolidated Balance Sheets data: Cash and cash equivalents $ 145,502 $ 546,675 $ 157,003 $ 339,629 Current assets held for sale 18,900 72,415 16,050 83,800 Other current assets 258,350 692,935 173,072 519,498 Total current assets 422,752 1,312,025 346,125 942,927 Goodwill 140,673 1,501,042 159,957 1,701,495 Tradenames 55,434 1,069,084 61,691 1,119,454 Other intangible assets, net — 1,045 — 1,431 Operating lease right-of-use assets, net 62,851 768,747 65,761 861,878 Long-term assets held for sale 62,257 216,316 52,519 305,973 Other long-term assets 237,135 1,628,823 262,579 1,582,470 Total assets 981,102 6,497,082 948,632 6,515,628 Current liabilities held for sale 11,784 60,602 11,741 64,204 Other current liabilities 255,367 1,250,759 130,602 1,006,600 Long-term operating leases, less current portion 53,156 712,564 56,571 792,358 Long-term liabilities held for sale 39,199 70,988 29,666 124,914 Long-term debt and other long-term liabilities 36,010 1,820,398 28,619 1,711,106 Total liabilities 395,516 3,915,311 257,199 3,699,182 Total stockholders' equity 585,586 2,569,808 691,433 2,804,151 Total stockholders' equity attributable to Laureate Education, Inc. 585,586 2,583,122 691,433 2,816,963 The amounts classified as held-for-sale assets and liabilities in the table above relate to a VIE that is included in our Central America segment. Chile - Higher Education Law On May 29, 2018, a new Higher Education Law (the New Law) was enacted. Among other things, the New Law prohibits conflicts of interests and related party transactions involving universities and their controlling parties, with certain exceptions. These exceptions include the provision of services that are educational in nature or essential for the university’s purposes. The New Law established a Superintendency of Higher Education, with authority to regulate institutions of higher education and promulgate regulations and procedures implementing the New Law. As of May 29, 2019, the New Law’s provisions regarding related party transactions came into force and the Superintendent has since issued further interpretive guidance and regulations. Immediately prior to these provisions coming into force, each of the Chilean non-profit universities and the relevant Laureate services provider reached an agreement to terminate the prior network services agreement in favor of an open bidding process, wherein unrelated third parties and Laureate-related providers were invited to compete in the provision of the range of services that are essential to the fulfillment of each of their academic missions. Each of the Chilean non-profit universities has completed all of the bidding and contractual processes subsequent to the May 2019 contract terminations. The Company participated in these open bid processes, conducted by a third party, and was judged to have submitted the superior bid in many of them. Awarded contracts entered into force once the applicable university’s board approved them or in January 2020, in the case of some of the educational services, due to the academic calendar. Within the ordinary regulatory course of supervision, the Company and the Chilean non-profit universities will continue to interact with the Superintendent to maintain compliance with the New Law. We do not believe that the New Law will change our relationship with our two technical-vocational institutions in Chile that are for-profit entities. Additionally, we will continue to evaluate our accounting treatment of the Chilean non-profit universities to determine whether we can continue to consolidate them. COVID-19 The outbreak of COVID-19 has caused domestic and global disruption in operations for institutions of higher education. The long-term effect to the Company of the COVID-19 pandemic depends on numerous factors, including, but not limited to, the effect on student enrollment, tuition pricing, and collections in future periods, which cannot be fully quantified at this time. As of March 31, 2020 and through the date of this Form 10-Q, the Company evaluated its accounting estimates that require consideration of forecasted financial information, based on current information reasonably available to us. The forecast also includes certain estimates and assumptions around macroeconomic conditions and the timing of campuses reopening. While this evaluation did not result in a material effect to the Company’s Consolidated Financial Statements as of and for the three months ended March 31, 2020, future evaluations could result in a material effect, including potential impairments, depending on the eventual impact to the Company of the COVID-19 pandemic, including but not limited to, its effect on student enrollment, tuition pricing, and collections in future periods. Recently Adopted Accounting Standards Accounting Standards Update (ASU) No. 2016-13 (ASU 2016-13), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, which sets forth a “current expected credit loss” (CECL) model and requires companies to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. ASU 2016-13 applies to financial instruments that are not measured at fair value, including receivables that result from revenue transactions. This ASU was effective for Laureate beginning on January 1, 2020 and did not have a material impact on our Consolidated Financial Statements. Laureate adopted this ASU using the modified retrospective transition method. Under this transition method, the new standard is applied from January 1, 2020 without restatement of comparative period amounts. The impact of transitioning to the new standard was immaterial and no adjustment was recorded to retained earnings for the cumulative effect of adopting this ASU on January 1, 2020. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP . ASU No. 2017-04 (ASU 2017-04), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04 in order to simplify the test for goodwill impairment by eliminating Step 2, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. Under the amendments in this ASU, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU was effective for Laureate beginning on January 1, 2020 and the adoption of this guidance did not have a material impact on our Consolidated Financial Statements. The Company's next annual goodwill impairment test will occur as of October 1, 2020.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees, dormitory/residency fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds, waivers and the fair value of any guarantees made by Laureate related to student financing programs. Laureate's institutions have various billing and academic cycles. We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers , as follows: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. We assess collectibility on a portfolio basis prior to recording revenue. Generally, students cannot re-enroll for the next academic session without satisfactory resolution of any past-due amounts. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue as applicable. The following table shows the components of Revenues by reportable segment and as a percentage of total net revenue for the three months ended March 31, 2020 and 2019: Brazil Mexico Andean Rest of World Online & Partnerships Corporate (1) Total 2020 Tuition and educational services $ 155,144 $ 164,165 $ 89,260 $ 46,581 $ 174,359 $ — $ 629,509 119 % Other 1,983 27,216 11,693 1,770 11,786 1,080 55,528 11 % Gross revenue 157,127 191,381 100,953 48,351 186,145 1,080 685,037 130 % Less: Discounts / waivers / scholarships (73,446) (37,174) (11,445) (4,775) (29,640) — (156,480) (30) % Total $ 83,681 $ 154,207 $ 89,508 $ 43,576 $ 156,505 $ 1,080 $ 528,557 100 % 2019 Tuition and educational services $ 201,254 $ 164,802 $ 137,403 $ 34,589 $ 181,050 $ — $ 719,098 120 % Other 1,925 26,496 15,847 1,945 12,008 491 58,712 9 % Gross revenue 203,179 191,298 153,250 36,534 193,058 491 777,810 129 % Less: Discounts / waivers / scholarships (93,210) (34,834) (14,308) (3,102) (31,284) — (176,738) (29) % Total $ 109,969 $ 156,464 $ 138,942 $ 33,432 $ 161,774 $ 491 $ 601,072 100 % (1) Includes the elimination of intersegment revenues. Contract Balances The timing of billings, cash collections and revenue recognition results in accounts receivable (contract assets) and deferred revenue and student deposits (contract liabilities) on the Consolidated Balance Sheets. We have various billing and academic cycles and recognize student receivables when an academic session begins, although students generally enroll in courses prior to the start of the academic session. Receivables are recognized only to the extent that it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services that will be transferred to the student. We receive advance payments or deposits from our students before revenue is recognized, which are recorded as contract liabilities in deferred revenue and student deposits. Payment terms vary by university with some universities requiring payment in advance of the academic session and other universities allowing students to pay in installments over the term of the academic session. All of our contract assets are considered accounts receivable and are included within the Accounts and notes receivable balance in the accompanying Consolidated Balance Sheets. Total accounts receivable from our contracts with students were $535,408 and $432,910 as of March 31, 2020 and December 31, 2019, respectively. The increase in the contract assets balance at March 31, 2020 compared to December 31, 2019 is primarily driven by our enrollment cycles. The first and third calendar quarters generally coincide with the primary and secondary intakes for our larger institutions. All contract asset amounts are classified as current.

Discontinued Operations and Ass

Discontinued Operations and Assets Held for Sale	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	Discontinued Operations and Assets Held for Sale As discussed in Note 1, Description of Business, on August 9, 2018, the Company announced that it planned to focus on its principal markets and would divest certain of its other markets . The principal markets that would remain (the Continuing Operations) included Brazil, Chile, Mexico, and Peru, along with the Online & Partnerships segment and the institutions in Australia and New Zealand. At the time of the announcement on August 9, 2018 , the markets being divested by sale ( the Discontinued Operations) included the institutions in Portugal and Spain, which were part of the Andean segment, all remaining institutions in the Central America segment, and all remaining institutions in the Rest of World segment, except for Australia, New Zealand and the managed institutions in the Kingdom of Saudi Arabia and China. The institutions in the Kingdom of Saudi Arabia were managed under a contract that expired at the end of August 2019 and was not renewed. Accordingly, these institutions were disposed of other than by sale on August 31, 2019 and, beginning in the third quarter of 2019, have been included in Discontinued Operations for all periods presented. As of March 31, 2020, one VIE institution in Honduras is included in the Discontinued Operations. The goal of the divestitures was to create a more focused and simplified business model and generate proceeds to be used for further repayment of long-term debt. As described in Note 5, Dispositions, a number of sale transactions closed during 2019 and 2020. The timing and ability to complete any of the remaining transactions is uncertain and will be subject to market and other conditions, which may include regulatory approvals and consents of third parties. Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables: For the three months ended March 31, 2020 2019 Revenues $ 33,246 $ 223,340 Depreciation and amortization — 435 Share-based compensation expense 3 162 Loss on impairment of assets — — Other direct costs 27,548 152,437 Operating income 5,695 70,306 Other non-operating (loss) income (8,017) 3,164 Pretax (loss) income of discontinued operations (2,322) 73,470 Income tax expense (1,482) (10,141) (Loss) income from discontinued operations, net of tax $ (3,804) $ 63,329 Operating cash flows of discontinued operations $ 5,911 $ 19,197 Investing cash flows of discontinued operations $ (200) $ (7,873) Financing cash flows of discontinued operations $ (691) $ (15,507) The assets and liabilities of the Discontinued Operations, which are subject to finalization, have been classified as held for sale as of March 31, 2020 and December 31, 2019, in accordance with ASC 205. The assets and liabilities are recorded at the lower of their carrying values or their estimated ‘fair values less costs to sell.’ The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following tables: March 31, 2020 December 31, 2019 Assets of Discontinued Operations Cash and cash equivalents $ 46,839 $ 55,401 Receivables, net 18,652 14,762 Property and equipment, net 131,058 182,530 Goodwill 9,447 9,753 Tradenames 6,810 6,890 Operating lease right-of-use assets, net 26,547 59,231 Other assets 42,456 52,730 Subtotal: assets of Discontinued Operations $ 281,809 $ 381,297 Other assets classified as held for sale Property and equipment, net 6,922 8,476 Total assets held for sale $ 288,731 $ 389,773 March 31, 2020 December 31, 2019 Liabilities of Discontinued Operations Deferred revenue and student deposits $ 14,396 14,287 Operating leases, including current portion 27,589 63,304 Long-term debt and finance leases, including current portion 34,420 55,495 Other liabilities 55,185 56,032 Total liabilities held for sale $ 131,590 $ 189,118 Sale Agreement Pending Closure as of March 31, 2020 Inti Education Holdings Sdn. Bhd. (Inti Holdings) On February 28, 2020, Exeter Street Holdings Sdn. Bhd., a Malaysia corporation (the Malaysia Seller), and LEI Holdings, LTD., a Hong Kong corporation (the Malaysia Seller Guarantor), each of which is an indirect wholly owned subsidiary of Laureate, entered into a Share Sale & Purchase Agreement (the Malaysia Sale Agreement) with HOPE Education Group (Hong Kong) Company Limited (the Malaysia Purchaser) and HOPE Education Group Co. Ltd. (the Malaysia Purchaser Guarantor). Pursuant to the Malaysia Sale Agreement, the Malaysia Purchaser will purchase from the Malaysia Seller all of the issued and outstanding shares in the capital of Inti Education Holdings Sdn. Bhd., a Malaysia corporation (Inti Holdings), the Malaysia Seller’s Guarantor will guarantee certain obligations of the Malaysia Seller and the Malaysia Purchaser’s Guarantor will guarantee certain obligations of the Malaysia Purchaser. Inti Holdings is the indirect owner of INTI University and Colleges, a higher education institution with five campuses in Malaysia. In connection with the Malaysia Sale Agreement, the Malaysia Seller entered into a separate agreement with the current minority owner of the equity of Inti Holdings relating to the purchase by the Malaysia Seller of the minority owner’s 10.10% interest in Inti Holdings, the closing of which is a precondition to the closing of the transaction under the Agreement. The total purchase price, including the payment to the current minority owner, will be $140,000. The closing of the transaction is subject to customary closing conditions, including approval by regulators in Malaysia. In connection with the signing of the Malaysia Sale Agreement, the Malaysia Purchaser paid to the Malaysia Seller a cash deposit of $5,000, which the Company has recorded as a liability pending the closing of the sale and is included in Receipts from sales of discontinued operations, net of cash sold, and property and equipment within investing activities in the Consolidated Statement of Cash Flows for the three months ended March 31, 2020. Sale of Costa Rica Operations On January 10, 2020, Laureate International B.V., a Netherlands private limited liability company (Laureate International), an indirect, wholly owned subsidiary of the Company, entered into, and consummated the transactions contemplated by, an Equity Purchase Agreement (the Costa Rica Agreement) with SP Costa Rica Holdings, LLC, a Delaware limited liability company (the Costa Rica Buyer). Pursuant to the Agreement, the Costa Rica Buyer purchased from Laureate International (i) all of the equity units of Education Holding Costa Rica, S.R.L., which owned, directly or indirectly, all of the equity units of Lusitania S.R.L., Universidad ULatina, S.R.L. (ULatina) and Universidad Americana UAM, S.R.L. (collectively, Laureate Costa Rica) and (ii) a note due from ULatina to Laureate International. Consideration for the transaction consisted of $15,000 paid at closing and up to $7,000 to be paid within the next two years if Laureate Costa Rica meets certain performance metrics. The proceeds received at closing, net of cash sold and transaction fees, were approximately $3,300. Additionally, Laureate Costa Rica retained obligations to pay approximately $30,000 in finance lease indebtedness for which the Costa Rica Buyer has no recourse to Laureate International. During the third quarter of 2019, the Company recorded an impairment loss of approximately $25,000 on the long-lived assets at the Costa Rica institutions, in order to write down the carrying value of those assets to their estimated fair value, per ASC 360-10. Upon completion of the sale in January 2020, the Company recognized a pre-tax loss of approximately $17,200, which related to subsequent changes in net carrying values and is included in loss on sales of discontinued operations on the Consolidated Statement of Operations for the three months ended March 31, 2020. The Costa Rica Buyer is controlled by certain affiliates of Sterling Capital Partners II, L.P. (Sterling II). Sterling II has the right to designate a director to the Laureate Board of Directors pursuant to a securityholders agreement, and Steven Taslitz currently serves as the Sterling-designated director. Mr. Taslitz did not participate in the Laureate Board of Directors’ consideration of the transaction, which was approved by Laureate's Audit Committee as a related party transaction. Sale of NewSchool of Architecture and Design, LLC (NSAD) On March 6, 2020, the Company completed the sale of NSAD. Under the terms of the membership interests purchase agreement, Exeter Street Holdings, LLC, an indirect wholly owned subsidiary of the Company, sold 100% of the outstanding membership interests of NSAD to Ambow NSAD, Inc. and Ambow Education Holding, Ltd. (the NSAD Buyers) for a purchase price of one dollar, subject to certain adjustments. NSAD is a higher education institution located in California that offers undergraduate and graduate degrees and non-degree certificates in design and construction management. Under the terms of the agreement, the Company agreed to pay subsidies to the NSAD Buyers totaling approximately $7,300, of which all but $2,800 was settled at the closing date. The remaining subsidy of $2,800 will be paid to the NSAD Buyers ratably on a quarterly basis over the next four years. The Company recognized a pre-tax loss on the sale of approximately $5,700, which is included in loss on sales of discontinued operations on the Consolidated Statement of Operations for the three months ended March 31, 2020.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Discontinued Operations and Assets Held for Sale As discussed in Note 1, Description of Business, on August 9, 2018, the Company announced that it planned to focus on its principal markets and would divest certain of its other markets . The principal markets that would remain (the Continuing Operations) included Brazil, Chile, Mexico, and Peru, along with the Online & Partnerships segment and the institutions in Australia and New Zealand. At the time of the announcement on August 9, 2018 , the markets being divested by sale ( the Discontinued Operations) included the institutions in Portugal and Spain, which were part of the Andean segment, all remaining institutions in the Central America segment, and all remaining institutions in the Rest of World segment, except for Australia, New Zealand and the managed institutions in the Kingdom of Saudi Arabia and China. The institutions in the Kingdom of Saudi Arabia were managed under a contract that expired at the end of August 2019 and was not renewed. Accordingly, these institutions were disposed of other than by sale on August 31, 2019 and, beginning in the third quarter of 2019, have been included in Discontinued Operations for all periods presented. As of March 31, 2020, one VIE institution in Honduras is included in the Discontinued Operations. The goal of the divestitures was to create a more focused and simplified business model and generate proceeds to be used for further repayment of long-term debt. As described in Note 5, Dispositions, a number of sale transactions closed during 2019 and 2020. The timing and ability to complete any of the remaining transactions is uncertain and will be subject to market and other conditions, which may include regulatory approvals and consents of third parties. Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables: For the three months ended March 31, 2020 2019 Revenues $ 33,246 $ 223,340 Depreciation and amortization — 435 Share-based compensation expense 3 162 Loss on impairment of assets — — Other direct costs 27,548 152,437 Operating income 5,695 70,306 Other non-operating (loss) income (8,017) 3,164 Pretax (loss) income of discontinued operations (2,322) 73,470 Income tax expense (1,482) (10,141) (Loss) income from discontinued operations, net of tax $ (3,804) $ 63,329 Operating cash flows of discontinued operations $ 5,911 $ 19,197 Investing cash flows of discontinued operations $ (200) $ (7,873) Financing cash flows of discontinued operations $ (691) $ (15,507) The assets and liabilities of the Discontinued Operations, which are subject to finalization, have been classified as held for sale as of March 31, 2020 and December 31, 2019, in accordance with ASC 205. The assets and liabilities are recorded at the lower of their carrying values or their estimated ‘fair values less costs to sell.’ The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following tables: March 31, 2020 December 31, 2019 Assets of Discontinued Operations Cash and cash equivalents $ 46,839 $ 55,401 Receivables, net 18,652 14,762 Property and equipment, net 131,058 182,530 Goodwill 9,447 9,753 Tradenames 6,810 6,890 Operating lease right-of-use assets, net 26,547 59,231 Other assets 42,456 52,730 Subtotal: assets of Discontinued Operations $ 281,809 $ 381,297 Other assets classified as held for sale Property and equipment, net 6,922 8,476 Total assets held for sale $ 288,731 $ 389,773 March 31, 2020 December 31, 2019 Liabilities of Discontinued Operations Deferred revenue and student deposits $ 14,396 14,287 Operating leases, including current portion 27,589 63,304 Long-term debt and finance leases, including current portion 34,420 55,495 Other liabilities 55,185 56,032 Total liabilities held for sale $ 131,590 $ 189,118 Sale Agreement Pending Closure as of March 31, 2020 Inti Education Holdings Sdn. Bhd. (Inti Holdings) On February 28, 2020, Exeter Street Holdings Sdn. Bhd., a Malaysia corporation (the Malaysia Seller), and LEI Holdings, LTD., a Hong Kong corporation (the Malaysia Seller Guarantor), each of which is an indirect wholly owned subsidiary of Laureate, entered into a Share Sale & Purchase Agreement (the Malaysia Sale Agreement) with HOPE Education Group (Hong Kong) Company Limited (the Malaysia Purchaser) and HOPE Education Group Co. Ltd. (the Malaysia Purchaser Guarantor). Pursuant to the Malaysia Sale Agreement, the Malaysia Purchaser will purchase from the Malaysia Seller all of the issued and outstanding shares in the capital of Inti Education Holdings Sdn. Bhd., a Malaysia corporation (Inti Holdings), the Malaysia Seller’s Guarantor will guarantee certain obligations of the Malaysia Seller and the Malaysia Purchaser’s Guarantor will guarantee certain obligations of the Malaysia Purchaser. Inti Holdings is the indirect owner of INTI University and Colleges, a higher education institution with five campuses in Malaysia. In connection with the Malaysia Sale Agreement, the Malaysia Seller entered into a separate agreement with the current minority owner of the equity of Inti Holdings relating to the purchase by the Malaysia Seller of the minority owner’s 10.10% interest in Inti Holdings, the closing of which is a precondition to the closing of the transaction under the Agreement. The total purchase price, including the payment to the current minority owner, will be $140,000. The closing of the transaction is subject to customary closing conditions, including approval by regulators in Malaysia. In connection with the signing of the Malaysia Sale Agreement, the Malaysia Purchaser paid to the Malaysia Seller a cash deposit of $5,000, which the Company has recorded as a liability pending the closing of the sale and is included in Receipts from sales of discontinued operations, net of cash sold, and property and equipment within investing activities in the Consolidated Statement of Cash Flows for the three months ended March 31, 2020. Sale of Costa Rica Operations On January 10, 2020, Laureate International B.V., a Netherlands private limited liability company (Laureate International), an indirect, wholly owned subsidiary of the Company, entered into, and consummated the transactions contemplated by, an Equity Purchase Agreement (the Costa Rica Agreement) with SP Costa Rica Holdings, LLC, a Delaware limited liability company (the Costa Rica Buyer). Pursuant to the Agreement, the Costa Rica Buyer purchased from Laureate International (i) all of the equity units of Education Holding Costa Rica, S.R.L., which owned, directly or indirectly, all of the equity units of Lusitania S.R.L., Universidad ULatina, S.R.L. (ULatina) and Universidad Americana UAM, S.R.L. (collectively, Laureate Costa Rica) and (ii) a note due from ULatina to Laureate International. Consideration for the transaction consisted of $15,000 paid at closing and up to $7,000 to be paid within the next two years if Laureate Costa Rica meets certain performance metrics. The proceeds received at closing, net of cash sold and transaction fees, were approximately $3,300. Additionally, Laureate Costa Rica retained obligations to pay approximately $30,000 in finance lease indebtedness for which the Costa Rica Buyer has no recourse to Laureate International. During the third quarter of 2019, the Company recorded an impairment loss of approximately $25,000 on the long-lived assets at the Costa Rica institutions, in order to write down the carrying value of those assets to their estimated fair value, per ASC 360-10. Upon completion of the sale in January 2020, the Company recognized a pre-tax loss of approximately $17,200, which related to subsequent changes in net carrying values and is included in loss on sales of discontinued operations on the Consolidated Statement of Operations for the three months ended March 31, 2020. The Costa Rica Buyer is controlled by certain affiliates of Sterling Capital Partners II, L.P. (Sterling II). Sterling II has the right to designate a director to the Laureate Board of Directors pursuant to a securityholders agreement, and Steven Taslitz currently serves as the Sterling-designated director. Mr. Taslitz did not participate in the Laureate Board of Directors’ consideration of the transaction, which was approved by Laureate's Audit Committee as a related party transaction. Sale of NewSchool of Architecture and Design, LLC (NSAD) On March 6, 2020, the Company completed the sale of NSAD. Under the terms of the membership interests purchase agreement, Exeter Street Holdings, LLC, an indirect wholly owned subsidiary of the Company, sold 100% of the outstanding membership interests of NSAD to Ambow NSAD, Inc. and Ambow Education Holding, Ltd. (the NSAD Buyers) for a purchase price of one dollar, subject to certain adjustments. NSAD is a higher education institution located in California that offers undergraduate and graduate degrees and non-degree certificates in design and construction management. Under the terms of the agreement, the Company agreed to pay subsidies to the NSAD Buyers totaling approximately $7,300, of which all but $2,800 was settled at the closing date. The remaining subsidy of $2,800 will be paid to the NSAD Buyers ratably on a quarterly basis over the next four years. The Company recognized a pre-tax loss on the sale of approximately $5,700, which is included in loss on sales of discontinued operations on the Consolidated Statement of Operations for the three months ended March 31, 2020.

