0001437578-23-000005 | 10-K | XBRL Viewer | Bright Horizons Family Solutions INC

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Cover [Abstract]
Document type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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			$ 4.9
Entity common stock, shares outstanding (in shares)		57,810,249
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2023 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	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001437578

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Boston, Massachusetts

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 36,224	$ 260,980
Accounts receivable — net of allowance for credit losses of $2,947 and $3,006 at December 31, 2022 and 2021, respectively	217,170	210,971
Prepaid expenses and other current assets	94,316	68,320
Total current assets	347,710	540,271
Fixed assets — net	571,471	598,134
Goodwill	1,727,852	1,481,725
Other intangible assets — net	245,574	251,032
Operating lease right-of-use assets	801,626	696,425
Other assets	104,636	72,460
Total assets	3,798,869	3,640,047
Current liabilities:
Current portion of long-term debt	16,000	16,000
Borrowings under revolving credit facility	84,000	0
Accounts payable and accrued expenses	230,634	197,366
Current portion of operating lease liabilities	94,092	87,341
Deferred revenue	222,994	258,438
Other current liabilities	138,574	63,030
Total current liabilities	786,294	622,175
Long-term debt — net	961,581	976,396
Operating lease liabilities	810,403	703,911
Other long-term liabilities	100,466	100,091
Deferred revenue	8,933	9,689
Deferred income taxes	50,739	48,509
Total liabilities	2,718,416	2,460,771
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued or outstanding at December 31, 2022 and 2021	0	0
Common stock, $0.001 par value; 475,000,000 shares authorized; 57,531,130 and 59,305,160 shares issued and outstanding at December 31, 2022 and 2021, respectively	58	59
Additional paid-in capital	599,422	745,615
Accumulated other comprehensive loss	(70,629)	(37,359)
Retained earnings	551,602	470,961
Total stockholders’ equity	1,080,453	1,179,276
Total liabilities and stockholders’ equity	$ 3,798,869	$ 3,640,047

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 2,947	$ 3,006
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)	57,531,130	59,305,160
Common stock, outstanding (in shares)	57,531,130	59,305,160

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 2,020,487	$ 1,755,307	$ 1,515,093
Cost of services	1,541,834	1,340,296	1,210,544
Gross profit	478,653	415,011	304,549
Selling, general and administrative expenses	289,156	256,821	219,563
Amortization of intangible assets	31,912	29,172	31,652
Income from operations	157,585	129,018	53,334
Loss on foreign currency forward contracts	(5,917)	0	0
Loss on extinguishment of debt	0	(2,571)	0
Interest expense — net	(39,486)	(36,099)	(37,682)
Income before income tax	112,182	90,348	15,652
Income tax benefit (expense)	(31,541)	(19,889)	11,340
Net income	$ 80,641	$ 70,459	$ 26,992
Earnings per common share:
Common stock — basic (in dollars per share)	$ 1.38	$ 1.16	$ 0.45
Common stock — diluted (in dollars per share)	$ 1.37	$ 1.15	$ 0.45
Weighted average common shares outstanding:
Common stock—basic (in shares)	58,344,817	60,312,690	59,533,104
Common stock—diluted (in shares)	58,490,652	60,871,399	60,309,985
Cost, Product and Service [Extensible List]	Service [Member]	Service [Member]	Service [Member]

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 80,641	$ 70,459	$ 26,992
Other comprehensive income (loss):
Foreign currency translation adjustments	(67,065)	(15,741)	25,503
Unrealized gain (loss) on cash flow hedges and investments, net of tax	33,795	5,451	(2,241)
Total other comprehensive income (loss)	(33,270)	(10,290)	23,262
Comprehensive income	$ 47,371	$ 60,169	$ 50,254

- 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, 2019		57,884,020
Beginning balance at Dec. 31, 2019	$ 971,268	$ 58	$ 648,031	$ 0	$ (50,331)	$ 373,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2,138,580
Issuance of common stock	249,790	$ 2	249,788
Stock-based compensation expense	20,996		20,996
Issuance of common stock under the Equity Incentive Plan (in shares)		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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	23,060		23,060
Issuance of common stock under the Equity Incentive Plan (in shares)		534,729
Issuance of common stock under the Equity Incentive Plan	34,970	$ 1	34,969
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(55,985)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(8,662)		(8,662)
Purchase of treasury stock	(214,058)			(214,058)
Retirement of treasury stock (in shares)		(1,639,752)
Retirement of treasury stock	0	$ (2)	(214,056)	214,058
Other comprehensive income (loss)	(10,290)				(10,290)
Net income	$ 70,459					70,459
Balance (in shares) at Dec. 31, 2021	59,305,160	59,305,160
Ending balance at Dec. 31, 2021	$ 1,179,276	$ 59	745,615	0	(37,359)	470,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	28,111		28,111
Issuance of common stock under the Equity Incentive Plan (in shares)		269,729
Issuance of common stock under the Equity Incentive Plan	14,175	$ 1	14,174
Shares received in net share settlement of stock option exercises and vesting of restricted stock (in shares)		(57,613)
Shares received in net share settlement of stock option exercises and vesting of restricted stock	(6,138)		(6,138)
Purchase of treasury stock	(182,342)			(182,342)
Retirement of treasury stock (in shares)		(1,986,146)
Retirement of treasury stock	0	$ (2)	(182,340)	182,342
Other comprehensive income (loss)	(33,270)				(33,270)
Net income	$ 80,641					80,641
Balance (in shares) at Dec. 31, 2022	57,531,130	57,531,130
Ending balance at Dec. 31, 2022	$ 1,080,453	$ 58	$ 599,422	$ 0	$ (70,629)	$ 551,602

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 80,641	$ 70,459	$ 26,992
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	106,142	108,830	111,662
Amortization of original issue discount and deferred financing costs, and other non-cash items	2,114	2,363	3,400
Impairment losses	14,061	10,582	28,355
Loss on extinguishment of debt	0	2,571	0
Loss on foreign currency forward contracts	(5,917)	0	0
Stock-based compensation expense	28,111	23,060	20,996
Deferred income taxes	(9,644)	(4,996)	(12,277)
Changes in fair value of contingent consideration	1,305	7,338	(1,390)
Changes in assets and liabilities:
Accounts receivable	(4,882)	(34,624)	(27,470)
Prepaid expenses and other current assets	(6,062)	(4,397)	(10,656)
Accounts payable and accrued expenses	19,958	6,238	22,998
Income taxes	(8,444)	(6,781)	(4,218)
Deferred revenue	(37,897)	60,198	3,686
Leases	(921)	(5,709)	20,411
Other assets	11,082	(9,813)	3,162
Other current and long-term liabilities	(13,010)	1,934	23,921
Net cash provided by operating activities	188,471	227,253	209,572
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(70,556)	(63,491)	(84,740)
Proceeds from the disposal of fixed assets	10,547	5,829	11,906
Purchases of debt securities and other investments	(25,106)	(29,912)	(25,705)
Proceeds from the maturity of debt securities and sale of other investments	23,392	24,080	22,968
Payments and settlements for acquisitions — net of cash acquired	(210,409)	(53,895)	(8,254)
Settlement of foreign currency forward contracts	(5,917)	0	0
Net cash used in investing activities	(278,049)	(117,389)	(83,825)
CASH FLOWS FROM FINANCING ACTIVITIES:
Extinguishment of long-term debt	0	(1,026,625)	0
Borrowings of long-term debt, net of issuance costs of $7.7 million	0	992,298	0
Proceeds from stock issuance — net of issuance costs	0	0	249,790
Borrowings under revolving credit facility	295,000	0	43,200
Payments under revolving credit facility	(211,000)	0	(43,200)
Principal payments of long-term debt	(16,000)	(8,063)	(10,750)
Payments for debt issuance costs	0	(2,057)	(2,818)
Purchase of treasury stock	(182,570)	(213,830)	(32,658)
Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase	13,235	37,503	38,843
Taxes paid related to the net share settlement of stock options and restricted stock	(6,138)	(8,662)	(12,173)
Payments of deferred and contingent consideration for acquisitions	(13,865)	(594)	(1,238)
Net cash provided by (used in) financing activities	(121,338)	(230,030)	228,996
Effect of exchange rates on cash, cash equivalents and restricted cash	(2,471)	(3,018)	2,530
Net increase (decrease) in cash, cash equivalents and restricted cash	(213,387)	(123,184)	357,273
Cash, cash equivalents and restricted cash — beginning of year	265,281	388,465	31,192
Cash, cash equivalents and restricted cash — end of year	51,894	265,281	388,465
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	36,224	260,980	384,344
Restricted cash and cash equivalents, included in prepaid expenses and other current assets	3,512	4,301	4,121
Restricted cash and cash equivalents, included in other assets	12,158	0	0
Total cash, cash equivalents and restricted cash — end of year	51,894	265,281	388,465
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments of interest	40,871	32,242	35,349
Cash payments of income taxes	50,202	31,662	10,982
Cash paid for amounts included in the measurement of lease liabilities	143,732	141,563	121,046
NON-CASH TRANSACTIONS:
Fixed asset purchases recorded in accounts payable and accrued expenses	2,704	1,957	6,132
Deferred or contingent consideration issued for acquisitions	97,653	7,337	0
Operating right-of-use assets obtained in exchange for operating lease liabilities — net	52,367	71,271	103,668
Restricted stock reclassified from other current liabilities to equity upon vesting	4,030	4,867	4,445
Treasury stock purchases in other current liabilities	$ 0	$ 228	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	Dec. 31, 2021 USD ($)
Statement of Cash Flows [Abstract]
Debt issuance costs, gross	$ 7.7

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2022
Accounting Policies [Abstract]
ORGANIZATION	ORGANIZATION Organization — Bright Horizons Family Solutions Inc. (“Bright Horizons” or the “Company”) provides center-based early education and child care, back-up child and adult/elder care, tuition assistance and student loan repayment program management, educational advisory services, and other support services for employers and families in the United States, the United Kingdom, the Netherlands, Australia, Puerto Rico, and India. The Company provides services designed to help families, employers and their employees better integrate work and family life, primarily under multi-year contracts with employers who offer 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. Since March 2020, the Company’s global operations have been significantly impacted by the COVID-19 pandemic and the measures undertaken in response thereto. During the early stages of the pandemic, most of the Company’s child care centers were temporarily closed. Nearly all centers have subsequently re-opened. As of December 31, 2022, the Company operated 1,078 early education and child care centers, of which 99% were open. On July 1, 2022, the Company acquired Only About Children (“OAC”), an operator of approximately 75 child care centers in Australia. Refer to Note 5, Acquisitions, for additional information.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 — Certain reclassifications have been made to prior year amounts within the consolidated statements of cash flows and certain footnotes 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 amounts reported in the consolidated financial statements and footnotes thereto. Actual results may differ from those 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 and equity is translated at the historical rates. 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. 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, 2022 and 2021.

Cash, Cash Equivalents, and Restricted Cash — Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less from the date of purchase.

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. As of December 31, 2022, $8.6 million in book overdrafts were included in accounts payable and accrued expenses on the consolidated balance sheet. As of December 31, 2021, there were no book overdrafts.

The Company’s cash and cash equivalents that are restricted in nature as to withdrawal or usage are classified as restricted cash and are included in prepaid expenses and other current assets and in other assets on the consolidated balance sheet. 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,
	2022		2021		2020

	(In thousands)
Beginning balance	$	3,006	$	2,357	$	1,226
Provision	1,277		2,725		2,585
Write offs and recoveries	(1,336)		(2,076)		(1,454)
Ending balance	$	2,947	$	3,006	$	2,357

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. 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 in the 2022 annual impairment review as of October 1, 2022. The Company performed a qualitative assessment during the annual impairment review as of October 1, 2021, and concluded that it was not more likely than not that the fair value of the Company’s reporting units were less than their carrying amount. No goodwill impairment charges were recorded in the years ended December 31, 2022, 2021, or 2020.

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, 2022, 2021 or 2020 in relation to these 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, generally 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 in the asset group to the estimated undiscounted future cash flows expected to be generated over the remaining useful lives of the asset group. 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 their estimated fair value. The impairment is allocated to the long-lived assets in the asset group 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. The determination of fair value for leased assets includes consideration of market rates and what market participants would pay to use the assets.

During the years ended December 31, 2022, 2021 and 2020, the Company recognized impairment losses of $14.1 million, $10.6 million and $26.2 million, respectively, on fixed assets and operating lease right-of-use assets for certain centers where the carrying amount exceeded the fair value. Refer to Note 14, Fair Value Measurements, for additional information.

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 early education and child care, 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, training, supervising and compensating 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 early education and child care 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 accounting 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 are 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, school-age camps, virtual tutoring, pet care and self-sourced reimbursed care. The Company provides back-up care services through the Company’s early education and child care centers, school-age camps and in-home care providers, as well as through the back-up care network and through other providers. 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, to a network of tutoring service providers and third-party pet care providers. Self-sourced reimbursed care is a reimbursement program available to employer sponsors when other care solutions are not available, to provide payments to their employees to assist with the cost of self-sourced dependent care.

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 generally 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 and pet care is based on a fee earned for each transaction processed and is recorded on a net basis as the Company is acting as an agent, and is recognized in the month the transactions are processed.

Educational Advisory and Other Services

The Company’s educational advisory services consist of tuition assistance and student loan repayment program management, workforce education, and related educational consulting services (“EdAssist”), and college 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 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 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. Additionally, revenue for tuition assistance and student loan repayments is based on a fee earned for each payment processed and is recorded on a net basis as the Company is acting as agent for the processing of the payment from clients to their employees, and is recognized in the month the payments are processed. Revenue for College Coach is recognized over the contract term as college 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, 2022 and 2021, 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 early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of December 31, 2022 and 2021, there were no material finance leases.

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 interests in a provider of full service center-based child care and back-up care services in Germany and a provider of early education and tutoring in the Netherlands using the equity method. The equity method investments are included in other assets on the consolidated balance sheet and, as of December 31, 2022 and 2021, the investment balance was $7.2 million and $6.1 million, respectively. The impact on the results of operations were immaterial for the years ended December 31, 2022, 2021 and 2020.

Debt Securities — The Company’s investment in debt securities, which are classified as available-for-sale, consist 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, with unrealized gains and losses recorded in accumulated other comprehensive income (loss). As of December 31, 2022, the fair value of the available-for-sale debt securities was $29.6 million and was classified based on the instruments’ maturity dates, with $17.7 million included in prepaid expenses and other current assets and $11.9 million in other assets on the consolidated balance sheet. As of December 31, 2021, the fair value of the available-for-sale debt securities was $29.9 million, with $22.7 million included in prepaid expenses and other current assets and $7.2 million in other assets on the consolidated balance sheet. At December 31, 2022 and 2021, the amortized cost was $29.8 million and $30.0 million, respectively. The debt securities held at December 31, 2022 had remaining maturities ranging from less than one year to approximately two years. Unrealized gains and losses, net of tax, and realized gains and losses, on available-for-sale debt securities were immaterial for the years ended December 31, 2022, 2021 and 2020.

Other Investments — The Company’s investments in equity securities are primarily in limited partnerships. 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, 2022 and 2021, the equity investments were $5.1 million and $4.6 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 was allocated to the back-up care segment. Refer to Note 14, 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.

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 records interest and penalties related to unrecognized tax benefits as a component of 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”), the Consolidated Appropriations Act, 2021 (“CAA”), and the American Rescue Plan Act of 2021 were enacted in the United States on March 27, 2020, January 1, 2021, and March 11, 2021, respectively; all are economic aid packages to help mitigate the impact of the pandemic. Additionally, other foreign governmental legislation that provided relief provisions was enacted in response to the economic impact of COVID-19. The Company has participated in certain government support programs, including availing itself of certain tax deferrals, tax credits and federal block grant funding in the United States, as well as certain tax deferrals, tax credits, and employee wage support in the United Kingdom. On December 27, 2020, the employee retention tax credit, originally enacted under the CARES Act in the United States, was expanded and extended under the CAA to wages paid through the first two quarters of 2021, among other changes.

