Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
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 | 119,095,550 | ||
Entity Public Float | $ 2,453,588,174 | ||
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 $.01 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | MD | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement for the 2020 Annual Meeting of Stockholders, currently scheduled to be held on May 14, 2020, are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 92,120 | $ 52,802 |
Restricted cash | 26,973 | 21,335 |
Accounts receivable, net of allowance of $3,217 and $2,542, respectively | 280,785 | 270,597 |
Prepaid expenses and other current assets | 35,507 | 28,791 |
Total current assets | 435,385 | 373,525 |
Real estate and related assets: | ||
Property and equipment, net of accumulated depreciation of $1,510,117 and $1,516,664, respectively | 2,700,107 | 2,830,589 |
Other real estate assets | 238,637 | 247,223 |
Goodwill | 50,537 | 48,169 |
Non-current deferred tax assets | 16,058 | 14,947 |
Other assets | 350,907 | 141,207 |
Total assets | 3,791,631 | 3,655,660 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 337,462 | 352,275 |
Current portion of long-term debt | 31,349 | 14,121 |
Total current liabilities | 368,811 | 366,396 |
Long-term debt, net | 1,928,023 | 1,787,555 |
Deferred revenue | 12,469 | 26,102 |
Other liabilities | 105,579 | 60,548 |
Total liabilities | 2,414,882 | 2,240,601 |
Commitments and contingencies | ||
Preferred stock – $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2019 and 2018, respectively | 0 | 0 |
Common stock – $0.01 par value; 300,000 shares authorized; 119,096 and 118,674 shares issued and outstanding at December 31, 2019 and 2018, respectively | 1,191 | 1,187 |
Additional paid-in capital | 1,821,810 | 1,807,202 |
Accumulated deficit | (446,252) | (393,330) |
Total stockholders' equity | 1,376,749 | 1,415,059 |
Total liabilities and stockholders' equity | $ 3,791,631 | $ 3,655,660 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance | $ 3,217 | $ 2,542 |
Accumulated depreciation | $ 1,510,117 | $ 1,516,664 |
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 | 119,096,000 | 118,674,000 |
Common stock, shares outstanding | 119,096,000 | 118,674,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | $ 497,809 | $ 508,522 | $ 490,294 | $ 484,064 | $ 482,193 | $ 462,728 | $ 449,929 | $ 440,916 | $ 1,980,689 | $ 1,835,766 | $ 1,765,498 |
EXPENSES: | |||||||||||
Operating | 1,422,769 | 1,315,250 | 1,249,537 | ||||||||
General and administrative | 127,078 | 106,865 | 107,822 | ||||||||
Depreciation and amortization | 144,572 | 156,501 | 147,129 | ||||||||
Contingent consideration for acquisition of businesses | 6,085 | ||||||||||
Asset impairments | 1,600 | 4,706 | 1,580 | 614 | |||||||
Costs and Expenses, Total | 1,699,125 | 1,586,281 | 1,505,102 | ||||||||
OPERATING INCOME | 66,251 | 71,095 | 70,954 | 73,264 | 64,649 | 64,419 | 61,712 | 58,705 | 281,564 | 249,485 | 260,396 |
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 84,401 | 80,753 | 68,535 | ||||||||
Expenses associated with debt refinancing transactions | 602 | 1,016 | |||||||||
Other (income) expense | (164) | 156 | (90) | ||||||||
Total non-operating expense (income) | 84,839 | 81,925 | 68,445 | ||||||||
INCOME BEFORE INCOME TAXES | 196,725 | 167,560 | 191,951 | ||||||||
Income tax expense | (7,839) | (8,353) | (13,911) | ||||||||
NET INCOME | $ 41,974 | $ 48,994 | $ 48,578 | $ 49,340 | $ 41,239 | $ 40,994 | $ 39,197 | $ 37,777 | $ 188,886 | $ 159,207 | $ 178,040 |
BASIC EARNINGS PER SHARE | $ 0.35 | $ 0.41 | $ 0.41 | $ 0.42 | $ 0.35 | $ 0.35 | $ 0.33 | $ 0.32 | $ 1.59 | $ 1.34 | $ 1.51 |
DILUTED EARNINGS PER SHARE | $ 0.35 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.35 | $ 0.34 | $ 0.33 | $ 0.32 | 1.59 | 1.34 | 1.50 |
DIVIDENDS DECLARED PER SHARE | $ 1.76 | $ 1.72 | $ 1.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 188,886 | $ 159,207 | $ 178,040 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 144,572 | 156,501 | 147,129 |
Asset impairments | 4,706 | 1,580 | 614 |
Amortization of debt issuance costs and other non-cash interest | 3,351 | 3,419 | 3,222 |
Expenses associated with debt refinancing transactions | 602 | 1,016 | |
Deferred income taxes | (1,162) | (4,436) | 921 |
Other expenses and non-cash items | 13,033 | 7,909 | 4,267 |
Non-cash revenue and other income | (11,292) | (14,509) | (14,528) |
Non-cash equity compensation | 17,267 | 13,132 | 13,286 |
Changes in assets and liabilities, net: | |||
Accounts receivable, prepaid expenses and other assets | (16,938) | (19,470) | (13,913) |
Accounts payable, accrued expenses and other liabilities | 11,359 | 18,531 | 22,287 |
Net cash provided by operating activities | 354,384 | 322,880 | 341,325 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Expenditures for facility development and expansions | (136,128) | (58,239) | (17,576) |
Expenditures for other capital improvements | (57,192) | (63,438) | (56,168) |
Acquisitions, net of cash acquired | (48,396) | (175,588) | (48,867) |
Proceeds from sale of assets | 4,295 | 12,911 | 970 |
Increase in other assets | (7,168) | (6,703) | (3,605) |
Payments received on direct financing lease and notes receivable | 684 | ||
Net cash used in investing activities | (244,589) | (291,057) | (124,562) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt and borrowings from credit facility | 1,146,691 | 809,831 | 475,500 |
Scheduled principal repayments | (14,121) | (7,816) | (10,000) |
Principal repayments of credit facility | (648,000) | (603,500) | (461,500) |
Satisfaction and discharge of senior notes | (325,000) | ||
Payment of debt issuance and other refinancing and related costs | (4,296) | (6,087) | (4,169) |
Payment of lease obligations for financing leases | (538) | (3,744) | (2,483) |
Contingent consideration for acquisition of businesses | (7,398) | (1,500) | |
Proceeds from exercise of stock options | 876 | 2,367 | 6,534 |
Proceeds from sale/leaseback | 7,783 | ||
Purchase and retirement of common stock | (3,531) | (3,005) | (5,847) |
Dividends paid | (209,522) | (204,198) | (200,326) |
Net cash used in financing activities | (64,839) | (9,869) | (202,291) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 44,956 | 21,954 | 14,472 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 74,137 | 52,183 | 37,711 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 119,093 | 74,137 | 52,183 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Debt assumed on acquisition of property | 157,280 | ||
Establishment of right of use assets and lease liabilities | 137,946 | ||
Cash paid during the period for: | |||
Interest (net of amounts capitalized of $6.0 million, $1.0 million, and $0 in 2019, 2018, and 2017, respectively) | 85,698 | 71,787 | 57,485 |
Income taxes paid | $ 16,437 | $ 13,303 | $ 8,089 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest, capitalized interest | $ 6 | $ 1 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2016 | $ 1,458,963 | $ 1,176 | $ 1,780,350 | $ (322,563) |
Balance (in shares) at Dec. 31, 2016 | 117,554 | |||
Net income | 178,040 | 178,040 | ||
Retirement of common stock | (5,847) | $ (2) | (5,845) | |
Retirement of common stock (in shares) | (176) | |||
Dividends declared on common stock | (199,764) | (199,764) | ||
Restricted stock compensation, net of forfeitures | 13,286 | 13,286 | ||
Restricted stock grants | $ 5 | (5) | ||
Restricted stock grants (in shares) | 513 | |||
Stock options exercised | 6,930 | $ 3 | 6,927 | |
Stock options exercised (in shares) | 313 | |||
Balance at Dec. 31, 2017 | 1,451,608 | $ 1,182 | 1,794,713 | (344,287) |
Balance (in shares) at Dec. 31, 2017 | 118,204 | |||
Net income | 159,207 | 159,207 | ||
Retirement of common stock | (3,005) | $ (1) | (3,004) | |
Retirement of common stock (in shares) | (139) | |||
Dividends declared on common stock | (205,675) | (205,675) | ||
Restricted stock compensation, net of forfeitures | 13,132 | 13,132 | ||
Restricted stock grants | $ 5 | (5) | ||
Restricted stock grants (in shares) | 462 | |||
Stock options exercised | 2,367 | $ 1 | 2,366 | |
Stock options exercised (in shares) | 147 | |||
Cumulative effect of adoption of new accounting standard | (2,575) | (2,575) | ||
Balance at Dec. 31, 2018 | 1,415,059 | $ 1,187 | 1,807,202 | (393,330) |
Balance (in shares) at Dec. 31, 2018 | 118,674 | |||
Net income | 188,886 | 188,886 | ||
Retirement of common stock | (3,531) | $ (2) | (3,529) | |
Retirement of common stock (in shares) | (164) | |||
Dividends declared on common stock | (211,868) | (211,868) | ||
Restricted stock compensation, net of forfeitures | 17,267 | 17,267 | ||
Restricted stock grants | $ 5 | (5) | ||
Restricted stock grants (in shares) | 524 | |||
Stock options exercised | 876 | $ 1 | 875 | |
Stock options exercised (in shares) | 62 | |||
Cumulative effect of adoption of new accounting standard | (29,940) | (29,940) | ||
Balance at Dec. 31, 2019 | $ 1,376,749 | $ 1,191 | $ 1,821,810 | $ (446,252) |
Balance (in shares) at Dec. 31, 2019 | 119,096 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends declared on common stock, per share | $ 1.76 | $ 1.72 | $ 1.68 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
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. The Company also believes it is the largest private owner of real estate used by U.S. government agencies. 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 growing network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions. As of December 31, 2019, through its CoreCivic Safety segment, the Company operated 50 correctional and detention facilities, 43 of which the Company owned, with a total design capacity of approximately 73,000 beds. Through its CoreCivic Community segment, the Company owned and operated 29 residential reentry centers with a total design capacity of approximately 5,000 beds. In addition, through its CoreCivic Properties segment, the Company owned 28 properties for lease to third parties and used by government agencies, totaling 2.4 million 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. CoreCivic began operating as a real estate investment trust ("REIT") effective January 1, 2013. The Company provides services and conducts other business activities through taxable REIT subsidiaries ("TRSs"). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax and certain qualification requirements. The Company's use of TRSs permits CoreCivic to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Internal Revenue Code of 1986, as amended, and enable CoreCivic to, among other things, provide correctional services at facilities it owns and at facilities owned by its government partners. A TRS is not subject to the distribution requirements applicable to REITs so it may retain income generated by its operations for reinvestment. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
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. Certain reclassifications have been made to the consolidated balance sheet in 2018 and to the consolidated statements of cash flows in 2018 and 2017 to conform to the current year presentation. 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, 2019 and 2018 included deposit accounts totaling $22.3 million and $17.2 million, respectively, to ensure the timely completion of construction of the Lansing Correctional Facility and related debt service, as further discussed in Notes 6 and 11. Restricted cash at December 31, 2019 and 2018 also included $4.7 million and $4.1 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the SSA-Baltimore property, also as further discussed in Notes 6 and 11. The restricted cash accounts are required under the terms of the indebtedness securing such properties. Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2019 and 2018, accounts receivable of $280.8 million and $270.6 million, respectively, were net of allowances for doubtful accounts totaling $3.2 million and $2.5 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic's properties. Accounts receivable also consist of 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 allowances for doubtful accounts to ensure receivables are not overstated due to uncollectibility. Bad debt reserves are maintained for customers based on a variety of factors, including the length of time receivables are past due, significant one-time events, 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. The facilities accounted for under ASC 853 were constructed in periods prior to 2013. 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. When circumstances indicate an asset may not be recoverable, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is 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 net assets of businesses acquired. As further discussed in Note 3, goodwill is tested for impairment at least annually using a fair-value based approach. 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. However, 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 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. CoreCivic recognizes any additional management service revenues upon completion of services provided to the customer. 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 required to be returned to the customer are classified as reductions to revenue. Prior to the adoption of ASU 2014-09 in the first quarter of 2018, these amounts were reflected as operating expenses. Rental revenue is recognized in accordance with ASC 842, "Leases". In accordance with ASC 842, minimum rental revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Rental 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 ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales, and is recorded in the period the goods and services are provided. Revenues generated from prisoner transportation services for governmental agencies are recorded in the period the inmates have been transported to their destination. Self-Funded Insurance and Litigation Reserves CoreCivic is significantly 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 has consistently accrued 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 has accrued the estimated liability for workers' compensation claims based on an actuarially determined liability, discounted to the net present value of the outstanding liabilities, 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 litigation reserves related to general liability matters for which it is probable that a loss has been incurred and the range of such loss can be estimated. These estimates could change in the future. Income Taxes CoreCivic began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2013. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections permit CoreCivic to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect 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 includes a provision for taxes in its consolidated financial statements. 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's deferred tax assets and liabilities are classified as non-current on the consolidated balance sheets. See Note 13 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities and the impact on deferred tax assets and liabilities that resulted from the lower corporate tax rates enacted under the Tax Cuts and Jobs Act ("the TCJA") in December 2017. 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. Foreign Currency Transactions CoreCivic has extended a working capital loan to Agecroft Prison Management, Ltd. ("APM"), the operator of a correctional facility in Salford, England previously owned by a subsidiary of CoreCivic. The working capital loan is denominated in British pounds; consequently, CoreCivic adjusts this receivable to the current exchange rate at each balance sheet date and recognizes the unrealized currency gain or loss in current period earnings. See Note 8 for further discussion of CoreCivic's relationship with APM. 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, 2019 and 2018, 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, 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 2,989 $ 3,949 $ 2,887 $ 4,037 Debt $ (1,986,865 ) $ (1,964,366 ) $ (1,814,795 ) $ (1,744,045 ) 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, 2019, 2018, and 2017, federal correctional and detention authorities represented 51%, 48%, and 48%, 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 29%, 25%, and 25% of total revenue for 2019, 2018, and 2017, respectively. The USMS accounted for 17%, 17%, and 16% of total revenue for 2019, 2018, and 2017, respectively. The BOP accounted for 5%, 6%, and 7% of total revenue for 2019, 2018, and 2017, respectively. These federal customers have management contracts at facilities CoreCivic owns and at facilities CoreCivic manages but does not own. State revenues from contracts at correctional, detention, and residential reentry facilities that CoreCivic operates represented 34%, 39%, and 41% of total revenue during the years ended December 31, 2019, 2018, and 2017, respectively. ICE and the USMS each generated 10% or more of total revenue during 2019, 2018, and 2017. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, reentry, and leased, the loss of one or more of such contracts could have a material adverse impact on CoreCivic's financial condition and results of operations. 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 expects to 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. Recent Accounting Pronouncements – Lease Adoption In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Leases (Topic 842)", which requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to previous accounting requirements. ASU 2016-02 also eliminated previous real estate-specific provisions for all entities. For lessors, the ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. For finance leases and operating leases, a lessee should recognize 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. For public reporting entities such as CoreCivic, guidance in ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption of the ASU is permitted. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements – Leases (Topic 842)", which permits entities to adopt a new transition method whereby the modified retrospective transition method would allow companies to recognize the cumulative-effect adjustment in the period of adoption rather than the earliest period presented and continue to apply the legacy guidance in ASC 840, "Leases", in the comparative periods presented. Further, ASU 2018-11 also allows entities to elect, by class of underlying asset, to not separate non-lease components from the associated lease components when certain criteria are met. Adoption results in an increase in long-term assets and liabilities for leases where the Company is the lessee. CoreCivic adopted ASU 2016-02 and ASU 2018-11, cumulatively ("ASC 842"), on January 1, 2019. The Company elected the modified retrospective transition method and recognized the cumulative-effect adjustment resulting from adoption of ASC 842 in the first quarter of 2019. CoreCivic also elected to adopt the package of available practical expedients that permits lessees and lessors to not reassess certain items, including whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases, and initial direct costs for any expired or existing leases. In addition, the Company made an accounting policy election to apply 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 also elected the practical expedient that permits lessees to make an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component. Prior to the adoption of ASC 842, a portion of the rental payments for the South Texas Family Residential Center was classified as depreciation and interest expense in accordance with ASC 840-40-55, formerly Emerging Issues Task Force No. 97-10, "The Effect of Lessee Involvement in Asset Construction." Upon adoption of ASC 842, all rental payments associated with this lease are classified as operating expenses . Upon adoption of ASC 842, CoreCivic recognized a ROU asset of $115.6 million and a lease liability of $82.9 million for all operating leases identified by the Company as applicable under the guidance of ASC 842, including the lease for the South Texas Family Residential Center. For those operating leases that contain renewal options, the Company included 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. The Company also recognized a net charge of approximately $29.9 million to accumulated deficit upon adoption of ASC 842. Recent Accounting Pronouncements – Other In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments," which will change how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU will replace the current "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, contract assets, loans and other instruments, entities will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. The ASU is effective for the Company in the first quarter of 2020 . The Company is currently evaluating the effects of this ASU to determine the potential impact on its financial statements. Based principally on the fact that the largest portion of the Company's accounts receivable is with governmental agencies, the Company does not currently expect the new standard will have a material impact on its financial statements. Other 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, 2019 | |
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 $50.5 million and $48.2 million as of December 31, 2019 and 2018, respectively. Of these amounts, goodwill was $7.9 million as of both December 31, 2019 and 2018 for the Company's CoreCivic Safety segment, and was $42.6 million and $40.3 million as of December 31, 2019 and 2018, respectively, for its CoreCivic Community segment. This goodwill was established in connection with multiple business combination transactions. 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 not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing a quantitative impairment test is not necessary. 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. These impairment tests are required to be performed at least annually . CoreCivic performed its impairment tests during the fourth quarter of 2019, 2018 and 2017. CoreCivic performed a qualitative assessment for its goodwill allocated to the Company’s CoreCivic Safety segment. CoreCivic performed a quantitative analysis for its goodwill allocated to its CoreCivic Community segment. The quantitative analysis was prepared using valuation methodologies that include an income approach and market approach. The income approach valuation included 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. Based on the impairment tests performed, CoreCivic concluded no impairments had occurred for the years ended December 31, 2019 and 2018. In March 2017, the Texas Department of Criminal Justice ("TDCJ") notified CoreCivic that, in light of the current economic climate, as well as the fiscal constraints and budget outlook for the next biennium, the TDCJ would not be awarding the contract for the Bartlett State Jail. The TDCJ had previously solicited proposals for the rebid of the Bartlett facility, along with three other facilities that CoreCivic managed for the state of Texas. The managed-only contracts at the four facilities were scheduled to expire in August 2017. However, in collaboration with the TDCJ, the decision was made to close the Bartlett facility on June 24, 2017. In anticipation of the termination of the contract and closing of the Bartlett facility, CoreCivic recorded an asset impairment of $0.3 million during the first quarter of 2017 for the write-off of goodwill associated with the facility. During the third quarter of 2017, CoreCivic was notified that the TDCJ selected other operators for the three remaining facilities the Company managed for the state of Texas. CoreCivic had no goodwill associated with these three facilities. |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
REAL ESTATE AND RELATED ASSETS | 4. REAL ESTATE AND RELATED ASSETS At December 31, 2019, CoreCivic owned 72 correctional, detention, and residential reentry real estate properties, and 28 properties for lease to third parties. At December 31, 2019, CoreCivic also managed seven correctional and detention facilities owned by governmental agencies. Property and equipment, at cost, consists of the following (in thousands): December 31, 2019 2018 Land and improvements $ 295,214 $ 294,774 Buildings and improvements 3,411,583 3,490,725 Equipment and software 435,628 432,196 Office furniture and fixtures 38,278 34,968 Construction in progress 29,521 94,590 4,210,224 4,347,253 Less: Accumulated depreciation (1,510,117 ) (1,516,664 ) $ 2,700,107 $ 2,830,589 Construction in progress primarily consists of properties under construction or expansion. Interest is capitalized on construction in progress and amounted to $6.0 million and $1.0 million in 2019 and 2018, respectively. There was no interest capitalized on construction in progress in 2017. Depreciation expense was $137.7 million, $152.0 million, and $145.7 million for the years ended December 31, 2019, 2018, and 2017, respectively. Eleven 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, 2019, CoreCivic had approximately $238.6 million in other real estate assets, including $147.8 million accounted for as a contract cost and $90.8 million accounted for as costs of fulfilling the related service contract. As of December 31, 2018, CoreCivic had approximately $247.2 million in other real estate assets, including $150.1 million accounted for as a contract cost and $97.1 million accounted for as costs of fulfilling the related service contract. In June 2013, CoreCivic entered into an Economic Development Agreement ("EDA") with the Development Authority of Telfair County ("Telfair County") in Telfair County, Georgia to implement a tax abatement plan related to CoreCivic's bed expansion project at its McRae Correctional Facility. The tax abatement plan provides for 90% |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
LEASES | 5. LEASES 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. 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 October 2016 to extend the term of the agreement through September 2021. However, ICE can terminate the IGSA for convenience or non-appropriation of funds, without penalty, by providing CoreCivic with at least a 60-day notice. In the event CoreCivic cancels the lease with the third-party lessor prior to its expiration as a result of the termination of the IGSA by ICE for convenience, and if CoreCivic is unable to reach an agreement for the continued use of the facility within 90 days from the termination date, CoreCivic is required to pay a termination fee to the third-party lessor based on the termination date, currently equal to $4.5 million and declining to zero by October 2020. 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 $34.8 million, $30.7 million, and $28.9 million for the years ended December 31, 2019, 2018, and 2017, 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, 2019 for the Company's operating lease liabilities, inclusive of $49.7 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): 2020 $ 32,797 2021 25,438 2022 3,886 2023 3,306 2024 3,144 Thereafter 21,033 Total future minimum lease payments 89,604 Less amount representing interest (11,443 ) Total present value of minimum lease payments $ 78,161 In addition, through its CoreCivic Properties segment, as of December 31, 2019, the Company owned $450.3 million in property, plant and equipment at 28 properties for lease to third parties and used by government agencies under operating leases that expire over varying dates through 2034, some of which contain renewal options. In accordance with ASC 842, minimum rental revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Rental 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 undiscounted cash flows to be received from third-party lessees as of December 31, 2019 for the Company's operating leases are as follows (in thousands): 2020 $ 74,525 2021 67,976 2022 61,554 2023 59,446 2024 59,200 Thereafter 353,144 |
REAL ESTATE TRANSACTIONS
REAL ESTATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