Due to Shareholders of Acquired

Due to Shareholders of Acquired Companies	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Due to Shareholders of Acquired Companies	Due to Shareholders of Acquired Companies The amounts due to shareholders of acquired companies generally arise in connection with Laureate’s acquisition of a majority or all of the ownership interest of these companies. Promissory notes payable to the sellers of acquired companies, referred to as “seller notes,” are commonly used as a means of payment for business acquisitions. Seller note payments are classified as Payments of deferred purchase price for acquisitions within financing activities in our Consolidated Statements of Cash Flows. The amounts due to shareholders of acquired companies, currencies, and interest rates applied were as follows: March 31, 2020 December 31, 2019 Nominal Currency Interest Universidade Anhembi Morumbi (UAM Brazil) $ 16,678 $ 20,179 BRL CDI + 2% Faculdade Porto-Alegrense (FAPA) 191 230 BRL IGP-M IADE Group — 1,109 EUR 3% Total due to shareholders of acquired companies 16,869 21,518 Less: Current portion of due to shareholders of acquired companies 8,587 11,523 Due to shareholders of acquired companies, less current portion $ 8,282 $ 9,995 BRL: Brazilian Real CDI: Certificados de Depósitos Interbancários (Brazil) EUR: European Euro IGP-M: General Index of Market Prices (Brazil)

Business and Geographic Segment

Business and Geographic Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Business and Geographic Segment Information	Business and Geographic Segment Information Laureate’s educational services are offered through six operating segments: Brazil, Mexico, Andean, Central America, Rest of World and Online & Partnerships. Following the March 2020 sale of NSAD, Laureate’s last remaining U.S. campus-based institution, the Central America & U.S. Campuses segment is now called the Central America segment. Laureate determines its operating segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Our campus-based segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings are increasingly utilizing online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. In response to the COVID-19 pandemic, we have temporarily transitioned the educational delivery method at all of our campus-based institutions to be online and are leveraging our existing technologies and learning platforms to serve students outside of the traditional classroom setting. Many of our largest campus-based operations are in developing markets which are experiencing a growing demand for higher education based on favorable demographics and increasing secondary completion rates, driving increases in participation rates and resulting in continued growth in the number of higher education students. Traditional higher education students (defined as 18-24 year olds) have historically been served by public universities, which have limited capacity and are often underfunded, resulting in an inability to meet the growing student demand and employer requirements. This supply and demand imbalance has created a market opportunity for private sector participants. Most students finance their own education. However, there are some government-sponsored student financing programs which are discussed below. These campus-based segments include Brazil, Mexico, Andean, Central America, and Rest of World. Specifics related to each of these campus-based segments and our Online & Partnerships segment are discussed below. In Brazil, approximately 73% of post-secondary students are enrolled in private higher education institutions. While the federal government defines the national curricular guidelines, institutions are licensed to operate by city. Laureate owns 12 institutions in seven states throughout Brazil, with a particularly strong presence in the competitive São Paulo market. Many students finance their own education while others rely on the government-sponsored programs such as Prouni and Fundo de Financiamento Estudantil (FIES). Public universities in Mexico enroll approximately two-thirds of students attending post-secondary education. However, many public institutions are faced with capacity constraints or the quality of the education is considered low. Laureate owns two institutions and is present throughout the country with a footprint of over 40 campuses. Each institution in Mexico has a national license. Students in our Mexican institutions typically finance their own education. The Andean segment includes institutions in Chile and Peru. In Chile, private universities enroll approximately 72% of post-secondary students and there are government-sponsored student financing programs. In Peru, the public sector plays a significant role, but private universities are increasingly providing the capacity to meet growing demand. The Central America segment includes an institution in Honduras, which is included in Discontinued Operations. Students in Central America typically finance their own education The Rest of World segment includes campus-based institutions in Asia Pacific with operations in Australia, Malaysia and New Zealand. Additionally, the Rest of World segment manages one institution in China through a joint venture arrangement. The institution in Malaysia is included in Discontinued Operations. The Online & Partnerships segment includes fully online institutions that offer profession-oriented degree programs in the United States through Walden University (Walden), a U.S.-based accredited institution, and through the University of Liverpool and the University of Roehampton in the United Kingdom. These online institutions primarily serve working adults with undergraduate and graduate degree program offerings. Students in the United States finance their education in a variety of ways, including Title IV programs. We no longer accept new enrollments at the University of Liverpool and the University of Roehampton, which are in a teach-out process. As discussed in Note 1, Description of Business, and Note 4, Discontinued Operations and Assets Held for Sale, a number of our subsidiaries have met the requirements to be classified as discontinued operations, including the entire Central America segment . As a result, the operations of the Central America segment has been excluded from the segment information for all periods presented. In addition, the portion of the Rest of World reportable segment that is included in Discontinued Operations has also been excluded from the segment information for all periods presented. Intersegment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate intersegment items. We evaluate segment performance based on Adjusted EBITDA, which is a non-GAAP performance measure defined as Income (loss) from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: Gain (loss) on sale or disposal of subsidiaries, Foreign currency exchange gain (loss), net, Other (expense) income, net, Gain on derivatives, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, Share-based compensation expense and expenses related to our Excellence-in-Process (EiP) initiative. EiP is an enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also includes other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure and certain non-recurring costs incurred in connection with the planned dispositions described in Note 4, Discontinued Operations and Assets Held for Sale, and the completed dispositions described in Note 5, Dispositions. Beginning in the third quarter of 2019, EiP also includes expenses associated with an enterprise-wide program aimed at revenue growth. When we review Adjusted EBITDA on a segment basis, we exclude intercompany revenues and expenses related to network fees and royalties between our segments, which eliminate in consolidation. We use total assets as the measure of assets for reportable segments. The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Loss from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations: For the three months ended March 31, 2020 2019 Revenues Brazil $ 83,681 $ 109,969 Mexico 154,207 156,464 Andean 89,508 138,942 Rest of World 43,576 33,432 Online & Partnerships 156,505 161,774 Corporate 1,080 491 Revenues $ 528,557 $ 601,072 Adjusted EBITDA of reportable segments Brazil $ (19,199) $ (30,656) Mexico 23,310 25,828 Andean (62,150) (33,243) Rest of World 4,837 (3,359) Online & Partnerships 43,281 48,576 Total Adjusted EBITDA of reportable segments (9,921) 7,146 Reconciling items: Corporate (26,953) (36,720) Depreciation and amortization expense (44,161) (47,209) Loss on impairment of assets (3,768) — Share-based compensation expense (1,981) (2,987) EiP expenses (30,351) (12,259) Operating loss (117,135) (92,029) Interest income 2,667 3,553 Interest expense (36,110) (54,653) Loss on debt extinguishment — (10,622) Gain on derivatives 802 5,183 Other (expense) income, net (102) 397 Foreign currency exchange gain (loss), net 35,944 (4,746) Gain on sales of subsidiaries, net 2,729 — Loss from continuing operations before income taxes and equity in net income of affiliates $ (111,205) $ (152,917) March 31, 2020 December 31, 2019 Assets Brazil $ 883,050 $ 1,068,362 Mexico 1,077,325 1,315,377 Andean 1,815,876 1,715,145 Rest of World 209,778 194,409 Online & Partnerships 1,253,547 1,303,811 Corporate and Discontinued Operations 1,257,506 918,524 Total assets $ 6,497,082 $ 6,515,628

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The change in the net carrying amount of Goodwill from December 31, 2019 through March 31, 2020 was composed of the following items: Brazil Mexico Andean Rest of World Online & Partnerships Total Balance at December 31, 2019 $ 388,160 $ 525,256 $ 241,327 $ 86,012 $ 460,740 $ 1,701,495 Acquisitions — — — — — — Dispositions — — — — — — Impairments — — — — — — Currency translation adjustments (71,706) (99,375) (19,300) (10,072) — (200,453) Adjustments to prior acquisitions — — — — — — Balance at March 31, 2020 $ 316,454 $ 425,881 $ 222,027 $ 75,940 $ 460,740 $ 1,501,042