The Company has applied the accounting principles within the International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance, (“IAS 20”) framework to account for government grants received, which are recognized when there is reasonable assurance that the Company will (1) comply with the conditions associated with the grant and (2) receive the grant. Reasonable assurance is generally the same threshold as “probable” as defined in ASC 450, Contingencies, (i.e. “likely to occur”). When the Company has met the reasonable assurance threshold, it applies IAS 20 by recognizing governmental support received in the consolidated statement of income as a reduction to the related expenses that the assistance is intended to defray. Amounts received for tuition support are recognized as revenue if such payments are made on behalf of the customers. During the years ended December 31, 2022, 2021, and 2020, $86.8 million, $50.9 million, and $83.5 million, respectively, was recorded as a reduction to cost of services in relation to these benefits, of which $31.7 million, $16.0 million and $14.6 million, respectively, reduced the operating subsidies paid by employers for the related child care centers. Additionally, during the year ended December 31, 2022, amounts received for tuition support of $5.5 million were recorded to revenue.

As of December 31, 2022 and 2021, $1.2 million and $3.3 million, respectively, was recorded in prepaid expenses and other current assets on the consolidated balance sheet for amounts due from government support programs, and as of December 31, 2022 and 2021, $4.6 million and $3.9 million, respectively, was recorded to other current liabilities related to government support received related to future periods. As of December 31, 2021, payroll tax deferrals of $7.0 million were recorded in accounts payable and accrued expenses on the consolidated balance sheet and, as of December 31, 2022, the Company did not have any remaining payroll tax deferrals.

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

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, 2022
North America	$	1,002,406	$	381,849	$	117,175	$	1,501,430
International	491,352		27,705		—		519,057
	$	1,493,758	$	409,554	$	117,175	$	2,020,487
Year ended December 31, 2021
North America	$	859,237	$	326,870	$	106,996	$	1,293,103
International	437,971		24,233		—		462,204
	$	1,297,208	$	351,103	$	106,996	$	1,755,307
Year ended December 31, 2020
North America	$	695,795	$	373,728	$	94,533	$	1,164,056
International	336,471		14,566		—		351,037
	$	1,032,266	$	388,294	$	94,533	$	1,515,093

The classification “North America” is comprised of the Company’s United States, Canada and Puerto Rico operations and the classification “International” includes the Company’s United Kingdom, Netherlands, Australia and India operations. Revenue in the United States was substantially all of the revenue in North America. Revenue in the United Kingdom was $325.8 million in 2022, $334.9 million in 2021, and $243.6 million in 2020. Revenue associated with other countries was approximately less than 10% of total revenue. On July 1, 2022, the Company acquired Only About Children, an operator of approximately 75 child care centers in Australia. Refer to Note 5, Acquisitions, for additional information. 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 2022, 2021 and 2020, $254.2 million, $187.1 million and $184.6 million was recognized as revenue related to the deferred revenue balance recorded at December 31, 2021, 2020 and 2019, respectively. There were no significant changes in deferred revenue during the years ended December 31, 2022, 2021 and 2020 related to business combinations, impairments, cumulative catch-up or other adjustments other than related to the opening balance sheet for the OAC acquisition. Refer to Note 5, Acquisitions, for additional information.

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, 2022.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

Lease Expense

The components of lease expense were as follows:


	Years ended December 31,
	2022		2021		2020

	(In thousands)
Operating lease expense (1)	$	143,234	$	135,318	$	144,553
Variable lease expense (1)	40,522		31,926		28,423
Total lease expense	$	183,756	$	167,244	$	172,976

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

Operating lease expense for the years ended December 31, 2022, 2021 and 2020 includes impairment losses on operating lease right-of-use assets of $2.8 million, $1.3 million, and $10.0 million, respectively. Refer to Note 14, Fair Value Measurements, for additional information.

Other Information

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


	December 31,
	2022	2021
Weighted average remaining lease term (in years)	10	10
Weighted average discount rate	6.7%	5.8%

Maturity of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of December 31, 2022:


	Operating Leases

	(In thousands)
2023	$	138,033
2024	145,912
2025	134,387
2026	126,701
2027	117,714
Thereafter	620,142
Total lease payments	1,282,889
Less imputed interest	(378,394)
Present value of lease liabilities	904,495
Less current portion of operating lease liabilities	(94,092)
Long-term operating lease liabilities	$	810,403

As of December 31, 2022, the Company had entered into additional operating leases that have not yet commenced with total fixed payment obligations of $28.7 million. The leases are expected to commence in fiscal 2023 and have initial lease terms of approximately 12 to 15 years.

Lease Modifications

On April 10, 2020, the Financial Accounting Standards Board 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. As of December 31, 2022 and 2021, the Company's deferred lease payments were immaterial.

ACQUISITIONS

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

The Company’s growth strategy includes expansion through strategic and synergistic acquisitions. The goodwill resulting from these acquisitions arises largely from synergies expected from combining the operations of the businesses acquired with the Company's existing operations, including cost efficiencies and leveraging existing client relationships, as well as from benefits derived from gaining the related assembled workforce.

2022 Acquisitions

Only About Children

On July 1, 2022, the Company, through wholly-owned subsidiaries, completed the acquisition of the outstanding shares of Only About Children, a child care operator in Australia with approximately 75 early education and child care centers, for aggregate consideration of AUD$450 million (USD$310 million), which was accounted for as a business combination. The Company paid approximately AUD$300 million (USD$207 million), net of cash acquired and subject to customary purchase price adjustments, and will pay an additional USD$106.5 million 18 months after closing. In October 2022, the Company reached an agreement with the sellers on the final net working capital acquired, resulting in a refund of AUD$2.6 million (USD$1.8 million), which was received in the fourth quarter of 2022. The present value of the deferred consideration of USD$97.7 million at the acquisition date is included in other current liabilities on the consolidated balance sheet.

During the year ended December 31, 2022, the Company incurred acquisition-related transaction costs of approximately $9.2 million, which are included in selling, general and administrative expenses. In addition, the Company recognized realized losses of $5.9 million in relation to foreign currency forward contracts for the purchase of Australian dollars entered into in connection with the acquisition. Refer to Note 12, Credit Arrangements and Debt Obligations, for additional information on the foreign currency forward contracts.

The purchase price for this acquisition has been allocated based on preliminary estimates of the fair values of the acquired assets and assumed liabilities at the date of acquisition as follows:


	At acquisition date as reported September 30, 2022		Measurement period adjustments		At acquisition date as reported December 31, 2022

	(In thousands)
Cash	$	4,705	$	—	$	4,705
Accounts receivable and prepaid expenses	4,295		81		4,376
Fixed assets	21,702		(953)		20,749
Goodwill	283,466		3,153		286,619
Intangible assets	30,945		(3,377)		27,568
Operating lease right of use assets	156,678		(1,422)		155,256
Total assets acquired	501,791		(2,518)		499,273
Accounts payable and accrued expenses	17,991		249		18,240
Deferred revenue and parent deposits	6,809		(31)		6,778
Deferred tax liabilities	3,392		(3,392)		—
Operating lease liabilities	161,405		564		161,969
Other long-term liabilities	5,458		92		5,550
Total liabilities assumed	195,055		(2,518)		192,537
Purchase price	$	306,736	$	—	$	306,736

The Company recorded goodwill of $286.6 million related to the full service center-based child care segment, which will not be deductible for tax purposes. Intangible assets consist of customer relationships of $19.7 million with a six year life and trade names of $7.9 million with an eleven year life.

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of December 31, 2022, the purchase price allocation for Only About Children remains open as the Company gathers additional information regarding the assets acquired and the liabilities assumed, primarily in relation to the valuation of intangibles, fixed assets, leases, contingencies, and the Company’s assessment of tax related items.

The operating results for Only About Children are included in the consolidated results of operations from the date of acquisition. Only About Children contributed total revenue of $71.5 million during the year ended December 31, 2022. Net income for the year ended December 31, 2022 was not materially impacted by the acquisition of Only About Children.

The following table presents consolidated pro forma revenue as if the acquisition of Only About Children had occurred on January 1, 2021:


	Pro forma (Unaudited)
	Year ended December 31, 2022		Year ended December 31, 2021

	(In thousands)
Revenue	$	2,089,404	$	1,899,037

Other than the impact of shifting the transaction costs incurred in 2022 to 2021, consolidated pro forma net income would not materially change from the reported results. In assessing the impact to the unaudited pro forma results we considered certain adjustments related to the acquisition, such as increased amortization expense related to the acquired intangible assets, adjusted depreciation associated with the fair value of the acquired fixed assets, and shifting of transaction costs.

Other 2022 Acquisitions

During the year ended December 31, 2022, the Company acquired one center in the United States, one center in the United Kingdom, and one center in the Netherlands, in three separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for aggregate cash consideration of $6.0 million, net of cash acquired of $0.2 million, and consideration payable of $0.2 million. The Company recorded goodwill of $5.6 million related to the full service center-based child care segment, of which $1.9 million will be deductible for tax purposes. In addition, the Company recorded intangible assets of $1.0 million that will be amortized over four years in relation to these acquisitions.

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of December 31, 2022, 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, and were not material to the Company’s financial results.

During the year ended December 31, 2022, the Company paid contingent consideration of $19.1 million related to an acquisition completed in 2019 and contingent consideration of $0.2 million related to an acquisition completed in 2021. Of the total amounts paid of $19.3 million, $13.9 million had been recorded as a liability at the date of acquisition and is presented as cash used in financing activities in the consolidated statement of cash flows with remaining amounts reflected as cash used in operating activities.

2021 Acquisitions

During the year ended December 31, 2021, the Company acquired two centers as well as a school-age camp provider in the United States, 13 centers in the United Kingdom, and three centers in the Netherlands, in five separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for aggregate cash consideration of $53.2 million, net of cash acquired of $2.2 million, and consideration payable of $0.6 million. Additionally, the Company is subject to contingent consideration payments for two of these acquisitions, and recorded a preliminary fair value estimate of $7.3 million in relation to these contingent consideration arrangements at acquisition. Contingent consideration of up to $1.2 million may be payable within one year from the date of acquisition if certain performance targets are met for one of the acquisitions, and contingent consideration is payable in 2026 based on certain financial metrics for the other acquisition. The Company recorded goodwill of $39.5 million related to the full service center-based child care segment, of which $3.4 million will be deductible for tax purposes, and $14.6 million related to the back-up care segment, all of which will be deductible for tax purposes. In addition, the Company recorded intangible assets of $5.7 million that will be amortized over five years, as well as fixed assets of $10.1 million in relation to these acquisitions.

During the year ended December 31, 2021, the Company paid $0.6 million for contingent consideration related to acquisitions completed in 2021, which had been recorded as a liability at the date of acquisition.

2020 Acquisitions

During the year ended December 31, 2020, the Company acquired two child care centers and the Sittercity business, an online marketplace for families and caregivers, in the United States, in three separate business acquisitions, which were each accounted for as a business combination. These businesses were acquired for cash consideration of $8.1 million, net of cash acquired of $1.3 million, and consideration payable of $0.1 million, and included fixed assets and technology of $4.1 million, as well as a trade name of $0.7 million that will be amortized over five years. The Company recorded goodwill of $2.0 million related to the educational advisory and other services segment and $2.1 million related to the full service center-based child care segment, all of which will be deductible for tax purposes.

During the year ended December 31, 2020, the Company paid $1.2 million for contingent consideration related to acquisitions completed in 2018 and 2019, which had been recorded as a liability at the date of acquisition.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETSThe 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, 2021	$	1,197,658	$	194,616	$	39,693	$	1,431,967
Additions from acquisitions	39,516		14,557		—		54,073
Adjustments to prior year acquisitions	3,902		—		150		4,052
Effect of foreign currency translation	(7,980)		(387)		—		(8,367)
Balance at December 31, 2021	1,233,096		208,786		39,843		1,481,725
Additions from acquisitions	292,237		—		—		292,237
Adjustments to prior year acquisitions	578		—		—		578
Effect of foreign currency translation	(43,975)		(2,713)		—		(46,688)
Balance at December 31, 2022	$	1,481,936	$	206,073	$	39,843	$	1,727,852

The Company also has intangible assets, which consisted of the following at December 31, 2022 and 2021:


December 31, 2022:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	12 years	$	398,238	$	(341,918)	$	56,320
Trade names	10 years	19,231		(10,236)		8,995

		417,469		(352,154)		65,315
Indefinite-lived intangible assets:
Trade names	N/A	180,259		—		180,259
		$	597,728	$	(352,154)	$	245,574


December 31, 2021:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	14 years	$	400,399	$	(332,571)	$	67,828
Trade names	6 years	12,358		(10,150)		2,208

		412,757		(342,721)		70,036
Indefinite-lived intangible assets:
Trade names	N/A	180,996		—		180,996
		$	593,753	$	(342,721)	$	251,032

The Company recorded amortization expense of $31.9 million, $29.2 million and $31.7 million in the years ended December 31, 2022, 2021, and 2020, respectively.

The Company estimates that it will record amortization expense related to intangible assets existing as of December 31, 2022 as follows:


	Estimated amortization expense

	(In thousands)
2023	$	32,692
2024	$	16,534
2025	$	5,631
2026	$	4,579
2027	$	2,310
Thereafter	$	3,569
	$	65,315

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2022

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

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETSPrepaid expenses and other current assets consisted of the following:


	December 31,
	2022		2021

	(In thousands)
Interest rate cap derivatives	$	25,464	$	—
Investments in available-for-sale debt securities	17,701		22,712
Prepaid software and licenses	9,272		6,341
Prepaid income taxes	9,035		4,849
Prepaid insurance	7,386		5,810
Prepaid rent and other occupancy costs	4,411		3,581


Other prepaid expenses and current assets	21,047		25,027
	$	94,316	$	68,320

FIXED ASSETS

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

FIXED ASSETS

Fixed assets consisted of the following:


		December 31,
	Estimated useful lives	2022		2021

	(In years)	(In thousands)
Buildings	20 - 40	$	193,406	$	206,453
Furniture, equipment and software	3 - 10	291,419		282,248
Leasehold improvements	Shorter of the lease term or the estimated useful life	552,722		539,766
Land	—	91,872		102,405
Total fixed assets		1,129,419		1,130,872
Accumulated depreciation		(557,948)		(532,738)
Fixed assets — net		$	571,471	$	598,134

Fixed assets include construction in progress of $17.1 million and $16.3 million at December 31, 2022 and 2021, respectively, which was primarily comprised of leasehold improvements. The Company recorded depreciation expense of $74.2 million, $79.7 million and $80.0 million for the years ended December 31, 2022, 2021, and 2020, respectively.

OTHER ASSETS

12 Months Ended

Dec. 31, 2022

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

OTHER ASSETS

Other assets consisted of the following:


	December 31,
	2022		2021

	(In thousands)
Interest rate cap derivatives	$	28,553	$	8,809
Deferred compensation	15,955		16,173
Prepaid workers compensation	13,084		16,321
Restricted cash	12,158		—
Investments in available-for-sale debt securities	11,858		7,211
Equity-method investments	7,165		6,058



Other assets	15,863		17,888
	$	104,636	$	72,460

Restricted cash relates to letters of credit outstanding used to guarantee certain lease arrangements.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSESAccounts payable and accrued expenses consisted of the following:


	December 31,
	2022		2021

	(In thousands)
Accrued payroll and employee benefits	$	105,684	$	102,254
Accounts payable	24,648		8,503
Accrued provider fees	18,912		10,815

Accrued insurance liabilities	18,152		19,746
Accrued occupancy costs	11,732		10,826
Other accrued expenses	51,506		45,222
	$	230,634	$	197,366

Payroll taxes deferred pursuant to the provisions of the CARES Act of $7.0 million were recorded in accrued payroll and employee benefits as of December 31, 2021. There were no payroll taxes deferred pursuant to the provisions of the CARES Act as of December 31, 2022.

OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following:


	December 31,
	2022		2021

	(In thousands)
Deferred or contingent consideration payable for acquisitions	$	100,610	$	19,219
Customer amounts on deposit	23,000		23,129
Liability for unvested restricted stock	7,211		4,030



Other current liabilities	7,753		16,652
	$	138,574	$	63,030

As of December 31, 2022, the Company had deferred consideration payable that was primarily related to the acquisition of Only About Children. The acquisition was completed on July 1, 2022 and $106.5 million of the consideration is payable 18 months after closing, which had a present value of $97.7 million at the acquisition date. As of December 31, 2021, the Company had contingent consideration that was primarily related to an acquisition in the United Kingdom completed in 2019. Refer to Note 5, Acquisitions, for additional information.

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

Senior Secured Credit Facilities

The Company’s senior secured credit facilities consist of a $600 million term loan B facility (“term loan B”) and a $400 million term loan A facility (“term loan A”), collectively the “term loan facilities” or “term loans,” as well as a $400 million multi-currency revolving credit facility (“revolving credit facility”).

Long-term debt obligations were as follows:


	December 31,
	2022		2021

	(In thousands)
Term loan B	$	594,000	$	600,000
Term loan A	390,000		400,000
Deferred financing costs and original issue discount	(6,419)		(7,604)
Total debt	977,581		992,396
Less current maturities	(16,000)		(16,000)
Long-term debt	$	961,581	$	976,396

On November 23, 2021, the Company amended its existing senior secured credit facilities to refinance the existing secured term loan facility with a new term loan B facility of $600 million and a new term loan A facility of $400 million, collectively the “term loan facilities” or “term loans.” Proceeds of $1 billion from the new term loans, together with cash on hand, were used to repay $1.03 billion in outstanding term loans and related fees and expenses. The terms of the existing $400 million multi-currency revolving credit facility (“revolving credit facility”) were not modified in the November 2021 amendment. The repayment of the existing term loan was treated as a debt extinguishment. In conjunction with the issuance of the new term loans, the Company incurred $7.7 million in fees that have been recorded as a reduction to long term debt and are amortized over the terms of the related debt instruments. A loss on the extinguishment of the existing term loan of $2.6 million was recorded in the year ended December 31, 2021, related to the unamortized original issue cost and deferred financing fees that were written off in connection with the November 2021 debt refinancing.

On December 21, 2022, the Company amended its existing senior secured credit facilities to replace the LIBOR-based benchmark rate with a term SOFR benchmark rate, which did not alter the applicable interest rates held in effect prior to the change. The amendment was treated as a modification and the related transaction costs were expensed as incurred.

All borrowings under the credit agreement are subject to variable interest. The effective interest rate for the term loans was 6.49% and 2.29% at December 31, 2022 and 2021, respectively, and the weighted average interest rate was 3.75%, 2.51%, and 2.79% for the years ended December 31, 2022, 2021, and 2020, respectively, prior to the effects of any interest rate hedge arrangements. The effective interest rate for the revolving credit facility was 6.51% at December 31, 2022 and the weighted average interest rate for the revolving credit facility was 4.86%, 3.75%, and 4.49% for the years ended December 31, 2022, 2021, and 2020, respectively.

Term Loan B Facility

The seven-year term loan B matures on November 23, 2028 and requires quarterly principal payments equal to 1% per annum of the original aggregate principal amount of the term loan B, with the remaining principal balance due at maturity. Borrowings under the term loan B facility bear interest at a rate per annum of 1.25% over the base rate, or 2.25% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.50% and the adjusted term SOFR rate is subject to an interest rate floor of 0.50%.

Term Loan A Facility

The five-year term loan A matures on November 23, 2026 and requires quarterly principal payments equal to 2.5% per annum of the original aggregate principal amount of the term loan A in each of the first three years, 5% in the fourth year, and 7.5% in the fifth year. The remaining principal balance is due at maturity. Borrowings under the term loan A facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the adjusted term SOFR rate is subject to an interest rate floor of 0.00%.

Revolving Credit Facility

The $400 million multi-currency revolving credit facility matures on May 26, 2026. Borrowings outstanding on the revolving credit facility were $84.0 million and letters of credit outstanding were $5.2 million at December 31, 2022, with $310.8 million available for borrowing. There were no borrowings outstanding on the revolving credit facility at December 31, 2021, with the full facility available for borrowing.

On May 26, 2021, the Company amended its existing senior secured credit facilities to, among other changes, extend the revolving credit facility maturity date from July 31, 2022 to May 26, 2026, and reduce the interest rates applicable to borrowings outstanding on the revolving credit facility. In conjunction with this credit amendment, the Company incurred $2.1 million in fees that have been capitalized in other assets on the consolidated balance sheet and are amortized over the contractual life of the revolving credit facility.

Borrowings under the revolving credit facility bear interest at a rate per annum ranging from 0.50% to 0.75% over the base rate, or 1.50% to 1.75% over the adjusted term SOFR rate. The base rate is subject to an interest rate floor of 1.00% and the adjusted term SOFR rate is subject to an interest rate floor of 0.00%.

Debt Covenants

All obligations under the senior secured credit facilities are secured by substantially all the assets of the Company’s material 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 liens; make investments, loans, advances and acquisitions; incur additional indebtedness or guarantees; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; engage in transactions with affiliates; sell assets, including capital stock of the Company’s subsidiaries; alter the business conducted; enter into agreements restricting the Company’s subsidiaries’ ability to pay dividends; and consolidate or merge.

In addition, the credit agreement governing the senior secured credit facilities requires Bright Horizons Capital Corp., the Company's direct subsidiary, to be a passive holding company, subject to certain exceptions. The term loan A facility and the revolving credit facility require Bright Horizons Family Solutions LLC, the borrower, and its restricted subsidiaries, to comply with a maximum first lien net leverage ratio not to exceed 4.25 to 1.00. A breach of the applicable covenant is subject to certain equity cure rights.

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


	Long-term debt

	(In thousands)
2023	$	16,000
2024	18,500
2025	28,500
2026	351,000
2027	6,000
Thereafter	564,000
Total future principal payments	$	984,000

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. The Company's risk management policy permits using derivative instruments to manage interest rate and other risks. The Company uses interest rate swaps and caps to manage a portion of the risk related to changes in cash flows from interest rate movements. On December 21, 2022, the Company amended its existing interest rate cap agreements in conjunction with the amendment to its senior secured credit facilities, and replaced the one-month LIBOR rate with the one-month term SOFR rate. In conjunction with this amendment, and in accordance with the expedients in ASU 2020-04 and 2021-01, Reference Rate Reform (Topic 848), the Company elected to apply the relief offered related to the change in reference rates, thereby not requiring dedesignation of the related cash flow hedging relationships.

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% (effective December 30, 2022, one-month term SOFR rate increases above 0.9%). 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 an effective date of October 29, 2021 and expire on October 31, 2023.

In December 2021, the Company entered into additional interest rate cap agreements with a total notional value of $900 million designated and accounted for as cash flow hedges from inception. Interest rate cap agreements for $600 million, which have a forward starting effective date of October 31, 2023 and expire on October 31, 2025, provide the Company with interest rate protection in the event the one-month LIBOR rate increases above 2.5% (effective December 30, 2022, one-month term SOFR rate increases above 2.4%). Interest rate cap agreements for $300 million, which have a forward starting effective date of October 31, 2023 and expire on October 31, 2026, provide the Company with interest rate protection in the event the one-month LIBOR rate increases above 3.0% (effective December 30, 2022, one-month term SOFR rate increases above 2.9%).

In October 2017, the Company entered into variable-to-fixed interest rate swap agreements on $500 million notional amount of the outstanding term loan borrowings. These swap agreements, designated and accounted for as cash flow hedges from inception, matured on October 31, 2021. The Company was 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 was subject to a total interest rate of approximately 3.65%. In exchange, the Company received interest on the notional amount at a variable rate based on the one-month LIBOR rate, subject to a 0.75% floor.

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, inclusive of the related income tax effects. 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 facilities is recognized. The premium paid for each interest rate cap agreement 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.

During the year ended December 31, 2022, the Company entered into foreign currency forward contracts in connection with an acquisition in Australia completed on July 1, 2022. The Company entered into the foreign currency forwards to lock the purchase price in US dollars at closing and mitigate the impact of foreign currency fluctuations between signing of the definitive purchase agreement on May 3, 2022 and closing. The forward contracts had a total notional value of approximately AUD$320 million, which included the expected payments for the purchase price and for letters of credit used to guarantee certain lease arrangements. The cash flows associated with the business combination do not meet the criteria to be designated and accounted for as a cash flow hedge and, as such, foreign currency gains and losses on these forwards are recorded on the consolidated statement of income. During the year ended December 31, 2022, the Company recognized realized losses of $5.9 million in relation to these forwards due to fluctuations in the Australian dollar.

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


		December 31,
Derivative financial instruments	Consolidated balance sheet classification	2022		2021

		(In thousands)
Interest rate caps - asset	Prepaid and other current assets	$	25,464	$	—
Interest rate caps - asset	Other assets	$	28,553	$	8,809

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, 2022
Cash flow hedges	$	53,191	Interest expense — net	$	7,457	$	45,734
Income tax effect	(14,202)		Income tax benefit (expense)	(2,468)		(11,734)
Net of income taxes	$	38,989		$	4,989	$	34,000

Year ended December 31, 2021
Cash flow hedges	$	2,604	Interest expense — net	$	(4,930)	$	7,534
Income tax effect	(695)		Income tax benefit (expense)	1,316		(2,011)
Net of income taxes	$	1,909		$	(3,614)	$	5,523

Year ended December 31, 2020
Cash flow hedges	$	(7,608)	Interest expense — net	$	(4,581)	$	(3,027)
Income tax effect	2,031		Income tax benefit (expense)	1,223		808
Net of income taxes	$	(5,577)		$	(3,358)	$	(2,219)

During the next twelve months, the Company estimates that a net gain of $27.6 million, pre-tax, will be reclassified from accumulated other comprehensive income and recorded to interest expense related to these derivative financial instruments.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Years ended December 31,
	2022		2021		2020

	(In thousands)
United States	$	159,772	$	121,035	$	107,489
Foreign	(47,590)		(30,687)		(91,837)
	$	112,182	$	90,348	$	15,652

The allocation of income before income taxes may fluctuate year to year due to activity within the Bright Horizons consolidated group. Included in the U.S. and foreign income (loss) before income taxes is intercompany interest.

Income tax expense (benefit) consisted of the following:


	Years ended December 31,
	2022		2021		2020

	(In thousands)
Current income tax expense (benefit):
Federal	$	27,627	$	13,240	$	(4,674)
State	10,357		5,078		5,971
Foreign	3,201		6,567		(360)
	41,185		24,885		937
Deferred tax benefit:
Federal	(3,193)		(2,390)		(150)
State	(995)		(566)		(10,971)
Foreign	(5,456)		(2,040)		(1,156)
	(9,644)		(4,996)		(12,277)
Income tax expense (benefit)	$	31,541	$	19,889	$	(11,340)

In 2020, the CARES Act provided a technical correction regarding Qualified Improvement Property (“QIP”) and the election to take bonus depreciation on such property. This correction allowed taxpayers to retroactively accelerate depreciation on QIP. The Federal current and deferred benefit for 2020 included 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,
	2022		2021		2020

	(In thousands)
Federal income tax expense computed at statutory rate	$	23,558	$	18,973	$	3,287
State income tax expense (benefit) — net of federal income tax	8,008		3,140		(4,491)
Valuation allowance — net	3,661		(1,836)		2,116

Tax credits	(899)		(988)		(279)
Permanent differences and other — net	(733)		3,721		2,167
Change in contingent consideration	—		1,212		—
Stock-based compensation	(1,513)		(6,133)		(12,901)

Change in income tax rate	—		817		(360)


Global Intangible Low-Taxed Income	—		—		(1,418)
Change to uncertain tax positions — net	(61)		438		(510)
Foreign rate differential	(480)		545		1,049
Income tax expense (benefit)	$	31,541	$	19,889	$	(11,340)

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 2022 was 28.1%. Based on the Company’s jurisdictional mix of taxable income, there was no additional federal income tax expense attributable to GILTI for 2022. In 2022, income tax expense was reduced by $2.0 million, net with a $0.5 million tax benefit in state income tax, for the net excess tax benefit associated with the exercise or expiration of stock options and vesting of restricted stock.

The effective income tax rate for 2021 was 22.0%. Based on the Company's jurisdictional mix of taxable income, there was no additional federal income tax expense attributable to GILTI for 2021. Income tax expense was reduced by $7.8 million in 2021 for the excess tax benefits associated with the exercise of stock options and vesting of restricted stock.

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 jurisdiction 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.

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


	December 31,
	2022		2021

	(In thousands)
Deferred tax assets:
Reserve on assets	$	492	$	390
Net operating/capital loss carryforwards	8,340		2,005
Liabilities not yet deductible	11,966		10,042
Deferred revenue	2,963		3,304
Stock-based compensation	18,589		13,322
Operating lease liabilities	252,206		212,201
Other	5,060		4,609
Deferred tax assets	299,616		245,873
Less: valuation allowance	(9,980)		(315)
Total net deferred tax assets	289,636		245,558

Deferred tax liabilities:
Operating lease right-of-use assets	(220,324)		(182,871)
Intangible assets	(84,469)		(80,243)
Hedge/swap liability	(12,653)		—
Depreciation	(22,929)		(30,812)
Total deferred tax liabilities	(340,375)		(293,926)
Net deferred tax liability	$	(50,739)	$	(48,368)

At December 31, 2021, the net deferred tax liability of $48.4 million includes foreign deferred tax assets of $0.1 million, which are included in other assets in the consolidated balance sheet.

At December 31, 2022, the Company has foreign net operating loss carryforwards of $27.8 million, all of which has a valuation allowance offsetting the related deferred tax asset. These net operating losses can be carried forward indefinitely.

During the year ended December 31, 2022, the Company recorded additional valuation allowance of $9.7 million on foreign deferred tax assets, with $6.0 million recorded as part of acquisition accounting. The Company assesses available positive and negative evidence to estimate if there is sufficient future taxable income (inclusive of reversing temporary differences) to recover the existing deferred tax assets. Based on the weight of evidence, the Company determined that it was more likely than not that a portion of the deferred tax assets would not be realized. A $0.2 million valuation allowance remains on U.S. deferred tax assets as of December 31, 2022.

During the year ended December 31, 2021, the Company released a valuation allowance on $1.8 million on foreign deferred tax assets. A $0.3 million valuation allowance remained on U.S. deferred tax assets as of December 31, 2021.

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 $1.1 million related to the state taxes and foreign withholding taxes on approximately $33.9 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,
	2022		2021		2020

	(In thousands)
Beginning balance	$	2,584	$	2,929	$	3,725
Additions for tax positions of prior years	—		343		118

Settlements	(344)		(363)		—
Reductions for tax positions of prior years	—		(55)		—
Lapses of statutes of limitations	(156)		(270)		(854)
Effect of foreign currency adjustments	—		—		(60)
Ending balance	$	2,084	$	2,584	$	2,929

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, 2022, 2021 and 2020. Total interest and penalties accrued as of December 31, 2022 was $1.7 million. In 2022, the Company reduced unrecognized tax benefits by $0.2 million for lapse of statute of limitations, and $0.3 million for settlements with certain states. In 2021, the Company recorded an unrecognized tax benefit of $0.3 million and reduced unrecognized tax benefits by $0.3 million for lapse of statute of limitations, and $0.4 million for settlements with certain states. 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.

The total amount of unrecognized tax benefits that if recognized would affect the Company’s effective tax rate is $3.8 million, inclusive of interest. The unrecognized tax benefits are not expected to change over the next 12 months.

