0001437578-21-000007 | 10-K | XBRL Viewer | Bright Horizons Family Solutions INC

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Cover [Abstract]
Document type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35780
Entity registrant name	BRIGHT HORIZONS FAMILY SOLUTIONS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0188269
Entity Address, Address Line One	2 Wells Avenue
Entity Address, City or Town	Newton,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02459
City Area Code	617
Local Phone Number	673-8000
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	BFAM
Security Exchange Name	NYSE
Entity well-known seasoned issuer	Yes
Entity voluntary filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity public float			$ 7.0
Entity common stock, shares outstanding (in shares)		60,782,832
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2021 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001437578

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 384,344	$ 27,872
Accounts receivable — net of allowance for credit losses of $2,357 and $1,226 at December 31, 2020 and 2019, respectively	176,617	148,855
Prepaid expenses and other current assets	63,224	52,161
Total current assets	624,185	228,888
Fixed assets — net	628,757	636,153
Goodwill	1,431,967	1,412,873
Other intangible assets — net	274,620	304,673
Operating lease right-of-use assets	717,821	700,956
Other assets	49,298	46,877
Total assets	3,726,648	3,330,420
Current liabilities:
Current portion of long-term debt	10,750	10,750
Accounts payable and accrued expenses	194,551	167,059
Current portion of operating lease liabilities	87,181	83,123
Deferred revenue	197,939	191,117
Other current liabilities	40,393	31,241
Total current liabilities	530,814	483,290
Long-term debt — net	1,020,137	1,028,049
Operating lease liabilities	729,754	685,910
Other long-term liabilities	105,980	92,865
Deferred revenue	10,215	10,098
Deferred income taxes	45,951	58,940
Total liabilities	2,442,851	2,359,152
Commitments and contingencies (Note 19)
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized and no shares issued or outstanding at December 31, 2020 and 2019	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 60,466,168 and 57,884,020 shares issued and outstanding at December 31, 2020 and 2019, respectively	60	58
Additional paid-in capital	910,304	648,031
Accumulated other comprehensive loss	(27,069)	(50,331)
Retained earnings	400,502	373,510
Total stockholders’ equity	1,283,797	971,268
Total liabilities and stockholders’ equity	$ 3,726,648	$ 3,330,420

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit Losses	$ 2,357	$ 1,226
Preferred stock, par value (in dollars per shares)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per shares)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	475,000,000	475,000,000
Common stock, issued (in shares)	60,466,168	57,884,020
Common stock, outstanding (in shares)	60,466,168	57,884,020

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenue	$ 1,515,093	$ 2,062,017	$ 1,903,182
Cost of services	$ 1,210,544	$ 1,539,081	$ 1,429,927
Cost, Product and Service [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Gross profit	$ 304,549	$ 522,936	$ 473,255
Selling, general and administrative expenses	219,563	221,496	201,591
Amortization of intangible assets	31,652	33,621	32,569
Income from operations	53,334	267,819	239,095
Interest expense — net	(37,682)	(45,154)	(47,508)
Income before income tax	15,652	222,665	191,587
Income tax benefit (expense)	11,340	(42,279)	(33,606)
Net income	26,992	180,386	157,981
Allocation of net income to common stockholders:
Common stock — basic	26,876	179,520	157,096
Common stock — diluted	$ 26,878	$ 179,536	$ 157,114
Earnings per common share:
Common stock — basic (in dollars per share)	$ 0.45	$ 3.10	$ 2.72
Common stock — diluted (in dollars per share)	$ 0.45	$ 3.05	$ 2.66
Weighted average common shares outstanding:
Common stock—basic (in shares)	59,533,104	57,838,245	57,812,602
Common stock—diluted (in shares)	60,309,985	58,947,240	59,000,669

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 26,992	$ 180,386	$ 157,981
Other comprehensive income (loss):
Foreign currency translation adjustments	25,503	19,813	(32,092)
Unrealized gain (loss) on cash flow hedges and investments, net of tax	(2,241)	(7,789)	3,033
Total other comprehensive income (loss)	23,262	12,024	(29,059)
Comprehensive income	$ 50,254	$ 192,410	$ 128,922

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, at Cost	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance (in shares) at Dec. 31, 2017		58,013,144
Beginning balance at Dec. 31, 2017	$ 749,060	$ 58	$ 747,155	$ 0	$ (33,296)	$ 35,143
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	13,811		13,811
Exercise of stock options (in shares)		771,480
Issuance of common stock under the Equity Incentive Plan	21,963	$ 1	21,962
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(77,720)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(7,540)		(7,540)
Purchase of treasury stock	(126,739)			(126,739)
Retirement of treasury stock (in shares)		(1,212,436)
Retirement of treasury stock	0	$ (2)	(126,737)	126,739
Other comprehensive income (loss)	(29,059)				(29,059)
Net income	157,981					157,981
Balance (in shares) at Dec. 31, 2018		57,494,468
Ending balance at Dec. 31, 2018	779,477	$ 57	648,651	0	(62,355)	193,124
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	17,283		17,283
Exercise of stock options (in shares)		684,974
Issuance of common stock under the Equity Incentive Plan	25,368	$ 1	25,367
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(84,021)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(11,326)		(11,326)
Purchase of treasury stock	(31,944)			(31,944)
Retirement of treasury stock (in shares)		(211,401)
Retirement of treasury stock	0		(31,944)	31,944
Other comprehensive income (loss)	12,024				12,024
Net income	180,386					180,386
Balance (in shares) at Dec. 31, 2019		57,884,020
Ending balance at Dec. 31, 2019	971,268	$ 58	648,031	0	(50,331)	373,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2,138,580
Issuance of common stock	249,790	$ 2	249,788
Stock-based compensation expense	$ 20,996		20,996
Exercise of stock options (in shares)	621,195	758,309
Issuance of common stock under the Equity Incentive Plan	$ 35,870	$ 1	35,869
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(83,428)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(12,173)		(12,173)
Purchase of treasury stock	(32,208)			(32,208)
Retirement of treasury stock (in shares)		(231,313)
Retirement of treasury stock	0	$ (1)	(32,207)	32,208
Other comprehensive income (loss)	23,262				23,262
Net income	26,992					26,992
Balance (in shares) at Dec. 31, 2020		60,466,168
Ending balance at Dec. 31, 2020	$ 1,283,797	$ 60	$ 910,304	$ 0	$ (27,069)	$ 400,502

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 26,992	$ 180,386	$ 157,981
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	111,662	108,269	100,943
Amortization of original issue discount and deferred financing costs	2,785	1,929	1,901
Impairment losses on long-lived assets	26,227	261	0
Impairment losses on equity investment	2,128	0	0
Loss (gain) on foreign currency transactions	2,875	(42)	116
(Gain) loss on disposal of fixed assets	(2,110)	(2,261)	488
Stock-based compensation expense	20,996	17,283	13,811
Deferred income taxes	(12,277)	(11,344)	(5,469)
Deferred rent	0	0	1,317
Other non-cash adjustments	(150)	(442)	0
Changes in assets and liabilities:
Accounts receivable	(27,470)	(15,718)	(14,498)
Prepaid expenses and other current assets	(10,656)	1,818	2,795
Accounts payable and accrued expenses	22,998	9,032	15,912
Income taxes	(4,218)	4,999	(3,320)
Deferred revenue	3,686	23,038	12,073
Leases	20,411	11,762	4,543
Other assets	3,162	(904)	100
Other current and long-term liabilities	22,531	2,287	6,054
Net cash provided by operating activities	209,572	330,353	294,747
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(84,740)	(111,845)	(92,491)
Proceeds from the disposal of fixed assets	11,906	7,080	1,826
Purchases of debt securities and other investments	(25,705)	(28,015)	(767)
Proceeds from the maturity of debt securities and sale of other investments	22,968	3,000	0
Payments and settlements for acquisitions — net of cash acquired	(8,254)	(53,425)	(67,111)
Purchase of equity method investment	0	(5,865)	0
Net cash used in investing activities	(83,825)	(189,070)	(158,543)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock issuance — net of issuance costs	249,790	0	0
Borrowings under revolving credit facility	43,200	288,674	679,900
Payments under revolving credit facility	(43,200)	(406,532)	(688,800)
Principal payments of long-term debt	(10,750)	(10,750)	(10,750)
Payments for debt issuance costs	(2,818)	0	(292)
Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase	38,843	26,559	22,933
Purchase of treasury stock	(32,658)	(31,553)	(126,679)
Taxes paid related to the net share settlement of stock options and restricted stock	(12,173)	(11,326)	(7,540)
Payments of deferred and contingent consideration for acquisitions	(1,238)	(4,200)	(2,965)
Net cash provided by (used in) financing activities	228,996	(149,128)	(134,193)
Effect of exchange rates on cash, cash equivalents and restricted cash	2,530	559	(103)
Net increase (decrease) in cash, cash equivalents and restricted cash	357,273	(7,286)	1,908
Cash, cash equivalents and restricted cash — beginning of year	31,192	38,478	36,570
Cash, cash equivalents and restricted cash — end of year	388,465	31,192	38,478
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Total cash, cash equivalents and restricted cash — end of year	388,465	38,478	36,570
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest	35,349	43,051	46,122
Cash payments of income taxes	10,982	50,553	41,936
Cash paid for amounts included in the measurement of lease liabilities	121,046	126,071
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses	6,132	4,549	$ 6,359
Operating right-of-use assets obtained in exchange for operating lease liabilities — net	$ 103,668	$ 133,043

Organization	12 Months Ended
Organization	Dec. 31, 2020
Accounting Policies [Abstract]
Organization	ORGANIZATION Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based child care and early education, back-up child and adult/elder care, tuition assistance and student loan repayment program administration, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Puerto Rico, and India. During the year ended December 31, 2020, the Company divested its child care center business in Canada and ceased to operate its two centers in that geography. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer child care, dependent care, and workforce education services, as part of their employee benefits packages in an effort to support employees across life and career stages and improve employee engagement. COVID-19 Pandemic — Since March 2020, the Company’s global operations have been significantly impacted by the COVID-19 pandemic and the measures to prevent its spread, such as required business and school closures and stay-at-home orders. In mid-March 2020, in response to the challenges presented by COVID-19, the Company temporarily closed a significant portion of its child care centers, while continuing to operate critical health care client and “hub” centers to provide care and support services to the children whose parents worked on the front lines of the response. Countries and local jurisdictions have since lifted certain restrictions, and the Company has re-opened a significant portion of the temporarily closed centers. As of December 31, 2020, the Company operated 1,014 child care and early education centers, of which 910 were open, including 549 centers in the United States, 299 centers in the United Kingdom, and 62 centers in the Netherlands. The Company’s centers are operating with stringent COVID-19 protocols in order to protect the health and safety of the children, families and staff, including social distancing procedures for pick-up and drop-off, daily health screenings, the use of face masks by the Company’s staff, limited group sizes, and enhanced hygiene and cleaning practices. As the Company continues to analyze the current environment, it may decide to close or not re-open certain centers in locations where demand and economic trends have shifted. During the year ended December 31, 2020, the Company added 18 new centers and permanently closed 88 centers, for a total of 70 net center reductions in 2020. The Company’s back-up care and educational advisory services have remained operational to clients and their employees. As a result of the economic effects of the COVID-19 pandemic, the Company recognized a $26.2 million impairment loss during the year ended December 31, 2020 on long-lived assets for closed centers and certain centers that are unlikely to recover the carrying amount of their long-lived assets due to the operational disruption caused by the pandemic, including certain locations that the Company has decided to not re-open or expects not to continue operating on a long-term basis. Given the current risks and uncertainties associated with the COVID-19 pandemic and its impact on the Company’s operations, additional impairment losses may occur. Refer to Note 2, Summary of Significant Accounting Policies, for additional details. The broad effects of COVID-19, its duration and scope of the ongoing disruption cannot be predicted and is affected by many interdependent variables and decisions by government authorities and the Company’s client partners, as well as demand, economic trends, the adoption and effectiveness of a vaccine, and developments in the persistence and treatment of COVID-19. The Company cannot anticipate how long it will take for re-opened centers to reach typical enrollment levels and there is no assurance that centers currently open will continue to operate. While the Company experienced increased demand for certain back-up care services during the peak of the pandemic in the second quarter, such as in-home care and self-sourced reimbursed care, and more limited disruption to providing educational advisory services, these conditions and trends may not continue in subsequent periods. Given these factors, the Company expects the effects of COVID-19 to continue to adversely impact the results of its operations in 2021. As a result of the temporary closure of a significant portion of the Company’s child care centers, the Company implemented measures to mitigate the impact on the Company's financial position and operations, as well as improve liquidity and access to financial resources. In addition to actions to reduce spending, the Company amended its credit agreement in April 2020 and May 2020 to increase the borrowing capacity of the Company’s revolving credit facility from $225 million to $400 million; and raised $249.8 million in net proceeds from the issuance and sale of common stock in April 2020. Refer to Note 11, Credit Arrangements and Debt Obligations, for additional information on the amendments to the Company’s credit agreement. In light of these actions and based on the Company’s assumptions about the continued impact of COVID-19 on its operations, the Company believes it has sufficient liquidity to satisfy its obligations for at least the next twelve months.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of Presentation — The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The Company’s significant accounting policies are described below.

Reclassification — Reclassifications have been made to further disaggregate certain prior year amounts within the consolidated statements of cash flows to conform to the current year presentation.

Principles of Consolidation — The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates in the preparation of the consolidated financial statements relate to the valuation of goodwill and other intangibles, long-lived assets, and income taxes. Actual results may differ from management’s estimates.

Foreign Operations — The functional currency of the Company’s foreign subsidiaries is their local currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. The cumulative translation effect for subsidiaries using a functional currency other than the U.S. dollar is included in accumulated other comprehensive income or loss as a separate component of stockholders’ equity.

The Company’s intercompany accounts are denominated in the functional currency of the foreign subsidiary. Gains and losses resulting from the re-measurement of intercompany receivables that the Company considers to be of a long-term investment nature are recorded as a cumulative translation adjustment in accumulated other comprehensive income or loss as a separate component of stockholders’ equity, while gains and losses resulting from the re-measurement of intercompany receivables from those foreign subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statement of income.

Concentrations of Credit Risk — Financial instruments that potentially expose the Company to concentrations of credit risk consisted mainly of cash and accounts receivable. During the year ended December 31, 2020, cash and cash equivalents increased significantly in connection with the $249.8 million net proceeds received from the sale of common stock in April 2020. The Company mitigates its exposure by maintaining its cash in financial institutions of high credit standing. The Company’s accounts receivable is derived primarily from the services it provides, and the related credit risk is dispersed across many clients in various industries with no single client accounting for more than 10% of the Company’s net revenue or accounts receivable. No significant credit concentration risk existed at December 31, 2020 and 2019.

Cash, Cash Equivalents, and Restricted Cash — The Company considers all highly liquid investments with maturities, when purchased, of three months or less to be cash equivalents.

The Company’s cash management system provides for the funding of the main bank disbursement accounts on a daily basis as checks are presented for payment. Under this system, outstanding checks may be in excess of the cash balances at certain banks, creating book overdrafts. There were $12.5 million and $12.4 million in book overdrafts at December 31, 2020 and 2019, respectively, included in accounts payable and accrued expenses on the consolidated balance sheet.

The Company’s cash and cash equivalents that are restricted in nature as to withdrawal or usage are included in prepaid expenses and other current assets. Restricted cash is primarily comprised of cash deposits that guarantee letters of credit, and cash and cash equivalents associated with the Company’s wholly-owned captive insurance company.

Accounts Receivable — The Company generates accounts receivable from fees charged to parents and employer sponsors, which are generally billed monthly as services are rendered or in advance, and are classified as short-term. The Company monitors collections and maintains a provision for expected credit losses based on historical trends, current conditions, and relevant forecasted information, in addition to provisions established for specific collection issues that have been identified. Activity in the allowance for credit losses was as follows:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Beginning balance	$	1,226	$	2,514	$	2,429
Provision	2,585		840		1,148
Write offs and recoveries	(1,454)		(2,128)		(1,063)
Ending balance	$	2,357	$	1,226	$	2,514

Fixed Assets — Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation or amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or their estimated useful lives. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of income. Expenditures for maintenance and repairs are expensed as incurred, whereas expenditures for improvements and replacements are capitalized. Depreciation is included in cost of services and selling, general and administrative expenses depending on the nature of the expenditure.

Business Combinations — Business combinations are accounted for under the acquisition method of accounting. Amounts paid for an acquisition are allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. The accounting for business combinations requires estimates and judgment in determining the fair value of assets acquired and liabilities assumed, regarding expectations of future cash flows of the acquired business, and the allocation of those cash flows to the identifiable intangible assets. The determination of fair value is based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. If actual results differ from these estimates, the amounts recorded in the financial statements could be impaired.

Acquisition costs are expensed as incurred and recorded in selling, general and administrative expenses; integration costs associated with a business combination are expensed subsequent to the acquisition date; and changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date affect income tax expense.

Goodwill and Intangible Assets — Goodwill is recorded when the consideration paid for an acquisition exceeds the fair value of the net tangible and identifiable intangible assets acquired. The Company’s intangible assets principally consist of various customer relationships (including both client and parent relationships) and trade names. Goodwill and intangible assets with indefinite lives are not subject to amortization, but are tested annually for impairment or more frequently if there are indicators of impairment. Indefinite lived intangible assets are also subject to an annual evaluation to determine whether events and circumstances continue to support an indefinite useful life.

Goodwill impairment assessments are performed at the reporting unit level, which are the full-service center-based child care and back-up care operating segments, as well as EdAssist, College Coach, and Sittercity. In performing the goodwill impairment test, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s services, regulatory developments, cost factors, and entity specific factors such as overall financial performance and projected results. If an initial qualitative assessment indicates that it is more likely than not that the carrying value exceeds the fair value of a reporting unit, an additional quantitative evaluation is performed. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In performing the quantitative analysis, the Company compares the fair value of the reporting unit with its carrying amount, including goodwill. Fair value for each reporting unit is determined by estimating the present value of expected future cash flows, which are forecasted for each of the next ten years, applying a long-term growth rate to the final year, discounted using the applicable discount rate. If the fair value of the Company’s reporting unit exceeds its carrying amount, the goodwill of the reporting unit is considered not impaired. If the carrying amount of the Company’s reporting unit exceeds its fair value, the Company would recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value, up to the amount of goodwill allocated to that reporting unit. The Company performed a quantitative assessment during the annual impairment review as of October 1, 2020 and concluded the fair value of the Company’s reporting units exceeded their carrying amount and no risk of impairment existed. No goodwill impairment charges were recorded in the years ended December 31, 2020, 2019, or 2018.

The Company tests certain trade names that are determined to be indefinite-lived intangible assets by comparing the fair value of the trade names with their carrying value. The Company estimates the fair value by estimating the total revenue attributable to the trade names and applying market-derived royalty rates for guideline intangible assets, consistent with the initial valuation of the intangibles. No impairment losses were recorded in the years ended December 31, 2020, 2019 or 2018 in relation to intangible assets.

Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and are amortized over the estimated period benefited, ranging from two to seventeen years. Intangible assets related to parent relationships are amortized using an accelerated method over their useful lives. All other intangible assets are amortized on a straight-line basis over their useful lives.

Impairment of Long-Lived Assets — The Company reviews long-lived assets, including definite-lived intangible assets, for possible impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. Impairment is assessed by comparing the carrying amounts of the assets to the estimated undiscounted future cash flows over the assets remaining lives. If the estimated cash flows are less than the carrying amounts of the assets, an impairment loss is recognized to reduce the carrying amounts of the assets to its estimated fair value. The impairment is allocated to the long-lived assets on a pro rata basis using the relative carrying amounts, but only to the extent the carrying amount of an asset is above its fair value.

During the year ended December 31, 2020, the Company recognized impairment losses of $26.2 million on fixed assets and operating lease right-of-use assets for which the carrying amount exceeded the fair value for certain centers. The Company permanently closed 88 centers during the year and incurred impairment losses. In addition, the Company evaluated other centers when indicators of impairment were present. Based on the estimated undiscounted future cash flow assessment, certain of the Company’s open and temporarily closed centers had long-lived asset carrying amounts that exceeded the estimated undiscounted future cash flows over the assets remaining life. For the centers that had impairment indicators, the fair value was determined based on discounting estimated cash flows. Impairment losses were allocated between long-lived assets, including consideration of market rates for leased assets. Refer to Note 13, Fair Value Measurements, for additional information. Impairment losses were immaterial for the years ended December 31, 2019 and 2018.

Revenue Recognition — The Company generates revenue from services based on the nature of the promise and the consideration specified in contracts with customers. At contract inception, the Company assesses the services promised in the contract and identifies each distinct performance obligation. The transaction price of a contract is allocated to each distinct performance obligation using the relative stand-alone selling price and recognized as revenue when, or as, control of the service is passed to the customer. The application of these policies to the services provided by each of the Company’s segments is discussed below.

Full-Service Center-Based Child Care

The Company’s full-service center-based child care includes traditional center-based child care and early education, preschool, and elementary education. The Company provides its center-based child care services under two principal business models: (1) a cost-plus model, where the Company is paid a fee by an employer client for managing a child care center on a cost-plus basis, and (2) a profit and loss (“P&L”) model, where the Company assumes the financial risk of operating a child care center and provides care on either an exclusive or priority enrollment basis to the employees of an employer sponsor, as well as to families in the surrounding community. In both the cost-plus and sponsor P&L models, the employer sponsor retains responsibility for the development of a new child care center (which is generally owned or leased by the sponsor), as well as ongoing maintenance and repairs. In addition, employer sponsors typically provide subsidies for the ongoing provision of child care services to their employees. Under all model types, the Company retains responsibility for all aspects of operating the child care center, including the hiring and paying of employees, contracting with vendors, purchasing supplies, and collecting tuition and related accounts receivable.