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Outstanding long-term debt was as follows: March 31, 2020 December 31, 2019 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 2024) $ 409,147 $ 202,400 Senior Notes (stated maturity date May 2025) 800,000 800,000 Total senior long-term debt 1,209,147 1,002,400 Other debt: Lines of credit 57,237 14,542 Notes payable and other debt 307,548 328,153 Total senior and other debt 1,573,932 1,345,095 Finance lease obligations and sale-leaseback financings 91,604 100,113 Total long-term debt and finance leases 1,665,536 1,445,208 Less: total unamortized deferred financing costs 62,596 66,069 Less: current portion of long-term debt and finance leases 191,254 118,822 Long-term debt and finance leases, less current portion $ 1,411,686 $ 1,260,317 In March 2020, we fully drew down the $410,000 revolving credit facility under our Senior Secured Credit Facility, in order to increase our cash position and preserve financial flexibility in light of the COVID-19 pandemic. Estimated Fair Value of Debt The estimated fair value of our debt was determined using observable market prices as the majority of our securities, including the Senior Secured Credit Facility and the Senior Notes due 2025, are traded in a brokered market. The fair value of our remaining debt instruments approximates carrying value based on their terms. As of March 31, 2020 and December 31, 2019, our long-term debt was classified as Level 2 within the fair value hierarchy, based on the frequency and volume of trading in the brokered market. The estimated fair value of our debt was as follows: March 31, 2020 December 31, 2019 Carrying amount Estimated fair value Carrying amount Estimated fair value Total senior and other debt $ 1,573,932 $ 1,566,932 $ 1,345,095 $ 1,406,954 Certain Covenants As of March 31, 2020, our senior long-term debt contained certain negative covenants including, among others: (1) limitations on additional indebtedness; (2) limitations on dividends; (3) limitations on asset sales, including the sale of ownership interests in subsidiaries and sale-leaseback transactions; and (4) limitations on liens, guarantees, loans or investments. The Third Amended and Restated Credit Agreement (the Third A&R Credit Agreement) provides, solely with respect to the revolving credit facility, that the Company shall not permit its Consolidated Senior Secured Debt to Consolidated EBITDA ratio, as defined in the Third A&R Credit Agreement, to exceed 3.50x as of December 31, 2019 and thereafter. The agreement also provides that if (i) the Company’s Consolidated Total Debt to Consolidated EBITDA ratio, as defined in the Third A&R Credit Agreement, is not greater than 4.75x as of such date and (ii) less than 25% of the revolving credit facility is utilized as of that date, then such financial covenant shall not apply. As of March 31, 2020, we were in compliance with the leverage ratio covenant. In addition, notes payable at some of our locations contain financial maintenance covenants. We are in compliance with these covenants.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases Laureate conducts a significant portion of its operations at leased facilities. These facilities include our corporate headquarters, other office locations, and many of Laureate's higher education facilities. Laureate analyzes each lease agreement to determine whether it should be classified as a finance lease or an operating lease. As a result of adopting ASC Topic 842 on January 1, 2019, we recorded on our balance sheet significant asset and liability balances associated with the operating leases, as described further below. Finance Leases Our finance lease agreements are for property and equipment. The lease assets are included within buildings as well as furniture, equipment and software and the related lease liability is included within debt and finance leases on the consolidated balance sheet. Operating Leases Our operating lease agreements are primarily for real estate space and are included within operating lease right-of-use (ROU) assets and operating lease liabilities on the Consolidated Balance Sheets. The terms of our operating leases vary and generally contain renewal options. Certain of these operating leases provide for increasing rent over the term of the lease. Laureate also leases certain equipment under noncancellable operating leases, which are typically for terms of 60 months or less. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. Our variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. On occasion, Laureate has entered into sublease agreements for certain leased office space; however, the sublease income from these agreements is immaterial.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Noncontrolling Interest Holder Put Arrangements The following section provides a summary table and description of our noncontrolling interest holder put arrangements, which relate to Discontinued Operations, that Laureate had outstanding as of March 31, 2020. Laureate has elected to accrete changes in the arrangements’ redemption values over the period from the date of issuance to the earliest redemption date. The redeemable noncontrolling interests are recorded at the greater of the accreted redemption value or the traditional noncontrolling interest. Until the first exercise date, the put instruments’ reported values may be lower than the final amounts that will be required to settle the minority put arrangements. If the minority put arrangements were all exercised at March 31, 2020, Laureate would be obligated to pay the noncontrolling interest holders an estimated amount of $10,249, as summarized in the following table: Nominal Currency First Exercisable Date Estimated Value as of March 31, 2020 redeemable within 12-months Reported Noncontrolling interest holder put arrangements INTI Education Holdings Sdn Bhd (Inti Holdings) - 10.10% MYR Current $ 10,249 $ 10,249 Total noncontrolling interest holder put arrangements 10,249 10,249 Puttable common stock - not currently redeemable USD * — 1,714 Total redeemable noncontrolling interests and equity $ 10,249 $ 11,963 * Contingently redeemable MYR: Malaysian Ringgit Laureate’s noncontrolling interest put arrangements are specified in agreements with each noncontrolling interest holder. The terms of these agreements determine the measurement of the redemption value of the put options based on a non-GAAP measure of earnings before interest, taxes, depreciation and amortization (EBITDA, or recurring EBITDA), the definition of which varies for each particular contract. Loss Contingencies Laureate is subject to legal actions arising in the ordinary course of its business. In management's opinion, we have adequate legal defenses, insurance coverage and/or accrued liabilities with respect to the eventuality of such actions. We do not believe that any settlement would have a material impact on our Consolidated Financial Statements. Contingent Liabilities for Taxes As of March 31, 2020 and December 31, 2019, Laureate has recorded cumulative liabilities totaling $37,245 and $44,595, respectively, for taxes other-than-income tax, principally payroll-tax-related uncertainties recorded at the time of an acquisition, of which $637 and $2,893, respectively, were classified as held for sale. The changes in this recorded liability are related to acquisitions, interest and penalty accruals, changes in tax laws, expirations of statutes of limitations, settlements and changes in foreign currency exchange rates. The terms of the statutes of limitations on these contingencies vary but can be up to 10 years. These liabilities were included in current and long-term liabilities on the Consolidated Balance Sheets. Changes in the recorded values of non-income tax contingencies impact operating income and interest expense, while changes in the related indemnification assets impact only operating income. The total decrease to operating income for adjustments to non-income tax contingencies and indemnification assets was $6,514 and $4,561, respectively, for the three months ended March 31, 2020 and 2019. In addition, as of March 31, 2020 and December 31, 2019, Laureate has recorded cumulative liabilities for income tax contingencies of $42,929 and $51,442, respectively, of which $7,009 and $6,996, respectively, were classified as held for sale. As of March 31, 2020 and December 31, 2019, indemnification assets primarily related to acquisition contingencies were $52,512 and $69,040. These indemnification assets primarily cover contingencies for income taxes and taxes other-than-income taxes. We have also recorded receivables of approximately $17,000 and $19,000 as of March 31, 2020 and December 31, 2019, respectively, from the former owner of one of our Brazil institutions which is guaranteed by future rental payments to the former owner. We have identified certain contingencies, primarily tax-related, that we have assessed as being reasonably possible of loss, but not probable of loss, and could have an adverse effect on the Company’s results of operations if the outcomes are unfavorable. In most cases, Laureate has received indemnifications from the former owners and/or noncontrolling interest holders of the acquired businesses for contingencies, and therefore, we do not believe we will sustain an economic loss even if we are required to pay these additional amounts. In cases where we are not indemnified, the unrecorded contingencies are not individually material and are primarily in Brazil. In the aggregate, we estimate that the reasonably possible loss for these unrecorded contingencies in Brazil could be up to approximately $42,000 if the outcomes were unfavorable in all cases. Other Loss Contingencies Laureate has accrued liabilities for certain civil actions against our institutions, a portion of which existed prior to our acquisition of these entities. Laureate intends to vigorously defend against these matters. As of March 31, 2020 and December 31, 2019, approximately $31,100 and $31,400, respectively, of loss contingencies were included in Other long-term liabilities and Other current liabilities on the Consolidated Balance Sheets. Material Guarantees – Student Financing The accredited Chilean institutions in the Laureate network also participate in a government-sponsored student financing program known as Crédito con Aval del Estado (the CAE Program). The CAE Program was formally implemented by the Chilean government in 2006 to promote higher education in Chile for lower socio-economic level students in good academic standing. The CAE Program involves tuition financing and guarantees that are provided by our institutions and the government. As part of the CAE Program, these institutions provide guarantees which result in contingent liabilities to third-party financing institutions, beginning at 90% of the tuition loans made directly to qualified students enrolled through the CAE Program and declining to 60% over time. The guarantees by these institutions are in effect during the period in which the student is enrolled, and the guarantees are assumed entirely by the government upon the student’s graduation. When a student leaves one of Laureate's institutions and enrolls in another CAE-qualified institution, the Laureate institution will remain guarantor of the tuition loans that have been granted up to the date of transfer, and until the student's graduation from a CAE-qualified institution. The maximum potential amount of payments our institutions could be required to make under the CAE Program was approximately $430,000 and $474,000 at March 31, 2020 and December 31, 2019, respectively. This maximum potential amount assumes that all students in the CAE Program do not graduate, so that our guarantee would not be assigned to the government, and that all students default on the full amount of the CAE-qualified loan balances. As of March 31, 2020 and December 31, 2019, we recorded $37,969 and $30,887, respectively, as estimated long-term guarantee liabilities for these obligations. In accordance with Topic 326, the provision includes an estimated expected credit loss over the contractual period in which the Company is exposed to credit risk, and is recorded at inception. Material Guarantees – Other Laureate acquired the remaining 49% ownership interest in UAM Brazil in April 2013. As part of the agreement to purchase the 49% ownership interest, Laureate pledged 49% of its total shares in UAM Brazil as a guarantee of our payment obligations under the purchase agreement. In the event that we default on any payment, the agreement provides for a forfeiture of the pledged shares. In connection with the purchase of FMU Education Group on September 12, 2014, Laureate pledged its acquired shares to third-party lenders as a guarantee of our payment obligations under the loans that financed a portion of the purchase price. The shares are pledged until full repayment of the loans, which mature in April 2021. In connection with a loan agreement entered into by a Laureate subsidiary in Peru, all of the shares of Universidad Privada del Norte, one of our universities, were pledged to the third-party lender as a guarantee of the payment obligations under the loan. Standby Letters of Credit, Surety Bonds and Other Commitments As of March 31, 2020 and December 31, 2019, Laureate's outstanding letters of credit (LOCs) and surety bonds primarily consisted of the items discussed below. As of March 31, 2020 and December 31, 2019, we had approximately $125,800 and $127,300, respectively, posted as LOCs in favor of the DOE. These LOCs were required to allow Walden and NSAD, until it was sold in March 2020, to continue participating in the DOE Title IV program. These LOCs are recorded on Walden and Laureate and are fully collateralized with cash equivalents and certificates of deposit, which are classified as Restricted cash on our March 31, 2020 and December 31, 2019 Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, we had EUR 9,443 (approximately $10,500 at March 31, 2020) and EUR 5,036 (approximately $5,500 at December 31, 2019), respectively, posted as cash collateral for LOCs related to the Spanish tax audits. This was recorded in Continuing Operations and classified as Restricted cash on our March 31, 2020 and December 31, 2019 Consolidated Balance Sheets. The cash collateral is related to final assessments issued by the Spanish Taxing Authority (STA) in October 2018 and January 2020 to Iniciativas Culturales de España, S.L. (ICE), our Spanish holding company. In addition, on March 11, 2020, ICE received a preliminary assessment of approximately EUR 21,600 (approximately $23,900 at March 31, 2020), related to the STA’s extension of their audit to review withholding taxes on income earned by nonresidents. This assessment is not final, and ICE intends to challenge the assessment before the STA. As part of our normal operations, our insurers issue surety bonds on our behalf, as required by various state education authorities in the United States. We are obligated to reimburse our insurers for any payments made by the insurers under the surety bonds. As of March 31, 2020 and December 31, 2019, the total face amount of these surety bonds was $26,069 and $25,852, respectively. These bonds are fully collateralized with cash, which was classified as Restricted cash on our March 31, 2020 and December 31, 2019 Consolidated Balance Sheets. In November 2016, in order to continue participating in Prouni, a federal program that offers tax benefits designed to increase higher education participation rates in Brazil, UAM Brazil posted a guarantee in the amount of $15,300. In connection with the issuance of the guarantee, UAM Brazil obtained a non-collateralized surety bond from a third party in order to secure the guarantee. The cost of the surety bond was $1,400, of which half was reimbursed by the former owner of UAM Brazil, and is being amortized over a five-year term. The Company believes that this matter will not have a material impact on our Consolidated Financial Statements.

Financing Receivables

Financing Receivables	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Financing Receivables	Financing Receivables Laureate’s financing receivables consist primarily of trade receivables related to student tuition financing programs with an initial term in excess of one year. We have offered long-term financing through the execution of note receivable agreements with students at some of our institutions. Our disclosures include financing receivables that are classified in our Consolidated Balance Sheets as both current and long-term, reported in accordance with ASC 310, “Receivables.” Laureate’s financing receivables balances were as follows: March 31, 2020 December 31, 2019 Financing receivables $ 30,860 $ 28,856 Allowance for doubtful accounts (6,123) (5,909) Financing receivables, net of allowances $ 24,737 $ 22,947 We do not purchase financing receivables in the ordinary course of our business. We may sell certain receivables that are significantly past due. No material amounts of financing receivables were sold during the periods reported herein. Delinquency is the primary indicator of credit quality for our financing receivables. Receivable balances are considered delinquent when contractual payments on the loan become past due. Delinquent financing receivables are placed on non-accrual status for interest income. The accrual of interest is resumed when the financing receivable becomes contractually current and when collection of all remaining amounts due is reasonably assured. We record an Allowance for doubtful accounts to reduce our financing receivables to their net realizable value. The Allowance for doubtful accounts is based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and reasonable supportable forecasts of student attrition. Each of our institutions evaluates its balances for potential impairment. We consider impaired loans to be those that are past due one year or greater, and those that are modified as a troubled debt restructuring (TDR). The aging of financing receivables grouped by country portfolio was as follows: Chile Other Total As of March 31, 2020 Amounts past due less than one year $ 8,289 $ 343 $ 8,632 Amounts past due one year or greater 2,550 237 2,787 Total past due (on non-accrual status) 10,839 580 11,419 Not past due 17,563 1,878 19,441 Total financing receivables $ 28,402 $ 2,458 $ 30,860 As of December 31, 2019 Amounts past due less than one year $ 10,687 $ 1,556 $ 12,243 Amounts past due one year or greater 3,295 62 3,357 Total past due (on non-accrual status) 13,982 1,618 15,600 Not past due 12,556 700 13,256 Total financing receivables $ 26,538 $ 2,318 $ 28,856 The following is a rollforward of the Allowance for doubtful accounts related to financing receivables for the three months ended March 31, 2020 and 2019, grouped by country portfolio: Chile Other Total Balance at December 31, 2019 $ (5,654) $ (255) $ (5,909) Charge-offs 583 3 586 Recoveries — — — Reclassifications — — — Provision (1,345) (79) (1,424) Currency adjustments 608 16 624 Balance at March 31, 2020 $ (5,808) $ (315) $ (6,123) Balance at December 31, 2018 $ (6,108) $ (287) $ (6,395) Charge-offs 414 76 490 Recoveries — — — Reclassifications — — — Provision (361) (72) (433) Currency adjustments (124) (15) (139) Balance at March 31, 2019 $ (6,179) $ (298) $ (6,477) Restructured Receivables A TDR is a financing receivable in which the borrower is experiencing financial difficulty and Laureate has granted an economic concession to the student debtor that we would not otherwise consider. When we modify financing receivables in a TDR, Laureate typically offers the student debtor an extension of the loan maturity and/or a reduction in the accrued interest balance. In certain situations, we may offer to restructure a financing receivable in a manner that ultimately results in the forgiveness of contractually specified principal balances. Our only TDRs are in Chile. The number of financing receivable accounts and the pre- and post-modification account balances modified under the terms of a TDR during the three months ended March 31, 2020 and 2019 were as follows: Number of Financing Receivable Accounts Pre-Modification Balance Outstanding Post-Modification Balance Outstanding 2020 166 $ 421 $ 393 2019 296 $ 898 $ 867 The preceding table represents accounts modified under the terms of a TDR during the three months ended March 31, 2020, whereas the following table represents accounts modified as a TDR between January 1, 2019 and March 31, 2020 that subsequently defaulted during the three months ended March 31, 2020: Number of Financing Receivable Accounts Balance at Default Total 75 $ 147 The following table represents accounts modified as a TDR between January 1, 2018 and March 31, 2019 that subsequently defaulted during the three months ended March 31, 2019: Number of Financing Receivable Accounts Balance at Default Total 155 $ 251

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation Share-based compensation expense was as follows: For the three months ended March 31, 2020 2019 Continuing operations Stock options, net of estimated forfeitures $ 439 $ 823 Restricted stock awards 1,542 2,164 Total continuing operations $ 1,981 $ 2,987 Discontinued operations Share-based compensation expense for discontinued operations 3 162 Total continuing and discontinued operations $ 1,984 $ 3,149

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The components of net changes in stockholders’ equity for the three months ended March 31, 2020 are as follows: Laureate Education, Inc. Stockholders Class A Class B Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Shares Amount Balance at December 31, 2019 119,575 $ 542 90,831 $ 363 $ 3,724,636 $ 436,509 $ (1,073,981) $ (271,106) $ (12,812) $ 2,804,151 Non-cash stock compensation — — — — 1,984 — — — — 1,984 Conversion of Class B shares to Class A shares 18 — (18) — — — — — — — Purchase of treasury stock at cost (1,619) — — — — — — (29,203) — (29,203) Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding 1,101 4 — — 25,610 — — — — 25,614 Accretion of redeemable noncontrolling interests and equity — — — — (44) — — — — (44) Reclassification of redeemable noncontrolling interests and equity — — — — — — — — 38 38 Net income (loss) — — — — — 99,615 — — (1,299) 98,316 Foreign currency translation adjustment, net of tax of $0 — — — — — — (330,875) — 759 (330,116) Minimum pension liability adjustment, net of tax of $0 — — — — — — (932) — — (932) Balance at March 31, 2020 119,075 $ 546 90,813 $ 363 $ 3,752,186 $ 536,124 $ (1,405,788) $ (300,309) $ (13,314) $ 2,569,808 The components of net changes in stockholders’ equity for the three months ended March 31, 2019 are as follows: Laureate Education, Inc. Stockholders Class A Class B Additional paid-in capital (Accumulated deficit) retained earnings Accumulated other comprehensive (loss) income Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Shares Amount Balance at December 31, 2018 107,450 $ 430 116,865 $ 467 $ 3,703,796 $ (530,919) $ (1,112,695) $ — $ (10,133) $ 2,050,946 Adoption of accounting standards — — — — — 28,944 — — — 28,944 Balance at January 1, 2019 107,450 430 116,865 467 3,703,796 (501,975) (1,112,695) — (10,133) 2,079,890 Non-cash stock compensation — — — — 3,149 — — — — 3,149 Conversion of Class B shares to Class A shares 8 — (8) — — — — — — — Vesting of restricted stock, net of shares withheld to satisfy tax withholding 325 1 — — (1,421) — — — — (1,420) Distributions to noncontrolling interest holders — — — — — — — — (625) (625) Accretion of redeemable noncontrolling interests and equity — — — — 263 — — — — 263 Reclassification of redeemable noncontrolling interests and equity — — — — — — — — 224 224 Net income — — — — — 191,243 — — 3,022 194,265 Foreign currency translation adjustment, net of tax of $0 — — — — — — 49,521 — 30 49,551 Unrealized gain on derivatives, net of tax of $0 — — — — — — 2,609 — — 2,609 Balance at March 31, 2019 107,783 $ 431 116,857 $ 467 $ 3,705,787 $ (310,732) $ (1,060,565) $ — $ (7,482) $ 2,327,906 Stock Repurchase Program As previously disclosed, on August 8, 2019, the Company announced that its board of directors had authorized a stock repurchase program to acquire up to $150,000 of the Company’s Class A common stock. In early October 2019, the Company’s stock repurchases reached the authorized limit of $150,000. On October 14, 2019, the Company’s board of directors approved the increase of its existing authorization to repurchase shares of the Company’s Class A common stock by $150,000 for a total authorization (including the previously authorized repurchases) of up to $300,000 of the Company’s Class A common stock. The Company’s repurchases were made in a block trade, as well as on the open market at prevailing market prices and pursuant to a Rule 10b5-1 stock repurchase plan, in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act). In January 2020, the Company repurchased 1,619 shares of its outstanding Class A common stock for a total purchase price of $29,203 and reached the total authorized limit of $300,000. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (AOCI) in our Consolidated Balance Sheets includes the accumulated translation adjustments arising from translation of foreign subsidiaries’ financial statements, the unrealized gains on derivatives designated as cash flow hedges, and the accumulated net gains or losses that are not recognized as components of net periodic benefit cost for our minimum pension liability. The change in AOCI includes the removal of the cumulative translation adjustment related to subsidiaries that were sold during the period. The components of these balances were as follows: March 31, 2020 December 31, 2019 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (1,415,526) $ 1,085 $ (1,414,441) $ (1,084,651) $ 326 $ (1,084,325) Unrealized gain on derivatives 10,416 — 10,416 10,416 — 10,416 Minimum pension liability adjustment (678) — (678) 254 — 254 Accumulated other comprehensive loss $ (1,405,788) $ 1,085 $ (1,404,703) $ (1,073,981) $ 326 $ (1,073,655)

