Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 12, 2024 | Jun. 30, 2023 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CXW | ||
Entity Registrant Name | CORECIVIC, INC. | ||
Entity Central Index Key | 0001070985 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 112,608,075 | ||
Entity Public Float | $ 1,048,718,811 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-16109 | ||
Entity Tax Identification Number | 62-1763875 | ||
Entity Address, Address Line One | 5501 VIRGINIA WAY | ||
Entity Address, City or Town | BRENTWOOD | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37027 | ||
City Area Code | 615 | ||
Local Phone Number | 263-3000 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | MD | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Nashville, Tennessee | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders, currently scheduled to be held on May 16, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 121,845 | $ 149,401 |
Restricted cash | 7,111 | 12,764 |
Accounts receivable, net of credit loss reserve of $6,827 and $8,008, respectively | 312,174 | 312,435 |
Prepaid expenses and other current assets | 26,304 | 32,134 |
Assets held for sale | 7,480 | 6,936 |
Total current assets | 474,914 | 513,670 |
Real estate and related assets: | ||
Property and equipment, net of accumulated depreciation of $1,821,015 and $1,716,283, respectively | 2,114,522 | 2,176,098 |
Other real estate assets | 201,561 | 208,181 |
Goodwill | 4,844 | 4,844 |
Other assets | 309,558 | 341,976 |
Total assets | 3,105,399 | 3,244,769 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 285,857 | 285,226 |
Current portion of long-term debt | 11,597 | 165,525 |
Total current liabilities | 297,454 | 450,751 |
Long-term debt, net | 1,083,476 | 1,084,858 |
Deferred revenue | 18,315 | 22,590 |
Non-current deferred tax liabilities | 96,915 | 99,618 |
Other liabilities | 131,673 | 154,544 |
Total liabilities | 1,627,833 | 1,812,361 |
Commitments and contingencies | ||
Preferred stock - $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2023 and 2022, respectively | 0 | 0 |
Common stock - $0.01 par value; 300,000 shares authorized; 112,733 and 114,988 shares issued and outstanding at December 31, 2023 and 2022, respectively | 1,127 | 1,150 |
Additional paid-in capital | 1,785,286 | 1,807,689 |
Accumulated deficit | (308,847) | (376,431) |
Total stockholders' equity | 1,477,566 | 1,432,408 |
Total liabilities and stockholders' equity | $ 3,105,399 | $ 3,244,769 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, credit loss reserve | $ 6,827 | $ 8,008 |
Accumulated depreciation | $ 1,821,015 | $ 1,716,283 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 112,733,000 | 114,988,000 |
Common stock, shares outstanding | 112,733,000 | 114,988,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE | $ 1,896,635 | $ 1,845,329 | $ 1,862,616 |
EXPENSES: | |||
Operating | 1,462,430 | 1,413,792 | 1,337,065 |
General and administrative | 136,084 | 127,700 | 135,770 |
Depreciation and amortization | 127,316 | 127,906 | 134,738 |
Shareholder litigation expense | 0 | 1,900 | 54,295 |
Asset impairments | 2,710 | 4,392 | 11,378 |
Costs and Expenses, Total | 1,728,540 | 1,675,690 | 1,673,246 |
OTHER INCOME (EXPENSE): | |||
Interest expense, net | (72,960) | (84,974) | (85,542) |
Expenses associated with debt repayments and refinancing transactions | (686) | (8,077) | (56,279) |
Gain on sale of real estate assets | 798 | 87,728 | 38,766 |
Other income (expense) | 576 | 986 | (212) |
INCOME BEFORE INCOME TAXES | 95,823 | 165,302 | 86,103 |
Income tax expense | (28,233) | (42,982) | (137,999) |
NET INCOME (LOSS) | $ 67,590 | $ 122,320 | $ (51,896) |
BASIC EARNINGS (LOSS) PER SHARE | $ 0.59 | $ 1.03 | $ (0.43) |
DILUTED EARNINGS (LOSS) PER SHARE | $ 0.59 | $ 1.03 | $ (0.43) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 67,590 | $ 122,320 | $ (51,896) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 127,316 | 127,906 | 134,738 |
Asset impairments | 2,710 | 4,392 | 11,378 |
Amortization of debt issuance costs and other non-cash interest | 4,446 | 5,643 | 7,345 |
Expenses associated with debt repayments and refinancing transactions | 686 | 8,077 | 56,279 |
Deferred income taxes | (2,703) | 11,461 | 99,270 |
Gain on sale of real estate assets | (798) | (87,728) | (38,766) |
Other expenses and non-cash items | 6,294 | 7,337 | 5,830 |
Non-cash revenue and other income | (2,783) | (3,998) | (718) |
Non-cash equity compensation | 20,760 | 17,568 | 18,733 |
Changes in assets and liabilities, net: | |||
Accounts receivable, prepaid expenses and other assets | 6,704 | (35,172) | (10,628) |
Accounts payable, accrued expenses and other liabilities | 1,679 | (24,223) | 31,666 |
Net cash provided by operating activities | 231,901 | 153,583 | 263,231 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Expenditures for facility development and expansions | (4,886) | (23,119) | (18,612) |
Expenditures for other capital improvements | (65,369) | (58,277) | (62,272) |
Net proceeds from sale of assets | 11,068 | 157,680 | 320,754 |
Other investing activities | 313 | (3,246) | (1,447) |
Net cash provided by (used in) investing activities | (58,874) | 73,038 | 238,423 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt and borrowings from credit facility | 250,000 | 100,000 | 740,563 |
Scheduled principal repayments | (9,895) | (15,064) | (35,305) |
Principal repayments of credit facility | (125,000) | 0 | (284,000) |
Repayment of non-recourse mortgage notes | 0 | 0 | (161,930) |
Other repayments of debt | (272,936) | (372,346) | (516,350) |
Payment of debt defeasance, issuance and other refinancing and related costs | (4,632) | (6,402) | (64,987) |
Payment of lease obligations for financing leases | (595) | (578) | (559) |
Contingent consideration for acquisition of businesses | 0 | 0 | (1,000) |
Purchase and retirement of common stock | (43,047) | (79,887) | (1,639) |
Dividends paid | (131) | (886) | (2,508) |
Net cash used in financing activities | (206,236) | (375,163) | (327,715) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (33,209) | (148,542) | 173,939 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 162,165 | 310,707 | 136,768 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 128,956 | 162,165 | 310,707 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Establishment of right of use assets and lease liabilities | 2,551 | 2,096 | 1,483 |
Distributions to non-controlling interest | 0 | 0 | 5,897 |
Cash paid during the period for: | |||
Interest (net of amounts capitalized of $1.0 million, and $0.4 million in 2022 and 2021, respectively) | 81,765 | 90,815 | 80,587 |
Income taxes paid | $ 25,888 | $ 28,286 | $ 36,477 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest, capitalized interest | $ 1 | $ 0.4 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity | Non-controlling Interest-Operating Partnership |
Balance at Dec. 31, 2020 | $ 1,413,442 | $ 1,196 | $ 1,835,494 | $ (446,519) | $ 1,390,171 | $ 23,271 |
Balance (in shares) at Dec. 31, 2020 | 119,638,000 | |||||
Net income (loss) | (51,896) | (51,896) | (51,896) | |||
Retirement of common stock | (1,639) | $ (2) | (1,637) | (1,639) | ||
Retirement of common stock (in shares) | (220,000) | |||||
Dividends on RSUs | (275) | (275) | (275) | |||
Restricted stock compensation, net of forfeitures | 18,733 | 18,733 | 18,733 | |||
Restricted stock grants | $ 9 | (9) | ||||
Restricted stock grants (in shares) | 867,000 | |||||
Distributions to non-controlling interest | (5,897) | (5,897) | ||||
Termination of operating partnership | 17,374 | 17,374 | $ (17,374) | |||
Balance at Dec. 31, 2021 | 1,372,468 | $ 1,203 | 1,869,955 | (498,690) | 1,372,468 | |
Balance (in shares) at Dec. 31, 2021 | 120,285,000 | |||||
Net income (loss) | 122,320 | 122,320 | 122,320 | |||
Retirement of common stock | (79,887) | $ (71) | (79,816) | (79,887) | ||
Retirement of common stock (in shares) | (7,141,000) | |||||
Dividends on RSUs | (61) | (61) | (61) | |||
Restricted stock compensation, net of forfeitures | 17,568 | 17,568 | 17,568 | |||
Restricted stock grants | $ 18 | (18) | ||||
Restricted stock grants (in shares) | 1,844,000 | |||||
Balance at Dec. 31, 2022 | 1,432,408 | $ 1,150 | 1,807,689 | (376,431) | 1,432,408 | |
Balance (in shares) at Dec. 31, 2022 | 114,988,000 | |||||
Net income (loss) | 67,590 | 67,590 | 67,590 | |||
Retirement of common stock | (43,186) | $ (40) | (43,146) | (43,186) | ||
Retirement of common stock (in shares) | (3,936,000) | |||||
Dividends declared on common stock | (6) | (6) | (6) | |||
Restricted stock compensation, net of forfeitures | 20,760 | 20,760 | 20,760 | |||
Restricted stock grants | $ 17 | (17) | ||||
Restricted stock grants (in shares) | 1,681,000 | |||||
Balance at Dec. 31, 2023 | $ 1,477,566 | $ 1,127 | $ 1,785,286 | $ (308,847) | $ 1,477,566 | |
Balance (in shares) at Dec. 31, 2023 | 112,733,000 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS CoreCivic, Inc. (together with its subsidiaries, the "Company" or "CoreCivic") is the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest prison operators in the United States ("U.S."). Through three segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, the Company provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions. As of December 31, 2023, through its CoreCivic Safety segment, the Company operated 43 correctional and detention facilities, 39 of which the Company owned, with a total design capacity of approximately 65,000 beds. Through its CoreCivic Community segment, the Company owned and operated 23 residential reentry centers with a total design capacity of approximately 5,000 beds. In addition, through its CoreCivic Properties segment, the Company owned 6 properties, with a total design capacity of approximately 10,000 beds. In addition to providing fundamental residential services, CoreCivic's correctional, detention, and reentry facilities offer a variety of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment. These services are intended to help reduce recidivism and to prepare offenders for their successful reentry into society upon their release. CoreCivic also provides or makes available to offenders certain health care (including medical, dental, and mental health services), food services, and work and recreational programs. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include the accounts of CoreCivic on a consolidated basis with its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents CoreCivic considers all liquid deposits and investments with a maturity of three months or less at the time of purchase to be cash equivalents. Restricted Cash Restricted cash at December 31, 2023 and 2022 included deposit accounts totaling $ 7.1 million and $ 12.8 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the Lansing Correctional Facility, as further discussed in Note 10. The restricted cash accounts are required under the terms of the indebtedness securing such property. Accounts Receivable and Credit Loss Reserve At December 31, 2023 and 2022, accounts receivable of $ 312.2 million and $ 312.4 million , respectively, were net of credit loss reserve totaling $ 6.8 million and $ 8.0 million , respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic's properties, including amounts due for operating and managing the Company's correctional, detention, and residential reentry facilities, as well as its electronic monitoring and case management services operations. Accounts receivable are stated at estimated net realizable value. CoreCivic recognizes reserves for credit losses to ensure receivables are not overstated due to uncollectibility. Credit loss reserves are maintained for customers using an expected loss model based on a variety of factors, including the nature of the accounts receivable, risks of loss, length of time receivables are past due, and historical experience. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. Property and Equipment Property and equipment are carried at cost. Assets acquired by CoreCivic in conjunction with acquisitions are recorded at estimated fair market value at the time of purchase. Betterments, renewals and significant repairs that extend the life of an asset are capitalized; other repair and maintenance costs are expensed. Interest is capitalized to the asset to which it relates in connection with the construction or expansion of real estate properties. Construction costs directly associated with the development of a property are capitalized as part of the cost of the development project. Such costs are written-off to expense whenever a project is abandoned. The cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in income. Depreciation is computed over the estimated useful lives of depreciable assets using the straight-line method. Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 10 years Office furniture and fixtures 5 years Other Real Estate Assets Other real estate assets are accounted for in accordance with Accounting Standards Codification ("ASC") 853, "Service Concession Arrangements". ASC 853 stipulates that the facilities subject to the standard may not be accounted for as a lease, nor should the infrastructure used in the service concession arrangement be recognized as property and equipment by the operating entity. Instead, the contracts should be accounted for under the applicable revenue standards. The Company owns four facilities that are accounted for as service concession arrangements. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" and its subsequent corresponding update, ASC 606. For facilities which CoreCivic constructed for the public entity, two separate and distinct performance obligations exist. Service revenue is recognized as provided. All revenues and costs related to the construction of the facilities were recognized upon adoption of ASC 606. Revenue recognized related to the construction of the facilities for which cash has not yet been received is recorded as a contract asset and is amortized and evaluated for impairment on an on-going basis. For facilities contributed to a service contract, the cost of the facility is accounted for as costs to fulfill the service contract and the cost is recognized over the term of the service contract. The costs related to contract assets and costs to fulfill the service contracts are recoverable if the contract is terminated or not renewed due to the existence of residual interest options. Prior to the adoption of ASC 606, other real estate assets were stated at cost, net of accumulated amortization. These assets represent the cost of all infrastructure to be transferred to the public entity grantors should the grantors exercise their residual interest. The costs related to the facilities constructed for a governmental entity were deferred as an other real estate asset, and the deferred costs were amortized in proportion to revenue recognized over the term of the related services arrangement. The costs related to the facilities that were constructed before entering into the service concession arrangement were amortized in proportion to revenue recognized over the term of the related service contract as an investment in the service contract. Accounting for the Impairment of Long-Lived Assets Other Than Goodwill Long-lived assets other than goodwill are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. The Company estimates undiscounted cash flows for each facility with an impairment indicator. An impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets are less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, comparable sales data, discounted cash flows or internal and external appraisals, as applicable. Goodwill Goodwill represents the cost in excess of the fair value of net assets of businesses acquired. As further discussed in Note 3, goodwill is tested for impairment at least annually. Investment in Affiliates Investments in affiliates that are equal to or less than 50%-owned over which CoreCivic can exercise significant influence are accounted for using the equity method of accounting. Investments under the equity method are recorded at cost and subsequently adjusted for contributions, distributions, and net income attributable to the Company's ownership based on the governing agreement. Debt Issuance Costs Debt issuance costs, excluding those costs incurred related to CoreCivic's revolving credit facility, are presented as a direct deduction from the face amount of the related liability on the consolidated balance sheets. Debt issuance costs related to the Company's revolving credit facility are included in other assets on the consolidated balance sheets. Generally, debt issuance costs are capitalized and amortized into interest expense using the interest method, or on a straight-line basis over the term of the related debt, if not materially different than the interest method. Certain debt issuance costs incurred in connection with debt refinancings are charged to expense in accordance with ASC 470-50, "Modifications and Extinguishments". Revenue Recognition Revenue is recognized over time when control of the promised service is transferred to CoreCivic's customers, in an amount that reflects consideration CoreCivic expects to be entitled for those services which is typically in the form of a fixed rate. These services are considered to be a performance obligation and are generally satisfied in one to thirty days depending on the performance obligation. CoreCivic maintains contracts with certain governmental entities to manage their facilities for fixed per diem rates. CoreCivic also maintains contracts with various federal, state, and local governmental entities for the housing of offenders in company-owned facilities at fixed per diem rates or monthly fixed rates. These contracts usually contain expiration dates with renewal options ranging from annual to multi-year renewals. Most of these contracts have current terms that require renewal every two to five years . Additionally, most facility management contracts contain clauses that allow the government agency to terminate a contract without cause and are generally subject to legislative appropriations. CoreCivic generally expects to renew these contracts for periods consistent with the remaining renewal options allowed by the contracts or other reasonable extensions; however, no assurance can be given that such renewals will be obtained. Fixed monthly rate revenue is recorded in the month earned, and fixed per diem revenue, including revenue under those contracts that include guaranteed minimum populations, is recorded based on the per diem rate multiplied by the number of offenders housed or guaranteed during the respective period. Certain of the government agencies also have the authority to audit and investigate CoreCivic's contracts with them. If the agency determines that CoreCivic has improperly allocated costs to a specific contract or otherwise was unable to perform certain contractual services, CoreCivic may not be reimbursed for those costs and could be required to refund the amount of any such costs that have been reimbursed, or to pay liquidated damages. In these instances, the amounts that are required to be returned to the customer are considered to be variable consideration and are classified as reductions to revenue. Lease revenue is recognized in accordance with ASC 842, "Leases". In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Lease incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. Other revenue consists primarily of revenues associated with the Company's electronic monitoring and case management services, as well as ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales. Other revenue is also generated from prisoner transportation services for governmental agencies. Revenue is recorded at a point in time when goods are provided or over time when services are provided. Self-Funded Insurance and Litigation Reserves CoreCivic is self-insured for employee health, workers' compensation, automobile liability claims, and general liability claims. As such, CoreCivic's insurance expense is largely dependent on claims experience and CoreCivic's ability to control its claims experience. CoreCivic accrues the estimated liability for employee health insurance based on its history of claims experience and time lag between the incident date and the date the cost is paid by CoreCivic. CoreCivic accrues the estimated liability for workers' compensation claims based on an actuarially determined liability using a combination of actuarial methods used to project ultimate losses, and the Company's automobile insurance claims based on estimated development factors on claims incurred. The liability for employee health, workers' compensation, and automobile insurance includes estimates for both claims incurred and for claims incurred but not reported. CoreCivic records its best estimate of the probable costs for the resolution of certain claims and legal proceedings in which it is involved, if estimable. In addition, the Company is subject to current and potential future claims and legal proceedings for which little or no accrual has been reflected because the Company's current assessment of the potential exposure is nominal, or because the Company cannot reasonably estimate the amount of loss or range of loss, if any, that may result. These estimates have been developed in consultation with CoreCivic's General Counsel's office and, as appropriate, outside counsel handling these matters, and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. These estimates could change in the future. Income Taxes Income taxes are accounted for under the provisions of ASC 740, "Income Taxes". ASC 740 generally requires CoreCivic to record deferred income taxes for the tax effect of differences between book and tax bases of its assets and liabilities. Deferred income taxes reflect the available net operating losses and the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. Realization of the future tax benefits related to deferred tax assets is dependent on many factors, including CoreCivic's past earnings history, expected future earnings, the character and jurisdiction of such earnings, unsettled circumstances that, if unfavorably resolved, would adversely affect utilization of its deferred tax assets, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. CoreCivic elected to become a taxable C Corporation effective January 1, 2021. CoreCivic operated in compliance with Real Estate Investment Trust ("REIT") requirements for federal income tax purposes from January 1, 2013 through December 31, 2020. During the years the Company elected REIT status, the Company generally was not subject to corporate level federal income tax on taxable income it distributed to its stockholders as long as it met the organizational and operational requirements under the REIT rules. However, certain subsidiaries made an election to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections permitted CoreCivic to engage in certain business activities in which the REIT could not engage directly, so long as these activities were conducted in entities that elected to be treated as TRSs under the Internal Revenue Code of 1986, as amended. A TRS is subject to federal and state income taxes on the income from these activities and therefore, CoreCivic included a provision for taxes in its consolidated financial statements, even in periods it operated as a REIT. CoreCivic's deferred tax assets and liabilities are classified as non-current on the consolidated balance sheets. See Note 12 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities. Income tax contingencies are accounted for under the provisions of ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance prescribed in ASC 740 establishes a recognition threshold of more likely than not that a tax position will be sustained upon examination. The measurement attribute requires that a tax position be measured at the largest amount of benefit that is greater than 50 % likely of being realized upon ultimate settlement. Fair Value of Financial Instruments To meet the reporting requirements of ASC 825, "Financial Instruments", regarding fair value of financial instruments, CoreCivic calculates the estimated fair value of financial instruments using market interest rates, quoted market prices of similar instruments, or discounted cash flow techniques with observable Level 1 inputs for publicly traded debt and Level 2 inputs for all other financial instruments, as defined in ASC 820, "Fair Value Measurement". At December 31, 2023 and 2022, there were no material differences between the carrying amounts and the estimated fair values of CoreCivic's financial instruments, other than as follows (in thousands): December 31, 2023 2022 Carrying Fair Value Carrying Fair Value Note receivable from APM $ 2,886 $ 3,061 $ 2,741 $ 3,076 Debt $ ( 1,106,691 ) $ ( 1,090,326 ) $ ( 1,264,522 ) $ ( 1,247,201 ) Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. Concentration of Credit Risks CoreCivic's credit risks relate primarily to cash and cash equivalents, restricted cash, and accounts receivable. Cash and cash equivalents and restricted cash are primarily held in bank accounts and overnight investments. CoreCivic maintains deposits of cash in excess of federally insured limits with certain financial institutions. CoreCivic's accounts receivable represents amounts due primarily from governmental agencies. CoreCivic's financial instruments are subject to the possibility of loss in carrying value as a result of either the failure of other parties to perform according to their contractual obligations or changes in market prices that make the instruments less valuable. CoreCivic derives its revenues primarily from amounts earned under federal, state, and local government contracts. For each of the years ended December 31, 2023, 2022, and 2021, federal correctional and detention authorities represented 52 %, 54 %, and 56 %, respectively, of CoreCivic's total revenue. Federal correctional and detention authorities consist primarily of U.S. Immigration and Customs Enforcement ("ICE"), the United States Marshals Service ("USMS"), and the Federal Bureau of Prisons ("BOP"). ICE accounted for 30 %, 29 %, and 30 % of total revenue for 2023, 2022, and 2021, respectively. The USMS accounted for 21 %, 22 %, and 23 % of total revenue for 2023, 2022, and 2021, respectively. The BOP accounted for 2 %, 3 %, and 3 % of total revenue for 2023, 2022, and 2021. State revenues from contracts at correctional, detention, and residential reentry facilities that CoreCivic operates represented 39 %, 36 %, and 32 % of total revenue during the years ended December 31, 2023, 2022, and 2021 , respectively. The state of Tennessee generated 10 % of CoreCivic's total revenue in 2023 and 2022, with no other state customer generating 10 % or more of our total revenue in 2023, 2022, or 2021. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, and reentry, the loss or substantial reduction in value of one or more of such contracts could have a material impact on CoreCivic's financial condition and results of operations. On January 26, 2021, President Biden issued the Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities ("Private Prison EO"). The Private Prison EO directs the Attorney General to not renew United States Department of Justice ("DOJ") contracts with privately operated criminal detention facilities. The USMS is an agency of the DOJ that utilizes CoreCivic's facilities and services, and accounted for 21 % of CoreCivic's total revenue for the year ended December 31, 2023. Another federal agency that utilizes CoreCivic's facilities and services, ICE, is not covered by the Private Prison EO, as ICE is an agency of the Department of Homeland Security ("DHS"), not the DOJ. CoreCivic currently has two detention facilities that have direct contracts with the USMS. Because of the lack of alternative bed capacity, one of the contracts was renewed upon its expiration in September 2023 and now expires in September 2028. The second direct contract with the USMS expires in September 2025. It is too early to predict the outcome of the expiration of the contract scheduled to expire in September 2025, and future developments could occur prior to the scheduled expiration date. Accounting for Stock-Based Compensation CoreCivic accounts for restricted stock-based compensation under the recognition and measurement principles of ASC 718, "Compensation-Stock Compensation". CoreCivic amortizes the fair market value as of the grant date of restricted stock unit ("RSU") awards over the vesting period using the straight-line method. The fair market value of performance-based restricted stock units is amortized over the vesting period as long as CoreCivic considers it probable that it will meet the performance criteria. To the extent performance-based RSUs are expected to increase or decrease based on revised estimates of performance, the related expense is adjusted accordingly. If achievement of the performance criteria becomes improbable, an adjustment is made to reverse the expense previously recognized. The Company estimates the number of awards expected to be forfeited and adjusts the estimate when it is likely to change. Leases Leases are accounted for under the provisions of ASU 2016-02, "Leases (Topic 842)" and ASU 2018-11, "Targeted Improvements – Leases (Topic 842)", cumulatively "ASC 842". For finance leases and operating leases, CoreCivic recognizes on the balance sheet a liability to make lease payments and a right-of-use ("ROU") asset representing its right to use the underlying asset for the lease term, with each initially measured at the present value of the lease payments. The Company also applies the "short-term lease exception" permitted by ASC 842 for all classes of underlying assets. With the exception of the South Texas Family Residential Center lease, as further described in Note 5, the Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component. All rental payments associated with the South Texas Family Residential Center lease are classified as operating expenses. For those operating leases that contain renewal options, the Company includes the renewal period in the lease terms, and the related payments are reflected in the ROU asset and lease liability, when it is reasonably certain that a renewal option will be exercised. The ROU asset is included in other assets on the consolidated balance sheets, while the current portion of the lease liability is included in accounts payable and accrued expenses, and the long-term portion of the liability is included in other liabilities on the consolidated balance sheets. Because CoreCivic does not generally have access to the interest rates implicit in its leases, the Company utilizes its incremental borrowing rate, based upon the terms and tenure of each base lease, as the discount rate when calculating the present value of future minimum lease payments for each lease arrangement. For leases where the Company is the lessor, the Company applies the practical expedient provided by ASC 842 to not separate non-lease components from the associated lease component if certain criteria are met for each class of underlying assets. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Non-lease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance ("CAM") and service income associated with tenant work orders to be non-lease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company's business, the identified asset would be the leased real estate. The Company has concluded that the timing and pattern of transfer for non-lease components and the associated lease component are the same. The Company has also determined that the predominant component is the lease component and as such its leases qualify as operating leases. The Company accounts for and presents the lease component and the non-lease component as a single component in revenue. Recent Accounting Pronouncements Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the Securities and Exchange Commission ("SEC") did not, or are not expected to, have a material effect on the Company's results of operations or financial position. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL | 3. GOODWILL ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment", establishes accounting and reporting requirements for goodwill and other intangible assets. Goodwill was $ 4.8 million as of December 31, 2023 and 2022, all of which was related to the Company's CoreCivic Safety segment. CoreCivic performs its impairment tests during the fourth quarter in connection with its annual budgeting process, and whenever circumstances indicate the carrying value of goodwill may not be recoverable. Under the provisions of ASU 2017-04, CoreCivic performs a qualitative assessment to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company performs a quantitative impairment test. If a quantitative test is required, CoreCivic performs an assessment to identify the existence of impairment and to measure the excess of a reporting unit's carrying amount over its fair value by using a combination of various common valuation techniques, including market multiples and discounted cash flows under valuation methodologies that include an income approach and a market approach. The income valuation approach includes certain significant assumptions impacting projected future cash flows, such as projected revenue, projected operating costs, and the weighted average cost of capital, which are affected by expectations about future market or economic conditions. These impairment tests are required to be performed at least annually. |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
REAL ESTATE AND RELATED ASSETS | 4. REAL ESTATE AND RELATED ASSETS At December 31, 2023, CoreCivic owned or controlled via long-term leases 68 correctional, detention, and residential reentry real estate properties, including 6 correctional properties in the Company's CoreCivic Properties segment. At December 31, 2023, CoreCivic also managed four correctional and detention facilities owned by governmental agencies. Property and equipment, at cost, consists of the following (in thousands): December 31, 2023 2022 Land and improvements $ 237,505 $ 238,707 Buildings and improvements 3,193,948 3,169,493 Equipment and software 465,337 445,658 Office furniture and fixtures 38,747 38,523 3,935,537 3,892,381 Less: Accumulated depreciation ( 1,821,015 ) ( 1,716,283 ) $ 2,114,522 $ 2,176,098 Depreciation expense was $ 126.8 million, $ 126.7 million, and $ 132.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Nine of the facilities owned by CoreCivic are subject to options that allow various governmental agencies to purchase those facilities. Certain of these options to purchase are based on a depreciated book value while others are based on a fair market value calculation. Four of the facilities that are subject to options are accounted for in accordance with ASC 853 and are recorded in other real estate assets on the consolidated balance sheets, as further described in Note 2. As of December 31, 2023 and 2022, CoreCivic had $ 201.6 million and $ 208.2 million, respectively in other real estate assets, including $ 134.8 million and $ 136.3 million, respectively, accounted for as a contract cost and $ 66.8 million and $ 71.9 million, respectively, accounted for as costs of fulfilling the related service contract. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | 5. LEASES Lessee As further described in Note 2, CoreCivic accounts for leases in accordance with ASC 842. CoreCivic leases land and buildings from third-party lessors for multiple properties under operating leases that expire over varying dates through 2032. The ROU asset related to these leases amounted to $ 119.8 million and $ 145.5 million at December 31, 2023 and 2022, respectively, while the current portion of the lease liability amounted to $ 25.9 million and $ 24.1 million and the long-term portion of the liability amounted to $ 70.9 million and $ 96.9 million at December 31, 2023 and 2022, respectively. As of December 31, 2023, the weighted-average lease term of the operating leases was 3.5 years, and the weighted average discount rate associated with the operating leases was 6.3 %. CoreCivic leases the South Texas Family Residential Center and the site upon which it was constructed from a third-party lessor. CoreCivic's lease agreement with the lessor is over a base period concurrent with an inter-governmental service agreement ("IGSA") with ICE, which was amended in September 2020 to extend the term of the agreement through September 2026. ICE's termination rights, which permit ICE to terminate the agreement for convenience or non-appropriation of funds, without penalty, by providing CoreCivic with at least a 60 -day notice, were unchanged under the extension. Concurrent with the extension of the amended IGSA, the lease with the third-party lessor for the site was also extended through September 2026. Other terms of the extended lease agreement were unchanged and provide CoreCivic with the ability to terminate the lease if ICE terminates the amended IGSA associated with the facility. Under provisions of ASC 842, CoreCivic determined that the South Texas Family Residential Center lease with the third-party lessor includes a non-lease component for food services representing approximately 44 % of the consideration paid under the lease. The expense incurred for all operating leases, inclusive of short-term and variable leases, but exclusive of the non-lease food services component of the South Texas Family Residential Center lease, was $ 34.2 million, $ 34.2 million, and $ 34.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. The cash payments for operating leases are reflected as cash flows from operating activities on the accompanying consolidated statements of cash flows and cash payments for financing leases are reflected as cash flows from financing activities. Future minimum lease payments as of December 31, 2023 for the Company's operating lease liabilities, inclusive of $ 79.1 million of payments expected to be made under the cancelable lease at the South Texas facility (excluding the non-lease food services component), are as follows (in thousands): 2024 $ 33,372 2025 33,263 2026 25,705 2027 3,579 2028 3,167 Thereafter 8,940 Total future minimum lease payments 108,026 Less amount representing interest ( 11,202 ) Total present value of minimum lease payments $ 96,824 Lessor In addition, through its CoreCivic Properties segment, as of December 31, 2023, the Company owned $ 248.0 million in property and equipment at 6 properties, 5 of which are currently leased to government agencies under operating and finance leases that expire over varying dates through 2040 and some of which contain renewal options. In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Lease incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. See Note 6 for further discussion regarding a 20 -year lease agreement with the Kansas Department of Corrections ("KDOC"). Future minimum lease payments to be received from third-party lessees as of December 31, 2023 for the Company's operating and finance leases are as follows (in thousands): 2024 $ 39,466 2025 28,119 2026 28,542 2027 28,971 2028 29,412 Thereafter 228,343 |
REAL ESTATE TRANSACTIONS
REAL ESTATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
REAL ESTATE TRANSACTIONS | 6. REAL ESTATE TRANSACTIONS Assets Held For Sale and Dispositions During the fourth quarter of 2023, CoreCivic completed the sale of its Augusta Transitional Center, located in Augusta, Georgia and reported in CoreCivic's Properties segment. The sale of the property generated net sales proceeds of $ 4.5 million and resulted in a gain on sale of $ 0.5 million reported in the fourth quarter of 2023. During the third quarter of 2023, CoreCivic sold a vacant parcel of land generating net sales proceeds of $ 0.5 million and resulting in a gain on sale of $ 0.4 million reported in the third quarter of 2023. During the third quarter of 2022, CoreCivic began marketing for sale its Roth Hall Residential Reentry Center and the Walker Hall Residential Reentry Center, both located in Philadelphia, Pennsylvania and reported in CoreCivic's Properties segment. A purchase and sale agreement for these two Philadelphia properties was executed in March 2023. The properties were sold on May 2, 2023, generating net sales proceeds of $ 5.8 million, resulting in a loss on sale of $ 25,000 , which was reported in the second quarter of 2023. As of December 31, 2023, CoreCivic had a facility in its CoreCivic Community segment held for sale. The aggregate carrying value of the property and equipment of this facility, amounting to $ 7.5 million, was reflected as assets held for sale on the Company's consolidated balance sheet as of December 31, 2023. The Company closed on the sale of this property in January 2024 for a gross sales price of $ 8.0 million. On July 25, 2022, CoreCivic entered into a Purchase and Sale Agreement with the Georgia Building Authority for the sale of CoreCivic's McRae Correctional Facility located in McRae, Georgia, and reported in CoreCivic's Safety segment, for a gross sales price of $ 130.0 million. The sale of the McRae facility was completed on August 9, 2022. The sale generated net proceeds of $ 129.7 million, resulting in a gain on sale of $ 77.5 million after transaction costs, which was reported in the third quarter of 2022. CoreCivic had a management contract with the BOP at the McRae facility, which expired on November 30, 2022 and was not renewed. In connection with the sale, CoreCivic and the Georgia Building Authority entered into an agreement to lease the McRae Correctional Facility to CoreCivic through November 30, 2022 to allow the Company to fulfill its obligations to the BOP. In addition, during the full year 2022, CoreCivic completed the sales of three residential reentry centers in Oklahoma and Colorado and reported in CoreCivic's Community segment, two community corrections facilities leased to government agencies in California and reported in CoreCivic's Properties segment, and two undeveloped parcels of land. The sales of these seven properties generated aggregate net sales proceeds of $ 27.3 million, resulting in an aggregate net gain on sale of $ 9.9 million after transaction costs. Pursuant to the agreement to sell the Oklahoma property, in the third quarter of 2022, CoreCivic recognized an impairment charge of $ 3.5 million associated with the facility, based on its fair value less costs to sell. During the full year 2021, CoreCivic completed the sale of five government-leased properties in the Company's Properties segment. The sales of the five properties generated aggregate net proceeds of $ 125.0 million, after the repayment of mortgage debt and other transaction-related costs, resulting in an aggregate net gain on sale of $ 38.7 million. Financing Leasing Transactions On January 24, 2018, CoreCivic entered into a 20 -year lease agreement with the KDOC for a 2,432 -bed correctional facility to be constructed by the Company in Lansing, Kansas. The new facility replaced the Lansing Correctional Facility, Kansas' largest correctional complex for adult male inmates, originally constructed in 1863. CoreCivic will be responsible for facility maintenance throughout the 20 -year term of the lease, at which time ownership will revert to the state of Kansas. Construction of the facility commenced in the first quarter of 2018, and construction was completed in January 2020, at which time the lease commenced. CoreCivic accounts for the lease with the KDOC partially as a financing receivable under ASU 2016-02, "Leases (Topic 842)", with the remaining portion of the lease payments attributable to maintenance services and capital expenditures as revenue streams under ASC 606, "Revenue from Contracts with Customers". As of December 31, 2023 and 2022, the financing receivable was $ 139.0 million an d $ 142.2 million, respectively, recognized in Other Assets on the consolidated balance sheet. During 2023 and 2022, the Lansing Correctional Facility generate d $ 2.6 million a nd $ 2.5 million, respectively, of revenue associated with the non-lease services components of the arrangement, and $ 8.5 million and $ 8.7 million of interest income, respectively. Idle Facilities As of December 31, 2023, CoreCivic had eight idled correctional facilities that are currently available and being actively marketed as solutions to meet the needs of potential customers. The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that could generally be transferred and used at other facilities CoreCivic owns without significant cost (dollars in thousands): Net Carrying Values at Facility 2023 2022 Prairie Correctional Facility $ 13,230 $ 14,165 Huerfano County Correctional Center 14,058 14,580 Diamondback Correctional Facility 33,764 35,587 Marion Adjustment Center 9,968 10,326 Kit Carson Correctional Center 47,638 49,444 West Tennessee Detention Facility 18,568 19,581 Midwest Regional Reception Center 49,736 51,938 North Fork Correctional Facility 60,044 62,737 $ 247,006 $ 258,358 As of December 31, 2023, CoreCivic also had one idled non-core facility in its Safety segment containing 240 beds with an aggregate net book value of $ 2.8 million , and two idled facilities in its Community segment, containing an aggregate of 450 beds with an aggregate net book value of $ 3.4 million . CoreCivic incurred operating expenses at these idled facilities of approximately $ 12.5 million , $ 9.7 million , and $ 7.6 million during the period they were idle for the years ended December 31, 2023, 2022, and 2021, respectively. The amount for 2021 excludes $ 2.2 million of operating expenses incurred at the West Tennessee Detention Facility during the fourth quarter of 2021. The amount for 2022 excludes $ 3.5 million of operating expenses incurred at the West Tennessee Detention Facility and the Midwest Regional Reception Center during the three months ended March 31, 2022. The West Tennessee facility was idled upon the expiration of a USMS contract on September 30, 2021, and the Midwest Regional Reception Center was idled upon the expiration of a USMS contract on December 31, 2021. CoreCivic retained a certain staffing level at both facilities through the first three months of 2022 in order to quickly respond in the event the Company was able to enter into new contracts with government agencies promptly following the contract expirations. The Company also continued to incur expenses related to transportation services provided by staff at the Midwest Regional Reception Center during the first three months of 2022. On December 6, 2022, the Company received notice from the California Department of Corrections and Rehabilitation ("CDCR") of its intent to terminate the lease agreement for the Company's California City Correctional Center by March 31, 2024, due to the state's declining inmate population. As part of its annual budget process for the fiscal year ending June 30, 2024, the California legislature approved funding for the lease through March 31, 2024. The Company has engaged with the state of California regarding the continued utilization of the California City facility by the CDCR. However, the Company can provide no assurance that it will be successful in reaching an agreement for the utilization of the facility beyond March 31, 2024. The Company is also marketing the facility to other potential customers. The Company estimated undiscounted cash flows for each facility with an impairment indicator, including the idle facilities described above. The Company's estimated undiscounted cash flows reflect the Company’s most recent expectations around potential utilization and/or sale of the facilities and projected cash flows based on historical cash flows, cash flows of comparable facilities, and recent contract negotiations for utilization, as applicable. The Company concluded that the estimated undiscounted cash flows exceeded carrying values for each facility as of December 31, 2023 and 2022. CoreCivic evaluates on a quarterly basis market developments for the potential utilization of each of its idle properties in order to identify events that may cause CoreCivic to reconsider its assumptions with respect to the recoverability of book values as compared to undiscounted cash flows. CoreCivic considers the cancellation of a contract in its Safety or Community segment or an expiration and non-renewal of a lease agreement in its CoreCivic Properties segment as indicators of impairment and tests each of the idled properties for impairment when it is notified by the respective customers or tenants that they would no longer be utilizing such property. |
INVESTMENT IN AFFILIATE
INVESTMENT IN AFFILIATE | 12 Months Ended |
Dec. 31, 2023 | |
Agecroft Prison Management Ltd | |
INVESTMENT IN AFFILIATE | 7. INVESTMENT IN AFFILIATE CoreCivic has a 50 % ownership interest in APM, an entity holding the management contract for a correctional facility, HM Prison Forest Bank, under a 25 -year prison management contract with an agency of the United Kingdom government. CoreCivic has determined that its joint venture investment in APM represents a variable interest entity ("VIE") in accordance with ASC 810, "Consolidation" of which CoreCivic is not the primary beneficiary. The Forest Bank facility, located in Salford, England, which was sold in April 2001, was previously constructed and owned by a wholly-owned subsidiary of CoreCivic. All gains and losses under the joint venture are accounted for using the equity method of accounting. During 2000, CoreCivic extended a working capital loan to APM, which has an outstanding balance of $ 2.9 million as of December 31, 2023 and is reported in other assets on the accompanying consolidated balance sheets. For the year ended December 31, 2023, equity in earnings of the joint venture was $ 325,000 . For the years ended December 31, 2022 and 2021, equity in losses of the joint venture was $ 124,000 and $ 138,000 , respectively. The equity in earnings and losses of the joint venture is included in other income (expense) in the consolidated statements of operations. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS | 8. OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2023 2022 Intangible assets, less accumulated amortization 2,307 and $ 2,435 , respectively $ 7,173 $ 7,724 Financing receivable - Kansas lease 138,989 142,214 ROU lease assets 119,773 145,539 Lease incentive assets — 3,529 Debt issuance costs for revolving credit facility, 180 and 765 , respectively 3,397 3,343 Cash equivalents and cash surrender value of life 16,545 15,988 Straight-line rent receivable 1,854 2,378 Insurance receivable 15,966 14,144 Note receivable from APM 2,886 2,741 Other 2,975 4,376 $ 309,558 $ 341,976 The gross carrying amount of intangible assets amounted to $ 9.5 million and $ 10.1 million at December 31, 2023 and 2022, respectively. Amortization expense related to intangible assets was $ 0.5 million, $ 1.3 million, and $ 1.9 million for 2023, 2022, and 2021, respectively, and was reported as depreciation and amortization in the accompanying statement of operations for the respective periods. As of December 31, 2023, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2024 $ 454 2025 454 2026 454 2027 454 2028 454 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 9. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2023 2022 Trade accounts payable $ 72,020 $ 89,683 Accrued salaries and wages 60,918 49,345 Income taxes payable 4,619 2,190 Accrued dividends on RSUs 301 406 Accrued workers' compensation and auto liability 9,223 9,208 Accrued litigation 7,756 6,905 Accrued employee medical insurance 6,640 7,233 Accrued property taxes 25,914 26,460 Accrued interest 14,399 15,733 Lease liabilities 34,353 32,696 Deferred revenue 13,117 10,903 Construction payable 2,044 3,034 Other 34,553 31,430 $ 285,857 $ 285,226 Other long-term liabilities consist of the following (in thousands): December 31, 2023 2022 Intangible contract liability $ 3,869 $ 4,256 Accrued workers' compensation 35,856 33,308 Accrued deferred compensation 14,026 12,992 Lease financing obligation 6,975 7,039 Lease liabilities 70,935 96,918 Other 12 31 $ 131,673 $ 154,544 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
DEBT | 10. DEBT Debt outstanding consists of the following (in thousands): December 31, 2023 2022 Revolving Credit Facility maturing October 2028 . Interest payable periodically at variable interest rates . $ — $ — Term Loan maturing October 2028 . Interest payable periodically . The rate at December 31, 2023 and 2022 8.7 % and 7.5 %, respectively. Unamortized debt issuance costs 1.5 million and $ 1.4 million at December 31, 2023 125,000 96,250 4.625 % Senior Notes. The 4.625% Senior Notes were redeemed February 1, 2023 , as further described below. — 153,754 4.75 % Senior Notes maturing October 2027 . Unamortized debt 1.5 million and $ 1.9 million at 243,068 250,000 8.25 % Senior Notes maturing April 2026 . Unamortized debt 5.8 million and $ 8.7 million at 593,113 614,113 4.43 % Lansing Correctional Center Non-Recourse Mortgage Note January 2040 . Unamortized debt issuance costs amounted 2.6 million and $ 2.8 million at December 31, 2023 145,510 150,405 Total debt 1,106,691 1,264,522 Unamortized debt issuance costs ( 12,052 ) ( 14,763 ) Net unamortized original issue premium 434 624 Current portion of long-term debt ( 11,597 ) ( 165,525 ) Long-term debt, net $ 1,083,476 $ 1,084,858 Bank Credit Facility. On October 11, 2023, CoreCivic entered into a Fourth Amended and Restated Credit Agreement (referred to herein as the "New Bank Credit Facility") in an aggregate principal amount of $ 400.0 million, consisting of a $ 125.0 million term loan (the "Term Loan") and a revolving credit facility with a borrowing capacity of $ 275.0 million (the "Revolving Credit Facility"). The New Bank Credit Facility replaced the Third Amended and Restated Credit Agreement (the "Previous Bank Credit Facility"), which was in an aggregate principal amount of $ 350.0 million and consisted of a term loan with an original principal balance of $ 100.0 million and a revolving credit facility with a borrowing capacity of $ 250.0 .0 million. The New Bank Credit Facility extends the maturity to October 2028 from the May 2026 maturity under the Previous Bank Credit Facility. Consistent with the Previous Bank Credit Facility, the New Bank Credit Facility includes an option to increase the availability under the Revolving Credit Facility and to request term loans from the lenders in an aggregate amount not to exceed the greater of (a) $ 200.0 million and (b) 50 % of consolidated EBITDA for the most recently ended four-quarter period, subject to, among other things, the receipt of commitments for the increased amount. At CoreCivic's option, interest on outstanding borrowings under the New Bank Credit Facility is based on either a base rate plus a margin ranging from 1.75 % to 3.5 %, or at the Secured Overnight Financing Rate ("SOFR") rate plus a margin ranging from 2.75 % to 4.5 % based on the Company’s then-current total leverage ratio (replacing the Bloomberg Short-Term Bank Yield Index ("BSBY") rate under the Previous Bank Credit Facility). The Revolving Credit Facility includes a $ 25.0 million sublimit for swing line loans that enables CoreCivic to borrow at the base rate plus the applicable margin from the Administrative Agent (as defined in the New Bank Credit Facility) on same-day notice. At the closing of the New Bank Credit Facility, CoreCivic received approximately $ 33.8 million of net borrowings before transaction costs as a result of the increased size of the Term Loan, and the Revolving Credit Facility remains unused, except for $ 17.9 million in outstanding letters of credit. CoreCivic recorded a charge of approximately $ 1.0 million during the fourth quarter of 2023 for the write-off of a portion of the pre-existing loan costs associated with the Previous Bank Credit Facility. CoreCivic recorded a charge of approximately $ 0.8 million during the second quarter of 2022 for the write-off of a portion of the pre-existing loan costs associated with the bank credit facility replaced by the Previous Bank Credit Facility. Based on CoreCivic's total leverage ratio, loans under the New Bank Credit Facility at December 31, 2023 bore interest at a base rate plus a margin of 2.25 % or at the SOFR rate plus a margin of 3.25 %, and a commitment fee equal to 0.45 % of the unfunded balance of the Revolving Credit Facility. The Revolving Credit Facility also has a $ 100.0 million sublimit for the issuance of standby letters of credit. As of December 31, 2023 , CoreCivic had no borrowings outstanding under the Revolving Credit Facility. As of December 31, 2023, CoreCivic had $ 17.9 million in letters of credit outstanding, resulting in $ 257.1 million available under the Revolving Credit Facility. The Term Loan requires scheduled quarterly principal payments through October 2028, and is pre-payable without penalty. As of December 31, 2023, the outstanding balance of the Term Loan was $ 125.0 million . Consistent with the Previous Bank Credit Facility, the New Bank Credit Facility requires CoreCivic to meet certain financial covenants, including, without limitation, a total leverage ratio of not more than 4.50 to 1.00, a secured leverage ratio of not more than 2.50 to 1.00, and a fixed charge coverage ratio of not less than 1.75 to 1.00. The Previous Bank Credit Facility also included a $ 100.0 million limit of netting unrestricted cash and cash equivalents when calculating the consolidated total leverage ratio and the consolidated secured leverage ratio. The New Bank Credit Facility was modified to remove the $ 100.0 