Revenue generated from full-service center-based child care services is primarily comprised of monthly tuition paid by parents. Tuition is determined based on the age and developmental level of the child, the child’s attendance schedule, and geographic location of the facility. The full-service child care offering provided to parents represents a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over time, which transfers daily. The tuition paid by parents is recognized on a daily basis, but for convenience is recorded on a monthly basis.

The Company enters into contracts with employer sponsors to manage and operate their child care and early education centers for a management fee, or to provide child care services to their employees on an exclusive or priority basis. These arrangements generally have a contractual term of three to ten years with varying terms and renewal and cancellation options, and may also include operating subsidies paid either in lieu of or to supplement parent tuition. The management fee included in contracts with employer sponsors is typically a monthly amount, and generally includes an annual escalator that is intended to reflect expected future cost increases. Annual escalators are generally stated as a percentage or as a reference to a consumer price index. The contracts also generally include a termination right with a notice period. The Company allocates revenue for contracts with an accounting term in excess of one year to the applicable contract year based on the rates applicable for that annual period, which is commensurate with the expected increases to the cost of providing the service, the Company’s standard pricing practices, as well as the overall allocation objective described in the guidance. Services provided to the employer sponsor represent a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over time, which transfers daily. Fees paid by the employer sponsor are recognized on a daily basis, but for convenience is recorded on a monthly basis (i.e., the same monthly amount within the contract year using the time elapsed method).

Certain arrangements provide that the employer sponsor pay operating subsidies in lieu of, or to supplement, parent tuition. The employer subsidy for cost-plus managed centers, which consists of variable consideration, is typically calculated as the difference between parent tuition revenue and the operating costs for the center for each respective month and is recognized as revenue in the month the services are provided. The variable consideration relates specifically to efforts to transfer each distinct daily service and the allocation of the consideration earned to that distinct day in which those activities are performed is consistent with the overall allocation objective.

Back-Up Care Services

Back-up care services consist of center-based back-up child care, in-home child and adult/elder dependent care, and self-sourced reimbursed care. The Company provides back-up care services through the Company’s child care centers and in-home care providers, as well as through the back-up care network. Bright Horizons back-up care offers access to a contracted network of in-home service agencies and center-based providers in locations where the Company does not otherwise have in-home care providers or centers with available capacity. Self-sourced reimbursed care is a reimbursement program for clients to utilize in emergency-type situations to provide payments to their employees.

Back-up care revenue is primarily comprised of fixed and variable consideration paid by employer sponsors, and, to a lesser extent, co-payments collected from users at the point of service. These arrangements generally have contractual terms of three years with varying terms and renewal and cancellation options. Fees for back-up care services are typically determined based on the number of back-up uses purchased, which may be fixed based on a specified number of uses or variable fees paid per use, and are generally billed monthly as services are rendered or in advance. Revenue for back-up care services is recognized over time as the services are performed and is recognized in the month the back-up services are provided. Allocation of the consideration earned as the service is performed is consistent with the overall allocation objective. Revenue for self-sourced reimbursed care is based on a fee earned for each payment processed (i.e., on a net basis as the Company is acting as an agent for the payment of the self-sourced care reimbursement from clients to their employees) and is recognized in the month the payments are processed.

Educational Advisory and Other Services

The Company’s educational advisory services consist of tuition assistance and student loan repayment program administration, workforce education, and related educational consulting services (“EdAssist Solutions”), and college admissions advisory services (“College Coach”). Educational advisory services revenue is primarily comprised of fixed and variable fees paid by employer clients for program management, coaching, and subscription of content, and, to a lesser extent, retail fees collected from users at the point of service. These arrangements generally have contractual terms of one to three years with varying terms and renewal and cancellation options. Fees for educational advisory services are determined based on the expected number of program participants and the services selected, and are generally billed in advance. Revenue for EdAssist Solutions is recognized on a straight-line basis using the time- elapsed method over the contract term with additional charges recognized in the month the additional services are provided consistent with the overall allocation objective. Revenue for College Coach is recognized over the contract term as college admissions advisory services are provided and customers receive the benefit.

Other services consist of the Sittercity business, an online marketplace for families and caregivers. Revenue is primarily generated from subscriptions, comprised of fixed fees for the subscription period, and, to a lesser extent, variable transaction fees collected from users at the point of service. Subscription fees are recognized on a straight-line basis using the time-elapsed method over the contract term, and variable transaction fees earned are allocated to that distinct transaction consistent with the overall allocation objective.

Significant Judgments and Estimates

The Company generally does not have significant judgments or estimates that significantly affect the determination of the amount, the allocation of the transaction price to performance obligations, or timing of revenue from contracts with customers. The nature of the Company’s services does not require significant judgment or estimates to determine when control transfers to the customer. Based on past practices and customer specific circumstances, the Company occasionally may grant concessions that impact the total transaction price. If the transaction price may be subject to adjustment, significant judgment may be required to ensure that it is probable that significant reversal in the amount of cumulative revenue recognized will not occur. As of December 31, 2020 and 2019, there were no material estimates related to the constraint of cumulative revenue recognized.

Deferred Revenue — The Company’s payment terms vary by the type of services offered. Tuition collected from parents is typically billed and collected monthly in advance. Fees collected from employer sponsors may be billed annually or quarterly in advance or may be billed monthly in arrears. The Company’s standard payment terms generally align with the timing of the services performed and do not include a financing component. The Company records deferred revenue when payments are received in advance of the Company’s performance under the contract, which is recognized as revenue as the performance obligation is satisfied. The Company has the unconditional right to consideration as it satisfies the performance obligations, therefore no contractual assets are recognized.

Leases — The Company has operating leases for certain of its full-service and back-up child care and early education centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, and the Netherlands. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. The Company does not have any finance leases as of December 31, 2020.

At contract inception, the Company reviews the terms to determine if an arrangement is a lease. At lease commencement, the Company determines whether those lease obligations are operating or finance leases and lease liabilities are recognized on the consolidated balance sheet based on the present value of the unpaid lease payments. The present value of the unpaid lease payments is calculated using the Company’s incremental borrowing rate. Lease commencement occurs on the date the Company takes possession or control of the property or equipment. Leases may contain fixed and variable payment arrangements. Variable lease payments may be based on an index or rate, such as consumer price indices, and include rent escalations or market adjustment provisions. Lease payments used to measure lease liabilities include fixed lease payments as well as variable payments that depend on an index or rate based on the applicable index or rate at the lease commencement date. Lease assets are initially measured as the amount of the initial lease liability, adjusted for initial direct costs, lease payments made at or before the commencement date, and reduced by lease incentives received, such as tenant improvement allowances. The Company does not include options to renew or terminate the lease in the determination of lease assets and lease liabilities until it is reasonably certain that the option will be exercised based on management’s assessment of various relevant factors including economic, entity-specific, and market-based factors, among others. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments, including those related to changes in the commencement date index or rate, are expensed as incurred. Lease expense is recognized to cost of services and selling, general and administrative expenses in the consolidated statement of income.

The Company’s leases generally do not provide an implicit interest rate. Therefore, the Company uses an estimate of its incremental borrowing rate, based on the lease terms and economic environment at commencement date, in determining the present value of future payments.

The Company has real estate leases that contain lease and non-lease components and has elected to account for lease and non-lease components in a contract as a single lease component. The non-lease components typically consist of common-area maintenance and utility costs. Fixed payments for non-lease components are considered part of the single lease component and included in the determination of the lease assets and lease liabilities, and variable payments are expensed as incurred. Additionally, lease contracts typically include other costs that do not transfer a separate good or service, such as reimbursement for real estate taxes and insurance, which are expensed as incurred as variable lease costs.

For leases with a term of one year or less (“short-term leases”), the Company elected to not recognize the arrangements on the balance sheet and the lease payments are recognized in the consolidated statement of income on a straight-line basis over the lease term. The Company subleases certain properties that are not used in its operations. The Company’s lease agreements do not contain material restrictive covenants.

Equity Method Investment — The Company accounts for its investments in entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the investment is adjusted to reflect Bright Horizons’ proportionate share of the investees’ net earnings or losses, and is reduced by the amortization of embedded intangible assets. The Company reviews the equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company accounts for its 20% interest in a provider of full-service center-based child care and back-up care services in Germany using the equity method. The equity method investment is included in other assets on the consolidated balance sheet and, as of December 31, 2020 and 2019, the investment balance was $6.7 million and $6.2 million, respectively. The impact on the results of operations were immaterial for the years ended December 31, 2020 and 2019.

Debt Securities — The Company’s investment in debt securities, which are classified as available-for-sale, consisted of U.S. Treasury and U.S. government agency securities, certificate of deposits, and treasury bills with maturities greater than three months. These securities are held in escrow by the Company’s wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company’s operations as these assets are restricted to fund the captive insurance company operations and capitalization. These securities are recorded at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of the available-for-sale debt securities was $27.9 million and was classified based on the instruments’ maturity dates, with $21.5 million included in prepaid expenses and other current assets and $6.4 million in other assets on the consolidated balance sheet. As of December 31, 2019, the fair value of the available-for-sale debt securities was $24.9 million, with $17.0 million included in prepaid expenses and other current assets and $7.9 million in other assets on the consolidated balance sheet. At December 31, 2020 and 2019, the amortized cost was $27.9 million and $24.9 million, respectively. The debt securities held at December 31, 2020 primarily had remaining maturities ranging from less than one year to approximately 1.5 years. Unrealized gains and losses, net of tax, on available-for-sale debt securities were immaterial for the years ended December 31, 2020 and 2019. The Company did not realize any gains or losses on its debt securities during the years ended December 31, 2020 and 2019.

Other Investments — The Company’s investments in equity securities are primarily in a limited partnership. The equity investments without readily determinable fair value are measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions. The Company reviews such equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of such asset may not be recoverable. As of December 31, 2020 and 2019, the equity investments were $1.2 million and $3.2 million, respectively, which were recorded in other assets on the consolidated balance sheet. During the year ended December 31, 2020, the Company recognized a $2.1 million impairment loss on an equity investment. The impairment loss was included in cost of services on the consolidated statement of income, which has been allocated to the back-up care segment. Refer to Note 13, Fair Value Measurements, for additional information.

Discount on Long-Term Debt and Deferred Financing Costs — Original issue discounts on the Company’s debt and deferred financing costs are recorded as a reduction of long-term debt and are amortized over the life of the related debt instrument in accordance with the effective interest method. Amortization expense is included in interest expense in the consolidated statement of income.

Income Taxes — The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax carryforwards, such as net operating losses. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income taxes in the period that includes the enactment date. The Company records a valuation allowance to reduce the carrying amount of deferred tax assets if it is more likely than not that such asset will not be realized. Additional income tax expense is recognized as a result of recording valuation allowances. The Company does not recognize a tax benefit on losses in foreign operations where it does not have a history of profitability. The Company records penalties and interest on income tax related items as a component of tax expense.

Obligations for uncertain tax positions are recorded based on an assessment of whether the position is more likely than not to be sustained by the taxing authorities. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.

Stock-Based Compensation — The Company accounts for stock-based compensation using a fair value method. Stock-based compensation expense is recognized in the consolidated financial statements based on the grant-date fair value of the awards that are expected to vest. This expense is recognized on a straight-line basis over the requisite service period, which generally represents the vesting period of each separately vesting tranche. The Company calculates the fair value of stock options using the Black-Scholes option-pricing model. The fair value of restricted stock, restricted stock units and performance stock units is based on their intrinsic value on the date of grant.

Excess tax benefits (deficiencies) associated with stock-based compensation are recognized as a component of income tax expense (benefit).

Comprehensive Income or Loss — Comprehensive income or loss is comprised of net income or loss, foreign currency translation adjustments, and unrealized gains or losses on cash flow hedges and investments, net of tax. The Company has not recorded a deferred tax liability related to state income taxes and foreign withholding taxes on the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested. Therefore, taxes are not provided for the related currency translation adjustments.

Earnings Per Share — Earnings per share is calculated using the two-class method, which requires the allocation of earnings to each class of common stock outstanding and to unvested participating shares. Unvested participating shares are unvested stock-based payment awards of restricted stock that participate equally in dividends with common stock, but do not participate in losses. Net income available to stockholders is allocated on a pro rata basis to each class of common stock outstanding and to unvested participating shares as if all of the earnings for the period had been distributed. Basic earnings per share is calculated by dividing the allocated net income by the weighted-average common shares outstanding. Diluted earnings per share is calculated by dividing net income by the weighted-average common shares and potentially dilutive securities outstanding during the period using the more dilutive of the treasury stock method or the two-class method.

Government Support — The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States, which is an economic aid package to help mitigate the impact of the pandemic. Additionally, other foreign governmental legislation that provides relief provisions has been enacted in response to the economic impact of COVID-19. The Company has participated in certain government support programs, including availing itself of certain tax deferrals and tax credits allowed pursuant to the CARES Act in the United States, as well as certain tax deferrals, tax credits, and employee wage support in the United Kingdom, and may continue to do so in the future. Governmental support received is recorded on the consolidated statement of income as a reduction to the related expenses that the assistance is intended to defray. During the year ended December 31, 2020, $83.5 million was recorded as a reduction to cost of services in relation to these benefits, of which $8.4 million was recorded in prepaid expenses and other current assets on the consolidated balance sheet as of December 31, 2020 for amounts receivable from government support programs. Additionally, the Company had payroll tax deferrals totaling $20.4 million as of December 31, 2020, of which $10.2 million was included in accounts payable and accrued expenses and $10.2 million was included in other long-term liabilities.

Recently Adopted Pronouncements — On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the existing guidance on the accounting for credit losses of certain financial instruments. This guidance requires entities to recognize the expected credit loss over the lifetime of certain financial instruments and modifies the impairment model for available-for-sale debt securities. This standard is applied by recording a cumulative effect adjustment to retained earnings upon adoption. There was no impact to the Company’s consolidated financial statements upon the adoption of this guidance. Refer to the Accounts Receivable accounting policy section above for the activity in the allowance for credit losses. The Company’s investments in debt securities, which were classified as available-for-sale, are further disclosed in Note 13, Fair Value Measurements. As of December 31, 2020, the available-for-sale debt securities are not in an unrealized loss position, and therefore there is no allowance for credit losses.

The Company adopted ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“Topic 848”), which provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria that reference the London Interbank Offered Rate (“LIBOR”) or another rate that is expected to be discontinued as a result of reference rate reform. The guidance is effective on or subsequent to March 12, 2020 through December 31, 2022 and may be applied prospectively. The Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness. Additionally, the Company elected to apply the expedients to qualifying modifications of debt agreements within the scope of ASC 470, Debt. There was no impact to the Company’s consolidated financial statements upon the adoption of this guidance.

Recently Issued Pronouncements — In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard removes certain exceptions to the general principles in Topic 740 and improves the consistent application of U.S. GAAP by clarifying and amending certain areas of the existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures.

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers into segments and geographical regions. Revenue disaggregated by segment and geographical region was as follows:


	Full-service center-based child care		Back-up care		Educational advisory and other services		Total
	(In thousands)
Year ended December 31, 2020
North America	$	695,795	$	373,728	$	94,533	$	1,164,056
Europe	336,471		14,566		—		351,037
	$	1,032,266	$	388,294	$	94,533	$	1,515,093
Year ended December 31, 2019
North America	$	1,223,365	$	280,222	$	81,681	$	1,585,268
Europe	460,641		16,108		—		476,749
	$	1,684,006	$	296,330	$	81,681	$	2,062,017
Year ended December 31, 2018
North America	$	1,144,932	$	239,056	$	71,361	$	1,455,349
Europe	441,391		6,442		—		447,833
	$	1,586,323	$	245,498	$	71,361	$	1,903,182

The classification “North America” is comprised of the Company’s United States, Canada and Puerto Rico operations and the classification “Europe” includes the United Kingdom, Netherlands, and India operations. Revenues in the United States were substantially all of the North America revenues. Revenues in the United Kingdom were $243.6 million in 2020, $382.1 million in 2019, and $371.5 million in 2018. Revenue associated with other countries was not in excess of 10% of total revenues. During the year ended December 31, 2020, the Company divested its child care center business in Canada and ceased to operate its two centers in that geography.

Deferred Revenue

The Company records deferred revenue when payments are received in advance of the Company’s performance under the contract, which is recognized as revenue as the performance obligation is satisfied. In 2020, $184.6 million was recognized as revenue related to the deferred revenue balance recorded at December 31, 2019. In 2019, $169.0 million was recognized as revenue related to the deferred revenue balance recorded at December 31, 2018. There were no significant changes in deferred revenue during the years ended December 31, 2020 and 2019 related to business combinations, impairments, cumulative catch-up or other adjustments.

Remaining Performance Obligations

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original contract term of one year or less, or for variable consideration allocated to the unsatisfied performance obligation of a series of services. The transaction price allocated to the remaining performance obligations relates to services that are paid or invoiced in advance. The Company’s remaining performance obligations not subject to the practical expedients were not material at December 31, 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LEASES

Lease Expense

The components of lease expense were as follows:


	Years ended December 31,
	2020		2019
	(In thousands)
Operating lease expense (1)	$	144,553	$	126,796
Variable lease expense (1)	28,423		34,845
Total lease expense	$	172,976	$	161,641

(1)Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.

Operating lease expense for the year ended December 31, 2020 includes an impairment loss on operating lease right-of-use assets of $10.0 million. Refer to Note 13, Fair Value Measurements, for additional disclosure. Rent expense for the year ended December 31, 2018 was $127.4 million, as determined under ASC 840.

Other Information

The weighted average remaining lease term and the weighted average discount rate were as follows:


	December 31,
	2020	2019
Weighted average remaining lease term (in years)	10	10
Weighted average discount rate	6.0%	6.2%

Maturity of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of December 31, 2020:


	Operating Leases
	(In thousands)
2021	$	124,435
2022	129,972
2023	121,343
2024	110,529
2025	96,534
Thereafter	519,314
Total lease payments	1,102,127
Less imputed interest	(285,192)
Present value of lease liabilities	816,935
Less current portion of operating lease liabilities	(87,181)
Long-term operating lease liabilities	$	729,754

As of December 31, 2020, the Company had entered into additional operating leases that have not yet commenced with total fixed payment obligations of $38.3 million. The leases are expected to commence between the first quarter of fiscal 2021 and the second quarter of fiscal 2023 and have initial lease terms of approximately 10 to 15 years.

Lease Modifications

In response to the broad effects of COVID-19, the Company re-negotiated certain payment terms with lessors to mitigate the impact on the Company’s financial position and operations. As of December 31, 2020, the Company had deferred lease payments of $7.7 million. The majority of these lease payments are payable over the next year. On April 10, 2020, the FASB issued guidance for lease concessions provided to lessees in response to the effects of COVID-19. Such guidance allows lessees to make an election not to evaluate whether a lease concession provided by a lessor should be accounted for as a lease modification, in the event the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Such concessions would be recorded as negative lease expense in the period of relief. The Company elected this practical expedient in accounting for lease concessions provided for the Company’s center lease agreements and the impact was immaterial.

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS The Company’s growth strategy includes expansion through strategic and synergistic acquisitions. The goodwill resulting from these acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company's existing operations, as well as from benefits derived from gaining the related assembled workforce. 2020 Acquisitions During the year ended December 31, 2020, the Company acquired two child care centers and the Sittercity business, an online marketplace for families and caregivers, in the United States, in three separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for cash consideration of $8.1 million, net of cash acquired of $1.3 million, and consideration payable of $0.1 million, and include fixed assets and technology of $4.1 million, as well as a trade name of $0.7 million that will be amortized over five years. The Company recorded goodwill of $2.0 million related to the educational advisory and other services segment and $2.1 million related to the full-service center-based child care segment, all of which will be deductible for tax purposes. The allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of December 31, 2020, the purchase price allocations for these acquisitions remain open as the Company gathers additional information regarding the assets acquired and the liabilities assumed. The operating results for the acquired businesses are included in the consolidated results of operations from the date of acquisition. The acquisitions completed in 2020 contributed revenue of $4.4 million during the year ended December 31, 2020. During the year ended December 31, 2020, the Company paid $1.2 million for contingent consideration related to acquisitions completed in 2018 and 2019, which had been recorded as a liability at the date of acquisition. 2019 Acquisitions During the year ended December 31, 2019, the Company acquired three centers and the tuition program management division of another company in the United States, four centers in the Netherlands, and one back-up care provider in the United Kingdom, in eight separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for cash consideration of $53.3 million, net of cash acquired of $1.2 million, and consideration payable of $0.7 million. Additionally, contingent consideration of up to $20.0 million may be payable if annual performance targets through 2022 are met. The Company recorded a fair value estimate of the contingent consideration of $13.9 million at acquisition. The Company recorded goodwill of $25.4 million related to the back-up care segment, which will not be deductible for tax purposes, $14.0 million related to the educational advisory and other services segment, which will be deductible for tax purposes, and $15.2 million related to the full-service center-based child care segment, of which $3.9 million will be deductible for tax purposes. In addition, the Company recorded intangible assets of $14.6 million, primarily consisting of customer relationships that will be amortized over five years, as well as fixed assets and technology of $3.1 million, and deferred tax liabilities of $1.9 million in relation to these acquisitions. During the year ended December 31, 2019, the Company paid $4.2 million for deferred and contingent consideration, which were accrued at the date of acquisition. Of this settlement, $3.5 million was for deferred consideration payable related to an acquisition completed in 2018, and $0.7 million was the final installment for contingent consideration related to an acquisition completed in 2016. 2018 Acquisitions During the year ended December 31, 2018, the Company acquired ten centers in the Netherlands, six centers in the United States, and 20 centers in the United Kingdom, in seven separate business acquisitions, which were each accounted for as a business combination. The centers were acquired for cash consideration of $66.8 million, net of cash acquired of $4.2 million, and consideration payable of $5.4 million. The Company recorded goodwill of $60.3 million related to the full-service center-based child care segment, of which $13.9 million will be deductible for tax purposes. In addition, the Company recorded intangible assets of $8.6 million, consisting of trade names and customer relationships that will be amortized over two to five years, as well as fixed assets of $8.3 million, working capital of $1.1 million and deferred tax liabilities of $1.9 million in relation to these acquisitions. During the year ended December 31, 2018, the Company paid $3.1 million for the settlement of a portion of the contingent consideration related to an acquisition completed in 2016, of which $3.0 million was accrued contingent consideration at acquisition with the remaining balance recorded to the income statement.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill were as follows:


	Full-service center-based child care		Back-up care		Educational advisory and other services		Total
	(In thousands)
Balance at January 1, 2019	$	1,155,705	$	168,105	$	23,801	$	1,347,611
Additions from acquisitions	15,228		25,350		14,000		54,578
Adjustments to prior year acquisitions	(83)		—		—		(83)
Effect of foreign currency translation	10,380		387		—		10,767
Balance at December 31, 2019	1,181,230		193,842		37,801		1,412,873
Additions from acquisitions	2,117		—		2,017		4,134
Adjustments to prior year acquisitions	(383)		—		(125)		(508)
Effect of foreign currency translation	14,694		774		—		15,468
Balance at December 31, 2020	$	1,197,658	$	194,616	$	39,693	$	1,431,967

The Company also has intangible assets, which consisted of the following at December 31, 2020 and 2019:


December 31, 2020:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount
		(In thousands)
Definite-lived intangibles:
Customer relationships	14 years	$	402,319	$	(310,587)	$	91,732
Trade names	6 years	11,219		(9,633)		1,586

		413,538		(320,220)		93,318
Indefinite-lived intangibles:
Trade names	N/A	181,302		—		181,302
		$	594,840	$	(320,220)	$	274,620


December 31, 2019:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount
		(In thousands)
Definite-lived intangibles:
Customer relationships	14 years	$	404,667	$	(283,597)	$	121,070
Trade names	6 years	10,656		(8,144)		2,512

		415,323		(291,741)		123,582
Indefinite-lived intangibles:
Trade names	N/A	181,091		—		181,091
		$	596,414	$	(291,741)	$	304,673

The Company recorded amortization expense of $31.7 million, $33.6 million and $32.6 million in the years ended December 31, 2020, 2019, and 2018, respectively.