REAL ESTATE TRANSACTIONS | 6 . REAL ESTATE TRANSACTIONS Acquisitions 2017 Acquisitions . On January 1, 2017, CoreCivic acquired the Arapahoe Community Treatment Center, a 135-bed residential reentry center in Englewood, Colorado, for $5.5 million in cash, excluding transaction-related expenses. The acquisition included a contract with Arapahoe County whereby CoreCivic provides residential reentry services for up to 135 residents. On February 10, 2017, CoreCivic acquired the Stockton Female Community Corrections Facility, a 100-bed residential reentry center in Stockton, California, in a real estate-only transaction for $1.6 million, excluding transaction-related expenses. The 100-bed Stockton facility is leased to a third-party operator pursuant to a lease agreement that extends through April 2021 and includes one five-year On August 1, 2017, CoreCivic acquired New Beginnings Treatment Center, Inc. ("NBTC"), an Arizona-based community corrections company, along with the real estate used in the operation of NBTC's business from an affiliate of NBTC, for an aggregate purchase price of $6.4 million, excluding transaction related expenses. In connection with the acquisition, CoreCivic assumed a contract with the BOP to provide reentry services to male and female adults at the 92-bed Oracle Transitional Center located in Tucson, Arizona. On September 15, 2017, CoreCivic acquired a portfolio of four properties for an aggregate purchase price of $8.7 million, excluding transaction related expenses. The acquisition included a 230-bed residential reentry center leased to the state of Georgia, and three properties in North Carolina and Georgia leased to the General Services Administration ("GSA"), an independent agency of the United States government, two of which are occupied by the Social Security Administration ("SSA"), and one of which is occupied by the Internal Revenue Service ("IRS"). In allocating the purchase price of the four acquisitions in 2017, CoreCivic recorded $20.1 million of net tangible assets, $1.8 million of identifiable intangible assets, and $0.3 million of tenant improvements associated with one of the North Carolina leased properties which was recognized as a receivable and is being recovered by payments from the lessee. CoreCivic acquired the properties as strategic investments that further expand the Company's network of residential reentry centers and further diversify the Company's cash flows through government-leased properties. 2018 Acquisitions. On January 19, 2018, CoreCivic acquired the 261,000 square-foot Capital Commerce Center, located in Tallahassee, Florida for a purchase price of $44.7 million, excluding transaction-related costs and certain closing credits. Capital Commerce Center is 98% leased, including 87% leased to the state of Florida on behalf of the Florida Department of Business and Professional Regulation. In allocating the purchase price of this transaction, CoreCivic recorded $40.6 million of net tangible assets and $3.2 million of identifiable intangible assets. On July 17, 2018, CoreCivic acquired a portfolio of twelve properties for $12.0 million, excluding transaction-related costs, 100% leased to the U.S. Federal Government through the GSA on behalf of the SSA, the Department of Homeland Security, and ICE. In allocating the purchase price of this transaction, CoreCivic recorded $11.1 million of net tangible assets and $1.9 million of identifiable intangible assets. On August 23, 2018, CoreCivic acquired a 541,000 square-foot SSA office building in Baltimore, Maryland ("SSA-Baltimore") for a purchase price of $242.0 million, excluding transaction-related costs and certain closing credits. The office building was purpose built to SSA specifications in 2014 under a 20-year firm term lease expiring in January 2034 On September 21, 2018, CoreCivic acquired a 217,000 square-foot, steel frame property in Dayton, Ohio for $6.9 million, excluding transaction-related costs and certain closing credits, that was built-to-suit for the National Archives and Records Administration ("NARA") in 2002. The building is 100% leased to the GSA on behalf of NARA through January 2023 CoreCivic acquired the 15 properties in 2018 as strategic investments that further diversify the Company's cash flows through government-leased properties and broaden the solutions it provides to its government partners. 2019 Acquisitions . On February 20, 2019, CoreCivic acquired the South Raleigh Reentry Center, a 60-bed residential reentry center in Raleigh, North Carolina, for $0.9 million, excluding transaction-related expenses. In connection with the acquisition, CoreCivic provides reentry services for both male and female residents under custody of the BOP. On May 6, 2019, CoreCivic acquired a 36,520-square foot office building in Detroit, Michigan, for $7.2 million, excluding transaction-related expenses, that was built-to-suit for the state of Michigan's Department of Health and Human Services ("MDHHS") in 2002. The property is 100% leased to the Michigan Department of Technology, Management and Budget ("MDTMB") on behalf of MDHHS through June 2028 and includes one six-year renewal option at the sole discretion of the MDTMB. In allocating the purchase price of the acquisitions in 2019, CoreCivic recorded $7.4 million of net tangible assets and $0.8 million of identifiable intangible assets. CoreCivic acquired the properties as strategic investments that further expand the Company's network of residential reentry centers and enable the continued delivery of critical services that help people reintegrate into the community, and also further diversify the Company's cash flows through the acquisition of a government-leased property. 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 replaces 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. CoreCivic will account for the lease with the KDOC as a multiple element lease with a portion of the lease payments attributable to the capital lease. In addition, portions of the lease payments will be attributable to maintenance services and capital maintenance, representing two separately valued non-lease components. As of December 31, 2019, CoreCivic had capitalized $137.7 million associated with the construction of the project, recognized as a construction receivable in Other Assets on the consolidated balance sheet until commencement of the financing lease in 2020. The cash payments associated with the construction of the project are recognized as expenditures for facility development and expansions on the consolidated statements of cash flows. Idle Facilities As of December 31, 2019, CoreCivic had five idled CoreCivic Safety 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) Design Date Net Carrying Values at December 31, Facility Capacity Idled 2019 2018 Prairie Correctional Facility 1,600 2010 $ 14,863 $ 15,278 Huerfano County Correctional Center 752 2010 16,266 16,660 Diamondback Correctional Facility 2,160 2010 39,729 40,962 Marion Adjustment Center 826 2013 11,351 11,770 Kit Carson Correctional Center 1,488 2016 54,041 55,507 6,826 $ 136,250 $ 140,177 As of December 31, 2019, CoreCivic considers the cancellation of a contract or an expiration and non-renewal of a lease agreement in its CoreCivic Properties segment as an indicator of impairment and tested each of the idled properties for impairment when it was notified by the respective customers or tenants that they would no longer be utilizing such property. CoreCivic updates the impairment analyses on an annual basis for each of the idled properties and evaluates on a quarterly basis market developments for the potential utilization of each of these properties in order to identify events that may cause CoreCivic to reconsider its most recent assumptions. As a result of CoreCivic's analyses, CoreCivic determined each of the idled properties to have recoverable values in excess of the corresponding carrying values as of December 31, 2019. During the second quarter of 2019, CoreCivic idled one residential reentry center in Oklahoma due to declining utilization from the state of Oklahoma and the consolidation of residents into the Company's other reentry facilities located in the state. Further, the Company received notice during the second quarter of 2019 of the BOP's decision to award the rebid of a contract at one of the Company's residential reentry facilities in Arizona to another operator. The residential reentry facility in Arizona was idled in the third quarter of 2019 upon expiration of its contract with the BOP on August 31, 2019. As a result of these residential reentry centers becoming idle, CoreCivic tested the facilities for impairment during the second quarter of 2019. CoreCivic concluded that the residential reentry facility in Oklahoma had a recoverable value in excess of the corresponding carrying value. CoreCivic concluded that the residential reentry facility in Arizona would likely be marketed for use other than as a residential reentry facility, and therefore, recorded an asset impairment of $4.3 million in the second quarter of 2019 to reduce the carrying value of the facility to its estimated fair value as a commercial real estate property. The fair value measurement for the Arizona residential reentry facility was estimated using unobservable Level 3 inputs, as defined in ASC 820, using market comparable data for similar properties in the local market. During the third quarter of 2019, leases at three single-tenant residential reentry centers in the Company's CoreCivic Properties segment expired and were not renewed. The three properties located in Pennsylvania total approximately 54,000 square feet and contain an aggregate of 430 beds with an aggregate net book value of $9.3 million as of December 31, 2019. The Company has begun to market the facilities to other potential customers to operate as a CoreCivic Community facility or for future lease as a CoreCivic Properties facility. As a result of the expiration of the leases at the three properties located in Pennsylvania, CoreCivic tested the facilities for impairment during the third quarter of 2019. CoreCivic concluded that each of the properties had a recoverable value in excess of the corresponding carrying value. To illustrate CoreCivic's historical experience in securing new management contracts to utilize idle beds in its correctional facilities, the following are examples of new contracts the Company secured during 2019. On May 1, 2019, the BOP announced that it elected not to renew the contract at the Company's Adams County Correctional Center in Adams County, Mississippi. On June 28, 2019, the BOP executed an amendment to the existing contract to allow ICE to use up to 660 beds to care for adult male detainees. On July 18, 2019, the BOP contract, which was originally scheduled to expire on July 31, 2019, was extended to August 30, 2019. On September 3, 2019, the Company announced that it had entered into a new contract under an IGSA between Adams County, Mississippi and ICE for up to 2,348 adult detainees at the Adams facility. The new management agreement commenced on August 31, 2019, and has an initial term of 60 months, with unlimited extension options thereafter upon mutual agreement. Either party may terminate the contract with 120 days' written notice. ICE began utilizing the additional capacity at the Adams facility under the new contract and, as of December 31, 2019, the Company cared for approximately 850 detainees from ICE at the facility. As a result of the transition at this facility, CoreCivic performed an impairment analysis of the Adams facility, which had a net carrying value $96.5 million as of December 31, 2019, and concluded that this asset has a recoverable value in excess of the carrying value. On May 16, 2019, CoreCivic announced that it had entered into a new contract under an IGSA between Torrance County, New Mexico and ICE to activate the Company's 910-bed Torrance County Detention Facility in Estancia, New Mexico. The Torrance facility had previously been idle since 2017 and had a net carrying value of $34.0 million as of December 31, 2019. The new management contract commenced on May 15, 2019, and has an initial term of 60 months, with unlimited extension options thereafter upon mutual agreement. Either party may terminate the contract with 120 days' written notice. . On May 23, 2019, CoreCivic announced that it had entered into a new contract under an IGSA between the City of Eden, Texas and the USMS to activate the Company's 1,422-bed Eden Detention Center in Eden, Texas. The new agreement also permits ICE to utilize capacity at the facility at any time in the future. The Eden facility had previously been idle since 2017 and had a net carrying value of $37.0 million as of December 31, 2019. The new management contract commenced on June 1, 2019, and has an indefinite term. Either party may terminate the contract with 30 days' written notice. On December 9, 2019, CoreCivic entered into a lease with the Commonwealth of Kentucky Department of Corrections ("KYDOC") for its previously idled 656-bed Southeast Correctional Complex in Wheelwright, Kentucky, formerly known as the Southeast Kentucky Correctional Facility. The lease is expected to commence in mid-2020 and has an initial term of ten years and includes five two-year Asset Dispositions In the second quarter of 2018, CoreCivic entered into an agreement to sell its former corporate headquarters for $12.6 million. In connection with the agreement, the Company wrote-down the value of the property to its net realizable value, recognizing an asset impairment charge of $1.6 million in the second quarter of 2018. CoreCivic closed on the sale during the third quarter of 2018 and used the net proceeds from the sale to pay-down a portion of the amounts outstanding under the Company's revolving credit facility. On June 24, 2019, CoreCivic sold a property which was leased to a third-party and located in Chester, Pennsylvania for $3.4 million. The property had a net carrying value of $3.1 million at the time of the sale, with the gain on the sale of $0.3 million recognized in the second quarter of 2019 and reflected in other (income) expense on the consolidated statement of operations. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS COMBINATIONS | 7 . BUSINESS COMBINATIONS On June 1, 2017, CoreCivic acquired the real estate operated by Center Point, Inc. ("Center Point"), a California-based non-profit organization, for $5.3 million in cash, excluding transaction-related expenses. CoreCivic consolidated a portion of Center Point's operations into the Company's preexisting residential reentry center portfolio and assumed ownership and operations of the Oklahoma City Transitional Center, a 200-bed residential reentry center in Oklahoma City, Oklahoma. On November 1, 2017, CoreCivic completed the acquisition of Time to Change, Inc. ("TTC"), a Colorado-based community corrections company, for an aggregate purchase price of $22.0 million, excluding transaction related expenses. As a result of better than estimated financial performance of the acquisition, during the fourth quarter of 2018, the Company recognized the loss of $6.1 million for additional contingent consideration associated with the acquisition. In connection with the acquisition, CoreCivic assumed contracts with Adams County, Colorado to provide residential reentry services to male and female adults in three facilities located in Colorado containing a total of 422 beds. In allocating the purchase price for the two transactions in 2017, CoreCivic recorded the following (in millions): Tangible current assets and liabilities, net $ 0.9 Property and equipment 19.7 Intangible assets 3.9 Total identifiable assets 24.5 Goodwill 2.8 Total consideration $ 27.3 Effective January 1, 2018, CoreCivic closed on the acquisition of Rocky Mountain Offender Management Systems, LLC ("RMOMS"), which provides non-residential correctional alternatives, including electronic monitoring and case management services, to municipal, county, and state governments in seven states. The aggregate purchase price was $7.0 million, excluding transaction-related expenses. Effective December 1, 2018, CoreCivic closed on the acquisition of Recovery Monitoring Solutions Corporation ("RMSC"), which provides non-residential correctional alternatives, including electronic monitoring and case management services, to municipal, county, and state governments in four states. The aggregate purchase price was $15.9 million, excluding transaction-related expenses. In allocating the purchase price for the two transactions in 2018, CoreCivic recorded the following (in millions): Property and equipment $ 6.1 Intangible assets 12.4 Tangible assets and liabilities, net (2.8 ) Total identifiable assets, net 15.7 Goodwill 7.2 Total consideration $ 22.9 On December 7, 2019, CoreCivic completed the acquisition of certain assets of Rehabilitation Services, Inc. ("RSI") for $4.4 million, excluding transaction related expenses. The acquisition resulted in the addition of two residential reentry centers in Virginia. The Ghent Residential Reentry Center, a 36-bed residential reentry center in Norfolk, Virginia and the James River Residential Reentry Center, an 84-bed residential reentry center in Newport News, Virginia provide reentry services for residents under custody of the BOP. The residential reentry facilities can also serve an additional 34 home confinement clients on behalf of the BOP. In allocating the purchase price for the acquisition of certain assets of RSI in 2019, CoreCivic recorded the following (in millions): Property and equipment $ 1.3 Intangible assets 0.7 Total identifiable assets 2.0 Goodwill 2.4 Total consideration $ 4.4 Several factors gave rise to the goodwill recorded in the acquisitions of Center Point, TTC, RMOMS, RMSC, and RSI, such as the expected benefit from synergies of the business combinations and the long-term contracts for community corrections services that continue to broaden the scope of solutions CoreCivic provides. The results of operations for these business combinations have been included in the Company's consolidated financial statements from the dates of the acquisitions. |
INVESTMENT IN AFFILIATE
INVESTMENT IN AFFILIATE | 12 Months Ended |
Dec. 31, 2019 | |
Agecroft Prison Management Ltd | |
INVESTMENT IN AFFILIATE | 8 . 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, was previously constructed and owned by a wholly-owned subsidiary of CoreCivic, which was sold in April 2001. 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 $3.0 million as of December 31, 2019. For the years ended December 31, 2019, 2018, and 2017, equity in losses of the joint venture was $128,000, $100,000, and $62,000, respectively. The equity in losses and earnings of the joint venture is included in other (income) expense in the consolidated statements of operations. As of December 31, 2019, CoreCivic's equity investment in APM was $38,000 and is reported in other assets on the accompanying consolidated balance sheets. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
OTHER ASSETS | 9 . OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2019 2018 Intangible assets: Below market lease value, less accumulated amortization of $8,850 — 32,738 Deferred leasing assets, less accumulated amortization of $5,647 and $2,021, respectively 41,129 43,856 Other intangible assets, less accumulated amortization of $8,182 and $5,118, respectively 14,517 17,311 Construction receivable - Kansas lease 137,665 — ROU lease assets 108,118 — Lease incentive assets 5,454 6,096 Debt issuance costs, less accumulated amortization of $1,475 and $631, respectively 2,628 3,322 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 14,448 13,977 Straight-line rent receivable 7,836 10,729 Insurance receivable 13,179 6,599 Other 5,933 6,579 $ 350,907 $ 141,207 The gross carrying amount of intangible assets amounted to $69.5 million and $109.9 million at December 31, 2019 and 2018, respectively. Amortization expense related to intangible assets was $6.8 million, $6.5 million, and $3.4 million for 2019, 2018, and 2017, respectively, and depending upon the nature of the asset, was either reported as operating expense or depreciation and amortization in the accompanying statement of operations for the respective periods. As of December 31, 2019, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2020 $ 6,708 2021 5,781 2022 4,565 2023 3,569 2024 3,514 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 10 . ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2019 2018 Trade accounts payable $ 75,152 $ 96,642 Accrued salaries and wages 51,845 42,556 Accrued dividends 54,843 52,572 Accrued workers' compensation and auto liability 7,062 6,901 Accrued litigation 14,134 13,937 Accrued employee medical insurance 6,110 5,442 Accrued property taxes 27,900 27,288 Accrued interest 10,142 12,957 ROU lease liability 26,914 — Deferred revenue 15,387 15,173 Construction payable 7,504 21,099 Lease financing obligation 8,603 12,771 Other 31,866 44,937 $ 337,462 $ 352,275 The total liability for workers' compensation and auto liability was $35.8 million and $29.7 million as of December 31, 2019 and 2018, respectively, with the long-term portion included in other long-term liabilities on the accompanying consolidated balance sheets. These liabilities were discounted to the net present value of the outstanding liabilities using a 3.0% rate in 2019 and 2018. These liabilities amounted to $40.4 million and $33.4 million on an undiscounted basis as of December 31, 2019 and 2018, respectively. Other long-term liabilities consist of the following (in thousands): December 31, 2019 2018 Intangible contract liability $ 5,417 $ 5,804 Accrued workers' compensation 28,769 22,798 Accrued deferred compensation 10,919 11,507 Lease financing obligation 7,634 18,817 ROU lease liability 51,247 — Other 1,593 1,622 $ 105,579 $ 60,548 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
DEBT | 11 . DEBT Debt outstanding consists of the following (in thousands): December 31, 2019 2018 Revolving Credit Facility maturing April 2023 periodically at variable interest rates. The weighted average rate at December 31, 2019 and 2018 was 3.3% and 4.0%, respectively. $ 365,000 $ 201,000 Term Loan A maturing April 2023 variable interest rates. The rate at December 31, 2019 and 2018 was 3.3% and 4.0%, respectively. Unamortized debt issuance costs amounted to $0.1 million at both December 31, 2019 and 2018. 190,000 197,500 Term Loan B maturing December 2024 at variable interest rates. The rate at December 31, 2019 was 6.3%. Unamortized debt issuance costs amounted to $4.6 million at December 31, 2019. 250,000 — 4.625% Senior Notes maturing May 2023 issuance costs amounted to $2.1 million and $2.7 million at December 31, 2019 and 2018, respectively. 350,000 350,000 4.125% Senior Notes. Unamortized debt issuance costs amounted to $1.0 million at 2018. — 325,000 5.0% Senior Notes maturing October 2022 issuance costs amounted to $1.3 million and $1.8 million at December 31, 2019 and 2018, respectively. 250,000 250,000 4.75% Senior Notes maturing October 2027 issuance costs amounted to $3.1 million and $3.5 million at December 31, 2019 and 2018, respectively. 250,000 250,000 4.5% Capital Commerce Center Non-Recourse Mortgage Note maturing January 2033 amounted to $0.3 million at both December 31, 2019 and 2018. 22,209 23,429 4.43% Lansing Correctional Center Non-Recourse Mortgage Note maturing January 2040 to $3.3 million and $3.4 million at December 31, 2019 and 2018, respectively. 159,522 62,331 4.5% SSA- Baltimore Non-Recourse Mortgage Note maturing February 2034 $0.2 million and $0.3 million at December 31, 2019 and 2018, respectively. 150,134 155,535 Total debt 1,986,865 1,814,795 Unamortized debt issuance costs (14,993 ) (13,119 ) Unamortized original issue discount (12,500 ) — Current portion of long-term debt (31,349 ) (14,121 ) Long-term debt, net $ 1,928,023 $ 1,787,555 Revolving Credit Facility. On April 17, 2018, CoreCivic entered into the Second Amended and Restated Credit Agreement (referred to herein individually as the "Bank Credit Agreement") in an aggregate principal amount of up to $1.0 billion. The Bank Credit Agreement provides for a term loan of $200.0 million (the "Term Loan A") and a revolving credit facility in an aggregate principal amount of up to $800.0 million (the "Revolving Credit Facility"). The Bank Credit Agreement has a maturity of April 2023 Based on CoreCivic's total leverage ratio, loans under the Revolving Credit Facility currently bear interest at the base rate plus a margin of 0.50% or at LIBOR plus a margin of 1.50%, and a commitment fee equal to 0.35% of the unfunded balance. The Revolving Credit Facility also has a $50.0 million sublimit for the issuance of standby letters of credit. As of December 31, 2019, CoreCivic had $365.0 million in borrowings outstanding under the Revolving Credit Facility as well as $22.3 million in letters of credit outstanding resulting in $412.7 million available under the Revolving Credit Facility. The Revolving Credit Facility is secured by a pledge of all of the capital stock of CoreCivic's domestic restricted subsidiaries, 65% of the capital stock of CoreCivic's foreign subsidiaries, all of CoreCivic's accounts receivable, and all of CoreCivic's deposit accounts. The Revolving Credit Facility requires CoreCivic to meet certain financial covenants, including, without limitation, a maximum total leverage ratio, a maximum secured leverage ratio, and a minimum fixed charge coverage ratio. As of December 31, 2019, CoreCivic was in compliance with all such covenants. In addition, the Revolving Credit Facility 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. In addition, the Revolving 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. As a result of opposition to immigration policies and the association of private companies with the enforcement of such policies, some banks have recently announced that they do not expect to continue providing credit or financial services to private entities that operate correctional and detention April 2023 Incremental Term Loan A. Interest rate margins under the Term Loan A are the same as the interest rate margins under the Revolving Credit Facility. The Term Loan A also has the same collateral requirements, financial and certain other covenants, and cross-default provisions as the Revolving Credit Facility. The Term Loan A, which is pre-payable without penalty, also has a maturity concurrent with the Revolving Credit Facility due April 2023 Senior Secured Term Loan B. On December 18, 2019, CoreCivic entered into a new $250.0 million Senior Secured Term Loan B ("Term Loan B"). The Term Loan B bears interest at a rate of LIBOR plus 4.50%, with a 1.00% LIBOR floor (or, at CoreCivic's option, a base rate plus 3.50%), and has a five-year December 2024 $325.0 million in aggregate principal amount of 4.125% senior notes due 2020 (the "4.125% Senior Notes") , as further described hereafter, transaction fees and expenses, and to provide for general corporate purposes. CoreCivic capitalized approximately $4.6 million of costs associated with the issuance of the Term Loan B. Senior Notes. Interest on the $350.0 million aggregate principal amount of CoreCivic's 4.625% senior notes issued in April 2013 (the "4.625% Senior Notes") accrues at the stated rate and is payable in May and November of each year. The 4.625% Senior Notes are scheduled to mature on May 1, 2023. Interest on the $250.0 million aggregate principal amount of CoreCivic's 5.0% senior notes issued in September 2015 (the "5.0% Senior Notes") accrues at the stated rate and is payable in April and October of each year. The 5.0% Senior Notes are scheduled to mature on October 15, 2022. Interest on the $250.0 million aggregate principal amount of CoreCivic's 4.75% senior notes issued in October 2017 (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. The 4.625% Senior Notes, the 5.0% Senior Notes, and the 4.75% 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 subsidiaries that guarantee the Revolving Credit Facility. CoreCivic may redeem all or part of the Senior Notes at any time prior to three months before their respective maturity date at a "make-whole" redemption price, plus accrued and unpaid interest thereon to, but not including, the redemption date. Thereafter, the 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. On December 2, 2019, CoreCivic gave irrevocable notice that the Company would redeem the 4.125% Senior Notes on January 1, 2020 ("the Redemption Date") at a redemption price equal to 100% of the principal amount of the 4.125% Senior Notes, plus accrued and unpaid interest to but excluding the Redemption Date ("the Redemption Amount"). On December 27, 2019, and in accordance with the indenture governing the 4.125% Senior Notes, CoreCivic satisfied and discharged the 4.125% Senior Notes by irrevocably depositing the Redemption Amount due on the Redemption Date with the trustee. Accordingly, the 4.125% Senior Notes are not included on the Company's consolidated balance sheet as of December 31, 2019. CoreCivic financed the Redemption Amount with borrowings under its Revolving Credit Facility and net proceeds from the Term Loan B. CoreCivic incurred $0.6 million of expenses associated with this debt refinancing transaction. Non-Recourse Mortgage Notes : Capital Commerce Center. As previously discussed herein, on January 19, 2018, CoreCivic acquired the 261,000 square-foot Capital Commerce Center, located in Tallahassee, Florida, for a purchase price of $44.7 million. The acquisition was partially financed with a $24.5 million non-recourse mortgage note (the "Capital Commerce Note"), which is fully-secured by the Capital Commerce Center property, with an interest rate of 4.5%, maturing in January 2033. Principal and interest on the Capital Commerce Note are payable in equal monthly payments over the 15-year term of the note. The Capital Commerce Note is pre-payable at any time with a prepayment charge, if any, equal to an amount so as to maintain the same yield on the Capital Commerce Note as if it had been carried through to its full term using Treasury instruments having a term equal to the remaining term of the Capital Commerce Note as of the prepayment date. CoreCivic capitalized approximately $0.4 million of costs associated with the Capital Commerce Note. As of December 31, 2019, the outstanding balance of the mortgage note was $22.2 million. Lansing Correctional Facility. 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 will be payable in quarterly payments beginning in July 2020 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 Credit Agreement, the issuance and service of the Kansas Notes, and the revenues and expenses associated with the facility lease, will not impact the financial covenants associated with the Company's Credit Agreement. As of December 31, 2019, the outstanding balance of the Kansas Notes was $159.5 million. SSA-Baltimore. As previously discussed herein, on August 23, 2018, CoreCivic acquired the 541,000 square-foot SSA-Baltimore office building for a purchase price of $242.0 million. In connection with the acquisition, a wholly-owned unrestricted subsidiary of the Company assumed $157.3 million of in-place financing that was used to fund the initial construction of the property in 2014. The assumed non-recourse mortgage note (the "SSA-Baltimore Note") carries a fixed interest rate of 4.5% and requires monthly principal and interest payments, with a balloon payment of $40.0 million due at maturity in February 2034 CoreCivic may also seek to issue additional debt or equity securities from time to time when the Company determines that market conditions and the opportunity to utilize the proceeds from the issuance of such securities are favorable. 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, 2019 , 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. 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, make restricted payments; incur additional debt or issue certain types of preferred stock; create or permit to exist certain liens; consolidate, merge or transfer all or substantially all of CoreCivic's assets; and enter into transactions with affiliates. In addition, if CoreCivic sells certain assets (and generally does not use the proceeds of such sales for certain specified purposes) or experiences specific kinds of changes in control, CoreCivic must offer to repurchase all or a portion of the Senior Notes. The offer price for the Senior Notes in connection with an asset sale would be equal to 100% of the aggregate principal amount of the notes repurchased plus accrued and unpaid interest and liquidated damages, if any, on the notes repurchased to the date of purchase. 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 and liquidated damages, if any, on the notes repurchased to the date of purchase. The Senior Notes are also subject to certain cross-default provisions with the terms of CoreCivic's Bank Credit Agreement, as well as the credit agreement governing the Term Loan B (referred to herein individually as the "Term Loan B Credit Agreement"), collectively referred to herein as CoreCivic's "Credit Agreements", as more fully described hereafter. Other Debt Transactions Letters of Credit. At December 31, 2019 and 2018, CoreCivic had $22.3 million and $24.0 million, respectively, in outstanding letters of credit. The letters of credit were issued to secure CoreCivic's workers' compensation and general liability insurance policies, performance bonds, and utility deposits. Except for $0.3 million outstanding at December 31, 2018, the letters of credit were provided by a sub-facility under the Revolving Credit Facility. Debt Maturities Scheduled principal payments as of December 31, 2019 for the next five years and thereafter were as follows (in thousands): 2020 $ 31,349 2021 39,087 2022 292,981 2023 904,110 2024 194,937 Thereafter 524,401 Total debt $ 1,986,865 Cross-Default Provisions The provisions of CoreCivic's debt agreements relating to the Credit Agreements and the Senior Notes contain certain cross-default provisions. Any events of default under the Credit Agreements 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 Credit Agreements. If CoreCivic were to be in default under the Credit Agreement s , and if the lenders under the Credit Agreement s elected to exercise their rights to accelerate CoreCivic's obligations under the Credit Agreement s , such events could result in the acceleration of all or a portion of CoreCivic's Senior Notes, which would have a material adverse effect 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, 2019 | |
