Other Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Other Employee Benefit Plans

Other Employee Benefit Plans

The Company sponsors the Strategic Education, Inc. 401(k) Plan, which covers all eligible employees of the Company. Effective January 1, 2022, participants may voluntarily contribute up to $20,500 of their base compensation annually. The Company makes discretionary contributions to participants of the Strategic Education, Inc. 401(k) Plan through a Company match of 100% on the first 2%, and 50% on the next 2%, of the employee contributions, for a maximum company match of 3%. The Company’s contributions to these plans totaled $7.2 million, $7.6 million and $7.4 million for the years ended December 31, 2019, 2020, and 2021, respectively.

Pursuant to local laws, ANZ is required to make contributions on behalf of its employees for post-retirement benefits. In addition, ANZ has recorded a liability for long service leave, an entitlement for which employees meeting certain requirements are eligible for extended paid leave. The Company incurred $1.5 million and $8.4 million in expense related to these arrangements for the benefit of ANZ employees for the years ended December 31, 2020 and 2021, respectively.

In May 1998, the Company adopted the Strayer Education, Inc. Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees may purchase shares of the Company’s common stock, subject to certain limitations, at 90% of its market value at the date of purchase. Purchases are limited to 10% of an employee’s eligible compensation. The aggregate number of shares of common stock that may be made available for purchase by participating employees under the ESPP is 2,500,000 shares. Shares purchased in the open market for employees for the years ended December 31, 2019, 2020, and 2021 were as follows:

	Shares purchased	Average price per share
2019	4,918	$	126.83
2020	7,274	$	112.65
2021	13,065	$	68.94