The Company estimates that it will record amortization expense related to intangible assets existing as of December 31, 2020 as follows over the next five years:


	Estimated amortization expense
	(In thousands)
2021	$	28,712
2022	$	26,252
2023	$	25,311
2024	$	11,242
2025	$	1,168

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Investments in available-for-sale debt securities	$	21,493	$	17,053
Government support program receivables	8,372		—
Prepaid software and licenses	5,849		5,381
Prepaid workers’ compensation claims	5,268		4,150
Prepaid insurance	4,158		2,125
Restricted cash	4,121		3,320
Prepaid rent and other occupancy costs	3,371		4,474


Other prepaid expenses and current assets	10,592		15,658
	$	63,224	$	52,161

Fixed Assets

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Fixed Assets

FIXED ASSETS

Fixed assets consisted of the following:


		December 31,
	Estimated useful lives	2020		2019
	(In years)	(In thousands)
Buildings	20 - 40	$	207,756	$	199,113
Furniture, equipment and software	3 - 10	283,437		273,295
Leasehold improvements	Shorter of the lease term or the estimated useful life	540,828		523,504
Land	—	103,996		102,581
Total fixed assets		1,136,017		1,098,493
Accumulated depreciation		(507,260)		(462,340)
Fixed assets — net		$	628,757	$	636,153

Fixed assets include construction in progress of $34.0 million and $29.5 million at December 31, 2020 and 2019, respectively, which was primarily comprised of leasehold improvements. The Company recorded depreciation expense of $80.0 million, $74.6 million and $68.4 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Accrued payroll and employee benefits	$	89,555	$	76,606
Accounts payable	29,958		31,600
Accrued insurance	17,450		10,091

Other accrued expenses	57,588		48,762
	$	194,551	$	167,059

Payroll taxes deferred pursuant to the provisions of the CARES Act totaling $10.2 million are recorded in accrued payroll and employee benefits as of December 31, 2020. Accrued insurance primarily consisted of reserves for claims associated with workers’ compensation and general liability.

Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Other Current Liabilities

OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Customer amounts on deposit	$	24,778	$	15,922
Interest rate swaps	4,775		—
Liability for unvested restricted stock	4,178		4,424
Income taxes payable	3,660		6,671
Contingent consideration payable for business combinations	—		1,377
Other current liabilities	3,002		2,847
	$	40,393	$	31,241

Credit Arrangements and Debt Obligations

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Credit Arrangements and Debt Obligations

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

Senior Secured Credit Facilities

The Company’s senior secured credit facilities consisted of a secured term loan facility (“term loan facility”) and a $400 million multi-currency revolving credit facility (“revolving credit facility”). The term loans mature on November 7, 2023 and require quarterly principal payments of $2.7 million, with the remaining principal balance due on November 7, 2023.

Outstanding term loan borrowings were as follows:


	December 31,
	2020		2019
	(In thousands)
Term loans	$	1,034,688	$	1,045,438
Deferred financing costs and original issue discount	(3,801)		(6,639)
Total debt	1,030,887		1,038,799
Less current maturities	(10,750)		(10,750)
Long-term debt	$	1,020,137	$	1,028,049

The revolving credit facility matures on July 31, 2022. There were no borrowings outstanding on the revolving credit facility at both December 31, 2020 and 2019.

All borrowings under the credit agreement are subject to variable interest. Effective as of May 31, 2018, borrowings under the term loan facility bear interest at a rate per annum of 0.75% over the base rate, or 1.75% over the eurocurrency rate, which is the one, two, three or six month LIBOR rate or, with applicable lender approval, the twelve month or less than one month LIBOR rate. With respect to the term loan facility, the base rate is subject to an interest rate floor of 1.75% and the eurocurrency rate is subject to an interest rate floor of 0.75%. Effective as of April 24, 2020, borrowings under the revolving credit facility bear interest at a rate per annum ranging from 0.50% to 1.25% over the base rate, or 1.50% to 2.25% over the eurocurrency rate, and the unused commitment fee applicable to the revolving credit commitments ranges from 30 to 50 basis points. Prior to the April 2020 credit amendment, borrowings under the revolving credit facility bore interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the eurocurrency rate.

The effective interest rate for the term loans was 2.50% and 3.55% at December 31, 2020 and 2019, respectively, and the weighted average interest rate was 2.79%, 4.07%, and 3.89% for the years ended December 31, 2020, 2019, and 2018, respectively, prior to the effects of any interest rate hedge arrangements. The weighted average interest rate for the revolving credit facility was 4.49%, 4.20%, and 4.12% for the years ended December 31, 2020, 2019, and 2018, respectively.

Certain financing fees and original issue discount costs are capitalized and are being amortized over the terms of the related debt instruments and amortization expense is included in interest expense. Amortization expense of deferred financing costs was $2.4 million, $1.5 million and $1.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. Amortization expense of original issue discount costs was $0.4 million for each of the years ended December 31, 2020, 2019, and 2018.

All obligations under the senior secured credit facilities are secured by substantially all of the assets of the Company’s U.S. subsidiaries. The senior secured credit facilities contain a number of covenants that, among other things and subject to certain exceptions, may restrict the ability of Bright Horizons Family Solutions LLC, the Company’s wholly-owned subsidiary, and its restricted subsidiaries, to: incur certain liens; make investments, loans, advances and acquisitions; incur additional indebtedness or guarantees; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; engage in transactions with affiliates; sell assets, including capital stock of the Company’s subsidiaries; alter the business conducted; enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and consolidate or merge.

In addition, the credit agreement governing the senior secured credit facilities requires Bright Horizons Capital Corp., the Company's direct subsidiary, to be a passive holding company, subject to certain exceptions. Effective as of April 24, 2020, the revolving credit facility requires Bright Horizons Family Solutions LLC, the borrower, and its restricted subsidiaries, to comply with a maximum first lien gross leverage ratio for four fiscal quarters, followed by a maximum first lien net leverage ratio in the quarters thereafter. The maximum first lien gross leverage ratio was 6.00 to 1.00 for the fiscal quarter ending June 30, 2020, 7.50 to 1.00 for the fiscal quarter ending September 30, 2020, 8.00 to 1.00 for the fiscal quarter ending December 31, 2020, and 7.50 to 1.00 for the fiscal quarter ending March 31, 2021. Beginning with the fiscal quarter ending June 30, 2021, the Company will be required to comply with its previous maximum first lien net leverage ratio of 4.25 to 1.00. A breach of the applicable covenant is subject to certain equity cure rights. Prior to the April 2020 credit amendment, the Company was required to comply with a maximum first lien net leverage ratio.

Future principal payments of long-term debt are as follows for the years ending December 31:


	Term Loans
	(In thousands)
2021	$	10,750
2022	10,750
2023	1,013,188


Total future principal payments	$	1,034,688

Credit Amendments

In April 2020, the Company amended its existing senior credit facilities to, among other things, increase the borrowing capacity of the revolving credit facility from $225 million to $385 million, modify the interest rates applicable to borrowings outstanding on the revolving credit facility, and modify the terms of the applicable covenants. In May 2020, the Company further increased the borrowing capacity of its revolving credit facility from $385 million to $400 million. In conjunction with the April and May 2020 credit amendments, the Company incurred $2.8 million in fees that have been capitalized in other assets on the consolidated balance sheet and will be amortized over the remaining life of the revolving credit facility.

In May 2018, the Company amended its existing senior credit facilities to, among other changes, reduce the applicable interest rates of the term loan facility and the revolving credit facility. The Company incurred $1.0 million in fees associated with this amendment in the year ended December 31, 2018, which were included in selling, general and administrative expenses.

Derivative Financial Instruments

The Company is subject to interest rate risk as all borrowings under the senior secured credit facilities are subject to variable interest rates. In October 2017, the Company entered into variable-to-fixed interest rate swap agreements to mitigate the exposure to variable interest arrangements on $500 million notional amount of the outstanding term loan borrowings. These swap agreements, designated and accounted for as cash flow hedges from inception, are scheduled to mature on October 31, 2021. The Company is required to make monthly payments on the notional amount at a fixed average interest rate, plus the applicable rate for eurocurrency loans. Effective as of May 31, 2018, the notional amount is subject to a total interest rate of approximately 3.65%. In exchange, the Company receives interest on the notional amount at a variable rate based on the one-month LIBOR rate, subject to a 0.75% floor.

In June 2020, the Company entered into interest rate cap agreements with a total notional value of $800 million, designated and accounted for as cash flow hedges from inception, to provide the Company with interest rate protection in the event the one-month LIBOR rate increases above 1%. Interest rate cap agreements for $300 million notional value have an effective date of June 30, 2020 and expire on October 31, 2023, while interest rate cap agreements for another $500 million notional amount have a forward starting effective date of October 29, 2021, which coincides with the maturity of the interest rate swap agreements, and expire on October 31, 2023.

The interest rate swaps and interest rate caps are recorded on the Company’s consolidated balance sheet at fair value and classified based on the instruments’ maturity dates. The Company records gains and losses resulting from changes in the fair value of the interest rate swaps and interest rate caps to accumulated other comprehensive income or loss. These gains and losses are subsequently reclassified into earnings and recognized to interest expense in the Company’s consolidated statement of income in the period that the hedged interest expense on the term loan facility is recognized. The premium paid for the interest rate cap was recorded as an asset and will be allocated to each of the individual hedged interest payments on the basis of their relative fair values. The change in each respective allocated fair value amount will be reclassified out of accumulated other comprehensive income when each of the hedged forecasted transactions impacts earnings and recognized to interest expense in the Company’s consolidated statement of income.

The fair value of the derivative financial instruments was as follows:


		December 31,
Derivative financial instruments	Consolidated balance sheet classification	2020		2019
		(In thousands)
Interest rate swaps - liability	Other current liabilities	$	4,775	$	—
Interest rate swaps - liability	Other long-term liabilities	$	—	$	2,850
Interest rate caps - asset	Other assets	$	277	$	—

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows:


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)
	(In thousands)			(In thousands)
Year ended December 31, 2020
Cash flow hedges	$	(7,608)	Interest expense — net	$	(4,581)	$	(3,027)
Income tax effect	2,031		Income tax expense	1,223		808
Net of income taxes	$	(5,577)		$	(3,358)	$	(2,219)

Year ended December 31, 2019
Cash flow hedges	$	(8,903)	Interest expense — net	$	1,848	$	(10,751)
Income tax effect	2,395		Income tax expense	(497)		2,892
Net of income taxes	$	(6,508)		$	1,351	$	(7,859)

Year ended December 31, 2018
Cash flow hedges	$	4,549	Interest expense — net	$	415	$	4,134
Income tax effect	(1,224)		Income tax expense	(123)		(1,101)
Net of income taxes	$	3,325		$	292	$	3,033

During the next twelve months, the Company estimates that a net loss of $4.9 million, pre-tax, will be reclassified from accumulated other comprehensive income (loss) and recorded to interest expense, related to these derivative financial instruments.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income (loss) before income taxes consisted of the following:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
United States	$	107,489	$	187,511	$	157,533
Foreign	(91,837)		35,154		34,054
	$	15,652	$	222,665	$	191,587

The allocation of income before income taxes may fluctuate year to year due to activity within the Bright Horizons consolidated group.

Income tax expense (benefit) consisted of the following:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Current income tax expense (benefit):
Federal	$	(4,674)	$	32,922	$	25,225
State	5,971		13,379		9,915
Foreign	(360)		7,321		3,935
	937		53,622		39,075
Deferred tax benefit:
Federal	(150)		(4,727)		(188)
State	(10,971)		(2,739)		(2,550)
Foreign	(1,156)		(3,877)		(2,731)
	(12,277)		(11,343)		(5,469)
Income tax expense (benefit)	$	(11,340)	$	42,279	$	33,606

The CARES Act provided a technical correction regarding Qualified Improvement Property (“QIP”) and the election to take bonus depreciation on such property. This correction allows taxpayers to retroactively accelerate depreciation on QIP. The Federal current and deferred benefit for 2020 includes the impact of a $10 million acceleration of the tax deduction for depreciation related to 2019 additions.

The following is a reconciliation of the U.S. federal statutory rate to the effective rate on pretax income:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Federal income tax expense computed at statutory rate	$	3,287	$	46,760	$	40,233
State income tax expense (benefit) — net of federal income tax	(4,491)		8,522		6,466
Valuation allowance — net	2,116		—		—
Intercompany interest	1,125		(5,213)		(8,367)
Permanent differences and other — net	1,655		1,940		(1,417)
Stock-based compensation	(12,901)		(10,990)		(9,446)
Unbenefited foreign loss	233		—		—
Change in income tax rate	(360)		—		(548)



Global Intangible Low-Taxed Income	(1,418)		1,277		2,893
Change to uncertain tax positions — net	(510)		(1,931)		1,657
Foreign rate differential	(76)		1,914		2,135
Income tax expense (benefit)	$	(11,340)	$	42,279	$	33,606

On December 22, 2017, the U.S. federal government enacted comprehensive tax legislation with the Tax Cuts and Jobs Act (“Tax Act”) that made changes to the U.S. tax code impacting the year ended December 31, 2017 and future years. The Tax Act introduced the Global Intangible Low-Taxed Income (“GILTI”) regime. The taxes on GILTI are accounted for as period costs when incurred. Updated GILTI regulations were released by the U.S. Treasury in July 2020 allowing retroactive annual elections to exclude GILTI that is subject to an effective foreign income tax rate exceeding ninety percent of the maximum U.S. corporate tax rate.

The effective income tax rate for 2020 was a benefit of (72.5)% and includes current tax benefit of $3.4 million related to prior years and a $1.4 million retroactive reduction of GILTI for taxable years 2018 and 2019 for the high-tax exclusion that was included in the updated GILTI regulations. Based on the Company’s jurisdictional mix of taxable income, there was no additional federal income tax expense attributable to GILTI for 2020. Income tax expense was reduced by $16.2 million in 2020 for the excess tax benefits associated with the exercise of stock options and vesting of restricted stock.

The effective income tax rate for 2019 was 19.0%. The GILTI regime resulted in additional federal income tax expense of $1.3 million during the year. Additionally, income tax expense was reduced by $13.9 million in 2019 for the excess tax benefits associated with the exercise of stock options and vesting of restricted stock.

The effective income tax rate for 2018 was 17.5%. The GILTI regime resulted in additional federal income tax expense of $2.9 million during the year. Additionally, income tax expense was reduced by $12.1 million in 2018 for the excess tax benefits associated with the exercise of stock options and vesting of restricted stock. Included in permanent differences and other — net in the rate reconciliation above is a $3.7 million benefit related to finalizing intercompany interest deductions for prior year foreign tax returns.

Significant components of the Company’s net deferred tax liability were as follows:


	December 31,
	2020		2019
	(In thousands)
Deferred tax assets:
Reserve on assets	$	400	$	259
Net operating/capital loss carryforwards	560		338
Liabilities not yet deductible	14,377		10,949
Deferred revenue	3,548		3,415
Stock-based compensation	11,523		9,906
Operating lease liabilities	204,688		190,537
Other	6,414		4,693
Deferred tax assets	241,510		220,097
Less: valuation allowance	(2,116)		—
Total net deferred tax assets	239,394		220,097

Deferred tax liabilities:
Operating lease right-of-use assets	(174,961)		(169,117)
Intangible assets	(80,515)		(86,064)
Depreciation	(29,869)		(23,764)
Total deferred tax liabilities	(285,345)		(278,945)
Net deferred tax liability	$	(45,951)	$	(58,848)

The Company has foreign net operating loss carryforwards of $1.0 million and has recorded an associated deferred tax asset totaling $0.2 million. The net operating losses are in certain foreign jurisdictions and can be carried forward indefinitely.

During the year ended December 31, 2020, the Company recorded a valuation allowance on $2.1 million of deferred tax assets. The Company assesses available positive and negative evidence to estimate if there is sufficient future taxable income to use the existing deferred tax assets. Based on the weight of evidence, the Company determined that it was more likely than not that the deferred tax assets would not be realized.

At December 31, 2019, the net deferred tax liability of $58.8 million includes deferred tax assets of $0.1 million which are included in other assets in the consolidated balance sheet.

The Company considers the earnings of certain non-U.S. subsidiaries to be indefinitely invested outside the United States on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and the Company’s specific plans for reinvestment of those subsidiary earnings. The Company has not recorded a deferred tax liability of approximately $1.7 million related to the state taxes and foreign withholding taxes on approximately $124.3 million of cumulative undistributed earnings of foreign subsidiaries indefinitely invested outside the United States.

Uncertain Tax Positions

The changes in the unrecognized tax benefits were as follows:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Beginning balance	$	3,725	$	5,444	$	1,903
Additions for tax positions of prior years	118		755		2,937
Additions for tax positions of current year	—		—		684

Reductions for tax positions of prior years	—		(2,507)		—
Lapses of statutes of limitations	(854)		—		—
Effect of foreign currency adjustments	(60)		33		(80)
Ending balance	$	2,929	$	3,725	$	5,444

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense, which were immaterial for each of the years ended December 31, 2020, 2019 and 2018. Total interest and penalties accrued as of December 31, 2020 was $1.1 million. In 2020, the Company reduced unrecognized tax benefits by $0.9 million for lapse of statute of limitations, and recorded an unrecognized tax benefit for prior year tax positions in the U.S. In 2019, the Company reduced unrecognized tax benefits by $2.5 million for prior year tax positions of foreign subsidiaries. During 2018, the Company recorded unrecognized tax benefits for the U.S. and a foreign subsidiary’s prior year tax positions.

The total amount of unrecognized tax benefits that if recognized would affect the Company’s effective tax rate is $4.0 million, inclusive of interest. The unrecognized tax benefits could change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this time frame, or if applicable statutes of limitations lapse. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $2.8 million.

The Company and its domestic subsidiaries are subject to U.S. federal income tax as well as multiple state jurisdictions. U.S. federal income tax returns are typically subject to examination by the Internal Revenue Service (IRS) and the statute of limitations for federal income tax returns is three years. The Company’s filings for the tax years 2017 through 2019 are subject to audit based upon the federal statute of limitations.

State income tax returns are generally subject to examination for a period of three to four years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. As of December 31, 2020, there were two income tax audits in process and the tax years from 2016 to 2019 are subject to audit.

The Company is also subject to corporate income tax at its subsidiaries located in the United Kingdom, the Netherlands, India, Ireland and Puerto Rico. The tax returns for the Company’s subsidiaries located in foreign jurisdictions are subject to examination for periods ranging from one to five years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows:

Level 1 — Fair value is derived using quoted prices from active markets for identical instruments.

Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets.

Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued expenses approximates their fair value because of their short-term nature.

Long-term Debt — The Company’s long-term debt is recorded at adjusted cost, net of original issue discounts and deferred financing costs. The fair value of the Company’s long-term debt is based on current bid prices, which approximates carrying value. As such, the Company’s long-term debt was classified as Level 1. As of December 31, 2020, the carrying value and estimated fair value of long-term debt was $1.03 billion and $1.02 billion, respectively. As of December 31, 2019, the carrying value and estimated fair value of long-term debt was $1.05 billion.

Derivative Financial Instruments — The Company’s interest rate swap agreements and interest rate cap agreements are recorded at fair value, which were estimated using market-standard valuation models. Such models project future cash flows and discount the future amounts to a present value using market-based observable inputs. Additionally, the fair value of the interest rate swaps and interest rate caps included consideration of credit risk. The Company used a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA were largely based on observable market data, with the exception of certain assumptions regarding credit worthiness. As the magnitude of the CVA was not a significant component of the fair value of the interest rate swaps and interest rate caps, it was not considered a significant input. The fair value of the interest rate swaps and interest rate caps are classified as Level 2. As of December 31, 2020 and 2019, the fair value of the interest rate swap agreements was a liability of $4.8 million and $2.9 million, which were recorded in other current liabilities and other long-term liabilities on the consolidated balance sheet, respectively. As of December 31, 2020, the fair value of the interest rate cap agreements was $0.3 million, which was recorded in other assets on the consolidated balance sheet.