DEFERRED REVENUE | 12 . DEFERRED REVENUE In September 2014, CoreCivic announced that it had agreed under an expansion of an existing IGSA between the city of Eloy, Arizona and ICE to care for up to 2,400 individuals at the South Texas Family Residential Center, a facility leased by CoreCivic in Dilley, Texas. Services provided under the original amended 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. The agreement can be further extended by bi-lateral modification. Under the fixed monthly payment schedule of the original amended 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. CoreCivic used the multiple-element arrangement guidance prescribed in ASC 605, "Revenue Recognition" in determining the total revenue to be recognized over the term of the amended IGSA. During the years ended December 31, 2019, 2018, and 2017, CoreCivic recognized $170.6 million, $170.6 million, and $170.1 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 in deferred revenue on the accompanying consolidated balance sheets. As of December 31, 2019 and 2018, total deferred revenue associated with this agreement amounted to $26.1 million and $39.7 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
INCOME TAXES | 13 . INCOME TAXES As discussed in Note 1, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2013. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) and will not pay federal income taxes on the amount distributed to its stockholders. In addition, the Company must meet a number of other organizational and operational requirements, which the Company currently expects to continue to meet. Most states where CoreCivic holds investments in real estate conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit CoreCivic to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities and therefore, CoreCivic includes a provision for taxes in its consolidated financial statements. The TCJA was enacted on December 22, 2017 . The TCJA reduced the U.S. federal corporate tax rate from 35 % to 21 %, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign-sourced earnings. However, the TCJA did not change the dividends paid deduction applicable to REITs and, therefore, CoreCivic generally will not be subject to federal income taxes on the Company's REIT taxable income and gains that it distributes to its stockholders. In the fourth quarter of 2017, the Company recorded, in accordance with ASC 740, the tax effects of enactment of the TCJA on existing deferred tax balances and there was no one-time transition tax on foreign earnings. The Company re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 %. In the fourth quarter of 2017, the Company recognized a charge of $ 4.5 million, which was included as a component of income tax expense, for the revaluation of deferred tax assets and liabilities and other taxes associated with the TCJA . CoreCivic applied the guidance in the SEC Staff Accounting Bulletin 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act" when accounting for the enactment-date effects of the TCJA in 2017 and throughout 2018. During the third quarter of 2018, the Company revised its estimates of the revaluation of deferred tax assets and liabilities resulting in the recognition of an additional charge of $ 1.0 million, which was also included as a component of income tax expense. Upon this revision in the third quarter of 2018, the Company completed its accounting for all of the enactment-date income tax effects of the TCJA . Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2019 2018 2017 Current income tax expense Federal $ 5,324 $ 10,481 $ 10,202 State 3,677 2,308 2,788 9,001 12,789 12,990 Deferred income tax expense (benefit) Federal (489 ) (3,422 ) 1,088 State (673 ) (1,014 ) (167 ) (1,162 ) (4,436 ) 921 Income tax expense $ 7,839 $ 8,353 $ 13,911 Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2019 and 2018, are as follows (in thousands): December 31, 2019 2018 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 28,247 $ 21,742 Tax over book basis of certain assets 1,451 1,665 Net operating loss and tax credit carryforwards 5,130 5,483 Intangible contract value 262 148 Other 103 123 Total noncurrent deferred tax assets 35,193 29,161 Less valuation allowance (3,865 ) (3,986 ) Total noncurrent deferred tax assets 31,328 25,175 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (11,478 ) (5,707 ) Intangible value (2,264 ) (2,370 ) Other (1,528 ) (2,151 ) Total noncurrent deferred tax liabilities (15,270 ) (10,228 ) Net total noncurrent deferred tax assets $ 16,058 $ 14,947 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, 2019, 2018, and 2017 is as follows: 2019 2018 2017 Statutory federal rate 21.0 % 21.0 % 35.0 % Dividends paid deduction (18.9 ) (18.6 ) (31.3 ) State taxes, net of federal tax benefit 1.2 1.0 1.2 Permanent differences 1.2 1.0 0.6 Charges associated with adoption of tax reform — 0.6 2.4 Tax benefit of equity-based compensation 0.1 0.5 (0.5 ) Other items, net (0.6 ) (0.5 ) (0.2 ) 4.0 % 5.0 % 7.2 % CoreCivic's effective tax rate was 4.0%, 5.0%, and 7.2% during 2019, 2018, and 2017, respectively. As a REIT, CoreCivic is entitled to a deduction for dividends paid, resulting in a substantial reduction in the amount of federal income tax expense it recognizes. Substantially all of CoreCivic's income tax expense is incurred based on the earnings generated by its TRSs. CoreCivic's overall effective tax rate is based on its taxable income primarily generated by its TRSs. The Company's consolidated effective tax rate could fluctuate in the future based on changes in estimates of taxable income, the relative amounts of taxable income generated by the TRSs and the REIT, the implementation of additional tax planning strategies, changes in federal or state tax rates or laws affecting tax credits available to the Company, changes in other tax laws, changes in estimates related to uncertain tax positions, or changes in state apportionment factors, as well as changes in the valuation allowance applied to the Company's deferred tax assets that are based primarily on the amount of state net operating losses and tax credits that could expire unused. CoreCivic had no liabilities for uncertain tax positions as of December 31, 2019 and 2018. 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 2016 through 2018 remain subject to examination by the IRS. All states in which CoreCivic files income tax returns follow the same statute of limitations as the federal government, with the exception of the following states whose open tax years include 2015 through 2018: Arizona, California, Colorado, Kentucky, Minnesota, New Jersey, Texas, and Wisconsin. In October 2019, the Company received notification that the IRS intended to commence an audit of the federal income tax return of the Company's REIT for the year ended December 31, 2017. The IRS has begun its audit. Audit outcomes and the timing of any settlements of asserted income tax liabilities, if any, are subject to significant uncertainty. The generally applicable statute of limitations for assessments of United States federal income taxes remains open for tax years 2016 to present. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
STOCKHOLDERS' EQUITY | 14 . STOCKHOLDERS' EQUITY Dividends on Common Stock The tax characterization of dividends per share on common shares as reported to stockholders was as follows for the years ended December 31, 2019, 2018, and 2017: Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 17, 2017 April 3, 2017 April 17, 2017 0.363660 (1) 0.056340 $ 0.42 May 11, 2017 July 3, 2017 July 17, 2017 0.363660 (1) 0.056340 $ 0.42 August 10, 2017 October 2, 2017 October 16, 2017 0.363660 (1) 0.056340 $ 0.42 December 7, 2017 January 2, 2018 January 15, 2018 0.387446 (2) 0.032554 $ 0.42 February 22, 2018 April 2, 2018 April 16, 2018 0.396671 (3) 0.033329 $ 0.43 May 11, 2018 July 2, 2018 July 16, 2018 0.396671 (3) 0.033329 $ 0.43 August 16, 2018 October 1, 2018 October 15, 2018 0.396671 (3) 0.033329 $ 0.43 December 13, 2018 January 2, 2019 January 15, 2019 0.374927 (4) 0.055073 $ 0.43 February 21, 2019 April 1, 2019 April 15, 2019 0.383646 (5) 0.056354 $ 0.44 May 16, 2019 July 1, 2019 July 16, 2019 0.383646 (5) 0.056354 $ 0.44 August 15, 2019 October 1, 2019 October 15, 2019 0.383646 (5) 0.056354 $ 0.44 December 12, 2019 January 6, 2020 January 15, 2020 — (6) — (6) $ 0.44 (1) (2) (3) (4) (5) $ (6) Future dividends will depend on CoreCivic's distribution requirements as a REIT, future cash flows and earnings, capital requirements, financial condition, limitations under debt covenants, opportunities for alternative uses of capital, and on such other factors as the Board of Directors of CoreCivic may consider relevant. Common Stock Restricted shares. During 2019, CoreCivic issued approximately 934,000 shares of RSUs to certain of its employees and non-employee directors, with an aggregate value of $20.1 million, including 850,000 RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 84,000 RSUs to employees whose compensation is charged to operating expense. During 2018, CoreCivic issued approximately 945,000 RSUs to certain of its employees and non-employee directors, with an aggregate value of $20.5 million, including 850,000 RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 95,000 RSUs to employees whose compensation is charged to operating expense. Since 2015, CoreCivic has three-year one-third Nonvested RSU transactions as of December 31, 2019 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of RSUs Weighted average grant date fair value Nonvested at December 31, 2018 1,225 $ 24.67 Granted 934 $ 21.49 Cancelled (73 ) $ 23.78 Vested (524 ) $ 25.53 Nonvested at December 31, 2019 1,562 $ 22.52 During 2019, 2018, and 2017, CoreCivic expensed $17.3 million ($1.8 million of which was recorded in operating expenses and $15.5 million of which was recorded in general and administrative expenses), $13.1 million ($1.8 million of which was recorded in operating expenses and $11.3 million of which was recorded in general and administrative expenses), and $13.3 million ($1.9 million of which was recorded in operating expenses and $11.4 million of which was recorded in general and administrative expenses), net of forfeitures, relating to RSUs, respectively. As of December 31, 2019, CoreCivic had $16.5 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. On August 28, 2018, CoreCivic entered into an Amended and Restated ATM Equity Offering Sales Agreement, or ATM Agreement, with multiple sales agents, pursuant to which the Company may offer and sell to or through the agents, from time to time, shares of the Company's common stock, par value $0.01 per share, having an aggregate gross sales price of up to $200.0 million. Sales, if any, of the Company's shares of common stock will be made primarily in “at-the-market” offerings, as defined in Rule 415 under the Securities Act of 1933, as amended. The shares of common stock will be offered and sold pursuant to CoreCivic's registration statement on Form S-3 and a related prospectus supplement, both filed with the SEC on August 28, 2018. CoreCivic intends to use substantially all of the net proceeds from any sale of shares of the Company's common stock to repay outstanding borrowings or for working capital and other general corporate purposes, which may include investments. There were no shares of the Company's common stock sold under the ATM Agreement during 2018 and 2019. 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 Board of Directors, 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 Board of Directors. Stock Option Plans CoreCivic has equity incentive plans under which, among other things, incentive and non-qualified stock options are granted to certain employees and non-employee directors of CoreCivic by the compensation committee of CoreCivic's Board of Directors. The options are granted with exercise prices equal to the fair market value on the date of grant. Vesting periods for options granted to employees generally range from three to four years. Options granted to non-employee directors vest on a date approximately following the first anniversary of the grant date. The term of such options is ten years from the date of grant. Since 2012, CoreCivic has elected not to issue stock options to its non-employee directors, officers, and executive officers as it had in prior years, and instead elected to issue all of its equity compensation in the form of RSUs as previously described herein. All outstanding stock options were fully vested as of December 31, 2016 Stock option transactions relating to CoreCivic's non-qualified stock option plans are summarized below (in thousands, except exercise prices): No. of options Weighted- Average Exercise Price of options Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2018 706 $ 20.32 Granted — — Exercised (62 ) 14.19 Cancelled — — Outstanding at December 31, 2019 644 $ 20.91 1.4 $ — Exercisable at December 31, 2019 644 $ 20.91 1.4 $ — The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between CoreCivic's stock price as of December 31, 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2019. This amount changes based on the fair market value of CoreCivic's stock. The total intrinsic value of options exercised during the years ended December 31, 2019, 2018, and 2017 was $0.5 million, $1.3 million, and $2.9 million, respectively. At CoreCivic's 2011 annual meeting of stockholders held in May 2011, CoreCivic's stockholders approved an amendment to the 2008 Stock Incentive Plan that increased the authorized limit on issuance of new awards to an aggregate of up to 18.0 million shares. In addition, during the 2003 annual meeting the stockholders approved the adoption of CoreCivic's Non-Employee Directors' Compensation Plan, authorizing CoreCivic to issue up to 225,000 shares of common stock pursuant to the plan. As of December 31, 2019, CoreCivic had 5.0 million shares available for issuance under the Amended and Restated 2008 Stock Incentive Plan and 0.2 million shares available for issuance under the Non-Employee Directors' Compensation Plan. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER SHARE | 15 . 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 share grants 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, 2019 2018 2017 NUMERATOR Basic: Net income $ 188,886 $ 159,207 $ 178,040 Diluted: Net income $ 188,886 $ 159,207 $ 178,040 DENOMINATOR Basic: Weighted average common shares outstanding 119,028 118,544 118,084 Diluted: Weighted average common shares outstanding 119,028 118,544 118,084 Effect of dilutive securities: Stock options 22 111 310 Restricted stock-based awards 114 61 71 Weighted average shares and assumed conversions 119,164 118,716 118,465 BASIC EARNINGS PER SHARE $ 1.59 $ 1.34 $ 1.51 DILUTED EARNINGS PER SHARE $ 1.59 $ 1.34 $ 1.50 Approximately 486,000, 317,000, and 8,000 stock options were excluded from the computations of diluted earnings per share for the years ended December 31, 2019, 2018, and 2017, respectively, because they were anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | 16 . COMMITMENTS 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 substantial self-insurance risk. CoreCivic records litigation reserves related to certain matters for which it is probable that a loss has been incurred and the range of such loss can be estimated. 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. In the opinion of management, there are no pending legal proceedings that would have a material effect on CoreCivic's consolidated financial position, results of operations, or cash flows. Any receivable for insurance recoveries is recorded separately from the corresponding litigation reserve, and only if recovery is determined to be probable. 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 adverse 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. 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, 2019, 2018, and 2017, CoreCivic provided a discretionary matching contribution equal to 100% 5% During 2019, 2018, and 2017, CoreCivic's discretionary contributions to the Plan, net of forfeitures, were $14.2 million, $13.2 million, and $12.3 million, respectively. Deferred Compensation Plans CoreCivic provides two 100% 5% During 2019, 2018, and 2017, 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 2019, 2018, and 2017, CoreCivic recorded $0.2 million, $0.3 million, and $0.1 million, respectively, of matching contributions as general and administrative expense associated with the Deferred Compensation Plans. Assets in the Rabbi Trust were $14.4 million and $14.0 million as of December 31, 2019 and 2018, respectively, and were reflected in other assets on the accompanying consolidated balance sheets. As of December 31, 2019 and 2018, CoreCivic's liability related to the Deferred Compensation Plans was $12.9 million and $12.3 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, 2019 | |
SEGMENT REPORTING | 17 . SEGMENT REPORTING As of The revenue and net operating income for each of the three segments and a reconciliation to CoreCivic's operating income is as follows for the three years ended December 31, 2019, 2018, and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Revenue: Safety $ 1,779,958 $ 1,675,998 $ 1,648,224 Community 123,265 101,841 74,263 Properties 77,307 57,899 40,440 Total segment revenue 1,980,530 1,835,738 1,762,927 Operating expenses: Safety 1,304,121 1,222,418 1,185,621 Community 95,159 76,898 51,501 Properties 22,803 15,420 11,831 Total segment operating expenses 1,422,083 1,314,736 1,248,953 Facility net operating income: Safety 475,837 453,580 462,603 Community 28,106 24,943 22,762 Properties 54,504 42,479 28,609 Total facility net operating income 558,447 521,002 513,974 Other revenue (expense): Other revenue 159 28 2,571 Other operating expense (686 ) (514 ) (584 ) General and administrative (127,078 ) (106,865 ) (107,822 ) Depreciation and amortization (144,572 ) (156,501 ) (147,129 ) Contingent consideration for acquisition of businesses — (6,085 ) — Asset impairments (4,706 ) (1,580 ) (614 ) Operating income $ 281,564 $ 249,485 $ 260,396 The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2019, 2018, and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Capital expenditures: Safety $ 77,662 $ 94,559 $ 55,712 Community 5,859 15,689 35,489 Properties 95,109 365,628 18,327 Corporate and other 12,111 11,260 5,219 Total capital expenditures $ 190,741 $ 487,136 $ 114,747 The total assets are as follows (in thousands): December 31, 2019 2018 Assets: Safety $ 2,606,127 $ 2,621,880 Community 275,882 281,198 Properties 682,249 606,770 Corporate and other 227,373 145,812 Total assets $ 3,791,631 $ 3,655,660 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | 18 . SUBSEQUENT EVENTS On January 2, 2020, CoreCivic completed the acquisition of a portfolio of 28 properties, 24 of which the counter-party contributed to a newly formed partnership of the Company's, for total consideration of $83.2 million, excluding transaction-related expenses. All of the properties are leased to the federal government through the GSA. CoreCivic financed the acquisition with $7.7 million of cash, assumed debt of $52.2 million and the balance with the issuance of 1.3 million limited partnership units that are convertible into cash or shares of the Company's common stock following a two-year November 2025 During February 2020, CoreCivic issued approximately 1.2 million RSUs to certain of CoreCivic's employees and non-employee directors, with an aggregate value of $20.7 million. Unless earlier vested under the terms of the RSU agreement, approximately 0.8 million RSUs were issued to officers and executive officers, a portion of which vest evenly on the first, second, and third anniversary of the award, and a portion of which are subject to vesting over a three-year On February 20, 2020, the Company's Board of Directors declared a quarterly dividend of $0.44 per common share payable April 15, 2020 to stockholders of record on April 1, 2020. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2019 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES | 19 . CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES The following condensed consolidating financial statements of CoreCivic and subsidiaries have been prepared pursuant to Rule 3-10 of Regulation S-X. These condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts Cash and cash equivalents $ 45,427 $ 45,309 $ 1,384 $ — $ 92,120 Restricted cash — 7 26,966 — 26,973 Accounts receivable, net of allowance 154,533 545,291 86 (419,125 ) 280,785 Prepaid expenses and other current assets 3,084 32,600 3,966 (4,143 ) 35,507 Total current assets 203,044 623,207 32,402 (423,268 ) 435,385 Real estate and related assets: Property and equipment, net 2,226,822 272,888 200,397 — 2,700,107 Other real estate assets 238,637 — — — 238,637 Goodwill 35,425 15,112 — — 50,537 Non-current deferred tax assets — 14,125 2,411 (478 ) 16,058 Other assets 606,718 136,125 173,268 (565,204 ) 350,907 Total assets $ 3,310,646 $ 1,061,457 $ 408,478 $ (988,950 ) $ 3,791,631 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 261,588 $ 396,703 $ 102,404 $ (423,233 ) $ 337,462 Current portion of long-term debt 23,776 — 7,573 — 31,349 Total current liabilities 285,364 396,703 109,977 (423,233 ) 368,811 Long-term debt, net 1,629,745 114,682 298,596 (115,000 ) 1,928,023 Non-current deferred tax liabilities 478 — — (478 ) — Deferred revenue — 12,469 — — 12,469 Other liabilities 18,310 87,269 — — 105,579 Total liabilities 1,933,897 611,123 408,573 (538,711 ) 2,414,882 Total stockholders' equity 1,376,749 450,334 (95 ) (450,239 ) 1,376,749 Total liabilities and stockholders' equity $ 3,310,646 $ 1,061,457 $ 408,478 $ (988,950 ) $ 3,791,631 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts Cash and cash equivalents $ 11,109 $ 40,348 $ 1,345 $ — $ 52,802 Restricted cash — — $ 21,335 — 21,335 Accounts receivable, net of allowance 254,766 445,105 1,809 (431,083 ) 270,597 Prepaid expenses and other current assets 4,412 26,939 1,951 (4,511 ) 28,791 Total current assets 270,287 512,392 26,440 (435,594 ) 373,525 Real estate and related assets: Property and equipment, net 2,255,361 310,989 264,239 — 2,830,589 Other real estate assets 247,223 — — — 247,223 Goodwill 33,057 15,112 — — 48,169 Non-current deferred tax assets 727 14,220 1,165 (1,165 ) 14,947 Other assets 507,161 61,104 38,112 (465,170 ) 141,207 Total assets $ 3,313,816 $ 913,817 $ 329,956 $ (901,929 ) $ 3,655,660 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 294,474 $ 377,699 $ 115,661 $ (435,559 ) $ 352,275 Current portion of long-term debt 8,720 — 5,401 — 14,121 Total current liabilities 303,194 377,699 121,062 (435,559 ) 366,396 Long-term debt, net 1,579,273 114,428 208,854 (115,000 ) 1,787,555 Non-current deferred tax liabilities 1,165 — — (1,165 ) — Deferred revenue — 26,102 — — 26,102 Other liabilities 15,125 45,423 — — 60,548 Total liabilities 1,898,757 563,652 329,916 (551,724 ) 2,240,601 Total stockholders' equity 1,415,059 350,165 40 (350,205 ) 1,415,059 Total liabilities and stockholders' equity $ 3,313,816 $ 913,817 $ 329,956 $ (901,929 ) $ 3,655,660 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2019 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,363,562 $ 1,627,226 $ 23,546 $ (1,033,645 ) $ 1,980,689 EXPENSES: Operating 1,065,596 1,381,676 9,142 (1,033,645 ) 1,422,769 General and administrative 42,680 84,398 — — 127,078 Depreciation and amortization 93,575 43,231 7,766 — 144,572 Asset impairments 4,706 — — — 4,706 1,206,557 1,509,305 16,908 (1,033,645 ) 1,699,125 OPERATING INCOME 157,005 117,921 6,638 — 281,564 OTHER (INCOME) EXPENSE: Interest expense, net 71,969 5,658 6,774 — 84,401 Expenses associated with debt refinancing transactions 493 109 — — 602 Other (income) expense (363 ) 72 335 (208 ) (164 ) 72,099 5,839 7,109 (208 ) 84,839 INCOME BEFORE INCOME TAXES 84,906 112,082 (471 ) 208 196,725 Income tax expense (1,710 ) (6,129 ) — — (7,839 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 83,196 105,953 (471 ) 208 188,886 Income from equity in subsidiaries 105,690 — — (105,690 ) — NET INCOME $ 188,886 $ 105,953 $ (471 ) $ (105,482 ) $ 188,886 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2018 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,279,991 $ 1,514,503 $ 8,243 $ (966,971 ) $ 1,835,766 EXPENSES: Operating 994,505 1,284,616 3,100 (966,971 ) 1,315,250 General and administrative 36,409 70,456 — — 106,865 Depreciation and amortization 92,702 61,206 2,593 — 156,501 Contingent consideration for acquisition of businesses 6,085 — — — 6,085 Asset impairments 1,580 — — — 1,580 1,131,281 1,416,278 5,693 (966,971 ) 1,586,281 OPERATING INCOME 148,710 98,225 2,550 — 249,485 OTHER (INCOME) EXPENSE: Interest expense, net 67,340 10,905 2,508 — 80,753 Expenses associated with debt refinancing transactions 1,016 — — — 1,016 Other (income) expense 160 (105 ) 101 — 156 68,516 10,800 2,609 — 81,925 INCOME BEFORE INCOME TAXES 80,194 87,425 (59 ) — 167,560 Income tax expense (1,383 ) (6,970 ) — — (8,353 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 78,811 80,455 (59 ) — 159,207 Income from equity in subsidiaries 80,396 — — (80,396 ) — NET INCOME $ 159,207 $ 80,455 $ (59 ) $ (80,396 ) $ 159,207 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,194,690 $ 1,454,194 $ (883,386 ) $ 1,765,498 EXPENSES: Operating 914,443 1,218,480 (883,386 ) 1,249,537 General and administrative 36,964 70,858 — 107,822 Depreciation and amortization 87,694 59,435 — 147,129 Asset impairments 300 314 — 614 1,039,401 1,349,087 (883,386 ) 1,505,102 OPERATING INCOME 155,289 105,107 — 260,396 OTHER (INCOME) EXPENSE: Interest expense, net 56,712 11,823 — 68,535 Other (income) expense (255 ) 103 62 (90 ) 56,457 11,926 62 68,445 INCOME BEFORE INCOME TAXES 98,832 93,181 (62 ) 191,951 Income tax expense (1,765 ) (12,146 ) — (13,911 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 97,067 81,035 (62 ) 178,040 Income from equity in subsidiaries 80,973 — (80,973 ) — NET INCOME $ 178,040 $ 81,035 $ (81,035 ) $ 178,040 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2019 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 284,933 $ 61,845 $ 7,606 $ — $ 354,384 Net cash used in investing activities (71,312 ) (79,477 ) (93,800 ) — (244,589 ) Net cash provided by (used in) financing activities (179,303 ) 22,600 91,864 — (64,839 ) Net increase in cash, cash equivalents and restricted cash 34,318 4,968 5,670 — 44,956 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 11,109 40,348 22,680 — 74,137 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year $ 45,427 $ 45,316 $ 28,350 $ — 119,093 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2018 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 243,083 $ 75,011 $ 4,786 $ — $ 322,880 Net cash used in investing activities (109,114 ) (47,940 ) (134,003 ) — (291,057 ) Net cash provided by (used in) financing activities (148,605 ) (13,161 ) 151,897 — (9,869 ) Net increase (decrease) in cash, cash equivalents and restricted cash (14,636 ) 13,910 22,680 — 21,954 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 25,745 26,438 — — 52,183 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year $ 11,109 $ 40,348 $ 22,680 $ — $ 74,137 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 276,055 $ 65,270 $ — $ 341,325 Net cash used in investing activities (55,242 ) (69,320 ) — (124,562 ) Net cash provided by (used in) financing activities (206,446 ) 4,155 — (202,291 ) Net increase in cash, cash equivalents and restricted cash 14,367 105 — 14,472 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 11,378 26,333 — 37,711 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year $ 25,745 $ 26,438 $ — $ 52,183 |
SELECTED QUARTERLY FINANCIAL IN