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments In the normal course of business, our operations are exposed to fluctuations in foreign currency values and interest rate changes. We may seek to control a portion of these risks through a risk management program that includes the use of derivative instruments. The interest and principal payments for Laureate’s senior long-term debt arrangements are to be paid primarily in USD. Our ability to make debt payments is subject to fluctuations in the value of the USD against foreign currencies, since a majority of our operating cash used to make these payments is generated by subsidiaries with functional currencies other than USD. As part of our overall risk management policies, Laureate has at times entered into foreign currency swap contracts and floating-to-fixed interest rate swap contracts. In addition, we occasionally enter into foreign exchange forward contracts to reduce the impact of other non-functional currency-denominated receivables and payables. We do not enter into speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. We generally intend to hold our derivatives until maturity. Laureate reports all derivatives at fair value. These contracts are recognized as either assets or liabilities, depending upon the derivative’s fair value. Gains or losses associated with the change in the fair value of these swaps are recognized in our Consolidated Statements of Operations on a current basis over the term of the contracts, unless designated and effective as a hedge. For swaps that are designated and effective as cash flow hedges, gains or losses associated with the change in fair value of the swaps are recognized in our Consolidated Balance Sheets as a component of AOCI and amortized into earnings as a component of Interest expense over the term of the related hedged items. Upon early termination of an effective interest rate swap designated as a cash flow hedge, unrealized gains or losses are deferred in our Consolidated Balance Sheets as a component of AOCI and are amortized as an adjustment to Interest expense over the period during which the hedged forecasted transaction affects earnings. For derivatives that are both designated and effective as net investment hedges, gains or losses associated with the change in fair value of the derivatives are recognized on our Consolidated Balance Sheets as a component of AOCI. The reported fair values of our derivatives, which are classified in Prepaid expenses and other current assets on our Consolidated Balance Sheets, were as follows: March 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments: Current assets: Cross currency swaps $ 802 $ — Total derivative instrument assets $ 802 $ — The table below shows the total recorded unrealized (loss) gain in Comprehensive income for the derivatives designated as hedging instruments. The impact of these derivative instruments on Comprehensive income, Interest expense and AOCI for the three months ended March 31, 2020 and 2019 were as follows: (Loss) Gain Recognized in Comprehensive Income (Effective Portion) Income Statement Location Gain Reclassified Total Consolidated Interest Expense 2020 2019 2020 2019 2020 2019 Cash flow hedge Interest rate swaps $ — $ (1,212) Interest expense $ — $ 1,212 Net investment hedge Cross currency swaps — 3,821 N/A — — Total $ — $ 2,609 $ — $ 1,212 $ (36,110) $ (54,653) AUD to USD Foreign Currency Swaps In March 2020, Laureate entered into an AUD to USD swap agreement with a maturity date of April 15, 2020, in connection with an intercompany funding transaction. The terms of the swap stated that on the maturity date, Laureate would deliver the notional amount of AUD 21,000 and receive USD $13,713 at a rate of exchange of 0.6530 USD per 1 AUD. On April 8, 2020, Laureate entered into a net settlement agreement for this swap to deliver USD $12,999 and receive the notional amount of AUD 21,000 at a rate of exchange of 0.6190 USD per 1 AUD. This net settlement was executed on April 15, 2020, which resulted in a gain and proceeds received of $714. As of March 31, 2020, this swap had an estimated value of $802 which was recorded in Prepaid expenses and other current assets on our Consolidated Balance Sheets. This swap was not designated as a hedge for accounting purposes. On April 8, 2020, Laureate entered into a new AUD to USD swap agreement with a notional amount of AUD 21,000. On the maturity date of June 15, 2020, Laureate will deliver the notional amount and receive USD $12,921 at a rate of exchange of 0.6153 USD per 1 AUD. This swap was not designated as a hedge for accounting purposes. EUR to USD Foreign Currency Swaps—Spain and Portugal In December 2018, Laureate entered into two EUR to USD swap agreements in connection with the signing of the sale agreement for the subsidiaries in Spain and Portugal. The purpose of the swaps was to mitigate the risk of foreign currency exposure on the sale proceeds. The first swap was deal contingent, with the settlement date occurring on the second business day following the completion of the sale. On the settlement date, Laureate delivered the notional amount of EUR 275,000 and received USD $314,573 at a rate of exchange of 1.1439, which resulted in a realized gain of $5,088. The second swap was a put/call option with a maturity date of April 8, 2019, where Laureate could put the notional amount of EUR 275,000 and call the USD amount of $310,750 at an exchange rate of 1.13. Based on expected timing of the sale transaction, the swap was terminated on April 2, 2019, resulting in a payment to the counterparty of $980 that included a deferred premium payment net of proceeds received. These swaps were not designated as hedges for accounting purposes. In addition to the swaps above, in order to continue to mitigate the risk of foreign currency exposure on the expected sale proceeds for Spain and Portugal in advance of the May 31, 2019 sale closing date, in April 2019, Laureate also entered into seven EUR to USD swap agreements with a combined notional amount of EUR 375,000. On the maturity date of May 15, 2019, Laureate paid the EUR notional amount and received a combined total of USD $423,003 at a rate of exchange of 1.128007, resulting in a gain of $1,644. In May 2019, Laureate entered into nine EUR to USD swap agreements with a combined notional amount of EUR 532,000. On the maturity date of June 4, 2019, Laureate paid the EUR notional amount and received a combined total of $597,149 at a rate of exchange of 1.122461, resulting in a realized loss of approximately $565. These swaps were not designated as hedges for accounting purposes. CLP to Unidad de Fomento (UF) Cross Currency and Interest Rate Swaps The cross currency and interest rate swap agreements are intended to provide a better correlation between our debt obligations and operating currencies. In 2010, one of our subsidiaries in Chile entered into four cross currency and interest rate swap agreements with an aggregate notional amount of approximately $31,000, and convert CLP-denominated, floating-rate debt to fixed-rate UF-denominated debt. The UF is a Chilean inflation-adjusted unit of account. One of the swaps was scheduled to mature on December 1, 2024, and the remaining three were scheduled to mature on July 1, 2025 (the CLP to UF cross currency and interest rate swaps); however, during the first quarter 2019, the Company elected to settle all four swaps for a net cash payment of approximately USD $8,200. In addition, at that time, Chile also elected to repay a portion of the principal balance outstanding for certain notes payable. This payment was included in Payments for settlement of derivative contracts on the consolidated statement of cash flows for the three months ended March 31, 2019. The CLP to UF cross currency and interest rate swaps were not designated as hedges for accounting purposes. Components of the reported Gain on derivatives not designated as hedging instruments in the Consolidated Statements of Operations were as follows: For the three months ended March 31, 2020 2019 Unrealized Gain Cross currency and interest rate swaps $ 802 $ 6,576 802 6,576 Realized Loss Cross currency and interest rate swaps — (1,393) — (1,393) Total Gain Cross currency and interest rate swaps 802 5,183 Gain on derivatives, net $ 802 $ 5,183 Credit Risk and Credit-Risk-Related Contingent Features Laureate’s derivatives expose us to credit risk to the extent that the counterparty may possibly fail to perform its contractual obligation. The amount of our credit risk exposure is equal to the fair value of the derivative when any of the derivatives are in a net gain position. As of March 31, 2020 and December 31, 2019, the estimated fair values of derivatives in a gain position were $802 and $0, respectively. Laureate has limited its credit risk by only entering into derivative transactions with highly rated major financial institutions. We have not entered into collateral agreements with our derivatives’ counterparties. At March 31, 2020, one institution was rated A1 and accounted for all of Laureate’s derivative credit risk exposure. Laureate’s agreements with its derivative counterparties contain a provision under which we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to a default on the indebtedness. As of March 31, 2020 and December 31, 2019, we did not hold any derivatives in a net loss position, and thus had no derivative obligations.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Laureate uses the liability method to account for income taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. For interim purposes, we also apply ASC 740-270, “Income Taxes—Interim Reporting.” Laureate's income tax provisions for all periods consist of federal, state and foreign income taxes. The tax provisions for the three months ended March 31, 2020 and 2019 were based on estimated full-year effective tax rates, after giving effect to significant items related specifically to the interim periods, including the mix of income for the period between higher-taxed and lower-taxed jurisdictions. Laureate has operations in multiple countries at various statutory tax rates or which are tax-exempt entities, and other operations that are loss-making entities for which it is not more likely than not that a tax benefit will be realized on the loss. Laureate records interest and penalties related to uncertain tax positions as a component of Income tax expense. During the three months ended March 31, 2020, Laureate recognized interest and penalties related to income taxes of $647. Laureate had $17,210 of accrued interest and penalties as of March 31, 2020. During the three months ended March 31, 2020, Laureate derecognized $4,320 of previously accrued interest and penalties. Approximately $18,709 of unrecognized tax benefits, if recognized, will affect the effective income tax rate. It is reasonably possible that Laureate’s unrecognized tax benefits may decrease within the next 12 months by up to approximately $16,291 as a result of the lapse of statutes of limitations and as a result of the final settlement and resolution of outstanding tax matters in various jurisdictions. As of January 1, 2020, the Company amended the partnership agreement of one of its subsidiaries that owned intellectual property, such that the subsidiary became subject to tax in the Netherlands. The result was a discrete tax benefit of approximately $222,000 that represents the book-and-tax basis difference of the intellectual property, measured based on the intellectual property’s current fair value and applicable Dutch statutory tax rate. Determining the fair value of the intellectual property, which serves as the tax basis of the deferred tax asset, required management to make assumptions and estimates that are inherently uncertain. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. The CARES Act provides a substantial stimulus and assistance package intended to address the impact of the COVID-19 pandemic, including tax relief and government loans, grants and investments. The CARES Act did not have a significant impact on Laureate’s consolidated financial statements for the three months ended March 31, 2020. We continue to monitor any effects that may result from the CARES Act as well as any similar stimulus legislation enacted in other jurisdictions where Laureate has material operations.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share We have two classes of common stock, Class A common stock and Class B common stock. Other than voting rights, the Class B common stock has the same rights as the Class A common stock and therefore both are treated as the same class of stock for purposes of the earnings per share calculation. Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards, contingently issuable shares, or convertible securities were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and any contingently issuable shares determined using the treasury stock method, and any convertible securities using the if-converted method. The following tables summarize the computations of basic and diluted earnings (loss) per share: For the three months ended March 31, 2020 2019 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income (loss) from continuing operations $ 124,082 $ (117,069) Net loss (income) attributable to noncontrolling interests 8 (42) Loss from continuing operations attributable to Laureate Education, Inc. 124,090 (117,111) Accretion of redemption value of redeemable noncontrolling interests and equity (44) 263 Net income (loss) from continuing operations available to common stockholders for basic and diluted earnings (loss) per share 124,046 (116,848) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: (Loss) income from discontinued operations, net of tax $ (3,804) $ 63,329 (Loss) gain on sales of discontinued operations, net of tax (21,962) 248,005 Loss (income) attributable to noncontrolling interests 1,291 (2,980) Net (loss) income from discontinued operations for basic and diluted earnings (loss) per share $ (24,475) $ 308,354 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 209,801 224,655 Dilutive effect of stock options 83 — Dilutive effect of restricted stock units 342 — Diluted weighted average shares outstanding 210,226 224,655 Basic and diluted earnings (loss) per share: Loss from continuing operations $ 0.59 $ (0.52) (Loss) income from discontinued operations (0.12) 1.37 Basic and diluted (loss) earnings per share $ 0.47 $ 0.85 The following table summarizes the number of stock options, shares of restricted stock and restricted stock units (RSUs) that were excluded from the diluted EPS calculations because the effect would have been antidilutive: For the three months ended March 31, 2020 2019 Stock options 4,167 8,970 Restricted stock and RSUs — 983

Legal and Regulatory Matters

Legal and Regulatory Matters	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal and Regulatory Matters	Legal and Regulatory Matters Laureate is subject to legal proceedings arising in the ordinary course of business. In management's opinion, we have adequate legal defenses, insurance coverage, and/or accrued liabilities with respect to the eventuality of these actions. Management believes that any settlement would not have a material impact on Laureate’s financial position, results of operations, or cash flows. Our institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition and results of operations. Except as set forth below, there have been no material changes to the laws and regulations affecting our higher education institutions that are described in our Annual Report on Form 10-K for the year ended December 31, 2019. Australian Regulation Since March 16, 2020, in response to the COVID-19 pandemic, with limited exceptions, courses at our two post-secondary educational institutions in Australia have been delivered online and are in compliance with all local regulations. Brazilian Regulation Since the declaration of a public health emergency by the Ministry of Health on February 3, 2020, there have been a number of legislative initiatives at the federal and local levels in Brazil to address the COVID-19 pandemic. As a result of regulatory and operational restrictions created by social distancing mandates, no face-to-face classes may be conducted in any state in which we operate until each of the relevant government measures is lifted. The Ministry of Education, however, authorized higher education institutions to transition from face-to-face classes to online classes within established limits. Accordingly, all face-to-face campus activities at our Brazilian institutions have been suspended and transitioned to online instruction. Subsequently, Provisional Presidential Act n. 934/2020 (the “Act”) waived legal requirements to observe an annual minimum of 200 school days. The Act also permits institutions to shorten the duration of Medicine, Nursery, Pharmacy and Physiotherapy course lengths and accelerate student graduation after 75% completion of the normal required course and practicum work in order to quickly establish a contingent of available healthcare professionals. Chilean Regulation There have been a number of initiatives in Chile to address the COVID-19 pandemic, including a declaration of a State of Constitutional Exception of Catastrophe, effective March 19, 2020, for 90 days, which provides broad powers to the government, including the power to limit free movement (quarantine, curfew measures and social isolation). While authorities have not suspended educational activities, higher education institutions, including our institutions in Chile, have transitioned from face-to-face classes to online classes in order to comply with social distancing restrictions. Mexican Regulation On March 30, 2020, the Ministry of Health declared a national sanitary emergency in response to the COVID-19 pandemic. On March 31, 2020, the Ministry of Health suspended all non-essential activities, including higher education, and urged people to stay home from March 31, 2020 through April 30, 2020, which has now been extended through May 30, 2020 for most of the country’s municipalities. Accordingly, all face-to-face campus activities at our Mexican institutions have been suspended and transitioned to online instruction. Peruvian Regulation On March 9, 2020, Peru declared a national sanitary emergency until June 9, 2020 and subsequently enacted a number of decrees to address the COVID-19 pandemic. As a result of the regulatory and operational restrictions created by social distancing mandates, no face-to-face classes may be conducted in any of our institutions until each of the relevant government measures is lifted. The Ministry of Education, however, authorized higher education institutions to substitute online for face-to-face classes, lifting temporarily the 50% limit in force for both universities and technical-vocational institutes. Accordingly, all three institutions in Peru transitioned to online delivery of classes.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, which are described below: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 – Observable inputs other than quoted prices that are either directly or indirectly observable for the asset or liability; • Level 3 – Unobservable inputs that are supported by little or no market activity. These levels are not necessarily an indication of the risk of liquidity associated with the financial assets or liabilities disclosed. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement, as required under ASC 820-10, “Fair Value Measurement.” Derivative instruments Laureate uses derivative instruments as economic hedges for bank debt, foreign exchange fluctuations and interest rate risk. Their values are derived using valuation models commonly used for derivatives. These valuation models require a variety of inputs, including contractual terms, market prices, forward-price yield curves, notional quantities, measures of volatility and correlations of such inputs. Our valuation models also reflect measurements for credit risk. Laureate concluded that the fair values of our derivatives are based on unobservable inputs, or Level 3 assumptions. The significant unobservable input used in the fair value measurement of the Company's derivative instruments is our own credit risk. Holding other inputs constant, a significant increase (decrease) in our own credit risk would result in a significantly lower (higher) fair value measurement for the Company's derivative instruments. Laureate’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2020 were as follows: Total Level 1 Level 2 Level 3 Assets Derivative instruments $ 802 $ — $ — $ 802 As of December 31, 2019, Laureate did not hold any financial assets or liabilities that are measured at fair value on a recurring basis. The changes in our Level 3 Derivative instruments measured at fair value on a recurring basis for the three months ended March 31, 2020 were as follows: Balance at December 31, 2019 $ — Gain included in earnings: Unrealized gain, net 802 Balance at March 31, 2020 $ 802 The following table presents quantitative information regarding the significant unobservable inputs and valuation techniques utilized in the fair value measurements of the Company's assets/(liabilities) classified as Level 3 as of March 31, 2020: Fair Value at March 31, 2020 Valuation Technique Unobservable Input Range/Input Value Derivative instruments - cross currency swaps $ 802 Discounted Cash Flow Credit Risk 8.08%

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Reconciliation of Cash and cash equivalents and Restricted cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets, as well as the March 31, 2019 balance. The March 31, 2020 and March 31, 2019 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019: March 31, 2020 March 31, 2019 December 31, 2019 Cash and cash equivalents $ 546,675 $ 274,122 $ 339,629 Restricted cash 196,385 198,123 186,921 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 743,060 $ 472,245 $ 526,550 Restricted cash includes cash equivalents held to collateralize standby letters of credit in favor of the DOE. In addition, Laureate may at times hold a United States deposit for a letter of credit in lieu of a surety bond, or otherwise have cash that is not immediately available for use in current operations. See also Note 11, Commitments and Contingencies.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Additional Financing?