Debt Securities — The Company’s investments in debt securities, which are classified as available-for-sale, consisted of U.S. Treasury and U.S. government agency securities and certificates of deposits. These securities are held in escrow by the Company’s wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company’s operations. These securities are recorded at fair value using quoted prices available in active markets. As such, the Company’s debt securities are classified as Level 1. As of December 31, 2020, the fair value of the available-for-sale debt securities was $27.9 million and was classified based on the instruments’ maturity dates, with $21.5 million included in prepaid expenses and other current assets and $6.4 million in other assets on the consolidated balance sheet. As of December 31, 2019, the fair value of the available-for-sale debt securities was $24.9 million, with $17.0 million included in prepaid expenses and other current assets and $7.9 million in other assets on the consolidated balance sheet.

Liabilities for Contingent Consideration — The Company is subject to contingent consideration arrangements in connection with certain business combinations as disclosed in Note 5, Acquisitions. Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition-date fair value included as part of the consideration payable for the related business combination and subsequent changes in fair value recorded to selling, general and administrative expenses in the Company’s consolidated statements of income. The fair value of the contingent consideration was calculated using a real options model based on probability-weighted outcomes of meeting certain future performance targets and related to a 2019 acquisition. The key inputs to the valuation are the projections of future financial results in relation to the business. The Company classified the contingent consideration liability as a Level 3 fair value measurement due to the lack of observable inputs used in the model.

The following table provides a roll forward of the fair value of recurring Level 3 fair value measurements:


	Years ended December 31,
	2020		2019
	(In thousands)
Beginning balance	$	15,987	$	1,930
Issuance of contingent consideration in connection with acquisitions	—		13,870
Settlements of contingent consideration liabilities	(1,238)		(650)
Changes in fair value	(1,390)		557
Foreign currency translation	362		280
Ending balance	$	13,721	$	15,987

Nonrecurring Fair Value Estimates — During the year ended December 31, 2020, the Company recognized impairment losses of $16.2 million and $10.0 million, respectively, on fixed assets and operating lease right-of-use assets for certain centers. The impairment losses were included in cost of services on the consolidated statement of income, which have been allocated to the full-service center-based child care segment. The estimated fair value of the applicable center long-lived assets was based on the fair value of the asset groups, calculated using a discounted cash flow model, with unobservable inputs. The fair value of the fixed assets was insignificant given the current and expected cash flows of these centers and the valuation of the lease right-of-use-assets considered the amount a market participant would pay for use of the asset. The Company classified the center long-lived assets as a Level 3 fair value measurement due to the lack of observable inputs used in the model.

During the year ended December 31, 2020, the Company recognized a $2.1 million impairment loss on an equity investment. The impairment loss was included in cost of services on the consolidated statement of income, which has been allocated to the back-up care segment. The estimated fair value of the equity investment was based on a qualitative assessment that considered the economic environment, business prospects and transaction information in the entity’s securities, among other factors considered. The Company classified the equity investment as a Level 3 fair value measurement due to the lack of observable inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders' Equity and Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stockholders' Equity and Stock-Based Compensation

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Preferred Stock

The Company authorized 25 million shares of undesignated preferred stock in 2013 for issuance, of which none have been issued. The Company’s board of directors has the authority, without further action by stockholders, to issue up to 25 million shares of preferred stock in one or more series. The Company’s board of directors may designate the rights, preferences, privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, and number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on the Company’s common stock, diluting the voting power of its common stock, impairing the liquidation rights of its common stock, or delaying or preventing a change in control. As of December 31, 2020 and 2019, no shares of preferred stock were outstanding.

Issuance of Stock

On April 21, 2020, the Company completed the issuance and sale of 2,138,580 shares of common stock, par value $0.001 per share, to Durable Capital Master Fund LP at a price of $116.90 per share. The Company subsequently filed a registration statement to register the resale of these shares in accordance with the terms of the purchase agreement. The Company received net proceeds from the offering of $249.8 million.

Treasury Stock

The board of directors of the Company authorized a share repurchase program of up to $300 million of the Company’s outstanding common stock, effective June 12, 2018. The share repurchase program has no expiration date and replaced the prior August 2016 authorization. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, under Rule 10b5-1 plans, or by other means in accordance with federal securities laws. During the year ended December 31, 2020, the Company repurchased 0.2 million shares for $32.2 million. At December 31, 2020, $194.9 million remained available under the repurchase program.

During the year ended December 31, 2019, the Company repurchased 0.2 million shares for $31.9 million. During the year ended December 31, 2018, the Company repurchased 1.2 million shares for $126.7 million, including a total of 0.8 million shares that were purchased from investment funds affiliated with Bain Capital Partners LLC and other selling stockholders in a secondary offering at the same price per share paid by the underwriter to the selling stockholders. Investment funds affiliated with Bain Capital Partners LLC sold their remaining holdings of the Company’s common stock in the secondary offering completed March 2018.

Equity Incentive Plan

The Company’s 2012 Omnibus Long-Term Incentive Plan, as Amended and Restated (the “Plan”), allows for the issuance of equity awards of up to 7.4 million shares of common stock. The Plan’s original authorization of 5.0 million shares was increased in 2019 by 2.4 million shares as approved by the Company’s stockholders on May 29, 2019. As of December 31, 2020, there were approximately 2.4 million shares of common stock available for grant. The equity awards that have been granted under the Plan consist of time-based stock options, restricted stock, restricted stock units, and performance stock units, which are described below.

Stock-Based Compensation

The Company recognized the impact of stock-based compensation in its consolidated statements of income for the years ended December 31, 2020, 2019, and 2018 and did not capitalize any amounts on the consolidated balance sheets. In the years ended December 31, 2020, 2019, and 2018 the Company recorded stock-based compensation expense of $21.0 million, $17.3 million, and $13.8 million, respectively. Stock-based compensation expense of $19.1 million, $15.8 million, and $13.1 million was recorded in selling, general and administrative expenses in the years ended December 31, 2020, 2019, and 2018, respectively, and $1.9 million, $1.5 million, and $0.7 million was recorded in cost of services, respectively, in the consolidated statements of income in relation to all awards granted under the equity incentive plans. Stock-based compensation expense generated a deferred income tax benefit of $5.5 million, $4.5 million, and $3.6 million in the years ended December 31, 2020, 2019 and 2018, respectively.

Income tax benefits realized from the exercise of stock options and vesting of restricted stock in the years ended December 31, 2020, 2019, and 2018 were $20.1 million, $16.7 million, and $14.7 million, respectively, inclusive of the excess tax benefits realized of $16.2 million, $13.9 million, and $12.1 million in the years ended December 31, 2020, 2019, and 2018, respectively.

As of December 31, 2020, there was $31.7 million of total unrecognized compensation expense, net of estimated forfeitures, related to unvested share-based compensation arrangements granted under the Plan. That expense is expected to be recognized over a weighted average remaining requisite service period of approximately three years. Estimated forfeitures are based on the Company’s historical forfeitures and is adjusted periodically based on actual results. There were no share-based awards classified as a liability during the year ended December 31, 2020.

Stock Options

Stock options granted under the Plan are subject to a service condition and expire in seven years from date of grant or upon termination of the holder’s employment with the Company, unless such termination was due to death, disability or retirement, or unless otherwise determined by the administrator of the Plan. Stock options are granted with an exercise price equal to the closing market price of the Company’s common stock on the date of grant, generally have a requisite service period of five years, and are subject to graded vesting throughout the service term.

Stock-based compensation expense for stock options is based on the fair value of the award on the date of grant. The fair value of stock options granted was estimated using the Black-Scholes option pricing model and the following weighted average assumptions:


	Years ended December 31,
	2020	2019	2018
Expected dividend yield	0.0%	0.0%	0.0%
Expected stock price volatility	24.7%	20.0%	26.0%
Risk free interest rate	0.8%	2.4%	2.6%
Expected life of options (years)	5.1	5.1	5.3
Weighted average fair value per share of options granted during the period	$35.62	$29.16	$28.62

The expected dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The expected stock price volatility assumption was determined using the historical volatility of the Company’s stock price over a term equal to the expected life of the options. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. For grants issued during the years ended December 31, 2020, 2019, and 2018, the expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. We utilized the simplified method because the Company did not have sufficient historical exercise data over the life of awards to provide a reasonable basis upon which to estimate expected term.

The following table summarizes the stock option activity under the Company’s equity plan for the year ended December 31, 2020:


	Weighted Average Remaining Contractual Life in Years
		Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2020	4.3	2,522,674	$	82.65
Granted		527,289	153.18
Exercised		(621,195)	50.59
Forfeited/Expired		(169,293)	117.11
Outstanding at December 31, 2020	4.4	2,259,475	$	105.34	$	152.9
Exercisable at December 31, 2020	1.9	495,875	$	49.23	$	61.4
Vested and expected to vest at December 31, 2020	4.3	2,127,762	$	103.61	$	147.6

The fair value (pre-tax) of options that vested during the years ended December 31, 2020, 2019, and 2018 was $8.6 million, $7.8 million, and $5.5 million, respectively. The intrinsic value of options exercised during the years ended December 31, 2020, 2019, and 2018 was $60.3 million, $54.4 million, and $46.3 million, respectively. Cash proceeds from the exercise of stock options for the years ended December 31, 2020, 2019, and 2018 were $31.4 million, $21.8 million, and $18.5 million, respectively.

Restricted Stock, Restricted Stock Units, and Performance Stock Units

Restricted stock awards are granted to certain senior managers at the discretion of the board of directors as allowed under the Plan. Restricted stock awards generally vest on the earliest of the third anniversary of the grant date, a change in control of the Company, or the termination of employment by reason of death or disability, and are accounted for as non-vested stock. Restricted stock is generally sold for a price equal to 50% of the fair value of the Company’s common stock at the date of grant. Proceeds from the issuance of restricted stock are recorded as other liabilities in the consolidated balance sheet until the earlier of vesting or forfeiture of the awards. The unvested shares of restricted stock participate equally in dividends with common stock. Restricted stock is considered legally issued at the date of grant, but is not considered common stock issued and outstanding in accordance with accounting guidance until the requisite service period is fulfilled. All outstanding shares of restricted stock are expected to vest. Cash proceeds from the issuance of restricted stock for the years ended December 31, 2020, 2019, and 2018 were $7.4 million, $4.8 million, and $4.5 million, respectively.

Stock-based compensation expense for restricted stock awards is based on the intrinsic value of the award on the date of grant. The Company’s stock-based compensation expense recorded in selling, general and administrative expenses in the consolidated statements of income for the years ended December 31, 2020, 2019, and 2018 included $5.2 million, $4.2 million, and $4.1 million, respectively, for restricted stock awards. As of December 31, 2020, total unrecognized compensation expense included $8.2 million related to unvested restricted stock, which is expected to be recognized over the weighted average remaining requisite service period of approximately two years.

The following table summarizes the restricted stock activity under the Company’s equity plan for the year ended December 31, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Non-vested restricted stock shares at January 1, 2020	293,330	$	46.64
Granted	99,427	87.65
Vested	(130,114)	36.34
Forfeited	(11,387)	64.03
Non-vested restricted stock shares at December 31, 2020	251,256	$	67.45	$	27.1

The fair value of restricted shares vested during the years ended December 31, 2020, 2019, and 2018 was $4.7 million, $3.6 million, and $3.5 million, respectively. The weighted average grant date fair value of restricted shares granted during the years ended December 31, 2020, 2019, and 2018 was $87.65, $63.65, and $47.85, respectively.

Restricted stock units are awarded to members of the board of directors as allowed under the Plan and are vested upon award. The awards allow for the issuance of a share of the Company’s common stock for each unit upon the earliest of termination of service as a member of the board of directors or five years after the date of the award. The fair value of restricted stock unit awards is the closing market price of the Company’s common stock at the date of grant.

The following table summarizes the restricted stock unit activity under the Company’s equity plan for the year ended December 31, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Restricted stock units at January 1, 2020	45,647	$	88.48
Granted	10,013	124.82
Converted	(7,000)	53.18

Restricted stock units at December 31, 2020	48,660	$	101.04	$	8.4

The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2020, 2019, and 2018 was $124.82, $135.14, and $107.39, respectively.

Performance stock units were awarded to certain senior managers as allowed under the Plan and vest upon certain performance conditions being met. The awards allow for the issuance of a share of the Company’s common stock for each unit upon the achievement of stated performance goals, which are generally within five years from the date of the award. The fair value of restricted stock unit awards is the closing market price of the Company’s common stock at the date of grant.

The following table summarizes the performance stock unit activity under the Company’s equity plan for the year ended December 31, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Performance restricted stock units at January 1, 2020	—	$	—
Granted	46,000	121.65

Forfeited	(25,000)	121.65
Performance restricted stock units at December 31, 2020	21,000	$	121.65	$	3.6

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of earnings per share using the two-class method:


	Years ended December 31,
	2020		2019		2018
	(In thousands, except share data)
Basic earnings per share:
Net income	$	26,992	$	180,386	$	157,981
Allocation of net income to common stockholders:
Common stock	$	26,876	$	179,520	$	157,096
Unvested participating shares	116		866		885
Net income	$	26,992	$	180,386	$	157,981

Weighted average common shares outstanding:
Common stock	59,533,104		57,838,245		57,812,602
Unvested participating shares	255,733		278,808		325,289
Earnings per common share:
Common stock	$	0.45	$	3.10	$	2.72

The Company calculated diluted earnings per share for common stock using the more dilutive of the treasury stock method, or the two-class method. The following table sets forth the computation of diluted earnings per share using the two-class method:


	Years ended December 31,
	2020		2019		2018
	(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock	$	26,876	$	179,520	$	157,096
Plus: earnings allocated to unvested participating shares	116		866		885
Less: adjusted earnings allocated to unvested participating shares	(114)		(850)		(867)
Earnings allocated to common stock	$	26,878	$	179,536	$	157,114

Weighted average common shares outstanding:
Common stock	59,533,104		57,838,245		57,812,602
Effect of dilutive securities	776,881		1,108,995		1,188,067
Weighted average common shares outstanding — diluted	60,309,985		58,947,240		59,000,669
Earnings per common share:
Common stock	$	0.45	$	3.05	$	2.66

Options outstanding to purchase 0.9 million, 0.4 million, and 0.5 million shares of common stock were excluded from diluted earnings per share for the years ended December 31, 2020, 2019, and 2018, respectively, since their effect was anti-dilutive. These options may become dilutive in the future.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss), which is included as a component of stockholders’ equity, is comprised of foreign currency translation adjustments and unrealized gains (losses) on cash flow hedges and investments, net of tax.

The changes in accumulated other comprehensive income (loss) by component were as follows:


	Foreign currency translation adjustments (1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total
	(In thousands)
Balance at January 1, 2019	$	(67,648)	$	5,293	$	—	$	(62,355)
Other comprehensive income (loss) before reclassifications — net of tax	19,813		(6,508)		70		13,375
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	—		(1,351)		—		(1,351)
Net other comprehensive income (loss)	19,813		(7,859)		70		12,024
Balance at December 31, 2019	(47,835)		(2,566)		70		(50,331)
Other comprehensive income (loss) before reclassifications — net of tax	22,622		(5,577)		(22)		17,023
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	2,881		3,358		—		6,239
Net other comprehensive income (loss)	25,503		(2,219)		(22)		23,262
Balance at December 31, 2020	$	(22,332)	$	(4,785)	$	48	$	(27,069)

(1)Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

Segment and Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment and Geographic Information

SEGMENT AND GEOGRAPHIC INFORMATION

The Company’s reportable segments are comprised of full-service center-based child care, back-up care, and educational advisory and other services. The full-service center-based child care segment includes the traditional center-based child care and early education, preschool, and elementary education. The Company’s back-up care segment consists of center-based back-up child care, in-home child and adult/elder care, and self-sourced reimbursed care. The Company’s educational advisory and other services segment consists of tuition assistance and student loan repayment program administration, educational consulting services, and college admissions advisory services, as well as the Sittercity business, an online marketplace for families and caregivers, which have been aggregated as they do not meet the thresholds for separate disclosure. The Company and its chief operating decision maker evaluate performance based on revenues and income from operations. Intercompany activity is eliminated in the segment results. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; therefore, no segment asset information is produced or included herein.

Revenue and income (loss) from operations by reportable segment was as follows:


	Full-service center-based child care		Back-up care		Educational advisory and other services		Total
	(In thousands)
Year ended December 31, 2020
Revenue	$	1,032,266	$	388,294	$	94,533	$	1,515,093
Income (loss) from operations (1)	(155,382)		182,938		25,778		53,334
Year ended December 31, 2019
Revenue	$	1,684,006	$	296,330	$	81,681	$	2,062,017
Income from operations (2)	166,011		80,394		21,414		267,819
Year ended December 31, 2018
Revenue	$	1,586,323	$	245,498	$	71,361	$	1,903,182
Income from operations (3)	152,006		68,462		18,627		239,095

(1)For the year ended December 31, 2020, income (loss) from operations included impairment costs of $28.3 million, of which $16.2 million related to fixed assets and $10.0 million related to operating lease right-of-use assets in the full-service center-based child care segment, and $2.1 million related to an equity investment in the back-up care segment. Additionally, loss from operations in the full-service center-based child care segment included $6.6 million in costs primarily associated with the closure of centers, including related severance and facilities costs. Refer to Note 2, Summary of Significant Accounting Policies, for additional information on impairment costs.

(2)For the year ended December 31, 2019, income from operations includes $0.6 million of transaction costs related to completed acquisitions, of which $0.2 million was allocated to the full-service center-based child care segment and $0.4 million to the back-up care segment.

(3)For the year ended December 31, 2018, income from operations includes $1.9 million of transaction costs related to an amendment to the credit agreement, a secondary offering, and completed acquisitions, all of which were allocated to the full-service center-based child care segment.

Refer to Note 3, Revenue Recognition, for revenue by geographic region. Fixed assets by geographic region were as follows:


	December 31,
Fixed assets	2020		2019		2018
	(In thousands)
North America	$	370,275	$	369,851	$	347,715
Europe	258,482		266,302		249,426
Total fixed assets	$	628,757	$	636,153	$	597,141

The classification “North America” is comprised of the Company’s United States, Canada and Puerto Rico operations and the classification “Europe” includes the United Kingdom, Netherlands, and India operations. During the year ended December 31, 2020, the Company divested its child care center business and ceased to operate its two centers in Canada. Fixed assets were $370.3 million, $368.5 million, and $346.3 million at December 31, 2020, 2019, and 2018, respectively, in the United States, and $225.0 million, $240.5 million, and $231.8 million at December 31, 2020, 2019, and 2018, respectively, in the United Kingdom. Fixed assets associated with other countries were not material.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The Company maintains a 401(k) Retirement Savings Plan (the “401(k) Plan”) for all eligible employees in the United States. To be eligible for the 401(k) Plan, an employee must be at least 20 years of age and have completed their eligibility period of 60 days of service from date of hire. The 401(k) Plan is funded by elective employee contributions of up to 75% of their compensation, subject to certain limitations. Under the 401(k) Plan, the Company matches 25% of employee contributions for each participant up to 8% of the employee’s compensation after one year of service. Expense under the plan, consisting of Company contributions and plan administrative expenses paid by the Company, totaled approximately $3.4 million for each of the years ended December 31, 2020, 2019 and 2018. The Company maintains other defined contribution and defined benefit pension plans that cover eligible employees in the United Kingdom and the Netherlands. These plans are generally funded by employee and employer contributions. Expense under these plans, including employer contributions, totaled approximately $9.3 million, $9.2 million and $6.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company maintains a Non-qualified Deferred Compensation Plan (the “NQDC Plan”) for eligible employees. Eligible employees are employees who have capped contribution levels in the existing 401(k) Plan due to the thresholds dictated by the IRS definition of “highly compensated” employees, as well as other employees at the Company’s discretion. The NQDC Plan is funded by elective employee contributions of up to 50% of their base compensation and up to 100% of other forms of compensation, as defined. Under the NQDC Plan, the Company matches 25% of employee contributions for each participant up to $2,500. The Company holds investments in company-owned life insurance policies to offset the Company’s liabilities under the NQDC Plan. Total investments, included in prepaid expenses and other current assets and other assets in the consolidated balance sheet, were $0.9 million and $11.5 million, respectively, at December 31, 2020. NQDC Plan liabilities, included in other current and long-term liabilities in the consolidated balance sheet, were $1.0 million and $12.3 million at December 31, 2020, respectively. At December 31, 2019, total investments, included in other assets, were $9.4 million, and total plan liabilities, included in other long-term liabilities, were $10.0 million

- Definition

The entire disclosure for retirement benefits.

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Letters of Credit The Company has 55 letters of credit outstanding used to guarantee certain rent payments for up to $2.4 million. These letters of credit are secured by cash deposits included in prepaid expenses and other current assets in the consolidated balance sheet. No amounts have been drawn against these letters of credit. Litigation The Company is a defendant in certain legal matters in the ordinary course of business. Management believes the resolution of such pending legal matters will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows, although the Company cannot predict the ultimate outcome of any such actions. The Company is currently subject to a governmental investigation and may be subject to one or more potential health and safety charges in the United Kingdom related to an incident at a Company nursery in July 2019. The Company is unable to determine a reasonable estimate of a possible loss or range of loss associated with this unasserted matter at this time, but does not expect that this matter will have a material adverse effect on the Company’s consolidated financial position. Insurance and Regulatory The Company self-insures a portion of its medical insurance plans and has a high deductible workers’ compensation plan. Additionally, a portion of the general liability coverage is provided by the Company’s wholly-owned captive insurance entity. Management believes that the amounts accrued for these obligations are sufficient and that ultimate settlement of such claims or costs associated with claims made under these plans will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. The net assets of the captive insurance subsidiary, which are restricted for potential claims, were $0.9 million and $2.2 million as of December 31, 2020 and 2019, respectively. The Company’s child care and early education centers are subject to numerous federal, state and local regulations and licensing requirements. Failure of a center to comply with applicable regulations can subject it to governmental sanctions, which could require expenditures by the Company to bring its child care and early education centers into compliance.