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 20 . SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Selected quarterly financial information for each of the quarters in the years ended December 31, 2019 and 2018 is as follows (in thousands, except per share data): March 31, 2019 June 30, 2019 September 2019 December 31, 2019 Revenue $ 484,064 $ 490,294 $ 508,522 $ 497,809 Operating income 73,264 70,954 71,095 66,251 Net income 49,340 48,578 48,994 41,974 Basic earnings per share: Net income $ 0.42 $ 0.41 $ 0.41 $ 0.35 Diluted earnings per share: Net income $ 0.41 $ 0.41 $ 0.41 $ 0.35 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenue $ 440,916 $ 449,929 $ 462,728 $ 482,193 Operating income 58,705 61,712 64,419 64,649 Net income 37,777 39,197 40,994 41,239 Basic earnings per share: Net income $ 0.32 $ 0.33 $ 0.35 $ 0.35 Diluted earnings per share: Net income $ 0.32 $ 0.33 $ 0.34 $ 0.35 |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2019 | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Initial Cost to Company Gross Amount at Which Carried at Close of Period Description Location Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition Land and Land Improvements Buildings and Leasehold Improvements Total (A) Accumulated Depreciation (B) Date Constructed/ Acquired Adams County Correctional Center Adams County, Mississippi $ 874 $ 119,565 $ 3,798 $ 1,089 $ 123,148 $ 124,237 $ (27,756 ) 2008 Adams Transitional Center Denver, Colorado 6,090 853 236 6,090 1,089 7,179 (84 ) 2017 Arapahoe Community Treatment Center Englewood, Colorado 3,760 1,239 511 3,760 1,750 5,510 (175 ) 2017 Augusta Transitional Center Augusta, Georgia 1,281 2,674 77 1,281 2,751 4,032 (163 ) 2017 Austin Residential Reentry Center Del Valle, Texas 4,190 1,058 371 4,201 1,418 5,619 (292 ) 2015 Austin Transitional Center Del Valle, Texas 19,488 4,607 949 19,497 5,547 25,044 (986 ) 2015 Bent County Correctional Facility Las Animas, Colorado 550 13,115 68,330 1,545 80,450 81,995 (27,741 ) 1992 Bridgeport Pre-Parole Transfer Facility Bridgeport, Texas 70 291 — 70 — 70 (D) - 1995 Broad Street Residential Reentry Center Philadelphia, Pennsylvania 663 2,700 197 663 2,897 3,560 (338 ) 2015 CAI Boston Avenue San Diego, California 800 11,440 1,197 845 12,592 13,437 (2,751 ) 2013 California City Correctional Center California City, California 1,785 125,337 15,759 2,748 140,133 142,881 (55,342 ) 1999 Capital Commerce Center Tallahassee, Florida 2,255 38,362 522 2,255 38,884 41,139 (1,955 ) 2018 Carver Transitional Center Oklahoma City, Oklahoma 8,562 4,631 1,140 8,599 5,734 14,333 (1,024 ) 2015 Centennial Community Transition Center Englewood, Colorado 4,905 1,256 269 4,908 1,522 6,430 (209 ) 2016 Central Arizona Florence Correctional Complex Florence, Arizona 1,298 133,531 49,348 4,395 179,782 184,177 (76,328 ) 1994/1999 Cheyenne Transitional Center Cheyenne, Wyoming 5,567 2,092 831 5,567 2,923 8,490 (475 ) 2015 Initial Cost to Company Gross Amount at Which Carried at Close of Period Description Location Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition Land and Land Improvements Buildings and Leasehold Improvements Total (A) Accumulated Depreciation (B) Date Constructed/ Acquired Cibola County Corrections Center Milan, New Mexico 444 16,215 32,620 1,368 47,911 49,279 (21,346 ) 1994 Cimarron Correctional Facility Cushing, Oklahoma 250 71,303 45,200 602 116,151 116,753 (42,079 ) 1997 Coffee Correctional Facility (C) Nicholls, Georgia — — — — — — — 1998 Columbine Facility Denver, Colorado 1,414 488 230 1,438 694 2,132 (111 ) 2016 Commerce Transitional Center Commerce City, Colorado 5,166 1,758 207 5,166 1,965 7,131 (152 ) 2017 Corpus Christi Transitional Center Corpus Christi, Texas — 1,886 486 — 2,372 2,372 (1,001 ) 2015 Crossroads Correctional Center Shelby, Montana 413 33,196 43,867 1,614 75,862 77,476 (42,217 ) 1999 Crowley County Correctional Facility Olney Springs, Colorado 211 46,845 31,122 2,680 75,498 78,178 (27,444 ) 2003 Dahlia Facility Denver, Colorado 6,788 727 269 6,835 949 7,784 (155 ) 2016 Dallas Transitional Center Hutchins, Texas — 3,852 1,731 — 5,583 5,583 (1,326 ) 2015 Davis Correctional Facility Holdenville, Oklahoma 250 66,701 41,840 1,209 107,582 108,791 (39,346 ) 1996 DHS-Chattanooga Chattanooga, Tennessee — 205 5 — 210 210 (7 ) 2018 DHS-Knoxville Knoxville, Tennessee 275 67 5 275 72 347 (3 ) 2018 Diamondback Correctional Facility Watonga, Oklahoma 208 41,677 25,689 1,361 66,213 67,574 (27,844 ) 1998 Eden Detention Center Eden, Texas 925 27,645 34,273 5,552 57,291 62,843 (25,800 ) 1995 El Paso Multi-Use Facility El Paso, Texas 14,936 4,536 1,234 14,936 5,770 20,706 (1,039 ) 2015 El Paso Transitional Center El Paso, Texas 10,325 4,198 789 10,389 4,923 15,312 (849 ) 2015 Initial Cost to Company Gross Amount at Which Carried at Close of Period Description Location Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition Land and Land Improvements Buildings and Leasehold Improvements Total (A) Accumulated Depreciation (B) Date Constructed/ Acquired Eloy Detention Center Eloy, Arizona 498 33,308 17,428 2,180 49,054 51,234 (23,747 ) 1995 Fort Worth Transitional Center Fort Worth, Texas 3,251 334 286 3,264 607 3,871 (568 ) 2015 Fox Facility and Training Center Denver, Colorado 3,038 1,203 657 3,180 1,718 4,898 (257 ) 2016 Houston Processing Center Houston, Texas 2,250 53,373 40,884 3,587 92,920 96,507 (39,568 ) 1984 Huerfano County Correctional Center Walsenburg, Colorado 124 26,358 4,771 1,115 30,138 31,253 (14,988 ) 1997 James River Residential Center Newport News, Virginia 800 501 — 800 501 1,301 — 2019 ICE-Fayetteville Fayetteville, Arkansas 159 641 49 159 690 849 (23 ) 2018 IRS-Greenville Greenville, North Carolina 361 1,387 8 361 1,395 1,756 (83 ) 2017 Jenkins Correctional Center (C) Millen, Georgia — — — — — — — 2012 Kit Carson Correctional Center Burlington, Colorado 432 35,980 43,967 1,051 79,328 80,379 (26,338 ) 1998 La Palma Correctional Center Eloy, Arizona 283 183,155 13,819 486 196,771 197,257 (48,836 ) 2008 Lake Erie Correctional Institution Conneaut, Ohio 2,871 69,779 6,274 4,031 74,893 78,924 (13,483 ) 2011 Laredo Processing Center Laredo, Texas 788 26,737 3,482 986 30,021 31,007 (13,228 ) 1985 Leavenworth Detention Center Leavenworth, Kansas 130 44,970 43,566 491 88,175 88,666 (32,913 ) 1992 Lee Adjustment Center Beattyville, Kentucky 500 515 17,893 1,277 17,631 18,908 (8,491 ) 1998 Leo Chesney Correctional Center Live Oak, California 250 4,774 1,603 250 6,377 6,627 (3,376 ) 1989 Initial Cost to Company Gross Amount at Which Carried at Close of Period Description Location Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition Land and Land Improvements Buildings and Leasehold Improvements Total (A) Accumulated Depreciation (B) Date Constructed/ Acquired Long Beach Community Corrections Center Long Beach, California 5,038 2,413 — 5,038 2,413 7,451 (216 ) 2016 Longmont Community Treatment Center Longmont, Colorado 3,364 582 118 3,363 701 4,064 (100 ) 2016 Marion Adjustment Center St. Mary, Kentucky 250 9,994 8,772 918 18,098 19,016 (7,665 ) 1998 McRae Correctional Facility McRae, Georgia 462 60,396 20,354 1,099 80,113 81,212 (24,812 ) 2000 MDHHS-Detroit Detroit, Michigan 830 5,739 113 943 5,739 6,682 (111 ) 2019 Mineral Wells Pre-Parole Transfer Facility Mineral Wells, Texas 176 22,589 — 100 — 100 (D) - 1995 NARA-Dayton Dayton, Ohio 548 6,439 317 569 6,735 7,304 (248 ) 2018 Nevada Southern Detention Center Pahrump, Nevada 7,548 64,362 10,123 8,399 73,634 82,033 (16,705 ) 2010 North Fork Correctional Facility Sayre, Oklahoma — 42,166 62,506 368 104,304 104,672 (36,794 ) 1998 Northeast Ohio Correctional Center Youngstown, Ohio 750 39,583 13,616 1,901 52,048 53,949 (22,782 ) 1997 Northwest New Mexico Correctional Center Grants, New Mexico 142 15,888 19,199 879 34,350 35,229 (16,285 ) 1989 Oklahoma City Transitional Center Oklahoma City, Oklahoma 1,114 2,626 1,654 1,144 4,250 5,394 (375 ) 2017 Oracle Transitional Center Tucson, Arizona 4,544 1,220 354 895 1,183 2,078 (D) (129 ) 2017 Otay Mesa Detention Center San Diego, California 28,845 114,411 46,853 37,092 153,017 190,109 (11,586 ) 2015/2019 Prairie Correctional Facility Appleton, Minnesota 100 22,306 9,940 1,068 31,278 32,346 (17,484 ) 1991 Recovery Monitoring Solutions Dallas, Texas 1,152 1,979 462 1,280 2,313 3,593 (212 ) 2018 Initial Cost to Company Gross Amount at Which Carried at Close of Period Description Location Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition Land and Land Improvements Buildings and Leasehold Improvements Total (A) Accumulated Depreciation (B) Date Constructed/ Acquired Red Rock Correctional Center (C) Eloy, Arizona — — — — — — — 2006 Roth Hall Residential Reentry Center Philadelphia, Pennsylvania 654 2,693 — 654 2,693 3,347 (297 ) 2015 Saguaro Correctional Facility Eloy, Arizona 193 98,903 1,942 486 100,552 101,038 (25,539 ) 2007 Shelby Training Center Memphis, Tennessee 150 6,393 3,495 279 9,759 10,038 (9,510 ) 1986 South Raleigh Reentry Center Raleigh, North Carolina 277 663 — 277 663 940 (15 ) 2019 Southeast Kentucky Correctional Facility Wheelwright, Kentucky 500 24,487 11,776 1,590 35,173 36,763 (16,429 ) 1998 SSA-Balch Springs Balch Springs, Texas 541 405 428 541 833 1,374 (22 ) 2018 SSA-Baltimore Baltimore, Maryland 27,987 179,424 — 29,717 177,694 207,411 (7,015 ) 2018 SSA-Bryan Bryan, Texas 277 578 — 277 578 855 (17 ) 2018 SSA-Denton Denton, Texas 467 823 32 467 855 1,322 (26 ) 2018 SSA-Florissant St Louis, Missouri 245 553 19 245 572 817 (18 ) 2018 SSA-Harrison Harrison, Arkansas 188 1,524 79 188 1,603 1,791 (48 ) 2018 SSA-Hot Springs Hot Springs, Arkansas 337 1,323 47 346 1,361 1,707 (45 ) 2018 SSA-Marshall Marshall, Texas 44 790 419 44 1,209 1,253 (28 ) 2018 SSA-McAlester McAlester, Oklahoma 139 1,094 8 139 1,102 1,241 (34 ) 2018 SSA-Milledgeville Milledgeville, Georgia 120 714 — 120 714 834 (42 ) 2017 SSA-Poteau Poteau, Oklahoma 175 275 46 175 321 496 (12 ) 2018 Initial Cost to Company Gross Amount at Which Carried at Close of Period Description Location Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition Land and Land Improvements Buildings and Leasehold Improvements Total (A) Accumulated Depreciation (B) Date Constructed/ Acquired SSA-Rockingham Rockingham, North Carolina 95 1,070 33 117 1,081 1,198 (67 ) 2017 Stewart Detention Center Lumpkin, Georgia 143 70,560 21,356 1,622 90,437 92,059 (27,967 ) 2004 Stockton Female Community Corrections Facility Stockton, California 692 788 — 692 788 1,480 (57 ) 2017 T. Don Hutto Residential Center Taylor, Texas 183 13,418 5,112 594 18,119 18,713 (8,686 ) 1997 Tallahatchie County Correctional Facility Tutwiler, Mississippi — 44,638 101,356 1,650 144,344 145,994 (51,747 ) 2000 Torrance County Detention Facility Estancia, New Mexico 511 52,599 8,564 1,719 59,955 61,674 (27,650 ) 1990 Trousdale Turner Correctional Center Hartsville, TN 649 135,412 4,896 1,701 139,256 140,957 (11,562 ) 2015 Tulsa Transitional Center Tulsa, OK 8,206 4,061 864 8,206 4,925 13,131 (858 ) 2015 Turley Residential Center Tulsa, OK 421 4,105 930 421 5,035 5,456 (914 ) 2015 Ulster Facility Denver, Colorado 4,068 442 195 4,126 579 4,705 (90 ) 2016 Walker Hall Residential Reentry Center Philadelphia, PA 654 2,693 1 654 2,694 3,348 (299 ) 2015 Webb County Detention Center Laredo, Texas 498 20,160 6,262 2,206 24,714 26,920 (12,499 ) 1998 West Tennessee Detention Facility Mason, Tennessee 538 31,931 6,670 2,012 37,127 39,139 (18,409 ) 1990 Wheeler Correctional Facility (C) Alamo, Georgia — — — — — — — 1998 Whiteville Correctional Facility Whiteville, Tennessee 303 51,694 7,866 1,671 58,192 59,863 (26,027 ) 1998 Totals $ 223,596 $ 2,433,971 $ 974,566 $ 272,148 $ 3,332,989 $ 3,605,137 $ (1,053,670 ) NOTES TO SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (A) The aggregate cost of properties for federal income tax purposes is approximately $4.0 billion at December 31, 2019. (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) CoreCivic recorded non-cash impairments during the fourth quarter of 2014 to write down the book value of the Mineral Wells facility, during the third quarter of 2017 to write down the book value of the Bridgeport facility, and during the second quarter of 2019 to write down the book value of the Oracle facility to the estimated fair values assuming uses other than correctional facilities. CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION FOR THE YEARS ENDED DECEMBER 31, 2019, 2018, AND 2017 (in thousands) For the Years Ended December 31, 2019 2018 2017 Investment in Real Estate: Balance at beginning of period $ 3,697,160 $ 3,367,358 $ 3,306,896 Additions through capital expenditures 64,423 26,547 29,730 Acquisitions 8,809 269,271 37,827 Asset impairments (4,040 ) — (879 ) Reclassifications and other (161,215 ) 33,984 (6,216 ) Balance at end of period $ 3,605,137 $ 3,697,160 $ 3,367,358 Accumulated Depreciation: Balance at beginning of period $ (1,075,389 ) $ (976,121 ) $ (888,745 ) Depreciation (87,492 ) (99,361 ) (94,116 ) Disposals/Other 109,211 93 6,162 Asset impairments — — 578 Balance at end of period $ (1,053,670 ) $ (1,075,389 ) $ (976,121 ) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. Certain reclassifications have been made to the consolidated balance sheet in 2018 and to the consolidated statements of cash flows in 2018 and 2017 to conform to the current year presentation. |
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, 2019 and 2018 included deposit accounts totaling $22.3 million and $17.2 million, respectively, to ensure the timely completion of construction of the Lansing Correctional Facility and related debt service, as further discussed in Notes 6 and 11. Restricted cash at December 31, 2019 and 2018 also included $4.7 million and $4.1 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the SSA-Baltimore property, also as further discussed in Notes 6 and 11. The restricted cash accounts are required under the terms of the indebtedness securing such properties. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2019 and 2018, accounts receivable of $280.8 million and $270.6 million, respectively, were net of allowances for doubtful accounts totaling $3.2 million and $2.5 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic's properties. Accounts receivable also consist of 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 allowances for doubtful accounts to ensure receivables are not overstated due to uncollectibility. Bad debt reserves are maintained for customers based on a variety of factors, including the length of time receivables are past due, significant one-time events, 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. The facilities accounted for under ASC 853 were constructed in periods prior to 2013. 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. When circumstances indicate an asset may not be recoverable, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is 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 net assets of businesses acquired. As further discussed in Note 3, goodwill is tested for impairment at least annually using a fair-value based approach. |
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. However, 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 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. CoreCivic recognizes any additional management service revenues upon completion of services provided to the customer. 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 required to be returned to the customer are classified as reductions to revenue. Prior to the adoption of ASU 2014-09 in the first quarter of 2018, these amounts were reflected as operating expenses. Rental revenue is recognized in accordance with ASC 842, "Leases". In accordance with ASC 842, minimum rental revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Rental 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 ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales, and is recorded in the period the goods and services are provided. Revenues generated from prisoner transportation services for governmental agencies are recorded in the period the inmates have been transported to their destination. |
Self-Funded Insurance and Litigation Reserves | Self-Funded Insurance and Litigation Reserves CoreCivic is significantly 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 has consistently accrued 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 has accrued the estimated liability for workers' compensation claims based on an actuarially determined liability, discounted to the net present value of the outstanding liabilities, 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 litigation reserves related to general liability matters for which it is probable that a loss has been incurred and the range of such loss can be estimated. These estimates could change in the future. |
Income Taxes | Income Taxes CoreCivic began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2013. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections permit CoreCivic to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect 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 includes a provision for taxes in its consolidated financial statements. 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's deferred tax assets and liabilities are classified as non-current on the consolidated balance sheets. See Note 13 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities and the impact on deferred tax assets and liabilities that resulted from the lower corporate tax rates enacted under the Tax Cuts and Jobs Act ("the TCJA") in December 2017. 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. |
Foreign Currency Transactions | Foreign Currency Transactions CoreCivic has extended a working capital loan to Agecroft Prison Management, Ltd. ("APM"), the operator of a correctional facility in Salford, England previously owned by a subsidiary of CoreCivic. The working capital loan is denominated in British pounds; consequently, CoreCivic adjusts this receivable to the current exchange rate at each balance sheet date and recognizes the unrealized currency gain or loss in current period earnings. See Note 8 for further discussion of CoreCivic's relationship with APM. |
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, 2019 and 2018, 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, 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 2,989 $ 3,949 $ 2,887 $ 4,037 Debt $ (1,986,865 ) $ (1,964,366 ) $ (1,814,795 ) $ (1,744,045 ) |
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, 2019, 2018, and 2017, federal correctional and detention authorities represented 51%, 48%, and 48%, 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 29%, 25%, and 25% of total revenue for 2019, 2018, and 2017, respectively. The USMS accounted for 17%, 17%, and 16% of total revenue for 2019, 2018, and 2017, respectively. The BOP accounted for 5%, 6%, and 7% of total revenue for 2019, 2018, and 2017, respectively. These federal customers have management contracts at facilities CoreCivic owns and at facilities CoreCivic manages but does not own. State revenues from contracts at correctional, detention, and residential reentry facilities that CoreCivic operates represented 34%, 39%, and 41% of total revenue during the years ended December 31, 2019, 2018, and 2017, respectively. ICE and the USMS each generated 10% or more of total revenue during 2019, 2018, and 2017. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, reentry, and leased, the loss of one or more of such contracts could have a material adverse impact on CoreCivic's financial condition and results of operations. |
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 expects to 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – Lease Adoption In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Leases (Topic 842)", which requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to previous accounting requirements. ASU 2016-02 also eliminated previous real estate-specific provisions for all entities. For lessors, the ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. For finance leases and operating leases, a lessee should recognize 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. For public reporting entities such as CoreCivic, guidance in ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption of the ASU is permitted. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements – Leases (Topic 842)", which permits entities to adopt a new transition method whereby the modified retrospective transition method would allow companies to recognize the cumulative-effect adjustment in the period of adoption rather than the earliest period presented and continue to apply the legacy guidance in ASC 840, "Leases", in the comparative periods presented. Further, ASU 2018-11 also allows entities to elect, by class of underlying asset, to not separate non-lease components from the associated lease components when certain criteria are met. Adoption results in an increase in long-term assets and liabilities for leases where the Company is the lessee. CoreCivic adopted ASU 2016-02 and ASU 2018-11, cumulatively ("ASC 842"), on January 1, 2019. The Company elected the modified retrospective transition method and recognized the cumulative-effect adjustment resulting from adoption of ASC 842 in the first quarter of 2019. CoreCivic also elected to adopt the package of available practical expedients that permits lessees and lessors to not reassess certain items, including whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases, and initial direct costs for any expired or existing leases. In addition, the Company made an accounting policy election to apply 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 also elected the practical expedient that permits lessees to make an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component. Prior to the adoption of ASC 842, a portion of the rental payments for the South Texas Family Residential Center was classified as depreciation and interest expense in accordance with ASC 840-40-55, formerly Emerging Issues Task Force No. 97-10, "The Effect of Lessee Involvement in Asset Construction." Upon adoption of ASC 842, all rental payments associated with this lease are classified as operating expenses . Upon adoption of ASC 842, CoreCivic recognized a ROU asset of $115.6 million and a lease liability of $82.9 million for all operating leases identified by the Company as applicable under the guidance of ASC 842, including the lease for the South Texas Family Residential Center. For those operating leases that contain renewal options, the Company included 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. The Company also recognized a net charge of approximately $29.9 million to accumulated deficit upon adoption of ASC 842. Recent Accounting Pronouncements – Other In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments," which will change how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU will replace the current "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, contract assets, loans and other instruments, entities will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. The ASU is effective for the Company in the first quarter of 2020 . The Company is currently evaluating the effects of this ASU to determine the potential impact on its financial statements. Based principally on the fact that the largest portion of the Company's accounts receivable is with governmental agencies, the Company does not currently expect the new standard will have a material impact on its financial statements. Other 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, 2019 | |
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, 2019 and 2018, 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, 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 2,989 $ 3,949 $ 2,887 $ 4,037 Debt $ (1,986,865 ) $ (1,964,366 ) $ (1,814,795 ) $ (1,744,045 ) |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment | Property and equipment, at cost, consists of the following (in thousands): December 31, 2019 2018 Land and improvements $ 295,214 $ 294,774 Buildings and improvements 3,411,583 3,490,725 Equipment and software 435,628 432,196 Office furniture and fixtures 38,278 34,968 Construction in progress 29,521 94,590 4,210,224 4,347,253 Less: Accumulated depreciation (1,510,117 ) (1,516,664 ) $ 2,700,107 $ 2,830,589 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 $34.8 million, $30.7 million, and $28.9 million for the years ended December 31, 2019, 2018, and 2017, 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, 2019 for the Company's operating lease liabilities, inclusive of $49.7 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): 2020 $ 32,797 2021 25,438 2022 3,886 2023 3,306 2024 3,144 Thereafter 21,033 Total future minimum lease payments 89,604 Less amount representing interest (11,443 ) Total present value of minimum lease payments $ 78,161 |
Schedule of Future Undiscounted Cash Flows to be Received from Third-Party Lessees for Company's Operating Leases | Future undiscounted cash flows to be received from third-party lessees as of December 31, 2019 for the Company's operating leases are as follows (in thousands) 2020 $ 74,525 2021 67,976 2022 61,554 2023 59,446 2024 59,200 Thereafter 353,144 |
REAL ESTATE TRANSACTIONS (Table
REAL ESTATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) Design Date Net Carrying Values at December 31, Facility Capacity Idled 2019 2018 Prairie Correctional Facility 1,600 2010 $ 14,863 $ 15,278 Huerfano County Correctional Center 752 2010 16,266 16,660 Diamondback Correctional Facility 2,160 2010 39,729 40,962 Marion Adjustment Center 826 2013 11,351 11,770 Kit Carson Correctional Center 1,488 2016 54,041 55,507 6,826 $ 136,250 $ 140,177 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Time to Change, Inc. and Center Point, Inc. | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the two transactions in 2017, CoreCivic recorded the following (in millions): Tangible current assets and liabilities, net $ 0.9 Property and equipment 19.7 Intangible assets 3.9 Total identifiable assets 24.5 Goodwill 2.8 Total consideration $ 27.3 |
Rocky Mountain Offender Management Systems LLC and Recovery Monitoring Solutions Corporation | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the two transactions in 2018, CoreCivic recorded the following (in millions): Property and equipment $ 6.1 Intangible assets 12.4 Tangible assets and liabilities, net (2.8 ) Total identifiable assets, net 15.7 Goodwill 7.2 Total consideration $ 22.9 |
Rehabilitation Services Inc | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the acquisition of certain assets of RSI in 2019, CoreCivic recorded the following (in millions): Property and equipment $ 1.3 Intangible assets 0.7 Total identifiable assets 2.0 Goodwill 2.4 Total consideration $ 4.4 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2019 2018 Intangible assets: Below market lease value, less accumulated amortization of $8,850 — 32,738 Deferred leasing assets, less accumulated amortization of $5,647 and $2,021, respectively 41,129 43,856 Other intangible assets, less accumulated amortization of $8,182 and $5,118, respectively 14,517 17,311 Construction receivable - Kansas lease 137,665 — ROU lease assets 108,118 — Lease incentive assets 5,454 6,096 Debt issuance costs, less accumulated amortization of $1,475 and $631, respectively 2,628 3,322 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 14,448 13,977 Straight-line rent receivable 7,836 10,729 Insurance receivable 13,179 6,599 Other 5,933 6,579 $ 350,907 $ 141,207 |
Estimated Amortization Expense Related to Intangible Assets | As of December 31, 2019, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2020 $ 6,708 2021 5,781 2022 4,565 2023 3,569 2024 3,514 |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2019 2018 Trade accounts payable $ 75,152 $ 96,642 Accrued salaries and wages 51,845 42,556 Accrued dividends 54,843 52,572 Accrued workers' compensation and auto liability 7,062 6,901 Accrued litigation 14,134 13,937 Accrued employee medical insurance 6,110 5,442 Accrued property taxes 27,900 27,288 Accrued interest 10,142 12,957 ROU lease liability 26,914 — Deferred revenue 15,387 15,173 Construction payable 7,504 21,099 Lease financing obligation 8,603 12,771 Other 31,866 44,937 $ 337,462 $ 352,275 |
Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands): December 31, 2019 2018 Intangible contract liability $ 5,417 $ 5,804 Accrued workers' compensation 28,769 22,798 Accrued deferred compensation 10,919 11,507 Lease financing obligation 7,634 18,817 ROU lease liability 51,247 — Other 1,593 1,622 $ 105,579 $ 60,548 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Debt Outstanding | Debt outstanding consists of the following (in thousands): December 31, 2019 2018 Revolving Credit Facility maturing April 2023 periodically at variable interest rates. The weighted average rate at December 31, 2019 and 2018 was 3.3% and 4.0%, respectively. $ 365,000 $ 201,000 Term Loan A maturing April 2023 variable interest rates. The rate at December 31, 2019 and 2018 was 3.3% and 4.0%, respectively. Unamortized debt issuance costs amounted to $0.1 million at both December 31, 2019 and 2018. 190,000 197,500 Term Loan B maturing December 2024 at variable interest rates. The rate at December 31, 2019 was 6.3%. Unamortized debt issuance costs amounted to $4.6 million at December 31, 2019. 250,000 — 4.625% Senior Notes maturing May 2023 issuance costs amounted to $2.1 million and $2.7 million at December 31, 2019 and 2018, respectively. 350,000 350,000 4.125% Senior Notes. Unamortized debt issuance costs amounted to $1.0 million at 2018. — 325,000 5.0% Senior Notes maturing October 2022 issuance costs amounted to $1.3 million and $1.8 million at December 31, 2019 and 2018, respectively. 250,000 250,000 4.75% Senior Notes maturing October 2027 issuance costs amounted to $3.1 million and $3.5 million at December 31, 2019 and 2018, respectively. 250,000 250,000 4.5% Capital Commerce Center Non-Recourse Mortgage Note maturing January 2033 amounted to $0.3 million at both December 31, 2019 and 2018. 22,209 23,429 4.43% Lansing Correctional Center Non-Recourse Mortgage Note maturing January 2040 to $3.3 million and $3.4 million at December 31, 2019 and 2018, respectively. 159,522 62,331 4.5% SSA- Baltimore Non-Recourse Mortgage Note maturing February 2034 $0.2 million and $0.3 million at December 31, 2019 and 2018, respectively. 150,134 155,535 Total debt 1,986,865 1,814,795 Unamortized debt issuance costs (14,993 ) (13,119 ) Unamortized original issue discount (12,500 ) — Current portion of long-term debt (31,349 ) (14,121 ) Long-term debt, net $ 1,928,023 $ 1,787,555 |
Schedule of Principal Payments | Scheduled principal payments as of December 31, 2019 for the next five years and thereafter were as follows (in thousands): 2020 $ 31,349 2021 39,087 2022 292,981 2023 904,110 2024 194,937 Thereafter 524,401 Total debt $ 1,986,865 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Components of Income Tax Expense | Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2019 2018 2017 Current income tax expense Federal $ 5,324 $ 10,481 $ 10,202 State 3,677 2,308 2,788 9,001 12,789 12,990 Deferred income tax expense (benefit) Federal (489 ) (3,422 ) 1,088 State (673 ) (1,014 ) (167 ) (1,162 ) (4,436 ) 921 Income tax expense $ 7,839 $ 8,353 $ 13,911 |
Components of Deferred Tax Assets and Liabilities | Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2019 and 2018, are as follows (in thousands): December 31, 2019 2018 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 28,247 $ 21,742 Tax over book basis of certain assets 1,451 1,665 Net operating loss and tax credit carryforwards 5,130 5,483 Intangible contract value 262 148 Other 103 123 Total noncurrent deferred tax assets 35,193 29,161 Less valuation allowance (3,865 ) (3,986 ) Total noncurrent deferred tax assets 31,328 25,175 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (11,478 ) (5,707 ) Intangible value (2,264 ) (2,370 ) Other (1,528 ) (2,151 ) Total noncurrent deferred tax liabilities (15,270 ) (10,228 ) Net total noncurrent deferred tax assets $ 16,058 $ 14,947 |
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, 2019, 2018, and 2017 is as follows: 2019 2018 2017 Statutory federal rate 21.0 % 21.0 % 35.0 % Dividends paid deduction (18.9 ) (18.6 ) (31.3 ) State taxes, net of federal tax benefit 1.2 1.0 1.2 Permanent differences 1.2 1.0 0.6 Charges associated with adoption of tax reform — 0.6 2.4 Tax benefit of equity-based compensation 0.1 0.5 (0.5 ) Other items, net (0.6 ) (0.5 ) (0.2 ) 4.0 % 5.0 % 7.2 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tax Characterization of Dividends per Share on Common Shares | The tax characterization of dividends per share on common shares as reported to stockholders was as follows for the years ended December 31, 2019, 2018, and 2017: Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 17, 2017 April 3, 2017 April 17, 2017 0.363660 (1) 0.056340 $ 0.42 May 11, 2017 July 3, 2017 July 17, 2017 0.363660 (1) 0.056340 $ 0.42 August 10, 2017 October 2, 2017 October 16, 2017 0.363660 (1) 0.056340 $ 0.42 December 7, 2017 January 2, 2018 January 15, 2018 0.387446 (2) 0.032554 $ 0.42 February 22, 2018 April 2, 2018 April 16, 2018 0.396671 (3) 0.033329 $ 0.43 May 11, 2018 July 2, 2018 July 16, 2018 0.396671 (3) 0.033329 $ 0.43 August 16, 2018 October 1, 2018 October 15, 2018 0.396671 (3) 0.033329 $ 0.43 December 13, 2018 January 2, 2019 January 15, 2019 0.374927 (4) 0.055073 $ 0.43 February 21, 2019 April 1, 2019 April 15, 2019 0.383646 (5) 0.056354 $ 0.44 May 16, 2019 July 1, 2019 July 16, 2019 0.383646 (5) 0.056354 $ 0.44 August 15, 2019 October 1, 2019 October 15, 2019 0.383646 (5) 0.056354 $ 0.44 December 12, 2019 January 6, 2020 January 15, 2020 — (6) — (6) $ 0.44 (1) (2) (3) (4) (5) $ (6) |