million limit from those covenants. As of December 31, 2023, CoreCivic was in compliance with all such covenants. Also consistent with the Previous Bank Credit Facility, the New Bank Credit Facility is secured by a pledge of all of the capital stock (or other ownership interests) of CoreCivic's domestic restricted subsidiaries, 65 % of the capital stock (or other ownership interests) of CoreCivic's "first-tier" foreign subsidiaries, all of the accounts receivable of the Company and its domestic restricted subsidiaries, and substantially all of the deposit accounts of the Company and its domestic restricted subsidiaries. In the event that (a) the consolidated total leverage equals or exceeds 4.25 to 1.00 ( 4.00 to 1.00 under the Previous Bank Credit Facility) or (b) the Company incurs certain debt above a specified threshold, each known as a "springing lien" event, certain intangible assets and unencumbered real estate assets that meet a 50 % loan-to-value requirement are required to be added as collateral. The New Bank Credit Facility is consistent with the Previous Bank Credit Facility in that it contains certain covenants that, among other things, limit the incurrence of additional indebtedness, payment of dividends and other customary restricted payments, permitted investments, transactions with affiliates, asset sales, mergers and consolidations, liquidations, prepayments and modifications of other indebtedness, liens and other encumbrances and other matters customarily restricted in such agreements. Also consistent with the Previous Bank Credit Facility, the New Bank Credit Facility is subject to certain cross-default provisions with terms of CoreCivic's other unsecured indebtedness and is subject to acceleration upon the occurrence of a change of control. Senior Notes. Interest on the $ 243.1 million remaining aggregate principal amount of CoreCivic's 4.75 % senior notes issued in October 2017 with an original principal amount of $ 250.0 million (the " 4.75 % Senior Notes") accrues at the stated rate and is payable in April and October of each year. The 4.75 % Senior Notes are scheduled to mature on October 15, 2027 . During 2023, the Company purchased $ 6.9 million principal amount of the 4.75 % Senior Notes through open market purchases, reducing the outstanding balance of the 4.75 % Senior Notes to $ 243.1 million as of December 31, 2023. Interest on the $ 593.1 million remaining aggregate principal amount of CoreCivic's 8.25 % senior notes issued in April and September 2021 with an original principal amount of $ 675.0 million (the " 8.25 % Senior Notes") accrues at the stated rate and is payable in April and October of each year. The 8.25 % Senior Notes are scheduled to mature on April 15, 2026 . During 2022, the Company purchased $ 60.9 million principal amount of the 8.25 % Senior Notes at a weighted average purchase price approximately equal to par through open market purchases. CoreCivic recorded charges of $ 1.2 million during 2022 primarily for the write-off of a pro-rata portion of the pre-existing loan costs associated with these open market purchases. During 2023, the Company purchased an additional $ 21.0 million principal amount of the 8.25 % Senior Notes through open market purchases, reducing the outstanding balance of the 8.25 % Senior Notes to $ 593.1 million as of December 31, 2023. The 2023 purchases of the 4.75 % and 8.25 % Senior Notes were at a weighted average purchase price of 97 % of par, resulting in a net discount of approximately $ 0.7 million recorded as a credit to expenses associated with debt repayments and refinancing transactions. The net discount was partially offset by $ 0.4 million of charges associated with third-party fees and the write-off of a pro-rata portion of the pre-existing loan costs associated with the open market purchases of the 4.75 % and 8.25 % Senior Notes. The 4.75 % Senior Notes and the 8.25 % Senior Notes, collectively referred to herein as the "Senior Notes," are senior unsecured obligations of the Company and are guaranteed by all of the Company's existing and future subsidiaries that guarantee the New Bank Credit Facility. CoreCivic may redeem all or part of the 4.75 % Senior Notes at any time prior to three months before their maturity date at a "make-whole" redemption price, plus accrued and unpaid interest thereon to, but not including, the redemption date. Thereafter, the 4.75 % Senior Notes are redeemable at CoreCivic's option, in whole or in part, at a redemption price equal to 100 % of the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The Company may redeem all or part of the 8.25 % Senior Notes at any time prior to April 15, 2024, in whole or in part, at a "make-whole" redemption price, plus accrued and unpaid interest thereon to, but not including, the redemption date. Thereafter, the 8.25% Senior Notes are redeemable at CoreCivic's option, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 104.125 % beginning on April 15, 2024 and 100 % beginning on April 15, 2025 , plus, in each such case, accrued and unpaid interest thereon to, but not including, the redemption date. On December 22, 2022, CoreCivic delivered an irrevocable notice to the holders of CoreCivic's 4.625 % senior notes issued in April 2013 with an original principal amount of $ 350.0 million (the " 4.625 % Senior Notes") that the Company elected to redeem in full the 4.625 % Senior Notes that remained outstanding on February 1, 2023. During 2021 and 2022, CoreCivic purchased $ 196.2 million of the 4.625 % Senior Notes through privately negotiated transactions and open market purchases. The remaining 4.625 % Senior Notes were redeemed on February 1, 2023 at a redemption price equal to 100 % of the principal amount of the outstanding 4.625 % Senior Notes, which amounted to $ 153.8 million, plus accrued and unpaid interest to, but not including, the redemption date. The Company used a combination of cash on hand and available capacity under its Revolving Credit Facility to fund the redemption. The indentures governing the Senior Notes contain certain customary covenants that, subject to certain exceptions and qualifications, restrict CoreCivic's ability to, among other things, create or permit to exist certain liens and consolidate, merge or transfer all or substantially all of CoreCivic's assets. In addition, if CoreCivic experiences specific kinds of changes in control, CoreCivic must offer to repurchase all or any portion of the Senior Notes. The offer price for the Senior Notes in connection with a change in control would be 101 % of the aggregate principal amount of the notes repurchased plus accrued and unpaid interest, if any, on the notes repurchased to the date of purchase. The indenture related to our 8.25 % Senior Notes additionally limits our ability to incur indebtedness, make restricted payments and investments and prepay certain indebtedness. The Senior Notes are also subject to certain cross-default provisions with certain of CoreCivic's other indebtedness, which includes the New Bank Credit Facility. Lansing Correctional Facility Non-Recourse Mortgage Note. On April 20, 2018, CoreCivic of Kansas, LLC (the "Issuer"), a wholly-owned unrestricted subsidiary of the Company, priced $ 159.5 million in aggregate principal amount of non-recourse senior secured notes of the Issuer (the "Kansas Notes"), in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The private placement closed on June 1, 2018. The Company used the proceeds of the private placement, which were drawn on quarterly funding dates beginning in the second quarter of 2018, to fund construction of the Lansing Correctional Facility, along with costs and expenses of the project. The Kansas Notes have a yield to maturity of 4.43 % and are scheduled to mature in January 2040 , 20 years following completion of the project, which occurred in January 2020 . Principal and interest on the Kansas Notes are payable in quarterly payments, which began in July 2020 and continue until maturity. CoreCivic may redeem all or part of the Kansas Notes at any time upon written notice of not less than 30 days and not more than 60 days prior to the date fixed for such prepayment, with a "make-whole" amount, together with interest on the Kansas Notes accrued to, but not including, the redemption date. CoreCivic capitalized approximately $ 3.4 million of costs associated with the private placement. Because the Issuer has been designated as an unrestricted subsidiary of the Company under terms of the Company's New Bank Credit Facility, the issuance and service of the Kansas Notes, and the revenues and expenses associated with the facility lease, do not impact the financial covenants associated with the Company's New Bank Credit Facility. As of December 31, 2023, the outstanding balance of the Kansas Notes was $ 145.5 million . Guarantees and Covenants. All of the restricted domestic subsidiaries of CoreCivic (as the parent corporation) have provided full and unconditional guarantees of the Senior Notes. All of CoreCivic's subsidiaries guaranteeing the Senior Notes are 100 % owned subsidiaries of CoreCivic; and the subsidiary guarantees are full and unconditional and are joint and several obligations of the guarantors. As of December 31, 2023, neither CoreCivic nor any of its subsidiary guarantors had any material or significant restrictions on CoreCivic's ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries. Other Debt Transactions Letters of Credit. At December 31, 2023 and 2022, CoreCivic had $ 17.9 million and $ 16.8 million, respectively, in outstanding letters of credit. The letters of credit were issued primarily to secure CoreCivic's workers' compensation and general liability insurance policies, performance bonds, and for a debt service reserve requirement under terms of the Kansas Notes. Debt Maturities Scheduled principal payments as of December 31, 2023 for the next five years and thereafter were as follows (in thousands): 2024 $ 11,597 2025 12,073 2026 608,814 2027 262,423 2028 97,995 Thereafter 113,789 Total debt $ 1,106,691 Cross-Default Provisions The provisions of CoreCivic's debt agreements relating to the New Bank Credit Facility and the Senior Notes contain certain cross-default provisions. Any events of default under the New Bank Credit Facility that result in the lenders' actual acceleration of amounts outstanding thereunder also result in an event of default under the Senior Notes. Additionally, any events of default under the Senior Notes that give rise to the ability of the holders of such indebtedness to exercise their acceleration rights also result in an event of default under the New Bank Credit Facility. If CoreCivic were to be in default under the New Bank Credit Facility, and if the lenders under the New Bank Credit Facility elected to exercise their rights to accelerate CoreCivic's obligations under the New Bank Credit Facility, such events could result in the acceleration of all or a portion of CoreCivic's Senior Notes, which would have a material impact on CoreCivic's liquidity and financial position. CoreCivic does not have sufficient working capital to satisfy its debt obligations in the event of an acceleration of all or a substantial portion of CoreCivic's outstanding indebtedness. |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
DEFERRED REVENUE | 11. DEFERRED REVENUE In September 2014, CoreCivic announced that it had agreed under an expansion of an existing IGSA to care for up to 2,400 individuals for ICE at the South Texas Family Residential Center, a facility leased by CoreCivic in Dilley, Texas. Services provided under the original IGSA commenced in the fourth quarter of 2014 and had an original term of up to four years . The agreement provided for a fixed monthly payment in accordance with a graduated schedule. In October 2016, CoreCivic entered into an amended IGSA that provided for a new, lower fixed monthly payment commencing in November 2016, and extended the term of the contract through September 2021 . In September 2020, the term of the amended IGSA was extended from September 2021 to September 2026 . The agreement can be further extended by bi-lateral modification. ICE's termination rights, which permit ICE to terminate the agreement for convenience or non-appropriation of funds, without penalty, by providing CoreCivic with at least a 60-day notice, were unchanged under the extension. ICE began housing the first residents at the facility in December 2014, and the site was completed during the second quarter of 2015. Under the fixed monthly payment schedule of the original IGSA, ICE agreed to pay CoreCivic $ 70.0 million in two $ 35.0 million installments during the fourth quarter of 2014 and graduated fixed monthly payments over the remaining months of the contract. During the years ended December 31, 2023, 2022, and 2021, CoreCivic recognized $ 156.1 million, $ 156.1 million, and $ 159.7 million, respectively, in revenue associated with the amended IGSA with the unrecognized balance of the fixed monthly payments reported in deferred revenue. The current portion of deferred revenue is reflected within accounts payable and accrued expenses while the long-term portion is reflected as deferred revenue on the accompanying consolidated balance sheets. As of December 31, 2023 and 2022, total deferred revenue associated with this agreement amounted to $ 7.3 million and $ 9.9 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | 12. INCOME TAXES CoreCivic recorded an income tax expense of $ 28.2 million, $ 43.0 million, and $ 138.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Income tax expense during 2021 included $ 114.2 million primarily resulting from the revaluation of the Company's net deferred tax liabilities due to the completion of all significant actions necessary to revoke its REIT election. No catch-up tax payments or penalties resulted from the revocation of the Company's REIT election. Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2023 2022 2021 Current income tax expense Federal $ 25,037 $ 25,681 $ 32,137 State 5,899 5,840 6,592 30,936 31,521 38,729 Deferred income tax expense (benefit) Federal ( 2,156 ) 11,484 86,703 State ( 547 ) ( 23 ) 12,567 ( 2,703 ) 11,461 99,270 Income tax expense $ 28,233 $ 42,982 $ 137,999 Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2023 and 2022, are as follows (in thousands): December 31, 2023 2022 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 14,915 $ 8,625 Accrued compensation not yet deductible for tax 12,419 9,913 Accrued workers comp liabilities not yet deductible for tax 11,333 10,976 Depreciation 8,669 8,502 ROU lease assets 25,282 33,226 Losses and tax credit carryforwards 1,591 1,807 Intangible assets 7,669 7,836 Other 9,010 9,954 Total noncurrent deferred tax assets 90,888 90,839 Less valuation allowance ( 848 ) ( 848 ) Total noncurrent deferred tax assets 90,040 89,991 Noncurrent deferred tax liabilities: Depreciation ( 151,918 ) ( 148,255 ) Lease liabilities ( 24,721 ) ( 32,663 ) Intangible liabilities ( 7,860 ) ( 7,557 ) Other ( 2,456 ) ( 1,134 ) Total noncurrent deferred tax liabilities ( 186,955 ) ( 189,609 ) Net total noncurrent deferred tax liabilities $ ( 96,915 ) $ ( 99,618 ) A reconciliation of the income tax provision at the statutory income tax rate and the effective tax rate as a percentage of income from continuing operations before income taxes for the years ended December 31, 2023, 2022, and 2021 is as follows: 2023 2022 2021 Statutory federal rate 21.0 % 21.0 % 21.0 % Revaluation of deferred tax liabilities — — 132.7 State taxes, net of federal tax benefit 4.5 3.4 4.8 Permanent differences 4.3 1.7 2.8 Tax expense (benefit) of equity-based compensation ( 0.3 ) — 2.6 Other items, net — ( 0.1 ) ( 3.6 ) 29.5 % 26.0 % 160.3 % On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"). The CARES Act, among other things, incentivized companies to retain employees through an Employee Retention Credit ("ERC"). The ERC compensates employers for wages of employees that were retained and could not perform their job duties at 100% capacity as a result of coronavirus pandemic restrictions. In December 2020, the Consolidated Appropriations Act provided additional funding for the ERC with expanded benefits through June 30, 2021. During the year ended December 31, 2022, the Company recorded an ERC of $ 7.0 million, which offset operating expenses. The credit was reduced by $ 1.8 million of federal income tax expense. The Inflation Reduction Act of 2022 (the "Inflation Reduction Act") was signed into law on August 16, 2022. Among other provisions, such act creates an excise tax of 1 % on the fair value of net stock repurchases in excess of share issuances made by publicly traded U.S. corporations, effective for repurchases after December 31, 2022. The impact of this excise tax on the Company’s financial position, and/or liquidity, in future periods, will vary based on the level of net stock repurchases in excess of share issuances made by the Company in a given year. The Company has concluded that the excise tax associated with stock repurchases is properly recognized as a component of equity given that it is a direct cost associated with the repurchase of common stock. The excise tax recognized during the year ended December 31, 2023 was estimated to be $ 0.3 million associated with the repurchase of 3.5 million shares, net of the shares issued for restricted stock plans as permitted by the issuance offset rule under the Inflation Reduction Act. CoreCivic had no liabilities for uncertain tax positions as of December 31, 2023 and 2022. CoreCivic recognizes interest and penalties related to unrecognized tax positions in income tax expense. CoreCivic does not currently anticipate that the total amount of unrecognized tax positions will significantly change in the next twelve months. CoreCivic's U.S. federal income tax returns for tax years 2020 through 2022 remain subject to examination by the Internal Revenue Service ("IRS"). The majority of states in which CoreCivic files income tax returns follow the same statute of limitations as the federal government. Certain states in which CoreCivic files income tax returns have statutes that remain open from 2019. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
STOCKHOLDERS' EQUITY | 13. STOCKHOLDERS' EQUITY Dividends on Common Stock On August 5, 2020, the Board of Directors ("BOD") voted unanimously to approve a plan to revoke the Company’s REIT election and become a taxable C Corporation, effective January 1, 2021; the BOD also voted unanimously to discontinue the then-current quarterly dividend and prioritize allocating the Company's free cash flow to reduce debt levels. Common Stock Share Repurchase Program. On May 12, 2022, the BOD approved a share repurchase program to repurchase up to $ 150.0 million of the Company's common stock. On August 2, 2022, the BOD increased the authorization to repurchase under the share repurchase program by up to an additional $ 75.0 million of the Company's common stock, or a total aggregate authorized amount to repurchase up to $ 225.0 million of the Company's common stock. Repurchases of the Company's outstanding common stock will be made in accordance with applicable securities laws and may be made at the Company's discretion based on parameters set by the BOD from time to time in the open market, through privately negotiated transactions, or otherwise. The share repurchase program has no time limit and does not obligate the Company to purchase any particular amount of its common stock. The authorization for the share repurchase program may be terminated, suspended, increased or decreased by the BOD in its discretion at any time. Through December 31, 2023, the Company repurchased 10.1 million shares of its common stock at a total cost of $ 112.6 million, excluding costs associated with the share repurchase program, or $ 11.16 per share, including 3.5 million shares at a total cost of $ 38.1 million, or $ 10.97 per share, during 2023. Restricted stock units. During 2023, CoreCivic issued approximately 2.0 million RSUs to certain of its employees and non-employee directors, with an aggregate value of $ 22.3 million , including 1.8 million RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 0.2 million RSUs to employees whose compensation is charged to operating expense. During 2022, CoreCivic issued approximately 2.1 million RSUs to certain of its employees and non-employee directors, with an aggregate value of $ 21.5 million, including 1.9 million RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 0.2 million RSUs to employees whose compensation is charged to operating expense. CoreCivic has established performance-based vesting conditions on a portion of the RSUs awarded to its officers and executive officers that, unless earlier vested under the terms of the agreements, are subject to vesting over a three-year period based upon the satisfaction of certain annual performance criteria. The RSUs awarded to officers and executive officers in 2021, 2022 and 2023 consist of a combination of awards with performance-based conditions and time-based conditions. Unless earlier vested under the terms of the RSU agreements, the RSUs with time-based vesting conditions vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accountant for the applicable fiscal year. The RSUs with performance-based vesting conditions are divided into one-third increments, each of which is subject to vesting based upon satisfaction of certain annual performance criteria established at the beginning of the fiscal years ending December 31, 2021, 2022, and 2023 for the 2021 awards, December 31, 2022, 2023, and 2024 for the 2022 awards, and December 31, 2023, 2024, and 2025 for the 2023 awards, and which can be increased up to 150 % or decreased to 0 % based on performance relative to the annual performance criteria, and further increased or decreased using a modifier of 80 % to 120 % based on CoreCivic's total shareholder return relative to a peer group. Based on performance achieved for 2023, the RSUs subject to performance-based vesting criteria were increased by 106 .9%; and were further increased by a 120 % modifier based on CoreCivic's total shareholder return relative to the peer group. Bec ause the performance criteria for the fiscal years ending December 31, 2024 and 2025 have not yet been established, the values of the third RSU increment of the 2022 awards and of the second and third increments of the 2023 awards for financial reporting purposes will not be determined until such criteria are established. Time-based RSUs issued to other employees, unless earlier vested under the terms of the agreements, generally vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accountant for the applicable fiscal year . RSUs issued to non-employee directors generally vest one year from the date of award. Nonvested RSU transactions as of December 31, 2023 and activity for the year then ended are summarized below (in thousands, except per share amounts). Shares of Weighted Nonvested at December 31, 2022 3,871 $ 9.87 Granted 1,968 $ 11.35 Cancelled ( 120 ) $ 10.20 Vested ( 1,849 ) $ 10.33 Nonvested at December 31, 2023 3,870 $ 10.61 During 2023, 2022, and 2021, CoreCivic expensed $ 20.8 million ($ 1.6 million of which was recorded in operating expenses and $ 19.2 million of which was recorded in general and administrative expenses), $ 17.6 million ($ 1.5 million of which was recorded in operating expenses and $ 16.1 million of which was recorded in general and administrative expenses), and $ 18.7 million ($ 1.6 million of which was recorded in operating expenses and $ 17.1 million of which was recorded in general and administrative expenses), net of forfeitures, relating to RSUs, respectively. As of December 31, 2023 , CoreCivic had $ 16.2 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a remaining weighted-average period of 1.6 years. The total fair value of RSUs that vested during 2023, 2022, and 2021 was $ 17.8 million, $ 18.3 million, and $ 6.4 million, respectively. At CoreCivic's 2022 annual meeting of stockholders held in May 2022, CoreCivic's stockholders approved the CoreCivic, Inc. Amended and Restated 2020 Stock Incentive Plan that authorized the issuance of new awards to an aggregate of up to 5.9 million shares, plus remaining shares that were available for grant under the CoreCivic, Inc. 2020 Stock Incentive Plan. As of December 31, 2023 , CoreCivic had 6.1 million shares available for issuance under the Amended and Restated 2020 Stock Incentive Plan. Preferred Stock CoreCivic has the authority to issue 50.0 million shares of $ 0.01 par value per share preferred stock (the "Preferred Stock"). The Preferred Stock may be issued from time to time upon authorization by the BOD, in such series and with such preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or other provisions as may be fixed by CoreCivic's BOD. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | 14. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For CoreCivic, diluted earnings per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to restricted stock-based awards and stock options. A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data): For the Years Ended December 31, 2023 2022 2021 NUMERATOR Basic: Net income (loss) $ 67,590 $ 122,320 $ ( 51,896 ) Diluted: Net income (loss) $ 67,590 $ 122,320 $ ( 51,896 ) DENOMINATOR Basic: Weighted average common shares outstanding 113,798 118,199 120,192 Diluted: Weighted average common shares outstanding 113,798 118,199 120,192 Effect of dilutive securities: Restricted stock-based awards 852 899 — Weighted average shares and assumed 114,650 119,098 120,192 BASIC EARNINGS (LOSS) PER SHARE $ 0.59 $ 1.03 $ ( 0.43 ) DILUTED EARNINGS (LOSS) PER SHARE $ 0.59 $ 1.03 $ ( 0.43 ) For the year ended December 31, 2021, 0.5 million of restricted stock-based awards and 1.0 million of non-controlling interest - operating partnership units were excluded from the computation of diluted loss per share because they were anti-dilutive. In addition, approximately 0.1 million and 0.3 million of stock options were excluded from the computations of diluted earnings (loss) per share for the years ended December 31, 2022 and 2021, respectively, because they were anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | 15. COMM ITMENTS AND CONTINGENCIES Legal Proceedings The nature of CoreCivic's business results in claims and litigation alleging that it is liable for damages arising from the conduct of its employees, offenders or others. The nature of such claims includes, but is not limited to, claims arising from employee or offender misconduct, medical malpractice, employment matters, property loss, contractual claims, including claims regarding compliance with contract performance requirements, and personal injury or other damages resulting from contact with CoreCivic's facilities, personnel or offenders, including damages arising from an offender's escape or from a disturbance at a facility. CoreCivic maintains insurance to cover many of these claims, which may mitigate the risk that any single claim would have a material effect on CoreCivic's consolidated financial position, results of operations, or cash flows, provided the claim is one for which coverage is available. The combination of self-insured retentions and deductible amounts means that, in the aggregate, CoreCivic is subject to self-insurance risk. Based upon management's review of the potential claims and outstanding litigation, and based upon management's experience and history of estimating losses, and taking into consideration CoreCivic's self-insured retention amounts, management believes a loss in excess of amounts already recognized would not be material to CoreCivic's financial statements. Adversarial proceedings and litigation are, however, subject to inherent uncertainties, and unfavorable decisions and rulings resulting from legal proceedings could occur which could have a material impact on CoreCivic's consolidated financial position, results of operations, or cash flows for the period in which such decisions or rulings occur, or future periods. Expenses associated with legal proceedings may also fluctuate from quarter to quarter based on changes in CoreCivic's assumptions, new developments, or by the effectiveness of CoreCivic's litigation and settlement strategies. CoreCivic records a liability in the consolidated financial statements for loss contingencies when a loss is known or considered probable, and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Any receivable for insurance recoveries is recorded separately from the corresponding litigation reserve, and only if recovery is determined to be probable and the amount of payment can be determined. CoreCivic does not accrue for anticipated legal fees and costs and expenses those items as incurred. ICE Detainee Labor and Related Matters. On May 31, 2017, two former ICE detainees, who were detained at the Company's Otay Mesa Detention Center ("OMDC") in San Diego, California, filed a class action lawsuit against the Company in the United States District Court for the Southern District of California. The complaint alleged that the Company forces detainees to perform labor under threat of punishment in violation of state and federal anti-trafficking laws and that OMDC's Voluntary Work Program ("VWP") violates state labor laws including state minimum wage law. ICE requires that CoreCivic offer and operate the VWP in conformance with ICE standards and ICE prescribes the minimum rate of pay for VWP participants. The Plaintiffs seek compensatory damages, exemplary damages, restitution, penalties, and interest as well as declaratory and injunctive relief on behalf of former and current detainees. On April 1, 2020, the district court certified a nationwide anti-trafficking claims class of former and current detainees who participated in an ICE VWP at a CoreCivic facility. It also certified a state law class of former and current detainees who participated in a VWP wherever the Company held ICE detainees in California. The court did not certify any claims for injunctive or declaratory relief. On March 10, 2021, the Ninth Circuit Court of Appeals granted CoreCivic's petition to appeal the class certification ruling. On June 3, 2022, a three-judge panel of the Ninth Circuit affirmed the class certification ruling. Following the three-judge panel affirmance, the Company petitioned the Ninth Circuit for a discretionary appellate review, which was denied. On January 3, 2023, the Ninth Circuit Court granted the Company's motion to stay its mandate during the pendency of the Company's petition for Supreme Court review. On June 12, 2023, the Supreme Court dismissed the Company's petition. The claims resulting in certified classes will now proceed in the United States District Court for the Southern District of California . Since this case was filed, four similar lawsuits have been filed. A second California lawsuit concerning the Otay Mesa facility has been stayed pending the outcome of class proceedings in the first California case discussed above. The Company disputes the allegations in this case and intends to vigorously defend itself against them. A Maryland case was dismissed on September 27, 2019, and the dismissal was affirmed on appeal. Two suits filed in Georgia and Texas do not allege minimum wage violations. The Texas case was voluntarily dismissed on March 14, 2022. The Georgia case was appealed to the Eleventh Circuit following the District Court's decision not to certify any classes, and the Eleventh Circuit affirmed the District Court's ruling on May 31, 2023. On September 29, 2023, the parties submitted a notice of settlement to the District Court, and finalized the settlement on October 17, 2023, without material liability to the Company. Due to the stage of the ongoing proceedings, the Company cannot reasonably predict the outcomes, nor can it estimate the amount of loss or range of loss, if any, that may result. As a result, the Company has not recorded an accrual relating to these matters at this time, as losses are not considered probable or reasonably estimable at this stage of these lawsuits. Shareholder Litigation. In a memorandum to the BOP dated August 18, 2016, the DOJ directed that, as each contract with privately operated prisons reaches the end of its term, the BOP should either decline to renew that contract or substantially reduce its scope in a manner consistent with law and the overall decline of the BOP's inmate population. Following the release of the August 18, 2016 DOJ memorandum, a securities class action lawsuit was filed on August 23, 2016 against the Company and certain of its current and former officers in the United States District Court for the Middle District of Tennessee (the "District Court"), captioned Grae v. Corrections Corporation of America et al. , Case No. 3:16-cv-02267. The Company settled this lawsuit in April 2021. The settlement, which was approved by the District Court on November 8, 2021, contains no admission of liability, wrongdoing, or responsibility by any of the defendants including the Company. The Company paid the settlement amount of $ 56.0 million in May 2021. As a result of the settlement, the Company recognized an expense of $ 54.3 million during the year ended December 31, 2021, which was net of the remaining insurance available under the Company's policies. The Company was also named along with several of our directors in six derivative lawsuits which raise similar allegations to those raised in the Grae securities litigation. On June 17, 2022, CoreCivic and derivative plaintiffs informed the District Court that the parties had reached an agreement as to the plaintiffs' attorneys' fees and expenses, including $ 1.9 million the Company expensed during the year ended December 31, 2022 . The final settlement, which was approved by the District Court on December 2, 2022, also calls for the Company to adopt certain governance changes, which the Company has implemented . Insurance Contingencies Each of CoreCivic's management contracts and the statutes of certain states require the maintenance of insurance. CoreCivic maintains various insurance policies including employee health, workers' compensation, automobile liability, and general liability insurance. These policies are fixed premium policies with various deductible amounts that are self-funded by CoreCivic. Reserves are provided for estimated incurred claims for which it is probable that a loss has been incurred and the range of such loss can be estimated. Retirement Plan All employees of CoreCivic are eligible to participate in the CoreCivic 401(k) Savings and Retirement Plan (the "Plan") upon reaching age 18 and completing six months of qualified service. Eligible employees may contribute up to 90 % of their eligible compensation, subject to IRS limitations. For the years ended December 31, 2023, 2022, and 2021, CoreCivic provided a discretionary matching contribution equal to 100 % of the employee's contributions up to 5 % of the employee's eligible compensation to employees with at least 500 hours of employment in the plan year. Employer matching contributions paid into the Plan each pay period vest immediately pursuant to safe harbor provisions adopted by the Plan. During 2023, 2022, and 2021, CoreCivic's discretionary contributions and expense to the Plan were $ 14.4 million, $ 15.3 million, and $ 15.2 million, respectively. Deferred Compensation Plans CoreCivic provides two non-qualified deferred compensation plans (the "Deferred Compensation Plans") for non-employee directors and for certain senior executives. The Deferred Compensation Plans are unfunded plans maintained for the purpose of providing CoreCivic's directors and certain of its senior executives the opportunity to defer a portion of their compensation. Under the terms of the Deferred Compensation Plans, certain senior executives may elect to contribute on a pre-tax basis up to 50 % of their base salary and up to 100 % of their cash bonus, and non-employee directors may elect to contribute on a pre-tax basis up to 100 % of their director retainer and meeting fees. During the years ended December 31, 2023, 2022, and 2021, CoreCivic matched 100 % of employee contributions up to 5 % of total cash compensation. CoreCivic also contributes a fixed rate of return on balances in the Deferred Compensation Plans, determined at the beginning of each plan year. Matching contributions and investment earnings thereon become vested 20 % after two years of service, 40 % after three years of service, 80 % after four years of service, and 100 % after five or more years of service. Distributions are generally payable no earlier than five years subsequent to the date an individual becomes a participant in the Plan, or upon termination of employment (or the date a director ceases to serve as a director of CoreCivic), at the election of the participant. Distributions to senior executives must commence on or before the later of 60 days after the participant's separation from service or the fifteenth day of the month following the month the individual attains age 65. During 2023, 2022, and 2021, CoreCivic provided a fixed return of 5.0 % in each year to participants in the Deferred Compensation Plans. CoreCivic has purchased life insurance policies on the lives of certain employees of CoreCivic, which are intended to fund distributions from the Deferred Compensation Plans. CoreCivic is the sole beneficiary of such policies. At the inception of the Deferred Compensation Plans, CoreCivic established an irrevocable Rabbi Trust to secure the plans' obligations. However, assets in the Deferred Compensation Plans are subject to creditor claims in the event of bankruptcy. During 2023, 2022, and 2021, CoreCivic recorded $ 0.3 million, $ 0.3 million, and $ 0.2 million, respectively, of matching contributions as general and administrative expense associated with the Deferred Compensation Plans. Assets in the Rabbi Trust were $ 16.5 million and $ 16.0 million as of December 31, 2023 and 2022, respectively, and were reflected in other assets on the accompanying consolidated balance sheets. As of December 31, 2023 and 2022, CoreCivic's liability related to the Deferred Compensation Plans was $ 14.6 million and $ 13.8 million, respectively, which was reflected in accounts payable and accrued expenses and other liabilities on the accompanying consolidated balance sheets. Employment and Severance Agreements CoreCivic currently has employment agreements with several of its executive officers, which provide for the payment of certain severance amounts upon termination of employment under certain circumstances or a change of control, as defined in the agreements. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT REPORTING | 16. SEGMENT REPORTING As of December 31, 2023, CoreCivic operated 43 correctional and detention facilities, 39 of which the Company owned. In addition, CoreCivic owned and operated 23 residential reentry centers and owned 6 properties held for lease to government agencies. Management views CoreCivic's operating results in three operating segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. CoreCivic Safety includes the operating results of those correctional and detention facilities placed into service that were owned, or controlled via a long-term lease, and managed by CoreCivic, as well as those correctional and detention facilities owned by a third party and managed by CoreCivic. CoreCivic Safety also includes the operating results of TransCor America, LLC, a subsidiary of the Company that provides transportation services to governmental agencies. CoreCivic Community includes the operating results of those residential reentry centers placed into service that were owned, or controlled via a long-term lease, and managed by CoreCivic. CoreCivic Community also includes the operating results of the Company's electronic monitoring and case management service s. CoreCivic Properties includes the operating results of those properties leased to government agencies. The operating performance of the three segments can be measured based on their net operating income. CoreCivic defines facility net operating income as a facility's revenues less operating expenses. The revenue and net operating income for each of the three segments and a reconciliation to CoreCivic's income before income taxes is as follows for the three years ended December 31, 2023, 2022, and 2021 (in thousands): For the Years Ended December 31, 2023 2022 2021 Revenue: Safety $ 1,731,421 $ 1,684,035 $ 1,693,968 Community 115,068 103,263 99,435 Properties 49,875 57,873 68,934 Total segment revenue 1,896,364 1,845,171 1,862,337 Operating expenses: Safety 1,356,496 1,313,567 1,236,938 Community 91,895 86,016 81,610 Properties 13,829 13,682 18,155 Total segment operating expenses 1,462,220 1,413,265 1,336,703 Facility net operating income: Safety 374,925 370,468 457,030 Community 23,173 17,247 17,825 Properties 36,046 44,191 50,779 Total facility net operating income 434,144 431,906 525,634 Other revenue (expense): Other revenue 271 158 279 Other operating expense ( 210 ) ( 527 ) ( 362 ) General and administrative ( 136,084 ) ( 127,700 ) ( 135,770 ) Depreciation and amortization ( 127,316 ) ( 127,906 ) ( 134,738 ) Shareholder litigation expense — ( 1,900 ) ( 54,295 ) Asset impairments ( 2,710 ) ( 4,392 ) ( 11,378 ) Interest expense, net ( 72,960 ) ( 84,974 ) ( 85,542 ) Expenses associated with debt repayments ( 686 ) ( 8,077 ) ( 56,279 ) Gain on sale of real estate assets, net 798 87,728 38,766 Other income (expense) 576 986 ( 212 ) Income before income taxes $ 95,823 $ 165,302 $ 86,103 The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2023, 2022, and 2021 (in thousands): For the Years Ended December 31, 2023 2022 2021 Capital expenditures: Safety $ 51,070 $ 70,399 $ 56,978 Community 3,138 2,362 2,631 Properties 2,324 3,560 9,081 Corporate and other 11,217 7,123 12,804 Total capital expenditures $ 67,749 $ 83,444 $ 81,494 The total assets are as follows (in thousands): December 31, 2023 2022 Assets: Safety $ 2,284,243 $ 2,433,126 Community 213,145 216,303 Properties 402,889 362,908 Corporate and other 205,122 232,432 Total assets $ 3,105,399 $ 3,244,769 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS During February 2024, CoreCivic issued approximately 1.5 million RSUs to certain of CoreCivic's employees and non-employee directors, with an aggregate value of $ 22.0 million. Unless earlier vested under the terms of the RSU agreement, approximately 1.0 million RSUs with time-based vesting conditions vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accounting firm for the applicable fiscal year. Approximately 0.4 million RSUs with performance-based vesting conditions issued to officers and executive officers are divided into one-third increments, each of which is subject to vesting based upon satisfaction of certain annual performance criteria for the fiscal years ending December 31, 2024, 2025, and 2026, and which can be increased or decreased based on performance relative to the annual performance criteria, and further increased or decreased based on total shareholder return relative to a peer group. Approximately 0.1 million RSUs issued to non-employee directors vest on the first anniversary of the award. Any RSUs that become vested will be settled in shares of CoreCivic's common stock. |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Initial Cost to Gross Amount at Which Carried at Description Location Land Buildings and Cost Capitalized Land and Land Buildings and Total (A) Accumulated Depreciation (B) Date Adams County Correctional Adams County, Mississippi $ 874 $ 119,565 $ 4,661 $ 1,194 $ 123,906 $ 125,100 $ ( 38,202 ) 2008 Adams Transitional Center Denver, Colorado 6,090 853 820 6,347 1,416 7,763 ( 390 ) 2017 Allen Gamble Correctional Center Holdenville, Oklahoma 250 66,701 48,718 1,400 114,269 115,669 ( 49,840 ) 1996 Arapahoe Community Englewood, Colorado 3,760 1,239 890 3,760 2,129 5,889 ( 602 ) 2017 Austin Residential Reentry Del Valle, Texas 4,190 1,058 385 4,215 1,418 5,633 ( 557 ) 2015 Austin Transitional Center Del Valle, Texas 19,488 4,607 1,167 19,506 5,756 25,262 ( 1,872 ) 2015 Bent County Correctional Facility Las Animas, Colorado 550 13,115 70,248 1,601 82,312 83,913 ( 35,448 ) 1992 Bridgeport Pre-Parole Transfer Bridgeport, Texas 70 291 — 70 — 70 (E) - 1995 CAI Boston Avenue San Diego, California 800 11,440 1,309 845 12,704 13,549 ( 4,777 ) 2013 California City Correctional California City, California 1,785 125,337 18,071 3,103 142,090 145,193 ( 69,763 ) 1999 Centennial Community Englewood, Colorado 4,905 1,256 554 5,021 1,694 6,715 ( 547 ) 2016 Central Arizona Florence Florence, Arizona 1,298 133,531 57,032 5,113 186,748 191,861 ( 96,454 ) 1994 / 1999 Cheyenne Transitional Center Cheyenne, Wyoming 5,567 2,092 1,025 5,567 3,117 8,684 ( 1,079 ) 2015 Cibola County Corrections Milan, New Mexico 444 16,215 34,875 1,598 49,936 51,534 ( 27,025 ) 1994 Cimarron Correctional Facility Cushing, Oklahoma 250 71,303 52,215 910 122,858 123,768 ( 53,470 ) 1997 Coffee Correctional Facility (C) Nicholls, Georgia — — — — — — — 1998 Columbine Facility Denver, Colorado 1,414 488 231 669 720 1,389 (E) ( 253 ) 2016 Commerce Transitional Center Commerce City, Colorado 5,166 1,758 488 5,171 2,241 7,412 ( 491 ) 2017 Corpus Christi Transitional Corpus Christi, Texas — 1,886 622 — 2,508 2,508 ( 1,992 ) 2015 Crossroads Correctional Center Shelby, Montana 413 33,196 46,084 1,710 77,983 79,693 ( 47,464 ) 1999 Crowley County Correctional Olney Springs, Colorado 211 46,845 34,874 2,605 79,325 81,930 ( 36,309 ) 2003 Dahlia Facility (D) Denver, Colorado 6,788 727 306 6,835 986 7,821 ( 365 ) 2016 Dallas Transitional Center Hutchins, Texas — 3,852 1,945 23 5,774 5,797 ( 2,411 ) 2015 Diamondback Correctional Watonga, Oklahoma 208 41,677 26,835 1,361 67,359 68,720 ( 34,956 ) 1998 Eden Detention Center Eden, Texas 925 27,645 41,066 5,673 63,963 69,636 ( 32,061 ) 1995 Initial Cost to Gross Amount at Which Carried at Description Location Land Buildings and Cost Capitalized Land and Land Buildings and Total (A) Accumulated Depreciation (B) Date El Paso Multi-Use Facility El Paso, Texas 14,936 4,536 2,055 14,973 6,554 21,527 ( 2,201 ) 2015 El Paso Transitional Center El Paso, Texas 10,325 4,198 1,043 10,467 5,099 15,566 ( 1,672 ) 2015 Eloy Detention Center Eloy, Arizona 498 33,308 19,840 2,326 51,320 53,646 ( 31,312 ) 1995 Fort Worth Transitional Center Fort Worth, Texas 3,251 334 431 3,281 735 4,016 ( 625 ) 2015 Houston Processing Center Houston, Texas 2,250 53,373 57,967 4,551 109,039 113,590 ( 50,513 ) 1984 Huerfano County Correctional Walsenburg, Colorado 124 26,358 5,053 1,116 30,419 31,535 ( 17,476 ) 1997 James River Residential Center Newport News, Virginia 800 501 140 814 627 1,441 ( 78 ) 2019 Jenkins Correctional Center (C) Millen, Georgia — — — — — — — 2012 Kit Carson Correctional Center Burlington, Colorado 432 35,978 44,749 1,051 80,108 81,159 ( 33,521 ) 1998 La Palma Correctional Center Eloy, Arizona 283 183,155 18,125 2,677 198,886 201,563 ( 67,080 ) 2008 Lake Erie Correctional Conneaut, Ohio 2,871 69,779 7,667 4,280 76,037 80,317 ( 21,913 ) 2011 Laredo Processing Center Laredo, Texas 788 26,737 3,944 986 30,483 31,469 ( 16,287 ) 1985 Lee Adjustment Center Beattyville, Kentucky 500 515 20,601 1,285 20,331 21,616 ( 10,892 ) 1998 Leo Chesney Correctional Live Oak, California 250 4,774 1,862 265 6,621 6,886 ( 4,039 ) 1989 Longmont Community Longmont, Colorado 3,364 582 352 3,363 935 4,298 ( 242 ) 2016 Marion Adjustment Center St Mary, 250 9,994 9,060 925 18,379 19,304 ( 9,336 ) 1998 Midwest Regional Reception Center Leavenworth, Kansas 130 44,970 46,065 1,054 90,111 91,165 ( 41,429 ) 1992 Nevada Southern Detention Pahrump, Nevada 7,548 64,362 12,514 8,458 75,966 84,424 ( 24,498 ) 2010 North Fork Correctional Sayre, Oklahoma — 42,166 65,130 717 106,579 107,296 ( 47,252 ) 1998 Northeast Ohio Correctional Youngstown, Ohio 750 39,583 16,634 2,289 54,678 56,967 ( 29,970 ) 1997 Northwest New Mexico Grants, New Mexico 142 15,888 23,400 1,228 38,202 39,430 ( 21,729 ) 1989 Oklahoma Reentry Opportunity Oklahoma City, 8,562 4,631 1,611 8,603 6,201 14,804 ( 2,070 ) 2015 Otay Mesa Detention Center San Diego, California 28,845 114,411 48,099 37,104 154,251 191,355 ( 24,921 ) 2015 / 2019 Prairie Correctional Facility Appleton, Minnesota 100 22,306 11,799 1,068 33,137 34,205 ( 20,975 ) 1991 Recovery Monitoring Solutions Dallas, Texas 1,152 1,979 523 1,280 2,374 3,654 ( 641 ) 2018 Initial Cost to Gross Amount at Which Carried at Description Location Land Buildings and Cost Capitalized Land and Land Buildings and Total (A) Accumulated Depreciation (B) Date Red Rock Correctional Eloy, Arizona — — — — — — — 2006 Saguaro Correctional Facility Eloy, Arizona 193 98,903 6,736 3,040 102,792 105,832 ( 34,854 ) 2007 South Raleigh Reentry Center Raleigh, North Carolina 277 663 75 298 717 1,015 ( 99 ) 2019 Southeast Kentucky Wheelwright, Kentucky 500 24,487 20,198 2,587 42,598 45,185 ( 20,701 ) 1998 Stewart Detention Center Lumpkin, Georgia 143 70,560 23,865 1,654 92,914 94,568 ( 40,558 ) 2004 T. Don Hutto Residential Center Taylor, Texas 183 13,418 13,160 982 25,779 26,761 ( 10,964 ) 1997 Tallahatchie County Tutwiler, Mississippi — 44,638 109,263 2,373 151,528 153,901 ( 68,614 ) 2000 Torrance County Detention Estancia, New Mexico 511 52,599 14,659 1,994 65,775 67,769 ( 34,359 ) 1990 Trousdale Turner Correctional Hartsville, Tennessee 649 135,412 6,051 2,004 140,108 142,112 ( 23,480 ) 2015 Tulsa Transitional Center Tulsa, Oklahoma 8,206 4,061 731 606 2,839 3,445 (E) ( 1,209 ) 2015 Turley Residential Center Tulsa, Oklahoma 421 4,105 1,203 432 5,297 5,729 ( 1,789 ) 2015 Webb County Detention Laredo, Texas 498 20,161 7,023 2,330 25,352 27,682 ( 15,469 ) 1998 West Tennessee Detention Mason, Tennessee 538 31,931 8,585 2,174 38,880 41,054 ( 22,486 ) 1990 Wheeler Correctional Alamo, Georgia — — — — — — — 1998 Whiteville Correctional Whiteville, Tennessee 303 51,694 9,619 1,671 59,945 61,616 ( 32,999 ) 1998 Totals $ 166,019 $ 2,083,727 $ 1,084,253 $ 220,603 $ 3,102,808 $ 3,323,411 $ ( 1,324,581 ) NOTES TO SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (A) The aggregate cost of properties for federal income tax purposes is approximately $ 3.7 billion at December 31, 2023. (B) Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. (C) CoreCivic retains title to this asset, which is classified under other real estate assets on the Company's consolidated balance sheets in accordance with ASC 853. (D) Held for Sale. (E) CoreCivic recorded non-cash impairments during the third quarter of 2017 to write down the book value of the Bridgeport facility, during the second quarter of 2020 to write down the book value of the Tulsa Transitional Center, and during the fourth quarter of 2022 to write down the book value of the Columbine Facility to the estimated fair values assuming uses other than correctional or residential reentry facilities. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include the accounts of CoreCivic on a consolidated basis with its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents CoreCivic considers all liquid deposits and investments with a maturity of three months or less at the time of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash at December 31, 2023 and 2022 included deposit accounts totaling $ 7.1 million and $ 12.8 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the Lansing Correctional Facility, as further discussed in Note 10. The restricted cash accounts are required under the terms of the indebtedness securing such property. |
Accounts Receivable and Credit Loss Reserve | Accounts Receivable and Credit Loss Reserve At December 31, 2023 and 2022, accounts receivable of $ 312.2 million and $ 312.4 million , respectively, were net of credit loss reserve totaling $ 6.8 million and $ 8.0 million , respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic's properties, including amounts due for operating and managing the Company's correctional, detention, and residential reentry facilities, as well as its electronic monitoring and case management services operations. Accounts receivable are stated at estimated net realizable value. CoreCivic recognizes reserves for credit losses to ensure receivables are not overstated due to uncollectibility. Credit loss reserves are maintained for customers using an expected loss model based on a variety of factors, including the nature of the accounts receivable, risks of loss, length of time receivables are past due, and historical experience. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost. Assets acquired by CoreCivic in conjunction with acquisitions are recorded at estimated fair market value at the time of purchase. Betterments, renewals and significant repairs that extend the life of an asset are capitalized; other repair and maintenance costs are expensed. Interest is capitalized to the asset to which it relates in connection with the construction or expansion of real estate properties. Construction costs directly associated with the development of a property are capitalized as part of the cost of the development project. Such costs are written-off to expense whenever a project is abandoned. The cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in income. Depreciation is computed over the estimated useful lives of depreciable assets using the straight-line method. Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 10 years Office furniture and fixtures 5 years |
Other Real Estate Assets | Other Real Estate Assets Other real estate assets are accounted for in accordance with Accounting Standards Codification ("ASC") 853, "Service Concession Arrangements". ASC 853 stipulates that the facilities subject to the standard may not be accounted for as a lease, nor should the infrastructure used in the service concession arrangement be recognized as property and equipment by the operating entity. Instead, the contracts should be accounted for under the applicable revenue standards. The Company owns four facilities that are accounted for as service concession arrangements. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" and its subsequent corresponding update, ASC 606. For facilities which CoreCivic constructed for the public entity, two separate and distinct performance obligations exist. Service revenue is recognized as provided. All revenues and costs related to the construction of the facilities were recognized upon adoption of ASC 606. Revenue recognized related to the construction of the facilities for which cash has not yet been received is recorded as a contract asset and is amortized and evaluated for impairment on an on-going basis. For facilities contributed to a service contract, the cost of the facility is accounted for as costs to fulfill the service contract and the cost is recognized over the term of the service contract. The costs related to contract assets and costs to fulfill the service contracts are recoverable if the contract is terminated or not renewed due to the existence of residual interest options. Prior to the adoption of ASC 606, other real estate assets were stated at cost, net of accumulated amortization. These assets represent the cost of all infrastructure to be transferred to the public entity grantors should the grantors exercise their residual interest. The costs related to the facilities constructed for a governmental entity were deferred as an other real estate asset, and the deferred costs were amortized in proportion to revenue recognized over the term of the related services arrangement. The costs related to the facilities that were constructed before entering into the service concession arrangement were amortized in proportion to revenue recognized over the term of the related service contract as an investment in the service contract. |
Accounting for the Impairment of Long-Lived Assets Other Than Goodwill | Accounting for the Impairment of Long-Lived Assets Other Than Goodwill Long-lived assets other than goodwill are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. The Company estimates undiscounted cash flows for each facility with an impairment indicator. An impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets are less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, comparable sales data, discounted cash flows or internal and external appraisals, as applicable. |
Goodwill | Goodwill Goodwill represents the cost in excess of the fair value of net assets of businesses acquired. As further discussed in Note 3, goodwill is tested for impairment at least annually. |
Investment in Affiliates | Investment in Affiliates Investments in affiliates that are equal to or less than 50%-owned over which CoreCivic can exercise significant influence are accounted for using the equity method of accounting. Investments under the equity method are recorded at cost and subsequently adjusted for contributions, distributions, and net income attributable to the Company's ownership based on the governing agreement. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs, excluding those costs incurred related to CoreCivic's revolving credit facility, are presented as a direct deduction from the face amount of the related liability on the consolidated balance sheets. Debt issuance costs related to the Company's revolving credit facility are included in other assets on the consolidated balance sheets. Generally, debt issuance costs are capitalized and amortized into interest expense using the interest method, or on a straight-line basis over the term of the related debt, if not materially different than the interest method. Certain debt issuance costs incurred in connection with debt refinancings are charged to expense in accordance with ASC 470-50, "Modifications and Extinguishments". |