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 2019 through 2021 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, 2022, there was one income tax audit in process and the tax years from 2018 to 2021 are subject to audit.

The Company is also subject to corporate income tax at its subsidiaries located in the United Kingdom, the Netherlands, Australia, India 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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 or prices for similar instruments from active markets, which approximates carrying value. As such, the Company’s long-term debt was classified as Level 2.

Derivative Financial Instruments — The Company’s derivative financial instruments, comprised of interest rate cap agreements and interest rate swap agreements, are recorded at fair value and 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 derivative financial instruments 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 derivative financial instruments, it was not considered a significant input. The fair value of the derivative financial instruments are classified as Level 2. The Company's interest rate swap agreements matured on October 31, 2021. As of December 31, 2022, the fair value of the interest rate cap agreements was $54.1 million, of which $25.5 million was recorded in prepaid expenses and other current assets and $28.6 million was recorded in other assets on the consolidated balance sheet. As of December 31, 2021, the fair value of the interest rate cap agreements was $8.8 million and was recorded in other assets on the consolidated balance sheet.

During the year ended December 31, 2022, the Company recognized realized losses of $5.9 million in relation to these forwards due to fluctuations in the Australian dollar. Refer to Note 12, Credit Arrangements and Debt Obligations, for additional information on the foreign currency forward contracts.

Debt Securities — The Company’s investments in debt securities, which are classified as available-for-sale, consist of U.S. Treasury and U.S. government agency securities and certificates of 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 and are classified as Level 1. As of December 31, 2022, the fair value of the available-for-sale debt securities was $29.6 million and was classified based on the instruments’ maturity dates, with $17.7 million included in prepaid expenses and other current assets and $11.9 million in other assets on the consolidated balance sheet. As of December 31, 2021, the fair value of the available-for-sale debt securities was $29.9 million, with $22.7 million included in prepaid expenses and other current assets and $7.2 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. Liabilities for contingent consideration are measured at fair value each reporting period, with the acquisition-date fair value included as part of the consideration payable for the related business combination and subsequent changes in fair value recorded to selling, general and administrative expenses on the Company’s consolidated statement of income. The fair value of contingent consideration was generally calculated using customary valuation models based on probability-weighted outcomes of meeting certain future performance targets and forecasted results. The key inputs to the valuations are the projections of future financial results in relation to the business and the company-specific discount rates. The Company classified the contingent consideration liabilities as a Level 3 fair value measurement due to the lack of observable inputs used in the model. During the year ended December 31, 2022, contingent consideration liabilities of $19.3 million were paid related to acquisitions completed in 2019 and 2021. The contingent consideration liabilities outstanding as of December 31, 2022 related to acquisitions that occurred in 2021. The contingent consideration liabilities outstanding as of December 31, 2021 related to acquisitions that occurred in 2019 and 2021. Refer to Note 5, Acquisitions, for additional information.

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


	Years ended December 31,
	2022		2021

	(In thousands)
Beginning balance	$	27,474	$	13,721
Contingent consideration issued for acquisitions	—		7,337
Settlements of contingent consideration liabilities	(19,250)		(594)
Changes in fair value	1,305		7,338
Foreign currency translation	(532)		(328)
Ending balance	$	8,997	$	27,474

Nonrecurring Fair Value Estimates — During the year ended December 31, 2022, the Company recognized impairment losses of $14.1 million, of which $11.3 million related to fixed assets and $2.8 million related to operating lease right-of-use assets. During the year ended December 31, 2021, the Company recognized impairment losses of $10.6 million, of which $9.3 million related to fixed assets and $1.3 million related to operating lease right-of-use assets. During the year ended December 31, 2020, the Company recognized impairment losses of $26.2 million, of which $16.2 million related to fixed assets and $10.0 million related to operating lease right-of-use assets. The impairment losses were included in cost of services on the consolidated statement of income and were 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 for the related 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 current economic environment, business prospects and transaction information in the entity’s securities, among other factors considered. The Company classified the equity investment as a Level 3 fair value measurement due to the lack of observable inputs.

- 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, 2022

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

Preferred Stock

The Company has 25 million shares of authorized undesignated preferred stock available 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, 2022 and 2021, 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 $400 million of the Company’s outstanding common stock, effective December 16, 2021. The share repurchase program has no expiration date and replaced the prior June 2018 authorization, of which $0.2 million remained available thereunder. 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, 2022, the Company repurchased 2.0 million shares for $182.3 million. At December 31, 2022, $198.3 million remained available under the repurchase program.

During the year ended December 31, 2021, the Company repurchased 1.6 million shares for $214.1 million. During the year ended December 31, 2020, the Company repurchased 0.2 million shares for $32.2 million.

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, 2022, there were approximately 1.5 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 restricted stock units, which are described below.

Stock-Based Compensation

The Company recognized the impact of stock-based compensation in its consolidated statement of income for the years ended December 31, 2022, 2021, and 2020 and did not capitalize any amounts on the consolidated balance sheet. In the years ended December 31, 2022, 2021, and 2020 the Company recorded stock-based compensation expense of $28.1 million, $23.1 million, and $21.0 million, respectively. Stock-based compensation expense of $26.1 million, $21.0 million, and $19.1 million was recorded in selling, general and administrative expenses in the years ended December 31, 2022, 2021, and 2020, respectively, and $2.0 million, $2.1 million, and $1.9 million was recorded in cost of services, respectively, in the consolidated statement of income in relation to all awards granted under the equity incentive plans. Stock-based compensation expense generated a deferred income tax benefit of $6.5 million, $5.2 million, and $5.5 million in the years ended December 31, 2022, 2021 and 2020, respectively.

The net income tax benefits realized from the exercise or expiration of stock options and vesting of restricted stock in the years ended December 31, 2022, 2021, and 2020 were $2.7 million, $11.8 million, and $20.1 million, respectively, inclusive of net excess tax benefits realized of $2.0 million, $7.8 million, and $16.2 million in the years ended December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, there was $46.2 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 two 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, 2022.

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,
	2022	2021	2020
Expected dividend yield	0.0%	0.0%	0.0%
Expected stock price volatility	35.0%	33.7%	24.7%
Risk free interest rate	1.9%	0.8%	0.8%
Expected life of options (years)	5.5	5.3	5.1
Weighted average fair value per share of options granted during the period	$44.25	$48.64	$35.62

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, 2022 and 2021, the expected life of the options was based on historical exercise behavior for similar awards, giving consideration to the contractual terms, vesting schedules, and expectations of future employee behavior. For grants issued during the year ended December 31, 2020, the expected life of the options was calculated using the simplified method. 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, 2022:


	Weighted Average Remaining Contractual Life (In years)
		Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2022	4.1	2,159,812	$	119.97
Granted		194,782	126.30
Exercised		(200,086)	50.70
Forfeited/Expired		(128,519)	132.87
Outstanding at December 31, 2022	3.7	2,025,989	$	126.60	$	0.1
Exercisable at December 31, 2022	2.5	866,109	$	108.02	$	0.1
Vested and expected to vest at December 31, 2022	3.7	1,944,957	$	125.98	$	0.1

The fair value (pre-tax) of options that vested during the years ended December 31, 2022, 2021, and 2020 was $12.9 million, $16.6 million, and $8.6 million, respectively. The intrinsic value of options exercised during the years ended December 31, 2022, 2021, and 2020 was $12.9 million, $36.4 million, and $60.3 million, respectively. Cash proceeds from the exercise of stock options for the years ended December 31, 2022, 2021, and 2020 were $10.1 million, $30.1 million, and $31.4 million, respectively.

Restricted Stock, Restricted Stock Units, and Performance Restricted 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 year ended December 31, 2022 were $3.1 million, and for each of the years ended December 31, 2021 and 2020 were $7.4 million.

Stock-based compensation expense for restricted stock awards is based on the intrinsic value of the award on the date of grant.

The following table summarizes the restricted stock activity under the Company’s equity plan for the year ended December 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Non-vested restricted stock shares at January 1, 2022	251,336	$	79.87
Granted	47,984	64.41
Vested	(61,951)	65.05

Non-vested restricted stock shares at December 31, 2022	237,369	$	79.85	$	0.5

The fair value of restricted shares vested during the years ended December 31, 2022, 2021, and 2020 was $4.0 million, $5.2 million, and $4.7 million, respectively. The weighted average grant date fair value of restricted shares granted during the years ended December 31, 2022, 2021, and 2020 was $64.41, $81.80, and $87.65, respectively.

Restricted stock units are awarded to certain employees as allowed under the Plan and vest within three years after the date of the award. The awards allow for the issuance of a share of the Company’s common stock for each unit upon vesting. Restricted stock units 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, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Restricted stock units at January 1, 2022	34,793	$	117.13
Granted	374,282	99.91
Converted	(7,692)	77.99
Forfeited	(12,861)	123.35
Restricted stock units at December 31, 2022	388,522	$	101.11	$	24.5

The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2022, 2021, and 2020 was $99.91, $149.09, and $124.82, respectively.

Performance restricted stock units are awarded to certain employees 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 performance 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 restricted stock unit activity under the Company’s equity plan for the year ended December 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Performance restricted stock units at January 1, 2022	26,000	$	137.57


Forfeited	(16,000)	130.62
Performance restricted stock units at December 31, 2022	10,000	$	148.70	$	0.6

There were no performance restricted stock units granted during the year ended December 31, 2022. The weighted average grant date fair value of performance restricted stock units granted during the years ended December 31, 2021 and 2020 was $142.35 and $121.61, respectively. As of December 31, 2022, the performance restricted stock units were not deemed probable of vesting.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHAREThe following tables sets forth the computation of basic and diluted earnings per share using the two-class method:


	Years ended December 31,
	2022		2021		2020

	(In thousands, except share data)
Basic earnings per share:
Net income	$	80,641	$	70,459	$	26,992
Allocation of net income to common stockholders:
Common stock	$	80,298	$	70,154	$	26,876
Unvested participating shares	343		305		116
Net income	$	80,641	$	70,459	$	26,992

Weighted average common shares outstanding:
Common stock	58,344,817		60,312,690		59,533,104
Unvested participating shares	249,263		257,024		255,733
Earnings per common share:
Common stock	$	1.38	$	1.16	$	0.45


	Years ended December 31,
	2022		2021		2020

	(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock	$	80,298	$	70,154	$	26,876
Plus: earnings allocated to unvested participating shares	343		305		116
Less: adjusted earnings allocated to unvested participating shares	(342)		(302)		(114)
Earnings allocated to common stock	$	80,299	$	70,157	$	26,878

Weighted average common shares outstanding:
Common stock	58,344,817		60,312,690		59,533,104
Effect of dilutive securities	145,835		558,709		776,881
Weighted average common shares outstanding — diluted	58,490,652		60,871,399		60,309,985
Earnings per common share:
Common stock	$	1.37	$	1.15	$	0.45

Options outstanding to purchase 2.0 million shares of common stock were excluded from diluted earnings per share for the year ended December 31, 2022, and 0.9 million shares of common stock were excluded from diluted earnings per share for both the years ended December 31, 2021 and 2020, since their effect was anti-dilutive. These options may become dilutive in the future.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

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, 2021	$	(22,332)	$	(4,785)	$	48	$	(27,069)
Other comprehensive income (loss) before reclassifications — net of tax	(15,354)		1,909		(72)		(13,517)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	387		(3,614)		—		(3,227)
Net other comprehensive income (loss)	(15,741)		5,523		(72)		(10,290)
Balance at December 31, 2021	(38,073)		738		(24)		(37,359)
Other comprehensive income (loss) before reclassifications — net of tax	(67,065)		38,989		(214)		(28,290)
Less: amounts reclassified from accumulated other comprehensive income — net of tax	—		4,989		(9)		4,980
Net other comprehensive income (loss)	(67,065)		34,000		(205)		(33,270)
Balance at December 31, 2022	$	(105,138)	$	34,738	$	(229)	$	(70,629)

(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, 2022

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHIC INFORMATION

The Company’s reportable segments are comprised of (1) full service center-based child care, (2) back-up care, and (3) educational advisory and other services. The full service center-based child care segment includes the traditional center-based early education and child care, preschool, and elementary education. The Company’s back-up care segment consists of center-based back-up child care, in-home care for children and adult/elder dependents, school-age camps, virtual tutoring, pet care and self-sourced reimbursed care. The Company’s educational advisory and other services segment consists of tuition assistance and student loan repayment program management, workforce education, related educational advising, college advisory services, and an online marketplace for families and caregivers, which have been aggregated. The Company and its chief operating decision maker evaluate performance based on revenue 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 were as follows:


	Full service center-based child care		Back-up care		Educational advisory and other services		Total

	(In thousands)
Year ended December 31, 2022
Revenue	$	1,493,758	$	409,554	$	117,175	$	2,020,487
Income from operations (1)	12,937		118,788		25,860		157,585

Year ended December 31, 2021
Revenue	$	1,297,208	$	351,103	$	106,996	$	1,755,307
Income (loss) from operations (2)	(8,431)		115,173		22,276		129,018

Year ended December 31, 2020
Revenue	$	1,032,266	$	388,294	$	94,533	$	1,515,093
Income (loss) from operations (3)	(155,382)		182,938		25,778		53,334

(1)For the year ended December 31, 2022, income from operations for the full service center-based child care segment included $14.1 million of impairment losses related to fixed assets and operating lease right-of-use assets, $9.2 million of transaction costs related to acquisitions, and $1.9 million of costs incurred in relation to a cyber incident. Refer to Note 14, Fair Value Measurements, for additional information on impairment losses.

(2)For the year ended December 31, 2021, loss from operations for the full service center-based child care segment included $10.6 million of impairment losses related to fixed assets and operating lease right-of-use assets, and $0.6 million of transaction costs related to acquisitions. Refer to Note 14, Fair Value Measurements, for additional information on impairment losses.

(3)For the year ended December 31, 2020, loss from operations for the full service center-based child care segment included $26.2 million of impairment losses related to fixed assets and operating lease right-of-use assets, and income from operations for the back-up care segment included $2.1 million of impairment losses related to an equity investment. 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 14, Fair Value Measurements, for additional information on impairment losses.