Summary of Nonvested Restricted Common Stock and RSU Transactions | Nonvested RSU transactions as of December 31, 2019 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of RSUs Weighted average grant date fair value Nonvested at December 31, 2018 1,225 $ 24.67 Granted 934 $ 21.49 Cancelled (73 ) $ 23.78 Vested (524 ) $ 25.53 Nonvested at December 31, 2019 1,562 $ 22.52 |
Summary of Stock Option Transactions Relating to Non-Qualified Stock Option Plans | Stock option transactions relating to CoreCivic's non-qualified stock option plans are summarized below (in thousands, except exercise prices): No. of options Weighted- Average Exercise Price of options Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2018 706 $ 20.32 Granted — — Exercised (62 ) 14.19 Cancelled — — Outstanding at December 31, 2019 644 $ 20.91 1.4 $ — Exercisable at December 31, 2019 644 $ 20.91 1.4 $ — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 NUMERATOR Basic: Net income $ 188,886 $ 159,207 $ 178,040 Diluted: Net income $ 188,886 $ 159,207 $ 178,040 DENOMINATOR Basic: Weighted average common shares outstanding 119,028 118,544 118,084 Diluted: Weighted average common shares outstanding 119,028 118,544 118,084 Effect of dilutive securities: Stock options 22 111 310 Restricted stock-based awards 114 61 71 Weighted average shares and assumed conversions 119,164 118,716 118,465 BASIC EARNINGS PER SHARE $ 1.59 $ 1.34 $ 1.51 DILUTED EARNINGS PER SHARE $ 1.59 $ 1.34 $ 1.50 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 operating income is as follows for the three years ended December 31, 2019, 2018, and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Revenue: Safety $ 1,779,958 $ 1,675,998 $ 1,648,224 Community 123,265 101,841 74,263 Properties 77,307 57,899 40,440 Total segment revenue 1,980,530 1,835,738 1,762,927 Operating expenses: Safety 1,304,121 1,222,418 1,185,621 Community 95,159 76,898 51,501 Properties 22,803 15,420 11,831 Total segment operating expenses 1,422,083 1,314,736 1,248,953 Facility net operating income: Safety 475,837 453,580 462,603 Community 28,106 24,943 22,762 Properties 54,504 42,479 28,609 Total facility net operating income 558,447 521,002 513,974 Other revenue (expense): Other revenue 159 28 2,571 Other operating expense (686 ) (514 ) (584 ) General and administrative (127,078 ) (106,865 ) (107,822 ) Depreciation and amortization (144,572 ) (156,501 ) (147,129 ) Contingent consideration for acquisition of businesses — (6,085 ) — Asset impairments (4,706 ) (1,580 ) (614 ) Operating income $ 281,564 $ 249,485 $ 260,396 |
Summary of Capital Expenditures Including Accrued Amounts | The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2019, 2018, and 2017 (in thousands): For the Years Ended December 31, 2019 2018 2017 Capital expenditures: Safety $ 77,662 $ 94,559 $ 55,712 Community 5,859 15,689 35,489 Properties 95,109 365,628 18,327 Corporate and other 12,111 11,260 5,219 Total capital expenditures $ 190,741 $ 487,136 $ 114,747 |
Schedule of Total Assets | The total assets are as follows (in thousands): December 31, 2019 2018 Assets: Safety $ 2,606,127 $ 2,621,880 Community 275,882 281,198 Properties 682,249 606,770 Corporate and other 227,373 145,812 Total assets $ 3,791,631 $ 3,655,660 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts Cash and cash equivalents $ 45,427 $ 45,309 $ 1,384 $ — $ 92,120 Restricted cash — 7 26,966 — 26,973 Accounts receivable, net of allowance 154,533 545,291 86 (419,125 ) 280,785 Prepaid expenses and other current assets 3,084 32,600 3,966 (4,143 ) 35,507 Total current assets 203,044 623,207 32,402 (423,268 ) 435,385 Real estate and related assets: Property and equipment, net 2,226,822 272,888 200,397 — 2,700,107 Other real estate assets 238,637 — — — 238,637 Goodwill 35,425 15,112 — — 50,537 Non-current deferred tax assets — 14,125 2,411 (478 ) 16,058 Other assets 606,718 136,125 173,268 (565,204 ) 350,907 Total assets $ 3,310,646 $ 1,061,457 $ 408,478 $ (988,950 ) $ 3,791,631 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 261,588 $ 396,703 $ 102,404 $ (423,233 ) $ 337,462 Current portion of long-term debt 23,776 — 7,573 — 31,349 Total current liabilities 285,364 396,703 109,977 (423,233 ) 368,811 Long-term debt, net 1,629,745 114,682 298,596 (115,000 ) 1,928,023 Non-current deferred tax liabilities 478 — — (478 ) — Deferred revenue — 12,469 — — 12,469 Other liabilities 18,310 87,269 — — 105,579 Total liabilities 1,933,897 611,123 408,573 (538,711 ) 2,414,882 Total stockholders' equity 1,376,749 450,334 (95 ) (450,239 ) 1,376,749 Total liabilities and stockholders' equity $ 3,310,646 $ 1,061,457 $ 408,478 $ (988,950 ) $ 3,791,631 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts Cash and cash equivalents $ 11,109 $ 40,348 $ 1,345 $ — $ 52,802 Restricted cash — — $ 21,335 — 21,335 Accounts receivable, net of allowance 254,766 445,105 1,809 (431,083 ) 270,597 Prepaid expenses and other current assets 4,412 26,939 1,951 (4,511 ) 28,791 Total current assets 270,287 512,392 26,440 (435,594 ) 373,525 Real estate and related assets: Property and equipment, net 2,255,361 310,989 264,239 — 2,830,589 Other real estate assets 247,223 — — — 247,223 Goodwill 33,057 15,112 — — 48,169 Non-current deferred tax assets 727 14,220 1,165 (1,165 ) 14,947 Other assets 507,161 61,104 38,112 (465,170 ) 141,207 Total assets $ 3,313,816 $ 913,817 $ 329,956 $ (901,929 ) $ 3,655,660 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 294,474 $ 377,699 $ 115,661 $ (435,559 ) $ 352,275 Current portion of long-term debt 8,720 — 5,401 — 14,121 Total current liabilities 303,194 377,699 121,062 (435,559 ) 366,396 Long-term debt, net 1,579,273 114,428 208,854 (115,000 ) 1,787,555 Non-current deferred tax liabilities 1,165 — — (1,165 ) — Deferred revenue — 26,102 — — 26,102 Other liabilities 15,125 45,423 — — 60,548 Total liabilities 1,898,757 563,652 329,916 (551,724 ) 2,240,601 Total stockholders' equity 1,415,059 350,165 40 (350,205 ) 1,415,059 Total liabilities and stockholders' equity $ 3,313,816 $ 913,817 $ 329,956 $ (901,929 ) $ 3,655,660 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2019 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,363,562 $ 1,627,226 $ 23,546 $ (1,033,645 ) $ 1,980,689 EXPENSES: Operating 1,065,596 1,381,676 9,142 (1,033,645 ) 1,422,769 General and administrative 42,680 84,398 — — 127,078 Depreciation and amortization 93,575 43,231 7,766 — 144,572 Asset impairments 4,706 — — — 4,706 1,206,557 1,509,305 16,908 (1,033,645 ) 1,699,125 OPERATING INCOME 157,005 117,921 6,638 — 281,564 OTHER (INCOME) EXPENSE: Interest expense, net 71,969 5,658 6,774 — 84,401 Expenses associated with debt refinancing transactions 493 109 — — 602 Other (income) expense (363 ) 72 335 (208 ) (164 ) 72,099 5,839 7,109 (208 ) 84,839 INCOME BEFORE INCOME TAXES 84,906 112,082 (471 ) 208 196,725 Income tax expense (1,710 ) (6,129 ) — — (7,839 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 83,196 105,953 (471 ) 208 188,886 Income from equity in subsidiaries 105,690 — — (105,690 ) — NET INCOME $ 188,886 $ 105,953 $ (471 ) $ (105,482 ) $ 188,886 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2018 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,279,991 $ 1,514,503 $ 8,243 $ (966,971 ) $ 1,835,766 EXPENSES: Operating 994,505 1,284,616 3,100 (966,971 ) 1,315,250 General and administrative 36,409 70,456 — — 106,865 Depreciation and amortization 92,702 61,206 2,593 — 156,501 Contingent consideration for acquisition of businesses 6,085 — — — 6,085 Asset impairments 1,580 — — — 1,580 1,131,281 1,416,278 5,693 (966,971 ) 1,586,281 OPERATING INCOME 148,710 98,225 2,550 — 249,485 OTHER (INCOME) EXPENSE: Interest expense, net 67,340 10,905 2,508 — 80,753 Expenses associated with debt refinancing transactions 1,016 — — — 1,016 Other (income) expense 160 (105 ) 101 — 156 68,516 10,800 2,609 — 81,925 INCOME BEFORE INCOME TAXES 80,194 87,425 (59 ) — 167,560 Income tax expense (1,383 ) (6,970 ) — — (8,353 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 78,811 80,455 (59 ) — 159,207 Income from equity in subsidiaries 80,396 — — (80,396 ) — NET INCOME $ 159,207 $ 80,455 $ (59 ) $ (80,396 ) $ 159,207 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,194,690 $ 1,454,194 $ (883,386 ) $ 1,765,498 EXPENSES: Operating 914,443 1,218,480 (883,386 ) 1,249,537 General and administrative 36,964 70,858 — 107,822 Depreciation and amortization 87,694 59,435 — 147,129 Asset impairments 300 314 — 614 1,039,401 1,349,087 (883,386 ) 1,505,102 OPERATING INCOME 155,289 105,107 — 260,396 OTHER (INCOME) EXPENSE: Interest expense, net 56,712 11,823 — 68,535 Other (income) expense (255 ) 103 62 (90 ) 56,457 11,926 62 68,445 INCOME BEFORE INCOME TAXES 98,832 93,181 (62 ) 191,951 Income tax expense (1,765 ) (12,146 ) — (13,911 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 97,067 81,035 (62 ) 178,040 Income from equity in subsidiaries 80,973 — (80,973 ) — NET INCOME $ 178,040 $ 81,035 $ (81,035 ) $ 178,040 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2019 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 284,933 $ 61,845 $ 7,606 $ — $ 354,384 Net cash used in investing activities (71,312 ) (79,477 ) (93,800 ) — (244,589 ) Net cash provided by (used in) financing activities (179,303 ) 22,600 91,864 — (64,839 ) Net increase in cash, cash equivalents and restricted cash 34,318 4,968 5,670 — 44,956 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 11,109 40,348 22,680 — 74,137 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year $ 45,427 $ 45,316 $ 28,350 $ — 119,093 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2018 (in thousands) Parent Combined Subsidiary Guarantors Non- Guarantor Subsidiaries Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 243,083 $ 75,011 $ 4,786 $ — $ 322,880 Net cash used in investing activities (109,114 ) (47,940 ) (134,003 ) — (291,057 ) Net cash provided by (used in) financing activities (148,605 ) (13,161 ) 151,897 — (9,869 ) Net increase (decrease) in cash, cash equivalents and restricted cash (14,636 ) 13,910 22,680 — 21,954 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 25,745 26,438 — — 52,183 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year $ 11,109 $ 40,348 $ 22,680 $ — $ 74,137 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 276,055 $ 65,270 $ — $ 341,325 Net cash used in investing activities (55,242 ) (69,320 ) — (124,562 ) Net cash provided by (used in) financing activities (206,446 ) 4,155 — (202,291 ) Net increase in cash, cash equivalents and restricted cash 14,367 105 — 14,472 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year 11,378 26,333 — 37,711 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year $ 25,745 $ 26,438 $ — $ 52,183 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Selected Quarterly Financial Information | Selected quarterly financial information for each of the quarters in the years ended December 31, 2019 and 2018 is as follows (in thousands, except per share data): March 31, 2019 June 30, 2019 September 2019 December 31, 2019 Revenue $ 484,064 $ 490,294 $ 508,522 $ 497,809 Operating income 73,264 70,954 71,095 66,251 Net income 49,340 48,578 48,994 41,974 Basic earnings per share: Net income $ 0.42 $ 0.41 $ 0.41 $ 0.35 Diluted earnings per share: Net income $ 0.41 $ 0.41 $ 0.41 $ 0.35 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenue $ 440,916 $ 449,929 $ 462,728 $ 482,193 Operating income 58,705 61,712 64,419 64,649 Net income 37,777 39,197 40,994 41,239 Basic earnings per share: Net income $ 0.32 $ 0.33 $ 0.35 $ 0.35 Diluted earnings per share: Net income $ 0.32 $ 0.33 $ 0.34 $ 0.35 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) ft² in Millions | 12 Months Ended |
Dec. 31, 2019ft²PropertySegmentFacilityBed | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of Operating segments | Segment | 3 |
Number of properties for lease to third parties and used by government agencies | Property | 28 |
CoreCivic Safety | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of facilities operated by the company | 50 |
Number of facilities owned by the company | 43 |
Number of beds at the facility | Bed | 73,000 |
CoreCivic Community | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of centers owned and operated by company | 29 |
Number of beds at the center | Bed | 5,000 |
CoreCivic Properties | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of properties for lease to third parties and used by government agencies | Property | 28 |
Number of square feet | ft² | 2.4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)Facility | Dec. 31, 2018USD ($) | Dec. 31, 2017 | Jan. 01, 2019USD ($) | |
Organization And Operations [Line Items] | ||||
Restricted cash | $ 26,973 | $ 21,335 | ||
Accounts receivable, net of allowances for doubtful accounts | 280,785 | 270,597 | ||
Accounts receivable, allowances for doubtful accounts | $ 3,217 | $ 2,542 | ||
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. | |||
Percentage of likelihood required for a tax position to be measured | 50.00% | |||
ROU asset | $ 108,118 | |||
Lease liability | $ 78,161 | |||
Weighted average discount rate associated with the operating leases | 5.20% | |||
Accounting Standards Update 2016-02 | ||||
Organization And Operations [Line Items] | ||||
ROU asset | $ 108,100 | $ 115,600 | ||
Lease liability | 82,900 | |||
Net charge to accumulated deficit | $ 29,900 | |||
Weighted average discount rate associated with the operating leases | 5.30% | |||
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 | 51.00% | 48.00% | 48.00% | |
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 | 29.00% | 25.00% | 25.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Marshals Service | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 17.00% | 17.00% | 16.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Bureau Of Prisons | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 5.00% | 6.00% | 7.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | State Correctional Authorities | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 34.00% | 39.00% | 41.00% | |
Minimum | ||||
Organization And Operations [Line Items] | ||||
Renewal of contract terms | 2 years | |||
Maximum | ||||
Organization And Operations [Line Items] | ||||
Renewal of contract terms | 5 years | |||
Lansing Correctional Facility and Related Debt Service | ||||
Organization And Operations [Line Items] | ||||
Restricted cash | $ 22,300 | $ 17,200 | ||
SSA-Baltimore Property | ||||
Organization And Operations [Line Items] | ||||
Restricted cash | $ 4,700 | $ 4,100 |
Schedule of Useful Life of Prop
Schedule of Useful Life of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | Dec. 31, 2018 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Note receivable from APM, Carrying Amount | $ 2,989 | $ 2,887 |
Debt, Carrying Amount | (1,986,865) | (1,814,795) |
Note receivable from APM, Fair Value | 3,949 | 4,037 |
Debt, Fair Value | $ (1,964,366) | $ (1,744,045) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017Facility | Mar. 31, 2017USD ($) | Dec. 31, 2019USD ($)Facility | Dec. 31, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Establishment of goodwill | This goodwill was established in connection with multiple business combination transactions. | |||
Goodwill | $ 50,537,000 | $ 48,169,000 | ||
Goodwill impairment charges | 0 | 0 | ||
State of Texas | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill | $ 0 | |||
Number of facilities scheduled to expire in August 2017 | Facility | 4 | |||
Number of facilities for which TDCJ selected other operators | Facility | 3 | |||
Bartlett State Jail | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill impairment charges | $ 300,000 | |||
Closing date of Bartlett facility | Jun. 24, 2017 | |||
CoreCivic Safety | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill | $ 7,900,000 | 7,900,000 | ||
CoreCivic Community | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill | $ 42,600,000 | $ 40,300,000 |
Real Estate and Related Asset_2
Real Estate and Related Assets - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2013USD ($) | Dec. 31, 2019USD ($)PropertyFacility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of real estate properties owned | Property | 72 | |||
Number of properties for lease to third parties and used by government agencies | Property | 28 | |||
Number of facilities owned by government partners, managed | Facility | 7 | |||
Interest capitalization cost on construction in progress | $ 6,000,000 | $ 1,000,000 | $ 0 | |
Depreciation expense | $ 137,700,000 | 152,000,000 | $ 145,700,000 | |
Number of facilities subject to options | Facility | 11 | |||
Number of facilities accounting for as service concession arrangements | Facility | 4 | |||
Other real estate assets | $ 238,637,000 | 247,223,000 | ||
Purchase price paid for real property in addition to bonds value | $ 100 | |||
Contract Cost | ||||
Property, Plant and Equipment [Line Items] | ||||
Other real estate assets | 147,800,000 | 150,100,000 | ||
Service Contract | ||||
Property, Plant and Equipment [Line Items] | ||||
Other real estate assets | $ 90,800,000 | $ 97,100,000 | ||
Development Authority of Telfair County | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage of property tax abatement | 90.00% | |||
Percentage of property tax abatement, decrease in percentage | (10.00%) | |||
Principal amount of bond issued | $ 15,000,000 | |||
Number of years of tax abatement | 9 years |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 295,214 | $ 294,774 |
Buildings and improvements | 3,411,583 | 3,490,725 |
Equipment and software | 435,628 | 432,196 |
Office furniture and fixtures | 38,278 | 34,968 |
Construction in progress | 29,521 | 94,590 |
Property and equipment, gross | 4,210,224 | 4,347,253 |
Less: Accumulated depreciation | (1,510,117) | (1,516,664) |
Property, and Equipment, total | $ 2,700,107 | $ 2,830,589 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Jan. 24, 2018 | |
Lessee Lease Description [Line Items] | |||||
ROU asset | $ 108,118,000 | ||||
Current portion of lease liability | 26,914,000 | ||||
Long-term portion of liability | $ 51,247,000 | ||||
Weighted-average lease term of operating leases | 4 years 2 months 12 days | ||||
Weighted average discount rate associated with the operating leases | 5.20% | ||||
Future minimum lease payments | $ 89,604,000 | ||||
Number of properties for lease to third parties and used by government agencies | Property | 28 | ||||
CoreCivic Properties | |||||
Lessee Lease Description [Line Items] | |||||
Operating leases latest expiration year | 2034 | ||||
Number of properties for lease to third parties and used by government agencies | Property | 28 | ||||
Company owned property, plant and equipment | $ 450,300,000 | ||||
Kansas Department Of Corrections | |||||
Lessee Lease Description [Line Items] | |||||
Lease term | 20 years | ||||
Accounting Standards Update 2016-02 | |||||
Lessee Lease Description [Line Items] | |||||
ROU asset | 108,100,000 | $ 115,600,000 | |||
Current portion of lease liability | 26,900,000 | ||||
Long-term portion of liability | $ 51,200,000 | ||||
Weighted average discount rate associated with the operating leases | 5.30% | ||||
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 October 2016 to extend the term of the agreement through September 2021. | ||||
Period to reach an agreement for continued use of facility from termination date | 90 days | ||||
Lease termination penalty | $ 4,500,000 | ||||
Non lease component for food services, rate of consideration paid | 44.00% | ||||
Accounting Standards Update 2016-02 | South Texas Family Residential Center | |||||
Lessee Lease Description [Line Items] | |||||
Operating lease expense inclusive of short-term and variable leases, exclusive of non-lease food services component | $ 34,800,000 | $ 30,700,000 | $ 28,900,000 | ||
Future minimum lease payments | 49,700,000 | ||||
Accounting Standards Update 2016-02 | Declining to zero by October 2020 | Third Party Lessor | |||||
Lessee Lease Description [Line Items] | |||||
Lease termination penalty | $ 0 | ||||
Multiple Properties | Accounting Standards Update 2016-02 | |||||
Lessee Lease Description [Line Items] | |||||
Operating leases latest expiration year | 2032 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | |
2020 | $ 32,797 |
2021 | 25,438 |
2022 | 3,886 |
2023 | 3,306 |
2024 | 3,144 |
Thereafter | 21,033 |
Total future minimum lease payments | 89,604 |
Less amount representing interest | (11,443) |
Total present value of minimum lease payments | $ 78,161 |
Schedule of Future Undiscounted
Schedule of Future Undiscounted Cash Flows to be Received from Third-Party Lessees for Company's Operating Leases (Detail) - Accounting Standards Update 2016-02 $ in Thousands | Dec. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | |
2020 | $ 74,525 |
2021 | 67,976 |
2022 | 61,554 |
2023 | 59,446 |
2024 | 59,200 |
Thereafter | $ 353,144 |
Real Estate Transactions - Addi
Real Estate Transactions - Additional Information (Detail) $ in Thousands, MMcf in Millions | Sep. 03, 2019AdultDetainee | Jun. 28, 2019Bed | Jun. 24, 2019USD ($) | May 06, 2019USD ($)ft² | Feb. 20, 2019USD ($)Bed | Sep. 21, 2018USD ($)ft²OptionMMcf | Aug. 23, 2018USD ($)ft² | Jul. 17, 2018USD ($)Property | Jan. 19, 2018USD ($)ft² | Sep. 15, 2017USD ($)BedProperty | Aug. 01, 2017USD ($)Bed | Feb. 10, 2017USD ($)Bed | Jan. 02, 2017USD ($) | Sep. 30, 2019ft²FacilityBed | Jun. 30, 2019USD ($)Facility | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($)FacilityBedAdultDetaineeDetainee | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($)Acquisition | Dec. 09, 2019Bed | May 23, 2019Bed | May 16, 2019Bed | Jan. 24, 2018Bed | Jan. 01, 2017Bed |
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Purchase price of real estate | $ 12,000 | $ 8,700 | ||||||||||||||||||||||
Number of properties acquired | Property | 12 | 4 | 15 | |||||||||||||||||||||
Number of acquisitions | Acquisition | 4 | |||||||||||||||||||||||
Purchase price, net tangible assets | $ 11,100 | $ 7,400 | $ 20,100 | |||||||||||||||||||||
Purchase price, identifiable intangible assets | $ 1,900 | 800 | 1,800 | |||||||||||||||||||||
Percentage of building leased | 100.00% | |||||||||||||||||||||||
Business acquisition assumed in-place financing | $ 157,280 | |||||||||||||||||||||||
Operating Expense | 1,422,769 | 1,315,250 | 1,249,537 | |||||||||||||||||||||
Asset impairments | $ 1,600 | 4,706 | 1,580 | 614 | ||||||||||||||||||||
Proceeds from sale of corporate headquarters | $ 12,600 | |||||||||||||||||||||||
Proceeds from sale of property | $ 4,295 | 12,911 | 970 | |||||||||||||||||||||
Safety | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the facility | Bed | 73,000 | |||||||||||||||||||||||
Community | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the center | Bed | 5,000 | |||||||||||||||||||||||
Idled Correctional Facilities | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of facility | Facility | 5 | |||||||||||||||||||||||
Idled Non-Core Facilities | Safety | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the facility | Bed | 440 | |||||||||||||||||||||||
Number of facility | Facility | 2 | |||||||||||||||||||||||
Net Carrying Value | $ 3,800 | |||||||||||||||||||||||
Idle Facilities | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Operating Expense | $ 8,000 | $ 8,200 | 8,900 | |||||||||||||||||||||
Idle Facilities | Community | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the center | Bed | 381 | |||||||||||||||||||||||
Number of facility | Facility | 2 | |||||||||||||||||||||||
Net Carrying Value | $ 6,500 | |||||||||||||||||||||||
Asset impairments | $ 4,300 | |||||||||||||||||||||||
Idled Residential Reentry Facility | CoreCivic Properties | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the facility | Bed | 430 | |||||||||||||||||||||||
Number of facility | Facility | 3 | 3 | ||||||||||||||||||||||
Net Carrying Value | $ 9,300 | |||||||||||||||||||||||
Adams County Correctional Center | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Net Carrying Value | $ 96,500 | |||||||||||||||||||||||
Contract expiration Date | Aug. 30, 2019 | |||||||||||||||||||||||
Management agreement commencing date | Aug. 31, 2019 | |||||||||||||||||||||||
Initial term of management contract | 60 months | |||||||||||||||||||||||
Agreement notice period for termination | 120 days | |||||||||||||||||||||||
Torrance County Detention Facility | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the facility | Bed | 910 | |||||||||||||||||||||||
Net Carrying Value | $ 34,000 | |||||||||||||||||||||||
Management agreement commencing date | May 15, 2019 | |||||||||||||||||||||||
Initial term of management contract | 60 months | |||||||||||||||||||||||
Agreement notice period for termination | 120 days | |||||||||||||||||||||||
Number of detainees cared for at facility | Detainee | 300 | |||||||||||||||||||||||
Eden Detention Center | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the facility | Bed | 1,422 | |||||||||||||||||||||||
Net Carrying Value | $ 37,000 | |||||||||||||||||||||||
Management agreement commencing date | Jun. 1, 2019 | |||||||||||||||||||||||
Agreement notice period for termination | 30 days | |||||||||||||||||||||||
Number of detainees cared for at facility | Detainee | 1,000 | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
Construction project capitalized amount | $ 137,700 | |||||||||||||||||||||||
Southeast Correctional Complex | Kentucky Department of Corrections | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Lease term | 10 years | |||||||||||||||||||||||
Number of beds at the facility | Bed | 656 | |||||||||||||||||||||||
Net Carrying Value | $ 20,300 | |||||||||||||||||||||||
Lessor, operating lease, renewal term | 2 years | |||||||||||||||||||||||
Lessor, operating lease, existence of option to extend | true | |||||||||||||||||||||||
Date Idled | 2012 | |||||||||||||||||||||||
ICE | Adams County Correctional Center | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Maximum number of beds cared for adult male detainees | Bed | 660 | |||||||||||||||||||||||
Maximum number of adult detainees allowed under contract | AdultDetainee | 2,348 | |||||||||||||||||||||||
Number of detainees cared for at facility | AdultDetainee | 850 | |||||||||||||||||||||||
North Carolina and Georgia | Internal Revenue Service ("IRS") | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of properties leased | Property | 1 | |||||||||||||||||||||||
North Carolina and Georgia | General Services Administration | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of properties leased | Property | 3 | |||||||||||||||||||||||
North Carolina and Georgia | Social Security Administration | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of properties leased | Property | 2 | |||||||||||||||||||||||
North Carolina | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Purchase price, tenant improvements | $ 300 | |||||||||||||||||||||||
Detroit, Michigan | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Purchase price of real estate | $ 7,200 | |||||||||||||||||||||||
Lease expiration date | 2028-06 | |||||||||||||||||||||||
Area of Building Acquired | ft² | 36,520 | |||||||||||||||||||||||
Percentage of building leased | 100.00% | |||||||||||||||||||||||
Operating lease renewal term | 6 years | |||||||||||||||||||||||
Oklahoma | Idled Residential Reentry Facility | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of facility | Facility | 1 | |||||||||||||||||||||||
Arizona | Idled Residential Reentry Facility | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of facility | Facility | 1 | |||||||||||||||||||||||
Pennsylvania | Idled Residential Reentry Facility | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the facility | Bed | 430 | |||||||||||||||||||||||
Number of facility | Facility | 3 | |||||||||||||||||||||||
Net Carrying Value | $ 9,300 | |||||||||||||||||||||||
Area of facilities | ft² | 54,000 | |||||||||||||||||||||||
Chester, Pennsylvania | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Carrying Value of Assets Dispositions | $ 3,100 | |||||||||||||||||||||||
Proceeds from sale of property | 3,400 | |||||||||||||||||||||||
Gain on sale of assets | $ 300 | |||||||||||||||||||||||
Residential Reentry Centers | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the center | Bed | 230 | |||||||||||||||||||||||
Arapahoe Community Treatment Center | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the center | Bed | 135 | |||||||||||||||||||||||
Purchase price of real estate | $ 5,500 | |||||||||||||||||||||||
Stockton Female Community Corrections Facility | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the center | Bed | 100 | |||||||||||||||||||||||
Purchase price of real estate | $ 1,600 | |||||||||||||||||||||||
Lease expiration date | 2021-04 | |||||||||||||||||||||||
Lease extension period | 5 years | |||||||||||||||||||||||
New Beginnings Treatment Center, Inc. | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the center | Bed | 92 | |||||||||||||||||||||||
Purchase price of real estate | $ 6,400 | |||||||||||||||||||||||
Capital Commerce Center | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Purchase price of real estate | $ 44,700 | |||||||||||||||||||||||
Purchase price, net tangible assets | 40,600 | |||||||||||||||||||||||
Purchase price, identifiable intangible assets | $ 3,200 | |||||||||||||||||||||||
Area of Building Acquired | ft² | 261,000 | |||||||||||||||||||||||
Percentage of building leased | 98.00% | |||||||||||||||||||||||
Capital Commerce Center | Florida | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Percentage of building leased | 87.00% | |||||||||||||||||||||||
Social Security Administration | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Purchase price of real estate | $ 242,000 | |||||||||||||||||||||||
Purchase price, net tangible assets | 207,400 | |||||||||||||||||||||||
Purchase price, identifiable intangible assets | $ 38,900 | |||||||||||||||||||||||
Area of Building Acquired | ft² | 541,000 | |||||||||||||||||||||||
Lease term | 20 years | |||||||||||||||||||||||
Lease term expiration date | Jan. 31, 2034 | |||||||||||||||||||||||
Business acquisition assumed in-place financing | $ 157,300 | |||||||||||||||||||||||
National Archives And Records Administration | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Purchase price of real estate | $ 6,900 | |||||||||||||||||||||||
Purchase price, net tangible assets | 6,900 | |||||||||||||||||||||||
Purchase price, identifiable intangible assets | $ 700 | |||||||||||||||||||||||
Area of Building Acquired | ft² | 217,000 | |||||||||||||||||||||||
Percentage of building leased | 100.00% | |||||||||||||||||||||||
Lease term expiration date | Jan. 31, 2023 | |||||||||||||||||||||||
Additional ten year renewal options | Option | 2 | |||||||||||||||||||||||
Renewal of contract terms | 10 years | |||||||||||||||||||||||
Volume of storage space | MMcf | 1.2 | |||||||||||||||||||||||
Percentage of storage space | 90.00% | |||||||||||||||||||||||
South Raleigh Reentry Center | Raleigh, North Carolina | ||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||||
Number of beds at the center | Bed | 60 | |||||||||||||||||||||||
Purchase price of real estate | $ 900 |