Quarterly Results (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results (Unaudited)

QUARTERLY RESULTS (UNAUDITED)

In the opinion of the Company’s management, the accompanying unaudited interim consolidated financial statements contain all adjustments which are necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of the results of any future quarter. The Company’s operations were significantly impacted in 2020 due to the temporary closure of a significant portion of the Company’s child care centers, reduced enrollment at child care centers that re-opened during the year, and impairment costs and other costs primarily associated with the closure of centers.

Selected quarterly financial information follows for the years ended December 31, 2020 and 2019:


	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
	(In thousands, except share data)
Revenue	$	506,323	$	293,772	$	337,920	$	377,078
Gross profit	$	108,859	$	65,236	$	55,171	$	75,283
Income (loss) from operations	$	43,281	$	8,114	$	(5,927)	$	7,866
Net income (loss)	$	30,732	$	359	$	(6,654)	$	2,555
Allocation of net income (loss) to common stockholders:
Common stock — basic	$	30,587	$	358	$	(6,654)	$	2,544
Common stock — diluted	$	30,589	$	358	$	(6,654)	$	2,545
Earnings (loss) per common share:
Common stock — basic (1)	$	0.53	$	0.01	$	(0.11)	$	0.04
Common stock — diluted (1)	$	0.52	$	0.01	$	(0.11)	$	0.04

(1)Due to the losses incurred in the third quarter, earnings per common share for the annual period were calculated on a discrete period basis, and as a result, the sum of the quarterly earnings per share does not agree to the total for the year.


	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
	(In thousands, except share data)
Revenue	$	501,758	$	528,060	$	511,584	$	520,615
Gross profit	$	126,947	$	139,621	$	125,220	$	131,148
Income from operations	$	62,910	$	74,833	$	62,629	$	67,447
Net income	$	42,042	$	49,327	$	41,254	$	47,763
Allocation of net income to common stockholders:
Common stock — basic	$	41,845	$	49,088	$	41,055	$	47,532
Common stock — diluted	$	41,849	$	49,093	$	41,059	$	47,535
Earnings per common share:
Common stock — basic (1)	$	0.73	$	0.85	$	0.71	$	0.82
Common stock — diluted (1)	$	0.71	$	0.83	$	0.69	$	0.81

(1)Due to rounding, the sum of the quarterly earnings per common share amounts may not agree to the total for the year.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Organization	Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based child care and early education, back-up child and adult/elder care, tuition assistance and student loan repayment program administration, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Puerto Rico, and India. During the year ended December 31, 2020, the Company divested its child care center business in Canada and ceased to operate its two centers in that geography. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer child care, dependent care, and workforce education services, as part of their employee benefits packages in an effort to support employees across life and career stages and improve employee engagement.
Basis of Presentation	Basis of Presentation — The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”). The Company’s significant accounting policies are described below.
Reclassification	Reclassification — Reclassifications have been made to further disaggregate certain prior year amounts within the consolidated statements of cash flows to conform to the current year presentation.
Principles of Consolidation	Principles of Consolidation — The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates — The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The Company’s significant accounting estimates in the preparation of the consolidated financial statements relate to the valuation of goodwill and other intangibles, long-lived assets, and income taxes. Actual results may differ from management’s estimates.
Foreign Operations	Foreign Operations — The functional currency of the Company’s foreign subsidiaries is their local currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. The cumulative translation effect for subsidiaries using a functional currency other than the U.S. dollar is included in accumulated other comprehensive income or loss as a separate component of stockholders’ equity.The Company’s intercompany accounts are denominated in the functional currency of the foreign subsidiary. Gains and losses resulting from the re-measurement of intercompany receivables that the Company considers to be of a long-term investment nature are recorded as a cumulative translation adjustment in accumulated other comprehensive income or loss as a separate component of stockholders’ equity, while gains and losses resulting from the re-measurement of intercompany receivables from those foreign subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statement of income.
Concentrations of Credit Risk	Concentrations of Credit Risk — Financial instruments that potentially expose the Company to concentrations of credit risk consisted mainly of cash and accounts receivable. During the year ended December 31, 2020, cash and cash equivalents increased significantly in connection with the $249.8 million net proceeds received from the sale of common stock in April 2020. The Company mitigates its exposure by maintaining its cash in financial institutions of high credit standing. The Company’s accounts receivable is derived primarily from the services it provides, and the related credit risk is dispersed across many clients in various industries with no single client accounting for more than 10% of the Company’s net revenue or accounts receivable. No significant credit concentration risk existed at December 31, 2020 and 2019.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash — The Company considers all highly liquid investments with maturities, when purchased, of three months or less to be cash equivalents. The Company’s cash management system provides for the funding of the main bank disbursement accounts on a daily basis as checks are presented for payment. Under this system, outstanding checks may be in excess of the cash balances at certain banks, creating book overdrafts. There were $12.5 million and $12.4 million in book overdrafts at December 31, 2020 and 2019, respectively, included in accounts payable and accrued expenses on the consolidated balance sheet. The Company’s cash and cash equivalents that are restricted in nature as to withdrawal or usage are included in prepaid expenses and other current assets. Restricted cash is primarily comprised of cash deposits that guarantee letters of credit, and cash and cash equivalents associated with the Company’s wholly-owned captive insurance company.
Accounts Receivable	Accounts Receivable — The Company generates accounts receivable from fees charged to parents and employer sponsors, which are generally billed monthly as services are rendered or in advance, and are classified as short-term. The Company monitors collections and maintains a provision for expected credit losses based on historical trends, current conditions, and relevant forecasted information, in addition to provisions established for specific collection issues that have been identified.
Fixed Assets	Fixed Assets — Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation or amortization. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or their estimated useful lives. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of income. Expenditures for maintenance and repairs are expensed as incurred, whereas expenditures for improvements and replacements are capitalized. Depreciation is included in cost of services and selling, general and administrative expenses depending on the nature of the expenditure.
Business Combinations	Business Combinations — Business combinations are accounted for under the acquisition method of accounting. Amounts paid for an acquisition are allocated to the assets acquired and liabilities assumed based on their fair values at the date of acquisition. The accounting for business combinations requires estimates and judgment in determining the fair value of assets acquired and liabilities assumed, regarding expectations of future cash flows of the acquired business, and the allocation of those cash flows to the identifiable intangible assets. The determination of fair value is based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. If actual results differ from these estimates, the amounts recorded in the financial statements could be impaired. Acquisition costs are expensed as incurred and recorded in selling, general and administrative expenses; integration costs associated with a business combination are expensed subsequent to the acquisition date; and changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date affect income tax expense.
Goodwill and Intangible Assets	Goodwill and Intangible Assets — Goodwill is recorded when the consideration paid for an acquisition exceeds the fair value of the net tangible and identifiable intangible assets acquired. The Company’s intangible assets principally consist of various customer relationships (including both client and parent relationships) and trade names. Goodwill and intangible assets with indefinite lives are not subject to amortization, but are tested annually for impairment or more frequently if there are indicators of impairment. Indefinite lived intangible assets are also subject to an annual evaluation to determine whether events and circumstances continue to support an indefinite useful life. Goodwill impairment assessments are performed at the reporting unit level, which are the full-service center-based child care and back-up care operating segments, as well as EdAssist, College Coach, and Sittercity. In performing the goodwill impairment test, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than the carrying value. Qualitative factors may include, but are not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s services, regulatory developments, cost factors, and entity specific factors such as overall financial performance and projected results. If an initial qualitative assessment indicates that it is more likely than not that the carrying value exceeds the fair value of a reporting unit, an additional quantitative evaluation is performed. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In performing the quantitative analysis, the Company compares the fair value of the reporting unit with its carrying amount, including goodwill. Fair value for each reporting unit is determined by estimating the present value of expected future cash flows, which are forecasted for each of the next ten years, applying a long-term growth rate to the final year, discounted using the applicable discount rate. If the fair value of the Company’s reporting unit exceeds its carrying amount, the goodwill of the reporting unit is considered not impaired. If the carrying amount of the Company’s reporting unit exceeds its fair value, the Company would recognize an impairment charge for the amount by which the carrying amount of the reporting unit exceeds its fair value, up to the amount of goodwill allocated to that reporting unit. The Company performed a quantitative assessment during the annual impairment review as of October 1, 2020 and concluded the fair value of the Company’s reporting units exceeded their carrying amount and no risk of impairment existed. No goodwill impairment charges were recorded in the years ended December 31, 2020, 2019, or 2018. The Company tests certain trade names that are determined to be indefinite-lived intangible assets by comparing the fair value of the trade names with their carrying value. The Company estimates the fair value by estimating the total revenue attributable to the trade names and applying market-derived royalty rates for guideline intangible assets, consistent with the initial valuation of the intangibles. No impairment losses were recorded in the years ended December 31, 2020, 2019 or 2018 in relation to intangible assets. Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and are amortized over the estimated period benefited, ranging from two to seventeen years. Intangible assets related to parent relationships are amortized using an accelerated method over their useful lives. All other intangible assets are amortized on a straight-line basis over their useful lives.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets — The Company reviews long-lived assets, including definite-lived intangible assets, for possible impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. Impairment is assessed by comparing the carrying amounts of the assets to the estimated undiscounted future cash flows over the assets remaining lives. If the estimated cash flows are less than the carrying amounts of the assets, an impairment loss is recognized to reduce the carrying amounts of the assets to its estimated fair value. The impairment is allocated to the long-lived assets on a pro rata basis using the relative carrying amounts, but only to the extent the carrying amount of an asset is above its fair value.During the year ended December 31, 2020, the Company recognized impairment losses of $26.2 million on fixed assets and operating lease right-of-use assets for which the carrying amount exceeded the fair value for certain centers. The Company permanently closed 88 centers during the year and incurred impairment losses. In addition, the Company evaluated other centers when indicators of impairment were present. Based on the estimated undiscounted future cash flow assessment, certain of the Company’s open and temporarily closed centers had long-lived asset carrying amounts that exceeded the estimated undiscounted future cash flows over the assets remaining life. For the centers that had impairment indicators, the fair value was determined based on discounting estimated cash flows. Impairment losses were allocated between long-lived assets, including consideration of market rates for leased assets.
Revenue Recognition and Deferred Revenue	Revenue Recognition — The Company generates revenue from services based on the nature of the promise and the consideration specified in contracts with customers. At contract inception, the Company assesses the services promised in the contract and identifies each distinct performance obligation. The transaction price of a contract is allocated to each distinct performance obligation using the relative stand-alone selling price and recognized as revenue when, or as, control of the service is passed to the customer. The application of these policies to the services provided by each of the Company’s segments is discussed below. Full-Service Center-Based Child Care The Company’s full-service center-based child care includes traditional center-based child care and early education, preschool, and elementary education. The Company provides its center-based child care services under two principal business models: (1) a cost-plus model, where the Company is paid a fee by an employer client for managing a child care center on a cost-plus basis, and (2) a profit and loss (“P&L”) model, where the Company assumes the financial risk of operating a child care center and provides care on either an exclusive or priority enrollment basis to the employees of an employer sponsor, as well as to families in the surrounding community. In both the cost-plus and sponsor P&L models, the employer sponsor retains responsibility for the development of a new child care center (which is generally owned or leased by the sponsor), as well as ongoing maintenance and repairs. In addition, employer sponsors typically provide subsidies for the ongoing provision of child care services to their employees. Under all model types, the Company retains responsibility for all aspects of operating the child care center, including the hiring and paying of employees, contracting with vendors, purchasing supplies, and collecting tuition and related accounts receivable. Revenue generated from full-service center-based child care services is primarily comprised of monthly tuition paid by parents. Tuition is determined based on the age and developmental level of the child, the child’s attendance schedule, and geographic location of the facility. The full-service child care offering provided to parents represents a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over time, which transfers daily. The tuition paid by parents is recognized on a daily basis, but for convenience is recorded on a monthly basis. The Company enters into contracts with employer sponsors to manage and operate their child care and early education centers for a management fee, or to provide child care services to their employees on an exclusive or priority basis. These arrangements generally have a contractual term of three to ten years with varying terms and renewal and cancellation options, and may also include operating subsidies paid either in lieu of or to supplement parent tuition. The management fee included in contracts with employer sponsors is typically a monthly amount, and generally includes an annual escalator that is intended to reflect expected future cost increases. Annual escalators are generally stated as a percentage or as a reference to a consumer price index. The contracts also generally include a termination right with a notice period. The Company allocates revenue for contracts with an accounting term in excess of one year to the applicable contract year based on the rates applicable for that annual period, which is commensurate with the expected increases to the cost of providing the service, the Company’s standard pricing practices, as well as the overall allocation objective described in the guidance. Services provided to the employer sponsor represent a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over time, which transfers daily. Fees paid by the employer sponsor are recognized on a daily basis, but for convenience is recorded on a monthly basis (i.e., the same monthly amount within the contract year using the time elapsed method). Certain arrangements provide that the employer sponsor pay operating subsidies in lieu of, or to supplement, parent tuition. The employer subsidy for cost-plus managed centers, which consists of variable consideration, is typically calculated as the difference between parent tuition revenue and the operating costs for the center for each respective month and is recognized as revenue in the month the services are provided. The variable consideration relates specifically to efforts to transfer each distinct daily service and the allocation of the consideration earned to that distinct day in which those activities are performed is consistent with the overall allocation objective. Back-Up Care Services Back-up care services consist of center-based back-up child care, in-home child and adult/elder dependent care, and self-sourced reimbursed care. The Company provides back-up care services through the Company’s child care centers and in-home care providers, as well as through the back-up care network. Bright Horizons back-up care offers access to a contracted network of in-home service agencies and center-based providers in locations where the Company does not otherwise have in-home care providers or centers with available capacity. Self-sourced reimbursed care is a reimbursement program for clients to utilize in emergency-type situations to provide payments to their employees. Back-up care revenue is primarily comprised of fixed and variable consideration paid by employer sponsors, and, to a lesser extent, co-payments collected from users at the point of service. These arrangements generally have contractual terms of three years with varying terms and renewal and cancellation options. Fees for back-up care services are typically determined based on the number of back-up uses purchased, which may be fixed based on a specified number of uses or variable fees paid per use, and are generally billed monthly as services are rendered or in advance. Revenue for back-up care services is recognized over time as the services are performed and is recognized in the month the back-up services are provided. Allocation of the consideration earned as the service is performed is consistent with the overall allocation objective. Revenue for self-sourced reimbursed care is based on a fee earned for each payment processed (i.e., on a net basis as the Company is acting as an agent for the payment of the self-sourced care reimbursement from clients to their employees) and is recognized in the month the payments are processed. Educational Advisory and Other Services The Company’s educational advisory services consist of tuition assistance and student loan repayment program administration, workforce education, and related educational consulting services (“EdAssist Solutions”), and college admissions advisory services (“College Coach”). Educational advisory services revenue is primarily comprised of fixed and variable fees paid by employer clients for program management, coaching, and subscription of content, and, to a lesser extent, retail fees collected from users at the point of service. These arrangements generally have contractual terms of one to three years with varying terms and renewal and cancellation options. Fees for educational advisory services are determined based on the expected number of program participants and the services selected, and are generally billed in advance. Revenue for EdAssist Solutions is recognized on a straight-line basis using the time- elapsed method over the contract term with additional charges recognized in the month the additional services are provided consistent with the overall allocation objective. Revenue for College Coach is recognized over the contract term as college admissions advisory services are provided and customers receive the benefit. Other services consist of the Sittercity business, an online marketplace for families and caregivers. Revenue is primarily generated from subscriptions, comprised of fixed fees for the subscription period, and, to a lesser extent, variable transaction fees collected from users at the point of service. Subscription fees are recognized on a straight-line basis using the time-elapsed method over the contract term, and variable transaction fees earned are allocated to that distinct transaction consistent with the overall allocation objective. Significant Judgments and Estimates The Company generally does not have significant judgments or estimates that significantly affect the determination of the amount, the allocation of the transaction price to performance obligations, or timing of revenue from contracts with customers. The nature of the Company’s services does not require significant judgment or estimates to determine when control transfers to the customer. Based on past practices and customer specific circumstances, the Company occasionally may grant concessions that impact the total transaction price. If the transaction price may be subject to adjustment, significant judgment may be required to ensure that it is probable that significant reversal in the amount of cumulative revenue recognized will not occur. As of December 31, 2020 and 2019, there were no material estimates related to the constraint of cumulative revenue recognized. Deferred Revenue — The Company’s payment terms vary by the type of services offered. Tuition collected from parents is typically billed and collected monthly in advance. Fees collected from employer sponsors may be billed annually or quarterly in advance or may be billed monthly in arrears. The Company’s standard payment terms generally align with the timing of the services performed and do not include a financing component. The Company records deferred revenue when payments are received in advance of the Company’s performance under the contract, which is recognized as revenue as the performance obligation is satisfied. The Company has the unconditional right to consideration as it satisfies the performance obligations, therefore no contractual assets are recognized.
Leases	Leases — The Company has operating leases for certain of its full-service and back-up child care and early education centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, and the Netherlands. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. The Company does not have any finance leases as of December 31, 2020. At contract inception, the Company reviews the terms to determine if an arrangement is a lease. At lease commencement, the Company determines whether those lease obligations are operating or finance leases and lease liabilities are recognized on the consolidated balance sheet based on the present value of the unpaid lease payments. The present value of the unpaid lease payments is calculated using the Company’s incremental borrowing rate. Lease commencement occurs on the date the Company takes possession or control of the property or equipment. Leases may contain fixed and variable payment arrangements. Variable lease payments may be based on an index or rate, such as consumer price indices, and include rent escalations or market adjustment provisions. Lease payments used to measure lease liabilities include fixed lease payments as well as variable payments that depend on an index or rate based on the applicable index or rate at the lease commencement date. Lease assets are initially measured as the amount of the initial lease liability, adjusted for initial direct costs, lease payments made at or before the commencement date, and reduced by lease incentives received, such as tenant improvement allowances. The Company does not include options to renew or terminate the lease in the determination of lease assets and lease liabilities until it is reasonably certain that the option will be exercised based on management’s assessment of various relevant factors including economic, entity-specific, and market-based factors, among others. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease payments, including those related to changes in the commencement date index or rate, are expensed as incurred. Lease expense is recognized to cost of services and selling, general and administrative expenses in the consolidated statement of income. The Company’s leases generally do not provide an implicit interest rate. Therefore, the Company uses an estimate of its incremental borrowing rate, based on the lease terms and economic environment at commencement date, in determining the present value of future payments. The Company has real estate leases that contain lease and non-lease components and has elected to account for lease and non-lease components in a contract as a single lease component. The non-lease components typically consist of common-area maintenance and utility costs. Fixed payments for non-lease components are considered part of the single lease component and included in the determination of the lease assets and lease liabilities, and variable payments are expensed as incurred. Additionally, lease contracts typically include other costs that do not transfer a separate good or service, such as reimbursement for real estate taxes and insurance, which are expensed as incurred as variable lease costs. For leases with a term of one year or less (“short-term leases”), the Company elected to not recognize the arrangements on the balance sheet and the lease payments are recognized in the consolidated statement of income on a straight-line basis over the lease term. The Company subleases certain properties that are not used in its operations. The Company’s lease agreements do not contain material restrictive covenants.
Equity Method Investment	Equity Method Investment — The Company accounts for its investments in entities over which the Company has significant influence, but not control, using the equity method of accounting. Under the equity method of accounting, the investment is adjusted to reflect Bright Horizons’ proportionate share of the investees’ net earnings or losses, and is reduced by the amortization of embedded intangible assets. The Company reviews the equity method investment for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company accounts for its 20% interest in a provider of full-service center-based child care and back-up care services in Germany using the equity method. The equity method investment is included in other assets on the consolidated balance sheet and, as of December 31, 2020 and 2019, the investment balance was $6.7 million and $6.2 million, respectively. The impact on the results of operations were immaterial for the years ended December 31, 2020 and 2019.
Debt Securities	Debt Securities — The Company’s investment in debt securities, which are classified as available-for-sale, consisted of U.S. Treasury and U.S. government agency securities, certificate of deposits, and treasury bills with maturities greater than three months. These securities are held in escrow by the Company’s wholly-owned captive insurance company and were purchased with restricted cash. As such, these securities are not available to fund the Company’s operations as these assets are restricted to fund the captive insurance company operations and capitalization. These securities are recorded at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). As of December 31, 2020, the fair value of the available-for-sale debt securities was $27.9 million and was classified based on the instruments’ maturity dates, with $21.5 million included in prepaid expenses and other current assets and $6.4 million in other assets on the consolidated balance sheet. As of December 31, 2019, the fair value of the available-for-sale debt securities was $24.9 million, with $17.0 million included in prepaid expenses and other current assets and $7.9 million in other assets on the consolidated balance sheet.
Other Investments	Other Investments — The Company’s investments in equity securities are primarily in a limited partnership. The equity investments without readily determinable fair value are measured at cost, less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions. The Company reviews such equity investments for impairment whenever events or changes in circumstances indicate that the carrying amount of such asset may not be recoverable. As of December 31, 2020 and 2019, the equity investments were $1.2 million and $3.2 million, respectively, which were recorded in other assets on the consolidated balance sheet. During the year ended December 31, 2020, the Company recognized a $2.1 million impairment loss on an equity investment. The impairment loss was included in cost of services on the consolidated statement of income, which has been allocated to the back-up care segment.
Discount on Long-Term Debt and Deferred Financing Costs	Discount on Long-Term Debt and Deferred Financing Costs — Original issue discounts on the Company’s debt and deferred financing costs are recorded as a reduction of long-term debt and are amortized over the life of the related debt instrument in accordance with the effective interest method. Amortization expense is included in interest expense in the consolidated statement of income.
Income Taxes	Income Taxes — The Company accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax carryforwards, such as net operating losses. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the provision for income taxes in the period that includes the enactment date. The Company records a valuation allowance to reduce the carrying amount of deferred tax assets if it is more likely than not that such asset will not be realized. Additional income tax expense is recognized as a result of recording valuation allowances. The Company does not recognize a tax benefit on losses in foreign operations where it does not have a history of profitability. The Company records penalties and interest on income tax related items as a component of tax expense. Obligations for uncertain tax positions are recorded based on an assessment of whether the position is more likely than not to be sustained by the taxing authorities. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.
Stock-Based Compensation	Stock-Based Compensation — The Company accounts for stock-based compensation using a fair value method. Stock-based compensation expense is recognized in the consolidated financial statements based on the grant-date fair value of the awards that are expected to vest. This expense is recognized on a straight-line basis over the requisite service period, which generally represents the vesting period of each separately vesting tranche. The Company calculates the fair value of stock options using the Black-Scholes option-pricing model. The fair value of restricted stock, restricted stock units and performance stock units is based on their intrinsic value on the date of grant. Excess tax benefits (deficiencies) associated with stock-based compensation are recognized as a component of income tax expense (benefit).
Comprehensive Income or Loss	Comprehensive Income or Loss — Comprehensive income or loss is comprised of net income or loss, foreign currency translation adjustments, and unrealized gains or losses on cash flow hedges and investments, net of tax. The Company has not recorded a deferred tax liability related to state income taxes and foreign withholding taxes on the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested. Therefore, taxes are not provided for the related currency translation adjustments.
Earnings Per Share	Earnings Per Share — Earnings per share is calculated using the two-class method, which requires the allocation of earnings to each class of common stock outstanding and to unvested participating shares. Unvested participating shares are unvested stock-based payment awards of restricted stock that participate equally in dividends with common stock, but do not participate in losses. Net income available to stockholders is allocated on a pro rata basis to each class of common stock outstanding and to unvested participating shares as if all of the earnings for the period had been distributed. Basic earnings per share is calculated by dividing the allocated net income by the weighted-average common shares outstanding. Diluted earnings per share is calculated by dividing net income by the weighted-average common shares and potentially dilutive securities outstanding during the period using the more dilutive of the treasury stock method or the two-class method.
Recently Adopted and Recently Issued Pronouncements	Recently Adopted Pronouncements — On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the existing guidance on the accounting for credit losses of certain financial instruments. This guidance requires entities to recognize the expected credit loss over the lifetime of certain financial instruments and modifies the impairment model for available-for-sale debt securities. This standard is applied by recording a cumulative effect adjustment to retained earnings upon adoption. There was no impact to the Company’s consolidated financial statements upon the adoption of this guidance. Refer to the Accounts Receivable accounting policy section above for the activity in the allowance for credit losses. The Company’s investments in debt securities, which were classified as available-for-sale, are further disclosed in Note 13, Fair Value Measurements. As of December 31, 2020, the available-for-sale debt securities are not in an unrealized loss position, and therefore there is no allowance for credit losses. The Company adopted ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“Topic 848”), which provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria that reference the London Interbank Offered Rate (“LIBOR”) or another rate that is expected to be discontinued as a result of reference rate reform. The guidance is effective on or subsequent to March 12, 2020 through December 31, 2022 and may be applied prospectively. The Company elected to apply the hedge accounting expedients related to probability of forecasted transactions and the assessments of effectiveness. Additionally, the Company elected to apply the expedients to qualifying modifications of debt agreements within the scope of ASC 470, Debt. There was no impact to the Company’s consolidated financial statements upon the adoption of this guidance. Recently Issued Pronouncements — In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard removes certain exceptions to the general principles in Topic 740 and improves the consistent application of U.S. GAAP by clarifying and amending certain areas of the existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements and related disclosures
Fair Value of Financial Instruments	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified using a three-level hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The Company uses observable inputs where relevant and whenever possible. The three levels of the hierarchy are defined as follows: Level 1 — Fair value is derived using quoted prices from active markets for identical instruments. Level 2 — Fair value is derived using quoted prices for similar instruments from active markets or for identical or similar instruments in markets that are not active; or, fair value is based on model-derived valuations in which all significant inputs and significant value drivers are observable from active markets. Level 3 — Fair value is derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Activity in the Allowance for Credit Losses