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


	December 31,
	2022		2021		2020

	(In thousands)
North America	$	326,711	$	346,030	$	370,275
International	244,760		252,104		258,482
Total fixed assets	$	571,471	$	598,134	$	628,757

The classification “North America” is comprised of the Company’s United States, Canada and Puerto Rico operations and the classification “International” includes the Company’s United Kingdom, Netherlands, Australia and India operations. On July 1, 2022, the Company acquired Only About Children, an operator of approximately 75 child care centers in Australia. Refer to Note 5, Acquisitions, for additional information. 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 in the United States were substantially all of the fixed assets in North America, and fixed assets in the United Kingdom were $186.5 million, $213.5 million, and $225.0 million at December 31, 2022, 2021, and 2020, respectively. Fixed assets associated with other countries were less than 10% of total fixed assets.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 32
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
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-Name Accounting Standards Codification
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+ Details

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2022
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 401(k) Plan, consisting of Company contributions and plan administrative expenses paid by the Company, totaled approximately $4.5 million, $4.1 million, and $3.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company maintains other defined contribution and defined benefit pension plans that cover eligible employees in the United Kingdom, the Netherlands and Australia. These plans are generally funded by employee and employer contributions. Expense under these plans, including employer contributions, totaled approximately $13.0 million, $10.2 million and $9.3 million for the years ended December 31, 2022, 2021 and 2020, 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 in other assets in the consolidated balance sheet were $0.7 million and $16.0 million, respectively, at December 31, 2022. NQDC Plan liabilities, included in other current and long-term liabilities in the consolidated balance sheet, were $0.7 million and $16.1 million at December 31, 2022, respectively. At December 31, 2021, total investments included in prepaid expenses and other current assets and in other assets in the consolidated balance sheet were $1.0 million, and $16.1 million. respectively. NQDC Plan liabilities, included in other current and long-term liabilities in the consolidated balance sheet, were $1.0 million and $16.2 million at December 31, 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit The Company has 142 letters of credit outstanding used to guarantee certain rent payments for up to $12.3 million. These letters of credit are secured by cash deposits included in other assets in the consolidated balance sheet. Additionally, letters of credit of $5.2 million reduce availability in the revolving credit facility. 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 and records accruals for outstanding legal matters when the Company believes it is probable that a loss has been incurred, and the amount can be reasonably estimated. The Company's accruals for outstanding legal matters are not material, individually or in the aggregate, to the Company's consolidated financial position. Management believes the resolution of such pending legal matters will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows, although the Company cannot predict the ultimate outcome of any such actions. 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 were not material to the consolidated financial statements as of December 31, 2022 and 2021, respectively. The Company’s early education and child care 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 early education and child care centers into compliance.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
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 — Certain reclassifications have been made to prior year amounts within the consolidated statements of cash flows and certain footnotes 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 amounts reported in the consolidated financial statements and footnotes thereto. Actual results may differ from those 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 and equity is translated at the historical rates. 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. 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, 2022 and 2021.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash — Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less from the date of purchase. 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. As of December 31, 2022, $8.6 million in book overdrafts were included in accounts payable and accrued expenses on the consolidated balance sheet. As of December 31, 2021, there were no book overdrafts. The Company’s cash and cash equivalents that are restricted in nature as to withdrawal or usage are classified as restricted cash and are included in prepaid expenses and other current assets and in other assets on the consolidated balance sheet. 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. 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 in the 2022 annual impairment review as of October 1, 2022. The Company performed a qualitative assessment during the annual impairment review as of October 1, 2021, and concluded that it was not more likely than not that the fair value of the Company’s reporting units were less than their carrying amount. No goodwill impairment charges were recorded in the years ended December 31, 2022, 2021, or 2020. 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, 2022, 2021 or 2020 in relation to these 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, generally 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 in the asset group to the estimated undiscounted future cash flows expected to be generated over the remaining useful lives of the asset group. 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 their estimated fair value. The impairment is allocated to the long-lived assets in the asset group 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. The determination of fair value for leased assets includes consideration of market rates and what market participants would pay to use the assets.During the years ended December 31, 2022, 2021 and 2020, the Company recognized impairment losses of $14.1 million, $10.6 million and $26.2 million, respectively, on fixed assets and operating lease right-of-use assets for certain centers where the carrying amount exceeded the fair value.
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 early education and child care, 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, training, supervising and compensating 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 early education and child care 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 accounting 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 are 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, school-age camps, virtual tutoring, pet care and self-sourced reimbursed care. The Company provides back-up care services through the Company’s early education and child care centers, school-age camps and in-home care providers, as well as through the back-up care network and through other providers. 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, to a network of tutoring service providers and third-party pet care providers. Self-sourced reimbursed care is a reimbursement program available to employer sponsors when other care solutions are not available, to provide payments to their employees to assist with the cost of self-sourced dependent care. 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 generally 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 and pet care is based on a fee earned for each transaction processed and is recorded on a net basis as the Company is acting as an agent, and is recognized in the month the transactions are processed. Educational Advisory and Other Services The Company’s educational advisory services consist of tuition assistance and student loan repayment program management, workforce education, and related educational consulting services (“EdAssist”), and college 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 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 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. Additionally, revenue for tuition assistance and student loan repayments is based on a fee earned for each payment processed and is recorded on a net basis as the Company is acting as agent for the processing of the payment from clients to their employees, and is recognized in the month the payments are processed. Revenue for College Coach is recognized over the contract term as college 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, 2022 and 2021, 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 early education and child care centers, corporate offices, call centers, and to a lesser extent, various office equipment, in the United States, the United Kingdom, the Netherlands, and Australia. Most of the leases expire within 10 to 15 years and many contain renewal options and/or termination provisions. As of December 31, 2022 and 2021, there were no material finance leases. 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 interests in a provider of full service center-based child care and back-up care services in Germany and a provider of early education and tutoring in the Netherlands using the equity method.
Debt Securities	Debt Securities — The Company’s investment in debt securities, which are classified as available-for-sale, consist 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, with unrealized gains and losses recorded in accumulated other comprehensive income (loss).
Other Investments	Other Investments — The Company’s investments in equity securities are primarily in limited partnerships. 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.
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. 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 records interest and penalties related to unrecognized tax benefits as a component of 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.
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, 2022

Accounting Policies [Abstract]

Activity in the Allowance for Credit Losses

Activity in the allowance for credit losses was as follows:


	Years ended December 31,
	2022		2021		2020

	(In thousands)
Beginning balance	$	3,006	$	2,357	$	1,226
Provision	1,277		2,725		2,585
Write offs and recoveries	(1,336)		(2,076)		(1,454)
Ending balance	$	2,947	$	3,006	$	2,357

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
North America	$	1,002,406	$	381,849	$	117,175	$	1,501,430
International	491,352		27,705		—		519,057
	$	1,493,758	$	409,554	$	117,175	$	2,020,487
Year ended December 31, 2021
North America	$	859,237	$	326,870	$	106,996	$	1,293,103
International	437,971		24,233		—		462,204
	$	1,297,208	$	351,103	$	106,996	$	1,755,307
Year ended December 31, 2020
North America	$	695,795	$	373,728	$	94,533	$	1,164,056
International	336,471		14,566		—		351,037
	$	1,032,266	$	388,294	$	94,533	$	1,515,093

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Years ended December 31,
	2022		2021		2020

	(In thousands)
Operating lease expense (1)	$	143,234	$	135,318	$	144,553
Variable lease expense (1)	40,522		31,926		28,423
Total lease expense	$	183,756	$	167,244	$	172,976

(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,
	2022	2021
Weighted average remaining lease term (in years)	10	10
Weighted average discount rate	6.7%	5.8%

Maturities of Lease Liabilities

The following table summarizes the maturity of lease liabilities as of December 31, 2022:


	Operating Leases

	(In thousands)
2023	$	138,033
2024	145,912
2025	134,387
2026	126,701
2027	117,714
Thereafter	620,142
Total lease payments	1,282,889
Less imputed interest	(378,394)
Present value of lease liabilities	904,495
Less current portion of operating lease liabilities	(94,092)
Long-term operating lease liabilities	$	810,403

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The purchase price for this acquisition has been allocated based on preliminary estimates of the fair values of the acquired assets and assumed liabilities at the date of acquisition as follows:


	At acquisition date as reported September 30, 2022		Measurement period adjustments		At acquisition date as reported December 31, 2022

	(In thousands)
Cash	$	4,705	$	—	$	4,705
Accounts receivable and prepaid expenses	4,295		81		4,376
Fixed assets	21,702		(953)		20,749
Goodwill	283,466		3,153		286,619
Intangible assets	30,945		(3,377)		27,568
Operating lease right of use assets	156,678		(1,422)		155,256
Total assets acquired	501,791		(2,518)		499,273
Accounts payable and accrued expenses	17,991		249		18,240
Deferred revenue and parent deposits	6,809		(31)		6,778
Deferred tax liabilities	3,392		(3,392)		—
Operating lease liabilities	161,405		564		161,969
Other long-term liabilities	5,458		92		5,550
Total liabilities assumed	195,055		(2,518)		192,537
Purchase price	$	306,736	$	—	$	306,736

Business Acquisition, Pro Forma Information

The following table presents consolidated pro forma revenue as if the acquisition of Only About Children had occurred on January 1, 2021:


	Pro forma (Unaudited)
	Year ended December 31, 2022		Year ended December 31, 2021

	(In thousands)
Revenue	$	2,089,404	$	1,899,037

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

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, 2021	$	1,197,658	$	194,616	$	39,693	$	1,431,967
Additions from acquisitions	39,516		14,557		—		54,073
Adjustments to prior year acquisitions	3,902		—		150		4,052
Effect of foreign currency translation	(7,980)		(387)		—		(8,367)
Balance at December 31, 2021	1,233,096		208,786		39,843		1,481,725
Additions from acquisitions	292,237		—		—		292,237
Adjustments to prior year acquisitions	578		—		—		578
Effect of foreign currency translation	(43,975)		(2,713)		—		(46,688)
Balance at December 31, 2022	$	1,481,936	$	206,073	$	39,843	$	1,727,852

Schedule of Intangible Assets

The Company also has intangible assets, which consisted of the following at December 31, 2022 and 2021:


December 31, 2022:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	12 years	$	398,238	$	(341,918)	$	56,320
Trade names	10 years	19,231		(10,236)		8,995

		417,469		(352,154)		65,315
Indefinite-lived intangible assets:
Trade names	N/A	180,259		—		180,259
		$	597,728	$	(352,154)	$	245,574


December 31, 2021:	Weighted average amortization period	Cost		Accumulated amortization		Net carrying amount

		(In thousands)
Definite-lived intangible assets:
Customer relationships	14 years	$	400,399	$	(332,571)	$	67,828
Trade names	6 years	12,358		(10,150)		2,208

		412,757		(342,721)		70,036
Indefinite-lived intangible assets:
Trade names	N/A	180,996		—		180,996
		$	593,753	$	(342,721)	$	251,032

Estimated Future Amortization Expense

The Company estimates that it will record amortization expense related to intangible assets existing as of December 31, 2022 as follows:


	Estimated amortization expense

	(In thousands)
2023	$	32,692
2024	$	16,534
2025	$	5,631
2026	$	4,579
2027	$	2,310
Thereafter	$	3,569
	$	65,315

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021

	(In thousands)
Interest rate cap derivatives	$	25,464	$	—
Investments in available-for-sale debt securities	17,701		22,712
Prepaid software and licenses	9,272		6,341
Prepaid income taxes	9,035		4,849
Prepaid insurance	7,386		5,810
Prepaid rent and other occupancy costs	4,411		3,581


Other prepaid expenses and current assets	21,047		25,027
	$	94,316	$	68,320

FIXED ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Fixed Assets

Fixed assets consisted of the following:


		December 31,
	Estimated useful lives	2022		2021

	(In years)	(In thousands)
Buildings	20 - 40	$	193,406	$	206,453
Furniture, equipment and software	3 - 10	291,419		282,248
Leasehold improvements	Shorter of the lease term or the estimated useful life	552,722		539,766
Land	—	91,872		102,405
Total fixed assets		1,129,419		1,130,872
Accumulated depreciation		(557,948)		(532,738)
Fixed assets — net		$	571,471	$	598,134

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

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

Schedule of Other Assets

Other assets consisted of the following:


	December 31,
	2022		2021

	(In thousands)
Interest rate cap derivatives	$	28,553	$	8,809
Deferred compensation	15,955		16,173
Prepaid workers compensation	13,084		16,321
Restricted cash	12,158		—
Investments in available-for-sale debt securities	11,858		7,211
Equity-method investments	7,165		6,058



Other assets	15,863		17,888
	$	104,636	$	72,460

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	December 31,
	2022		2021

	(In thousands)
Accrued payroll and employee benefits	$	105,684	$	102,254
Accounts payable	24,648		8,503
Accrued provider fees	18,912		10,815

Accrued insurance liabilities	18,152		19,746
Accrued occupancy costs	11,732		10,826
Other accrued expenses	51,506		45,222
	$	230,634	$	197,366

OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of Other Current Liabilities

Other current liabilities consisted of the following:


	December 31,
	2022		2021

	(In thousands)
Deferred or contingent consideration payable for acquisitions	$	100,610	$	19,219
Customer amounts on deposit	23,000		23,129
Liability for unvested restricted stock	7,211		4,030



Other current liabilities	7,753		16,652
	$	138,574	$	63,030

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Outstanding Borrowings

Long-term debt obligations were as follows:


	December 31,
	2022		2021

	(In thousands)
Term loan B	$	594,000	$	600,000
Term loan A	390,000		400,000
Deferred financing costs and original issue discount	(6,419)		(7,604)
Total debt	977,581		992,396
Less current maturities	(16,000)		(16,000)
Long-term debt	$	961,581	$	976,396

Future Principal Payments of Long-Term Debt

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


	Long-term debt

	(In thousands)
2023	$	16,000
2024	18,500
2025	28,500
2026	351,000
2027	6,000
Thereafter	564,000
Total future principal payments	$	984,000

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	2022		2021

		(In thousands)
Interest rate caps - asset	Prepaid and other current assets	$	25,464	$	—
Interest rate caps - asset	Other assets	$	28,553	$	8,809

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, 2022
Cash flow hedges	$	53,191	Interest expense — net	$	7,457	$	45,734
Income tax effect	(14,202)		Income tax benefit (expense)	(2,468)		(11,734)
Net of income taxes	$	38,989		$	4,989	$	34,000

Year ended December 31, 2021
Cash flow hedges	$	2,604	Interest expense — net	$	(4,930)	$	7,534
Income tax effect	(695)		Income tax benefit (expense)	1,316		(2,011)
Net of income taxes	$	1,909		$	(3,614)	$	5,523

Year ended December 31, 2020
Cash flow hedges	$	(7,608)	Interest expense — net	$	(4,581)	$	(3,027)
Income tax effect	2,031		Income tax benefit (expense)	1,223		808
Net of income taxes	$	(5,577)		$	(3,358)	$	(2,219)

- 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.

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+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income (Loss) before Income Taxes

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


	Years ended December 31,
	2022		2021		2020

	(In thousands)
United States	$	159,772	$	121,035	$	107,489
Foreign	(47,590)		(30,687)		(91,837)
	$	112,182	$	90,348	$	15,652

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:


	Years ended December 31,
	2022		2021		2020

	(In thousands)
Current income tax expense (benefit):
Federal	$	27,627	$	13,240	$	(4,674)
State	10,357		5,078		5,971
Foreign	3,201		6,567		(360)
	41,185		24,885		937
Deferred tax benefit:
Federal	(3,193)		(2,390)		(150)
State	(995)		(566)		(10,971)
Foreign	(5,456)		(2,040)		(1,156)
	(9,644)		(4,996)		(12,277)
Income tax expense (benefit)	$	31,541	$	19,889	$	(11,340)

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,
	2022		2021		2020

	(In thousands)
Federal income tax expense computed at statutory rate	$	23,558	$	18,973	$	3,287
State income tax expense (benefit) — net of federal income tax	8,008		3,140		(4,491)
Valuation allowance — net	3,661		(1,836)		2,116

Tax credits	(899)		(988)		(279)
Permanent differences and other — net	(733)		3,721		2,167
Change in contingent consideration	—		1,212		—
Stock-based compensation	(1,513)		(6,133)		(12,901)

Change in income tax rate	—		817		(360)


Global Intangible Low-Taxed Income	—		—		(1,418)
Change to uncertain tax positions — net	(61)		438		(510)
Foreign rate differential	(480)		545		1,049
Income tax expense (benefit)	$	31,541	$	19,889	$	(11,340)

Components of Net Deferred Tax Liability

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


	December 31,
	2022		2021

	(In thousands)
Deferred tax assets:
Reserve on assets	$	492	$	390
Net operating/capital loss carryforwards	8,340		2,005
Liabilities not yet deductible	11,966		10,042
Deferred revenue	2,963		3,304
Stock-based compensation	18,589		13,322
Operating lease liabilities	252,206		212,201
Other	5,060		4,609
Deferred tax assets	299,616		245,873
Less: valuation allowance	(9,980)		(315)
Total net deferred tax assets	289,636		245,558

Deferred tax liabilities:
Operating lease right-of-use assets	(220,324)		(182,871)
Intangible assets	(84,469)		(80,243)
Hedge/swap liability	(12,653)		—
Depreciation	(22,929)		(30,812)
Total deferred tax liabilities	(340,375)		(293,926)
Net deferred tax liability	$	(50,739)	$	(48,368)

Reconciliation of Unrecognized Tax Benefits

The changes in the unrecognized tax benefits were as follows:


	Years ended December 31,
	2022		2021		2020

	(In thousands)
Beginning balance	$	2,584	$	2,929	$	3,725
Additions for tax positions of prior years	—		343		118