Idled Facilities and Respective
Idled Facilities and Respective Carrying Values Excluding Equipment and Other Assets (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Bed | Dec. 31, 2018USD ($) | |
Prairie Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Design Capacity | Bed | 1,600 | |
Date Idled | 2010 | |
Net Carrying Value | $ | $ 14,863 | $ 15,278 |
Huerfano County Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Design Capacity | Bed | 752 | |
Date Idled | 2010 | |
Net Carrying Value | $ | $ 16,266 | 16,660 |
Diamondback Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Design Capacity | Bed | 2,160 | |
Date Idled | 2010 | |
Net Carrying Value | $ | $ 39,729 | 40,962 |
Marion Adjustment Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Design Capacity | Bed | 826 | |
Date Idled | 2013 | |
Net Carrying Value | $ | $ 11,351 | 11,770 |
Kit Carson Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Design Capacity | Bed | 1,488 | |
Date Idled | 2016 | |
Net Carrying Value | $ | $ 54,041 | 55,507 |
Idle Facilities | ||
Facility Activations Developments And Closures [Line Items] | ||
Design Capacity | Bed | 6,826 | |
Net Carrying Value | $ | $ 136,250 | $ 140,177 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Millions | Dec. 07, 2019USD ($)FacilityBed | Dec. 01, 2018USD ($)State | Jan. 02, 2018USD ($)State | Nov. 01, 2017USD ($)FacilityBed | Jun. 01, 2017USD ($)Bed | Dec. 31, 2018Transaction | Dec. 31, 2017Transaction |
Business Acquisition [Line Items] | |||||||
Number of purchase price transactions | Transaction | 2 | 2 | |||||
Center Point, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price | $ 5.3 | ||||||
Number of beds at the center | Bed | 200 | ||||||
Time to Change, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price | $ 22 | ||||||
Number of beds at the center | Bed | 422 | ||||||
Loss on settlement of contingent consideration | $ 6.1 | ||||||
Number of facilities | Facility | 3 | ||||||
Rocky Mountain Offender Management Systems, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price | $ 7 | ||||||
Number of states in which company facilities are located | State | 7 | ||||||
Recovery Monitoring Solutions Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price | $ 15.9 | ||||||
Number of states in which company facilities are located | State | 4 | ||||||
Rehabilitation Services Inc | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate purchase price | $ 4.4 | ||||||
Number of additional facilities | Facility | 2 | ||||||
Number of additional home confinement facilities | Facility | 34 | ||||||
Rehabilitation Services Inc | Ghent Residential Reentry Center | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds at the center | Bed | 36 | ||||||
Rehabilitation Services Inc | James River Residential Reentry Center | |||||||
Business Acquisition [Line Items] | |||||||
Number of beds at the center | Bed | 84 |
Business Combination Purchase P
Business Combination Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 07, 2019 | Dec. 31, 2018 | Dec. 01, 2018 | Nov. 01, 2017 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 50,537 | $ 48,169 | |||
Time to Change, Inc. and Center Point, Inc. | |||||
Business Acquisition [Line Items] | |||||
Tangible current assets and liabilities, net | $ 900 | ||||
Property and equipment | 19,700 | ||||
Intangible assets | 3,900 | ||||
Total identifiable assets | 24,500 | ||||
Goodwill | 2,800 | ||||
Total consideration | $ 27,300 | ||||
Rocky Mountain Offender Management Systems LLC and Recovery Monitoring Solutions Corporation | |||||
Business Acquisition [Line Items] | |||||
Property and equipment | $ 6,100 | ||||
Intangible assets | 12,400 | ||||
Tangible assets and liabilities, net | (2,800) | ||||
Total identifiable assets | 15,700 | ||||
Goodwill | 7,200 | ||||
Total consideration | $ 22,900 | ||||
Rehabilitation Services Inc | |||||
Business Acquisition [Line Items] | |||||
Property and equipment | $ 1,300 | ||||
Intangible assets | 700 | ||||
Total identifiable assets | 2,000 | ||||
Goodwill | 2,400 | ||||
Total consideration | $ 4,400 |
Investment in Affiliate - Addit
Investment in Affiliate - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 3,000,000 | ||
Equity earnings (losses) of joint venture | (128,000) | $ (100,000) | $ (62,000) |
Other assets | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity in net earnings of Affiliate | $ 38,000 | ||
Agecroft Prison Management Ltd | |||
Investments In And Advances To Affiliates [Line Items] | |||
Variable interest entity, ownership percentage | 50.00% |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets: | ||
Below market lease value, less accumulated amortization of $8,850 | $ 32,738 | |
Deferred leasing assets, less accumulated amortization of $5,647 and $2,021, respectively | $ 41,129 | 43,856 |
Other intangible assets, less accumulated amortization of $8,182 and $5,118, respectively | 14,517 | 17,311 |
Construction receivable - Kansas lease | 137,665 | |
ROU asset | 108,118 | |
Lease incentive assets | 5,454 | 6,096 |
Debt issuance costs, less accumulated amortization of $1,475 and $631, respectively | 2,628 | 3,322 |
Cash equivalents and cash surrender value of life insurance held in Rabbi trust | 14,448 | 13,977 |
Straight-line rent receivable | 7,836 | 10,729 |
Insurance receivable | 13,179 | 6,599 |
Other | 5,933 | 6,579 |
Other assets, total | $ 350,907 | $ 141,207 |
Schedule of Other Assets (Paren
Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Other Assets [Line Items] | ||
Below market lease value, accumulated amortization | $ 8,850 | |
Deferred leasing assets, accumulated amortization | $ 5,647 | 2,021 |
Debt issuance costs, accumulated amortization | 1,475 | 631 |
Other intangible assets | ||
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 8,182 | $ 5,118 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 69.5 | $ 109.9 | |
Amortization expense related to intangible assets | $ 6.8 | $ 6.5 | $ 3.4 |
Estimated Amortization Expense
Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ 6,708 |
2021 | 5,781 |
2022 | 4,565 |
2023 | 3,569 |
2024 | $ 3,514 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Trade accounts payable | $ 75,152 | $ 96,642 |
Accrued salaries and wages | 51,845 | 42,556 |
Accrued dividends | 54,843 | 52,572 |
Accrued workers' compensation and auto liability | 7,062 | 6,901 |
Accrued litigation | 14,134 | 13,937 |
Accrued employee medical insurance | 6,110 | 5,442 |
Accrued property taxes | 27,900 | 27,288 |
Accrued interest | 10,142 | 12,957 |
ROU lease liability | 26,914 | |
Deferred revenue | 15,387 | 15,173 |
Construction payable | 7,504 | 21,099 |
Lease financing obligation | 8,603 | 12,771 |
Other | 31,866 | 44,937 |
Accounts payable and accrued expenses, total | $ 337,462 | $ 352,275 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Long-Term Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Workers' compensation and auto liability | $ 35.8 | $ 29.7 |
Workers' compensation discount rate | 3.00% | 3.00% |
Workers compensation and auto liability, undiscounted basis | $ 40.4 | $ 33.4 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Long Term Liabilities [Line Items] | ||
Intangible contract liability | $ 5,417 | $ 5,804 |
Accrued workers' compensation | 28,769 | 22,798 |
Accrued deferred compensation | 10,919 | 11,507 |
Lease financing obligation | 7,634 | 18,817 |
ROU lease liability | 51,247 | |
Other | 1,593 | 1,622 |
Other liabilities | $ 105,579 | $ 60,548 |
Schedule of Debt Outstanding (D
Schedule of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 18, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Total debt | $ 1,986,865 | $ 1,814,795 | |
Unamortized debt issuance costs | (14,993) | (13,119) | |
Unamortized original issue discount | (12,500) | ||
Current portion of long-term debt | (31,349) | (14,121) | |
Long-term debt, net | 1,928,023 | 1,787,555 | |
Term Loan A Due in April 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 190,000 | 197,500 | |
Unamortized debt issuance costs | (100) | (100) | |
Term Loan B Due in December 2024 | |||
Debt Instrument [Line Items] | |||
Total debt | 250,000 | $ 250,000 | |
Unamortized debt issuance costs | (4,600) | ||
Unamortized original issue discount | $ (12,500) | ||
Senior Notes 4.625% Due 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 350,000 | 350,000 | |
Unamortized debt issuance costs | (2,100) | (2,700) | |
Senior Notes 4.125% | |||
Debt Instrument [Line Items] | |||
Total debt | 325,000 | ||
Unamortized debt issuance costs | (1,000) | ||
Senior Notes 5.0% Due 2022 | |||
Debt Instrument [Line Items] | |||
Total debt | 250,000 | 250,000 | |
Unamortized debt issuance costs | (1,300) | (1,800) | |
Senior Notes 4.75% Due 2027 | |||
Debt Instrument [Line Items] | |||
Total debt | 250,000 | 250,000 | |
Unamortized debt issuance costs | (3,100) | (3,500) | |
Capital Commerce Center Non-Recourse Mortgage Note 4.5% Due 2033 | |||
Debt Instrument [Line Items] | |||
Total debt | 22,209 | 23,429 | |
Unamortized debt issuance costs | (300) | (300) | |
Lansing Correctional Center Non Recourse Mortgage Note 4.43% Due 2040 | |||
Debt Instrument [Line Items] | |||
Total debt | 159,522 | 62,331 | |
Unamortized debt issuance costs | (3,300) | (3,400) | |
SSA Baltimore Non Recourse Mortgage Note 4.5% Due 2034 | |||
Debt Instrument [Line Items] | |||
Total debt | 150,134 | 155,535 | |
Unamortized debt issuance costs | (200) | (300) | |
Revolving Credit Facility | Revolving Credit Facility Due in April 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 365,000 | $ 201,000 |
Schedule of Debt Outstanding (P
Schedule of Debt Outstanding (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 18, 2019 | Apr. 17, 2018 | Oct. 31, 2017 | Sep. 30, 2015 | Apr. 30, 2013 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility maturity date | Apr. 30, 2023 | ||||||
Unamortized debt issuance costs | $ 14,993 | $ 13,119 | |||||
Term Loan A Due in April 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt interest rate | 3.30% | 4.00% | |||||
Debt maturity date | Apr. 30, 2023 | Apr. 30, 2023 | |||||
Interest payable dates | interest payable periodically at variable interest rates. | ||||||
Unamortized debt issuance costs | $ 100 | $ 100 | |||||
Term Loan B Due in December 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt interest rate | 6.30% | ||||||
Debt maturity date | Dec. 31, 2024 | Dec. 31, 2024 | |||||
Interest payable dates | interest payable periodically at variable interest rates. | ||||||
Unamortized debt issuance costs | $ 4,600 | ||||||
Senior Notes 4.625% Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.625% | 4.625% | |||||
Debt maturity date | May 1, 2023 | May 31, 2023 | |||||
Unamortized debt issuance costs | $ 2,100 | 2,700 | |||||
Senior Notes 4.125% | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.125% | ||||||
Unamortized debt issuance costs | 1,000 | ||||||
Senior Notes 5.0% Due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.00% | 5.00% | |||||
Debt maturity date | Oct. 15, 2022 | Oct. 31, 2022 | |||||
Unamortized debt issuance costs | $ 1,300 | 1,800 | |||||
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 | $ 3,100 | 3,500 | |||||
Capital Commerce Center Non-Recourse Mortgage Note 4.5% Due 2033 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.50% | ||||||
Debt maturity date | Jan. 31, 2033 | ||||||
Unamortized debt issuance costs | $ 300 | 300 | |||||
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 | $ 3,300 | 3,400 | |||||
SSA Baltimore Non Recourse Mortgage Note 4.5% Due 2034 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.50% | ||||||
Debt maturity date | Feb. 28, 2034 | ||||||
Unamortized debt issuance costs | $ 200 | $ 300 | |||||
Revolving Credit Facility | Revolving Credit Facility Due in April 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility maturity date | Apr. 30, 2023 | ||||||
Weighted average rate | 3.30% | 4.00% | |||||
Interest payable dates | interest payable periodically at variable interest rates. |
Debt - Additional Information (
Debt - Additional Information (Detail) | Dec. 18, 2019USD ($) | Dec. 02, 2019USD ($) | Aug. 23, 2018USD ($)ft² | Jul. 17, 2018USD ($) | Apr. 20, 2018USD ($) | Apr. 17, 2018USD ($) | Jan. 19, 2018USD ($)ft² | Sep. 15, 2017USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2015USD ($) | Apr. 30, 2013USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 27, 2019 |
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity period | Apr. 30, 2023 | |||||||||||||
Borrowings outstanding under credit facility | $ 365,000,000 | |||||||||||||
Revolving Credit Facility letters of credit outstanding | 22,300,000 | $ 24,000,000 | ||||||||||||
Total debt | 1,986,865,000 | 1,814,795,000 | ||||||||||||
Debt Instrument outstanding balance | 1,986,865,000 | 1,814,795,000 | ||||||||||||
Unamortized original issue discount | 12,500,000 | |||||||||||||
Expenses associated with debt refinancing transactions | $ 602,000 | 1,016,000 | ||||||||||||
Purchase price of real estate | $ 12,000,000 | $ 8,700,000 | ||||||||||||
Business acquisition assumed in-place financing | 157,280,000 | |||||||||||||
Percentage of Senior Notes offer price in connection with an asset sale | 100.00% | |||||||||||||
Percentage of Senior Notes offer price in connection with change in control | 101.00% | |||||||||||||
Letters of credit, Remaining outstanding amount | $ 300,000 | 300,000 | ||||||||||||
Combined Subsidiary Guarantors | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Ownership percentage of subsidiaries | 100.00% | |||||||||||||
Capital Commerce Center | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Area of Building Acquired | ft² | 261,000 | |||||||||||||
Purchase price of real estate | $ 44,700,000 | |||||||||||||
Non-Recourse Mortgage Note | Capital Commerce Center | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument outstanding balance | $ 22,200,000 | |||||||||||||
Debt instrument, term | 15 years | |||||||||||||
Stated interest rate | 4.50% | |||||||||||||
Capitalized loan costs | $ 400,000 | |||||||||||||
Amount of acquisition financed with non-recourse mortgage note | $ 24,500,000 | |||||||||||||
Mortgage note maturity date | 2033-01 | |||||||||||||
Non-Recourse Senior Secured Notes | Private Placement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Jan. 31, 2040 | |||||||||||||
Debt Instrument outstanding balance | 159,500,000 | |||||||||||||
Debt instrument, term | 20 years | |||||||||||||
Aggregate principal amount | $ 159,500,000 | |||||||||||||
Stated interest rate | 4.43% | |||||||||||||
Expected project completion period | January 2020 | |||||||||||||
Notes issuance costs | $ 3,400,000 | |||||||||||||
Non-Recourse Senior Secured Notes | SSA-Baltimore | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Feb. 28, 2034 | |||||||||||||
Debt Instrument outstanding balance | 150,100,000 | |||||||||||||
Stated interest rate | 4.50% | |||||||||||||
Area of Building Acquired | ft² | 541,000 | |||||||||||||
Purchase price of real estate | $ 242,000,000 | |||||||||||||
Notes issuance costs | 200,000 | |||||||||||||
Business acquisition assumed in-place financing | 157,300,000 | |||||||||||||
Balloon payment | $ 40,000,000 | |||||||||||||
Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||
Debt maturity period | Apr. 30, 2023 | |||||||||||||
Line of credit facility, aggregate principal amount of additional borrowing | $ 350,000,000 | |||||||||||||
Credit Agreement | Term Loan A Due in April 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |||||||||||||
Term Loan A Due in April 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 190,000,000 | |||||||||||||
Debt maturity date | Apr. 30, 2023 | Apr. 30, 2023 | ||||||||||||
Debt Instrument outstanding balance | $ 190,000,000 | 197,500,000 | ||||||||||||
Term Loan B Due in December 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Dec. 31, 2024 | Dec. 31, 2024 | ||||||||||||
Debt Instrument outstanding balance | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Percentage of loan to value of certain specified real property assets secured by a first lien | 80.00% | |||||||||||||
Debt instrument, issued price percentage of principal | 95.00% | |||||||||||||
Unamortized original issue discount | $ 12,500,000 | |||||||||||||
Capitalized loan costs | $ 4,600,000 | |||||||||||||
Debt instrument prepayment premium percentage | 1.00% | |||||||||||||
Expenses associated with debt refinancing transactions | $ 600,000 | |||||||||||||
Term Loan B Due in December 2024 | Base Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 3.50% | |||||||||||||
Term Loan B Due in December 2024 | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 4.50% | |||||||||||||
Libor floor rate | 1.00% | |||||||||||||
Senior Notes 4.125% Due 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount | $ 325,000,000 | |||||||||||||
Stated interest rate | 4.125% | 4.125% | 4.125% | 4.125% | ||||||||||
Debt instrument redemption percentage of par | 100.00% | 100.00% | ||||||||||||
Debt instrument, redemption date | Jan. 1, 2020 | |||||||||||||
Senior Notes 4.625% Due 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | May 1, 2023 | May 31, 2023 | ||||||||||||
Debt Instrument outstanding balance | $ 350,000,000 | 350,000,000 | ||||||||||||
Aggregate principal amount | $ 350,000,000 | |||||||||||||
Stated interest rate | 4.625% | 4.625% | ||||||||||||
Debt instrument redemption percentage of par | 100.00% | |||||||||||||
Senior Notes 5.0% Due 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Oct. 15, 2022 | Oct. 31, 2022 | ||||||||||||
Debt Instrument outstanding balance | $ 250,000,000 | 250,000,000 | ||||||||||||
Aggregate principal amount | $ 250,000,000 | |||||||||||||
Stated interest rate | 5.00% | 5.00% | ||||||||||||
Debt instrument redemption percentage of par | 100.00% | |||||||||||||
Senior Notes 4.75% Due 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Oct. 15, 2027 | Oct. 31, 2027 | ||||||||||||
Debt Instrument outstanding balance | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Aggregate principal amount | $ 250,000,000 | |||||||||||||
Stated interest rate | 4.75% | 4.75% | ||||||||||||
Debt instrument redemption percentage of par | 100.00% | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Sublimit swing line loans | $ 30,000,000 | |||||||||||||
Percentage of commitment fee to unfunded balance | 0.35% | |||||||||||||
Line of credit facility, remaining borrowing capacity | $ 412,700,000 | |||||||||||||
Sublimit for issuance of standby letters of credit | $ 50,000,000 | |||||||||||||
Revolving Credit Facility letters of credit outstanding | $ 22,300,000 | |||||||||||||
Percentage of capital stock of foreign subsidiary secured by pledge under Revolving Credit Facilities | 65.00% | |||||||||||||
Revolving Credit Facility | Base Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 0.50% | |||||||||||||
Revolving Credit Facility | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 0.00% | |||||||||||||
Revolving Credit Facility | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 1.00% | |||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 1.50% | |||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 1.00% | |||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 2.00% | |||||||||||||
Revolving Credit Facility | Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 |
Schedule of Principal Payments
Schedule of Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 31,349 | |
2021 | 39,087 | |
2022 | 292,981 | |
2023 | 904,110 | |
2024 | 194,937 | |
Thereafter | 524,401 | |
Total debt | $ 1,986,865 | $ 1,814,795 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Oct. 31, 2016 | Sep. 30, 2014Facility | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2014USD ($)Installment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Deferred Revenue Arrangement [Line Items] | ||||||||||||||
Revenue | $ 497,809 | $ 508,522 | $ 490,294 | $ 484,064 | $ 482,193 | $ 462,728 | $ 449,929 | $ 440,916 | $ 1,980,689 | $ 1,835,766 | $ 1,765,498 | |||
South Texas Family Residential Center | ||||||||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||||||||
Management contract, expiration date | 2021-09 | |||||||||||||
ICE | ||||||||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||||||||
Deferred Revenue - Noncurrent | $ 70,000 | |||||||||||||
Revenue | 170,600 | 170,600 | $ 170,100 | |||||||||||
Deferred revenue | $ 26,100 | $ 39,700 | $ 26,100 | $ 39,700 | ||||||||||
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 ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||||
Minimum Distribution Percentage of Taxable Income to Qualify for Real Estate Investment Trust | 90.00% | ||||
TCJA enacted date | Dec. 22, 2017 | ||||
U.S. federal corporate tax rate | 21.00% | 21.00% | 35.00% | ||
TCJA one time transition tax | $ 0 | ||||
Effect of change in income tax associated with the ACT | $ 1,000,000 | $ 4,500,000 | |||
Effective tax rate | 4.00% | 5.00% | 7.20% | ||
Liabilities for uncertain tax positions | $ 0 | $ 0 |
Components of Income Tax Expens
Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expenses [Line Items] | |||
Current income tax expense, Federal | $ 5,324 | $ 10,481 | $ 10,202 |
Current income tax expense, State | 3,677 | 2,308 | 2,788 |
Current income tax expense, Total | 9,001 | 12,789 | 12,990 |
Deferred income tax expense (benefit), Federal | (489) | (3,422) | 1,088 |
Deferred income tax expense (benefit), State | (673) | (1,014) | (167) |
Deferred income tax expense (benefit), Total | (1,162) | (4,436) | 921 |
Income tax expense | $ 7,839 | $ 8,353 | $ 13,911 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Asset reserves and liabilities not yet deductible for tax | $ 28,247 | $ 21,742 |
Tax over book basis of certain assets | 1,451 | 1,665 |
Net operating loss and tax credit carryforwards | 5,130 | 5,483 |
Intangible contract value | 262 | 148 |
Other | 103 | 123 |
Total noncurrent deferred tax assets | 35,193 | 29,161 |
Less valuation allowance | (3,865) | (3,986) |
Total noncurrent deferred tax assets | 31,328 | 25,175 |
Book over tax basis of certain assets | (11,478) | (5,707) |
Intangible value | (2,264) | (2,370) |
Other | (1,528) | (2,151) |
Total noncurrent deferred tax liabilities | (15,270) | (10,228) |
Net total noncurrent deferred tax assets | $ 16,058 | $ 14,947 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | |||
Statutory federal rate | 21.00% | 21.00% | 35.00% |
Dividends paid deduction | (18.90%) | (18.60%) | (31.30%) |
State taxes, net of federal tax benefit | 1.20% | 1.00% | 1.20% |
Permanent differences | 1.20% | 1.00% | 0.60% |
Charges associated with adoption of tax reform | 0.60% | 2.40% | |
Tax benefit of equity-based compensation | 0.10% | 0.50% | (0.50%) |
Other items, net | (0.60%) | (0.50%) | (0.20%) |
Effective income tax rate, Total | 4.00% | 5.00% | 7.20% |
Tax Characterization of Dividen
Tax Characterization of Dividends per Share on Common Shares (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Dividends Payable [Line Items] | ||||
Total Per Share | $ 1.76 | $ 1.72 | $ 1.68 | |
Dividend Payment 1st | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 17, 2017 | |||
Record Date | Apr. 3, 2017 | |||
Payable Date | Apr. 17, 2017 | |||
Ordinary Income | [1] | $ 0.363660 | ||
Return of Capital | 0.056340 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 2nd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 11, 2017 | |||
Record Date | Jul. 3, 2017 | |||
Payable Date | Jul. 17, 2017 | |||
Ordinary Income | [1] | $ 0.363660 | ||
Return of Capital | 0.056340 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 3rd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 10, 2017 | |||
Record Date | Oct. 2, 2017 | |||
Payable Date | Oct. 16, 2017 | |||
Ordinary Income | [1] | $ 0.363660 | ||
Return of Capital | 0.056340 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 4th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 7, 2017 | |||
Record Date | Jan. 2, 2018 | |||
Payable Date | Jan. 15, 2018 | |||
Ordinary Income | [2] | $ 0.387446 | ||
Return of Capital | 0.032554 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 5th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 22, 2018 | |||
Record Date | Apr. 2, 2018 | |||
Payable Date | Apr. 16, 2018 | |||
Ordinary Income | [3] | $ 0.396671 | ||
Return of Capital | 0.033329 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 6th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 11, 2018 | |||
Record Date | Jul. 2, 2018 | |||
Payable Date | Jul. 16, 2018 | |||
Ordinary Income | [3] | $ 0.396671 | ||
Return of Capital | 0.033329 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 7th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 16, 2018 | |||
Record Date | Oct. 1, 2018 | |||
Payable Date | Oct. 15, 2018 | |||
Ordinary Income | [3] | $ 0.396671 | ||
Return of Capital | 0.033329 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 8th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 13, 2018 | |||
Record Date | Jan. 2, 2019 | |||
Payable Date | Jan. 15, 2019 | |||
Ordinary Income | [4] | $ 0.374927 | ||
Return of Capital | 0.055073 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 9th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 21, 2019 | |||
Record Date | Apr. 1, 2019 | |||
Payable Date | Apr. 15, 2019 | |||
Ordinary Income | [5] | $ 0.383646 | ||
Return of Capital | 0.056354 | |||
Total Per Share | $ 0.44 | |||
Dividend Payment 10th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 16, 2019 | |||
Record Date | Jul. 1, 2019 | |||
Payable Date | Jul. 16, 2019 | |||
Ordinary Income | [5] | $ 0.383646 | ||
Return of Capital | 0.056354 | |||
Total Per Share | $ 0.44 | |||
Dividend Payment 11th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 15, 2019 | |||
Record Date | Oct. 1, 2019 | |||
Payable Date | Oct. 15, 2019 | |||
Ordinary Income | [5] | $ 0.383646 | ||
Return of Capital | 0.056354 | |||
Total Per Share | $ 0.44 | |||
Dividend Payment 12th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 12, 2019 | |||
Record Date | Jan. 6, 2020 | |||
Payable Date | Jan. 15, 2020 | |||
Total Per Share | $ 0.44 | |||
[1] | $0.000000 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[2] | $0.051840 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[3] | $0.053074 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[4] | $0.041313 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[5] | $ |
Tax Characterization of Divid_2
Tax Characterization of Dividends per Share on Common Shares (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 1.76 | $ 1.72 | $ 1.68 |
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.051840 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.053074 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.041313 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 0.042274 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Aug. 28, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2011 | Dec. 31, 2003 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Vesting description | The RSUs awarded to officers and executive officers in 2019 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 evenly generally on the first, second, and third anniversary of the award. 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, 2019, 2020, and 2021, and which can be increased by 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 2019, the RSUs subject to performance-based vesting criteria were increased by 145.8%, but were reduced to the 80% modifier based on CoreCivic's total shareholder return relative to the peer group. Because the performance criteria for the fiscal years ending December 31, 2020 and 2021 have not yet been established, the values of the second and third RSU increments for financial reporting purposes will not be determined until such criteria are established. | |||||
Increase in vesting percentage based on performance relative to annual performance criteria | 150.00% | |||||
Decrease in vesting percentage based on performance relative to annual performance criteria | 0.00% | |||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||
Common stock, shares issued | 119,096,000 | 118,674,000 | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||
Preferred stock, shares par value | $ 0.01 | $ 0.01 | ||||
Total intrinsic value of options exercised | $ 500,000 | $ 1,300,000 | $ 2,900,000 | |||
2008 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Number of shares authorized for issuance of awards | 18,000,000 | |||||
Number of shares available for issuance | 5,000,000 | |||||
Non-Employee Directors' Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Number of shares authorized for issuance of awards | 225,000 | |||||
Number of shares available for issuance | 200,000 | |||||
ATM Agreement | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Common stock, par value | $ 0.01 | |||||
Common stock, shares issued | 0 | 0 | ||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Increase decrease in vesting percentage based on shareholder return relative to peer group | 80.00% | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Increase decrease in vesting percentage based on shareholder return relative to peer group | 120.00% | |||||
Maximum | Common Stock | ATM Agreement | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Common stock, aggregate gross sales price | $ 200,000,000 | |||||
Other Employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Vesting period, continuous service requirement | 3 years | |||||
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 | $ 20,100,000 | $ 20,500,000 | ||||
Increase in vesting percentage based on performance relative to annual performance criteria | 145.80% | |||||
Vesting percentage based on shareholder return relative to peer group. | 80.00% | |||||
Allocated share-based compensation expense | $ 17,300,000 | 13,100,000 | 13,300,000 | |||
Unrecognized compensation cost | $ 16,500,000 | |||||
Remaining period for recognizing the unrecognized compensation cost, in years | 1 year 7 months 6 days | |||||
Total fair value of restricted common stock and common stock units that vested | $ 13,400,000 | 15,300,000 | 16,600,000 | |||
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 | 15,500,000 | 11,300,000 | 11,400,000 | |||
Restricted stock based awards | Operating | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated share-based compensation expense | $ 1,800,000 | $ 1,800,000 | $ 1,900,000 | |||
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 | 934,000 | 945,000 | ||||
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 | 850,000 | 850,000 | ||||
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 | 84,000 | 95,000 | ||||
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 | |||||
Percent of awards eligible to vest | 33.33% | |||||
Restricted stock based awards | Non Employee Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Vesting period | 1 year | |||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Term of options | 10 years | |||||
Stock options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Vesting period | 3 years | |||||
Stock options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Vesting period | 4 years |
Summary of Nonvested RSU Transa