Activity in the allowance for credit losses was as follows:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Beginning balance	$	1,226	$	2,514	$	2,429
Provision	2,585		840		1,148
Write offs and recoveries	(1,454)		(2,128)		(1,063)
Ending balance	$	2,357	$	1,226	$	2,514

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue disaggregated by segment and geographical region was as follows:


	Full-service center-based child care		Back-up care		Educational advisory and other services		Total
	(In thousands)
Year ended December 31, 2020
North America	$	695,795	$	373,728	$	94,533	$	1,164,056
Europe	336,471		14,566		—		351,037
	$	1,032,266	$	388,294	$	94,533	$	1,515,093
Year ended December 31, 2019
North America	$	1,223,365	$	280,222	$	81,681	$	1,585,268
Europe	460,641		16,108		—		476,749
	$	1,684,006	$	296,330	$	81,681	$	2,062,017
Year ended December 31, 2018
North America	$	1,144,932	$	239,056	$	71,361	$	1,455,349
Europe	441,391		6,442		—		447,833
	$	1,586,323	$	245,498	$	71,361	$	1,903,182

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Years ended December 31,
	2020		2019
	(In thousands)
Operating lease expense (1)	$	144,553	$	126,796
Variable lease expense (1)	28,423		34,845
Total lease expense	$	172,976	$	161,641

(1)Excludes short-term lease expense and sublease income, which were immaterial for the periods presented.

Weighted Average Remaining Lease Term and Weighted Average Discount Rate

The weighted average remaining lease term and the weighted average discount rate were as follows:


	December 31,
	2020	2019
Weighted average remaining lease term (in years)	10	10
Weighted average discount rate	6.0%	6.2%

Maturities of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of December 31, 2020:


	Operating Leases
	(In thousands)
2021	$	124,435
2022	129,972
2023	121,343
2024	110,529
2025	96,534
Thereafter	519,314
Total lease payments	1,102,127
Less imputed interest	(285,192)
Present value of lease liabilities	816,935
Less current portion of operating lease liabilities	(87,181)
Long-term operating lease liabilities	$	729,754

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill were as follows:


	Full-service center-based child care		Back-up care		Educational advisory and other services		Total
	(In thousands)
Balance at January 1, 2019	$	1,155,705	$	168,105	$	23,801	$	1,347,611
Additions from acquisitions	15,228		25,350		14,000		54,578
Adjustments to prior year acquisitions	(83)		—		—		(83)
Effect of foreign currency translation	10,380		387		—		10,767
Balance at December 31, 2019	1,181,230		193,842		37,801		1,412,873
Additions from acquisitions	2,117		—		2,017		4,134
Adjustments to prior year acquisitions	(383)		—		(125)		(508)
Effect of foreign currency translation	14,694		774		—		15,468
Balance at December 31, 2020	$	1,197,658	$	194,616	$	39,693	$	1,431,967

Schedule of Intangible Assets

The Company also has intangible assets, which consisted of the following at December 31, 2020 and 2019:


December 31, 2020:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount
		(In thousands)
Definite-lived intangibles:
Customer relationships	14 years	$	402,319	$	(310,587)	$	91,732
Trade names	6 years	11,219		(9,633)		1,586

		413,538		(320,220)		93,318
Indefinite-lived intangibles:
Trade names	N/A	181,302		—		181,302
		$	594,840	$	(320,220)	$	274,620


December 31, 2019:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount
		(In thousands)
Definite-lived intangibles:
Customer relationships	14 years	$	404,667	$	(283,597)	$	121,070
Trade names	6 years	10,656		(8,144)		2,512

		415,323		(291,741)		123,582
Indefinite-lived intangibles:
Trade names	N/A	181,091		—		181,091
		$	596,414	$	(291,741)	$	304,673

Estimated Future Amortization Expense

The Company estimates that it will record amortization expense related to intangible assets existing as of December 31, 2020 as follows over the next five years:


	Estimated amortization expense
	(In thousands)
2021	$	28,712
2022	$	26,252
2023	$	25,311
2024	$	11,242
2025	$	1,168

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Investments in available-for-sale debt securities	$	21,493	$	17,053
Government support program receivables	8,372		—
Prepaid software and licenses	5,849		5,381
Prepaid workers’ compensation claims	5,268		4,150
Prepaid insurance	4,158		2,125
Restricted cash	4,121		3,320
Prepaid rent and other occupancy costs	3,371		4,474


Other prepaid expenses and current assets	10,592		15,658
	$	63,224	$	52,161

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Fixed Assets

Fixed assets consisted of the following:


		December 31,
	Estimated useful lives	2020		2019
	(In years)	(In thousands)
Buildings	20 - 40	$	207,756	$	199,113
Furniture, equipment and software	3 - 10	283,437		273,295
Leasehold improvements	Shorter of the lease term or the estimated useful life	540,828		523,504
Land	—	103,996		102,581
Total fixed assets		1,136,017		1,098,493
Accumulated depreciation		(507,260)		(462,340)
Fixed assets — net		$	628,757	$	636,153

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Summary of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Accrued payroll and employee benefits	$	89,555	$	76,606
Accounts payable	29,958		31,600
Accrued insurance	17,450		10,091

Other accrued expenses	57,588		48,762
	$	194,551	$	167,059

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Summary of Other Current Liabilities

Other current liabilities consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Customer amounts on deposit	$	24,778	$	15,922
Interest rate swaps	4,775		—
Liability for unvested restricted stock	4,178		4,424
Income taxes payable	3,660		6,671
Contingent consideration payable for business combinations	—		1,377
Other current liabilities	3,002		2,847
	$	40,393	$	31,241

Credit Arrangements and Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Outstanding Borrowings

Outstanding term loan borrowings were as follows:


	December 31,
	2020		2019
	(In thousands)
Term loans	$	1,034,688	$	1,045,438
Deferred financing costs and original issue discount	(3,801)		(6,639)
Total debt	1,030,887		1,038,799
Less current maturities	(10,750)		(10,750)
Long-term debt	$	1,020,137	$	1,028,049

Future Principal Payments of Long-Term Debt

Future principal payments of long-term debt are as follows for the years ending December 31:


	Term Loans
	(In thousands)
2021	$	10,750
2022	10,750
2023	1,013,188


Total future principal payments	$	1,034,688

Schedule of Interest Rate Derivatives by Balance Sheet

The fair value of the derivative financial instruments was as follows:


		December 31,
Derivative financial instruments	Consolidated balance sheet classification	2020		2019
		(In thousands)
Interest rate swaps - liability	Other current liabilities	$	4,775	$	—
Interest rate swaps - liability	Other long-term liabilities	$	—	$	2,850
Interest rate caps - asset	Other assets	$	277	$	—

Schedule of the Effect of Derivative Financial Instruments on Other Comprehensive Income (Loss)

The effect of the derivative financial instruments on other comprehensive income (loss) was as follows:


Derivatives designated as cash flow hedging instruments	Amount of gain (loss) recognized in other comprehensive income (loss)		Consolidated statement of income classification	Amount of net gain (loss) reclassified into earnings		Total effect on other comprehensive income (loss)
	(In thousands)			(In thousands)
Year ended December 31, 2020
Cash flow hedges	$	(7,608)	Interest expense — net	$	(4,581)	$	(3,027)
Income tax effect	2,031		Income tax expense	1,223		808
Net of income taxes	$	(5,577)		$	(3,358)	$	(2,219)

Year ended December 31, 2019
Cash flow hedges	$	(8,903)	Interest expense — net	$	1,848	$	(10,751)
Income tax effect	2,395		Income tax expense	(497)		2,892
Net of income taxes	$	(6,508)		$	1,351	$	(7,859)

Year ended December 31, 2018
Cash flow hedges	$	4,549	Interest expense — net	$	415	$	4,134
Income tax effect	(1,224)		Income tax expense	(123)		(1,101)
Net of income taxes	$	3,325		$	292	$	3,033

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income (Loss) before Income Taxes

Income (loss) before income taxes consisted of the following:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
United States	$	107,489	$	187,511	$	157,533
Foreign	(91,837)		35,154		34,054
	$	15,652	$	222,665	$	191,587

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Current income tax expense (benefit):
Federal	$	(4,674)	$	32,922	$	25,225
State	5,971		13,379		9,915
Foreign	(360)		7,321		3,935
	937		53,622		39,075
Deferred tax benefit:
Federal	(150)		(4,727)		(188)
State	(10,971)		(2,739)		(2,550)
Foreign	(1,156)		(3,877)		(2,731)
	(12,277)		(11,343)		(5,469)
Income tax expense (benefit)	$	(11,340)	$	42,279	$	33,606

Reconciliation of Federal Statutory Rate to Effective Rate

The following is a reconciliation of the U.S. federal statutory rate to the effective rate on pretax income:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Federal income tax expense computed at statutory rate	$	3,287	$	46,760	$	40,233
State income tax expense (benefit) — net of federal income tax	(4,491)		8,522		6,466
Valuation allowance — net	2,116		—		—
Intercompany interest	1,125		(5,213)		(8,367)
Permanent differences and other — net	1,655		1,940		(1,417)
Stock-based compensation	(12,901)		(10,990)		(9,446)
Unbenefited foreign loss	233		—		—
Change in income tax rate	(360)		—		(548)



Global Intangible Low-Taxed Income	(1,418)		1,277		2,893
Change to uncertain tax positions — net	(510)		(1,931)		1,657
Foreign rate differential	(76)		1,914		2,135
Income tax expense (benefit)	$	(11,340)	$	42,279	$	33,606

Components of Net Deferred Tax Liability

Significant components of the Company’s net deferred tax liability were as follows:


	December 31,
	2020		2019
	(In thousands)
Deferred tax assets:
Reserve on assets	$	400	$	259
Net operating/capital loss carryforwards	560		338
Liabilities not yet deductible	14,377		10,949
Deferred revenue	3,548		3,415
Stock-based compensation	11,523		9,906
Operating lease liabilities	204,688		190,537
Other	6,414		4,693
Deferred tax assets	241,510		220,097
Less: valuation allowance	(2,116)		—
Total net deferred tax assets	239,394		220,097

Deferred tax liabilities:
Operating lease right-of-use assets	(174,961)		(169,117)
Intangible assets	(80,515)		(86,064)
Depreciation	(29,869)		(23,764)
Total deferred tax liabilities	(285,345)		(278,945)
Net deferred tax liability	$	(45,951)	$	(58,848)

Reconciliation of Unrecognized Tax Benefits

The changes in the unrecognized tax benefits were as follows:


	Years ended December 31,
	2020		2019		2018
	(In thousands)
Beginning balance	$	3,725	$	5,444	$	1,903
Additions for tax positions of prior years	118		755		2,937
Additions for tax positions of current year	—		—		684

Reductions for tax positions of prior years	—		(2,507)		—
Lapses of statutes of limitations	(854)		—		—
Effect of foreign currency adjustments	(60)		33		(80)
Ending balance	$	2,929	$	3,725	$	5,444

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Roll Forward of the Fair Value of Recurring Level 3 Fair Value Measurements

The following table provides a roll forward of the fair value of recurring Level 3 fair value measurements:


	Years ended December 31,
	2020		2019
	(In thousands)
Beginning balance	$	15,987	$	1,930
Issuance of contingent consideration in connection with acquisitions	—		13,870
Settlements of contingent consideration liabilities	(1,238)		(650)
Changes in fair value	(1,390)		557
Foreign currency translation	362		280
Ending balance	$	13,721	$	15,987

Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Weighted Average Assumptions for Fair Value of Stock Option

The fair value of stock options granted was estimated using the Black-Scholes option pricing model and the following weighted average assumptions:


	Years ended December 31,
	2020	2019	2018
Expected dividend yield	0.0%	0.0%	0.0%
Expected stock price volatility	24.7%	20.0%	26.0%
Risk free interest rate	0.8%	2.4%	2.6%
Expected life of options (years)	5.1	5.1	5.3
Weighted average fair value per share of options granted during the period	$35.62	$29.16	$28.62

Stock Option Activity

The following table summarizes the stock option activity under the Company’s equity plan for the year ended December 31, 2020:


	Weighted Average Remaining Contractual Life in Years
		Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2020	4.3	2,522,674	$	82.65
Granted		527,289	153.18
Exercised		(621,195)	50.59
Forfeited/Expired		(169,293)	117.11
Outstanding at December 31, 2020	4.4	2,259,475	$	105.34	$	152.9
Exercisable at December 31, 2020	1.9	495,875	$	49.23	$	61.4
Vested and expected to vest at December 31, 2020	4.3	2,127,762	$	103.61	$	147.6

Nonvested Restricted Stock Shares Activity

The following table summarizes the restricted stock activity under the Company’s equity plan for the year ended December 31, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Non-vested restricted stock shares at January 1, 2020	293,330	$	46.64
Granted	99,427	87.65
Vested	(130,114)	36.34
Forfeited	(11,387)	64.03
Non-vested restricted stock shares at December 31, 2020	251,256	$	67.45	$	27.1

Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity under the Company’s equity plan for the year ended December 31, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Restricted stock units at January 1, 2020	45,647	$	88.48
Granted	10,013	124.82
Converted	(7,000)	53.18

Restricted stock units at December 31, 2020	48,660	$	101.04	$	8.4

Performance Stock Unit Activity

The following table summarizes the performance stock unit activity under the Company’s equity plan for the year ended December 31, 2020:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Performance restricted stock units at January 1, 2020	—	$	—
Granted	46,000	121.65

Forfeited	(25,000)	121.65
Performance restricted stock units at December 31, 2020	21,000	$	121.65	$	3.6

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share, Basic

The following table sets forth the computation of earnings per share using the two-class method:


	Years ended December 31,
	2020		2019		2018
	(In thousands, except share data)
Basic earnings per share:
Net income	$	26,992	$	180,386	$	157,981
Allocation of net income to common stockholders:
Common stock	$	26,876	$	179,520	$	157,096
Unvested participating shares	116		866		885
Net income	$	26,992	$	180,386	$	157,981

Weighted average common shares outstanding:
Common stock	59,533,104		57,838,245		57,812,602
Unvested participating shares	255,733		278,808		325,289
Earnings per common share:
Common stock	$	0.45	$	3.10	$	2.72

Earnings Per Share, Diluted

The following table sets forth the computation of diluted earnings per share using the two-class method:


	Years ended December 31,
	2020		2019		2018
	(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock	$	26,876	$	179,520	$	157,096
Plus: earnings allocated to unvested participating shares	116		866		885
Less: adjusted earnings allocated to unvested participating shares	(114)		(850)		(867)
Earnings allocated to common stock	$	26,878	$	179,536	$	157,114

Weighted average common shares outstanding:
Common stock	59,533,104		57,838,245		57,812,602
Effect of dilutive securities	776,881		1,108,995		1,188,067
Weighted average common shares outstanding — diluted	60,309,985		58,947,240		59,000,669
Earnings per common share:
Common stock	$	0.45	$	3.05	$	2.66

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component were as follows:


	Foreign currency translation adjustments (1)		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on investments		Total
	(In thousands)
Balance at January 1, 2019	$	(67,648)	$	5,293	$	—	$	(62,355)
Other comprehensive income (loss) before reclassifications — net of tax	19,813		(6,508)		70		13,375
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	—		(1,351)		—		(1,351)
Net other comprehensive income (loss)	19,813		(7,859)		70		12,024
Balance at December 31, 2019	(47,835)		(2,566)		70		(50,331)
Other comprehensive income (loss) before reclassifications — net of tax	22,622		(5,577)		(22)		17,023
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	2,881		3,358		—		6,239
Net other comprehensive income (loss)	25,503		(2,219)		(22)		23,262
Balance at December 31, 2020	$	(22,332)	$	(4,785)	$	48	$	(27,069)

(1)Taxes are not provided for the currency translation adjustments related to the undistributed earnings of foreign subsidiaries that are intended to be indefinitely reinvested.

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Revenue and Income (Loss) from Operations by Segment

Revenue and income (loss) from operations by reportable segment was as follows:


	Full-service center-based child care		Back-up care		Educational advisory and other services		Total
	(In thousands)
Year ended December 31, 2020
Revenue	$	1,032,266	$	388,294	$	94,533	$	1,515,093
Income (loss) from operations (1)	(155,382)		182,938		25,778		53,334
Year ended December 31, 2019
Revenue	$	1,684,006	$	296,330	$	81,681	$	2,062,017
Income from operations (2)	166,011		80,394		21,414		267,819
Year ended December 31, 2018
Revenue	$	1,586,323	$	245,498	$	71,361	$	1,903,182
Income from operations (3)	152,006		68,462		18,627		239,095

Fixed Assets by Geographic Region

Fixed assets by geographic region were as follows:


	December 31,
Fixed assets	2020		2019		2018
	(In thousands)
North America	$	370,275	$	369,851	$	347,715
Europe	258,482		266,302		249,426
Total fixed assets	$	628,757	$	636,153	$	597,141

Quarterly Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Selected quarterly financial information follows for the years ended December 31, 2020 and 2019:


	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020
	(In thousands, except share data)
Revenue	$	506,323	$	293,772	$	337,920	$	377,078
Gross profit	$	108,859	$	65,236	$	55,171	$	75,283
Income (loss) from operations	$	43,281	$	8,114	$	(5,927)	$	7,866
Net income (loss)	$	30,732	$	359	$	(6,654)	$	2,555
Allocation of net income (loss) to common stockholders:
Common stock — basic	$	30,587	$	358	$	(6,654)	$	2,544
Common stock — diluted	$	30,589	$	358	$	(6,654)	$	2,545
Earnings (loss) per common share:
Common stock — basic (1)	$	0.53	$	0.01	$	(0.11)	$	0.04
Common stock — diluted (1)	$	0.52	$	0.01	$	(0.11)	$	0.04


	March 31, 2019		June 30, 2019		September 30, 2019		December 31, 2019
	(In thousands, except share data)
Revenue	$	501,758	$	528,060	$	511,584	$	520,615
Gross profit	$	126,947	$	139,621	$	125,220	$	131,148
Income from operations	$	62,910	$	74,833	$	62,629	$	67,447
Net income	$	42,042	$	49,327	$	41,254	$	47,763
Allocation of net income to common stockholders:
Common stock — basic	$	41,845	$	49,088	$	41,055	$	47,532
Common stock — diluted	$	41,849	$	49,093	$	41,059	$	47,535
Earnings per common share:
Common stock — basic (1)	$	0.73	$	0.85	$	0.71	$	0.82
Common stock — diluted (1)	$	0.71	$	0.83	$	0.69	$	0.81

(1)Due to rounding, the sum of the quarterly earnings per common share amounts may not agree to the total for the year.