Settlements	(344)		(363)		—
Reductions for tax positions of prior years	—		(55)		—
Lapses of statutes of limitations	(156)		(270)		(854)
Effect of foreign currency adjustments	—		—		(60)
Ending balance	$	2,084	$	2,584	$	2,929

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

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


	Years ended December 31,
	2022		2021

	(In thousands)
Beginning balance	$	27,474	$	13,721
Contingent consideration issued for acquisitions	—		7,337
Settlements of contingent consideration liabilities	(19,250)		(594)
Changes in fair value	1,305		7,338
Foreign currency translation	(532)		(328)
Ending balance	$	8,997	$	27,474

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022	2021	2020
Expected dividend yield	0.0%	0.0%	0.0%
Expected stock price volatility	35.0%	33.7%	24.7%
Risk free interest rate	1.9%	0.8%	0.8%
Expected life of options (years)	5.5	5.3	5.1
Weighted average fair value per share of options granted during the period	$44.25	$48.64	$35.62

Stock Option Activity

The following table summarizes the stock option activity under the Company’s equity plan for the year ended December 31, 2022:


	Weighted Average Remaining Contractual Life (In years)
		Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2022	4.1	2,159,812	$	119.97
Granted		194,782	126.30
Exercised		(200,086)	50.70
Forfeited/Expired		(128,519)	132.87
Outstanding at December 31, 2022	3.7	2,025,989	$	126.60	$	0.1
Exercisable at December 31, 2022	2.5	866,109	$	108.02	$	0.1
Vested and expected to vest at December 31, 2022	3.7	1,944,957	$	125.98	$	0.1

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, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Non-vested restricted stock shares at January 1, 2022	251,336	$	79.87
Granted	47,984	64.41
Vested	(61,951)	65.05

Non-vested restricted stock shares at December 31, 2022	237,369	$	79.85	$	0.5

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, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Restricted stock units at January 1, 2022	34,793	$	117.13
Granted	374,282	99.91
Converted	(7,692)	77.99
Forfeited	(12,861)	123.35
Restricted stock units at December 31, 2022	388,522	$	101.11	$	24.5

Performance Stock Unit Activity

The following table summarizes the performance restricted stock unit activity under the Company’s equity plan for the year ended December 31, 2022:


	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (In millions)
Performance restricted stock units at January 1, 2022	26,000	$	137.57


Forfeited	(16,000)	130.62
Performance restricted stock units at December 31, 2022	10,000	$	148.70	$	0.6

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share, Basic

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


	Years ended December 31,
	2022		2021		2020

	(In thousands, except share data)
Basic earnings per share:
Net income	$	80,641	$	70,459	$	26,992
Allocation of net income to common stockholders:
Common stock	$	80,298	$	70,154	$	26,876
Unvested participating shares	343		305		116
Net income	$	80,641	$	70,459	$	26,992

Weighted average common shares outstanding:
Common stock	58,344,817		60,312,690		59,533,104
Unvested participating shares	249,263		257,024		255,733
Earnings per common share:
Common stock	$	1.38	$	1.16	$	0.45

Earnings Per Share, Diluted


	Years ended December 31,
	2022		2021		2020

	(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock	$	80,298	$	70,154	$	26,876
Plus: earnings allocated to unvested participating shares	343		305		116
Less: adjusted earnings allocated to unvested participating shares	(342)		(302)		(114)
Earnings allocated to common stock	$	80,299	$	70,157	$	26,878

Weighted average common shares outstanding:
Common stock	58,344,817		60,312,690		59,533,104
Effect of dilutive securities	145,835		558,709		776,881
Weighted average common shares outstanding — diluted	58,490,652		60,871,399		60,309,985
Earnings per common share:
Common stock	$	1.37	$	1.15	$	0.45

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2022

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, 2021	$	(22,332)	$	(4,785)	$	48	$	(27,069)
Other comprehensive income (loss) before reclassifications — net of tax	(15,354)		1,909		(72)		(13,517)
Less: amounts reclassified from accumulated other comprehensive income (loss) — net of tax	387		(3,614)		—		(3,227)
Net other comprehensive income (loss)	(15,741)		5,523		(72)		(10,290)
Balance at December 31, 2021	(38,073)		738		(24)		(37,359)
Other comprehensive income (loss) before reclassifications — net of tax	(67,065)		38,989		(214)		(28,290)
Less: amounts reclassified from accumulated other comprehensive income — net of tax	—		4,989		(9)		4,980
Net other comprehensive income (loss)	(67,065)		34,000		(205)		(33,270)
Balance at December 31, 2022	$	(105,138)	$	34,738	$	(229)	$	(70,629)

(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, 2022

Segment Reporting [Abstract]

Revenue and Income (Loss) from Operations by Segment

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


	Full service center-based child care		Back-up care		Educational advisory and other services		Total

	(In thousands)
Year ended December 31, 2022
Revenue	$	1,493,758	$	409,554	$	117,175	$	2,020,487
Income from operations (1)	12,937		118,788		25,860		157,585

Year ended December 31, 2021
Revenue	$	1,297,208	$	351,103	$	106,996	$	1,755,307
Income (loss) from operations (2)	(8,431)		115,173		22,276		129,018

Year ended December 31, 2020
Revenue	$	1,032,266	$	388,294	$	94,533	$	1,515,093
Income (loss) from operations (3)	(155,382)		182,938		25,778		53,334

Fixed Assets by Geographic Region

Fixed assets by geographic region were as follows:


	December 31,
	2022		2021		2020

	(In thousands)
North America	$	326,711	$	346,030	$	370,275
International	244,760		252,104		258,482
Total fixed assets	$	571,471	$	598,134	$	628,757

ORGANIZATION (Details) - center		12 Months Ended
ORGANIZATION (Details) - center	Jul. 01, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Number of childcare and early education centers operated		1,078
Childcare and early education centers open		99.00%
Only About Children
Business Acquisition [Line Items]
Number of centers acquired	75

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) center	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Line Items]
Book overdrafts	$ 8,600,000	$ 0
Estimated fair value for each reporting unit, forecast period	10 years
Goodwill impairment loss	$ 0	0	$ 0
Intangible assets impairment loss	0	0	0
Available-for-sale debt securities	29,600,000	29,900,000
Debt securities, available-for-sale, amortized cost	29,800,000	30,000,000
Equity investments	5,100,000	4,600,000
Equity method investment impairment			2,100,000
Governmental assistance, reduction to cost of services	86,800,000	50,900,000	83,500,000
Reduction of operating subsidies for the related child care centers	31,700,000	16,000,000	14,600,000
Deferred revenue, revenue recognized	254,200,000	187,100,000	184,600,000
Payroll tax deferrals		7,000,000
Tuition Support
Accounting Policies [Line Items]
Deferred revenue, revenue recognized	5,500,000
Prepaid expenses and other current assets
Accounting Policies [Line Items]
Available-for-sale debt securities	17,700,000	22,700,000
Due from government assistance programs	1,200,000	3,300,000
Other current liabilities
Accounting Policies [Line Items]
Government support, deferred liability	4,600,000	3,900,000
Accounts payable and accrued liabilities
Accounting Policies [Line Items]
Payroll tax deferrals	0
Other assets
Accounting Policies [Line Items]
Available-for-sale debt securities	11,900,000	7,200,000
Provider of full service child care and back-up care service
Accounting Policies [Line Items]
Equity method investment	7,200,000	6,100,000
Full service center-based child care
Accounting Policies [Line Items]
Impairment loss	$ 14,100,000	$ 10,600,000	$ 26,200,000
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
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
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	2 years
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,006	$ 2,357	$ 1,226
Provision	1,277	2,725	2,585
Write offs and recoveries	(1,336)	(2,076)	(1,454)
Ending balance	$ 2,947	$ 3,006	$ 2,357

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 2,020,487	$ 1,755,307	$ 1,515,093
North America
Disaggregation of Revenue [Line Items]
Revenue	1,501,430	1,293,103	1,164,056
International
Disaggregation of Revenue [Line Items]
Revenue	519,057	462,204	351,037
Full service center-based child care
Disaggregation of Revenue [Line Items]
Revenue	1,493,758	1,297,208	1,032,266
Full service center-based child care \| North America
Disaggregation of Revenue [Line Items]
Revenue	1,002,406	859,237	695,795
Full service center-based child care \| International
Disaggregation of Revenue [Line Items]
Revenue	491,352	437,971	336,471
Back-up care
Disaggregation of Revenue [Line Items]
Revenue	409,554	351,103	388,294
Back-up care \| North America
Disaggregation of Revenue [Line Items]
Revenue	381,849	326,870	373,728
Back-up care \| International
Disaggregation of Revenue [Line Items]
Revenue	27,705	24,233	14,566
Educational advisory and other services
Disaggregation of Revenue [Line Items]
Revenue	117,175	106,996	94,533
Educational advisory and other services \| North America
Disaggregation of Revenue [Line Items]
Revenue	117,175	106,996	94,533
Educational advisory and other services \| International
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)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE RECOGNITION - Additional Information (Details) $ in Thousands		12 Months Ended
	Jul. 01, 2022 center	Dec. 31, 2022 USD ($) center	Dec. 31, 2021 USD ($) center	Dec. 31, 2020 USD ($)
Disaggregation of Revenue [Line Items]
Revenue		$ 2,020,487	$ 1,755,307	$ 1,515,093
Deferred revenue, revenue recognized		254,200	187,100	184,600
Only About Children
Disaggregation of Revenue [Line Items]
Number of centers acquired \| center	75
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue		$ 325,800	$ 334,900	$ 243,600
Canada
Disaggregation of Revenue [Line Items]
Number of centers divested \| center		2	2

- Definition

+ References

+ Details

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 143,234	$ 135,318	$ 144,553
Variable lease expense	40,522	31,926	28,423
Total lease expense	$ 183,756	$ 167,244	$ 172,976

LEASES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Impairment loss on operating lease right-of use assets	$ 2.8	$ 1.3	$ 10.0
Operating lease not yet commenced	$ 28.7
Minimum
Lessee, Lease, Description [Line Items]
Operating lease not yet commenced term	12 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, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term (in years)	10 years	10 years
Weighted average discount rate	6.70%	5.80%

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 138,033
2024	145,912
2025	134,387
2026	126,701
2027	117,714
Thereafter	620,142
Total lease payments	1,282,889
Less imputed interest	(378,394)
Present value of lease liabilities	904,495
Less current portion of operating lease liabilities	(94,092)	$ (87,341)
Long-term operating lease liabilities	$ 810,403	$ 703,911

ACQUISITIONS (Details) $ in Thousands, $ in Millions			3 Months Ended		6 Months Ended	12 Months Ended
ACQUISITIONS (Details) $ in Thousands, $ in Millions	Jul. 01, 2022 USD ($) center	Jul. 01, 2022 AUD ($) center	Dec. 31, 2022 USD ($)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) center acquisition	Dec. 31, 2021 USD ($) center acquisition business	Dec. 31, 2020 USD ($) center business	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired						$ 210,409	$ 53,895	$ 8,254
Goodwill			$ 1,727,852		$ 1,727,852	1,727,852	1,481,725	1,431,967
Payment for contingent consideration						13,865	594	1,238
Consideration payable			97,653		97,653	97,653	$ 7,337	0
Forward Contracts
Business Acquisition [Line Items]
Loss on derivative						$ 5,900
Maximum
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period						17 years
Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period						12 years	14 years
Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets amortization period						10 years	6 years
Only About Children
Business Acquisition [Line Items]
Number of centers acquired \| center	75	75
Business combination, consideration transferred	$ 310,000	$ 450.0
Payments to acquire business, net of cash acquired	207,000	$ 300.0
Purchase price allocation adjustments	$ 106,500
Purchase price allocation adjustments term	18 months	18 months
Working capital adjustments			1,800	$ 2.6
Business acquisition, transaction costs			9,200		9,200	$ 9,200
Goodwill			286,619		286,619	286,619			$ 283,466
Revenue contributed by acquiree					71,500
Fixed assets			20,749		20,749	20,749			$ 21,702
Only About Children \| Forward Contracts
Business Acquisition [Line Items]
Loss on derivative						5,900
Only About Children \| Other long-term liabilities
Business Acquisition [Line Items]
Present value of the deferred consideration						97,700
Only About Children \| Full service center-based child care
Business Acquisition [Line Items]
Goodwill			286,600		286,600	286,600
Only About Children \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 19,700
Finite-lived intangible assets amortization period	6 years	6 years
Only About Children \| Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 7,900
Finite-lived intangible assets amortization period	11 years	11 years
2022 Acquisitions
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired						$ 6,000
Number of businesses acquired \| acquisition						3
Cash acquired						$ 200
Contingent consideration						$ 200
Contingent consideration term						1 year
Payment for contingent consideration						$ 13,900
2022 Acquisitions \| Full service center-based child care
Business Acquisition [Line Items]
Goodwill			5,600		5,600	5,600
Goodwill, expected tax deductible amount			1,900		1,900	1,900
2022 Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 1,000		$ 1,000	$ 1,000
Finite-lived intangible assets amortization period						4 years
2022 Acquisitions \| United States
Business Acquisition [Line Items]
Number of centers acquired \| center						1
2022 Acquisitions \| United Kingdom
Business Acquisition [Line Items]
Number of centers acquired \| center						1
2022 Acquisitions \| Netherlands
Business Acquisition [Line Items]
Number of centers acquired \| center						1
2021 Acquisitions
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired							$ 53,200
Number of businesses acquired \| business							5
Cash acquired							$ 2,200
Contingent consideration							600
Payment for contingent consideration						$ 200	$ 600
Number of businesses acquired subject to contingent consideration \| acquisition							2
Consideration payable							$ 7,300
Acquisition threshold for contingent consideration \| acquisition							1
Fixed assets							$ 10,100
2021 Acquisitions \| Contingent Consideration, Performance Targets
Business Acquisition [Line Items]
Contingent consideration, maximum value							1,200
2021 Acquisitions \| Full service center-based child care
Business Acquisition [Line Items]
Goodwill							14,600
Goodwill, expected tax deductible amount							3,400
2021 Acquisitions \| Educational advisory and other services
Business Acquisition [Line Items]
Goodwill							39,500
Goodwill, expected tax deductible amount							39,500
2021 Acquisitions \| Trade names
Business Acquisition [Line Items]
Finite-lived intangible assets acquired							$ 5,700
Finite-lived intangible assets amortization period							5 years
2021 Acquisitions \| United States
Business Acquisition [Line Items]
Number of centers acquired \| center							2
2021 Acquisitions \| United Kingdom
Business Acquisition [Line Items]
Number of centers acquired \| center							13
2021 Acquisitions \| Netherlands
Business Acquisition [Line Items]
Number of centers acquired \| center							3
2020 Acquisitions
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired								$ 8,100
Number of businesses acquired \| business								3
Cash acquired								$ 1,300
Payment for contingent consideration								1,200
Consideration payable								100
Fixed assets								4,100
2020 Acquisitions \| Full service center-based child care
Business Acquisition [Line Items]
Goodwill								2,100
2020 Acquisitions \| Educational advisory and other services
Business Acquisition [Line Items]
Goodwill								2,000
Goodwill, expected tax deductible amount								2,000
2020 Acquisitions \| Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired								$ 700
Finite-lived intangible assets amortization period								5 years
2020 Acquisitions \| United States
Business Acquisition [Line Items]
Number of centers acquired \| center								2
2019 Acquisitions
Business Acquisition [Line Items]
Payment for contingent consideration						19,100
Acquisitions in 2021 and 2019
Business Acquisition [Line Items]
Payment for contingent consideration						$ 19,300