Revenue Recognition | Revenue Recognition Revenue is recognized over time when control of the promised service is transferred to CoreCivic's customers, in an amount that reflects consideration CoreCivic expects to be entitled for those services which is typically in the form of a fixed rate. These services are considered to be a performance obligation and are generally satisfied in one to thirty days depending on the performance obligation. CoreCivic maintains contracts with certain governmental entities to manage their facilities for fixed per diem rates. CoreCivic also maintains contracts with various federal, state, and local governmental entities for the housing of offenders in company-owned facilities at fixed per diem rates or monthly fixed rates. These contracts usually contain expiration dates with renewal options ranging from annual to multi-year renewals. Most of these contracts have current terms that require renewal every two to five years . Additionally, most facility management contracts contain clauses that allow the government agency to terminate a contract without cause and are generally subject to legislative appropriations. CoreCivic generally expects to renew these contracts for periods consistent with the remaining renewal options allowed by the contracts or other reasonable extensions; however, no assurance can be given that such renewals will be obtained. Fixed monthly rate revenue is recorded in the month earned, and fixed per diem revenue, including revenue under those contracts that include guaranteed minimum populations, is recorded based on the per diem rate multiplied by the number of offenders housed or guaranteed during the respective period. Certain of the government agencies also have the authority to audit and investigate CoreCivic's contracts with them. If the agency determines that CoreCivic has improperly allocated costs to a specific contract or otherwise was unable to perform certain contractual services, CoreCivic may not be reimbursed for those costs and could be required to refund the amount of any such costs that have been reimbursed, or to pay liquidated damages. In these instances, the amounts that are required to be returned to the customer are considered to be variable consideration and are classified as reductions to revenue. Lease revenue is recognized in accordance with ASC 842, "Leases". In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Lease incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. Other revenue consists primarily of revenues associated with the Company's electronic monitoring and case management services, as well as ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales. Other revenue is also generated from prisoner transportation services for governmental agencies. Revenue is recorded at a point in time when goods are provided or over time when services are provided. |
Self-Funded Insurance and Litigation Reserves | Self-Funded Insurance and Litigation Reserves CoreCivic is self-insured for employee health, workers' compensation, automobile liability claims, and general liability claims. As such, CoreCivic's insurance expense is largely dependent on claims experience and CoreCivic's ability to control its claims experience. CoreCivic accrues the estimated liability for employee health insurance based on its history of claims experience and time lag between the incident date and the date the cost is paid by CoreCivic. CoreCivic accrues the estimated liability for workers' compensation claims based on an actuarially determined liability using a combination of actuarial methods used to project ultimate losses, and the Company's automobile insurance claims based on estimated development factors on claims incurred. The liability for employee health, workers' compensation, and automobile insurance includes estimates for both claims incurred and for claims incurred but not reported. CoreCivic records its best estimate of the probable costs for the resolution of certain claims and legal proceedings in which it is involved, if estimable. In addition, the Company is subject to current and potential future claims and legal proceedings for which little or no accrual has been reflected because the Company's current assessment of the potential exposure is nominal, or because the Company cannot reasonably estimate the amount of loss or range of loss, if any, that may result. These estimates have been developed in consultation with CoreCivic's General Counsel's office and, as appropriate, outside counsel handling these matters, and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. These estimates could change in the future. |
Income Taxes | Income Taxes Income taxes are accounted for under the provisions of ASC 740, "Income Taxes". ASC 740 generally requires CoreCivic to record deferred income taxes for the tax effect of differences between book and tax bases of its assets and liabilities. Deferred income taxes reflect the available net operating losses and the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. Realization of the future tax benefits related to deferred tax assets is dependent on many factors, including CoreCivic's past earnings history, expected future earnings, the character and jurisdiction of such earnings, unsettled circumstances that, if unfavorably resolved, would adversely affect utilization of its deferred tax assets, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. CoreCivic elected to become a taxable C Corporation effective January 1, 2021. CoreCivic operated in compliance with Real Estate Investment Trust ("REIT") requirements for federal income tax purposes from January 1, 2013 through December 31, 2020. During the years the Company elected REIT status, the Company generally was not subject to corporate level federal income tax on taxable income it distributed to its stockholders as long as it met the organizational and operational requirements under the REIT rules. However, certain subsidiaries made an election to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections permitted CoreCivic to engage in certain business activities in which the REIT could not engage directly, so long as these activities were conducted in entities that elected to be treated as TRSs under the Internal Revenue Code of 1986, as amended. A TRS is subject to federal and state income taxes on the income from these activities and therefore, CoreCivic included a provision for taxes in its consolidated financial statements, even in periods it operated as a REIT. CoreCivic's deferred tax assets and liabilities are classified as non-current on the consolidated balance sheets. See Note 12 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities. Income tax contingencies are accounted for under the provisions of ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance prescribed in ASC 740 establishes a recognition threshold of more likely than not that a tax position will be sustained upon examination. The measurement attribute requires that a tax position be measured at the largest amount of benefit that is greater than 50 % likely of being realized upon ultimate settlement. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments To meet the reporting requirements of ASC 825, "Financial Instruments", regarding fair value of financial instruments, CoreCivic calculates the estimated fair value of financial instruments using market interest rates, quoted market prices of similar instruments, or discounted cash flow techniques with observable Level 1 inputs for publicly traded debt and Level 2 inputs for all other financial instruments, as defined in ASC 820, "Fair Value Measurement". At December 31, 2023 and 2022, there were no material differences between the carrying amounts and the estimated fair values of CoreCivic's financial instruments, other than as follows (in thousands): December 31, 2023 2022 Carrying Fair Value Carrying Fair Value Note receivable from APM $ 2,886 $ 3,061 $ 2,741 $ 3,076 Debt $ ( 1,106,691 ) $ ( 1,090,326 ) $ ( 1,264,522 ) $ ( 1,247,201 ) |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. |
Concentration of Credit Risks | Concentration of Credit Risks CoreCivic's credit risks relate primarily to cash and cash equivalents, restricted cash, and accounts receivable. Cash and cash equivalents and restricted cash are primarily held in bank accounts and overnight investments. CoreCivic maintains deposits of cash in excess of federally insured limits with certain financial institutions. CoreCivic's accounts receivable represents amounts due primarily from governmental agencies. CoreCivic's financial instruments are subject to the possibility of loss in carrying value as a result of either the failure of other parties to perform according to their contractual obligations or changes in market prices that make the instruments less valuable. CoreCivic derives its revenues primarily from amounts earned under federal, state, and local government contracts. For each of the years ended December 31, 2023, 2022, and 2021, federal correctional and detention authorities represented 52 %, 54 %, and 56 %, respectively, of CoreCivic's total revenue. Federal correctional and detention authorities consist primarily of U.S. Immigration and Customs Enforcement ("ICE"), the United States Marshals Service ("USMS"), and the Federal Bureau of Prisons ("BOP"). ICE accounted for 30 %, 29 %, and 30 % of total revenue for 2023, 2022, and 2021, respectively. The USMS accounted for 21 %, 22 %, and 23 % of total revenue for 2023, 2022, and 2021, respectively. The BOP accounted for 2 %, 3 %, and 3 % of total revenue for 2023, 2022, and 2021. State revenues from contracts at correctional, detention, and residential reentry facilities that CoreCivic operates represented 39 %, 36 %, and 32 % of total revenue during the years ended December 31, 2023, 2022, and 2021 , respectively. The state of Tennessee generated 10 % of CoreCivic's total revenue in 2023 and 2022, with no other state customer generating 10 % or more of our total revenue in 2023, 2022, or 2021. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, and reentry, the loss or substantial reduction in value of one or more of such contracts could have a material impact on CoreCivic's financial condition and results of operations. On January 26, 2021, President Biden issued the Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities ("Private Prison EO"). The Private Prison EO directs the Attorney General to not renew United States Department of Justice ("DOJ") contracts with privately operated criminal detention facilities. The USMS is an agency of the DOJ that utilizes CoreCivic's facilities and services, and accounted for 21 % of CoreCivic's total revenue for the year ended December 31, 2023. Another federal agency that utilizes CoreCivic's facilities and services, ICE, is not covered by the Private Prison EO, as ICE is an agency of the Department of Homeland Security ("DHS"), not the DOJ. CoreCivic currently has two detention facilities that have direct contracts with the USMS. Because of the lack of alternative bed capacity, one of the contracts was renewed upon its expiration in September 2023 and now expires in September 2028. The second direct contract with the USMS expires in September 2025. It is too early to predict the outcome of the expiration of the contract scheduled to expire in September 2025, and future developments could occur prior to the scheduled expiration date. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation CoreCivic accounts for restricted stock-based compensation under the recognition and measurement principles of ASC 718, "Compensation-Stock Compensation". CoreCivic amortizes the fair market value as of the grant date of restricted stock unit ("RSU") awards over the vesting period using the straight-line method. The fair market value of performance-based restricted stock units is amortized over the vesting period as long as CoreCivic considers it probable that it will meet the performance criteria. To the extent performance-based RSUs are expected to increase or decrease based on revised estimates of performance, the related expense is adjusted accordingly. If achievement of the performance criteria becomes improbable, an adjustment is made to reverse the expense previously recognized. The Company estimates the number of awards expected to be forfeited and adjusts the estimate when it is likely to change. |
Leases | Leases Leases are accounted for under the provisions of ASU 2016-02, "Leases (Topic 842)" and ASU 2018-11, "Targeted Improvements – Leases (Topic 842)", cumulatively "ASC 842". For finance leases and operating leases, CoreCivic recognizes on the balance sheet a liability to make lease payments and a right-of-use ("ROU") asset representing its right to use the underlying asset for the lease term, with each initially measured at the present value of the lease payments. The Company also applies the "short-term lease exception" permitted by ASC 842 for all classes of underlying assets. With the exception of the South Texas Family Residential Center lease, as further described in Note 5, the Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component. All rental payments associated with the South Texas Family Residential Center lease are classified as operating expenses. For those operating leases that contain renewal options, the Company includes the renewal period in the lease terms, and the related payments are reflected in the ROU asset and lease liability, when it is reasonably certain that a renewal option will be exercised. The ROU asset is included in other assets on the consolidated balance sheets, while the current portion of the lease liability is included in accounts payable and accrued expenses, and the long-term portion of the liability is included in other liabilities on the consolidated balance sheets. Because CoreCivic does not generally have access to the interest rates implicit in its leases, the Company utilizes its incremental borrowing rate, based upon the terms and tenure of each base lease, as the discount rate when calculating the present value of future minimum lease payments for each lease arrangement. For leases where the Company is the lessor, the Company applies the practical expedient provided by ASC 842 to not separate non-lease components from the associated lease component if certain criteria are met for each class of underlying assets. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Non-lease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance ("CAM") and service income associated with tenant work orders to be non-lease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company's business, the identified asset would be the leased real estate. The Company has concluded that the timing and pattern of transfer for non-lease components and the associated lease component are the same. The Company has also determined that the predominant component is the lease component and as such its leases qualify as operating leases. The Company accounts for and presents the lease component and the non-lease component as a single component in revenue. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the Securities and Exchange Commission ("SEC") did not, or are not expected to, have a material effect on the Company's results of operations or financial position. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Useful Life of Property and Equipment | Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 10 years Office furniture and fixtures 5 years |
Schedule of Financial Instruments Having Difference Between Carrying Amount and Fair Value | At December 31, 2023 and 2022, there were no material differences between the carrying amounts and the estimated fair values of CoreCivic's financial instruments, other than as follows (in thousands): December 31, 2023 2022 Carrying Fair Value Carrying Fair Value Note receivable from APM $ 2,886 $ 3,061 $ 2,741 $ 3,076 Debt $ ( 1,106,691 ) $ ( 1,090,326 ) $ ( 1,264,522 ) $ ( 1,247,201 ) |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment | Property and equipment, at cost, consists of the following (in thousands): December 31, 2023 2022 Land and improvements $ 237,505 $ 238,707 Buildings and improvements 3,193,948 3,169,493 Equipment and software 465,337 445,658 Office furniture and fixtures 38,747 38,523 3,935,537 3,892,381 Less: Accumulated depreciation ( 1,821,015 ) ( 1,716,283 ) $ 2,114,522 $ 2,176,098 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Lease Description [Line Items] | |
Schedule of Future Minimum Lease Payments | The expense incurred for all operating leases, inclusive of short-term and variable leases, but exclusive of the non-lease food services component of the South Texas Family Residential Center lease, was $ 34.2 million, $ 34.2 million, and $ 34.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. The cash payments for operating leases are reflected as cash flows from operating activities on the accompanying consolidated statements of cash flows and cash payments for financing leases are reflected as cash flows from financing activities. Future minimum lease payments as of December 31, 2023 for the Company's operating lease liabilities, inclusive of $ 79.1 million of payments expected to be made under the cancelable lease at the South Texas facility (excluding the non-lease food services component), are as follows (in thousands): 2024 $ 33,372 2025 33,263 2026 25,705 2027 3,579 2028 3,167 Thereafter 8,940 Total future minimum lease payments 108,026 Less amount representing interest ( 11,202 ) Total present value of minimum lease payments $ 96,824 |
Schedule of Future Minimum Lease Payments to be Received from Third-Party Lessees for Company's Operating Leases and Finance Leases | Future minimum lease payments to be received from third-party lessees as of December 31, 2023 for the Company's operating and finance leases are as follows (in thousands): 2024 $ 39,466 2025 28,119 2026 28,542 2027 28,971 2028 29,412 Thereafter 228,343 |
REAL ESTATE TRANSACTIONS (Table
REAL ESTATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Idled Facilities and Respective Carrying Values | The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that could generally be transferred and used at other facilities CoreCivic owns without significant cost (dollars in thousands): Net Carrying Values at Facility 2023 2022 Prairie Correctional Facility $ 13,230 $ 14,165 Huerfano County Correctional Center 14,058 14,580 Diamondback Correctional Facility 33,764 35,587 Marion Adjustment Center 9,968 10,326 Kit Carson Correctional Center 47,638 49,444 West Tennessee Detention Facility 18,568 19,581 Midwest Regional Reception Center 49,736 51,938 North Fork Correctional Facility 60,044 62,737 $ 247,006 $ 258,358 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2023 2022 Intangible assets, less accumulated amortization 2,307 and $ 2,435 , respectively $ 7,173 $ 7,724 Financing receivable - Kansas lease 138,989 142,214 ROU lease assets 119,773 145,539 Lease incentive assets — 3,529 Debt issuance costs for revolving credit facility, 180 and 765 , respectively 3,397 3,343 Cash equivalents and cash surrender value of life 16,545 15,988 Straight-line rent receivable 1,854 2,378 Insurance receivable 15,966 14,144 Note receivable from APM 2,886 2,741 Other 2,975 4,376 $ 309,558 $ 341,976 |
Estimated Amortization Expense Related to Intangible Assets | As of December 31, 2023, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2024 $ 454 2025 454 2026 454 2027 454 2028 454 |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2023 2022 Trade accounts payable $ 72,020 $ 89,683 Accrued salaries and wages 60,918 49,345 Income taxes payable 4,619 2,190 Accrued dividends on RSUs 301 406 Accrued workers' compensation and auto liability 9,223 9,208 Accrued litigation 7,756 6,905 Accrued employee medical insurance 6,640 7,233 Accrued property taxes 25,914 26,460 Accrued interest 14,399 15,733 Lease liabilities 34,353 32,696 Deferred revenue 13,117 10,903 Construction payable 2,044 3,034 Other 34,553 31,430 $ 285,857 $ 285,226 |
Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands): December 31, 2023 2022 Intangible contract liability $ 3,869 $ 4,256 Accrued workers' compensation 35,856 33,308 Accrued deferred compensation 14,026 12,992 Lease financing obligation 6,975 7,039 Lease liabilities 70,935 96,918 Other 12 31 $ 131,673 $ 154,544 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Debt Outstanding | Debt outstanding consists of the following (in thousands): December 31, 2023 2022 Revolving Credit Facility maturing October 2028 . Interest payable periodically at variable interest rates . $ — $ — Term Loan maturing October 2028 . Interest payable periodically . The rate at December 31, 2023 and 2022 8.7 % and 7.5 %, respectively. Unamortized debt issuance costs 1.5 million and $ 1.4 million at December 31, 2023 125,000 96,250 4.625 % Senior Notes. The 4.625% Senior Notes were redeemed February 1, 2023 , as further described below. — 153,754 4.75 % Senior Notes maturing October 2027 . Unamortized debt 1.5 million and $ 1.9 million at 243,068 250,000 8.25 % Senior Notes maturing April 2026 . Unamortized debt 5.8 million and $ 8.7 million at 593,113 614,113 4.43 % Lansing Correctional Center Non-Recourse Mortgage Note January 2040 . Unamortized debt issuance costs amounted 2.6 million and $ 2.8 million at December 31, 2023 145,510 150,405 Total debt 1,106,691 1,264,522 Unamortized debt issuance costs ( 12,052 ) ( 14,763 ) Net unamortized original issue premium 434 624 Current portion of long-term debt ( 11,597 ) ( 165,525 ) Long-term debt, net $ 1,083,476 $ 1,084,858 |
Schedule of Principal Payments | Scheduled principal payments as of December 31, 2023 for the next five years and thereafter were as follows (in thousands): 2024 $ 11,597 2025 12,073 2026 608,814 2027 262,423 2028 97,995 Thereafter 113,789 Total debt $ 1,106,691 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Components of Income Tax Expense (Benefit) | Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2023 2022 2021 Current income tax expense Federal $ 25,037 $ 25,681 $ 32,137 State 5,899 5,840 6,592 30,936 31,521 38,729 Deferred income tax expense (benefit) Federal ( 2,156 ) 11,484 86,703 State ( 547 ) ( 23 ) 12,567 ( 2,703 ) 11,461 99,270 Income tax expense $ 28,233 $ 42,982 $ 137,999 |
Summary Of Components of Deferred Tax Assets and Liabilities | Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2023 and 2022, are as follows (in thousands): December 31, 2023 2022 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 14,915 $ 8,625 Accrued compensation not yet deductible for tax 12,419 9,913 Accrued workers comp liabilities not yet deductible for tax 11,333 10,976 Depreciation 8,669 8,502 ROU lease assets 25,282 33,226 Losses and tax credit carryforwards 1,591 1,807 Intangible assets 7,669 7,836 Other 9,010 9,954 Total noncurrent deferred tax assets 90,888 90,839 Less valuation allowance ( 848 ) ( 848 ) Total noncurrent deferred tax assets 90,040 89,991 Noncurrent deferred tax liabilities: Depreciation ( 151,918 ) ( 148,255 ) Lease liabilities ( 24,721 ) ( 32,663 ) Intangible liabilities ( 7,860 ) ( 7,557 ) Other ( 2,456 ) ( 1,134 ) Total noncurrent deferred tax liabilities ( 186,955 ) ( 189,609 ) Net total noncurrent deferred tax liabilities $ ( 96,915 ) $ ( 99,618 ) |
Summary Of Reconciliation of Income Tax Provision at Statutory Income Tax Rate and Effective Tax Rate | A reconciliation of the income tax provision at the statutory income tax rate and the effective tax rate as a percentage of income from continuing operations before income taxes for the years ended December 31, 2023, 2022, and 2021 is as follows: 2023 2022 2021 Statutory federal rate 21.0 % 21.0 % 21.0 % Revaluation of deferred tax liabilities — — 132.7 State taxes, net of federal tax benefit 4.5 3.4 4.8 Permanent differences 4.3 1.7 2.8 Tax expense (benefit) of equity-based compensation ( 0.3 ) — 2.6 Other items, net — ( 0.1 ) ( 3.6 ) 29.5 % 26.0 % 160.3 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Nonvested Restricted Common Stock and RSU Transactions | Nonvested RSU transactions as of December 31, 2023 and activity for the year then ended are summarized below (in thousands, except per share amounts). Shares of Weighted Nonvested at December 31, 2022 3,871 $ 9.87 Granted 1,968 $ 11.35 Cancelled ( 120 ) $ 10.20 Vested ( 1,849 ) $ 10.33 Nonvested at December 31, 2023 3,870 $ 10.61 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data): For the Years Ended December 31, 2023 2022 2021 NUMERATOR Basic: Net income (loss) $ 67,590 $ 122,320 $ ( 51,896 ) Diluted: Net income (loss) $ 67,590 $ 122,320 $ ( 51,896 ) DENOMINATOR Basic: Weighted average common shares outstanding 113,798 118,199 120,192 Diluted: Weighted average common shares outstanding 113,798 118,199 120,192 Effect of dilutive securities: Restricted stock-based awards 852 899 — Weighted average shares and assumed 114,650 119,098 120,192 BASIC EARNINGS (LOSS) PER SHARE $ 0.59 $ 1.03 $ ( 0.43 ) DILUTED EARNINGS (LOSS) PER SHARE $ 0.59 $ 1.03 $ ( 0.43 ) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Revenue and Net Operating Income for Each of the Three Segments and a Reconciliation to CoreCivic's Operating Income | The revenue and net operating income for each of the three segments and a reconciliation to CoreCivic's income before income taxes is as follows for the three years ended December 31, 2023, 2022, and 2021 (in thousands): For the Years Ended December 31, 2023 2022 2021 Revenue: Safety $ 1,731,421 $ 1,684,035 $ 1,693,968 Community 115,068 103,263 99,435 Properties 49,875 57,873 68,934 Total segment revenue 1,896,364 1,845,171 1,862,337 Operating expenses: Safety 1,356,496 1,313,567 1,236,938 Community 91,895 86,016 81,610 Properties 13,829 13,682 18,155 Total segment operating expenses 1,462,220 1,413,265 1,336,703 Facility net operating income: Safety 374,925 370,468 457,030 Community 23,173 17,247 17,825 Properties 36,046 44,191 50,779 Total facility net operating income 434,144 431,906 525,634 Other revenue (expense): Other revenue 271 158 279 Other operating expense ( 210 ) ( 527 ) ( 362 ) General and administrative ( 136,084 ) ( 127,700 ) ( 135,770 ) Depreciation and amortization ( 127,316 ) ( 127,906 ) ( 134,738 ) Shareholder litigation expense — ( 1,900 ) ( 54,295 ) Asset impairments ( 2,710 ) ( 4,392 ) ( 11,378 ) Interest expense, net ( 72,960 ) ( 84,974 ) ( 85,542 ) Expenses associated with debt repayments ( 686 ) ( 8,077 ) ( 56,279 ) Gain on sale of real estate assets, net 798 87,728 38,766 Other income (expense) 576 986 ( 212 ) Income before income taxes $ 95,823 $ 165,302 $ 86,103 |
Summary of Capital Expenditures Including Accrued Amounts | The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2023, 2022, and 2021 (in thousands): For the Years Ended December 31, 2023 2022 2021 Capital expenditures: Safety $ 51,070 $ 70,399 $ 56,978 Community 3,138 2,362 2,631 Properties 2,324 3,560 9,081 Corporate and other 11,217 7,123 12,804 Total capital expenditures $ 67,749 $ 83,444 $ 81,494 |
Schedule of Total Assets | The total assets are as follows (in thousands): December 31, 2023 2022 Assets: Safety $ 2,284,243 $ 2,433,126 Community 213,145 216,303 Properties 402,889 362,908 Corporate and other 205,122 232,432 Total assets $ 3,105,399 $ 3,244,769 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Property Facility Segment Bed | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of Operating segments | Segment | 3 |
Number of properties held for lease to government agencies | Property | 6 |
CoreCivic Safety | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of facilities operated by the company | Facility | 43 |
Number of facilities owned by the company | Facility | 39 |
Number of beds at the facility | Bed | 65,000 |
CoreCivic Community | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of centers owned and operated by company | Facility | 23 |
Number of beds at the center | Bed | 5,000 |
CoreCivic Properties | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of beds at the facility | Bed | 10,000 |
Number of properties held for lease to government agencies | Property | 6 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 | |
Organization And Operations [Line Items] | |||
Restricted cash | $ 7,111 | $ 12,764 | |
Accounts receivable, net of credit loss reserve | 312,174 | 312,435 | |
Accounts receivable, credit loss reserve | $ 6,800 | 8,000 | |
Number of facilities accounted for as service concession arrangements | Facility | 4 | ||
Equity method investment description | Investments in affiliates that are equal to or less than 50%-owned over which CoreCivic can exercise significant influence are accounted for using the equity method of accounting. | ||
Revenue, performance obligation, description of timing | one to thirty days | ||
Percentage of likelihood required for a tax position to be measured | 50% | ||