Organization (Details)		1 Months Ended	12 Months Ended
Organization (Details)	Apr. 21, 2020 USD ($)	Apr. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) Center	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 31, 2020 USD ($)	Mar. 31, 2020 USD ($)
Accounting Policies [Line Items]
Number of childcare and early education centers operated			1,014
Number of childcare and early education centers open			910
Number of new centers added			18
Number of centers permanently closed			88
Net center reductions			70
Impairment losses on long-lived assets \| $			$ 26,227,000	$ 261,000	$ 0
Net proceeds from offering \| $	$ 249,800,000	$ 249,800,000
Revolving Credit Facility \| Senior Credit Facilities
Accounting Policies [Line Items]
Credit facility, maximum borrowing capacity \| $		$ 385,000,000	$ 400,000,000			$ 400,000,000	$ 225,000,000
Canada
Accounting Policies [Line Items]
Number of centers divested			2
United States
Accounting Policies [Line Items]
Number of childcare and early education centers open			549
United Kingdom
Accounting Policies [Line Items]
Number of childcare and early education centers open			299
Netherlands
Accounting Policies [Line Items]
Number of childcare and early education centers open			62

Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	12 Months Ended
	Apr. 21, 2020 USD ($)	Apr. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) Center	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Accounting Policies [Line Items]
Net proceeds from offering	$ 249,800,000	$ 249,800,000
Book overdrafts			$ 12,500,000	$ 12,400,000
Estimated fair value for each reporting unit, forecast period			10 years
Goodwill impairment loss			$ 0	0	$ 0
Intangible assets impairment loss			0	0	0
Impairment on fixed assets and operating lease right-of-use assets			$ 26,227,000	261,000	0
Number of centers permanently closed \| Center			88
Available-for-sale debt securities			$ 27,900,000	24,900,000
Debt securities, available-for-sale, amortized cost			27,900,000	24,900,000
Equity investments			1,200,000	3,200,000
Impairment losses on equity investment			2,128,000	0	$ 0
Governmental assistance, reduction to cost of services			83,500,000
Government support program receivables			8,372,000	0
Payroll tax deferrals			20,400,000
Prepaid expenses and other current assets
Accounting Policies [Line Items]
Available-for-sale debt securities			21,500,000	17,000,000.0
Government support program receivables			8,400,000
Other Assets
Accounting Policies [Line Items]
Available-for-sale debt securities			6,400,000	7,900,000
Accounts payable and accrued liabilities
Accounting Policies [Line Items]
Payroll tax deferrals			10,200,000
Other long-term liabilities
Accounting Policies [Line Items]
Payroll tax deferrals			$ 10,200,000
Provider of full service child care and back-up care service
Accounting Policies [Line Items]
Equity method ownership (as a percentage)			20.00%
Equity method investment			$ 6,700,000	$ 6,200,000
Full-service center-based child care
Accounting Policies [Line Items]
Number of business models \| Center			2
Contract term, threshold for allocating revenue to the applicable contract year			1 year
Back-up care
Accounting Policies [Line Items]
Contract term			3 years
Impairment losses on equity investment			$ 2,100,000
Minimum
Accounting Policies [Line Items]
Finite lived intangible assets, estimated useful life			2 years
Operating lease term			10 years
Debt securities, available-for-sale, weighted average remaining maturity term			1 year
Minimum \| Full-service center-based child care
Accounting Policies [Line Items]
Contract term			3 years
Minimum \| Educational advisory and other services
Accounting Policies [Line Items]
Contract term			1 year
Maximum
Accounting Policies [Line Items]
Finite lived intangible assets, estimated useful life			17 years
Operating lease term			15 years
Debt securities, available-for-sale, weighted average remaining maturity term			1 year 6 months
Maximum \| Full-service center-based child care
Accounting Policies [Line Items]
Contract term			10 years
Maximum \| Educational advisory and other services
Accounting Policies [Line Items]
Contract term			3 years

Summary of Significant Accounting Policies - Activity in Allowance for Credit Loses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,226	$ 2,514	$ 2,429
Provision	2,585	840	1,148
Write offs and recoveries	(1,454)	(2,128)	(1,063)
Ending balance	$ 2,357	$ 1,226	$ 2,514

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 377,078	$ 337,920	$ 293,772	$ 506,323	$ 520,615	$ 511,584	$ 528,060	$ 501,758	$ 1,515,093	$ 2,062,017	$ 1,903,182
North America
Disaggregation of Revenue [Line Items]
Revenue									1,164,056	1,585,268	1,455,349
Europe
Disaggregation of Revenue [Line Items]
Revenue									351,037	476,749	447,833
Full-service center-based child care
Disaggregation of Revenue [Line Items]
Revenue									1,032,266	1,684,006	1,586,323
Full-service center-based child care \| North America
Disaggregation of Revenue [Line Items]
Revenue									695,795	1,223,365	1,144,932
Full-service center-based child care \| Europe
Disaggregation of Revenue [Line Items]
Revenue									336,471	460,641	441,391
Back-up care
Disaggregation of Revenue [Line Items]
Revenue									388,294	296,330	245,498
Back-up care \| North America
Disaggregation of Revenue [Line Items]
Revenue									373,728	280,222	239,056
Back-up care \| Europe
Disaggregation of Revenue [Line Items]
Revenue									14,566	16,108	6,442
Educational advisory and other services
Disaggregation of Revenue [Line Items]
Revenue									94,533	81,681	71,361
Educational advisory and other services \| North America
Disaggregation of Revenue [Line Items]
Revenue									94,533	81,681	71,361
Educational advisory and other services \| Europe
Disaggregation of Revenue [Line Items]
Revenue									$ 0	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Additional Information (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) Center	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Revenue	$ 377,078	$ 337,920	$ 293,772	$ 506,323	$ 520,615	$ 511,584	$ 528,060	$ 501,758	$ 1,515,093	$ 2,062,017	$ 1,903,182
Deferred revenue, revenue recognized									184,600	169,000
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue									$ 243,600	$ 382,100	$ 371,500
Canada
Disaggregation of Revenue [Line Items]
Number of centers divested \| Center									2

- Definition

+ References

+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease expense	$ 144,553	$ 126,796
Variable lease expense	28,423	34,845
Total lease expense	$ 172,976	$ 161,641

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Rent expense		$ 127.4
Operating lease not yet commenced	$ 38.3
Deferred current lease payments	$ 7.7
Deferred current lease payments, deferral term	1 year
Full-service center-based child care
Lessee, Lease, Description [Line Items]
Impairment loss on operating lease right-of use assets	$ 10.0
Minimum
Lessee, Lease, Description [Line Items]
Operating lease not yet commenced term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease not yet commenced term	15 years

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years	10 years
Weighted average discount rate	6.00%	6.20%

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 124,435
2022	129,972
2023	121,343
2024	110,529
2025	96,534
Thereafter	519,314
Total lease payments	1,102,127
Less imputed interest	(285,192)
Present value of lease liabilities	816,935
Less current portion of operating lease liabilities	(87,181)	$ (83,123)
Long-term operating lease liabilities	$ 729,754	$ 685,910

Acquisitions (Details) $ in Thousands	12 Months Ended
Acquisitions (Details) $ in Thousands	Dec. 31, 2020 USD ($) Center Business	Dec. 31, 2019 USD ($) Center Business	Dec. 31, 2018 USD ($) Center Business
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 8,254	$ 53,425	$ 67,111
Consideration payable	0	13,870	0
Goodwill	1,431,967	1,412,873	1,347,611
Payment for contingent consideration	$ 1,238	$ 4,200	$ 2,965
Minimum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	2 years
Maximum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	17 years
Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	6 years	6 years
Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period	14 years	14 years
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired \| Business	3	8	7
Payments to acquire business, net of cash acquired	$ 8,100	$ 53,300	$ 66,800
Cash acquired	1,300	1,200	4,200
Consideration payable	100	700	5,400
Fixed assets and technology acquired	4,100	3,100	8,300
Finite-lived intangible assets acquired			8,600
Goodwill			60,300
Goodwill, expected tax deductible amount			13,900
Revenue contributed by acquiree	4,400
Payment for contingent consideration	1,200	4,200	3,000
Contingent consideration, maximum value		20,000
Fair value of contingent consideration		13,900
Deferred tax liabilities		1,900	1,900
Working capital			1,100
Payments contingent consideration			$ 3,100
Series of Individually Immaterial Business Acquisitions \| Minimum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period			2 years
Series of Individually Immaterial Business Acquisitions \| Maximum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period			5 years
Series of Individually Immaterial Business Acquisitions \| Series of individually immaterial business acquisitions completed in 2018
Business Acquisition [Line Items]
Payment for contingent consideration		3,500
Series of Individually Immaterial Business Acquisitions \| Series of individually immaterial business acquisitions completed in 2016
Business Acquisition [Line Items]
Payment for contingent consideration		700
Series of Individually Immaterial Business Acquisitions \| Educational advisory and other services
Business Acquisition [Line Items]
Goodwill	2,000	14,000
Goodwill, expected tax deductible amount	2,000	14,000
Series of Individually Immaterial Business Acquisitions \| Full-service center-based child care
Business Acquisition [Line Items]
Goodwill	2,100	15,200
Goodwill, expected tax deductible amount	2,100	3,900
Series of Individually Immaterial Business Acquisitions \| Back-Up Care Services
Business Acquisition [Line Items]
Goodwill		25,400
Series of Individually Immaterial Business Acquisitions \| Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 700
Finite-lived intangible assets amortization period	5 years
Series of Individually Immaterial Business Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 14,600
Finite-lived intangible assets amortization period		5 years
United States \| Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of centers acquired \| Center	2	3	6
Netherlands \| Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of centers acquired \| Center		4	10
United Kingdom \| Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of centers acquired \| Center		1	20

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning Balance	$ 1,412,873	$ 1,347,611
Additions from acquisitions	4,134	54,578
Adjustments to prior year acquisitions	(508)	(83)
Effect of foreign currency translation	15,468	10,767
Ending Balance	1,431,967	1,412,873
Full-service center-based child care
Goodwill [Roll Forward]
Beginning Balance	1,181,230	1,155,705
Additions from acquisitions	2,117	15,228
Adjustments to prior year acquisitions	(383)	(83)
Effect of foreign currency translation	14,694	10,380
Ending Balance	1,197,658	1,181,230
Back-up care
Goodwill [Roll Forward]
Beginning Balance	193,842	168,105
Additions from acquisitions	0	25,350
Adjustments to prior year acquisitions	0	0
Effect of foreign currency translation	774	387
Ending Balance	194,616	193,842
Educational advisory and other services
Goodwill [Roll Forward]
Beginning Balance	37,801	23,801
Additions from acquisitions	2,017	14,000
Adjustments to prior year acquisitions	(125)	0
Effect of foreign currency translation	0	0
Ending Balance	$ 39,693	$ 37,801

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Definite-lived intangibles:
Cost	$ 413,538	$ 415,323
Accumulated amortization	(320,220)	(291,741)
Net carrying amount	93,318	123,582
Intangible Assets
Cost	594,840	596,414
Accumulated amortization	(320,220)	(291,741)
Net carrying amount	274,620	304,673
Trade names
Indefinite-lived intangibles:
Indefinite-lived intangibles:	$ 181,302	$ 181,091
Customer relationships
Definite-lived intangibles:
Weighted average amortization period	14 years	14 years
Cost	$ 402,319	$ 404,667
Accumulated amortization	(310,587)	(283,597)
Net carrying amount	91,732	121,070
Intangible Assets
Accumulated amortization	$ (310,587)	$ (283,597)
Trade names
Definite-lived intangibles:
Weighted average amortization period	6 years	6 years
Cost	$ 11,219	$ 10,656
Accumulated amortization	(9,633)	(8,144)
Net carrying amount	1,586	2,512
Intangible Assets
Accumulated amortization	$ (9,633)	$ (8,144)

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 31,652	$ 33,621	$ 32,569

Goodwill and Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 28,712
2022	26,252
2023	25,311
2024	11,242
2025	$ 1,168

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments in available-for-sale debt securities	$ 21,493	$ 17,053
Government support program receivables	8,372	0
Prepaid software and licenses	5,849	5,381
Prepaid workers’ compensation claims	5,268	4,150
Prepaid insurance	4,158	2,125
Restricted cash	4,121	3,320	$ 3,028
Prepaid rent and other occupancy costs	3,371	4,474
Other prepaid expenses and current assets	10,592	15,658
Prepaid expenses and other current assets	$ 63,224	$ 52,161

Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 1,136,017	$ 1,098,493
Accumulated depreciation	(507,260)	(462,340)
Fixed assets — net	628,757	636,153	$ 597,141
Buildings
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 207,756	199,113
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Furniture, equipment and software
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 283,437	273,295
Furniture, equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 540,828	523,504
Land
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 103,996	$ 102,581

Fixed Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Construction in progress	$ 34.0	$ 29.5
Depreciation expense	$ 80.0	$ 74.6	$ 68.4

Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Line Items]
Accrued payroll and employee benefits	$ 89,555	$ 76,606
Accounts payable	29,958	31,600
Accrued insurance	17,450	10,091
Other accrued expenses	57,588	48,762
Accounts payable and accrued expenses	194,551	$ 167,059
Payroll tax deferrals	20,400
Accrued payroll and employee benefits
Payables And Accruals [Line Items]
Payroll tax deferrals	$ 10,200

Other Current Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Customer amounts on deposit	$ 24,778	$ 15,922
Interest rate swaps	4,775	0
Liability for unvested restricted stock	4,178	4,424
Income taxes payable	3,660	6,671
Contingent consideration payable for business combinations	0	1,377
Other current liabilities	3,002	2,847
Other current liabilities	$ 40,393	$ 31,241

Credit Arrangements and Debt Obligations - Additional Information (Details)				3 Months Ended					12 Months Ended
	Apr. 24, 2020	Apr. 23, 2020	May 31, 2018	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020 USD ($)	Sep. 30, 2020	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 31, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Oct. 31, 2017 USD ($)
Debt Instrument [Line Items]
Borrowings under revolving credit facility						$ 0			$ 0	$ 0
Amortization of deferred financing costs									2,400,000	1,500,000	$ 1,500,000
Amortization of original debt issuance costs									400,000	$ 400,000	400,000
Debt issuance costs												$ 2,800,000
Derivative, average fixed interest rate (percent)			3.65%
Net loss to be reclassified from accumulated other comprehensive loss and recorded to interest expense during the next twelve months						4,900,000			4,900,000
Interest rate swaps
Debt Instrument [Line Items]
Derivative, notional amount															$ 500,000,000
Interest rate caps
Debt Instrument [Line Items]
Derivative, notional amount								$ 800,000,000
Interest rate cap agreement, threshold for interest rate protection (percent)								1.00%
Interest rate caps \| June 30, 2020
Debt Instrument [Line Items]
Derivative, notional amount								$ 300,000,000
Interest rate caps \| October 29, 2021
Debt Instrument [Line Items]
Derivative, notional amount								$ 500,000,000
Corporate Debt Securities
Debt Instrument [Line Items]
Fees associated with credit amendment											$ 1,000,000.0
Revolving Credit Facility \| Senior Credit Facilities
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity						$ 400,000,000			$ 400,000,000			$ 400,000,000	$ 385,000,000	$ 225,000,000
Debt issuance, weighted average interest rate (percent)						4.49%			4.49%	4.20%	4.12%
Gross leverage ratio						8.00	7.50	6.00
Revolving Credit Facility \| Senior Credit Facilities \| Forecast
Debt Instrument [Line Items]
Gross leverage ratio					7.50
Net leverage ratio				4.25
Revolving Credit Facility \| Senior Credit Facilities \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity (percent)	0.30%
Revolving Credit Facility \| Senior Credit Facilities \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity (percent)	0.50%
Revolving Credit Facility \| Senior Credit Facilities \| Bank Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.50%	0.50%
Revolving Credit Facility \| Senior Credit Facilities \| Bank Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.25%	0.75%
Revolving Credit Facility \| Senior Credit Facilities \| Eurocurrency \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.50%	1.50%
Revolving Credit Facility \| Senior Credit Facilities \| Eurocurrency \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	2.25%	1.75%
Secured Term Loan \| Senior Credit Facilities
Debt Instrument [Line Items]
Debt issuance, quarterly principal payments									$ 2,700,000
Term Loan \| Senior Credit Facilities
Debt Instrument [Line Items]
Effective interest rate for the term loans (percent)						2.50%			2.50%	3.55%
Debt issuance, weighted average interest rate (percent)						2.79%			2.79%	4.07%	3.89%
Term Loan \| Senior Credit Facilities \| Bank Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			0.75%
Term Loan \| Senior Credit Facilities \| Bank Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			1.75%
Term Loan \| Senior Credit Facilities \| Eurocurrency
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			1.75%
Term Loan \| Senior Credit Facilities \| Eurocurrency \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			0.75%

Credit Arrangements and Debt Obligations - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Borrowings [Line Items]
Less current maturities	$ (10,750)	$ (10,750)
Long-term debt	1,020,137	1,028,049
Term Loan
Schedule Of Borrowings [Line Items]
Term loans	1,034,688	1,045,438
Deferred financing costs and original issue discount	(3,801)	(6,639)
Total debt	1,030,887	1,038,799
Less current maturities	(10,750)	(10,750)
Long-term debt	$ 1,020,137	$ 1,028,049

Credit Arrangements and Debt Obligations - Future Principal Payments of Long-term Debt (Details) - Term Loan $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
2021	$ 10,750
2022	10,750
2023	1,013,188
Total debt	$ 1,034,688

Credit Arrangements and Debt Obligations - Schedule of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Interest rate swaps \| Other current liabilities
Derivatives, Fair Value [Line Items]
Interest rate swaps - liability	$ 4,775	$ 0
Interest rate swaps \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Interest rate swaps - liability	0	2,850
Interest rate caps \| Other assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 277	$ 0

Credit Arrangements and Debt Obligations - Effect of Derivatives on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amount of gain (loss) recognized in other comprehensive income (loss)
Cash flow hedges	$ (7,608)	$ (8,903)
Income tax effect	2,031	2,395
Net of income taxes	(5,577)	(6,508)
Cash flow hedges			$ 4,549
Income tax effect			(1,224)
Net of income taxes			3,325
Amount of net gain (loss) reclassified into earnings
Interest expense — net	(4,581)	1,848
Income tax expense	1,223	(497)
Net of income taxes	(3,358)	1,351
Interest expense — net			415
Income tax expense			(123)
Net of income taxes			292
Total effect on other comprehensive income (loss)
Cash flow hedges	(3,027)	(10,751)
Income tax effect	808	2,892
Net of income taxes	$ (2,219)	$ (7,859)
Cash flow hedges			4,134
Income tax effect			(1,101)
Net of income taxes			$ 3,033

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ 107,489	$ 187,511	$ 157,533
Foreign	(91,837)	35,154	34,054
Income before income tax	$ 15,652	$ 222,665	$ 191,587

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current income tax expense (benefit):
Federal	$ (4,674)	$ 32,922	$ 25,225
State	5,971	13,379	9,915
Foreign	(360)	7,321	3,935
Current income tax expense (benefit)	937	53,622	39,075
Deferred tax benefit:
Federal	(150)	(4,727)	(188)
State	(10,971)	(2,739)	(2,550)
Foreign	(1,156)	(3,877)	(2,731)
Deferred tax expense (benefit)	(12,277)	(11,343)	(5,469)
Income tax expense (benefit)	$ (11,340)	$ 42,279	$ 33,606

Income Taxes - Additional Information (Details)	12 Months Ended
Income Taxes - Additional Information (Details)	Dec. 31, 2020 USD ($) tax_audit	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Income Tax Disclosure [Line Items]
Tax impact for acceleration of the tax deduction for deprecation	$ 10,000,000
Effective income tax rate (percentage)	(72.50%)	19.00%	17.50%
Tax benefit related to prior years	$ 3,400,000
Income tax reduction for excess benefits associated with exercise of stock options and vesting of restricted stock	16,200,000	$ 13,900,000	$ 12,100,000
Global Intangible Low-Taxed Income	(1,418,000)	1,277,000	2,893,000
Benefit related to finalizing intercompany interest deductions for prior year foreign tax returns			3,700,000
Deferred tax asset for foreign net operating losses	200,000
Valuation allowance	2,116,000	0
Deferred tax liability	45,951,000	58,848,000
Net deferred tax asset		100,000
Undistributed earnings of foreign subsidiaries	124,300,000
Interest and penalties accrued related to unrecognized tax benefits	1,100,000
Reduction in unrecognized tax benefit for lapse of statute of limitations	854,000	0	0
Reduction in unrecognized tax benefits for prior year tax positions	0	$ 2,507,000	$ 0
Unrecognized tax benefits that would impact the effective tax rate	4,000,000.0
Minimum
Income Tax Disclosure [Line Items]
Change in uncertain tax positions	0
Maximum
Income Tax Disclosure [Line Items]
Change in uncertain tax positions	2,800,000
Federal State And Foreign
Income Tax Disclosure [Line Items]
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries	$ 1,700,000
State
Income Tax Disclosure [Line Items]
Number of income tax audits pending \| tax_audit	2
Foreign
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 1,000,000.0