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 1,727,852		$ 1,481,725	$ 1,431,967
Only About Children
Business Acquisition [Line Items]
Cash	4,705	$ 4,705
Measurement period adjustments, Cash	0
Accounts receivable and prepaid expenses	4,376	4,295
Measurement period adjustments, Accounts receivable and prepaid expenses	81
Fixed assets and technology acquired	20,749	21,702
Measurement period adjustments, Fixed assets	(953)
Goodwill	286,619	283,466
Measurement period adjustments, Goodwill	3,153
Intangible assets	27,568	30,945
Measurement period adjustments, Intangibles	(3,377)
Operating lease right of use assets	155,256	156,678
Measurement period adjustments, Operating lease right of use assets	(1,422)
Total assets acquired	499,273	501,791
Measurement period adjustments, Total assets acquired	(2,518)
Accounts payable and accrued expenses	18,240	17,991
Measurement period adjustments, accounts payable and accrued expenses	249
Deferred revenue and parent deposits	6,778	6,809
Measurement period adjustments, Deferred revenue and parent deposits	(31)
Deferred tax liabilities	0	3,392
Measurement period adjustments, Deferred tax liabilities	(3,392)
Operating lease liabilities	161,969	161,405
Measurement period adjustments, Operating lease liabilities	564
Other long-term liabilities	5,550	5,458
Measurement period adjustments, Other long-term liabilities	92
Total liabilities assumed	192,537	195,055
Measurement period adjustments, Total liabilities assumed	(2,518)
Purchase price	306,736	$ 306,736
Measurement period adjustments, Purchase price	$ 0

Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	12 Months Ended
Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 2,089,404	$ 1,899,037

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning Balance	$ 1,481,725	$ 1,431,967
Additions from acquisitions	292,237	54,073
Adjustments to prior year acquisitions	578	4,052
Effect of foreign currency translation	(46,688)	(8,367)
Ending Balance	1,727,852	1,481,725
Full service center-based child care
Goodwill [Roll Forward]
Beginning Balance	1,233,096	1,197,658
Additions from acquisitions	292,237	39,516
Adjustments to prior year acquisitions	578	3,902
Effect of foreign currency translation	(43,975)	(7,980)
Ending Balance	1,481,936	1,233,096
Back-up care
Goodwill [Roll Forward]
Beginning Balance	208,786	194,616
Additions from acquisitions	0	14,557
Adjustments to prior year acquisitions	0	0
Effect of foreign currency translation	(2,713)	(387)
Ending Balance	206,073	208,786
Educational advisory and other services
Goodwill [Roll Forward]
Beginning Balance	39,843	39,693
Additions from acquisitions	0	0
Adjustments to prior year acquisitions	0	150
Effect of foreign currency translation	0	0
Ending Balance	$ 39,843	$ 39,843

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Definite-lived intangible assets:
Cost	$ 417,469	$ 412,757
Accumulated amortization	(352,154)	(342,721)
Net carrying amount	65,315	70,036
Intangible Assets
Cost	597,728	593,753
Accumulated amortization	(352,154)	(342,721)
Net carrying amount	245,574	251,032
Trade names
Indefinite-lived intangible assets:
Trade names	$ 180,259	$ 180,996
Customer relationships
Definite-lived intangible assets:
Weighted average amortization period	12 years	14 years
Cost	$ 398,238	$ 400,399
Accumulated amortization	(341,918)	(332,571)
Net carrying amount	56,320	67,828
Intangible Assets
Accumulated amortization	$ (341,918)	$ (332,571)
Trade names
Definite-lived intangible assets:
Weighted average amortization period	10 years	6 years
Cost	$ 19,231	$ 12,358
Accumulated amortization	(10,236)	(10,150)
Net carrying amount	8,995	2,208
Intangible Assets
Accumulated amortization	$ (10,236)	$ (10,150)

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 31,912	$ 29,172	$ 31,652

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 32,692
2024	16,534
2025	5,631
2026	4,579
2027	2,310
Thereafter	3,569
Net carrying amount	$ 65,315	$ 70,036

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest rate cap derivatives	$ 25,464	$ 0
Investments in available-for-sale debt securities	17,701	22,712
Prepaid software and licenses	9,272	6,341
Prepaid income taxes	9,035	4,849
Prepaid insurance	7,386	5,810
Prepaid rent and other occupancy costs	4,411	3,581
Other prepaid expenses and current assets	21,047	25,027
Prepaid expenses and other current assets	$ 94,316	$ 68,320

FIXED ASSETS - Summary of Fixed Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 1,129,419	$ 1,130,872
Accumulated depreciation	(557,948)	(532,738)
Fixed assets — net	571,471	598,134	$ 628,757
Buildings
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 193,406	206,453
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	$ 291,419	282,248
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	$ 552,722	539,766
Land
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 91,872	$ 102,405

FIXED ASSETS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Construction in progress	$ 17.1	$ 16.3
Depreciation expense	$ 74.2	$ 79.7	$ 80.0

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Interest rate cap derivatives	$ 28,553	$ 8,809
Deferred compensation	15,955	16,173
Prepaid workers compensation	13,084	16,321
Restricted cash	12,158	0
Investments in available-for-sale debt securities	11,858	7,211
Equity-method investments	7,165	6,058
Other assets	15,863	17,888
Other assets	$ 104,636	$ 72,460

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Summary of Accounts Payable and Accrued Expenses (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Payables And Accruals [Line Items]
Accrued payroll and employee benefits	$ 105,684,000	$ 102,254,000
Accounts payable	24,648,000	8,503,000
Accrued provider fees	18,912,000	10,815,000
Accrued insurance liabilities	18,152,000	19,746,000
Accrued occupancy costs	11,732,000	10,826,000
Other accrued expenses	51,506,000	45,222,000
Accounts payable and accrued expenses	230,634,000	197,366,000
Payroll tax deferrals		7,000,000
Accrued payroll and employee benefits
Payables And Accruals [Line Items]
Payroll tax deferrals	$ 0	$ 7,000,000

OTHER CURRENT LIABILITIES - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Deferred or contingent consideration payable for acquisitions	$ 100,610	$ 19,219
Customer amounts on deposit	23,000	23,129
Liability for unvested restricted stock	7,211	4,030
Other current liabilities	7,753	16,652
Other current liabilities	$ 138,574	$ 63,030

OTHER CURRENT LIABILITIES - Narrative (Details) - Only About Children - USD ($) $ in Millions		12 Months Ended
	Jul. 01, 2022	Dec. 31, 2022
Other Liabilities [Line Items]
Purchase price allocation adjustments	$ 106.5
Purchase price allocation adjustments term	18 months
Other long-term liabilities
Other Liabilities [Line Items]
Present value of the deferred consideration		$ 97.7

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Senior Secured Credit Facilities (Details)		12 Months Ended
	Nov. 23, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 26, 2021 USD ($)
Debt Instrument [Line Items]
Borrowings under revolving credit facility		$ 295,000,000	$ 0	$ 43,200,000
Loss on extinguishment of debt		0	(2,571,000)	$ 0
Letters of credit outstanding, amount		$ 0
Line of Credit
Debt Instrument [Line Items]
Borrowings under revolving credit facility	$ 1,000,000,000
Repayment of outstanding term loans and related fees and expenses	1,030,000,000.00
Debt issuance costs			7,700,000
Loss on extinguishment of debt			$ (2,600,000)
Effective interest rate for the term loans		6.49%	2.29%
Debt issuance, weighted average interest rate		3.75%	2.51%	2.79%
Line of Credit \| Term Loan B
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 600,000,000	$ 600,000,000
Debt instrument, term	7 years
Percentage of periodic payment	1.00%
Basis spread on variable rate	1.25%
Stated interest rate	2.25%
Line of Credit \| Term Loan B \| Bank Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Line of Credit \| Term Loan B \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit \| Term Loan A
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 400,000,000	400,000,000
Debt instrument, term	5 years
Line of Credit \| Term Loan A \| Quarterly Payment Rate for First Three Years
Debt Instrument [Line Items]
Percentage of periodic payment	2.50%
Line of Credit \| Term Loan A \| Payment Rate in Year Four
Debt Instrument [Line Items]
Percentage of periodic payment	5.00%
Line of Credit \| Term Loan A \| Payment Rate in Year Five
Debt Instrument [Line Items]
Percentage of periodic payment	7.50%
Line of Credit \| Term Loan A \| Bank Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of Credit \| Term Loan A \| Bank Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.0075%
Line of Credit \| Term Loan A \| Eurocurrency \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Line of Credit \| Term Loan A \| Eurocurrency \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.0175%
Line of Credit \| Term Loan A \| Base Rate, Floor Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Line of Credit \| Term Loan A \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 400,000,000
Debt issuance costs					$ 2,100,000
Effective interest rate for the term loans		6.51%
Debt issuance, weighted average interest rate		4.86%	3.75%	4.49%
Outstanding balance under revolving credit facility		$ 84,000,000	$ 0
Letters of credit outstanding, amount		5,200,000
Remaining borrowing capacity		$ 310,800,000
Net leverage ratio		4.25

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Outstanding Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Less current maturities	$ (16,000)	$ (16,000)
Long-term debt	961,581	976,396
Line of Credit
Line of Credit Facility [Line Items]
Deferred financing costs and original issue discount	(6,419)	(7,604)
Total debt	977,581	992,396
Less current maturities	(16,000)	(16,000)
Long-term debt	961,581	976,396
Term Loan B \| Line of Credit
Line of Credit Facility [Line Items]
Term loan	594,000	600,000
Term Loan A \| Line of Credit
Line of Credit Facility [Line Items]
Term loan	$ 390,000	$ 400,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Future Principal Payments of Long-term Debt (Details) - Secured Term Loan $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 16,000
2024	18,500
2025	28,500
2026	351,000
2027	6,000
Thereafter	564,000
Total future principal payments	$ 984,000

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Derivative Financial Instruments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 AUD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	May 31, 2018	Oct. 31, 2017 USD ($)
Derivatives, Fair Value [Line Items]
Derivative, average fixed interest rate (percent)					3.65%
Minimum \| Eurocurrency
Derivatives, Fair Value [Line Items]
Derivative basis spread					0.75%
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 900,000,000	$ 800,000,000
Interest rate cap agreement, threshold for interest rate protection (percent)				1.00%
Interest rate caps \| October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount				$ 300,000,000
Interest rate caps \| October 31, 2023
Derivatives, Fair Value [Line Items]
Derivative, notional amount				$ 500,000,000
Interest rate caps \| October 31, 2025
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 600,000,000
Interest rate cap agreement, threshold for interest rate protection (percent)		2.40%	2.50%
Interest rate caps \| October 31, 2026
Derivatives, Fair Value [Line Items]
Derivative, notional amount			$ 300,000,000
Interest rate cap agreement, threshold for interest rate protection (percent)			2.90%
Interest rate caps \| SOFR
Derivatives, Fair Value [Line Items]
Interest rate cap agreement, threshold for interest rate protection (percent)		0.90%
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, notional amount						$ 500,000,000
Currency Swap
Derivatives, Fair Value [Line Items]
Derivative, notional amount		$ 320
Forward Contracts
Derivatives, Fair Value [Line Items]
Loss on derivative	$ 5,900,000

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Schedule of Derivatives by Balance Sheet Location (Details) - Interest rate caps - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 25,464	$ 0
Other assets
Derivatives, Fair Value [Line Items]
Interest rate caps - asset	$ 28,553	$ 8,809

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS - Effect of Derivatives on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Interest expense — net	$ 39,486	$ 36,099	$ 37,682
Income tax benefit (expense)	31,541	19,889	(11,340)
Net income	80,641	70,459	26,992
Net gain to be reclassified from accumulated other comprehensive loss and recorded to interest expense during the next twelve months	(27,600)
Reclassification out of Accumulated Other Comprehensive Income \| Amount of gain (loss) recognized in other comprehensive income (loss)
Short-term Debt [Line Items]
Net income	38,989	1,909	(5,577)
Reclassification out of Accumulated Other Comprehensive Income \| Amount of gain (loss) recognized in other comprehensive income (loss) \| Cash flow hedges
Short-term Debt [Line Items]
Interest expense — net	53,191	2,604	(7,608)
Reclassification out of Accumulated Other Comprehensive Income \| Amount of gain (loss) recognized in other comprehensive income (loss) \| Income tax effect
Short-term Debt [Line Items]
Income tax benefit (expense)	(14,202)	(695)	2,031
Reclassification out of Accumulated Other Comprehensive Income \| Amount of net gain (loss) reclassified into earnings
Short-term Debt [Line Items]
Net income	4,989	(3,614)	(3,358)
Reclassification out of Accumulated Other Comprehensive Income \| Amount of net gain (loss) reclassified into earnings \| Cash flow hedges
Short-term Debt [Line Items]
Interest expense — net	7,457	(4,930)	(4,581)
Reclassification out of Accumulated Other Comprehensive Income \| Amount of net gain (loss) reclassified into earnings \| Income tax effect
Short-term Debt [Line Items]
Income tax benefit (expense)	(2,468)	1,316	1,223
Reclassification out of Accumulated Other Comprehensive Income \| Total effect on other comprehensive income (loss)
Short-term Debt [Line Items]
Net income	34,000	5,523	(2,219)
Reclassification out of Accumulated Other Comprehensive Income \| Total effect on other comprehensive income (loss) \| Cash flow hedges
Short-term Debt [Line Items]
Interest expense — net	45,734	7,534	(3,027)
Reclassification out of Accumulated Other Comprehensive Income \| Total effect on other comprehensive income (loss) \| Income tax effect
Short-term Debt [Line Items]
Income tax benefit (expense)	$ (11,734)	$ (2,011)	$ 808

INCOME TAXES - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 159,772	$ 121,035	$ 107,489
Foreign	(47,590)	(30,687)	(91,837)
Income before income tax	$ 112,182	$ 90,348	$ 15,652

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income tax expense (benefit):
Federal	$ 27,627	$ 13,240	$ (4,674)
State	10,357	5,078	5,971
Foreign	3,201	6,567	(360)
Current income tax expense (benefit)	41,185	24,885	937
Deferred tax benefit:
Federal	(3,193)	(2,390)	(150)
State	(995)	(566)	(10,971)
Foreign	(5,456)	(2,040)	(1,156)
Deferred income taxes	(9,644)	(4,996)	(12,277)
Income tax expense (benefit)	$ 31,541	$ 19,889	$ (11,340)

INCOME TAXES - Additional Information (Details)	12 Months Ended
INCOME TAXES - Additional Information (Details)	Dec. 31, 2022 USD ($) tax_audit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Line Items]
Tax impact for acceleration of the tax deduction for deprecation			$ 10,000,000
Effective income tax rate (percentage)	(28.10%)	(22.00%)	(72.50%)
GILTI amount, tax expense	$ 0	$ 0
GILTI benefit amount	0	0	$ 1,418,000
Income tax reduction for excess benefits associated with exercise of stock options and vesting of restricted stock	2,000,000	7,800,000	16,200,000
Tax benefit realized from exercise of stock options	2,700,000	11,800,000	20,100,000
Tax benefit related to prior years			3,400,000
Deferred tax liability	50,739,000	48,368,000
Deferred tax assets	299,616,000	245,873,000
Valuation allowance	9,980,000	315,000
Adjustments to prior year acquisitions	578,000	4,052,000
Valuation allowance released		1,800,000
Undistributed earnings of foreign subsidiaries	33,900,000
Interest and penalties accrued related to unrecognized tax benefits	1,700,000
Reduction in unrecognized tax benefit for lapse of statute of limitations	156,000	270,000	854,000
Decrease from settlements	344,000	363,000	$ 0
Unrecognized tax benefits that would impact the effective tax rate	3,800,000
Domestic
Income Tax Disclosure [Line Items]
Valuation allowance	200,000	300,000
Foreign
Income Tax Disclosure [Line Items]
Deferred tax liability		48,400,000
Deferred tax assets		$ 100,000
Net operating loss carryforwards	27,800,000
Valuation allowance	9,700,000
Adjustments to prior year acquisitions	6,000,000
Federal State And Foreign
Income Tax Disclosure [Line Items]
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries	1,100,000
State
Income Tax Disclosure [Line Items]
Tax benefit realized from exercise of stock options	$ 500,000
Number of income tax audits pending \| tax_audit	1