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
The Variable Interest Entity (VIE) Arrangements	The Variable Interest Entity (VIE) Arrangements Laureate consolidates in its financial statements certain internationally based educational organizations that do not have shares or other equity ownership interests. Although these educational organizations may be considered not-for-profit entities in their home countries and they are operated in compliance with their respective not-for-profit legal regimes, we believe they do not meet the definition of a not-for-profit entity under GAAP, and therefore we treat them as “for-profit” entities for accounting purposes. These entities generally cannot declare dividends or distribute their net assets to the entities that control them. Under ASC 810-10, “Consolidation,” we have determined that these institutions are VIEs and that Laureate is the primary beneficiary of these VIEs because we have, as further described herein: (1) the power to direct the activities of the VIEs that most significantly affect their educational and economic performance and (2) the right to receive economic benefits from contractual and other arrangements with the VIEs that could potentially be significant to the VIEs. We account for the acquisition of the right to control a VIE in accordance with ASC 805, “Business Combinations.”
Recently Issued Accounting Standards Not Yet Adopted And Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Accounting Standards Update (ASU) No. 2016-13 (ASU 2016-13), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, which sets forth a “current expected credit loss” (CECL) model and requires companies to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. ASU 2016-13 applies to financial instruments that are not measured at fair value, including receivables that result from revenue transactions. This ASU was effective for Laureate beginning on January 1, 2020 and did not have a material impact on our Consolidated Financial Statements. Laureate adopted this ASU using the modified retrospective transition method. Under this transition method, the new standard is applied from January 1, 2020 without restatement of comparative period amounts. The impact of transitioning to the new standard was immaterial and no adjustment was recorded to retained earnings for the cumulative effect of adopting this ASU on January 1, 2020. Results for reporting periods beginning after January 1, 2020 are presented under Topic 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP . ASU No. 2017-04 (ASU 2017-04), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04 in order to simplify the test for goodwill impairment by eliminating Step 2, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. Under the amendments in this ASU, an entity should perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU was effective for Laureate beginning on January 1, 2020 and the adoption of this guidance did not have a material impact on our Consolidated Financial Statements. The Company's next annual goodwill impairment test will occur as of October 1, 2020.
Revenue Recognition	Revenue Recognition Laureate's revenues primarily consist of tuition and educational service revenues. We also generate other revenues from student fees, dormitory/residency fees and other education-related activities. These other revenues are less material to our overall financial results and have a tendency to trend with tuition revenues. Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. These revenues are recognized net of scholarships and other discounts, refunds, waivers and the fair value of any guarantees made by Laureate related to student financing programs. Laureate's institutions have various billing and academic cycles. We determine revenue recognition through the five-step model prescribed by ASC Topic 606, Revenue from Contracts with Customers , as follows: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, we satisfy a performance obligation. We assess collectibility on a portfolio basis prior to recording revenue. Generally, students cannot re-enroll for the next academic session without satisfactory resolution of any past-due amounts. If a student withdraws from an institution, Laureate's obligation to issue a refund depends on the refund policy at that institution and the timing of the student's withdrawal. Generally, our refund obligations are reduced over the course of the academic term. We record refunds as a reduction of deferred revenue as applicable. Contract Balances
Business and Geographic Segment Information	Business and Geographic Segment Information Laureate’s educational services are offered through six operating segments: Brazil, Mexico, Andean, Central America, Rest of World and Online & Partnerships. Following the March 2020 sale of NSAD, Laureate’s last remaining U.S. campus-based institution, the Central America & U.S. Campuses segment is now called the Central America segment. Laureate determines its operating segments based on information utilized by the chief operating decision maker to allocate resources and assess performance. Our campus-based segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings are increasingly utilizing online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. In response to the COVID-19 pandemic, we have temporarily transitioned the educational delivery method at all of our campus-based institutions to be online and are leveraging our existing technologies and learning platforms to serve students outside of the traditional classroom setting. Many of our largest campus-based operations are in developing markets which are experiencing a growing demand for higher education based on favorable demographics and increasing secondary completion rates, driving increases in participation rates and resulting in continued growth in the number of higher education students. Traditional higher education students (defined as 18-24 year olds) have historically been served by public universities, which have limited capacity and are often underfunded, resulting in an inability to meet the growing student demand and employer requirements. This supply and demand imbalance has created a market opportunity for private sector participants. Most students finance their own education. However, there are some government-sponsored student financing programs which are discussed below. These campus-based segments include Brazil, Mexico, Andean, Central America, and Rest of World. Specifics related to each of these campus-based segments and our Online & Partnerships segment are discussed below. In Brazil, approximately 73% of post-secondary students are enrolled in private higher education institutions. While the federal government defines the national curricular guidelines, institutions are licensed to operate by city. Laureate owns 12 institutions in seven states throughout Brazil, with a particularly strong presence in the competitive São Paulo market. Many students finance their own education while others rely on the government-sponsored programs such as Prouni and Fundo de Financiamento Estudantil (FIES). Public universities in Mexico enroll approximately two-thirds of students attending post-secondary education. However, many public institutions are faced with capacity constraints or the quality of the education is considered low. Laureate owns two institutions and is present throughout the country with a footprint of over 40 campuses. Each institution in Mexico has a national license. Students in our Mexican institutions typically finance their own education. The Andean segment includes institutions in Chile and Peru. In Chile, private universities enroll approximately 72% of post-secondary students and there are government-sponsored student financing programs. In Peru, the public sector plays a significant role, but private universities are increasingly providing the capacity to meet growing demand. The Central America segment includes an institution in Honduras, which is included in Discontinued Operations. Students in Central America typically finance their own education The Rest of World segment includes campus-based institutions in Asia Pacific with operations in Australia, Malaysia and New Zealand. Additionally, the Rest of World segment manages one institution in China through a joint venture arrangement. The institution in Malaysia is included in Discontinued Operations. The Online & Partnerships segment includes fully online institutions that offer profession-oriented degree programs in the United States through Walden University (Walden), a U.S.-based accredited institution, and through the University of Liverpool and the University of Roehampton in the United Kingdom. These online institutions primarily serve working adults with undergraduate and graduate degree program offerings. Students in the United States finance their education in a variety of ways, including Title IV programs. We no longer accept new enrollments at the University of Liverpool and the University of Roehampton, which are in a teach-out process. As discussed in Note 1, Description of Business, and Note 4, Discontinued Operations and Assets Held for Sale, a number of our subsidiaries have met the requirements to be classified as discontinued operations, including the entire Central America segment . As a result, the operations of the Central America segment has been excluded from the segment information for all periods presented. In addition, the portion of the Rest of World reportable segment that is included in Discontinued Operations has also been excluded from the segment information for all periods presented. Intersegment transactions are accounted for in a similar manner as third-party transactions and are eliminated in consolidation. The Corporate amounts presented in the following tables include corporate charges that were not allocated to our reportable segments and adjustments to eliminate intersegment items. We evaluate segment performance based on Adjusted EBITDA, which is a non-GAAP performance measure defined as Income (loss) from continuing operations before income taxes and equity in net income of affiliates, adding back the following items: Gain (loss) on sale or disposal of subsidiaries, Foreign currency exchange gain (loss), net, Other (expense) income, net, Gain on derivatives, Loss on debt extinguishment, Interest expense, Interest income, Depreciation and amortization expense, Loss on impairment of assets, Share-based compensation expense and expenses related to our Excellence-in-Process (EiP) initiative. EiP is an enterprise-wide initiative to optimize and standardize Laureate’s processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. It included the establishment of regional shared services organizations (SSOs) around the world, as well as improvements to the Company's system of internal controls over financial reporting. The EiP initiative also includes other back- and mid-office areas, as well as certain student-facing activities, expenses associated with streamlining the organizational structure and certain non-recurring costs incurred in connection with the planned dispositions described in Note 4, Discontinued Operations and Assets Held for Sale, and the completed dispositions described in Note 5, Dispositions. Beginning in the third quarter of 2019, EiP also includes expenses associated with an enterprise-wide program aimed at revenue growth.
Financing Receivables	Financing Receivables Laureate’s financing receivables consist primarily of trade receivables related to student tuition financing programs with an initial term in excess of one year. We have offered long-term financing through the execution of note receivable agreements with students at some of our institutions. Our disclosures include financing receivables that are classified in our Consolidated Balance Sheets as both current and long-term, reported in accordance with ASC 310, “Receivables.”
Financing Receivable, Allowance for Credit Losses	Delinquency is the primary indicator of credit quality for our financing receivables. Receivable balances are considered delinquent when contractual payments on the loan become past due. Delinquent financing receivables are placed on non-accrual status for interest income. The accrual of interest is resumed when the financing receivable becomes contractually current and when collection of all remaining amounts due is reasonably assured. We record an Allowance for doubtful accounts to reduce our financing receivables to their net realizable value. The Allowance for doubtful accounts is based on the age of the receivables, the status of past-due amounts, historical collection trends, current economic conditions, and reasonable supportable forecasts of student attrition. Each of our institutions evaluates its balances for potential impairment. We consider impaired loans to be those that are past due one year or greater, and those that are modified as a troubled debt restructuring (TDR).
Derivative Instruments	Derivative Instruments In the normal course of business, our operations are exposed to fluctuations in foreign currency values and interest rate changes. We may seek to control a portion of these risks through a risk management program that includes the use of derivative instruments. The interest and principal payments for Laureate’s senior long-term debt arrangements are to be paid primarily in USD. Our ability to make debt payments is subject to fluctuations in the value of the USD against foreign currencies, since a majority of our operating cash used to make these payments is generated by subsidiaries with functional currencies other than USD. As part of our overall risk management policies, Laureate has at times entered into foreign currency swap contracts and floating-to-fixed interest rate swap contracts. In addition, we occasionally enter into foreign exchange forward contracts to reduce the impact of other non-functional currency-denominated receivables and payables. We do not enter into speculative or leveraged transactions, nor do we hold or issue derivatives for trading purposes. We generally intend to hold our derivatives until maturity. Laureate reports all derivatives at fair value. These contracts are recognized as either assets or liabilities, depending upon the derivative’s fair value. Gains or losses associated with the change in the fair value of these swaps are recognized in our Consolidated Statements of Operations on a current basis over the term of the contracts, unless designated and effective as a hedge. For swaps that are designated and effective as cash flow hedges, gains or losses associated with the change in fair value of the swaps are recognized in our Consolidated Balance Sheets as a component of AOCI and amortized into earnings as a component of Interest expense over the term of the related hedged items. Upon early termination of an effective interest rate swap designated as a cash flow hedge, unrealized gains or losses are deferred in our Consolidated Balance Sheets as a component of AOCI and are amortized as an adjustment to Interest expense over the period during which the hedged forecasted transaction affects earnings. For derivatives that are both designated and effective as net investment hedges, gains or losses associated with the change in fair value of the derivatives are recognized on our Consolidated Balance Sheets as a component of AOCI.
Earnings (Loss) Per Share	Earnings (Loss) Per Share We have two classes of common stock, Class A common stock and Class B common stock. Other than voting rights, the Class B common stock has the same rights as the Class A common stock and therefore both are treated as the same class of stock for purposes of the earnings per share calculation. Laureate computes basic earnings per share (EPS) by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that would occur if share-based compensation awards, contingently issuable shares, or convertible securities were exercised or converted into common stock. To calculate the diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options, restricted stock, restricted stock units, and any contingently issuable shares determined using the treasury stock method, and any convertible securities using the if-converted method.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels, which are described below: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2 – Observable inputs other than quoted prices that are either directly or indirectly observable for the asset or liability; • Level 3 – Unobservable inputs that are supported by little or no market activity. These levels are not necessarily an indication of the risk of liquidity associated with the financial assets or liabilities disclosed. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement, as required under ASC 820-10, “Fair Value Measurement.” Derivative instruments Laureate uses derivative instruments as economic hedges for bank debt, foreign exchange fluctuations and interest rate risk. Their values are derived using valuation models commonly used for derivatives. These valuation models require a variety of inputs, including contractual terms, market prices, forward-price yield curves, notional quantities, measures of volatility and correlations of such inputs. Our valuation models also reflect measurements for credit risk. Laureate concluded that the fair values of our derivatives are based on unobservable inputs, or Level 3 assumptions. The significant unobservable input used in the fair value measurement of the Company's derivative instruments is our own credit risk. Holding other inputs constant, a significant increase (decrease) in our own credit risk would result in a significantly lower (higher) fair value measurement for the Company's derivative instruments.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of variable interest entities	The VIEs in Brazil, for 2019, and Mexico include several not-for-profit foundations that had insignificant revenues and operating expenses. Selected Consolidated Statements of Operations information for VIEs that are included in continuing operations was as follows, net of the charges related to the above-described contractual arrangements: For the three months ended March 31, 2020 2019 Selected Statements of Operations information: Revenues, by segment: Brazil $ — $ — Mexico 5 — Andean 36,466 56,450 Revenues 36,471 56,450 Depreciation and amortization 5,924 6,096 Operating loss, by segment: Brazil — (18) Mexico (168) (97) Andean (32,305) (27,220) Operating loss (32,473) (27,335) Net loss attributable to Laureate Education, Inc. (30,675) (24,200) The following table reconciles the Net loss attributable to Laureate Education, Inc. as presented in the table above, to the amounts in our Consolidated Statements of Operations: For the three months ended March 31, 2020 2019 Net (loss) income attributable to Laureate Education, Inc.: Variable interest entities $ (30,675) $ (24,200) Other operations (82,630) (45,211) Corporate and eliminations 212,920 260,654 Net income (loss) attributable to Laureate Education, Inc. $ 99,615 $ 191,243 The following table presents selected assets and liabilities of the consolidated VIEs. Except for Goodwill, the assets in the table below include the assets that can be used only to settle the obligations for the VIEs. The liabilities in the table are liabilities for which the creditors of the VIEs do not have recourse to the general credit of Laureate. March 31, 2020 December 31, 2019 VIE Consolidated VIE Consolidated Balance Sheets data: Cash and cash equivalents $ 145,502 $ 546,675 $ 157,003 $ 339,629 Current assets held for sale 18,900 72,415 16,050 83,800 Other current assets 258,350 692,935 173,072 519,498 Total current assets 422,752 1,312,025 346,125 942,927 Goodwill 140,673 1,501,042 159,957 1,701,495 Tradenames 55,434 1,069,084 61,691 1,119,454 Other intangible assets, net — 1,045 — 1,431 Operating lease right-of-use assets, net 62,851 768,747 65,761 861,878 Long-term assets held for sale 62,257 216,316 52,519 305,973 Other long-term assets 237,135 1,628,823 262,579 1,582,470 Total assets 981,102 6,497,082 948,632 6,515,628 Current liabilities held for sale 11,784 60,602 11,741 64,204 Other current liabilities 255,367 1,250,759 130,602 1,006,600 Long-term operating leases, less current portion 53,156 712,564 56,571 792,358 Long-term liabilities held for sale 39,199 70,988 29,666 124,914 Long-term debt and other long-term liabilities 36,010 1,820,398 28,619 1,711,106 Total liabilities 395,516 3,915,311 257,199 3,699,182 Total stockholders' equity 585,586 2,569,808 691,433 2,804,151 Total stockholders' equity attributable to Laureate Education, Inc. 585,586 2,583,122 691,433 2,816,963

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of revenue by segment	The following table shows the components of Revenues by reportable segment and as a percentage of total net revenue for the three months ended March 31, 2020 and 2019: Brazil Mexico Andean Rest of World Online & Partnerships Corporate (1) Total 2020 Tuition and educational services $ 155,144 $ 164,165 $ 89,260 $ 46,581 $ 174,359 $ — $ 629,509 119 % Other 1,983 27,216 11,693 1,770 11,786 1,080 55,528 11 % Gross revenue 157,127 191,381 100,953 48,351 186,145 1,080 685,037 130 % Less: Discounts / waivers / scholarships (73,446) (37,174) (11,445) (4,775) (29,640) — (156,480) (30) % Total $ 83,681 $ 154,207 $ 89,508 $ 43,576 $ 156,505 $ 1,080 $ 528,557 100 % 2019 Tuition and educational services $ 201,254 $ 164,802 $ 137,403 $ 34,589 $ 181,050 $ — $ 719,098 120 % Other 1,925 26,496 15,847 1,945 12,008 491 58,712 9 % Gross revenue 203,179 191,298 153,250 36,534 193,058 491 777,810 129 % Less: Discounts / waivers / scholarships (93,210) (34,834) (14,308) (3,102) (31,284) — (176,738) (29) % Total $ 109,969 $ 156,464 $ 138,942 $ 33,432 $ 161,774 $ 491 $ 601,072 100 % (1) Includes the elimination of intersegment revenues.

Discontinued Operations and A_2

Discontinued Operations and Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of major classes of assets and liabilities reclassified to held for sale	Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables: For the three months ended March 31, 2020 2019 Revenues $ 33,246 $ 223,340 Depreciation and amortization — 435 Share-based compensation expense 3 162 Loss on impairment of assets — — Other direct costs 27,548 152,437 Operating income 5,695 70,306 Other non-operating (loss) income (8,017) 3,164 Pretax (loss) income of discontinued operations (2,322) 73,470 Income tax expense (1,482) (10,141) (Loss) income from discontinued operations, net of tax $ (3,804) $ 63,329 Operating cash flows of discontinued operations $ 5,911 $ 19,197 Investing cash flows of discontinued operations $ (200) $ (7,873) Financing cash flows of discontinued operations $ (691) $ (15,507) The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following tables: March 31, 2020 December 31, 2019 Assets of Discontinued Operations Cash and cash equivalents $ 46,839 $ 55,401 Receivables, net 18,652 14,762 Property and equipment, net 131,058 182,530 Goodwill 9,447 9,753 Tradenames 6,810 6,890 Operating lease right-of-use assets, net 26,547 59,231 Other assets 42,456 52,730 Subtotal: assets of Discontinued Operations $ 281,809 $ 381,297 Other assets classified as held for sale Property and equipment, net 6,922 8,476 Total assets held for sale $ 288,731 $ 389,773 March 31, 2020 December 31, 2019 Liabilities of Discontinued Operations Deferred revenue and student deposits $ 14,396 14,287 Operating leases, including current portion 27,589 63,304 Long-term debt and finance leases, including current portion 34,420 55,495 Other liabilities 55,185 56,032 Total liabilities held for sale $ 131,590 $ 189,118

Due to Shareholders of Acquir_2

Due to Shareholders of Acquired Companies (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Summary of amounts due to shareholders of acquired companies	The amounts due to shareholders of acquired companies, currencies, and interest rates applied were as follows: March 31, 2020 December 31, 2019 Nominal Currency Interest Universidade Anhembi Morumbi (UAM Brazil) $ 16,678 $ 20,179 BRL CDI + 2% Faculdade Porto-Alegrense (FAPA) 191 230 BRL IGP-M IADE Group — 1,109 EUR 3% Total due to shareholders of acquired companies 16,869 21,518 Less: Current portion of due to shareholders of acquired companies 8,587 11,523 Due to shareholders of acquired companies, less current portion $ 8,282 $ 9,995 BRL: Brazilian Real CDI: Certificados de Depósitos Interbancários (Brazil) EUR: European Euro IGP-M: General Index of Market Prices (Brazil)