Summary of Nonvested RSU Transactions (Detail) - Restricted stock based awards shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of RSUs, Nonvested at December 31, 2018 | shares | 1,225 |
Shares of RSUs, Granted | shares | 934 |
Shares of RSUs, Cancelled | shares | (73) |
Shares of RSUs, Vested | shares | (524) |
Shares of RSUs, Nonvested at December 31, 2019 | shares | 1,562 |
Weighted average grant date fair value, Nonvested at December 31, 2018 | $ / shares | $ 24.67 |
Weighted average grant date fair value, Granted | $ / shares | 21.49 |
Weighted average grant date fair value, Cancelled | $ / shares | 23.78 |
Weighted average grant date fair value, Vested | $ / shares | 25.53 |
Weighted average grant date fair value, Nonvested at December 31, 2019 | $ / shares | $ 22.52 |
Summary of Stock Option Transac
Summary of Stock Option Transactions Relating to Non-Qualified Stock Option Plans (Detail) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Shares | |
No. of options, Outstanding at December 31, 2018 | shares | 706 |
No. of options, Granted | shares | 0 |
No. of options, Exercised | shares | (62) |
No. of options, Cancelled | shares | 0 |
No. of options, Outstanding at December 31, 2019 | shares | 644 |
No. of options, Exercisable at December 31, 2019 | shares | 644 |
Weighted-Average Exercise Price per Share | |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2018 | $ / shares | $ 20.32 |
Weighted-Average Exercise Price of options, Granted | $ / shares | 0 |
Weighted-Average Exercise Price of options, Exercised | $ / shares | 14.19 |
Weighted-Average Exercise Price of options, Cancelled | $ / shares | 0 |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2019 | $ / shares | 20.91 |
Weighted-Average Exercise Price of options, Exercisable at December 31, 2019 | $ / shares | $ 20.91 |
Weighted Average Remaining Contractual Term (in years) | |
Outstanding at December 31, 2019 | 1 year 4 months 24 days |
Exercisable at December 31, 2019 | 1 year 4 months 24 days |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2019 | $ | $ 0 |
Exercisable at December 31, 2019 | $ | $ 0 |
Schedule of Calculation of Nume
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income, Basic | $ 188,886 | $ 159,207 | $ 178,040 | ||||||||
Net income, Diluted | $ 188,886 | $ 159,207 | $ 178,040 | ||||||||
Weighted average common shares outstanding, Basic | 119,028 | 118,544 | 118,084 | ||||||||
Weighted average common shares outstanding, Basic | 119,028 | 118,544 | 118,084 | ||||||||
Weighted average shares and assumed conversions | 119,164 | 118,716 | 118,465 | ||||||||
BASIC EARNINGS PER SHARE | $ 0.35 | $ 0.41 | $ 0.41 | $ 0.42 | $ 0.35 | $ 0.35 | $ 0.33 | $ 0.32 | $ 1.59 | $ 1.34 | $ 1.51 |
DILUTED EARNINGS PER SHARE | $ 0.35 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.35 | $ 0.34 | $ 0.33 | $ 0.32 | $ 1.59 | $ 1.34 | $ 1.50 |
Stock options | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Effect of dilutive securities | 22 | 111 | 310 | ||||||||
Restricted stock based awards | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Effect of dilutive securities | 114 | 61 | 71 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options excluded from computation of earnings per share because they were anti-dilutive | 486,000 | 317,000 | 8,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)LegalMatterCompensationPlan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | |||
Number of pending legal proceedings that would have an effect on consolidated financial position, results of operations, or cash flows | LegalMatter | 0 | ||
Total cash compensation under Deferred Compensation Plans | 5.00% | 5.00% | 5.00% |
Percentage of fixed return from Deferred Compensation Plans to participants | 5.00% | 5.00% | 5.00% |
Deferred Compensation Plans | |||
Loss Contingencies [Line Items] | |||
Employer discretionary matching contribution equal to employee's contribution | 100.00% | 100.00% | 100.00% |
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 | $ 0.2 | $ 0.3 | $ 0.1 |
Deferred Compensation Plans assets | 14.4 | 14 | |
Deferred Compensation Plans liability | $ 12.9 | $ 12.3 | |
Deferred Compensation Plans | Executive Officer | |||
Loss Contingencies [Line Items] | |||
Contribution as percentage of salary | 50.00% | ||
Contribution as percentage of cash bonus | 100.00% | ||
Deferred Compensation Plans | Non Employee Directors | |||
Loss Contingencies [Line Items] | |||
Contribution as percentage of retainer and meeting fees | 100.00% | ||
Deferred Compensation Plans | After two years of service | |||
Loss Contingencies [Line Items] | |||
Vested percentage of employer contributions and investment earnings or losses | 20.00% | ||
Deferred Compensation Plans | After three years of service | |||
Loss Contingencies [Line Items] | |||
Vested percentage of employer contributions and investment earnings or losses | 40.00% | ||
Deferred Compensation Plans | After four years of service | |||
Loss Contingencies [Line Items] | |||
Vested percentage of employer contributions and investment earnings or losses | 80.00% | ||
Deferred Compensation Plans | After five or more years of service | |||
Loss Contingencies [Line Items] | |||
Vested percentage of employer contributions and investment earnings or losses | 100.00% | ||
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 | 90.00% | ||
Employer discretionary matching contribution equal to employee's contribution | 100.00% | 100.00% | 100.00% |
Maximum percentage of employer discretionary matching contribution of employee's eligible compensation | 5.00% | 5.00% | 5.00% |
Minimum number of hours of employment in the plan year for discretionary matching contribution | 500 | ||
Discretionary contributions to the plan, net of forfeitures | $ 14.2 | $ 13.2 | $ 12.3 |
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, 2019PropertySegmentFacility | |
Segment Reporting Information [Line Items] | |
Number of Operating segments | Segment | 3 |
Number of properties for lease to third parties and used by government agencies | Property | 28 |
CoreCivic Safety | |
Segment Reporting Information [Line Items] | |
Number of facilities operated by the company | 50 |
Number of facilities owned by the company | 43 |
CoreCivic Community | |
Segment Reporting Information [Line Items] | |
Number of centers owned and operated by company | 29 |
CoreCivic Properties | |
Segment Reporting Information [Line Items] | |
Number of properties for lease to third parties and used by government agencies | Property | 28 |
Schedule of Revenue and Net Ope
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 | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 497,809 | $ 508,522 | $ 490,294 | $ 484,064 | $ 482,193 | $ 462,728 | $ 449,929 | $ 440,916 | $ 1,980,689 | $ 1,835,766 | $ 1,765,498 |
Operating expenses | 1,422,769 | 1,315,250 | 1,249,537 | ||||||||
Operating income | $ 66,251 | $ 71,095 | $ 70,954 | $ 73,264 | $ 64,649 | $ 64,419 | 61,712 | $ 58,705 | 281,564 | 249,485 | 260,396 |
General and administrative | (127,078) | (106,865) | (107,822) | ||||||||
Depreciation and amortization | (144,572) | (156,501) | (147,129) | ||||||||
Contingent consideration for acquisition of businesses | (6,085) | ||||||||||
Asset impairments | $ (1,600) | (4,706) | (1,580) | (614) | |||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,980,530 | 1,835,738 | 1,762,927 | ||||||||
Operating expenses | 1,422,083 | 1,314,736 | 1,248,953 | ||||||||
Operating income | 558,447 | 521,002 | 513,974 | ||||||||
Operating Segments | Safety | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,779,958 | 1,675,998 | 1,648,224 | ||||||||
Operating expenses | 1,304,121 | 1,222,418 | 1,185,621 | ||||||||
Operating income | 475,837 | 453,580 | 462,603 | ||||||||
Operating Segments | Community | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 123,265 | 101,841 | 74,263 | ||||||||
Operating expenses | 95,159 | 76,898 | 51,501 | ||||||||
Operating income | 28,106 | 24,943 | 22,762 | ||||||||
Operating Segments | CoreCivic Properties | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 77,307 | 57,899 | 40,440 | ||||||||
Operating expenses | 22,803 | 15,420 | 11,831 | ||||||||
Operating income | 54,504 | 42,479 | 28,609 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other operating expense | (686) | (514) | (584) | ||||||||
General and administrative | (127,078) | (106,865) | (107,822) | ||||||||
Depreciation and amortization | (144,572) | (156,501) | (147,129) | ||||||||
Contingent consideration for acquisition of businesses | (6,085) | ||||||||||
Asset impairments | (4,706) | (1,580) | (614) | ||||||||
Segment Reconciling Items | Other Revenue | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 159 | $ 28 | $ 2,571 |
Summary of Capital Expenditures
Summary of Capital Expenditures Including Accrued Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 190,741 | $ 487,136 | $ 114,747 |
Safety | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 77,662 | 94,559 | 55,712 |
Community | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 5,859 | 15,689 | 35,489 |
CoreCivic Properties | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 95,109 | 365,628 | 18,327 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 12,111 | $ 11,260 | $ 5,219 |
Schedule of Total Assets (Detai
Schedule of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,791,631 | $ 3,655,660 |
Safety | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,606,127 | 2,621,880 |
Community | ||
Segment Reporting Information [Line Items] | ||
Total assets | 275,882 | 281,198 |
CoreCivic Properties | ||
Segment Reporting Information [Line Items] | ||
Total assets | 682,249 | 606,770 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 227,373 | $ 145,812 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 20, 2020USD ($)$ / sharesshares | Jan. 02, 2020USD ($)Propertyshares | Jul. 17, 2018USD ($)Property | Sep. 15, 2017USD ($)Property | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)Property$ / sharesshares | Dec. 31, 2017$ / shares |
Subsequent Event [Line Items] | |||||||
Number of properties acquired | Property | 12 | 4 | 15 | ||||
Purchase price of real estate | $ 12,000 | $ 8,700 | |||||
Debt assumed on acquisition of property | $ 157,280 | ||||||
Dividends declared on common stock, per share | $ / shares | $ 1.76 | $ 1.72 | $ 1.68 | ||||
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 | $ 20,100 | $ 20,500 | |||||
Restricted stock based awards | Employees And Non Employee Directors | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common stock units issued by CoreCivic | shares | 934,000 | 945,000 | |||||
Restricted stock based awards | Officers And Executive Officers | |||||||
Subsequent Event [Line Items] | |||||||
Vesting period | 3 years | ||||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of properties acquired | Property | 28 | ||||||
Purchase price of real estate | $ 83,200 | ||||||
Cash payments to acquire properties | 7,700 | ||||||
Debt assumed on acquisition of property | $ 52,200 | ||||||
Limited partnership units issued | shares | 1,300,000 | ||||||
Conversion period of limited partnership units | 2 years | ||||||
Stated interest rate | 4.90% | ||||||
Debt instrument fixed monthly payment maturity period | Nov. 30, 2025 | ||||||
Balloon payment | $ 46,200 | ||||||
Dividends declared on common stock, per share | $ / shares | $ 0.44 | ||||||
Payable Date | Apr. 15, 2020 | ||||||
Record Date | Apr. 1, 2020 | ||||||
Subsequent Event | 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 | $ 20,700 | ||||||
Subsequent Event | Restricted stock based awards | Employees And Non Employee Directors | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common stock units issued by CoreCivic | shares | 1,200,000 | ||||||
Subsequent Event | Restricted stock based awards | Officers And Executive Officers | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common stock units issued by CoreCivic | shares | 800,000 | ||||||
Vesting period | 3 years | ||||||
Subsequent Event | Restricted stock based awards | Other Employees | |||||||
Subsequent Event [Line Items] | |||||||
Restricted common stock units issued by CoreCivic | shares | 400,000 | ||||||
Vesting period | 3 years | ||||||
Newly Formed Partnership | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Number of properties acquired | Property | 24 |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 92,120 | $ 52,802 | ||
Restricted cash | 26,973 | 21,335 | ||
Accounts receivable, net of allowance | 280,785 | 270,597 | ||
Prepaid expenses and other current assets | 35,507 | 28,791 | ||
Total current assets | 435,385 | 373,525 | ||
Real estate and related assets: | ||||
Property and equipment, net | 2,700,107 | 2,830,589 | ||
Other real estate assets | 238,637 | 247,223 | ||
Goodwill | 50,537 | 48,169 | ||
Non-current deferred tax assets | 16,058 | 14,947 | ||
Other assets | 350,907 | 141,207 | ||
Total assets | 3,791,631 | 3,655,660 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 337,462 | 352,275 | ||
Current portion of long-term debt | 31,349 | 14,121 | ||
Total current liabilities | 368,811 | 366,396 | ||
Long-term debt, net | 1,928,023 | 1,787,555 | ||
Deferred revenue | 12,469 | 26,102 | ||
Other liabilities | 105,579 | 60,548 | ||
Total liabilities | 2,414,882 | 2,240,601 | ||
Total stockholders' equity | 1,376,749 | 1,415,059 | $ 1,451,608 | $ 1,458,963 |
Total liabilities and stockholders' equity | 3,791,631 | 3,655,660 | ||
Reportable Legal Entities | Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 45,427 | 11,109 | ||
Accounts receivable, net of allowance | 154,533 | 254,766 | ||
Prepaid expenses and other current assets | 3,084 | 4,412 | ||
Total current assets | 203,044 | 270,287 | ||
Real estate and related assets: | ||||
Property and equipment, net | 2,226,822 | 2,255,361 | ||
Other real estate assets | 238,637 | 247,223 | ||
Goodwill | 35,425 | 33,057 | ||
Non-current deferred tax assets | 727 | |||
Other assets | 606,718 | 507,161 | ||
Total assets | 3,310,646 | 3,313,816 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 261,588 | 294,474 | ||
Current portion of long-term debt | 23,776 | 8,720 | ||
Total current liabilities | 285,364 | 303,194 | ||
Long-term debt, net | 1,629,745 | 1,579,273 | ||
Non-current deferred tax liabilities | 478 | 1,165 | ||
Other liabilities | 18,310 | 15,125 | ||
Total liabilities | 1,933,897 | 1,898,757 | ||
Total stockholders' equity | 1,376,749 | 1,415,059 | ||
Total liabilities and stockholders' equity | 3,310,646 | 3,313,816 | ||
Reportable Legal Entities | Combined Subsidiary Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 45,309 | 40,348 | ||
Restricted cash | 7 | |||
Accounts receivable, net of allowance | 545,291 | 445,105 | ||
Prepaid expenses and other current assets | 32,600 | 26,939 | ||
Total current assets | 623,207 | 512,392 | ||
Real estate and related assets: | ||||
Property and equipment, net | 272,888 | 310,989 | ||
Goodwill | 15,112 | 15,112 | ||
Non-current deferred tax assets | 14,125 | 14,220 | ||
Other assets | 136,125 | 61,104 | ||
Total assets | 1,061,457 | 913,817 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 396,703 | 377,699 | ||
Total current liabilities | 396,703 | 377,699 | ||
Long-term debt, net | 114,682 | 114,428 | ||
Deferred revenue | 12,469 | 26,102 | ||
Other liabilities | 87,269 | 45,423 | ||
Total liabilities | 611,123 | 563,652 | ||
Total stockholders' equity | 450,334 | 350,165 | ||
Total liabilities and stockholders' equity | 1,061,457 | 913,817 | ||
Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 1,384 | 1,345 | ||
Restricted cash | 26,966 | 21,335 | ||
Accounts receivable, net of allowance | 86 | 1,809 | ||
Prepaid expenses and other current assets | 3,966 | 1,951 | ||
Total current assets | 32,402 | 26,440 | ||
Real estate and related assets: | ||||
Property and equipment, net | 200,397 | 264,239 | ||
Non-current deferred tax assets | 2,411 | 1,165 | ||
Other assets | 173,268 | 38,112 | ||
Total assets | 408,478 | 329,956 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 102,404 | 115,661 | ||
Current portion of long-term debt | 7,573 | 5,401 | ||
Total current liabilities | 109,977 | 121,062 | ||
Long-term debt, net | 298,596 | 208,854 | ||
Total liabilities | 408,573 | 329,916 | ||
Total stockholders' equity | (95) | 40 | ||
Total liabilities and stockholders' equity | 408,478 | 329,956 | ||
Consolidating Adjustments and Other | ||||
ASSETS | ||||
Accounts receivable, net of allowance | (419,125) | (431,083) | ||
Prepaid expenses and other current assets | (4,143) | (4,511) | ||
Total current assets | (423,268) | (435,594) | ||
Real estate and related assets: | ||||
Non-current deferred tax assets | (478) | (1,165) | ||
Other assets | (565,204) | (465,170) | ||
Total assets | (988,950) | (901,929) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | (423,233) | (435,559) | ||
Total current liabilities | (423,233) | (435,559) | ||
Long-term debt, net | (115,000) | (115,000) | ||
Non-current deferred tax liabilities | (478) | (1,165) | ||
Total liabilities | (538,711) | (551,724) | ||
Total stockholders' equity | (450,239) | (350,205) | ||
Total liabilities and stockholders' equity | $ (988,950) | $ (901,929) |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | $ 497,809 | $ 508,522 | $ 490,294 | $ 484,064 | $ 482,193 | $ 462,728 | $ 449,929 | $ 440,916 | $ 1,980,689 | $ 1,835,766 | $ 1,765,498 |
EXPENSES: | |||||||||||
Operating | 1,422,769 | 1,315,250 | 1,249,537 | ||||||||
General and administrative | 127,078 | 106,865 | 107,822 | ||||||||
Depreciation and amortization | 144,572 | 156,501 | 147,129 | ||||||||
Contingent consideration for acquisition of businesses | 6,085 | ||||||||||
Asset impairments | 1,600 | 4,706 | 1,580 | 614 | |||||||
Costs and Expenses, Total | 1,699,125 | 1,586,281 | 1,505,102 | ||||||||
OPERATING INCOME | 66,251 | 71,095 | 70,954 | 73,264 | 64,649 | 64,419 | 61,712 | 58,705 | 281,564 | 249,485 | 260,396 |
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 84,401 | 80,753 | 68,535 | ||||||||
Expenses associated with debt refinancing transactions | 602 | 1,016 | |||||||||
Other (income) expense | (164) | 156 | (90) | ||||||||
Total non-operating expense (income) | 84,839 | 81,925 | 68,445 | ||||||||
INCOME BEFORE INCOME TAXES | 196,725 | 167,560 | 191,951 | ||||||||
Income tax expense | (7,839) | (8,353) | (13,911) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 188,886 | 159,207 | 178,040 | ||||||||
NET INCOME | $ 41,974 | $ 48,994 | $ 48,578 | $ 49,340 | $ 41,239 | $ 40,994 | $ 39,197 | $ 37,777 | 188,886 | 159,207 | 178,040 |
Reportable Legal Entities | Parent | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | 1,363,562 | 1,279,991 | 1,194,690 | ||||||||
EXPENSES: | |||||||||||
Operating | 1,065,596 | 994,505 | 914,443 | ||||||||
General and administrative | 42,680 | 36,409 | 36,964 | ||||||||
Depreciation and amortization | 93,575 | 92,702 | 87,694 | ||||||||
Contingent consideration for acquisition of businesses | 6,085 | ||||||||||
Asset impairments | 4,706 | 1,580 | 300 | ||||||||
Costs and Expenses, Total | 1,206,557 | 1,131,281 | 1,039,401 | ||||||||
OPERATING INCOME | 157,005 | 148,710 | 155,289 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 71,969 | 67,340 | 56,712 | ||||||||
Expenses associated with debt refinancing transactions | 493 | 1,016 | |||||||||
Other (income) expense | (363) | 160 | (255) | ||||||||
Total non-operating expense (income) | 72,099 | 68,516 | 56,457 | ||||||||
INCOME BEFORE INCOME TAXES | 84,906 | 80,194 | 98,832 | ||||||||
Income tax expense | (1,710) | (1,383) | (1,765) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 83,196 | 78,811 | 97,067 | ||||||||
Income from equity in subsidiaries | 105,690 | 80,396 | 80,973 | ||||||||
NET INCOME | 188,886 | 159,207 | 178,040 | ||||||||
Reportable Legal Entities | Combined Subsidiary Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | 1,627,226 | 1,514,503 | 1,454,194 | ||||||||
EXPENSES: | |||||||||||
Operating | 1,381,676 | 1,284,616 | 1,218,480 | ||||||||
General and administrative | 84,398 | 70,456 | 70,858 | ||||||||
Depreciation and amortization | 43,231 | 61,206 | 59,435 | ||||||||
Asset impairments | 314 | ||||||||||
Costs and Expenses, Total | 1,509,305 | 1,416,278 | 1,349,087 | ||||||||
OPERATING INCOME | 117,921 | 98,225 | 105,107 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 5,658 | 10,905 | 11,823 | ||||||||
Expenses associated with debt refinancing transactions | 109 | ||||||||||
Other (income) expense | 72 | (105) | 103 | ||||||||
Total non-operating expense (income) | 5,839 | 10,800 | 11,926 | ||||||||
INCOME BEFORE INCOME TAXES | 112,082 | 87,425 | 93,181 | ||||||||
Income tax expense | (6,129) | (6,970) | (12,146) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 105,953 | 80,455 | 81,035 | ||||||||
NET INCOME | 105,953 | 80,455 | 81,035 | ||||||||
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | 23,546 | 8,243 | |||||||||
EXPENSES: | |||||||||||
Operating | 9,142 | 3,100 | |||||||||
Depreciation and amortization | 7,766 | 2,593 | |||||||||
Costs and Expenses, Total | 16,908 | 5,693 | |||||||||
OPERATING INCOME | 6,638 | 2,550 | |||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 6,774 | 2,508 | |||||||||
Other (income) expense | 335 | 101 | |||||||||
Total non-operating expense (income) | 7,109 | 2,609 | |||||||||
INCOME BEFORE INCOME TAXES | (471) | (59) | |||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | (471) | (59) | |||||||||
NET INCOME | (471) | (59) | |||||||||
Consolidating Adjustments and Other | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | (1,033,645) | (966,971) | (883,386) | ||||||||
EXPENSES: | |||||||||||
Operating | (1,033,645) | (966,971) | (883,386) | ||||||||
Costs and Expenses, Total | (1,033,645) | (966,971) | (883,386) | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Other (income) expense | (208) | 62 | |||||||||
Total non-operating expense (income) | (208) | 62 | |||||||||
INCOME BEFORE INCOME TAXES | 208 | (62) | |||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 208 | (62) | |||||||||
Income from equity in subsidiaries | (105,690) | (80,396) | (80,973) | ||||||||
NET INCOME | $ (105,482) | $ (80,396) | $ (81,035) |
Condensed Consolidating State_2
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 354,384 | $ 322,880 | $ 341,325 |
Net cash used in investing activities | (244,589) | (291,057) | (124,562) |
Net cash provided by (used in) financing activities | (64,839) | (9,869) | (202,291) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 44,956 | 21,954 | 14,472 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 74,137 | 52,183 | 37,711 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | 119,093 | 74,137 | 52,183 |
Reportable Legal Entities | Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 284,933 | 243,083 | 276,055 |
Net cash used in investing activities | (71,312) | (109,114) | (55,242) |
Net cash provided by (used in) financing activities | (179,303) | (148,605) | (206,446) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 34,318 | (14,636) | 14,367 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 11,109 | 25,745 | 11,378 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | 45,427 | 11,109 | 25,745 |
Reportable Legal Entities | Combined Subsidiary Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 61,845 | 75,011 | 65,270 |
Net cash used in investing activities | (79,477) | (47,940) | (69,320) |
Net cash provided by (used in) financing activities | 22,600 | (13,161) | 4,155 |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4,968 | 13,910 | 105 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 40,348 | 26,438 | 26,333 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | 45,316 | 40,348 | $ 26,438 |
Reportable Legal Entities | Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 7,606 | 4,786 | |
Net cash used in investing activities | (93,800) | (134,003) | |
Net cash provided by (used in) financing activities | 91,864 | 151,897 | |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 5,670 | 22,680 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 22,680 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | $ 28,350 | $ 22,680 |
Schedule of Selected Quarterly
Schedule of Selected Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenue | $ 497,809 | $ 508,522 | $ 490,294 | $ 484,064 | $ 482,193 | $ 462,728 | $ 449,929 | $ 440,916 | $ 1,980,689 | $ 1,835,766 | $ 1,765,498 |
Operating income | 66,251 | 71,095 | 70,954 | 73,264 | 64,649 | 64,419 | 61,712 | 58,705 | 281,564 | 249,485 | 260,396 |
Net income | $ 41,974 | $ 48,994 | $ 48,578 | $ 49,340 | $ 41,239 | $ 40,994 | $ 39,197 | $ 37,777 | $ 188,886 | $ 159,207 | $ 178,040 |
Basic earnings per share: Net income | $ 0.35 | $ 0.41 | $ 0.41 | $ 0.42 | $ 0.35 | $ 0.35 | $ 0.33 | $ 0.32 | $ 1.59 | $ 1.34 | $ 1.51 |
Diluted earnings per share: Net income | $ 0.35 | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.35 | $ 0.34 | $ 0.33 | $ 0.32 | $ 1.59 | $ 1.34 | $ 1.50 |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Land, Initial Cost to Company | $ 223,596 | |||||
Buildings and Improvements, Initial Cost to Company | 2,433,971 | |||||
Cost Capitalized Subsequent to Acquisition | 974,566 | |||||
Land and Land Improvements, Gross Amount | 272,148 | |||||
Buildings and Leasehold Improvements, Gross Amount | 3,332,989 | |||||
Total Gross Amount | 3,605,137 | [1] | $ 3,697,160 | $ 3,367,358 | $ 3,306,896 | |
Accumulated Depreciation | $ (1,053,670) | [2] | $ (1,075,389) | $ (976,121) | $ (888,745) | |
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 | 3,798 | |||||
Land and Land Improvements, Gross Amount | 1,089 | |||||
Buildings and Leasehold Improvements, Gross Amount | 123,148 | |||||
Total Gross Amount | [1] | 124,237 | ||||
Accumulated Depreciation | [2] | $ (27,756) | ||||
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 | 236 | |||||
Land and Land Improvements, Gross Amount | 6,090 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,089 | |||||
Total Gross Amount | [1] | 7,179 | ||||
Accumulated Depreciation | [2] | $ (84) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 511 | |||||
Land and Land Improvements, Gross Amount | 3,760 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,750 | |||||
Total Gross Amount | [1] | 5,510 | ||||
Accumulated Depreciation | [2] | $ (175) | ||||
Constructed/Acquired Date | 2017 | |||||
Augusta Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Augusta, Georgia | |||||
Land, Initial Cost to Company | $ 1,281 | |||||
Buildings and Improvements, Initial Cost to Company | 2,674 | |||||
Cost Capitalized Subsequent to Acquisition | 77 | |||||
Land and Land Improvements, Gross Amount | 1,281 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,751 | |||||
Total Gross Amount | [1] | 4,032 | ||||
Accumulated Depreciation | [2] | $ (163) | ||||
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 | 371 | |||||
Land and Land Improvements, Gross Amount | 4,201 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,418 | |||||
Total Gross Amount | [1] | 5,619 | ||||
Accumulated Depreciation | [2] | $ (292) | ||||
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 | 949 | |||||
Land and Land Improvements, Gross Amount | 19,497 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,547 | |||||
Total Gross Amount | [1] | 25,044 | ||||
Accumulated Depreciation | [2] | $ (986) | ||||
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 | 68,330 | |||||
Land and Land Improvements, Gross Amount | 1,545 | |||||
Buildings and Leasehold Improvements, Gross Amount | 80,450 | |||||
Total Gross Amount | [1] | 81,995 | ||||
Accumulated Depreciation | [2] | $ (27,741) | ||||
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 | |||||
Land and Land Improvements, Gross Amount | 70 | |||||
Total Gross Amount | [1],[3] | $ 70 | ||||
Constructed/Acquired Date | 1995 | |||||
Broad Street Residential Reentry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Philadelphia, Pennsylvania | |||||
Land, Initial Cost to Company | $ 663 | |||||
Buildings and Improvements, Initial Cost to Company | 2,700 | |||||
Cost Capitalized Subsequent to Acquisition | 197 | |||||
Land and Land Improvements, Gross Amount | 663 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,897 | |||||
Total Gross Amount | [1] | 3,560 | ||||
Accumulated Depreciation | [2] | $ (338) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 1,197 | |||||
Land and Land Improvements, Gross Amount | 845 | |||||
Buildings and Leasehold Improvements, Gross Amount | 12,592 | |||||
Total Gross Amount | [1] | 13,437 | ||||
Accumulated Depreciation | [2] | $ (2,751) | ||||
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 | 15,759 | |||||
Land and Land Improvements, Gross Amount | 2,748 | |||||
Buildings and Leasehold Improvements, Gross Amount | 140,133 | |||||
Total Gross Amount | [1] | 142,881 | ||||
Accumulated Depreciation | [2] | $ (55,342) | ||||
Constructed/Acquired Date | 1999 | |||||
Capital Commerce Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tallahassee, Florida | |||||
Land, Initial Cost to Company | $ 2,255 | |||||
Buildings and Improvements, Initial Cost to Company | 38,362 | |||||
Cost Capitalized Subsequent to Acquisition | 522 | |||||
Land and Land Improvements, Gross Amount | 2,255 | |||||
Buildings and Leasehold Improvements, Gross Amount | 38,884 | |||||
Total Gross Amount | [1] | 41,139 | ||||
Accumulated Depreciation | [2] | $ (1,955) | ||||
Constructed/Acquired Date | 2018 | |||||
Carver Transitional 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 | 1,140 | |||||
Land and Land Improvements, Gross Amount | 8,599 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,734 | |||||
Total Gross Amount | [1] | 14,333 | ||||
Accumulated Depreciation | [2] | $ (1,024) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 269 | |||||
Land and Land Improvements, Gross Amount | 4,908 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,522 | |||||
Total Gross Amount | [1] | 6,430 | ||||
Accumulated Depreciation | [2] | $ (209) | ||||
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 | 49,348 | |||||
Land and Land Improvements, Gross Amount | 4,395 | |||||
Buildings and Leasehold Improvements, Gross Amount | 179,782 | |||||
Total Gross Amount | [1] | 184,177 | ||||
Accumulated Depreciation | [2] | $ (76,328) | ||||
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 | 831 | |||||
Land and Land Improvements, Gross Amount | 5,567 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,923 | |||||
Total Gross Amount | [1] | 8,490 | ||||
Accumulated Depreciation | [2] | $ (475) | ||||
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 | 32,620 | |||||
Land and Land Improvements, Gross Amount | 1,368 | |||||
Buildings and Leasehold Improvements, Gross Amount | 47,911 | |||||
Total Gross Amount | [1] | 49,279 | ||||
Accumulated Depreciation | [2] | $ (21,346) | ||||
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 | 45,200 | |||||
Land and Land Improvements, Gross Amount | 602 | |||||
Buildings and Leasehold Improvements, Gross Amount | 116,151 | |||||
Total Gross Amount | [1] | 116,753 | ||||
Accumulated Depreciation | [2] | $ (42,079) | ||||
Constructed/Acquired Date | 1997 | |||||