Net charge to accumulated deficit | $ (308,847) | $ (376,431) | |
Government Contracts Concentration Risk | Sales Revenue, Net | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts State Of Tennessee | 10% | 10% | |
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Correctional And Detention Authorities | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 52% | 54% | 56% |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Immigration And Customs Enforcement | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 30% | 29% | 30% |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Marshals Service | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 21% | 22% | 23% |
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Bureau Of Prisons | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 2% | 3% | 3% |
Government Contracts Concentration Risk | Sales Revenue, Net | State Correctional Authorities | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 39% | 36% | 32% |
Percentage of revenues generated from government management contracts State Of Tennessee | 10% | 10% | |
Minimum | |||
Organization And Operations [Line Items] | |||
Renewal of contract terms | 2 years | ||
Maximum | |||
Organization And Operations [Line Items] | |||
Renewal of contract terms | 5 years |
Schedule of Useful Life of Prop
Schedule of Useful Life of Property and Equipment (Detail) | Dec. 31, 2023 |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 20 years |
Building and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 5 years |
Building and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 50 years |
Equipment And Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 3 years |
Equipment And Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 10 years |
Office Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 5 years |
Schedule of Financial Instrumen
Schedule of Financial Instruments Having Difference Between Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Note receivable from APM ,Carrying Amount | $ 2,886 | $ 2,741 |
Debt, Carrying Amount | (1,106,691) | (1,264,522) |
Note receivable from APM, Fair Value | 3,061 | 3,076 |
Debt, Fair Value | $ (1,090,326) | $ (1,247,201) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Goodwill | $ 4,844 | $ 4,844 |
CoreCivic Safety segment | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Goodwill | $ 4,800 | $ 4,800 |
Real Estate and Related Asset_2
Real Estate and Related Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Property Facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number of real estate properties owned | Facility | 68 | ||
Number of properties held for lease to government agencies | Property | 6 | ||
Number of facilities owned by government partners, managed | Facility | 4 | ||
Depreciation expense | $ 126,800 | $ 126,700 | $ 132,900 |
Number of facilities accounting for as service concession arrangements | Facility | 4 | ||
Other real estate assets | $ 201,561 | 208,181 | |
Contract Cost | |||
Property, Plant and Equipment [Line Items] | |||
Other real estate assets | 134,800 | 136,300 | |
Service Contract | |||
Property, Plant and Equipment [Line Items] | |||
Other real estate assets | $ 66,800 | $ 71,900 |
REAL ESTATE AND RELATED ASSET_3
REAL ESTATE AND RELATED ASSETS (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 237,505 | $ 238,707 |
Buildings and improvements | 3,193,948 | 3,169,493 |
Equipment and software | 465,337 | 445,658 |
Office furniture and fixtures | 38,747 | 38,523 |
Property and equipment, gross | 3,935,537 | 3,892,381 |
Less: Accumulated depreciation | (1,821,015) | (1,716,283) |
Property, and Equipment, total | $ 2,114,522 | $ 2,176,098 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 24, 2018 | |
Lessee Lease Description [Line Items] | ||||
ROU lease assets | $ 119,773 | $ 145,539 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net of accumulated depreciation of $1,821,015 and $1,716,283, respectively | Property and equipment, net of accumulated depreciation of $1,821,015 and $1,716,283, respectively | ||
Current portion of lease liability | $ 34,353 | $ 32,696 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued expenses | Accounts payable and accrued expenses | ||
Long-term portion of liability | $ 70,935 | $ 96,918 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | ||
Future minimum lease payments | $ 108,026 | |||
CoreCivic Properties | ||||
Lessee Lease Description [Line Items] | ||||
Number of properties held for lease to government agencies | Property | 6 | |||
Number of properties currently leased to goverment agencies | Property | 5 | |||
Company owned property and equipment | $ 248,000 | |||
Operating and finance leases latest expiration year | 2040 | |||
Kansas Department Of Corrections | ||||
Lessee Lease Description [Line Items] | ||||
Lease term | 20 years | |||
South Texas Family Residential Center | ||||
Lessee Lease Description [Line Items] | ||||
Future minimum lease payments | $ 79,100 | |||
Accounting Standards Update 2016-02 | ||||
Lessee Lease Description [Line Items] | ||||
ROU lease assets | 119,800 | $ 145,500 | ||
Current portion of lease liability | 25,900 | 24,100 | ||
Long-term portion of liability | $ 70,900 | 96,900 | ||
Weighted-average lease term of operating leases | 3 years 6 months | |||
Weighted average discount rate associated with the operating leases | 6.30% | |||
Operating lease expense inclusive of short-term and variable leases, exclusive of non-lease food services component | $ 34,200 | $ 34,200 | $ 34,600 | |
Accounting Standards Update 2016-02 | ICE | ||||
Lessee Lease Description [Line Items] | ||||
Agreement notice period for termination | 60 days | |||
Accounting Standards Update 2016-02 | Third Party Lessor | ||||
Lessee Lease Description [Line Items] | ||||
Lease agreement, Option to extend the term of agreement | CoreCivic's lease agreement with the lessor is over a base period concurrent with an inter-governmental service agreement ("IGSA") with ICE, which was amended in September 2020 to extend the term of the agreement through September 2026. | |||
Non lease component for food services, rate of consideration paid | 44% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Lessee Lease Description [Line Items] | |
2024 | $ 33,372 |
2025 | 33,263 |
2026 | 25,705 |
2027 | 3,579 |
2028 | 3,167 |
Thereafter | 8,940 |
Total future minimum lease payments | 108,026 |
Less amount representing interest | $ (11,202) |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total present value of minimum lease payments |
Total present value of minimum lease payments | $ 96,824 |
Schedule of Future Undiscounted
Schedule of Future Undiscounted Cash Flows to be Received from Third-Party Lessees for Company's Operating Leases and Finance Leases (Detail) - Accounting Standards Update 2016-02 $ in Thousands | Dec. 31, 2023 USD ($) |
Lessee Lease Description [Line Items] | |
2024 | $ 39,466 |
2025 | 28,119 |
2026 | 28,542 |
2027 | 28,971 |
2028 | 29,412 |
Thereafter | $ 228,343 |
Real Estate Transactions - Addi
Real Estate Transactions - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jul. 25, 2022 USD ($) | Jun. 29, 2021 Properties | Jan. 31, 2024 USD ($) | Oct. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) Facility Bed | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Facility | Dec. 31, 2020 | May 02, 2023 USD ($) | Jan. 24, 2018 Bed | |
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Gross Sale Price | $ 8,000,000 | |||||||||||||
Asset Impairment Charges | $ 3,500,000 | $ 2,710,000 | $ 4,392,000 | $ 11,378,000 | ||||||||||
Net proceeds from sale of assets | 11,068,000 | 157,680,000 | $ 320,754,000 | |||||||||||
Number of properties sold | 1 | 5 | ||||||||||||
Net proceeds after the repayment of debt | 27,300,000 | $ 125,000,000 | ||||||||||||
Net gain (loss) on sale of properties | 9,900,000 | 38,700,000 | ||||||||||||
Revenues | 1,896,635,000 | 1,845,329,000 | 1,862,616,000 | |||||||||||
Operating Costs and Expenses | 1,462,430,000 | 1,413,792,000 | 1,337,065,000 | |||||||||||
Assets held for sale | $ 7,480,000 | 6,936,000 | ||||||||||||
CoreCivic Safety segment | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the facility | Bed | 65,000 | |||||||||||||
CoreCivic Community | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the center | Bed | 5,000 | |||||||||||||
Assets held for sale | $ 7,500,000 | |||||||||||||
CoreCivic Properties | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the facility | Bed | 10,000 | |||||||||||||
Other Assets | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Financing receivable, | $ 139,000,000 | 142,200,000 | ||||||||||||
Vacant Parcel Land | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net sales proceeds | $ 500,000 | |||||||||||||
Net gain (loss) on sale of properties | $ 400,000 | |||||||||||||
Augusta Transitional Center | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net sales proceeds | 4,500,000 | |||||||||||||
Net gain (loss) on sale of properties | 500,000 | |||||||||||||
Kansas Department Of Corrections | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Lease term | 20 years | |||||||||||||
Number of beds at the facility | Bed | 2,432 | |||||||||||||
Construction of new facility commencement description | Construction of the facility commenced in the first quarter of 2018, and construction was completed in January 2020, | |||||||||||||
Revenues | 2,600,000 | 2,500,000 | ||||||||||||
Interest income | 8,500,000 | 8,700,000 | ||||||||||||
West Tennessee Detention Facility | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | $ 18,568,000 | 19,581,000 | ||||||||||||
Roth Hall Residential Reentry Center and the Walker Hall Residential Reentry Center [Member] | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net sales proceeds | $ 5,800,000 | |||||||||||||
Net gain (loss) on sale of properties | $ (25,000) | |||||||||||||
Idled Correctional Facilities | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of facility | Facility | 8 | |||||||||||||
Idled Non-Core Facilities | CoreCivic Safety segment | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | $ 2,800,000 | |||||||||||||
Number of beds at the facility | Bed | 240 | |||||||||||||
Number of facility | Facility | 1 | |||||||||||||
Idle Facilities | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Operating Costs and Expenses | $ 12,500,000 | $ 9,700,000 | $ 7,600,000 | |||||||||||
Idle Facilities | CoreCivic Community | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | $ 3,400,000 | |||||||||||||
Number of beds at the facility | Bed | 450 | |||||||||||||
Number of facility | Facility | 2 | |||||||||||||
Idle Facilities | West Tennessee Detention Facility | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Operating Costs and Expenses | $ 2,200,000 | $ 3,500,000 | ||||||||||||
Purchase And Sale Agreement [Member] | McRae Correctional Facility | CoreCivic Safety segment | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Gross Sale Price | $ 130,000,000 | |||||||||||||
Net proceeds from sale of assets | 129,700,000 | |||||||||||||
Net gain (loss) on sale of properties | $ 77,500,000 |
Real Estate Transactions - Idle
Real Estate Transactions - Idled Facilities and Respective Carrying Values Excluding Equipment and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prairie Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | $ 13,230 | $ 14,165 |
Huerfano County Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 14,058 | 14,580 |
Diamondback Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 33,764 | 35,587 |
Marion Adjustment Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 9,968 | 10,326 |
Kit Carson Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 47,638 | 49,444 |
West Tennessee Detention Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 18,568 | 19,581 |
Midwest Regional Reception Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 49,736 | 51,938 |
North Fork Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 60,044 | 62,737 |
Idle Facilities | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | $ 247,006 | $ 258,358 |
Investment in Affiliate - Addit
Investment in Affiliate - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments In And Advances To Affiliates [Line Items] | |||
Duration of prison management contract with an agency of the United Kingdom government | 25 years | ||
Working capital loan to APM | $ 2,886,000 | $ 2,741,000 | |
Equity earnings (losses) of joint venture | $ 325,000 | $ (124,000) | $ (138,000) |
Agecroft Prison Management Ltd | |||
Investments In And Advances To Affiliates [Line Items] | |||
Variable interest entity, ownership percentage | 50% |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Assets [Line Items] | ||
Intangible assets, less accumulated amortization of $2,307 and $2,435, respectively | $ 7,173 | $ 7,724 |
Financing receivable - Kansas lease | $ 138,989 | $ 142,214 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
ROU lease assets | $ 119,773 | $ 145,539 |
Lease incentive assets | 0 | 3,529 |
Debt issuance costs for revolving credit facility, less accumulated amortization of $180 and $765, respectively | 3,397 | 3,343 |
Cash equivalents and cash surrender value of life insurance held in Rabbi trust | 16,545 | 15,988 |
Straight-line rent receivable | 1,854 | 2,378 |
Insurance receivable | 15,966 | 14,144 |
Note receivable from APM | 2,886 | 2,741 |
Other | 2,975 | 4,376 |
Other assets, total | $ 309,558 | $ 341,976 |
Schedule of Other Assets (Paren
Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 2,307 | $ 2,435 |
Debt issuance costs, accumulated amortization | $ 180 | $ 765 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 9.5 | $ 10.1 | |
Amortization expense related to intangible assets | $ 0.5 | $ 1.3 | $ 1.9 |
Estimated Amortization Expense
Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2024 | $ 454 |
2025 | 454 |
2026 | 454 |
2027 | 454 |
2028 | $ 454 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Trade accounts payable | $ 72,020 | $ 89,683 |
Accrued salaries and wages | 60,918 | 49,345 |
Income taxes payable | 4,619 | 2,190 |
Accrued dividends on RSUs | 301 | 406 |
Accrued workers' compensation and auto liability | 9,223 | 9,208 |
Accrued litigation | 7,756 | 6,905 |
Accrued employee medical insurance | 6,640 | 7,233 |
Accrued property taxes | 25,914 | 26,460 |
Accrued interest | 14,399 | 15,733 |
Lease liabilities | $ 34,353 | $ 32,696 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued expenses, total | Accounts payable and accrued expenses, total |
Deferred revenue | $ 13,117 | $ 10,903 |
Construction payable | 2,044 | 3,034 |
Other | 34,553 | 31,430 |
Accounts payable and accrued expenses, total | $ 285,857 | $ 285,226 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Long Term Liabilities [Line Items] | ||
Intangible contract liability | $ 3,869 | $ 4,256 |
Accrued workers' compensation | 35,856 | 33,308 |
Accrued deferred compensation | 14,026 | 12,992 |
Lease financing obligation | 6,975 | 7,039 |
Lease liabilities | $ 70,935 | $ 96,918 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Other | $ 12 | $ 31 |
Other liabilities | $ 131,673 | $ 154,544 |
Schedule of Debt Outstanding (D
Schedule of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Feb. 01, 2023 | Dec. 31, 2022 | Oct. 31, 2017 | Apr. 30, 2013 |
Debt Instrument [Line Items] | |||||
Total debt | $ 1,106,691 | $ 1,264,522 | |||
Unamortized debt issuance costs | (12,052) | (14,763) | |||
Net unamortized original issue premium | 434 | 624 | |||
Current portion of long-term debt | (11,597) | (165,525) | |||
Long-term debt, net | 1,083,476 | 1,084,858 | |||
Revolving Credit Facility Due In October 2028 | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 0 | |||
Term Loan Due In October 2028 | |||||
Debt Instrument [Line Items] | |||||
Total debt | 125,000 | 96,250 | |||
Unamortized debt issuance costs | (1,500) | (1,400) | |||
Senior Notes 4.625% Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | $ 153,800 | 153,754 | $ 350,000 | |
Senior Notes 4.75% Due 2027 | |||||
Debt Instrument [Line Items] | |||||
Total debt | 243,068 | 250,000 | $ 243,100 | ||
Unamortized debt issuance costs | (1,500) | (1,900) | |||
Senior Notes 8.25% Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Total debt | 593,113 | 614,113 | |||
Unamortized debt issuance costs | (5,800) | (8,700) | |||
Lansing Correctional Center Non Recourse Mortgage Note 4.43% Due 2040 | |||||
Debt Instrument [Line Items] | |||||
Total debt | 145,510 | 150,405 | |||
Unamortized debt issuance costs | $ (2,600) | $ (2,800) |
Schedule of Debt Outstanding (P
Schedule of Debt Outstanding (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2021 | Oct. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2021 | Feb. 01, 2023 | Dec. 31, 2022 | Apr. 14, 2021 | Apr. 30, 2013 | |
Debt Instrument [Line Items] | ||||||||
Interest payable dates | Interest payable periodically at variable interest rates. | |||||||
Unamortized debt issuance costs | $ 12,052 | $ 14,763 | ||||||
Term Loan Due In October 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate | 8.70% | 7.50% | ||||||
Debt maturity date | Oct. 31, 2028 | |||||||
Interest payable dates | Interest payable periodically at variable interest rates | |||||||
Unamortized debt issuance costs | $ 1,500 | $ 1,400 | ||||||
Senior Notes 4.625% Due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.625% | 4.625% | 4.625% | |||||
Debt redemption date | Feb. 01, 2023 | |||||||
Senior Notes 4.75% Due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.75% | 4.75% | ||||||
Debt maturity date | Oct. 15, 2027 | Oct. 31, 2027 | ||||||
Unamortized debt issuance costs | $ 1,500 | $ 1,900 | ||||||
Senior Notes 8.25% Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 8.25% | 8.25% | 8.25% | 8.25% | ||||
Debt maturity date | Apr. 15, 2026 | Apr. 30, 2026 | ||||||
Unamortized debt issuance costs | $ 5,800 | $ 8,700 | ||||||
Lansing Correctional Center Non Recourse Mortgage Note 4.43% Due 2040 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.43% | |||||||
Debt maturity date | Jan. 31, 2040 | |||||||
Unamortized debt issuance costs | $ 2,600 | $ 2,800 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest payable dates | Interest payable periodically at variable interest rates. | |||||||
Revolving Credit Facility | Revolving Credit Facility Due In October 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest payable dates | Interest payable periodically at variable interest rates | |||||||
Revolving Credit Facility maturity date | Oct. 31, 2028 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 11, 2023 | Apr. 20, 2018 | Apr. 30, 2021 | Oct. 31, 2017 | Dec. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 01, 2023 | Apr. 14, 2021 | Apr. 30, 2013 | |
Debt Instrument [Line Items] | ||||||||||||
Borrowings outstanding under credit facility | $ 0 | $ 0 | ||||||||||
Revolving Credit Facility letters of credit outstanding | 17,900 | 17,900 | ||||||||||
Total debt | 1,106,691 | 1,106,691 | $ 1,264,522 | |||||||||
Debt Instrument outstanding balance | $ 1,106,691 | 1,106,691 | 1,264,522 | |||||||||
Third party-fees and write-off of pro-rata portion of pre-existing loan costs | 400 | |||||||||||
Expenses associated with debt repayments and refinancing transactions | $ 686 | 8,077 | $ 56,279 | |||||||||
Percentage of Senior Notes offer price in connection with change in control | 101% | |||||||||||
Net Discount | $ 700 | |||||||||||
Weighted Average Purchase Price | 97% | 97% | ||||||||||
Combined Subsidiary Guarantors | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Ownership percentage of subsidiaries | 100% | |||||||||||
Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total debt | $ 125,000 | $ 125,000 | ||||||||||
Non-Recourse Senior Secured Notes | Private Placement | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt maturity date | Jan. 31, 2040 | |||||||||||
Debt Instrument outstanding balance | 145,500 | $ 145,500 | ||||||||||
Debt instrument, term | 20 years | |||||||||||
Aggregate principal amount | $ 159,500 | |||||||||||
Stated interest rate | 4.43% | |||||||||||
Expected project completion period | January 2020 | |||||||||||
Notes issuance costs | $ 3,400 | |||||||||||
Bank Credit Agreement | Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current initial balance | $ 125,000 | |||||||||||
Senior Notes 4.75% Due 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt maturity date | Oct. 15, 2027 | Oct. 31, 2027 | ||||||||||
Debt Instrument outstanding balance | $ 243,100 | $ 243,068 | $ 243,068 | 250,000 | ||||||||
Aggregate principal amount | $ 250,000 | |||||||||||
Stated interest rate | 4.75% | 4.75% | 4.75% | |||||||||
Debt instrument redemption percentage of par | 100% | |||||||||||
Debt instrument repurchase amount | $ 6,900 | $ 6,900 | ||||||||||
Senior Notes 4.625% Due 2023 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument outstanding balance | 0 | $ 0 | $ 153,754 | $ 153,800 | $ 350,000 | |||||||
Stated interest rate | 4.625% | 4.625% | 4.625% | |||||||||
Debt instrument redemption percentage of par | 100% | |||||||||||
Debt instrument repurchase amount | $ 196,200 | |||||||||||
Senior Notes 8.25% Due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt maturity date | Apr. 15, 2026 | Apr. 30, 2026 | ||||||||||
Debt Instrument outstanding balance | 593,113 | $ 593,113 | $ 614,113 | |||||||||
Aggregate principal amount | $ 593,100 | $ 593,100 | $ 675,000 | |||||||||
Stated interest rate | 8.25% | 8.25% | 8.25% | 8.25% | 8.25% | |||||||
Debt instrument repurchase amount | $ 60,900 | |||||||||||
Expenses associated with debt repayments and refinancing transactions | 1,200 | |||||||||||
Senior Notes 8.25% Due 2026 | Redemption Beginning on April 15, 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument redemption percentage of par | 104.125% | |||||||||||
Debt instrument redemption beginning period | Apr. 15, 2024 | |||||||||||
Senior Notes 8.25% Due 2026 | Redemption Beginning on April 15, 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument redemption percentage of par | 100% | |||||||||||
Debt instrument redemption beginning period | Apr. 15, 2025 | |||||||||||
Senior Notes 8.25% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument outstanding balance | $ 593,100 | $ 593,100 | ||||||||||
Stated interest rate | 8.25% | 8.25% | ||||||||||
Debt instrument repurchase amount | $ 21,000 | $ 21,000 | ||||||||||
Senior Note 4.75% | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument outstanding balance | $ 243,100 | $ 243,100 | ||||||||||
Stated interest rate | 4.75% | 4.75% | ||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Sublimit swing line loans | 25,000 | |||||||||||
Line of credit facility, remaining borrowing capacity | $ 257,100 | $ 257,100 | ||||||||||
Sublimit for issuance of standby letters of credit | 100,000 | 100,000 | ||||||||||
Revolving Credit Facility letters of credit outstanding | 17,900 | $ 17,900 | $ 16,800 | |||||||||
Bank Credit Facility [Member] | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, percentage points added to reference rate | 2.25% | |||||||||||
Bank Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, percentage points added to reference rate | 3.25% | |||||||||||
New Bank Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, maximum borrowing capacity | 275,000 | |||||||||||
Bank Credit Facility Aggregate Principal Amount | $ 400,000 | |||||||||||
Debt maturity period | Oct. 31, 2028 | |||||||||||
Bank credit facility, aggregate principal amount of additional borrowing | $ 200,000 | |||||||||||
Bank credit facility, Consolidated EBITDA | 50% | |||||||||||
Percentage of commitment fee to unfunded balance | 0.45% | |||||||||||
Percentage of capital stock of foreign subsidiary secured by pledge under Revolving Credit Facilities | 65% | |||||||||||
Percentage of loan to value | 50% | |||||||||||
Net borrowings before transaction costs | $ 33,800 | |||||||||||
New Bank Credit Facility [Member] | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed Charge Coverage Ratio | 1.75 | |||||||||||
New Bank Credit Facility [Member] | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total leverage ratio | 4.5 | |||||||||||
Secured leverage ratio | 2.5 | |||||||||||
Consolidated total leverage ratio | 4.25 | |||||||||||
New Bank Credit Facility [Member] | Base Rate | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, percentage points added to reference rate | 1.75% | |||||||||||
New Bank Credit Facility [Member] | Base Rate | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, percentage points added to reference rate | 3.50% | |||||||||||
New Bank Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, percentage points added to reference rate | 2.75% | |||||||||||
New Bank Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, percentage points added to reference rate | 4.50% | |||||||||||
Previous Bank Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility, maximum borrowing capacity | $ 250,000 | |||||||||||
Bank Credit Facility Aggregate Principal Amount | $ 350,000 | |||||||||||
Debt maturity period | May 31, 2026 | |||||||||||
Write-off of loan costs | $ 1,000 | $ 800 | ||||||||||
Previous Bank Credit Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Net unrestricted cash and cash equivalents related to total leverage ratio | $ 100,000 | |||||||||||
Net unrestricted cash and cash equivalents related to consolidated secured leverage ratio | $ 100,000 | |||||||||||
Consolidated total leverage ratio | 4 | |||||||||||
Previous Bank Credit Facility | Term Loan A Due in May 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current initial balance | $ 100,000 |
Schedule of Principal Payments
Schedule of Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2024 | $ 11,597 | |
2025 | 97,995 | |
2026 | 12,073 | |
2027 | 608,814 | |
2028 | 262,423 | |
Thereafter | 113,789 | |
Total debt | $ 1,106,691 | $ 1,264,522 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Oct. 31, 2016 | Sep. 30, 2014 Facility | Dec. 31, 2014 USD ($) Installment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Deferred Revenue Arrangement [Line Items] | |||||||
Revenue | $ 1,896,635 | $ 1,845,329 | $ 1,862,616 | ||||
South Texas Family Residential Center | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Management contract, expiration date | 2026-09 | 2021-09 | |||||
ICE | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Deferred Revenue - Noncurrent | $ 70,000 | ||||||
Revenue | 156,100 | 156,100 | $ 159,700 | ||||
Deferred revenue | $ 7,300 | $ 9,900 | |||||
ICE | Installment Payment | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Amount to be settled as an installment | $ 35,000 | ||||||
Number of installments | Installment | 2 | ||||||
Installments due | Dec. 31, 2014 | ||||||
Maximum | South Texas Family Residential Center | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Number of beds at the facility | Facility | 2,400 | ||||||
Management contract, initial term | 4 years | ||||||
Minimum | South Texas Family Residential Center | |||||||
Deferred Revenue Arrangement [Line Items] | |||||||
Agreement notice period for termination | 60 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Income tax expense | $ 28,233,000 | $ 42,982,000 | $ 137,999,000 |
Effective tax rate | 29.50% | 26% | 160.30% |
Liabilities for uncertain tax positions | $ 0 | $ 0 | |
Excise tax rate | 1% | ||
Excise and Sales Taxes | $ 300,000 | ||
Stock Repurchased During Period, Shares | 3.5 | ||
Resulting From Revaluation Of Deferred Tax Liabilities | |||
Income Taxes [Line Items] | |||
Income tax expense | $ 114,200,000 | ||
Employee Retention Credit | |||
Income Taxes [Line Items] | |||
Federal income tax expense | 1,800,000 | ||
Offset operating expenses | $ 7,000,000 |
Components of Income Tax Expens
Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expenses [Line Items] | |||
Current income tax expense, Federal | $ 25,037 | $ 25,681 | $ 32,137 |
Current income tax expense, State | 5,899 | 5,840 | 6,592 |
Current income tax expense, Total | 30,936 | 31,521 | 38,729 |
Deferred income tax expense (benefit), Federal | (2,156) | 11,484 | 86,703 |
Deferred income tax expense (benefit), State | (547) | (23) | 12,567 |
Deferred income tax expense (benefit), Total | (2,703) | 11,461 | 99,270 |
Income tax expense | $ 28,233 | $ 42,982 | $ 137,999 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Income Tax Assets And Liabilities [Line Items] | |||
Asset reserves and liabilities not yet deductible for tax | $ 14,915 | $ 8,625 | |
Accrued compensation not yet deductible for tax | 12,419 | 9,913 | |
Accrued workers comp liabilities not yet deductible for tax | 11,333 | 10,976 | |
Depreciation | 8,669 | 8,502 | |
ROU lease assets | 25,282 | 33,226 | |
Losses and tax credit carryforwards | 1,591 | 1,807 | |
Intangible assets | 7,669 | 7,836 | |
Other | 9,010 | 9,954 | |
Total noncurrent deferred tax assets | 90,888 | 90,839 | |