Business and Geographic Segme_2

Business and Geographic Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of segment financial information	The following tables provide financial information for our reportable segments, including a reconciliation of Adjusted EBITDA to Loss from continuing operations before income taxes and equity in net income of affiliates, as reported in the Consolidated Statements of Operations: For the three months ended March 31, 2020 2019 Revenues Brazil $ 83,681 $ 109,969 Mexico 154,207 156,464 Andean 89,508 138,942 Rest of World 43,576 33,432 Online & Partnerships 156,505 161,774 Corporate 1,080 491 Revenues $ 528,557 $ 601,072 Adjusted EBITDA of reportable segments Brazil $ (19,199) $ (30,656) Mexico 23,310 25,828 Andean (62,150) (33,243) Rest of World 4,837 (3,359) Online & Partnerships 43,281 48,576 Total Adjusted EBITDA of reportable segments (9,921) 7,146 Reconciling items: Corporate (26,953) (36,720) Depreciation and amortization expense (44,161) (47,209) Loss on impairment of assets (3,768) — Share-based compensation expense (1,981) (2,987) EiP expenses (30,351) (12,259) Operating loss (117,135) (92,029) Interest income 2,667 3,553 Interest expense (36,110) (54,653) Loss on debt extinguishment — (10,622) Gain on derivatives 802 5,183 Other (expense) income, net (102) 397 Foreign currency exchange gain (loss), net 35,944 (4,746) Gain on sales of subsidiaries, net 2,729 — Loss from continuing operations before income taxes and equity in net income of affiliates $ (111,205) $ (152,917)
Schedule of long-lived assets by geographic areas	March 31, 2020 December 31, 2019 Assets Brazil $ 883,050 $ 1,068,362 Mexico 1,077,325 1,315,377 Andean 1,815,876 1,715,145 Rest of World 209,778 194,409 Online & Partnerships 1,253,547 1,303,811 Corporate and Discontinued Operations 1,257,506 918,524 Total assets $ 6,497,082 $ 6,515,628

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of change in the net carrying amount of goodwill	The change in the net carrying amount of Goodwill from December 31, 2019 through March 31, 2020 was composed of the following items: Brazil Mexico Andean Rest of World Online & Partnerships Total Balance at December 31, 2019 $ 388,160 $ 525,256 $ 241,327 $ 86,012 $ 460,740 $ 1,701,495 Acquisitions — — — — — — Dispositions — — — — — — Impairments — — — — — — Currency translation adjustments (71,706) (99,375) (19,300) (10,072) — (200,453) Adjustments to prior acquisitions — — — — — — Balance at March 31, 2020 $ 316,454 $ 425,881 $ 222,027 $ 75,940 $ 460,740 $ 1,501,042

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt outstanding	Outstanding long-term debt was as follows: March 31, 2020 December 31, 2019 Senior long-term debt: Senior Secured Credit Facility (stated maturity date October 2024) $ 409,147 $ 202,400 Senior Notes (stated maturity date May 2025) 800,000 800,000 Total senior long-term debt 1,209,147 1,002,400 Other debt: Lines of credit 57,237 14,542 Notes payable and other debt 307,548 328,153 Total senior and other debt 1,573,932 1,345,095 Finance lease obligations and sale-leaseback financings 91,604 100,113 Total long-term debt and finance leases 1,665,536 1,445,208 Less: total unamortized deferred financing costs 62,596 66,069 Less: current portion of long-term debt and finance leases 191,254 118,822 Long-term debt and finance leases, less current portion $ 1,411,686 $ 1,260,317
Schedule estimated fair values of debt	The estimated fair value of our debt was as follows: March 31, 2020 December 31, 2019 Carrying amount Estimated fair value Carrying amount Estimated fair value Total senior and other debt $ 1,573,932 $ 1,566,932 $ 1,345,095 $ 1,406,954

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of redeemable noncontrolling interest	If the minority put arrangements were all exercised at March 31, 2020, Laureate would be obligated to pay the noncontrolling interest holders an estimated amount of $10,249, as summarized in the following table: Nominal Currency First Exercisable Date Estimated Value as of March 31, 2020 redeemable within 12-months Reported Noncontrolling interest holder put arrangements INTI Education Holdings Sdn Bhd (Inti Holdings) - 10.10% MYR Current $ 10,249 $ 10,249 Total noncontrolling interest holder put arrangements 10,249 10,249 Puttable common stock - not currently redeemable USD * — 1,714 Total redeemable noncontrolling interests and equity $ 10,249 $ 11,963 * Contingently redeemable MYR: Malaysian Ringgit

Financing Receivables (Tables)

Financing Receivables (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule of financing receivable	Laureate’s financing receivables balances were as follows: March 31, 2020 December 31, 2019 Financing receivables $ 30,860 $ 28,856 Allowance for doubtful accounts (6,123) (5,909) Financing receivables, net of allowances $ 24,737 $ 22,947
Summary of aging of financing receivables by country	The aging of financing receivables grouped by country portfolio was as follows: Chile Other Total As of March 31, 2020 Amounts past due less than one year $ 8,289 $ 343 $ 8,632 Amounts past due one year or greater 2,550 237 2,787 Total past due (on non-accrual status) 10,839 580 11,419 Not past due 17,563 1,878 19,441 Total financing receivables $ 28,402 $ 2,458 $ 30,860 As of December 31, 2019 Amounts past due less than one year $ 10,687 $ 1,556 $ 12,243 Amounts past due one year or greater 3,295 62 3,357 Total past due (on non-accrual status) 13,982 1,618 15,600 Not past due 12,556 700 13,256 Total financing receivables $ 26,538 $ 2,318 $ 28,856
Summary of allowance for credit losses on financing receivables	The following is a rollforward of the Allowance for doubtful accounts related to financing receivables for the three months ended March 31, 2020 and 2019, grouped by country portfolio: Chile Other Total Balance at December 31, 2019 $ (5,654) $ (255) $ (5,909) Charge-offs 583 3 586 Recoveries — — — Reclassifications — — — Provision (1,345) (79) (1,424) Currency adjustments 608 16 624 Balance at March 31, 2020 $ (5,808) $ (315) $ (6,123) Balance at December 31, 2018 $ (6,108) $ (287) $ (6,395) Charge-offs 414 76 490 Recoveries — — — Reclassifications — — — Provision (361) (72) (433) Currency adjustments (124) (15) (139) Balance at March 31, 2019 $ (6,179) $ (298) $ (6,477)
Summary of troubled debt restructuring	The number of financing receivable accounts and the pre- and post-modification account balances modified under the terms of a TDR during the three months ended March 31, 2020 and 2019 were as follows: Number of Financing Receivable Accounts Pre-Modification Balance Outstanding Post-Modification Balance Outstanding 2020 166 $ 421 $ 393 2019 296 $ 898 $ 867 The preceding table represents accounts modified under the terms of a TDR during the three months ended March 31, 2020, whereas the following table represents accounts modified as a TDR between January 1, 2019 and March 31, 2020 that subsequently defaulted during the three months ended March 31, 2020: Number of Financing Receivable Accounts Balance at Default Total 75 $ 147 The following table represents accounts modified as a TDR between January 1, 2018 and March 31, 2019 that subsequently defaulted during the three months ended March 31, 2019: Number of Financing Receivable Accounts Balance at Default Total 155 $ 251

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of share-based compensation expense	Share-based compensation expense was as follows: For the three months ended March 31, 2020 2019 Continuing operations Stock options, net of estimated forfeitures $ 439 $ 823 Restricted stock awards 1,542 2,164 Total continuing operations $ 1,981 $ 2,987 Discontinued operations Share-based compensation expense for discontinued operations 3 162 Total continuing and discontinued operations $ 1,984 $ 3,149

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Components of net changes in stockholders' equity	The components of net changes in stockholders’ equity for the three months ended March 31, 2020 are as follows: Laureate Education, Inc. Stockholders Class A Class B Additional paid-in capital Retained earnings Accumulated other comprehensive (loss) income Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Shares Amount Balance at December 31, 2019 119,575 $ 542 90,831 $ 363 $ 3,724,636 $ 436,509 $ (1,073,981) $ (271,106) $ (12,812) $ 2,804,151 Non-cash stock compensation — — — — 1,984 — — — — 1,984 Conversion of Class B shares to Class A shares 18 — (18) — — — — — — — Purchase of treasury stock at cost (1,619) — — — — — — (29,203) — (29,203) Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding 1,101 4 — — 25,610 — — — — 25,614 Accretion of redeemable noncontrolling interests and equity — — — — (44) — — — — (44) Reclassification of redeemable noncontrolling interests and equity — — — — — — — — 38 38 Net income (loss) — — — — — 99,615 — — (1,299) 98,316 Foreign currency translation adjustment, net of tax of $0 — — — — — — (330,875) — 759 (330,116) Minimum pension liability adjustment, net of tax of $0 — — — — — — (932) — — (932) Balance at March 31, 2020 119,075 $ 546 90,813 $ 363 $ 3,752,186 $ 536,124 $ (1,405,788) $ (300,309) $ (13,314) $ 2,569,808 The components of net changes in stockholders’ equity for the three months ended March 31, 2019 are as follows: Laureate Education, Inc. Stockholders Class A Class B Additional paid-in capital (Accumulated deficit) retained earnings Accumulated other comprehensive (loss) income Treasury stock at cost Non-controlling interests Total stockholders’ equity Shares Amount Shares Amount Balance at December 31, 2018 107,450 $ 430 116,865 $ 467 $ 3,703,796 $ (530,919) $ (1,112,695) $ — $ (10,133) $ 2,050,946 Adoption of accounting standards — — — — — 28,944 — — — 28,944 Balance at January 1, 2019 107,450 430 116,865 467 3,703,796 (501,975) (1,112,695) — (10,133) 2,079,890 Non-cash stock compensation — — — — 3,149 — — — — 3,149 Conversion of Class B shares to Class A shares 8 — (8) — — — — — — — Vesting of restricted stock, net of shares withheld to satisfy tax withholding 325 1 — — (1,421) — — — — (1,420) Distributions to noncontrolling interest holders — — — — — — — — (625) (625) Accretion of redeemable noncontrolling interests and equity — — — — 263 — — — — 263 Reclassification of redeemable noncontrolling interests and equity — — — — — — — — 224 224 Net income — — — — — 191,243 — — 3,022 194,265 Foreign currency translation adjustment, net of tax of $0 — — — — — — 49,521 — 30 49,551 Unrealized gain on derivatives, net of tax of $0 — — — — — — 2,609 — — 2,609 Balance at March 31, 2019 107,783 $ 431 116,857 $ 467 $ 3,705,787 $ (310,732) $ (1,060,565) $ — $ (7,482) $ 2,327,906
Schedule of accumulated other comprehensive income (loss)	The components of these balances were as follows: March 31, 2020 December 31, 2019 Laureate Education, Inc. Noncontrolling Interests Total Laureate Education, Inc. Noncontrolling Interests Total Foreign currency translation adjustment $ (1,415,526) $ 1,085 $ (1,414,441) $ (1,084,651) $ 326 $ (1,084,325) Unrealized gain on derivatives 10,416 — 10,416 10,416 — 10,416 Minimum pension liability adjustment (678) — (678) 254 — 254 Accumulated other comprehensive loss $ (1,405,788) $ 1,085 $ (1,404,703) $ (1,073,981) $ 326 $ (1,073,655)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of fair value of derivatives instruments	The reported fair values of our derivatives, which are classified in Prepaid expenses and other current assets on our Consolidated Balance Sheets, were as follows: March 31, 2020 December 31, 2019 Derivatives not designated as hedging instruments: Current assets: Cross currency swaps $ 802 $ — Total derivative instrument assets $ 802 $ —
Summary of unrealized gain (loss) recorded in and reclassified from accumulated comprehensive income (loss)	The table below shows the total recorded unrealized (loss) gain in Comprehensive income for the derivatives designated as hedging instruments. The impact of these derivative instruments on Comprehensive income, Interest expense and AOCI for the three months ended March 31, 2020 and 2019 were as follows: (Loss) Gain Recognized in Comprehensive Income (Effective Portion) Income Statement Location Gain Reclassified Total Consolidated Interest Expense 2020 2019 2020 2019 2020 2019 Cash flow hedge Interest rate swaps $ — $ (1,212) Interest expense $ — $ 1,212 Net investment hedge Cross currency swaps — 3,821 N/A — — Total $ — $ 2,609 $ — $ 1,212 $ (36,110) $ (54,653)
Components of the reported gain (loss) on derivatives not designated as hedging instruments	Components of the reported Gain on derivatives not designated as hedging instruments in the Consolidated Statements of Operations were as follows: For the three months ended March 31, 2020 2019 Unrealized Gain Cross currency and interest rate swaps $ 802 $ 6,576 802 6,576 Realized Loss Cross currency and interest rate swaps — (1,393) — (1,393) Total Gain Cross currency and interest rate swaps 802 5,183 Gain on derivatives, net $ 802 $ 5,183

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following tables summarize the computations of basic and diluted earnings (loss) per share: For the three months ended March 31, 2020 2019 Numerator used in basic and diluted earnings (loss) per common share for continuing operations: Income (loss) from continuing operations $ 124,082 $ (117,069) Net loss (income) attributable to noncontrolling interests 8 (42) Loss from continuing operations attributable to Laureate Education, Inc. 124,090 (117,111) Accretion of redemption value of redeemable noncontrolling interests and equity (44) 263 Net income (loss) from continuing operations available to common stockholders for basic and diluted earnings (loss) per share 124,046 (116,848) Numerator used in basic and diluted earnings (loss) per common share for discontinued operations: (Loss) income from discontinued operations, net of tax $ (3,804) $ 63,329 (Loss) gain on sales of discontinued operations, net of tax (21,962) 248,005 Loss (income) attributable to noncontrolling interests 1,291 (2,980) Net (loss) income from discontinued operations for basic and diluted earnings (loss) per share $ (24,475) $ 308,354 Denominator used in basic and diluted earnings (loss) per common share: Basic weighted average shares outstanding 209,801 224,655 Dilutive effect of stock options 83 — Dilutive effect of restricted stock units 342 — Diluted weighted average shares outstanding 210,226 224,655 Basic and diluted earnings (loss) per share: Loss from continuing operations $ 0.59 $ (0.52) (Loss) income from discontinued operations (0.12) 1.37 Basic and diluted (loss) earnings per share $ 0.47 $ 0.85
Schedule of antidilutive securities excluded from computation of earnings per share	The following table summarizes the number of stock options, shares of restricted stock and restricted stock units (RSUs) that were excluded from the diluted EPS calculations because the effect would have been antidilutive: For the three months ended March 31, 2020 2019 Stock options 4,167 8,970 Restricted stock and RSUs — 983

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary of financial assets and liabilities measured at fair value on a recurring basis	Laureate’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2020 were as follows: Total Level 1 Level 2 Level 3 Assets Derivative instruments $ 802 $ — $ — $ 802 As of December 31, 2019, Laureate did not hold any financial assets or liabilities that are measured at fair value on a recurring basis.
Summary of the change in Level 3 derivatives instruments	The changes in our Level 3 Derivative instruments measured at fair value on a recurring basis for the three months ended March 31, 2020 were as follows: Balance at December 31, 2019 $ — Gain included in earnings: Unrealized gain, net 802 Balance at March 31, 2020 $ 802
Fair value inputs, assets, quantitative information	The following table presents quantitative information regarding the significant unobservable inputs and valuation techniques utilized in the fair value measurements of the Company's assets/(liabilities) classified as Level 3 as of March 31, 2020: Fair Value at March 31, 2020 Valuation Technique Unobservable Input Range/Input Value Derivative instruments - cross currency swaps $ 802 Discounted Cash Flow Credit Risk 8.08%

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents	The March 31, 2020 and March 31, 2019 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019: March 31, 2020 March 31, 2019 December 31, 2019 Cash and cash equivalents $ 546,675 $ 274,122 $ 339,629 Restricted cash 196,385 198,123 186,921 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 743,060 $ 472,245 $ 526,550
Schedule of restricted cash	The March 31, 2020 and March 31, 2019 balances sum to the amounts shown in the Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019: March 31, 2020 March 31, 2019 December 31, 2019 Cash and cash equivalents $ 546,675 $ 274,122 $ 339,629 Restricted cash 196,385 198,123 186,921 Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows $ 743,060 $ 472,245 $ 526,550

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenues, by segment:
Revenues	$ 528,557	$ 601,072
Depreciation and amortization	44,161	47,644
Operating loss, by segment:
Operating loss	(117,135)	(92,029)
Net income (loss) attributable to Laureate Education, Inc.	99,615	191,243
Balance Sheets data:
Cash and cash equivalents	546,675	274,122	$ 339,629
Current assets held for sale	72,415		83,800
Other current assets	692,935		519,498
Total current assets	1,312,025		942,927
Goodwill	1,501,042		1,701,495
Tradenames	1,069,084		1,119,454
Other intangible assets, net	1,045		1,431
Operating lease right-of-use assets, net	768,747		861,878
Long-term assets held for sale	216,316		305,973
Other long-term assets	1,628,823		1,582,470
Total assets	6,497,082		6,515,628
Current liabilities held for sale	60,602		64,204
Other current liabilities	1,250,759		1,006,600
Long-term operating leases, less current portion	712,564		792,358
Long-term liabilities held for sale	70,988		124,914
Long-term debt and other long-term liabilities	1,820,398		1,711,106
Total liabilities	3,915,311		3,699,182
Total stockholders' equity	2,569,808	2,327,906	2,804,151	$ 2,050,946
Total stockholders' equity attributable to Laureate Education, Inc.	2,583,122		2,816,963
Variable Interest Entity, Primary Beneficiary
Balance Sheets data:
Cash and cash equivalents	145,502		157,003
Current assets held for sale	18,900		16,050
Other current assets	258,350		173,072
Total current assets	422,752		346,125
Goodwill	140,673		159,957
Tradenames	55,434		61,691
Other intangible assets, net	0		0
Operating lease right-of-use assets, net	62,851		65,761
Long-term assets held for sale	62,257		52,519
Other long-term assets	237,135		262,579
Total assets	981,102		948,632
Current liabilities held for sale	11,784		11,741
Other current liabilities	255,367		130,602
Long-term operating leases, less current portion	53,156		56,571
Long-term liabilities held for sale	39,199		29,666
Long-term debt and other long-term liabilities	36,010		28,619
Total liabilities	395,516		257,199
Total stockholders' equity	585,586		691,433
Total stockholders' equity attributable to Laureate Education, Inc.	585,586		691,433
Brazil
Balance Sheets data:
Goodwill	316,454		388,160
Mexico
Balance Sheets data:
Goodwill	425,881		525,256
Andean
Balance Sheets data:
Goodwill	222,027		241,327
Operating Segments | Variable Interest Entity, Primary Beneficiary
Revenues, by segment:
Revenues	36,471	56,450
Depreciation and amortization	5,924	6,096
Operating loss, by segment:
Operating loss	(32,473)	(27,335)
Net income (loss) attributable to Laureate Education, Inc.	(30,675)	(24,200)
Operating Segments | Brazil
Revenues, by segment:
Revenues	83,681	109,969
Balance Sheets data:
Total assets	883,050		1,068,362
Operating Segments | Brazil | Variable Interest Entity, Primary Beneficiary
Revenues, by segment:
Revenues	0	0
Operating loss, by segment:
Operating loss	0	(18)
Operating Segments | Mexico
Revenues, by segment:
Revenues	154,207	156,464
Balance Sheets data:
Total assets	1,077,325		1,315,377
Operating Segments | Mexico | Variable Interest Entity, Primary Beneficiary
Revenues, by segment:
Revenues	5	0
Operating loss, by segment:
Operating loss	(168)	(97)
Operating Segments | Andean
Revenues, by segment:
Revenues	89,508	138,942
Balance Sheets data:
Total assets	1,815,876		$ 1,715,145
Operating Segments | Andean | Variable Interest Entity, Primary Beneficiary
Revenues, by segment:
Revenues	36,466	56,450
Operating loss, by segment:
Operating loss	(32,305)	(27,220)
Other operations
Operating loss, by segment:
Operating loss	(117,135)	(92,029)
Net income (loss) attributable to Laureate Education, Inc.	(82,630)	(45,211)
Corporate and eliminations
Operating loss, by segment:
Net income (loss) attributable to Laureate Education, Inc.	$ 212,920	$ 260,654