INCOME TAXES - Reconciliation of Federal Statutory Rate to Effective Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income tax expense computed at statutory rate	$ 23,558	$ 18,973	$ 3,287
State income tax expense (benefit) — net of federal income tax	8,008	3,140	(4,491)
Valuation allowance — net	3,661	(1,836)	2,116
Tax credits	(899)	(988)	(279)
Permanent differences and other — net	(733)	3,721	2,167
Change in contingent consideration	0	1,212	0
Stock-based compensation	(1,513)	(6,133)	(12,901)
Change in income tax rate	0	817	(360)
GILTI amount	0	0	(1,418)
Change to uncertain tax positions — net	(61)	438	(510)
Foreign rate differential	(480)	545	1,049
Income tax expense (benefit)	$ 31,541	$ 19,889	$ (11,340)

INCOME TAXES - Components of Net Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Reserve on assets	$ 492	$ 390
Net operating/capital loss carryforwards	8,340	2,005
Liabilities not yet deductible	11,966	10,042
Deferred revenue	2,963	3,304
Stock-based compensation	18,589	13,322
Operating lease liabilities	252,206	212,201
Other	5,060	4,609
Deferred tax assets	299,616	245,873
Less: valuation allowance	(9,980)	(315)
Total net deferred tax assets	289,636	245,558
Deferred tax liabilities:
Operating lease right-of-use assets	(220,324)	(182,871)
Intangible assets	(84,469)	(80,243)
Hedge/swap liability	(12,653)	0
Depreciation	(22,929)	(30,812)
Total deferred tax liabilities	(340,375)	(293,926)
Net deferred tax liability	$ (50,739)	$ (48,368)

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 2,584	$ 2,929	$ 3,725
Additions for tax positions of prior years	0	343	118
Settlements	(344)	(363)	0
Reductions for tax positions of prior years	0	(55)	0
Lapses of statutes of limitations	(156)	(270)	(854)
Effect of foreign currency adjustments	0	0	(60)
Ending balance	$ 2,084	$ 2,584	$ 2,929

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap derivatives	$ 25,464	$ 0
Interest rate cap derivatives	28,553	8,809
Available-for-sale debt securities	29,600	29,900
Impairment loss on operating lease right-of use assets	$ 2,800	$ 1,300	$ 10,000
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (loss) from operations	Income (loss) from operations	Income (loss) from operations
Equity method investment impairment			$ 2,100
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other assets
Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements of contingent consideration	$ 19,250	$ 594
Full service center-based child care
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss	14,100	10,600	26,200
Fixed asset impairment	11,300	9,300	$ 16,200
Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	17,700	22,700
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	11,900	7,200
Interest rate caps \| Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps - asset	25,464	0
Interest rate caps \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps - asset	28,553	8,809
Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss on derivative	5,900
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	54,100	$ 8,800
Fair Value, Inputs, Level 2 \| Estimate of Fair Value Measurement \| Interest rate caps \| Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	25,500
Fair Value, Inputs, Level 2 \| Estimate of Fair Value Measurement \| Interest rate caps \| Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 28,600

FAIR VALUE MEASUREMENTS - Roll Forward of Level 3 Fair Value Measurements (Details) - Contingent consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance	$ 27,474	$ 13,721
Contingent consideration issued for acquisitions	0	7,337
Settlements of contingent consideration liabilities	(19,250)	(594)
Changes in fair value	1,305	7,338
Foreign currency translation	(532)	(328)
Ending balance	$ 8,997	$ 27,474

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)			12 Months Ended
	Apr. 21, 2020	May 29, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 16, 2021	Dec. 31, 2012
Shareholders Equity And Share Based Payments [Line Items]
Number of preferred stock issuable by BOD (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
Value of shares authorized to be repurchased by BOD						$ 400,000,000
Remaining authorized repurchase amount			$ 198,300,000			$ 200,000
Shares repurchased during the period (in shares)			2,000,000	1,600,000	200,000
Shares repurchased			$ 182,300,000	$ 214,100,000	$ 32,200,000
Omnibus Incentive Plan
Shareholders Equity And Share Based Payments [Line Items]
Shares authorized for issuance (in shares)		7,400,000					5,000,000
Additional shares authorized (in shares)		2,400,000
Shares available for grant (in shares)			1,500,000
Private Placement
Shareholders Equity And Share Based Payments [Line Items]
Shares of common stock issued (in shares)	2,138,580
Common stock, par value (in dollars per shares)	$ 0.001
Offering price per share (in dollars per share)	$ 116.90
Net proceeds from offering	$ 249,800,000
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]
Number of preferred stock issuable by BOD (in shares)			25,000,000

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 28.1	$ 23.1	$ 21.0
Income tax benefit related to share based compensation	6.5	5.2	5.5
Tax benefit realized from exercise of stock options	2.7	11.8	20.1
Income tax reduction for excess benefits associated with exercise of stock options and vesting of restricted stock	$ 2.0	7.8	16.2
Share-based awards classified liability (in shares)	0
Fair value of options that vested	$ 12.9	16.6	8.6
Proceeds from issuance of common stock upon exercise of options and restricted stock upon purchase	10.1	30.1	31.4
Proceeds from issuance of restricted stock	3.1	3.1	7.4
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, exercises in period, intrinsic value	$ 12.9	36.4	60.3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of price of Common Stock that preferred shares sold for (percentage)	50.00%
Fair value of restricted stock vested in period	$ 4.0	$ 5.2	$ 4.7
Granted (in dollars per share)	$ 64.41
Award vesting period	3 years
Restricted Stock \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 64.41	$ 81.80	$ 87.65
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 99.91
Award vesting period	3 years
Restricted Stock Units (RSUs) \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Restricted Stock Units (RSUs) \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 99.91	149.09	124.82
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 142.35	$ 121.61
Award vesting period	5 years
2008 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, unrecognized compensation cost	$ 46.2
Requisite service period	2 years
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration	7 years
Requisite service period	5 years
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 26.1	$ 21.0	$ 19.1
Cost of Sales
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2.0	$ 2.1	$ 1.9

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Weighted Average Assumptions for Fair Value of Stock Option (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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)	35.00%	33.70%	24.70%
Risk free interest rate (percentage)	1.90%	0.80%	0.80%
Expected life of options (years)	5 years 6 months	5 years 3 months 18 days	5 years 1 month 6 days
Weighted average fair value per share of options granted during the period (in dollars per share)	$ 44.25	$ 48.64	$ 35.62

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Stock Option Activity Under Equity Plan (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Line Items]
Weighted Average Remaining Contractual Life in Years, stock options outstanding	3 years 8 months 12 days	4 years 1 month 6 days
Weighted Average Remaining Contractual Life in Years, exercisable stock options	2 years 6 months
Weighted Average Remaining Contractual Life in Years, stock options vested and expected to vest	3 years 8 months 12 days
Number of Options
Outstanding at beginning of period (in shares)	2,159,812
Granted (in shares)	194,782
Exercised (in shares)	(200,086)
Forfeited/Expired (in shares)	(128,519)
Outstanding at end of period (in shares)	2,025,989	2,159,812
Exercisable at end of period (in shares)	866,109
Vested and expected to vest (in shares)	1,944,957
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 119.97
Granted (in dollars per share)	126.30
Exercised (in dollars per share)	50.70
Forfeited/Expired (in dollars per share)	132.87
Outstanding at end of period (in dollars per share)	126.60	$ 119.97
Exercisable at end of period (in dollars per share)	108.02
Vested and expected to vest at end of period (in dollars per share)	$ 125.98
Aggregate Intrinsic Value (In millions)
Outstanding at end of period	$ 0.1
Exercisable at end of period	0.1
Vested and expected to vest at end of period	$ 0.1

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	251,336
Granted (in shares) \| shares	47,984
Vested (in shares) \| shares	(61,951)
Ending balance (in shares) \| shares	237,369
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share) \| $ / shares	$ 79.87
Granted (in dollars per share) \| $ / shares	64.41
Vested (in dollars per share) \| $ / shares	65.05
End of period (in dollars per share) \| $ / shares	$ 79.85
Aggregate Intrinsic Value (In millions) \| $	$ 0.5

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, 2022 USD ($) $ / shares shares
Number of Shares
Restricted stock units, beginning of period (in shares) \| shares	34,793
Granted (in shares) \| shares	374,282
Converted (in shares) \| shares	(7,692)
Forfeited (in shares) \| shares	(12,861)
Restricted stock units, period end (in shares) \| shares	388,522
Weighted Average Grant Date Fair Value
Restricted stock units, beginning of period (in dollars per share) \| $ / shares	$ 117.13
Granted (in dollars per share) \| $ / shares	99.91
Converted (in dollars per share) \| $ / shares	77.99
Forfeited (in dollars per share) \| $ / shares	123.35
Restricted stock units, period end (in dollars per share) \| $ / shares	$ 101.11
Aggregate Intrinsic Value (In millions) \| $	$ 24.5

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Performance Stock Unit Activity (Details) - Performance Stock Units $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	26,000
Forfeited (in shares) \| shares	(16,000)
Ending balance (in shares) \| shares	10,000
Weighted Average Grant Date Fair Value
Beginning of period (in dollars per share) \| $ / shares	$ 137.57
Forfeited (in dollars per share) \| $ / shares	130.62
End of period (in dollars per share) \| $ / shares	$ 148.70
Aggregate Intrinsic Value (In millions) \| $	$ 0.6

STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION - Performance Stock Units Narrative (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Granted (in dollars per share)		$ 142.35	$ 121.61

EARNINGS PER SHARE - Computation of Basic Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Calculation Of Numerator And Denominator In Earnings Per Share [Line Items]
Net income	$ 80,641	$ 70,459	$ 26,992
Allocation of net income to common stockholders:
Common stock	80,298	70,154	26,876
Unvested participating shares	343	305	116
Net income	$ 80,641	$ 70,459	$ 26,992
Weighted average common shares outstanding:
Weighted average common shares outstanding (in shares)	58,344,817	60,312,690	59,533,104
Earnings per common share:
Common stock (in dollars per share)	$ 1.38	$ 1.16	$ 0.45
Unvested Participating Shares
Weighted average common shares outstanding:
Weighted average common shares outstanding (in shares)	249,263	257,024	255,733

EARNINGS PER SHARE - Computation of Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings allocated to common stock	$ 80,298	$ 70,154	$ 26,876
Plus: earnings allocated to unvested participating shares	343	305	116
Less: adjusted earnings allocated to unvested participating shares	(342)	(302)	(114)
Earnings allocated to common stock	$ 80,299	$ 70,157	$ 26,878
Weighted average common shares outstanding:
Common stock (in shares)	58,344,817	60,312,690	59,533,104
Effect of dilutive securities (in shares)	145,835	558,709	776,881
Weighted average common shares outstanding — diluted (in shares)	58,490,652	60,871,399	60,309,985
Earnings per common share:
Common stock (in dollars per share)	$ 1.37	$ 1.15	$ 0.45

EARNINGS PER SHARE - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding to purchase (in shares)	2.0	0.9	0.9

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,179,276	$ 1,283,797	$ 971,268
Other comprehensive income (loss) before reclassifications — net of tax	(28,290)	(13,517)
Less: amounts reclassified from accumulated other comprehensive income — net of tax	4,980	(3,227)
Total other comprehensive income (loss)	(33,270)	(10,290)	23,262
Ending balance	1,080,453	1,179,276	1,283,797
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,359)	(27,069)	(50,331)
Total other comprehensive income (loss)	(33,270)	(10,290)	23,262
Ending balance	(70,629)	(37,359)	(27,069)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38,073)	(22,332)
Other comprehensive income (loss) before reclassifications — net of tax	(67,065)	(15,354)
Less: amounts reclassified from accumulated other comprehensive income — net of tax	0	387
Total other comprehensive income (loss)	(67,065)	(15,741)
Ending balance	(105,138)	(38,073)	(22,332)
Unrealized gain (loss) on cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	738	(4,785)
Other comprehensive income (loss) before reclassifications — net of tax	38,989	1,909
Less: amounts reclassified from accumulated other comprehensive income — net of tax	4,989	(3,614)
Total other comprehensive income (loss)	34,000	5,523
Ending balance	34,738	738	(4,785)
Unrealized gain (loss) on investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(24)	48
Other comprehensive income (loss) before reclassifications — net of tax	(214)	(72)
Less: amounts reclassified from accumulated other comprehensive income — net of tax	(9)	0
Total other comprehensive income (loss)	(205)	(72)
Ending balance	$ (229)	$ (24)	$ 48

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: 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(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: 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(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: 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(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

SEGMENT AND GEOGRAPHIC INFORMATION - Revenue and Income (Loss) from Operations by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 2,020,487	$ 1,755,307	$ 1,515,093
Income (loss) from operations	157,585	129,018	$ 53,334
Other expenses, debt Instrument amendment and acquisition related costs	9,200	$ 600
Other expenses, cyber related	$ 1,900
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Income (loss) from operations	Income (loss) from operations	Income (loss) from operations
Full service center-based child care
Segment Reporting Information [Line Items]
Revenue	$ 1,493,758	$ 1,297,208	$ 1,032,266
Impairment loss	14,100	10,600	26,200
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	409,554	351,103	388,294
Educational advisory and other services
Segment Reporting Information [Line Items]
Revenue	117,175	106,996	94,533
Operating Segments \| Full service center-based child care
Segment Reporting Information [Line Items]
Revenue	1,493,758	1,297,208	1,032,266
Income (loss) from operations	12,937	(8,431)	(155,382)
Operating Segments \| Back-up care
Segment Reporting Information [Line Items]
Revenue	409,554	351,103	388,294
Income (loss) from operations	118,788	115,173	182,938
Operating Segments \| Educational advisory and other services
Segment Reporting Information [Line Items]
Revenue	117,175	106,996	94,533
Income (loss) from operations	$ 25,860	$ 22,276	$ 25,778

SEGMENT AND GEOGRAPHIC INFORMATION - Fixed Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Fixed assets	$ 571,471	$ 598,134	$ 628,757
North America
Segment Reporting Information [Line Items]
Fixed assets	326,711	346,030	370,275
International
Segment Reporting Information [Line Items]
Fixed assets	$ 244,760	$ 252,104	$ 258,482

SEGMENT AND GEOGRAPHIC INFORMATION - Additional Information (Details) $ in Thousands		12 Months Ended
	Jul. 01, 2022 center	Dec. 31, 2022 USD ($) center	Dec. 31, 2021 USD ($) center	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Fixed assets \| $		$ 571,471	$ 598,134	$ 628,757
Only About Children
Segment Reporting Information [Line Items]
Number of centers acquired \| center	75
Canada
Segment Reporting Information [Line Items]
Number of centers divested \| center		2	2
United Kingdom
Segment Reporting Information [Line Items]
Fixed assets \| $		$ 186,500	$ 213,500	$ 225,000

EMPLOYEE BENEFIT PLANS (Details) - USD ($)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Stock-based compensation expense	$ 28,100,000	$ 23,100,000	$ 21,000,000
Current investments held to offset NQDC liabilities	700,000	1,000,000
Noncurrent investments held to offset NQDC liabilities	16,000,000	16,100,000
NQDC Plan current liabilities	700,000	1,000,000
NQDC Plan noncurrent liabilities	16,100,000	16,200,000
United Kingdom and Netherlands
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Stock-based compensation expense	$ 13,000,000	10,200,000	9,300,000
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	$ 4,500,000	$ 4,100,000	$ 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 (Details)	Dec. 31, 2022 USD ($) letterOfCredit
Commitments and Contingencies Disclosure [Abstract]
Number of letters of credit outstanding \| letterOfCredit	142
Letters of credit to guarantee certain rent payments	$ 12,300,000
Letters of credit outstanding, amount	$ 0