Income Taxes - Reconciliation of Federal Statutory Rate to Effective Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax expense computed at statutory rate	$ 3,287	$ 46,760	$ 40,233
State income tax expense (benefit) — net of federal income tax	(4,491)	8,522	6,466
Valuation allowance — net	2,116	0	0
Intercompany interest	1,125	(5,213)	(8,367)
Permanent differences and other — net	1,655	1,940	(1,417)
Stock-based compensation	(12,901)	(10,990)	(9,446)
Unbenefited foreign loss	233	0	0
Change in income tax rate	(360)	0	(548)
Global Intangible Low-Taxed Income	(1,418)	1,277	2,893
Change to uncertain tax positions — net	(510)	(1,931)	1,657
Foreign rate differential	(76)	1,914	2,135
Income tax expense (benefit)	$ (11,340)	$ 42,279	$ 33,606

Income Taxes - Components of Net Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Reserve on assets	$ 400	$ 259
Net operating/capital loss carryforwards	560	338
Liabilities not yet deductible	14,377	10,949
Deferred revenue	3,548	3,415
Stock-based compensation	11,523	9,906
Operating lease liabilities	204,688	190,537
Other	6,414	4,693
Deferred tax assets	241,510	220,097
Less: valuation allowance	(2,116)	0
Total net deferred tax assets	239,394	220,097
Deferred tax liabilities:
Operating lease right-of-use assets	(174,961)	(169,117)
Intangible assets	(80,515)	(86,064)
Depreciation	(29,869)	(23,764)
Total deferred tax liabilities	(285,345)	(278,945)
Net deferred tax liability	$ (45,951)	$ (58,848)

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 3,725	$ 5,444	$ 1,903
Additions for tax positions of prior years	118	755	2,937
Additions for tax positions of current year	0	0	684
Reductions for tax positions of prior years	0	(2,507)	0
Lapses of statutes of limitations	(854)	0	0
Effect of foreign currency adjustments	(60)		(80)
Effect of foreign currency adjustments		33
Ending balance	$ 2,929	$ 3,725	$ 5,444

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 27,900	$ 24,900
Impairment losses on equity investment	2,128	0	$ 0
Full-service center-based child care
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss on fixed assets	16,200
Impairment loss on operating lease right-of use assets	10,000
Back-up care
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment losses on equity investment	2,100
Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	21,500	17,000
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	6,400	7,900
Fair Value, Inputs, Level 1 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	1,020,000	1,050,000
Fair Value, Inputs, Level 2 \| Estimate of Fair Value Measurement \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	4,800	2,900
Fair Value, Inputs, Level 2 \| Estimate of Fair Value Measurement \| Interest rate caps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	300
Term Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, carrying value	$ 1,034,688	$ 1,045,438

Fair Value Measurements - Roll Forward of Level 3 Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 3
Business Combination, Contingent Consideration, Liability [Roll Forward]
Issuance of contingent consideration in connection with acquisitions	$ 0	$ 13,870
Contingent consideration
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	15,987	1,930
Settlements of contingent consideration liabilities	(1,238)	(650)
Changes in fair value	(1,390)	557
Foreign currency translation	362	280
Ending balance	$ 13,721	$ 15,987

Stockholder's Equity and Stock-Based Compensation - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
	Apr. 21, 2020	May 29, 2019	Apr. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2013	Jun. 12, 2018	Dec. 31, 2012
Shareholders Equity And Share Based Payments [Line Items]
Preferred stock, issued (in shares)				0	0
Number of preferred stock issuable by BOD (in shares)				25,000,000	25,000,000
Shares of common stock issued (in shares)	2,138,580
Common stock, par value (in dollars per shares)	$ 0.001			$ 0.001	$ 0.001
Offering price per share (in dollars per share)	$ 116.90
Net proceeds from offering	$ 249,800,000		$ 249,800,000
Preferred stock, outstanding (in shares)				0	0
Value of shares authorized to be repurchased by BOD								$ 300,000,000
Retirement of treasury stock				$ 0	$ 0	$ 0
Remaining authorized repurchase amount				194,900,000
Stock-based compensation expense				21,000,000.0	17,300,000	13,800,000
Income tax benefit related to share based compensation				5,500,000	4,500,000	3,600,000
Tax benefit realized from exercise of stock options				20,100,000	16,700,000	14,700,000
Excess tax benefits from stock option exercises				16,200,000	13,900,000	12,100,000
Fair value of options that vested				8,600,000	7,800,000	5,500,000
Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase				31,400,000	21,800,000	18,500,000
Proceeds from issuance of restricted stock				$ 7,400,000	4,800,000	4,500,000
Restricted Stock
Shareholders Equity And Share Based Payments [Line Items]
Requisite service period				2 years
Award vesting period				3 years
Percentage of price of Common Stock that preferred shares sold for (percentage)				50.00%
Unrecognized compensation expense				$ 8,200,000
Fair value of restricted stock vested in period				$ 4,700,000	3,600,000	3,500,000
Weighted average grant date fair value, awards granted (in dollars per share)				$ 87.65
Restricted Stock Units (RSUs)
Shareholders Equity And Share Based Payments [Line Items]
Award vesting period				5 years
Weighted average grant date fair value, awards granted (in dollars per share)				$ 124.82
Performance Stock Units
Shareholders Equity And Share Based Payments [Line Items]
Award vesting period				5 years
Weighted average grant date fair value, awards granted (in dollars per share)				$ 121.65
Selling, General and Administrative Expenses
Shareholders Equity And Share Based Payments [Line Items]
Stock-based compensation expense				$ 19,100,000	15,800,000	13,100,000
Selling, General and Administrative Expenses \| Restricted Stock
Shareholders Equity And Share Based Payments [Line Items]
Stock-based compensation expense				5,200,000	4,200,000	4,100,000
Cost of Sales
Shareholders Equity And Share Based Payments [Line Items]
Stock-based compensation expense				$ 1,900,000	$ 1,500,000	$ 700,000
2012 Omnibus Long-Term Incentive Plan
Shareholders Equity And Share Based Payments [Line Items]
Shares authorized for issuance (in shares)		7,400,000							5,000,000.0
Additional shares authorized (in shares)		2,400,000
Shares available for grant (in shares)				2,400,000
Option expiration				7 years
Requisite service period				5 years
2008 Equity Incentive Plan
Shareholders Equity And Share Based Payments [Line Items]
Stock options, unrecognized compensation cost				$ 31,700,000
Requisite service period				3 years
Common Stock
Shareholders Equity And Share Based Payments [Line Items]
Retirement of treasury stock (in shares)				231,313	211,401	1,212,436
Retirement of treasury stock				$ (1,000)		$ (2,000)
Options, exercises in period, intrinsic value				60,300,000	$ 54,400,000	46,300,000
Treasury Stock, at Cost
Shareholders Equity And Share Based Payments [Line Items]
Retirement of treasury stock				$ 32,208,000	$ 31,944,000	$ 126,739,000
Secondary Offering \| Sponsor
Shareholders Equity And Share Based Payments [Line Items]
Shares repurchased (in shares)						800,000
Board of Directors Chairman
Shareholders Equity And Share Based Payments [Line Items]
Number of preferred stock issuable by BOD (in shares)							25,000,000
Undesignated Preferred Stock
Shareholders Equity And Share Based Payments [Line Items]
Shares authorized (in shares)							25,000,000
Common Stock \| Restricted Stock
Shareholders Equity And Share Based Payments [Line Items]
Weighted average grant date fair value, awards granted (in dollars per share)				$ 87.65	$ 63.65	$ 47.85
Common Stock \| Restricted Stock Units (RSUs)
Shareholders Equity And Share Based Payments [Line Items]
Weighted average grant date fair value, awards granted (in dollars per share)				$ 124.82	$ 135.14	$ 107.39

Stockholders' Equity and Stock-Based Compensation - Weighted Average Assumptions for Fair Value of Stock Option (Details) - Common Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)	0.00%	0.00%	0.00%
Expected stock price volatility (percentage)	24.70%	20.00%	26.00%
Risk free interest rate (percentage)	0.80%	2.40%	2.60%
Expected life of options (years)	5 years 1 month 6 days	5 years 1 month 6 days	5 years 3 months 18 days
Weighted average fair value per share of options granted during the period (in dollars per share)	$ 35.62	$ 29.16	$ 28.62

Stockholders' Equity and Stock-Based Compensation - Stock Option Activity Under Equity Plan (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Outstanding at beginning of period (in shares)	2,522,674
Granted (in shares)	527,289
Exercised (in shares)	(621,195)
Forfeited/Expired (in shares)	(169,293)
Outstanding at end of period (in shares)	2,259,475	2,522,674
Exercisable at end of period (in shares)	495,875
Vested and expected to vest (in shares)	2,127,762
Common Stock
Equity [Line Items]
Weighted Average Remaining Contractual Life in Years, stock options outstanding	4 years 4 months 24 days	4 years 3 months 18 days
Weighted Average Remaining Contractual Life in Years, exercisable stock options	1 year 10 months 24 days
Weighted Average Remaining Contractual Life in Years, stock options vested and expected to vest	4 years 3 months 18 days
Number of Options
Exercised (in shares)	(758,309)	(684,974)	(771,480)
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 82.65
Granted (in dollars per share)	153.18
Exercised (in dollars per share)	50.59
Forfeited/Expired (in dollars per share)	117.11
Outstanding at end of period (in dollars per share)	105.34	$ 82.65
Exercisable at end of period (in dollars per share)	49.23
Vested and expected to vest at end of period (in dollars per share)	$ 103.61
Aggregate Intrinsic Value (In millions)
Outstanding at end of period	$ 152.9
Exercisable at end of period	61.4
Vested and expected to vest at end of period	$ 147.6

Stockholder's Equity and Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	293,330
Granted (in shares) \| shares	99,427
Vested (in shares) \| shares	(130,114)
Forfeited (in shares) \| shares	(11,387)
Ending balance (in shares) \| shares	251,256
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share) \| $ / shares	$ 46.64
Granted (in dollars per share) \| $ / shares	87.65
Vested (in dollars per share) \| $ / shares	36.34
Forfeited (in dollars per share) \| $ / shares	64.03
End of period (in dollars per share) \| $ / shares	$ 67.45
Aggregate Intrinsic Value (In millions) \| $	$ 27.1

Stockholders' Equity and Stock-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Number of Shares
Restricted stock units, beginning of period (in shares) \| shares	45,647
Granted (in shares) \| shares	10,013
Converted (in shares) \| shares	(7,000)
Restricted stock units, period end (in shares) \| shares	48,660
Weighted Average Grant Date Fair Value
Restricted stock units, beginning of period (in dollars per share) \| $ / shares	$ 88.48
Granted (in dollars per share) \| $ / shares	124.82
Converted (in dollars per share) \| $ / shares	53.18
Restricted stock units, period end (in dollars per share) \| $ / shares	$ 101.04
Fair value of restricted stock units \| $	$ 8.4

Stockholders' Equity and Stock-Based Compensation - Performance Stock Unit Activity (Details) - Performance Stock Units $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	46,000
Forfeited (in shares) \| shares	(25,000)
Ending balance (in shares) \| shares	21,000
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	121.65
Forfeited (in dollars per share) \| $ / shares	121.65
End of period (in dollars per share) \| $ / shares	$ 121.65
Aggregate Intrinsic Value (In millions) \| $	$ 3.6

Earnings Per Share - Computation of Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Calculation Of Numerator And Denominator In Earnings Per Share [Line Items]
Net income	$ 2,555	$ (6,654)	$ 359	$ 30,732	$ 47,763	$ 41,254	$ 49,327	$ 42,042	$ 26,992	$ 180,386	$ 157,981
Allocation of net income to common stockholders:
Common stock	$ 2,544	$ (6,654)	$ 358	$ 30,587	$ 47,532	$ 41,055	$ 49,088	$ 41,845	26,876	179,520	157,096
Unvested participating shares									116	866	885
Net income									$ 26,992	$ 180,386	$ 157,981
Weighted average common shares outstanding:
Weighted average common shares outstanding (in shares)									59,533,104	57,838,245	57,812,602
Earnings (loss) per common share:
Common stock (in dollars per share)	$ 0.04	$ (0.11)	$ 0.01	$ 0.53	$ 0.82	$ 0.71	$ 0.85	$ 0.73	$ 0.45	$ 3.10	$ 2.72
Common Stock
Weighted average common shares outstanding:
Weighted average common shares outstanding (in shares)									59,533,104	57,838,245	57,812,602
Earnings (loss) per common share:
Common stock (in dollars per share)									$ 0.45	$ 3.10	$ 2.72
Common Stock \| Unvested Participating Shares
Weighted average common shares outstanding:
Weighted average common shares outstanding (in shares)									255,733	278,808	325,289

Earnings Per Share - Computation of Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Earnings allocated to common stock	$ 2,544	$ (6,654)	$ 358	$ 30,587	$ 47,532	$ 41,055	$ 49,088	$ 41,845	$ 26,876	$ 179,520	$ 157,096
Plus: earnings allocated to unvested participating shares									116	866	885
Less: adjusted earnings allocated to unvested participating shares									(114)	(850)	(867)
Earnings allocated to common stock									$ 26,878	$ 179,536	$ 157,114
Weighted average common shares outstanding:
Common stock (in shares)									59,533,104	57,838,245	57,812,602
Weighted average common shares outstanding — diluted (in shares)									60,309,985	58,947,240	59,000,669
Earnings per common share:
Common stock (in dollars per share)	$ 0.04	$ (0.11)	$ 0.01	$ 0.52	$ 0.81	$ 0.69	$ 0.83	$ 0.71	$ 0.45	$ 3.05	$ 2.66
Common Stock
Weighted average common shares outstanding:
Common stock (in shares)									59,533,104	57,838,245	57,812,602
Effect of dilutive securities (in shares)									776,881	1,108,995	1,188,067
Weighted average common shares outstanding — diluted (in shares)									60,309,985	58,947,240	59,000,669
Earnings per common share:
Common stock (in dollars per share)									$ 0.45	$ 3.05	$ 2.66

Earnings Per Share - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock \| Employee Stock Option
Earnings Per Share [Line Items]
Options outstanding to purchase (in shares)	0.9	0.4	0.5

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 971,268	$ 779,477	$ 749,060
Other comprehensive income (loss) before reclassifications — net of tax	17,023	13,375
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	6,239	(1,351)
Total other comprehensive income (loss)	23,262	12,024	(29,059)
Ending balance	1,283,797	971,268	779,477
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(50,331)	(62,355)	(33,296)
Total other comprehensive income (loss)	23,262	12,024	(29,059)
Ending balance	(27,069)	(50,331)	(62,355)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(47,835)	(67,648)
Other comprehensive income (loss) before reclassifications — net of tax	22,622	19,813
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	2,881	0
Total other comprehensive income (loss)	25,503	19,813
Ending balance	(22,332)	(47,835)	(67,648)
Unrealized gain (loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,566)	5,293
Other comprehensive income (loss) before reclassifications — net of tax	(5,577)	(6,508)
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	3,358	(1,351)
Total other comprehensive income (loss)	(2,219)	(7,859)
Ending balance	(4,785)	(2,566)	5,293
Unrealized gain (loss) on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	70	0
Other comprehensive income (loss) before reclassifications — net of tax	(22)	70
Amounts reclassified from accumulated other comprehensive income (loss) — net of tax	0	0
Total other comprehensive income (loss)	(22)	70
Ending balance	$ 48	$ 70	$ 0

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Segment and Geographic Information - Revenue and Income (Loss) from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenue	$ 377,078	$ 337,920	$ 293,772	$ 506,323	$ 520,615	$ 511,584	$ 528,060	$ 501,758	$ 1,515,093	$ 2,062,017	$ 1,903,182
Income (loss) from operations	$ 7,866	$ (5,927)	$ 8,114	$ 43,281	$ 67,447	$ 62,629	$ 74,833	$ 62,910	53,334	267,819	239,095
Impairment losses									28,300
Impairment losses on equity investment									2,128	0	0
Other expenses, debt Instrument amendment and acquisition related costs										600
Full-service center-based child care
Segment Reporting Information [Line Items]
Revenue									1,032,266	1,684,006	1,586,323
Impairment loss on fixed assets									16,200
Impairment loss on operating lease right-of use assets									10,000
Other expenses, debt Instrument amendment and acquisition related costs										200	1,900
Full-service center-based child care \| Closure of centers
Segment Reporting Information [Line Items]
Restructuring charges									6,600
Back-up care
Segment Reporting Information [Line Items]
Revenue									388,294	296,330	245,498
Impairment losses on equity investment									2,100
Other expenses, debt Instrument amendment and acquisition related costs										400
Educational advisory and other services
Segment Reporting Information [Line Items]
Revenue									94,533	81,681	71,361
Operating Segments \| Full-service center-based child care
Segment Reporting Information [Line Items]
Revenue									1,032,266	1,684,006	1,586,323
Income (loss) from operations									(155,382)	166,011	152,006
Operating Segments \| Back-up care
Segment Reporting Information [Line Items]
Revenue									388,294	296,330	245,498
Income (loss) from operations									182,938	80,394	68,462
Operating Segments \| Educational advisory and other services
Segment Reporting Information [Line Items]
Revenue									94,533	81,681	71,361
Income (loss) from operations									$ 25,778	$ 21,414	$ 18,627

Segment and Geographic Information - Fixed Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Fixed assets	$ 628,757	$ 636,153	$ 597,141
North America
Segment Reporting Information [Line Items]
Fixed assets	370,275	369,851	347,715
Europe
Segment Reporting Information [Line Items]
Fixed assets	$ 258,482	$ 266,302	$ 249,426

Segment and Geographic Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) Center	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Fixed assets	$ 628,757	$ 636,153	$ 597,141
Canada
Segment Reporting Information [Line Items]
Number of centers divested \| Center	2
United States
Segment Reporting Information [Line Items]
Fixed assets	$ 370,300	368,500	346,300
United Kingdom
Segment Reporting Information [Line Items]
Fixed assets	$ 225,000	$ 240,500	$ 231,800

Employee Benefit Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Stock-based compensation expense	$ 21,000,000.0	$ 17,300,000	$ 13,800,000
Current investments held to offset NQDC liabilities	900,000
Noncurrent investments held to offset NQDC liabilities	11,500,000	9,400,000
NQDC Plan current liabilities	1,000,000.0
NQDC Plan noncurrent liabilities	12,300,000	10,000,000.0
United Kingdom and Netherlands
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Stock-based compensation expense	$ 9,300,000	9,200,000	6,400,000
401(k) Retirement Savings Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement savings plan, age to be eligible	20 years
Retirement plan funding (percentage)	75.00%
Retirement plan employer matching contribution (percentage)	25.00%
Retirement plan maximum annual contribution per employee (percentage)	8.00%
Retirement plan Company contributions and administrative expenses	$ 3,400,000	$ 3,400,000	$ 3,400,000
401(k) Retirement Savings Plan \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement savings plan, eligibility period	60 days
Nonqualified Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Retirement plan funding (percentage)	50.00%
Retirement plan employer matching contribution (percentage)	25.00%
Retirement plan Company contributions and administrative expenses	$ 2,500
Maximum annual contribution percent, other forms of compensation (percentage)	100.00%

Commitments and Contingencies - Additional Information (Details) $ in Millions	Dec. 31, 2020 USD ($) LetterOfCredit	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of letters of credit outstanding \| LetterOfCredit	55
Letters of credit to guarantee certain rent payments	$ 2.4
Net assets of captive insurance subsidiary, restricted for potential claims	$ 0.9	$ 2.2

Quarterly Results (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 377,078	$ 337,920	$ 293,772	$ 506,323	$ 520,615	$ 511,584	$ 528,060	$ 501,758	$ 1,515,093	$ 2,062,017	$ 1,903,182
Gross profit	75,283	55,171	65,236	108,859	131,148	125,220	139,621	126,947	304,549	522,936	473,255
Income (loss) from operations	7,866	(5,927)	8,114	43,281	67,447	62,629	74,833	62,910	53,334	267,819	239,095
Net income	2,555	(6,654)	359	30,732	47,763	41,254	49,327	42,042	26,992	180,386	157,981
Allocation of net income (loss) to common stockholders:
Common stock — basic	2,544	(6,654)	358	30,587	47,532	41,055	49,088	41,845	26,876	179,520	157,096
Common stock — diluted	$ 2,545	$ (6,654)	$ 358	$ 30,589	$ 47,535	$ 41,059	$ 49,093	$ 41,849	$ 26,878	$ 179,536	$ 157,114
Earnings (loss) per common share:
Common stock — basic (in dollars per share)	$ 0.04	$ (0.11)	$ 0.01	$ 0.53	$ 0.82	$ 0.71	$ 0.85	$ 0.73	$ 0.45	$ 3.10	$ 2.72
Common stock — diluted (in dollars per share)	$ 0.04	$ (0.11)	$ 0.01	$ 0.52	$ 0.81	$ 0.69	$ 0.83	$ 0.71	$ 0.45	$ 3.05	$ 2.66

Label	Element	Value
Restricted Cash and Investments, Noncurrent	us-gaap_RestrictedCashAndInvestmentsNoncurrent	$ 0
Restricted Cash and Investments, Noncurrent	us-gaap_RestrictedCashAndInvestmentsNoncurrent	0
Restricted Cash and Investments, Noncurrent	us-gaap_RestrictedCashAndInvestmentsNoncurrent	$ 20,000,000