Less valuation allowance | (848) | (848) | |
Total noncurrent deferred tax assets | 90,040 | 89,991 | |
Depreciation | (151,918) | (148,255) | |
Lease liabilities | (24,721) | (32,663) | |
Intangible liabilities | (7,860) | (7,557) | |
Other | (2,456) | (1,134) | |
Total noncurrent deferred tax liabilities | (186,955) | (189,609) | |
Net total noncurrent deferred tax liabilities | $ (96,915) | $ (99,618) | $ (88,157) |
Reconciliation of Income Tax Pr
Reconciliation of Income Tax Provision at Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | |||
Statutory federal rate | 21% | 21% | 21% |
Revaluation of deferred tax liabilities | 0% | 0% | 132.70% |
State taxes, net of federal tax benefit | 4.50% | 3.40% | 4.80% |
Permanent differences | 4.30% | 1.70% | 2.80% |
Tax benefit of equity-based compensation | (0.30%) | 0% | 2.60% |
Other items, net | (0.00%) | (0.10%) | (3.60%) |
Effective income tax rate, Total | 29.50% | 26% | 160.30% |
Stockholders' Equity - Share Re
Stockholders' Equity - Share Repurchase Program (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Aug. 02, 2022 | Dec. 31, 2023 | May 12, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share repurchase program, authorized Amount | $ 150 | ||
Stock repurchase program per share | $ 11.16 | ||
Number of shares repurchased under share repurchase program | 10,100,000 | ||
Cost of repurchase of shares under share repurchase program | $ 112.6 | ||
Common Stock | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock repurchase program per share | $ 10.97 | ||
Number of shares repurchased under share repurchase program | 3,500,000 | ||
Cost of repurchase of shares under share repurchase program | $ 38.1 | ||
Maximum | |||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share repurchase program, authorized Amount | $ 225 | ||
Share repurchase program, additional amount authorized to be repurchased | $ 75 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2020 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Number of shares authorized for issuance of awards | 5.9 | ||
Number of shares available for issuance | 6.1 | ||
Restricted stock based awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Fair value of restricted common stock units issued by CoreCivic to certain of its employees and non-employee directors | $ 22.3 | $ 21.5 | |
Increase Decrease in vesting percentage based on performance relative to annual performance criteria | 106% | ||
Increase Decrease in vesting percentage based on shareholder return relative to peer group | 120% | ||
Allocated share-based compensation expense | $ 20.8 | 17.6 | $ 18.7 |
Unrecognized compensation cost | $ 16.2 | ||
Remaining period for recognizing the unrecognized compensation cost, in years | 1 year 7 months 6 days | ||
Total fair value of RSUs that vested | $ 17.8 | 18.3 | 6.4 |
Restricted stock based awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Increase Decrease in vesting percentage based on performance relative to annual performance criteria | 0% | ||
Increase Decrease in vesting percentage based on shareholder return relative to peer group | 80% | ||
Restricted stock based awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Increase Decrease in vesting percentage based on performance relative to annual performance criteria | 150% | ||
Increase Decrease in vesting percentage based on shareholder return relative to peer group | 120% | ||
Restricted stock based awards | General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | $ 19.2 | 16.1 | 17.1 |
Restricted stock based awards | Operating | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | $ 1.6 | $ 1.5 | $ 1.6 |
Restricted stock based awards | Employees And Non Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Restricted common stock units issued by CoreCivic | 2 | 2.1 | |
Restricted stock based awards | Employees And Non Employee Directors | General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Restricted common stock units issued by CoreCivic | 1.8 | 1.9 | |
Restricted stock based awards | Employee | Operating | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Restricted common stock units issued by CoreCivic | 0.2 | 0.2 | |
Restricted stock based awards | Officers And Executive Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Vesting period | 3 years | ||
Vesting description | CoreCivic has established performance-based vesting conditions on a portion of the RSUs awarded to its officers and executive officers that, unless earlier vested under the terms of the agreements, are subject to vesting over a three-year period based upon the satisfaction of certain annual performance criteria. The RSUs awarded to officers and executive officers in 2021, 2022 and 2023 consist of a combination of awards with performance-based conditions and time-based conditions. Unless earlier vested under the terms of the RSU agreements, the RSUs with time-based vesting conditions vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accountant for the applicable fiscal year. The RSUs with performance-based vesting conditions are divided into one-third increments, each of which is subject to vesting based upon satisfaction of certain annual performance criteria established at the beginning of the fiscal years ending December 31, 2021, 2022, and 2023 for the 2021 awards, December 31, 2022, 2023, and 2024 for the 2022 awards, and December 31, 2023, 2024, and 2025 for the 2023 awards, and which can be increased up to 150% or decreased to 0% based on performance relative to the annual performance criteria, and further increased or decreased using a modifier of 80% to 120% based on CoreCivic's total shareholder return relative to a peer group. Based on performance achieved for 2023, the RSUs subject to performance-based vesting criteria were increased by 106.9%; and were further increased by a 120% modifier based on CoreCivic's total shareholder return relative to the peer group. Because the performance criteria for the fiscal years ending December 31, 2024 and 2025 have not yet been established, the values of the third RSU increment of the 2022 awards and of the second and third increments of the 2023 awards for financial reporting purposes will not be determined until such criteria are established. | ||
Restricted stock based awards | Non Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Vesting period | 1 year | ||
Restricted stock based awards | Other Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Vesting description | Time-based RSUs issued to other employees, unless earlier vested under the terms of the agreements, generally vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accountant for the applicable fiscal year | ||
Vesting period, continuous service requirement | 3 years | ||
Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Vesting period | 3 years |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Additional Information) (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares par value | $ 0.01 | $ 0.01 |
Summary of Nonvested RSU Transa
Summary of Nonvested RSU Transactions (Detail) - Restricted stock based awards shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of RSUs, Nonvested at December 31, 2022 | shares | 3,871 |
Shares of RSUs, Granted | shares | 1,968 |
Shares of RSUs, Cancelled | shares | (120) |
Shares of RSUs, Vested | shares | (1,849) |
Shares of RSUs, Nonvested at December 31, 2023 | shares | 3,870 |
Weighted average grant date fair value, Nonvested at December 31, 2022 | $ / shares | $ 9.87 |
Weighted average grant date fair value, Granted | $ / shares | 11.35 |
Weighted average grant date fair value, Cancelled | $ / shares | 10.2 |
Weighted average grant date fair value, Vested | $ / shares | 10.33 |
Weighted average grant date fair value, Nonvested at December 31, 2023 | $ / shares | $ 10.61 |
Schedule of Calculation of Nume
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income (loss) attributable to common stockholders | $ 67,590 | $ 122,320 | $ (51,896) |
Net income (loss) attributable to common stockholders | 67,590 | 122,320 | (51,896) |
Diluted net income (loss) attributable to common stockholders | $ 67,590 | $ 122,320 | $ (51,896) |
Weighted average common shares outstanding, Basic | 113,798,000 | 118,199,000 | 120,192,000 |
Weighted average shares and assumed conversions | 114,650,000 | 119,098,000 | 120,192,000 |
Weighted Average Number of Shares Outstanding, Diluted | 114,650,000 | 119,098,000 | 120,192,000 |
BASIC EARNINGS (LOSS) PER SHARE | $ 0.59 | $ 1.03 | $ (0.43) |
DILUTED EARNINGS (LOSS) PER SHARE | $ 0.59 | $ 1.03 | $ (0.43) |
Restricted stock based awards | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Effect of dilutive securities | 852 | 899 | 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted stock based awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of earnings (loss) per share because they were anti-dilutive | 0.5 | |
Non-controlling interest - Operating Partnership Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of earnings (loss) per share because they were anti-dilutive | 1 | |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from computation of earnings (loss) per share because they were anti-dilutive | 0.1 | 0.3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2021 USD ($) | Dec. 31, 2023 USD ($) CompensationPlan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | ||||
Payments for shareholder litigation settlement | $ 56,000 | |||
Shareholder litigation expense | $ 0 | $ 1,900 | $ 54,295 | |
Total cash compensation under Deferred Compensation Plans | 5% | 5% | 5% | |
Percentage of fixed return from Deferred Compensation Plans to participants | 5% | 5% | 5% | |
Deferred Compensation Plans | ||||
Loss Contingencies [Line Items] | ||||
Employer discretionary matching contribution equal to employee's contribution | 100% | 100% | 100% | |
Number of qualified deferred compensation plans | CompensationPlan | 2 | |||
Time period when distributions are paid, minimum years subsequent to the date an individual becomes a participant in the Plan | 5 years | |||
Distributions to senior executives commencement period, days after participant's separation from service | 60 days | |||
Distributions to senior executives commencement period following individual attains age sixty five | 15 days | |||
Matching contributions as general and administrative expense associated with the Deferred Compensation Plans | $ 300 | $ 300 | $ 200 | |
Deferred Compensation Plans assets | 16,500 | 16,000 | ||
Deferred Compensation Plans liability | $ 14,600 | $ 13,800 | ||
Deferred Compensation Plans | Executive Officer | ||||
Loss Contingencies [Line Items] | ||||
Contribution as percentage of salary | 50% | |||
Contribution as percentage of cash bonus | 100% | |||
Deferred Compensation Plans | Non Employee Directors | ||||
Loss Contingencies [Line Items] | ||||
Contribution as percentage of retainer and meeting fees | 100% | |||
Deferred Compensation Plans | After two years of service | ||||
Loss Contingencies [Line Items] | ||||
Vested percentage of employer contributions and investment earnings or losses | 20% | |||
Deferred Compensation Plans | After three years of service | ||||
Loss Contingencies [Line Items] | ||||
Vested percentage of employer contributions and investment earnings or losses | 40% | |||
Deferred Compensation Plans | After four years of service | ||||
Loss Contingencies [Line Items] | ||||
Vested percentage of employer contributions and investment earnings or losses | 80% | |||
Deferred Compensation Plans | After five or more years of service | ||||
Loss Contingencies [Line Items] | ||||
Vested percentage of employer contributions and investment earnings or losses | 100% | |||
401(k) Savings and Retirement Plan (the "Plan") | ||||
Loss Contingencies [Line Items] | ||||
Minimum qualified service required to participate in the Savings and Retirement Plan, years | 6 months | |||
Eligible employee contribution on eligible compensation | 90% | |||
Employer discretionary matching contribution equal to employee's contribution | 100% | 100% | 100% | |
Maximum percentage of employer discretionary matching contribution of employee's eligible compensation | 5% | 5% | 5% | |
Minimum number of hours of employment in the plan year for discretionary matching contribution | 500 | |||
Discretionary contributions to the plan | $ 14,400 | $ 15,300 | $ 15,200 | |
401(k) Savings and Retirement Plan (the "Plan") | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Age limit for participating in the Savings and Retirement Plan, years | 18 years |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Property Facility Segment | |
Segment Reporting Information [Line Items] | |
Number of Operating segments | Segment | 3 |
Number of properties held for lease to government agencies | Property | 6 |
CoreCivic Safety | |
Segment Reporting Information [Line Items] | |
Number of facilities operated by the company | 43 |
Number of facilities owned by the company | 39 |
CoreCivic Community | |
Segment Reporting Information [Line Items] | |
Number of centers owned and operated by company | 23 |
CoreCivic Properties | |
Segment Reporting Information [Line Items] | |
Number of properties held for lease to government agencies | Property | 6 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Revenue and Net Operating Income for Each of the Three Segments and a Reconciliation to CoreCivic's Operating Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,896,635 | $ 1,845,329 | $ 1,862,616 | |
Operating expenses | 1,462,430 | 1,413,792 | 1,337,065 | |
General and administrative | (136,084) | (127,700) | (135,770) | |
Depreciation and amortization | (127,316) | (127,906) | (134,738) | |
Shareholder litigation expense | 0 | (1,900) | (54,295) | |
Asset impairments | $ (3,500) | (2,710) | (4,392) | (11,378) |
Interest expense, net | (72,960) | (84,974) | (85,542) | |
Expenses associated with debt repayments and refinancing transactions | (686) | (8,077) | (56,279) | |
Gain on sale of real estate assets | 798 | 87,728 | 38,766 | |
Other income (expense) | 576 | 986 | (212) | |
Income before income taxes | 95,823 | 165,302 | 86,103 | |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,896,364 | 1,845,171 | 1,862,337 | |
Operating expenses | 1,462,220 | 1,413,265 | 1,336,703 | |
Operating income | 434,144 | 431,906 | 525,634 | |
Operating Segments | CoreCivic Safety segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,731,421 | 1,684,035 | 1,693,968 | |
Operating expenses | 1,356,496 | 1,313,567 | 1,236,938 | |
Operating income | 374,925 | 370,468 | 457,030 | |
Operating Segments | Community | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 115,068 | 103,263 | 99,435 | |
Operating expenses | 91,895 | 86,016 | 81,610 | |
Operating income | 23,173 | 17,247 | 17,825 | |
Operating Segments | CoreCivic Properties | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 49,875 | 57,873 | 68,934 | |
Operating expenses | 13,829 | 13,682 | 18,155 | |
Operating income | 36,046 | 44,191 | 50,779 | |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Other operating expense | (210) | (527) | (362) | |
General and administrative | (136,084) | (127,700) | (135,770) | |
Depreciation and amortization | (127,316) | (127,906) | (134,738) | |
Shareholder litigation expense | 0 | (1,900) | (54,295) | |
Asset impairments | (2,710) | (4,392) | (11,378) | |
Interest expense, net | (72,960) | (84,974) | (85,542) | |
Expenses associated with debt repayments and refinancing transactions | (686) | (8,077) | (56,279) | |
Gain on sale of real estate assets | 798 | 87,728 | 38,766 | |
Other income (expense) | 576 | 986 | (212) | |
Segment Reconciling Items | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 271 | $ 158 | $ 279 |
Segment Reporting - Summary of
Segment Reporting - Summary of Capital Expenditures Including Accrued Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 67,749 | $ 83,444 | $ 81,494 |
CoreCivic Safety segment | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 51,070 | 70,399 | 56,978 |
Community | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 3,138 | 2,362 | 2,631 |
CoreCivic Properties | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 2,324 | 3,560 | 9,081 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 11,217 | $ 7,123 | $ 12,804 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,105,399 | $ 3,244,769 |
CoreCivic Safety segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,284,243 | 2,433,126 |
Community | ||
Segment Reporting Information [Line Items] | ||
Total assets | 213,145 | 216,303 |
CoreCivic Properties | ||
Segment Reporting Information [Line Items] | ||
Total assets | 402,889 | 362,908 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 205,122 | $ 232,432 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Feb. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted stock based awards | |||
Subsequent Event [Line Items] | |||
Fair value of restricted common stock units issued by CoreCivic to certain of its employees and non-employee directors | $ 22.3 | $ 21.5 | |
Restricted stock based awards | Employees And Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 2 | 2.1 | |
Restricted stock based awards | Officers and Executive Officers, Performance-Based | |||
Subsequent Event [Line Items] | |||
Vesting description | CoreCivic has established performance-based vesting conditions on a portion of the RSUs awarded to its officers and executive officers that, unless earlier vested under the terms of the agreements, are subject to vesting over a three-year period based upon the satisfaction of certain annual performance criteria. The RSUs awarded to officers and executive officers in 2021, 2022 and 2023 consist of a combination of awards with performance-based conditions and time-based conditions. Unless earlier vested under the terms of the RSU agreements, the RSUs with time-based vesting conditions vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accountant for the applicable fiscal year. The RSUs with performance-based vesting conditions are divided into one-third increments, each of which is subject to vesting based upon satisfaction of certain annual performance criteria established at the beginning of the fiscal years ending December 31, 2021, 2022, and 2023 for the 2021 awards, December 31, 2022, 2023, and 2024 for the 2022 awards, and December 31, 2023, 2024, and 2025 for the 2023 awards, and which can be increased up to 150% or decreased to 0% based on performance relative to the annual performance criteria, and further increased or decreased using a modifier of 80% to 120% based on CoreCivic's total shareholder return relative to a peer group. Based on performance achieved for 2023, the RSUs subject to performance-based vesting criteria were increased by 106.9%; and were further increased by a 120% modifier based on CoreCivic's total shareholder return relative to the peer group. Because the performance criteria for the fiscal years ending December 31, 2024 and 2025 have not yet been established, the values of the third RSU increment of the 2022 awards and of the second and third increments of the 2023 awards for financial reporting purposes will not be determined until such criteria are established. | ||
Restricted stock based awards | Employees, Time-Based | |||
Subsequent Event [Line Items] | |||
Vesting description | Time-based RSUs issued to other employees, unless earlier vested under the terms of the agreements, generally vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accountant for the applicable fiscal year | ||
Subsequent Event | Employees, Time-Based | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 1 | ||
Vesting description | Unless earlier vested under the terms of the RSU agreement, approximately 1.0 million RSUs with time-based vesting conditions vest in equal amounts over three years on the later of (i) the anniversary date of the grant or (ii) the delivery of the audited financial statements by the Company's independent registered public accounting firm for the applicable fiscal year. | ||
Subsequent Event | Restricted Stock Units | |||
Subsequent Event [Line Items] | |||
Fair value of restricted common stock units issued by CoreCivic to certain of its employees and non-employee directors | $ 22 | ||
Subsequent Event | Restricted Stock Units | Employees And Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 1.5 | ||
Subsequent Event | Restricted Stock Units | Officers and Executive Officers, Performance-Based | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 0.4 | ||
Vesting description | Approximately 0.4 million RSUs with performance-based vesting conditions issued to officers and executive officers are divided into one-third increments, each of which is subject to vesting based upon satisfaction of certain annual performance criteria for the fiscal years ending December 31, 2024, 2025, and 2026, and which can be increased or decreased based on performance relative to the annual performance criteria, and further increased or decreased based on total shareholder return relative to a peer group. | ||
Subsequent Event | Restricted Stock Units | Non Employee Directors, Time-Based | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 0.1 | ||
Vesting description | Approximately 0.1 million RSUs issued to non-employee directors vest on the first anniversary of the award. Any RSUs that become vested will be settled in shares of CoreCivic's common stock. |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Land, Initial Cost to Company | $ 166,019 | |||||
Buildings and Improvements, Initial Cost to Company | 2,083,727 | |||||
Cost Capitalized Subsequent to Acquisition | 1,084,253 | |||||
Land and Land Improvements, Gross Amount | 220,603 | |||||
Buildings and Leasehold Improvements, Gross Amount | 3,102,808 | |||||
Total Gross Amount | 3,323,411 | [1] | $ 3,288,714 | $ 3,352,942 | $ 3,595,278 | |
Accumulated Depreciation | $ (1,324,581) | [2] | $ (1,244,044) | $ (1,194,051) | $ (1,128,563) | |
Adams County Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Adams County, Mississippi | |||||
Land, Initial Cost to Company | $ 874 | |||||
Buildings and Improvements, Initial Cost to Company | 119,565 | |||||
Cost Capitalized Subsequent to Acquisition | 4,661 | |||||
Land and Land Improvements, Gross Amount | 1,194 | |||||
Buildings and Leasehold Improvements, Gross Amount | 123,906 | |||||
Total Gross Amount | [1] | 125,100 | ||||
Accumulated Depreciation | [2] | $ (38,202) | ||||
Constructed/Acquired Date | 2008 | |||||
Adams Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 6,090 | |||||
Buildings and Improvements, Initial Cost to Company | 853 | |||||
Cost Capitalized Subsequent to Acquisition | 820 | |||||
Land and Land Improvements, Gross Amount | 6,347 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,416 | |||||
Total Gross Amount | [1] | 7,763 | ||||
Accumulated Depreciation | [2] | $ (390) | ||||
Constructed/Acquired Date | 2017 | |||||
Allen Gamble Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Holdenville, Oklahoma | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 66,701 | |||||
Cost Capitalized Subsequent to Acquisition | 48,718 | |||||
Land and Land Improvements, Gross Amount | 1,400 | |||||
Buildings and Leasehold Improvements, Gross Amount | 114,269 | |||||
Total Gross Amount | [1] | 115,669 | ||||
Accumulated Depreciation | [2] | $ (49,840) | ||||
Constructed/Acquired Date | 1996 | |||||
Arapahoe Community Treatment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Englewood, Colorado | |||||
Land, Initial Cost to Company | $ 3,760 | |||||
Buildings and Improvements, Initial Cost to Company | 1,239 | |||||
Cost Capitalized Subsequent to Acquisition | 890 | |||||
Land and Land Improvements, Gross Amount | 3,760 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,129 | |||||
Total Gross Amount | [1] | 5,889 | ||||
Accumulated Depreciation | [2] | $ (602) | ||||
Constructed/Acquired Date | 2017 | |||||
Austin Residential Reentry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Del Valle, Texas | |||||
Land, Initial Cost to Company | $ 4,190 | |||||
Buildings and Improvements, Initial Cost to Company | 1,058 | |||||
Cost Capitalized Subsequent to Acquisition | 385 | |||||
Land and Land Improvements, Gross Amount | 4,215 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,418 | |||||
Total Gross Amount | [1] | 5,633 | ||||
Accumulated Depreciation | [2] | $ (557) | ||||
Constructed/Acquired Date | 2015 | |||||
Austin Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Del Valle, Texas | |||||
Land, Initial Cost to Company | $ 19,488 | |||||
Buildings and Improvements, Initial Cost to Company | 4,607 | |||||
Cost Capitalized Subsequent to Acquisition | 1,167 | |||||
Land and Land Improvements, Gross Amount | 19,506 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,756 | |||||
Total Gross Amount | [1] | 25,262 | ||||
Accumulated Depreciation | [2] | $ (1,872) | ||||
Constructed/Acquired Date | 2015 | |||||
Bent County Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Las Animas, Colorado | |||||
Land, Initial Cost to Company | $ 550 | |||||
Buildings and Improvements, Initial Cost to Company | 13,115 | |||||
Cost Capitalized Subsequent to Acquisition | 70,248 | |||||
Land and Land Improvements, Gross Amount | 1,601 | |||||
Buildings and Leasehold Improvements, Gross Amount | 82,312 | |||||
Total Gross Amount | [1] | 83,913 | ||||
Accumulated Depreciation | [2] | $ (35,448) | ||||
Constructed/Acquired Date | 1992 | |||||
Bridgeport Pre-Parole Transfer Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Bridgeport, Texas | |||||
Land, Initial Cost to Company | $ 70 | |||||
Buildings and Improvements, Initial Cost to Company | 291 | |||||
Cost Capitalized Subsequent to Acquisition | 0 | |||||
Land and Land Improvements, Gross Amount | 70 | |||||
Buildings and Leasehold Improvements, Gross Amount | 0 | |||||
Total Gross Amount | [1],[3] | 70 | ||||
Accumulated Depreciation | [1],[3] | $ 0 | ||||
Constructed/Acquired Date | 1995 | |||||
CAI - Boston Avenue | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | San Diego, California | |||||
Land, Initial Cost to Company | $ 800 | |||||
Buildings and Improvements, Initial Cost to Company | 11,440 | |||||
Cost Capitalized Subsequent to Acquisition | 1,309 | |||||
Land and Land Improvements, Gross Amount | 845 | |||||
Buildings and Leasehold Improvements, Gross Amount | 12,704 | |||||
Total Gross Amount | [1] | 13,549 | ||||
Accumulated Depreciation | [2] | $ (4,777) | ||||
Constructed/Acquired Date | 2013 | |||||
California City Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | California City, California | |||||
Land, Initial Cost to Company | $ 1,785 | |||||
Buildings and Improvements, Initial Cost to Company | 125,337 | |||||
Cost Capitalized Subsequent to Acquisition | 18,071 | |||||
Land and Land Improvements, Gross Amount | 3,103 | |||||
Buildings and Leasehold Improvements, Gross Amount | 142,090 | |||||
Total Gross Amount | [1] | 145,193 | ||||
Accumulated Depreciation | [2] | $ (69,763) | ||||
Constructed/Acquired Date | 1999 | |||||
Centennial Community Transition Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Englewood, Colorado | |||||
Land, Initial Cost to Company | $ 4,905 | |||||
Buildings and Improvements, Initial Cost to Company | 1,256 | |||||
Cost Capitalized Subsequent to Acquisition | 554 | |||||
Land and Land Improvements, Gross Amount | 5,021 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,694 | |||||
Total Gross Amount | [1] | 6,715 | ||||
Accumulated Depreciation | [2] | $ (547) | ||||
Constructed/Acquired Date | 2016 | |||||
Central Arizona Florence Correctional Complex | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Florence, Arizona | |||||
Land, Initial Cost to Company | $ 1,298 | |||||
Buildings and Improvements, Initial Cost to Company | 133,531 | |||||
Cost Capitalized Subsequent to Acquisition | 57,032 | |||||
Land and Land Improvements, Gross Amount | 5,113 | |||||
Buildings and Leasehold Improvements, Gross Amount | 186,748 | |||||
Total Gross Amount | [1] | 191,861 | ||||
Accumulated Depreciation | [2] | $ (96,454) | ||||
Central Arizona Florence Correctional Complex | Minimum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 1994 | |||||
Central Arizona Florence Correctional Complex | Maximum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 1999 | |||||
Cheyenne Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Cheyenne, Wyoming | |||||
Land, Initial Cost to Company | $ 5,567 | |||||
Buildings and Improvements, Initial Cost to Company | 2,092 | |||||
Cost Capitalized Subsequent to Acquisition | 1,025 | |||||
Land and Land Improvements, Gross Amount | 5,567 | |||||
Buildings and Leasehold Improvements, Gross Amount | 3,117 | |||||
Total Gross Amount | [1] | 8,684 | ||||
Accumulated Depreciation | [2] | $ (1,079) | ||||
Constructed/Acquired Date | 2015 | |||||
Cibola County Corrections Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Milan, New Mexico | |||||