Coffee Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Nicholls, Georgia | ||||
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 | 230 | |||||
Land and Land Improvements, Gross Amount | 1,438 | |||||
Buildings and Leasehold Improvements, Gross Amount | 694 | |||||
Total Gross Amount | [1] | 2,132 | ||||
Accumulated Depreciation | [2] | $ (111) | ||||
Constructed/Acquired Date | 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 | 207 | |||||
Land and Land Improvements, Gross Amount | 5,166 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,965 | |||||
Total Gross Amount | [1] | 7,131 | ||||
Accumulated Depreciation | [2] | $ (152) | ||||
Constructed/Acquired Date | 2017 | |||||
Corpus Christi Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Corpus Christi, Texas | |||||
Buildings and Improvements, Initial Cost to Company | $ 1,886 | |||||
Cost Capitalized Subsequent to Acquisition | 486 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,372 | |||||
Total Gross Amount | [1] | 2,372 | ||||
Accumulated Depreciation | [2] | $ (1,001) | ||||
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 | 43,867 | |||||
Land and Land Improvements, Gross Amount | 1,614 | |||||
Buildings and Leasehold Improvements, Gross Amount | 75,862 | |||||
Total Gross Amount | [1] | 77,476 | ||||
Accumulated Depreciation | [2] | $ (42,217) | ||||
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 | 31,122 | |||||
Land and Land Improvements, Gross Amount | 2,680 | |||||
Buildings and Leasehold Improvements, Gross Amount | 75,498 | |||||
Total Gross Amount | [1] | 78,178 | ||||
Accumulated Depreciation | [2] | $ (27,444) | ||||
Constructed/Acquired Date | 2003 | |||||
Dahlia Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 6,788 | |||||
Buildings and Improvements, Initial Cost to Company | 727 | |||||
Cost Capitalized Subsequent to Acquisition | 269 | |||||
Land and Land Improvements, Gross Amount | 6,835 | |||||
Buildings and Leasehold Improvements, Gross Amount | 949 | |||||
Total Gross Amount | [1] | 7,784 | ||||
Accumulated Depreciation | [2] | $ (155) | ||||
Constructed/Acquired Date | 2016 | |||||
Dallas Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hutchins, Texas | |||||
Buildings and Improvements, Initial Cost to Company | $ 3,852 | |||||
Cost Capitalized Subsequent to Acquisition | 1,731 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,583 | |||||
Total Gross Amount | [1] | 5,583 | ||||
Accumulated Depreciation | [2] | $ (1,326) | ||||
Constructed/Acquired Date | 2015 | |||||
Davis Correctional Facility | ||||||
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 | 41,840 | |||||
Land and Land Improvements, Gross Amount | 1,209 | |||||
Buildings and Leasehold Improvements, Gross Amount | 107,582 | |||||
Total Gross Amount | [1] | 108,791 | ||||
Accumulated Depreciation | [2] | $ (39,346) | ||||
Constructed/Acquired Date | 1996 | |||||
DHS-Chattanooga | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Chattanooga, Tennessee | |||||
Buildings and Improvements, Initial Cost to Company | $ 205 | |||||
Cost Capitalized Subsequent to Acquisition | 5 | |||||
Buildings and Leasehold Improvements, Gross Amount | 210 | |||||
Total Gross Amount | [1] | 210 | ||||
Accumulated Depreciation | [2] | $ (7) | ||||
Constructed/Acquired Date | 2018 | |||||
DHS-Knoxville | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Knoxville, Tennessee | |||||
Land, Initial Cost to Company | $ 275 | |||||
Buildings and Improvements, Initial Cost to Company | 67 | |||||
Cost Capitalized Subsequent to Acquisition | 5 | |||||
Land and Land Improvements, Gross Amount | 275 | |||||
Buildings and Leasehold Improvements, Gross Amount | 72 | |||||
Total Gross Amount | [1] | 347 | ||||
Accumulated Depreciation | [2] | $ (3) | ||||
Constructed/Acquired Date | 2018 | |||||
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 | 25,689 | |||||
Land and Land Improvements, Gross Amount | 1,361 | |||||
Buildings and Leasehold Improvements, Gross Amount | 66,213 | |||||
Total Gross Amount | [1] | 67,574 | ||||
Accumulated Depreciation | [2] | $ (27,844) | ||||
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 | 34,273 | |||||
Land and Land Improvements, Gross Amount | 5,552 | |||||
Buildings and Leasehold Improvements, Gross Amount | 57,291 | |||||
Total Gross Amount | [1] | 62,843 | ||||
Accumulated Depreciation | [2] | $ (25,800) | ||||
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 | 1,234 | |||||
Land and Land Improvements, Gross Amount | 14,936 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,770 | |||||
Total Gross Amount | [1] | 20,706 | ||||
Accumulated Depreciation | [2] | $ (1,039) | ||||
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 | 789 | |||||
Land and Land Improvements, Gross Amount | 10,389 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,923 | |||||
Total Gross Amount | [1] | 15,312 | ||||
Accumulated Depreciation | [2] | $ (849) | ||||
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 | 17,428 | |||||
Land and Land Improvements, Gross Amount | 2,180 | |||||
Buildings and Leasehold Improvements, Gross Amount | 49,054 | |||||
Total Gross Amount | [1] | 51,234 | ||||
Accumulated Depreciation | [2] | $ (23,747) | ||||
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 | 286 | |||||
Land and Land Improvements, Gross Amount | 3,264 | |||||
Buildings and Leasehold Improvements, Gross Amount | 607 | |||||
Total Gross Amount | [1] | 3,871 | ||||
Accumulated Depreciation | [2] | $ (568) | ||||
Constructed/Acquired Date | 2015 | |||||
Fox Facility and Training Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 3,038 | |||||
Buildings and Improvements, Initial Cost to Company | 1,203 | |||||
Cost Capitalized Subsequent to Acquisition | 657 | |||||
Land and Land Improvements, Gross Amount | 3,180 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,718 | |||||
Total Gross Amount | [1] | 4,898 | ||||
Accumulated Depreciation | [2] | $ (257) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 40,884 | |||||
Land and Land Improvements, Gross Amount | 3,587 | |||||
Buildings and Leasehold Improvements, Gross Amount | 92,920 | |||||
Total Gross Amount | [1] | 96,507 | ||||
Accumulated Depreciation | [2] | $ (39,568) | ||||
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 | 4,771 | |||||
Land and Land Improvements, Gross Amount | 1,115 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,138 | |||||
Total Gross Amount | [1] | 31,253 | ||||
Accumulated Depreciation | [2] | $ (14,988) | ||||
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 | |||||
Land and Land Improvements, Gross Amount | 800 | |||||
Buildings and Leasehold Improvements, Gross Amount | 501 | |||||
Total Gross Amount | [1] | $ 1,301 | ||||
Constructed/Acquired Date | 2019 | |||||
ICE-Fayetteville | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Fayetteville, Arkansas | |||||
Land, Initial Cost to Company | $ 159 | |||||
Buildings and Improvements, Initial Cost to Company | 641 | |||||
Cost Capitalized Subsequent to Acquisition | 49 | |||||
Land and Land Improvements, Gross Amount | 159 | |||||
Buildings and Leasehold Improvements, Gross Amount | 690 | |||||
Total Gross Amount | [1] | 849 | ||||
Accumulated Depreciation | [2] | $ (23) | ||||
Constructed/Acquired Date | 2018 | |||||
IRS-Greenville | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Greenville, North Carolina | |||||
Land, Initial Cost to Company | $ 361 | |||||
Buildings and Improvements, Initial Cost to Company | 1,387 | |||||
Cost Capitalized Subsequent to Acquisition | 8 | |||||
Land and Land Improvements, Gross Amount | 361 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,395 | |||||
Total Gross Amount | [1] | 1,756 | ||||
Accumulated Depreciation | [2] | $ (83) | ||||
Constructed/Acquired Date | 2017 | |||||
Jenkins Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Millen, Georgia | ||||
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 | 35,980 | |||||
Cost Capitalized Subsequent to Acquisition | 43,967 | |||||
Land and Land Improvements, Gross Amount | 1,051 | |||||
Buildings and Leasehold Improvements, Gross Amount | 79,328 | |||||
Total Gross Amount | [1] | 80,379 | ||||
Accumulated Depreciation | [2] | $ (26,338) | ||||
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 | 13,819 | |||||
Land and Land Improvements, Gross Amount | 486 | |||||
Buildings and Leasehold Improvements, Gross Amount | 196,771 | |||||
Total Gross Amount | [1] | 197,257 | ||||
Accumulated Depreciation | [2] | $ (48,836) | ||||
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 | 6,274 | |||||
Land and Land Improvements, Gross Amount | 4,031 | |||||
Buildings and Leasehold Improvements, Gross Amount | 74,893 | |||||
Total Gross Amount | [1] | 78,924 | ||||
Accumulated Depreciation | [2] | $ (13,483) | ||||
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 | 3,482 | |||||
Land and Land Improvements, Gross Amount | 986 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,021 | |||||
Total Gross Amount | [1] | 31,007 | ||||
Accumulated Depreciation | [2] | $ (13,228) | ||||
Constructed/Acquired Date | 1985 | |||||
Leavenworth Detention 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 | 43,566 | |||||
Land and Land Improvements, Gross Amount | 491 | |||||
Buildings and Leasehold Improvements, Gross Amount | 88,175 | |||||
Total Gross Amount | [1] | 88,666 | ||||
Accumulated Depreciation | [2] | $ (32,913) | ||||
Constructed/Acquired Date | 1992 | |||||
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 | 17,893 | |||||
Land and Land Improvements, Gross Amount | 1,277 | |||||
Buildings and Leasehold Improvements, Gross Amount | 17,631 | |||||
Total Gross Amount | [1] | 18,908 | ||||
Accumulated Depreciation | [2] | $ (8,491) | ||||
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 | 1,603 | |||||
Land and Land Improvements, Gross Amount | 250 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,377 | |||||
Total Gross Amount | [1] | 6,627 | ||||
Accumulated Depreciation | [2] | $ (3,376) | ||||
Constructed/Acquired Date | 1989 | |||||
Long Beach Community Corrections Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Long Beach, California | |||||
Land, Initial Cost to Company | $ 5,038 | |||||
Buildings and Improvements, Initial Cost to Company | 2,413 | |||||
Land and Land Improvements, Gross Amount | 5,038 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,413 | |||||
Total Gross Amount | [1] | 7,451 | ||||
Accumulated Depreciation | [2] | $ (216) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 118 | |||||
Land and Land Improvements, Gross Amount | 3,363 | |||||
Buildings and Leasehold Improvements, Gross Amount | 701 | |||||
Total Gross Amount | [1] | 4,064 | ||||
Accumulated Depreciation | [2] | $ (100) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 8,772 | |||||
Land and Land Improvements, Gross Amount | 918 | |||||
Buildings and Leasehold Improvements, Gross Amount | 18,098 | |||||
Total Gross Amount | [1] | 19,016 | ||||
Accumulated Depreciation | [2] | $ (7,665) | ||||
Constructed/Acquired Date | 1998 | |||||
McRae Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | McRae, Georgia | |||||
Land, Initial Cost to Company | $ 462 | |||||
Buildings and Improvements, Initial Cost to Company | 60,396 | |||||
Cost Capitalized Subsequent to Acquisition | 20,354 | |||||
Land and Land Improvements, Gross Amount | 1,099 | |||||
Buildings and Leasehold Improvements, Gross Amount | 80,113 | |||||
Total Gross Amount | [1] | 81,212 | ||||
Accumulated Depreciation | [2] | $ (24,812) | ||||
Constructed/Acquired Date | 2000 | |||||
Mineral Wells Pre-Parole Transfer Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Mineral Wells, Texas | |||||
Land, Initial Cost to Company | $ 176 | |||||
Buildings and Improvements, Initial Cost to Company | 22,589 | |||||
Land and Land Improvements, Gross Amount | 100 | |||||
Total Gross Amount | [1],[3] | $ 100 | ||||
Constructed/Acquired Date | 1995 | |||||
MDHHS-Detroit | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Detroit, Michigan | |||||
Land, Initial Cost to Company | $ 830 | |||||
Buildings and Improvements, Initial Cost to Company | 5,739 | |||||
Cost Capitalized Subsequent to Acquisition | 113 | |||||
Land and Land Improvements, Gross Amount | 943 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,739 | |||||
Total Gross Amount | [1] | 6,682 | ||||
Accumulated Depreciation | [2] | $ (111) | ||||
Constructed/Acquired Date | 2019 | |||||
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 | 10,123 | |||||
Land and Land Improvements, Gross Amount | 8,399 | |||||
Buildings and Leasehold Improvements, Gross Amount | 73,634 | |||||
Total Gross Amount | [1] | 82,033 | ||||
Accumulated Depreciation | [2] | $ (16,705) | ||||
Constructed/Acquired Date | 2010 | |||||
North Fork Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Sayre, Oklahoma | |||||
Buildings and Improvements, Initial Cost to Company | $ 42,166 | |||||
Cost Capitalized Subsequent to Acquisition | 62,506 | |||||
Land and Land Improvements, Gross Amount | 368 | |||||
Buildings and Leasehold Improvements, Gross Amount | 104,304 | |||||
Total Gross Amount | [1] | 104,672 | ||||
Accumulated Depreciation | [2] | $ (36,794) | ||||
Constructed/Acquired Date | 1998 | |||||
NARA-Dayton | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Dayton, Ohio | |||||
Land, Initial Cost to Company | $ 548 | |||||
Buildings and Improvements, Initial Cost to Company | 6,439 | |||||
Cost Capitalized Subsequent to Acquisition | 317 | |||||
Land and Land Improvements, Gross Amount | 569 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,735 | |||||
Total Gross Amount | [1] | 7,304 | ||||
Accumulated Depreciation | [2] | $ (248) | ||||
Constructed/Acquired Date | 2018 | |||||
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 | 13,616 | |||||
Land and Land Improvements, Gross Amount | 1,901 | |||||
Buildings and Leasehold Improvements, Gross Amount | 52,048 | |||||
Total Gross Amount | [1] | 53,949 | ||||
Accumulated Depreciation | [2] | $ (22,782) | ||||
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 | 19,199 | |||||
Land and Land Improvements, Gross Amount | 879 | |||||
Buildings and Leasehold Improvements, Gross Amount | 34,350 | |||||
Total Gross Amount | [1] | 35,229 | ||||
Accumulated Depreciation | [2] | $ (16,285) | ||||
Constructed/Acquired Date | 1989 | |||||
Oklahoma City Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Oklahoma City, Oklahoma | |||||
Land, Initial Cost to Company | $ 1,114 | |||||
Buildings and Improvements, Initial Cost to Company | 2,626 | |||||
Cost Capitalized Subsequent to Acquisition | 1,654 | |||||
Land and Land Improvements, Gross Amount | 1,144 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,250 | |||||
Total Gross Amount | [1] | 5,394 | ||||
Accumulated Depreciation | [2] | $ (375) | ||||
Constructed/Acquired Date | 2017 | |||||
Oracle Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tucson, Arizona | |||||
Land, Initial Cost to Company | $ 4,544 | |||||
Buildings and Improvements, Initial Cost to Company | 1,220 | |||||
Cost Capitalized Subsequent to Acquisition | 354 | |||||
Land and Land Improvements, Gross Amount | 895 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,183 | |||||
Total Gross Amount | [1],[3] | 2,078 | ||||
Accumulated Depreciation | [2] | $ (129) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 46,853 | |||||
Land and Land Improvements, Gross Amount | 37,092 | |||||
Buildings and Leasehold Improvements, Gross Amount | 153,017 | |||||
Total Gross Amount | [1] | 190,109 | ||||
Accumulated Depreciation | [2] | $ (11,586) | ||||
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 | 9,940 | |||||
Land and Land Improvements, Gross Amount | 1,068 | |||||
Buildings and Leasehold Improvements, Gross Amount | 31,278 | |||||
Total Gross Amount | [1] | 32,346 | ||||
Accumulated Depreciation | [2] | $ (17,484) | ||||
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 | 462 | |||||
Land and Land Improvements, Gross Amount | 1,280 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,313 | |||||
Total Gross Amount | [1] | 3,593 | ||||
Accumulated Depreciation | [2] | $ (212) | ||||
Constructed/Acquired Date | 2018 | |||||
Red Rock Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Eloy, Arizona | ||||
Constructed/Acquired Date | [4] | 2006 | ||||
Shelby Training Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Memphis, Tennessee | |||||
Land, Initial Cost to Company | $ 150 | |||||
Buildings and Improvements, Initial Cost to Company | 6,393 | |||||
Cost Capitalized Subsequent to Acquisition | 3,495 | |||||
Land and Land Improvements, Gross Amount | 279 | |||||
Buildings and Leasehold Improvements, Gross Amount | 9,759 | |||||
Total Gross Amount | [1] | 10,038 | ||||
Accumulated Depreciation | [2] | $ (9,510) | ||||
Constructed/Acquired Date | 1986 | |||||
Roth Hall Residential Reentry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Philadelphia, Pennsylvania | |||||
Land, Initial Cost to Company | $ 654 | |||||
Buildings and Improvements, Initial Cost to Company | 2,693 | |||||
Land and Land Improvements, Gross Amount | 654 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,693 | |||||
Total Gross Amount | [1] | 3,347 | ||||
Accumulated Depreciation | [2] | $ (297) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 1,942 | |||||
Land and Land Improvements, Gross Amount | 486 | |||||
Buildings and Leasehold Improvements, Gross Amount | 100,552 | |||||
Total Gross Amount | [1] | 101,038 | ||||
Accumulated Depreciation | [2] | $ (25,539) | ||||
Constructed/Acquired Date | 2007 | |||||
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 | 11,776 | |||||
Land and Land Improvements, Gross Amount | 1,590 | |||||
Buildings and Leasehold Improvements, Gross Amount | 35,173 | |||||
Total Gross Amount | [1] | 36,763 | ||||
Accumulated Depreciation | [2] | $ (16,429) | ||||
Constructed/Acquired Date | 1998 | |||||
SSA-Balch Springs | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Balch Springs, Texas | |||||
Land, Initial Cost to Company | $ 541 | |||||
Buildings and Improvements, Initial Cost to Company | 405 | |||||
Cost Capitalized Subsequent to Acquisition | 428 | |||||
Land and Land Improvements, Gross Amount | 541 | |||||
Buildings and Leasehold Improvements, Gross Amount | 833 | |||||
Total Gross Amount | [1] | 1,374 | ||||
Accumulated Depreciation | [2] | $ (22) | ||||
Constructed/Acquired Date | 2018 | |||||
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 | |||||
Land and Land Improvements, Gross Amount | 277 | |||||
Buildings and Leasehold Improvements, Gross Amount | 663 | |||||
Total Gross Amount | [1] | 940 | ||||
Accumulated Depreciation | [2] | $ (15) | ||||
Constructed/Acquired Date | 2019 | |||||
SSA-Baltimore | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Baltimore, Maryland | |||||
Land, Initial Cost to Company | $ 27,987 | |||||
Buildings and Improvements, Initial Cost to Company | 179,424 | |||||
Land and Land Improvements, Gross Amount | 29,717 | |||||
Buildings and Leasehold Improvements, Gross Amount | 177,694 | |||||
Total Gross Amount | [1] | 207,411 | ||||
Accumulated Depreciation | [2] | $ (7,015) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Bryan | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Bryan, Texas | |||||
Land, Initial Cost to Company | $ 277 | |||||
Buildings and Improvements, Initial Cost to Company | 578 | |||||
Land and Land Improvements, Gross Amount | 277 | |||||
Buildings and Leasehold Improvements, Gross Amount | 578 | |||||
Total Gross Amount | [1] | 855 | ||||
Accumulated Depreciation | [2] | $ (17) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Denton | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denton, Texas | |||||
Land, Initial Cost to Company | $ 467 | |||||
Buildings and Improvements, Initial Cost to Company | 823 | |||||
Cost Capitalized Subsequent to Acquisition | 32 | |||||
Land and Land Improvements, Gross Amount | 467 | |||||
Buildings and Leasehold Improvements, Gross Amount | 855 | |||||
Total Gross Amount | [1] | 1,322 | ||||
Accumulated Depreciation | [2] | $ (26) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Florissant | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | St Louis, Missouri | |||||
Land, Initial Cost to Company | $ 245 | |||||
Buildings and Improvements, Initial Cost to Company | 553 | |||||
Cost Capitalized Subsequent to Acquisition | 19 | |||||
Land and Land Improvements, Gross Amount | 245 | |||||
Buildings and Leasehold Improvements, Gross Amount | 572 | |||||
Total Gross Amount | [1] | 817 | ||||
Accumulated Depreciation | [2] | $ (18) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Harrison | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Harrison, Arkansas | |||||
Land, Initial Cost to Company | $ 188 | |||||
Buildings and Improvements, Initial Cost to Company | 1,524 | |||||
Cost Capitalized Subsequent to Acquisition | 79 | |||||
Land and Land Improvements, Gross Amount | 188 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,603 | |||||
Total Gross Amount | [1] | 1,791 | ||||
Accumulated Depreciation | [2] | $ (48) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Hot Springs | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hot Springs, Arkansas | |||||
Land, Initial Cost to Company | $ 337 | |||||
Buildings and Improvements, Initial Cost to Company | 1,323 | |||||
Cost Capitalized Subsequent to Acquisition | 47 | |||||
Land and Land Improvements, Gross Amount | 346 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,361 | |||||
Total Gross Amount | [1] | 1,707 | ||||
Accumulated Depreciation | [2] | $ (45) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Marshall | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Marshall, Texas | |||||
Land, Initial Cost to Company | $ 44 | |||||
Buildings and Improvements, Initial Cost to Company | 790 | |||||
Cost Capitalized Subsequent to Acquisition | 419 | |||||
Land and Land Improvements, Gross Amount | 44 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,209 | |||||
Total Gross Amount | [1] | 1,253 | ||||
Accumulated Depreciation | [2] | $ (28) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-McAlester | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | McAlester, Oklahoma | |||||
Land, Initial Cost to Company | $ 139 | |||||
Buildings and Improvements, Initial Cost to Company | 1,094 | |||||
Cost Capitalized Subsequent to Acquisition | 8 | |||||
Land and Land Improvements, Gross Amount | 139 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,102 | |||||
Total Gross Amount | [1] | 1,241 | ||||
Accumulated Depreciation | [2] | $ (34) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Milledgeville | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Milledgeville, Georgia | |||||
Land, Initial Cost to Company | $ 120 | |||||
Buildings and Improvements, Initial Cost to Company | 714 | |||||
Land and Land Improvements, Gross Amount | 120 | |||||
Buildings and Leasehold Improvements, Gross Amount | 714 | |||||
Total Gross Amount | [1] | 834 | ||||
Accumulated Depreciation | [2] | $ (42) | ||||
Constructed/Acquired Date | 2017 | |||||
SSA-Poteau | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Poteau, Oklahoma | |||||
Land, Initial Cost to Company | $ 175 | |||||
Buildings and Improvements, Initial Cost to Company | 275 | |||||
Cost Capitalized Subsequent to Acquisition | 46 | |||||
Land and Land Improvements, Gross Amount | 175 | |||||
Buildings and Leasehold Improvements, Gross Amount | 321 | |||||
Total Gross Amount | [1] | 496 | ||||
Accumulated Depreciation | [2] | $ (12) | ||||
Constructed/Acquired Date | 2018 | |||||
SSA-Rockingham | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Rockingham, North Carolina | |||||
Land, Initial Cost to Company | $ 95 | |||||
Buildings and Improvements, Initial Cost to Company | 1,070 | |||||
Cost Capitalized Subsequent to Acquisition | 33 | |||||
Land and Land Improvements, Gross Amount | 117 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,081 | |||||
Total Gross Amount | [1] | 1,198 | ||||
Accumulated Depreciation | [2] | $ (67) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 5,112 | |||||
Land and Land Improvements, Gross Amount | 594 | |||||
Buildings and Leasehold Improvements, Gross Amount | 18,119 | |||||
Total Gross Amount | [1] | 18,713 | ||||
Accumulated Depreciation | [2] | $ (8,686) | ||||
Constructed/Acquired Date | 1997 | |||||
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 | 21,356 | |||||
Land and Land Improvements, Gross Amount | 1,622 | |||||
Buildings and Leasehold Improvements, Gross Amount | 90,437 | |||||
Total Gross Amount | [1] | 92,059 | ||||
Accumulated Depreciation | [2] | $ (27,967) | ||||
Constructed/Acquired Date | 2004 | |||||
Tallahatchie County Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tutwiler, Mississippi | |||||
Buildings and Improvements, Initial Cost to Company | $ 44,638 | |||||
Cost Capitalized Subsequent to Acquisition | 101,356 | |||||
Land and Land Improvements, Gross Amount | 1,650 | |||||
Buildings and Leasehold Improvements, Gross Amount | 144,344 | |||||
Total Gross Amount | [1] | 145,994 | ||||
Accumulated Depreciation | [2] | $ (51,747) | ||||
Constructed/Acquired Date | 2000 | |||||
Stockton Female Community Corrections Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Stockton, California | |||||
Land, Initial Cost to Company | $ 692 | |||||
Buildings and Improvements, Initial Cost to Company | 788 | |||||
Land and Land Improvements, Gross Amount | 692 | |||||
Buildings and Leasehold Improvements, Gross Amount | 788 | |||||
Total Gross Amount | [1] | 1,480 | ||||
Accumulated Depreciation | [2] | $ (57) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 8,564 | |||||
Land and Land Improvements, Gross Amount | 1,719 | |||||
Buildings and Leasehold Improvements, Gross Amount | 59,955 | |||||
Total Gross Amount | [1] | 61,674 | ||||
Accumulated Depreciation | [2] | $ (27,650) | ||||
Constructed/Acquired Date | 1990 | |||||
Trousdale Turner Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hartsville, TN | |||||
Land, Initial Cost to Company | $ 649 | |||||
Buildings and Improvements, Initial Cost to Company | 135,412 | |||||
Cost Capitalized Subsequent to Acquisition | 4,896 | |||||
Land and Land Improvements, Gross Amount | 1,701 | |||||
Buildings and Leasehold Improvements, Gross Amount | 139,256 | |||||
Total Gross Amount | [1] | 140,957 | ||||
Accumulated Depreciation | [2] | $ (11,562) | ||||
Constructed/Acquired Date | 2015 | |||||
Tulsa Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, OK | |||||
Land, Initial Cost to Company | $ 8,206 | |||||
Buildings and Improvements, Initial Cost to Company | 4,061 | |||||
Cost Capitalized Subsequent to Acquisition | 864 | |||||
Land and Land Improvements, Gross Amount | 8,206 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,925 | |||||
Total Gross Amount | [1] | 13,131 | ||||
Accumulated Depreciation | [2] | $ (858) | ||||
Constructed/Acquired Date | 2015 | |||||
Turley Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, OK | |||||
Land, Initial Cost to Company | $ 421 | |||||
Buildings and Improvements, Initial Cost to Company | 4,105 | |||||
Cost Capitalized Subsequent to Acquisition | 930 | |||||
Land and Land Improvements, Gross Amount | 421 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,035 | |||||
Total Gross Amount | [1] | 5,456 | ||||
Accumulated Depreciation | [2] | $ (914) | ||||
Constructed/Acquired Date | 2015 | |||||
Ulster Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 4,068 | |||||
Buildings and Improvements, Initial Cost to Company | 442 | |||||
Cost Capitalized Subsequent to Acquisition | 195 | |||||
Land and Land Improvements, Gross Amount | 4,126 | |||||
Buildings and Leasehold Improvements, Gross Amount | 579 | |||||
Total Gross Amount | [1] | 4,705 | ||||
Accumulated Depreciation | [2] | $ (90) | ||||
Constructed/Acquired Date | 2016 | |||||
Walker Hall Residential Reentry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Philadelphia, PA | |||||
Land, Initial Cost to Company | $ 654 | |||||
Buildings and Improvements, Initial Cost to Company | 2,693 | |||||
Cost Capitalized Subsequent to Acquisition | 1 | |||||
Land and Land Improvements, Gross Amount | 654 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,694 | |||||
Total Gross Amount | [1] | 3,348 | ||||
Accumulated Depreciation | [2] | $ (299) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 20,160 | |||||
Cost Capitalized Subsequent to Acquisition | 6,262 | |||||
Land and Land Improvements, Gross Amount | 2,206 | |||||
Buildings and Leasehold Improvements, Gross Amount | 24,714 | |||||
Total Gross Amount | [1] | 26,920 | ||||
Accumulated Depreciation | [2] | $ (12,499) | ||||
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 | 6,670 | |||||
Land and Land Improvements, Gross Amount | 2,012 | |||||
Buildings and Leasehold Improvements, Gross Amount | 37,127 | |||||
Total Gross Amount | [1] | 39,139 | ||||
Accumulated Depreciation | [2] | $ (18,409) | ||||
Constructed/Acquired Date | 1990 | |||||
Wheeler Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Alamo, Georgia | ||||
Constructed/Acquired Date | [4] | 1998 | ||||
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 | 7,866 | |||||
Land and Land Improvements, Gross Amount | 1,671 | |||||
Buildings and Leasehold Improvements, Gross Amount | 58,192 | |||||
Total Gross Amount | [1] | 59,863 | ||||
Accumulated Depreciation | [2] | $ (26,027) | ||||
Constructed/Acquired Date | 1998 | |||||
[1] | The aggregate cost of properties for federal income tax purposes is approximately $4.0 billion at December 31, 2019. | |||||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. | |||||
[3] | CoreCivic recorded non-cash impairments during the fourth quarter of 2014 to write down the book value of the Mineral Wells facility, during the third quarter of 2017 to write down the book value of the Bridgeport facility, and during the second quarter of 2019 to write down the book value of the Oracle facility to the estimated fair values assuming uses other than correctional facilities. | |||||
[4] | 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. |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |
Aggregate cost of properties for federal Income Tax purposes | $ 4 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||
Investment in Real Estate, balance at beginning of period | $ 3,697,160 | $ 3,367,358 | $ 3,306,896 | |
Additions through capital expenditures | 64,423 | 26,547 | 29,730 | |
Acquisitions | 8,809 | 269,271 | 37,827 | |
Asset impairments | (4,040) | (879) | ||
Reclassifications and other | (161,215) | 33,984 | (6,216) | |
Investment in Real Estate, balance at end of period | 3,605,137 | [1] | 3,697,160 | 3,367,358 |
Accumulated Depreciation, balance at beginning of period | (1,075,389) | (976,121) | (888,745) | |
Depreciation | (87,492) | (99,361) | (94,116) | |
Disposals/Other | 109,211 | 93 | 6,162 | |
Asset impairments | 578 | |||
Accumulated Depreciation, balance at end of period | $ (1,053,670) | [2] | $ (1,075,389) | $ (976,121) |
[1] | The aggregate cost of properties for federal income tax purposes is approximately $4.0 billion at December 31, 2019. | |||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. |