Significant Accounting Polici_5

Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets, net	$ 768,747	$ 861,878
Cumulative effect on retained earnings, net of tax			$ 28,944
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect on retained earnings, net of tax			$ 28,944

Revenue - Schedule of Component

Revenue - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 528,557	$ 601,072
Percent of net revenues	100.00%	100.00%
Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	$ 629,509	$ 719,098
Percent of net revenues	119.00%	120.00%
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 55,528	$ 58,712
Percent of net revenues	11.00%	9.00%
Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 685,037	$ 777,810
Percent of net revenues	130.00%	129.00%
Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 156,480	$ 176,738
Percent of net revenues	(30.00%)	(29.00%)
Operating Segments | Brazil
Disaggregation of Revenue [Line Items]
Revenue	$ 83,681	$ 109,969
Operating Segments | Brazil | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	155,144	201,254
Operating Segments | Brazil | Other
Disaggregation of Revenue [Line Items]
Revenue	1,983	1,925
Operating Segments | Brazil | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	157,127	203,179
Operating Segments | Brazil | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	73,446	93,210
Operating Segments | Mexico
Disaggregation of Revenue [Line Items]
Revenue	154,207	156,464
Operating Segments | Mexico | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	164,165	164,802
Operating Segments | Mexico | Other
Disaggregation of Revenue [Line Items]
Revenue	27,216	26,496
Operating Segments | Mexico | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	191,381	191,298
Operating Segments | Mexico | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	37,174	34,834
Operating Segments | Andean
Disaggregation of Revenue [Line Items]
Revenue	89,508	138,942
Operating Segments | Andean | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	89,260	137,403
Operating Segments | Andean | Other
Disaggregation of Revenue [Line Items]
Revenue	11,693	15,847
Operating Segments | Andean | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	100,953	153,250
Operating Segments | Andean | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	11,445	14,308
Operating Segments | Rest of World
Disaggregation of Revenue [Line Items]
Revenue	43,576	33,432
Operating Segments | Rest of World | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	46,581	34,589
Operating Segments | Rest of World | Other
Disaggregation of Revenue [Line Items]
Revenue	1,770	1,945
Operating Segments | Rest of World | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	48,351	36,534
Operating Segments | Rest of World | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	4,775	3,102
Operating Segments | Online & Partnerships
Disaggregation of Revenue [Line Items]
Revenue	156,505	161,774
Operating Segments | Online & Partnerships | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	174,359	181,050
Operating Segments | Online & Partnerships | Other
Disaggregation of Revenue [Line Items]
Revenue	11,786	12,008
Operating Segments | Online & Partnerships | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	186,145	193,058
Operating Segments | Online & Partnerships | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	29,640	31,284
Corporate
Disaggregation of Revenue [Line Items]
Revenue	1,080	491
Corporate | Tuition and educational services
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corporate | Other
Disaggregation of Revenue [Line Items]
Revenue	1,080	491
Corporate | Gross revenue
Disaggregation of Revenue [Line Items]
Revenue	1,080	491
Corporate | Less: Discounts / waivers / scholarships
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts and notes receivable	$ 535,408	$ 432,910
Deferred revenue and student deposits, current	505,716	$ 216,816
Revenue recognized	$ 149,300

Discontinued Operations and A_3

Discontinued Operations and Assets Held for Sale - Narrative (Details) $ in Thousands	Feb. 28, 2020USD ($)campus	Mar. 31, 2020USD ($)institution
Discontinued Operations and Disposal Groups [Abstract]
Number of discontinued VIE institution | institution		1
MALAYSIA | Affiliated Entity | INTI Education Holdings Sdn Bhd
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of campuses | campus	5
Consideration received from dispositions	$ 140
Disposal Group, Including Discontinued Operation, Deposit, Liability		$ 5

Discontinued Operations and A_4

Discontinued Operations and Assets Held for Sale - Summarized operating results of the Discontinued Operations (Details) - Discontinued Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$ 33,246	$ 223,340
Depreciation and amortization	0	435
Share-based compensation expense	3	162
Loss on impairment of assets	0	0
Other direct costs	27,548	152,437
Operating income	5,695	70,306
Other non-operating (loss) income	(8,017)	3,164
Pretax (loss) income of discontinued operations	(2,322)	73,470
Income tax expense	1,482	10,141
(Loss) income from discontinued operations, net of tax	(3,804)	63,329
Operating cash flows of discontinued operations	5,911	19,197
Investing cash flows of discontinued operations	(200)	(7,873)
Financing cash flows of discontinued operations	$ (691)	$ (15,507)

Discontinued Operations and A_5

Discontinued Operations and Assets Held for Sale - Summary of Major Classes of Assets and Liabilities Reclassified to Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets of Discontinued Operations
Subtotal: assets of Discontinued Operations	$ 288,731	$ 389,773
Liabilities of Discontinued Operations
Total liabilities held for sale	131,590	189,118
Discontinued operations
Assets of Discontinued Operations
Cash and cash equivalents	46,839	55,401
Receivables, net	18,652	14,762
Property and equipment, net	131,058	182,530
Goodwill	9,447	9,753
Tradenames	6,810	6,890
Operating lease right-of-use assets, net	26,547	59,231
Other assets	42,456	52,730
Subtotal: assets of Discontinued Operations	281,809	381,297
Liabilities of Discontinued Operations
Deferred revenue and student deposits	14,396	14,287
Operating leases, including current portion	27,589	63,304
Long-term debt and finance leases, including current portion	34,420	55,495
Other liabilities	55,185	56,032
Other Land And Buildings | Assets classified as held for sale
Assets of Discontinued Operations
Property and equipment, net	$ 6,922	$ 8,476

Discontinued Operations and A_6

Discontinued Operations and Assets Held for Sale - Sales Agreements (Details) - Affiliated Entity - INTI Education Holdings Sdn Bhd - MALAYSIA $ in Thousands	Feb. 28, 2020USD ($)campus
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent of ownership disposed of	10.10%
Consideration received from dispositions | $	$ 140
Number of campuses | campus	5

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	Mar. 06, 2020	Jan. 10, 2020	Jan. 31, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on impairment of assets				$ 3,768		$ 0
Education Holding Cost Rica, S.R.L. | Costa Rica Operations | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from dispositions		$ 15
Loss on impairment of assets					$ 25
Gain (loss) on sale of business			$ 17,200
Proceeds from Divestiture of Businesses, Net of Cash Divested		3,300
Education Holding Cost Rica, S.R.L. | Costa Rica Operations | Discontinued Operations, Disposed of by Sale | Certain Performance Metrics
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from dispositions		$ 7
Contingent consideration period		2 years
Amounts of material contingent liabilities remaining		$ 30
Exeter Street Holdings, LLC | NewSchool of Architecture and Design, LLC | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received from dispositions	$ 7,300
Gain (loss) on sale of business				5,700
Ownership percent	100.00%
Consideration receivable, ratably, quarterly basis over next four years				$ 2,800
Disposal Group, Including Discontinued Operation, Receivable Agreement Period	4 years

Due to Shareholders of Acquir_3

Due to Shareholders of Acquired Companies - Summary of Amounts Due to Shareholders of Acquired Companies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Total due to shareholders of acquired companies	$ 16,869	$ 21,518
Less: Current portion of due to shareholders of acquired companies	8,587	11,523
Due to shareholders of acquired companies, less current portion	8,282	9,995
Universidade Anhembi Morumbi (UAM Brazil)
Business Acquisition [Line Items]
Total due to shareholders of acquired companies	16,678	20,179
IADE Group
Business Acquisition [Line Items]
Total due to shareholders of acquired companies	191	230
Faculdade Porto-Alegrense (FAPA)
Business Acquisition [Line Items]
Total due to shareholders of acquired companies	$ 0	$ 1,109
Interest Rate %	3.00%
Notes Payable, Related Party | Universidade Anhembi Morumbi (UAM Brazil) | Certificados de Depósitos Interbancários (CDI)
Business Acquisition [Line Items]
Basis spread on variable rate	2.00%

Business and Geographic Segme_3

Business and Geographic Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020educational_institutionstatesegmentlicensed_institutioncampus
Segment Reporting Information [Line Items]
Number of operating segments (segment) | segment	6
Brazil
Segment Reporting Information [Line Items]
Number of postsecondary educational institutions (educational institution)	13
Number of states in which entity operates (state) | state	8
Mexico
Segment Reporting Information [Line Items]
Number of postsecondary educational institutions (educational institution)	2
Number of campuses of postsecondary educational institutions (campus) | campus	40
Asia Pacific
Segment Reporting Information [Line Items]
Number of licensed institutions managed through joint venture arrangements (licensed institution) | licensed_institution	1

Business and Geographic Segme_4

Business and Geographic Segment Information - Schedule of Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 528,557	$ 601,072
Reconciling items:
Loss on impairment of assets	(3,768)	0
Share-based compensation expense	(1,984)	(3,149)
Operating loss	(117,135)	(92,029)
Interest income	2,667	3,553
Interest expense	(36,110)	(54,653)
Loss on debt extinguishment	0	(10,622)
Gain on derivatives	802	5,183
Other (expense) income, net	(102)	397
Foreign currency exchange gain (loss), net	35,944	(4,746)
Gain on disposal of subsidiaries, net	2,729	0
Loss from continuing operations before income taxes and equity in net income of affiliates	(111,205)	(152,917)
Corporate
Segment Reporting Information [Line Items]
Revenues	1,080	491
Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	(9,921)	7,146
Reconciling items:
Corporate	(26,953)	(36,720)
Depreciation and amortization expense	(44,161)	(47,209)
Loss on impairment of assets	(3,768)	0
Share-based compensation expense	(1,981)	(2,987)
EiP expenses	(30,351)	(12,259)
Operating loss	(117,135)	(92,029)
Interest income	2,667	3,553
Interest expense	(36,110)	(54,653)
Loss on debt extinguishment	0	(10,622)
Gain on derivatives	802	5,183
Other (expense) income, net	(102)	397
Foreign currency exchange gain (loss), net	35,944	(4,746)
Gain on disposal of subsidiaries, net	2,729	0
Brazil | Operating Segments
Segment Reporting Information [Line Items]
Revenues	83,681	109,969
Brazil | Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	(19,199)	(30,656)
Mexico | Operating Segments
Segment Reporting Information [Line Items]
Revenues	154,207	156,464
Mexico | Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	23,310	25,828
Andean | Operating Segments
Segment Reporting Information [Line Items]
Revenues	89,508	138,942
Andean | Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	(62,150)	(33,243)
Rest of World | Operating Segments
Segment Reporting Information [Line Items]
Revenues	43,576	33,432
Rest of World | Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	4,837	(3,359)
Online & Partnerships | Operating Segments
Segment Reporting Information [Line Items]
Revenues	156,505	161,774
Online & Partnerships | Segment Reconciling Items
Segment Reporting Information [Line Items]
Adjusted EBITDA of reportable segments	$ 43,281	$ 48,576

Business and Geographic Segme_5

Business and Geographic Segment Information - Schedule of Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 6,497,082	$ 6,515,628
Operating Segments | Brazil
Segment Reporting Information [Line Items]
Assets	883,050	1,068,362
Operating Segments | Mexico
Segment Reporting Information [Line Items]
Assets	1,077,325	1,315,377
Operating Segments | Andean
Segment Reporting Information [Line Items]
Assets	1,815,876	1,715,145
Operating Segments | Rest of World
Segment Reporting Information [Line Items]
Assets	209,778	194,409
Operating Segments | Online & Partnerships
Segment Reporting Information [Line Items]
Assets	1,253,547	1,303,811
Corporate and Discontinued Operations
Segment Reporting Information [Line Items]
Assets	$ 1,257,506	$ 918,524

Goodwill - Summary of Change in

Goodwill - Summary of Change in the Net Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2019	$ 1,701,495
Acquisitions	0
Dispositions	0
Impairments	0
Currency translation adjustments	(200,453)
Adjustments to prior acquisitions	0
Balance at March 31, 2020	1,501,042
Brazil
Goodwill [Roll Forward]
Balance at December 31, 2019	388,160
Acquisitions	0
Dispositions	0
Impairments	0
Currency translation adjustments	(71,706)
Adjustments to prior acquisitions	0
Balance at March 31, 2020	316,454
Mexico
Goodwill [Roll Forward]
Balance at December 31, 2019	525,256
Acquisitions	0
Dispositions	0
Impairments	0
Currency translation adjustments	(99,375)
Adjustments to prior acquisitions	0
Balance at March 31, 2020	425,881
Andean
Goodwill [Roll Forward]
Balance at December 31, 2019	241,327
Acquisitions	0
Dispositions	0
Impairments	0
Currency translation adjustments	(19,300)
Adjustments to prior acquisitions	0
Balance at March 31, 2020	222,027
Rest of World
Goodwill [Roll Forward]
Balance at December 31, 2019	86,012
Acquisitions	0
Dispositions	0
Impairments	0
Currency translation adjustments	(10,072)
Adjustments to prior acquisitions	0
Balance at March 31, 2020	75,940
Online & Partnerships
Goodwill [Roll Forward]
Balance at December 31, 2019	460,740
Acquisitions	0
Dispositions	0
Impairments	0
Currency translation adjustments	0
Adjustments to prior acquisitions	0
Balance at March 31, 2020	$ 460,740

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions	$ 0

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Outstanding (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease obligations and sale-leaseback financings	$ 91,604	$ 100,113
Total long-term debt and finance leases	1,665,536	1,445,208
Less: total unamortized deferred financing costs	62,596	66,069
Less: current portion of long-term debt and finance leases	191,254	118,822
Long-term debt and finance leases, less current portion	1,411,686	1,260,317
Senior Notes
Debt Instrument [Line Items]
Total senior and other debt	800,000	800,000
Lines of credit
Debt Instrument [Line Items]
Total senior and other debt	57,237	14,542
Notes payable and other debt
Debt Instrument [Line Items]
Total senior and other debt	307,548	328,153
Senior and other debt
Debt Instrument [Line Items]
Total senior and other debt	1,573,932	1,345,095
Senior Long-term Debt
Debt Instrument [Line Items]
Total senior and other debt	1,209,147	1,002,400
Secured Credit Facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Total senior and other debt	409,147	$ 202,400
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 410,000

Debt - Schedule Estimated Fair

Debt - Schedule Estimated Fair Values of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying amount
Debt Instrument [Line Items]
Total senior and other debt	$ 1,573,932	$ 1,345,095
Estimated fair value
Debt Instrument [Line Items]
Total senior and other debt	$ 1,566,932	$ 1,406,954

Debt - Certain Covenants (Detai

Debt - Certain Covenants (Details) - Second Amended and Restated Credit Agreement	3 Months Ended
	Mar. 31, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of utilized line of credit (less than)	25.00%
Lines of credit
Debt Instrument [Line Items]
Maximum debt to consolidated EBITDA ratio	4.75
Lines of credit | Revolving Credit Facility | June 30, 2018 and thereafter
Debt Instrument [Line Items]
Required minimum debt to consolidated EBITDA ratio	3.50

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2020
Equipment
Lessee, Lease, Description [Line Items]
Term of operating lease contract	60 months

Commitments and Contingencies -

Commitments and Contingencies - Noncontrolling Interest Holder Put Agreements and Company Call Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Redeemable Noncontrolling Interest [Line Items]
Total redeemable noncontrolling interests and equity	$ 11,963	$ 12,295
Puttable non-controlling interest
Redeemable Noncontrolling Interest [Line Items]
Total noncontrolling interest holder put arrangements	10,249
Total redeemable noncontrolling interests and equity	10,249
Puttable common stock | INTI Education Holdings Sdn Bhd
Redeemable Noncontrolling Interest [Line Items]
Total noncontrolling interest holder put arrangements	10,249
Total redeemable noncontrolling interests and equity	10,249
Puttable common stock - not currently redeemable
Redeemable Noncontrolling Interest [Line Items]
Total noncontrolling interest holder put arrangements	0
Total redeemable noncontrolling interests and equity	1,714
Puttable Arrangements - Common and Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Total noncontrolling interest holder put arrangements	10,249
Total redeemable noncontrolling interests and equity	$ 11,963

Commitments and Contingencies_2

Commitments and Contingencies - Other Loss Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Loss Contingencies [Line Items]
Total increase (decrease) to operating income for adjustments to non-income tax contingencies and indemnification assets	$ (6,514,000)	$ (4,561,000)
Long-term indemnification assets	52,512,000		$ 69,040,000
Brazil
Loss Contingencies [Line Items]
Estimate of possible contingency loss (up to)	42,000,000
Pending Litigation
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 31,100,000		31,400,000
Taxes, Other-Than-Income Tax
Loss Contingencies [Line Items]
Statues of limitations (up to)	10 years
Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	$ 42,929,000		51,442,000
Guarantee of Indebtedness of Others | Chile
Loss Contingencies [Line Items]
Loss contingency, noncurrent	37,969,000		30,887,000
Guarantee amount, maximum potential amount of payments	430,000,000		474,000,000
Other Noncurrent Liabilities | Taxes, Other-Than-Income Tax
Loss Contingencies [Line Items]
Loss contingency, noncurrent	37,245,000		44,595,000
Discontinued Operations, Held-for-sale | Brazil
Loss Contingencies [Line Items]
Lease receivable	17,000,000		19,000,000
Discontinued Operations, Held-for-sale | Income Tax Contingencies
Loss Contingencies [Line Items]
Contingent liabilities recorded	7,009,000		6,996,000
Discontinued Operations, Held-for-sale | Other Noncurrent Liabilities | Taxes, Other-Than-Income Tax
Loss Contingencies [Line Items]
Loss contingency, noncurrent	$ 637,000		$ 2,893,000