Land, Initial Cost to Company | $ 444 | |||||
Buildings and Improvements, Initial Cost to Company | 16,215 | |||||
Cost Capitalized Subsequent to Acquisition | 34,875 | |||||
Land and Land Improvements, Gross Amount | 1,598 | |||||
Buildings and Leasehold Improvements, Gross Amount | 49,936 | |||||
Total Gross Amount | [1] | 51,534 | ||||
Accumulated Depreciation | [2] | $ (27,025) | ||||
Constructed/Acquired Date | 1994 | |||||
Cimarron Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Cushing, Oklahoma | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 71,303 | |||||
Cost Capitalized Subsequent to Acquisition | 52,215 | |||||
Land and Land Improvements, Gross Amount | 910 | |||||
Buildings and Leasehold Improvements, Gross Amount | 122,858 | |||||
Total Gross Amount | [1] | 123,768 | ||||
Accumulated Depreciation | [2] | $ (53,470) | ||||
Constructed/Acquired Date | 1997 | |||||
Coffee Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Nicholls, Georgia | ||||
Land, Initial Cost to Company | [4] | $ 0 | ||||
Buildings and Improvements, Initial Cost to Company | [4] | 0 | ||||
Cost Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Land and Land Improvements, Gross Amount | [4] | 0 | ||||
Buildings and Leasehold Improvements, Gross Amount | [4] | 0 | ||||
Total Gross Amount | [1],[4] | 0 | ||||
Accumulated Depreciation | [2],[4] | $ 0 | ||||
Constructed/Acquired Date | [4] | 1998 | ||||
Columbine Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 1,414 | |||||
Buildings and Improvements, Initial Cost to Company | 488 | |||||
Cost Capitalized Subsequent to Acquisition | 231 | |||||
Land and Land Improvements, Gross Amount | 669 | |||||
Buildings and Leasehold Improvements, Gross Amount | 720 | |||||
Total Gross Amount | [1],[3] | 1,389 | ||||
Accumulated Depreciation | [2],[3] | $ (253) | ||||
Constructed/Acquired Date | [3] | 2016 | ||||
Commerce Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Commerce City, Colorado | |||||
Land, Initial Cost to Company | $ 5,166 | |||||
Buildings and Improvements, Initial Cost to Company | 1,758 | |||||
Cost Capitalized Subsequent to Acquisition | 488 | |||||
Land and Land Improvements, Gross Amount | 5,171 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,241 | |||||
Total Gross Amount | [1] | 7,412 | ||||
Accumulated Depreciation | [2] | $ (491) | ||||
Constructed/Acquired Date | 2017 | |||||
Corpus Christi Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Corpus Christi, Texas | |||||
Land, Initial Cost to Company | $ 0 | |||||
Buildings and Improvements, Initial Cost to Company | 1,886 | |||||
Cost Capitalized Subsequent to Acquisition | 622 | |||||
Land and Land Improvements, Gross Amount | 0 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,508 | |||||
Total Gross Amount | [1] | 2,508 | ||||
Accumulated Depreciation | [2] | $ (1,992) | ||||
Constructed/Acquired Date | 2015 | |||||
Crossroads Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Shelby, Montana | |||||
Land, Initial Cost to Company | $ 413 | |||||
Buildings and Improvements, Initial Cost to Company | 33,196 | |||||
Cost Capitalized Subsequent to Acquisition | 46,084 | |||||
Land and Land Improvements, Gross Amount | 1,710 | |||||
Buildings and Leasehold Improvements, Gross Amount | 77,983 | |||||
Total Gross Amount | [1] | 79,693 | ||||
Accumulated Depreciation | [2] | $ (47,464) | ||||
Constructed/Acquired Date | 1999 | |||||
Crowley County Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Olney Springs, Colorado | |||||
Land, Initial Cost to Company | $ 211 | |||||
Buildings and Improvements, Initial Cost to Company | 46,845 | |||||
Cost Capitalized Subsequent to Acquisition | 34,874 | |||||
Land and Land Improvements, Gross Amount | 2,605 | |||||
Buildings and Leasehold Improvements, Gross Amount | 79,325 | |||||
Total Gross Amount | [1] | 81,930 | ||||
Accumulated Depreciation | [2] | $ (36,309) | ||||
Constructed/Acquired Date | 2003 | |||||
Dahlia Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [5] | Denver, Colorado | ||||
Land, Initial Cost to Company | [5] | $ 6,788 | ||||
Buildings and Improvements, Initial Cost to Company | [5] | 727 | ||||
Cost Capitalized Subsequent to Acquisition | [5] | 306 | ||||
Land and Land Improvements, Gross Amount | [5] | 6,835 | ||||
Buildings and Leasehold Improvements, Gross Amount | [5] | 986 | ||||
Total Gross Amount | [1],[5] | 7,821 | ||||
Accumulated Depreciation | [2],[5] | $ (365) | ||||
Constructed/Acquired Date | [5] | 2016 | ||||
Dallas Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hutchins, Texas | |||||
Land, Initial Cost to Company | $ 0 | |||||
Buildings and Improvements, Initial Cost to Company | 3,852 | |||||
Cost Capitalized Subsequent to Acquisition | 1,945 | |||||
Land and Land Improvements, Gross Amount | ||||||
Buildings and Leasehold Improvements, Gross Amount | 5,774 | |||||
Total Gross Amount | [1] | 5,797 | ||||
Accumulated Depreciation | [2] | $ (2,411) | ||||
Constructed/Acquired Date | 2015 | |||||
Diamondback Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Watonga, Oklahoma | |||||
Land, Initial Cost to Company | $ 208 | |||||
Buildings and Improvements, Initial Cost to Company | 41,677 | |||||
Cost Capitalized Subsequent to Acquisition | 26,835 | |||||
Land and Land Improvements, Gross Amount | 1,361 | |||||
Buildings and Leasehold Improvements, Gross Amount | 67,359 | |||||
Total Gross Amount | [1] | 68,720 | ||||
Accumulated Depreciation | [2] | $ (34,956) | ||||
Constructed/Acquired Date | 1998 | |||||
Eden Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eden, Texas | |||||
Land, Initial Cost to Company | $ 925 | |||||
Buildings and Improvements, Initial Cost to Company | 27,645 | |||||
Cost Capitalized Subsequent to Acquisition | 41,066 | |||||
Land and Land Improvements, Gross Amount | 5,673 | |||||
Buildings and Leasehold Improvements, Gross Amount | 63,963 | |||||
Total Gross Amount | [1] | 69,636 | ||||
Accumulated Depreciation | [2] | $ (32,061) | ||||
Constructed/Acquired Date | 1995 | |||||
El Paso Multi Use Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | El Paso, Texas | |||||
Land, Initial Cost to Company | $ 14,936 | |||||
Buildings and Improvements, Initial Cost to Company | 4,536 | |||||
Cost Capitalized Subsequent to Acquisition | 2,055 | |||||
Land and Land Improvements, Gross Amount | 14,973 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,554 | |||||
Total Gross Amount | [1] | 21,527 | ||||
Accumulated Depreciation | [2] | $ (2,201) | ||||
Constructed/Acquired Date | 2015 | |||||
El Paso Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | El Paso, Texas | |||||
Land, Initial Cost to Company | $ 10,325 | |||||
Buildings and Improvements, Initial Cost to Company | 4,198 | |||||
Cost Capitalized Subsequent to Acquisition | 1,043 | |||||
Land and Land Improvements, Gross Amount | 10,467 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,099 | |||||
Total Gross Amount | [1] | 15,566 | ||||
Accumulated Depreciation | [2] | $ (1,672) | ||||
Constructed/Acquired Date | 2015 | |||||
Eloy Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eloy, Arizona | |||||
Land, Initial Cost to Company | $ 498 | |||||
Buildings and Improvements, Initial Cost to Company | 33,308 | |||||
Cost Capitalized Subsequent to Acquisition | 19,840 | |||||
Land and Land Improvements, Gross Amount | 2,326 | |||||
Buildings and Leasehold Improvements, Gross Amount | 51,320 | |||||
Total Gross Amount | [1] | 53,646 | ||||
Accumulated Depreciation | [2] | $ (31,312) | ||||
Constructed/Acquired Date | 1995 | |||||
Fort Worth Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Fort Worth, Texas | |||||
Land, Initial Cost to Company | $ 3,251 | |||||
Buildings and Improvements, Initial Cost to Company | 334 | |||||
Cost Capitalized Subsequent to Acquisition | 431 | |||||
Land and Land Improvements, Gross Amount | 3,281 | |||||
Buildings and Leasehold Improvements, Gross Amount | 735 | |||||
Total Gross Amount | [1] | 4,016 | ||||
Accumulated Depreciation | [2] | $ (625) | ||||
Constructed/Acquired Date | 2015 | |||||
Houston Processing Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Houston, Texas | |||||
Land, Initial Cost to Company | $ 2,250 | |||||
Buildings and Improvements, Initial Cost to Company | 53,373 | |||||
Cost Capitalized Subsequent to Acquisition | 57,967 | |||||
Land and Land Improvements, Gross Amount | 4,551 | |||||
Buildings and Leasehold Improvements, Gross Amount | 109,039 | |||||
Total Gross Amount | [1] | 113,590 | ||||
Accumulated Depreciation | [2] | $ (50,513) | ||||
Constructed/Acquired Date | 1984 | |||||
Huerfano County Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Walsenburg, Colorado | |||||
Land, Initial Cost to Company | $ 124 | |||||
Buildings and Improvements, Initial Cost to Company | 26,358 | |||||
Cost Capitalized Subsequent to Acquisition | 5,053 | |||||
Land and Land Improvements, Gross Amount | 1,116 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,419 | |||||
Total Gross Amount | [1] | 31,535 | ||||
Accumulated Depreciation | [2] | $ (17,476) | ||||
Constructed/Acquired Date | 1997 | |||||
James River Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Newport News, Virginia | |||||
Land, Initial Cost to Company | $ 800 | |||||
Buildings and Improvements, Initial Cost to Company | 501 | |||||
Cost Capitalized Subsequent to Acquisition | 140 | |||||
Land and Land Improvements, Gross Amount | 814 | |||||
Buildings and Leasehold Improvements, Gross Amount | 627 | |||||
Total Gross Amount | [1] | 1,441 | ||||
Accumulated Depreciation | [2] | $ (78) | ||||
Constructed/Acquired Date | 2019 | |||||
Jenkins Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Millen, Georgia | ||||
Land, Initial Cost to Company | [4] | $ 0 | ||||
Buildings and Improvements, Initial Cost to Company | [4] | 0 | ||||
Cost Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Land and Land Improvements, Gross Amount | [4] | 0 | ||||
Buildings and Leasehold Improvements, Gross Amount | [4] | 0 | ||||
Total Gross Amount | [1],[4] | 0 | ||||
Accumulated Depreciation | [2],[4] | $ 0 | ||||
Constructed/Acquired Date | [4] | 2012 | ||||
Kit Carson Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Burlington, Colorado | |||||
Land, Initial Cost to Company | $ 432 | |||||
Buildings and Improvements, Initial Cost to Company | 35,978 | |||||
Cost Capitalized Subsequent to Acquisition | 44,749 | |||||
Land and Land Improvements, Gross Amount | 1,051 | |||||
Buildings and Leasehold Improvements, Gross Amount | 80,108 | |||||
Total Gross Amount | [1] | 81,159 | ||||
Accumulated Depreciation | [2] | $ (33,521) | ||||
Constructed/Acquired Date | 1998 | |||||
La Palma Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eloy, Arizona | |||||
Land, Initial Cost to Company | $ 283 | |||||
Buildings and Improvements, Initial Cost to Company | 183,155 | |||||
Cost Capitalized Subsequent to Acquisition | 18,125 | |||||
Land and Land Improvements, Gross Amount | 2,677 | |||||
Buildings and Leasehold Improvements, Gross Amount | 198,886 | |||||
Total Gross Amount | [1] | 201,563 | ||||
Accumulated Depreciation | [2] | $ (67,080) | ||||
Constructed/Acquired Date | 2008 | |||||
Lake Erie Correctional Institution | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Conneaut, Ohio | |||||
Land, Initial Cost to Company | $ 2,871 | |||||
Buildings and Improvements, Initial Cost to Company | 69,779 | |||||
Cost Capitalized Subsequent to Acquisition | 7,667 | |||||
Land and Land Improvements, Gross Amount | 4,280 | |||||
Buildings and Leasehold Improvements, Gross Amount | 76,037 | |||||
Total Gross Amount | [1] | 80,317 | ||||
Accumulated Depreciation | [2] | $ (21,913) | ||||
Constructed/Acquired Date | 2011 | |||||
Laredo Processing Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Laredo, Texas | |||||
Land, Initial Cost to Company | $ 788 | |||||
Buildings and Improvements, Initial Cost to Company | 26,737 | |||||
Cost Capitalized Subsequent to Acquisition | 3,944 | |||||
Land and Land Improvements, Gross Amount | 986 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,483 | |||||
Total Gross Amount | [1] | 31,469 | ||||
Accumulated Depreciation | [2] | $ (16,287) | ||||
Constructed/Acquired Date | 1985 | |||||
Lee Adjustment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Beattyville, Kentucky | |||||
Land, Initial Cost to Company | $ 500 | |||||
Buildings and Improvements, Initial Cost to Company | 515 | |||||
Cost Capitalized Subsequent to Acquisition | 20,601 | |||||
Land and Land Improvements, Gross Amount | 1,285 | |||||
Buildings and Leasehold Improvements, Gross Amount | 20,331 | |||||
Total Gross Amount | [1] | 21,616 | ||||
Accumulated Depreciation | [2] | $ (10,892) | ||||
Constructed/Acquired Date | 1998 | |||||
Leo Chesney Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Live Oak, California | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 4,774 | |||||
Cost Capitalized Subsequent to Acquisition | 1,862 | |||||
Land and Land Improvements, Gross Amount | 265 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,621 | |||||
Total Gross Amount | [1] | 6,886 | ||||
Accumulated Depreciation | [2] | $ (4,039) | ||||
Constructed/Acquired Date | 1989 | |||||
Longmont Community Treatment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Longmont, Colorado | |||||
Land, Initial Cost to Company | $ 3,364 | |||||
Buildings and Improvements, Initial Cost to Company | 582 | |||||
Cost Capitalized Subsequent to Acquisition | 352 | |||||
Land and Land Improvements, Gross Amount | 3,363 | |||||
Buildings and Leasehold Improvements, Gross Amount | 935 | |||||
Total Gross Amount | [1] | 4,298 | ||||
Accumulated Depreciation | [2] | $ (242) | ||||
Constructed/Acquired Date | 2016 | |||||
Midwest Regional Reception Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Leavenworth, Kansas | |||||
Land, Initial Cost to Company | $ 130 | |||||
Buildings and Improvements, Initial Cost to Company | 44,970 | |||||
Cost Capitalized Subsequent to Acquisition | 46,065 | |||||
Land and Land Improvements, Gross Amount | 1,054 | |||||
Buildings and Leasehold Improvements, Gross Amount | 90,111 | |||||
Total Gross Amount | [1] | 91,165 | ||||
Accumulated Depreciation | [2] | $ (41,429) | ||||
Constructed/Acquired Date | 1992 | |||||
Marion Adjustment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | St Mary,Kentucky | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 9,994 | |||||
Cost Capitalized Subsequent to Acquisition | 9,060 | |||||
Land and Land Improvements, Gross Amount | 925 | |||||
Buildings and Leasehold Improvements, Gross Amount | 18,379 | |||||
Total Gross Amount | [1] | 19,304 | ||||
Accumulated Depreciation | [2] | $ (9,336) | ||||
Constructed/Acquired Date | 1998 | |||||
Nevada Southern Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Pahrump, Nevada | |||||
Land, Initial Cost to Company | $ 7,548 | |||||
Buildings and Improvements, Initial Cost to Company | 64,362 | |||||
Cost Capitalized Subsequent to Acquisition | 12,514 | |||||
Land and Land Improvements, Gross Amount | 8,458 | |||||
Buildings and Leasehold Improvements, Gross Amount | 75,966 | |||||
Total Gross Amount | [1] | 84,424 | ||||
Accumulated Depreciation | [2] | $ (24,498) | ||||
Constructed/Acquired Date | 2010 | |||||
North Fork Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Sayre, Oklahoma | |||||
Land, Initial Cost to Company | $ 0 | |||||
Buildings and Improvements, Initial Cost to Company | 42,166 | |||||
Cost Capitalized Subsequent to Acquisition | 65,130 | |||||
Land and Land Improvements, Gross Amount | 717 | |||||
Buildings and Leasehold Improvements, Gross Amount | 106,579 | |||||
Total Gross Amount | [1] | 107,296 | ||||
Accumulated Depreciation | [2] | $ (47,252) | ||||
Constructed/Acquired Date | 1998 | |||||
Northeast Ohio Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Youngstown, Ohio | |||||
Land, Initial Cost to Company | $ 750 | |||||
Buildings and Improvements, Initial Cost to Company | 39,583 | |||||
Cost Capitalized Subsequent to Acquisition | 16,634 | |||||
Land and Land Improvements, Gross Amount | 2,289 | |||||
Buildings and Leasehold Improvements, Gross Amount | 54,678 | |||||
Total Gross Amount | [1] | 56,967 | ||||
Accumulated Depreciation | [2] | $ (29,970) | ||||
Constructed/Acquired Date | 1997 | |||||
Northwest New Mexico Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Grants, New Mexico | |||||
Land, Initial Cost to Company | $ 142 | |||||
Buildings and Improvements, Initial Cost to Company | 15,888 | |||||
Cost Capitalized Subsequent to Acquisition | 23,400 | |||||
Land and Land Improvements, Gross Amount | 1,228 | |||||
Buildings and Leasehold Improvements, Gross Amount | 38,202 | |||||
Total Gross Amount | [1] | 39,430 | ||||
Accumulated Depreciation | [2] | $ (21,729) | ||||
Constructed/Acquired Date | 1989 | |||||
Oklahoma Reentry Opportunity Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Oklahoma City,Oklahoma | |||||
Land, Initial Cost to Company | $ 8,562 | |||||
Buildings and Improvements, Initial Cost to Company | 4,631 | |||||
Cost Capitalized Subsequent to Acquisition | 1,611 | |||||
Land and Land Improvements, Gross Amount | 8,603 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,201 | |||||
Total Gross Amount | [1] | 14,804 | ||||
Accumulated Depreciation | [2] | $ (2,070) | ||||
Constructed/Acquired Date | 2015 | |||||
Otay Mesa Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | San Diego, California | |||||
Land, Initial Cost to Company | $ 28,845 | |||||
Buildings and Improvements, Initial Cost to Company | 114,411 | |||||
Cost Capitalized Subsequent to Acquisition | 48,099 | |||||
Land and Land Improvements, Gross Amount | 37,104 | |||||
Buildings and Leasehold Improvements, Gross Amount | 154,251 | |||||
Total Gross Amount | [1] | 191,355 | ||||
Accumulated Depreciation | [2] | $ (24,921) | ||||
Otay Mesa Detention Center | Minimum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 2015 | |||||
Otay Mesa Detention Center | Maximum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 2019 | |||||
Prairie Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Appleton, Minnesota | |||||
Land, Initial Cost to Company | $ 100 | |||||
Buildings and Improvements, Initial Cost to Company | 22,306 | |||||
Cost Capitalized Subsequent to Acquisition | 11,799 | |||||
Land and Land Improvements, Gross Amount | 1,068 | |||||
Buildings and Leasehold Improvements, Gross Amount | 33,137 | |||||
Total Gross Amount | [1] | 34,205 | ||||
Accumulated Depreciation | [2] | $ (20,975) | ||||
Constructed/Acquired Date | 1991 | |||||
Recovery Monitoring Solutions | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Dallas, Texas | |||||
Land, Initial Cost to Company | $ 1,152 | |||||
Buildings and Improvements, Initial Cost to Company | 1,979 | |||||
Cost Capitalized Subsequent to Acquisition | 523 | |||||
Land and Land Improvements, Gross Amount | 1,280 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,374 | |||||
Total Gross Amount | [1] | 3,654 | ||||
Accumulated Depreciation | [2] | $ (641) | ||||
Constructed/Acquired Date | 2018 | |||||
Red Rock Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Eloy, Arizona | ||||
Land, Initial Cost to Company | [4] | $ 0 | ||||
Buildings and Improvements, Initial Cost to Company | [4] | 0 | ||||
Cost Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Land and Land Improvements, Gross Amount | [4] | 0 | ||||
Buildings and Leasehold Improvements, Gross Amount | [4] | 0 | ||||
Total Gross Amount | [1],[4] | 0 | ||||
Accumulated Depreciation | [2],[4] | $ 0 | ||||
Constructed/Acquired Date | [4] | 2006 | ||||
Saguaro Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eloy, Arizona | |||||
Land, Initial Cost to Company | $ 193 | |||||
Buildings and Improvements, Initial Cost to Company | 98,903 | |||||
Cost Capitalized Subsequent to Acquisition | 6,736 | |||||
Land and Land Improvements, Gross Amount | 3,040 | |||||
Buildings and Leasehold Improvements, Gross Amount | 102,792 | |||||
Total Gross Amount | [1] | 105,832 | ||||
Accumulated Depreciation | [2] | $ (34,854) | ||||
Constructed/Acquired Date | 2007 | |||||
South Raleigh Reentry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Raleigh, North Carolina | |||||
Land, Initial Cost to Company | $ 277 | |||||
Buildings and Improvements, Initial Cost to Company | 663 | |||||
Cost Capitalized Subsequent to Acquisition | 75 | |||||
Land and Land Improvements, Gross Amount | 298 | |||||
Buildings and Leasehold Improvements, Gross Amount | 717 | |||||
Total Gross Amount | [1] | 1,015 | ||||
Accumulated Depreciation | [2] | $ (99) | ||||
Constructed/Acquired Date | 2019 | |||||
Southeast Kentucky Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Wheelwright, Kentucky | |||||
Land, Initial Cost to Company | $ 500 | |||||
Buildings and Improvements, Initial Cost to Company | 24,487 | |||||
Cost Capitalized Subsequent to Acquisition | 20,198 | |||||
Land and Land Improvements, Gross Amount | 2,587 | |||||
Buildings and Leasehold Improvements, Gross Amount | 42,598 | |||||
Total Gross Amount | [1] | 45,185 | ||||
Accumulated Depreciation | [2] | $ (20,701) | ||||
Constructed/Acquired Date | 1998 | |||||
Stewart Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Lumpkin, Georgia | |||||
Land, Initial Cost to Company | $ 143 | |||||
Buildings and Improvements, Initial Cost to Company | 70,560 | |||||
Cost Capitalized Subsequent to Acquisition | 23,865 | |||||
Land and Land Improvements, Gross Amount | 1,654 | |||||
Buildings and Leasehold Improvements, Gross Amount | 92,914 | |||||
Total Gross Amount | [1] | 94,568 | ||||
Accumulated Depreciation | [2] | $ (40,558) | ||||
Constructed/Acquired Date | 2004 | |||||
T. Don Hutto Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Taylor, Texas | |||||
Land, Initial Cost to Company | $ 183 | |||||
Buildings and Improvements, Initial Cost to Company | 13,418 | |||||
Cost Capitalized Subsequent to Acquisition | 13,160 | |||||
Land and Land Improvements, Gross Amount | 982 | |||||
Buildings and Leasehold Improvements, Gross Amount | 25,779 | |||||
Total Gross Amount | [1] | 26,761 | ||||
Accumulated Depreciation | [2] | $ (10,964) | ||||
Constructed/Acquired Date | 1997 | |||||
Tallahatchie County Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tutwiler, Mississippi | |||||
Land, Initial Cost to Company | $ 0 | |||||
Buildings and Improvements, Initial Cost to Company | 44,638 | |||||
Cost Capitalized Subsequent to Acquisition | 109,263 | |||||
Land and Land Improvements, Gross Amount | 2,373 | |||||
Buildings and Leasehold Improvements, Gross Amount | 151,528 | |||||
Total Gross Amount | [1] | 153,901 | ||||
Accumulated Depreciation | [2] | $ (68,614) | ||||
Constructed/Acquired Date | 2000 | |||||
Torrance County Detention Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Estancia, New Mexico | |||||
Land, Initial Cost to Company | $ 511 | |||||
Buildings and Improvements, Initial Cost to Company | 52,599 | |||||
Cost Capitalized Subsequent to Acquisition | 14,659 | |||||
Land and Land Improvements, Gross Amount | 1,994 | |||||
Buildings and Leasehold Improvements, Gross Amount | 65,775 | |||||
Total Gross Amount | [1] | 67,769 | ||||
Accumulated Depreciation | [2] | $ (34,359) | ||||
Constructed/Acquired Date | 1990 | |||||
Turley Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, Oklahoma | |||||
Land, Initial Cost to Company | $ 421 | |||||
Buildings and Improvements, Initial Cost to Company | 4,105 | |||||
Cost Capitalized Subsequent to Acquisition | 1,203 | |||||
Land and Land Improvements, Gross Amount | 432 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,297 | |||||
Total Gross Amount | [1] | 5,729 | ||||
Accumulated Depreciation | [2] | $ (1,789) | ||||
Constructed/Acquired Date | 2015 | |||||
Trousdale Turner Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hartsville, Tennessee | |||||
Land, Initial Cost to Company | $ 649 | |||||
Buildings and Improvements, Initial Cost to Company | 135,412 | |||||
Cost Capitalized Subsequent to Acquisition | 6,051 | |||||
Land and Land Improvements, Gross Amount | 2,004 | |||||
Buildings and Leasehold Improvements, Gross Amount | 140,108 | |||||
Total Gross Amount | [1] | 142,112 | ||||
Accumulated Depreciation | [2] | $ (23,480) | ||||
Constructed/Acquired Date | 2015 | |||||
Tulsa Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, Oklahoma | |||||
Land, Initial Cost to Company | $ 8,206 | |||||
Buildings and Improvements, Initial Cost to Company | 4,061 | |||||
Cost Capitalized Subsequent to Acquisition | 731 | |||||
Land and Land Improvements, Gross Amount | 606 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,839 | |||||
Total Gross Amount | [1],[3] | 3,445 | ||||
Accumulated Depreciation | [2],[3] | $ (1,209) | ||||
Constructed/Acquired Date | [3] | 2015 | ||||
Wheeler Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Alamo, Georgia | ||||
Land, Initial Cost to Company | [4] | $ 0 | ||||
Buildings and Improvements, Initial Cost to Company | [4] | 0 | ||||
Cost Capitalized Subsequent to Acquisition | [4] | 0 | ||||
Land and Land Improvements, Gross Amount | [4] | 0 | ||||
Buildings and Leasehold Improvements, Gross Amount | [4] | 0 | ||||
Total Gross Amount | [1],[4] | 0 | ||||
Accumulated Depreciation | [2],[4] | $ 0 | ||||
Constructed/Acquired Date | [4] | 1998 | ||||
Webb County Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Laredo, Texas | |||||
Land, Initial Cost to Company | $ 498 | |||||
Buildings and Improvements, Initial Cost to Company | 20,161 | |||||
Cost Capitalized Subsequent to Acquisition | 7,023 | |||||
Land and Land Improvements, Gross Amount | 2,330 | |||||
Buildings and Leasehold Improvements, Gross Amount | 25,352 | |||||
Total Gross Amount | [1] | 27,682 | ||||
Accumulated Depreciation | [2] | $ (15,469) | ||||
Constructed/Acquired Date | 1998 | |||||
West Tennessee Detention Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Mason, Tennessee | |||||
Land, Initial Cost to Company | $ 538 | |||||
Buildings and Improvements, Initial Cost to Company | 31,931 | |||||
Cost Capitalized Subsequent to Acquisition | 8,585 | |||||
Land and Land Improvements, Gross Amount | 2,174 | |||||
Buildings and Leasehold Improvements, Gross Amount | 38,880 | |||||
Total Gross Amount | [1] | 41,054 | ||||
Accumulated Depreciation | [2] | $ (22,486) | ||||
Constructed/Acquired Date | 1990 | |||||
Whiteville Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Whiteville, Tennessee | |||||
Land, Initial Cost to Company | $ 303 | |||||
Buildings and Improvements, Initial Cost to Company | 51,694 | |||||
Cost Capitalized Subsequent to Acquisition | 9,619 | |||||
Land and Land Improvements, Gross Amount | 1,671 | |||||
Buildings and Leasehold Improvements, Gross Amount | 59,945 | |||||
Total Gross Amount | [1] | 61,616 | ||||
Accumulated Depreciation | [2] | $ (32,999) | ||||
Constructed/Acquired Date | 1998 | |||||
[1] The aggregate cost of properties for federal income tax purposes is approximately $ 3.7 billion at December 31, 2023. Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. CoreCivic recorded non-cash impairments during the third quarter of 2017 to write down the book value of the Bridgeport facility, during the second quarter of 2020 to write down the book value of the Tulsa Transitional Center, and during the fourth quarter of 2022 to write down the book value of the Columbine Facility to the estimated fair values assuming uses other than correctional or residential reentry facilities. CoreCivic retains title to this asset, which is classified under other real estate assets on the Company's consolidated balance sheets in accordance with ASC 853. Held for Sale. |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | Dec. 31, 2023 USD ($) |
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |
Aggregate cost of properties for federal Income Tax purposes | $ 3.7 |
Maximum | |
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |
Prison facilities, estimated useful lives of depreciable assets | 50 years |
Schedule III - Real Estate As_4
Schedule III - Real Estate Assets and Accumulated Depreciation Summary of Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||
Investment in Real Estate, balance at beginning of period | $ 3,288,714 | $ 3,352,942 | $ 3,595,278 | |
Additions through capital expenditures | 46,773 | 41,449 | 27,217 | |
Asset impairments | 0 | (4,241) | (3,335) | |
Disposals/Other | (12,076) | (101,436) | (266,218) | |
Investment in Real Estate, balance at end of period | 3,323,411 | [1] | 3,288,714 | 3,352,942 |
Accumulated Depreciation, balance at beginning of period | (1,244,044) | (1,194,051) | (1,128,563) | |
Depreciation | (82,780) | (81,937) | (81,693) | |
Disposals/Other | 2,243 | 31,944 | 16,205 | |
Accumulated Depreciation, balance at end of period | $ (1,324,581) | [2] | $ (1,244,044) | $ (1,194,051) |
[1] The aggregate cost of properties for federal income tax purposes is approximately $ 3.7 billion at December 31, 2023. Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. |