Commitments and Contingencies_3

Commitments and Contingencies - Standby Letters of Credit, Surety Bonds and Other Commitments (Details) € in Thousands	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Nov. 30, 2016USD ($)
Surety Bond
Debt Instrument [Line Items]
Guarantee amount, maximum potential amount of payments	$ 26,069,000		$ 25,852,000
Cash Collateralized Letter Of Credit - Spain Tax Audits
Debt Instrument [Line Items]
Letters of credit outstanding, amount	10,500,000	€ 9,443	5,500,000	€ 5,036
Non-Collateralized Surety Bond - UAM Brazil | Surety Bond
Debt Instrument [Line Items]
Guarantee amount, maximum potential amount of payments					$ 15,300,000
Cost of surety bond					$ 1,400,000
Kendall College, St. Augustine, Walden University, and NewSchool of Architecture and Design
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 125,800,000		$ 127,300,000

Financing Receivables - Schedul

Financing Receivables - Schedule of Financing Receivables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Financing receivables	$ 30,860		$ 28,856
Allowance for doubtful accounts	(6,123)	$ (6,477)	(5,909)	$ (6,395)
Financing receivables, net of allowances	24,737		$ 22,947
Financing receivable sold	$ 0	$ 0

Financing Receivables - Summary

Financing Receivables - Summary of Aging of Financing Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total past due (on non-accrual status)	$ 11,419	$ 15,600
Not past due	19,441	13,256
Total financing receivables	30,860	28,856
Chile
Financing Receivable, Past Due [Line Items]
Total past due (on non-accrual status)	10,839	13,982
Not past due	17,563	12,556
Total financing receivables	28,402	26,538
Other
Financing Receivable, Past Due [Line Items]
Total past due (on non-accrual status)	580	1,618
Not past due	1,878	700
Total financing receivables	2,458	2,318
Amounts past due less than one year
Financing Receivable, Past Due [Line Items]
Amount past due	8,632	12,243
Amounts past due less than one year | Chile
Financing Receivable, Past Due [Line Items]
Amount past due	8,289	10,687
Amounts past due less than one year | Other
Financing Receivable, Past Due [Line Items]
Amount past due	343	1,556
Amounts past due one year or greater
Financing Receivable, Past Due [Line Items]
Amount past due	2,787	3,357
Amounts past due one year or greater | Chile
Financing Receivable, Past Due [Line Items]
Amount past due	2,550	3,295
Amounts past due one year or greater | Other
Financing Receivable, Past Due [Line Items]
Amount past due	$ 237	$ 62

Financing Receivables - Allowan

Financing Receivables - Allowance For Credit Losses Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (5,909)	$ (6,395)
Charge-offs	586	490
Recoveries	0	0
Reclassifications	0	0
Provision	(1,424)	(433)
Currency adjustments	624	139
Ending balance	(6,123)	(6,477)
Chile
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(5,654)	(6,108)
Charge-offs	583	414
Recoveries	0	0
Reclassifications	0	0
Provision	(1,345)	(361)
Currency adjustments	608	124
Ending balance	(5,808)	(6,179)
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(255)	(287)
Charge-offs	3	76
Recoveries	0	0
Reclassifications	0	0
Provision	(79)	(72)
Currency adjustments	16	15
Ending balance	$ (315)	$ (298)

Financing Receivables - Summa_2

Financing Receivables - Summary of Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)loan	Mar. 31, 2019USD ($)loan
Receivables [Abstract]
Number of Financing Receivable Accounts | loan	166	296
Pre-Modification Balance Outstanding	$ 421	$ 898
Post-Modification Balance Outstanding	$ 393	$ 867
Number of Financing Receivable Accounts, subsequent defaults | loan	75	155
Balance at Default, subsequent defaults	$ 147	$ 251

Share-based Compensation - Summ

Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	$ 1,984	$ 3,149
Continuing operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	1,981	2,987
Continuing operations | Stock options, net of estimated forfeitures
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	439	823
Continuing operations | Restricted stock awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	1,542	2,164
Discontinued operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock compensation	$ 3	$ 162

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ 2,804,151,000	$ 2,050,946,000
Adoption of accounting standards			$ 28,944,000
Balance, adjusted			2,079,890,000
Non-cash stock compensation	1,984,000	3,149,000
Conversion of Class B shares to Class A shares	0	0
Treasury Stock, Value, Acquired, Cost Method	(29,203,000)
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	25,614,000	(1,420,000)
Distributions to noncontrolling interest holders		(625,000)
Reclassification of redeemable noncontrolling interests and equity	38,000	224,000
Net income	98,316,000	194,265,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(330,116,000)	49,551,000
Unrealized gain on derivatives, net of tax of $0	0	2,609,000
Minimum pension liability adjustment, net of tax of $0	(932,000)	0
Balance, end of period	2,569,808,000	2,327,906,000
Foreign currency translation adjustment, tax	0	0
Pension adjustment, tax	0	0
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	3,724,636,000	3,703,796,000
Balance, adjusted			3,703,796,000
Non-cash stock compensation	1,984,000	3,149,000
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	25,610,000	(1,421,000)
Balance, end of period	3,752,186,000	3,705,787,000
(Accumulated deficit) retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	436,509,000	(530,919,000)
Adoption of accounting standards			28,944,000
Balance, adjusted			(501,975,000)
Net income	99,615,000	191,243,000
Balance, end of period	536,124,000	(310,732,000)
Accumulated other comprehensive (loss) income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(1,073,981,000)	(1,112,695,000)
Balance, adjusted			(1,112,695,000)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(330,875,000)	49,521,000
Unrealized gain on derivatives, net of tax of $0		2,609,000
Minimum pension liability adjustment, net of tax of $0	(932,000)
Balance, end of period	(1,405,788,000)	(1,060,565,000)
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(271,106,000)
Treasury Stock, Value, Acquired, Cost Method	(29,203,000)
Balance, end of period	(300,309,000)
Non-controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(12,812,000)	(10,133,000)
Balance, adjusted			(10,133,000)
Distributions to noncontrolling interest holders		(625,000)
Reclassification of redeemable noncontrolling interests and equity	38,000	224,000
Net income	(1,299,000)	3,022,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	759,000	30,000
Balance, end of period	$ (13,314,000)	$ (7,482,000)
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	119,575,000
Balance of shares outstanding, end of period (in shares)	119,075,000
Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	119,575,000	107,450,000
Balance, beginning of period	$ 542,000	$ 430,000
Balance, adjusted			430,000
Conversion of Class B shares to Class A shares (in shares)	18,000	8,000
Purchases of treasury stock at cost (in shares)	1,619,000
Vesting of restricted stock, net of shares withheld to satisfy tax withholding (in shares)	1,101,000	325,000
Exercise of stock options and vesting of restricted stock, net of shares withheld to satisfy tax withholding	$ 4,000	$ 1,000
Balance of shares outstanding, end of period (in shares)	119,075,000	107,783,000
Balance, end of period	$ 546,000	$ 431,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	90,831,000
Balance of shares outstanding, end of period (in shares)	90,813,000
Class B Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance of shares outstanding, beginning of period (in shares)	90,831,000	116,865,000
Balance, beginning of period	$ 363,000	$ 467,000
Balance, adjusted			$ 467,000
Conversion of Class B shares to Class A shares (in shares)	(18,000)	(8,000)
Vesting of restricted stock, net of shares withheld to satisfy tax withholding (in shares)		0
Balance of shares outstanding, end of period (in shares)	90,813,000	116,857,000
Balance, end of period	$ 363,000	$ 467,000
Redeemable noncontrolling interests and equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable noncontrolling interests and equity	(44,000)	263,000
Redeemable noncontrolling interests and equity | Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable noncontrolling interests and equity	$ (44,000)	$ 263,000

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Oct. 14, 2019	Oct. 08, 2019
Subsidiary, Sale of Stock [Line Items]
Stock issued period value	$ 29,203,000
Common Class A
Subsidiary, Sale of Stock [Line Items]
Amount authorized to be repurchased		$ 300,000,000	$ 150,000,000
Stock repurchase program, period increase		$ 150,000,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 2,569,808	$ 2,804,151	$ 2,327,906	$ 2,050,946
Foreign currency translation adjustment, Laureate Education, Inc
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(1,415,526)	(1,084,651)
Foreign currency translation adjustment, Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	1,085	326
Foreign currency translation adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(1,414,441)	(1,084,325)
Unrealized gain on derivatives, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	10,416
Unrealized gain on derivatives, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0
Unrealized gain on derivatives, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	10,416
Unrealized gain on derivatives, Laureate Education, Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss		10,416
Unrealized gain on derivatives, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss		0
Unrealized gain on derivatives, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss		10,416
Minimum pension liability adjustment, Laureate Education Inc.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(678)	254
Minimum pension liability adjustment, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0	0
Minimum pension liability adjustment, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(678)	254
Accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(1,405,788)	(1,073,981)	$ (1,060,565)	$ (1,112,695)
Accumulated other comprehensive loss, Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	1,085	326
Accumulated other comprehensive loss, Total
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (1,404,703)	$ (1,073,655)

Derivative Instruments - Summar

Derivative Instruments - Summary of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Total derivative instrument assets	$ 802	$ 0
Derivatives not designated as hedging instruments: | Cross currency swaps | Mexico
Derivatives, Fair Value [Line Items]
Cross currency swaps	$ 802	$ 0

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Unrealized Gain (Loss) Recorded In and Reclassified From Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (loss) recognized in income on the ineffective portion of derivative instruments designated as hedging	$ 0
Gain (Loss) Reclassified from AOCI to Income (Effective Portion), Net investment hedge	0
Interest Expense	(36,110)	$ (54,653)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on the ineffective portion of derivative instruments designated as cash flow hedging	0
Interest rate swaps | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from AOCI to Income (Effective Portion), Cash flow hedge	0
Net investment cross currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (loss) recognized in income on the ineffective portion of derivative instruments designated as hedging	0
Gain (Loss) Reclassified from AOCI to Income (Effective Portion), Net investment hedge	$ 0
Derivatives designated as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax		2,609
Gain reclassified from AOCI to Income		1,212
Derivatives designated as hedging instruments: | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax		(1,212)
Derivatives designated as hedging instruments: | Interest rate swaps | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from AOCI to Income		1,212
Derivatives designated as hedging instruments: | Net investment cross currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax		3,821
Gain reclassified from AOCI to Income		$ 0

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) € in Thousands, $ in Thousands	Apr. 15, 2020USD ($)	Jun. 04, 2019USD ($)$ / €	May 15, 2019USD ($)	Apr. 02, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)swap	Apr. 08, 2020USD ($)$ / €	Apr. 08, 2020EUR (€)$ / €	Mar. 31, 2020USD ($)$ / €	Mar. 31, 2020EUR (€)$ / €	Dec. 31, 2019USD ($)swap$ / €	Dec. 31, 2019EUR (€)swap$ / €	May 31, 2019USD ($)$ / €	May 31, 2019EUR (€)$ / €	Apr. 30, 2019EUR (€)swap	Dec. 31, 2011USD ($)swap
Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative asset									$ 802		$ 0
Derivatives not designated as hedging instruments: | Cross currency swaps | EUR
Derivative [Line Items]
Number of currency derivatives held (derivative instrument) | swap											2	2			7
Derivative, exchange rate | $ / €		1.122461											1.128007	1.128007
Unrealized gain (loss) on derivatives		$ (565)	$ 1,644
Derivative notional amount		$ 597,149											$ 423,003	€ 532,000	€ 375,000
Derivatives not designated as hedging instruments: | Cross currency swaps | Chile
Derivative [Line Items]
Derivative notional amount																$ 31,000
Payment on settlement of derivative						$ 8,200
Derivative, number of instruments held (derivative instrument) | swap						4										4
Derivatives not designated as hedging instruments: | First Swap | EUR
Derivative [Line Items]
Derivative, exchange rate | $ / €											1.1439	1.1439
Unrealized gain (loss) on derivatives					$ 5,088
Derivative notional amount											$ 314,573	€ 275,000
Derivatives not designated as hedging instruments: | Cross Currency Interest Rate Contract, Maturing April 8, 2019 | EUR
Derivative [Line Items]
Derivative, exchange rate | $ / €											1.13	1.13
Derivative notional amount											$ 310,750	€ 275,000
Payment on settlement of derivative				$ 980
Derivatives not designated as hedging instruments: | Cross Currency Interest Rate Contract, Maturing December 1, 2024 | Chile
Derivative [Line Items]
Derivative, number of instruments held (derivative instrument) | swap																1
Derivatives not designated as hedging instruments: | Cross Currency Interest Rate Contract, Maturing July 1, 2025 | Chile
Derivative [Line Items]
Derivative, number of instruments held (derivative instrument) | swap																3
Derivatives not designated as hedging instruments: | Net investment cross currency swaps | Australia
Derivative [Line Items]
Derivative, exchange rate | $ / €									0.6530	0.6530
Derivative notional amount									$ 13,713	€ 21,000
Derivatives not designated as hedging instruments: | Net investment cross currency swaps | Subsequent Event | Australia
Derivative [Line Items]
Derivative, exchange rate | $ / €							0.6153	0.6153
Derivative notional amount							$ 12,921	€ 21,000
Derivatives not designated as hedging instruments: | Cross currency interest rate contract, Instrument Two | Subsequent Event | Australia
Derivative [Line Items]
Derivative, exchange rate | $ / €							0.6190	0.6190
Unrealized gain (loss) on derivatives	$ 714
Derivative notional amount							$ 12,999	€ 21,000

Derivative Instruments - Realiz

Derivative Instruments - Realized and Unrealized Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Details) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Unrealized Gain	$ 802	$ 6,576
Realized Loss	0	(1,393)
Total Gain	802	5,183
Cross currency and interest rate swaps
Derivative [Line Items]
Unrealized Gain	802	6,576
Realized Loss	0	(1,393)
Total Gain	$ 802	$ 5,183

Derivative Instruments - Credit

Derivative Instruments - Credit Risk and Credit-Risk-Related Contingent Feature (Details)	Sep. 30, 2019institution
Moody's, A1 Rating
Derivative [Line Items]
Number of financial institutions company does transactions with	1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax penalties and interest expense		$ 647
Income tax penalties and interest accrued		17,210
Unrecognized tax benefits, period decrease		4,320
Unrecognized tax benefit that would impact effective tax rate		18,709
Decrease in unrecognized tax benefits in reasonable possible (up to)		16,291
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)		$ (235,102)	$ (35,848)
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member]
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)	$ (222,000)

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Earnings (Loss) Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator used in basic and diluted earnings (loss) per common share for continuing operations:
Income (loss) from continuing operations	$ 124,082	$ (117,069)
Net loss (income) attributable to noncontrolling interests	8	(42)
Loss from continuing operations attributable to Laureate Education, Inc.	124,090	(117,111)
Accretion of redemption value of redeemable noncontrolling interests and equity	(44)	263
Net income (loss) from continuing operations available to common stockholders for basic and diluted earnings (loss) per share	124,046	(116,848)
Numerator used in basic and diluted earnings (loss) per common share for discontinued operations:
(Loss) income from discontinued operations, net of tax	(3,804)	63,329
(Loss) gain on sales of discontinued operations, net of tax	(21,962)	248,005
Loss (income) attributable to noncontrolling interests	1,291	(2,980)
Net (loss) income from discontinued operations for basic and diluted earnings (loss) per share	$ (24,475)	$ 308,354
Denominator used in basic and diluted earnings (loss) per common share:
Basic weighted average share outstanding	209,801	224,655
Basic and Diluted weighted average shares outstanding (in shares)	210,226	224,655
Basic and diluted earnings (loss) per share:
Income (loss) from continuing operations (in dollars per share)	$ 0.59	$ (0.52)
Loss from discontinued operations (in dollars per share)	(0.12)	1.37
Basic and diluted loss per share (in dollars per share)	$ 0.47	$ 0.85
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average share outstanding	209,801	224,655
Basic and Diluted weighted average shares outstanding (in shares)	210,226	224,655
Stock options, net of estimated forfeitures
Denominator used in basic and diluted earnings (loss) per common share:
Dilutive effect of shares	83	0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares	83	0
Restricted Stock Units (RSUs) [Member]
Denominator used in basic and diluted earnings (loss) per common share:
Dilutive effect of shares	342	0
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of shares	342	0

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,167	8,970
Restricted stock and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	983

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands	Mar. 31, 2020USD ($)
Assets
Derivative asset	$ 802
Level 1
Assets
Derivative asset	0
Level 2
Assets
Derivative asset	0
Level 3
Assets
Derivative asset	$ 802

Fair Value Measurement - Change

Fair Value Measurement - Change in Level 3 Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at December 31, 2019	$ 0
Gain included in earnings:
Unrealized gain, net	802
Balance at March 31, 2020	$ 802

Fair Value Measurement - Quanti

Fair Value Measurement - Quantitative Information Related to Significant Unobservable Inputs Utilized to Calculate Fair Value (Details) - Level 3 - Discounted Cash Flow $ in Thousands	Mar. 31, 2020USD ($)
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Derivative liability	$ 802
Credit Risk
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Range/Input Value	0.0808

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 546,675	$ 339,629	$ 274,122
Restricted cash	196,385	186,921	198,123
Total Cash and cash equivalents and Restricted cash shown in the Consolidated Statements of Cash Flows	$ 743,060	$ 526,550	$ 472,245	$ 583,572

Uncategorized Items - laur-2020

Label	Element	Value
Common Class B [Member] | Common Stock [Member]
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	116,865,000
Common Class A [Member] | Common Stock [Member]
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	107,450,000