Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GEO GROUP INC | |
Entity Central Index Key | 923,796 | |
Document Type | 10-Q | |
Trading Symbol | GEO | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 124,031,856 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 577,070 | $ 548,350 | $ 1,127,684 | $ 1,058,535 |
Operating expenses | 438,445 | 416,837 | 853,152 | 805,343 |
Depreciation and amortization | 31,866 | 28,652 | 60,815 | 57,103 |
General and administrative expenses | 52,206 | 36,904 | 94,792 | 70,965 |
Operating income | 54,553 | 65,957 | 118,925 | 125,124 |
Interest income | 12,346 | 5,902 | 24,323 | 10,459 |
Interest expense | (35,983) | (31,089) | (70,983) | (60,455) |
Loss on extinguishment of debt | 0 | (15,866) | 0 | (15,866) |
Income before income taxes and equity in earnings of affiliates | 30,916 | 24,904 | 72,265 | 59,262 |
Provision for income taxes | 1,400 | 3,879 | 3,870 | 7,030 |
Equity in earnings of affiliates, net of income tax provision of $597, $728, $1,208 and $1,199, respectively | 1,426 | 2,131 | 2,913 | 3,250 |
Net income | 30,942 | 23,156 | 71,308 | 55,482 |
Net loss attributable to noncontrolling interests | 50 | 53 | 87 | 77 |
Net income attributable to The GEO Group, Inc. | $ 30,992 | $ 23,209 | $ 71,395 | $ 55,559 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 122,125 | 111,066 | 117,885 | 110,940 |
Diluted (in shares) | 122,895 | 111,479 | 118,702 | 111,381 |
Basic: | ||||
Income per common share attributable to The GEO Group, Inc. - basic (in dollars per share) | $ 0.25 | $ 0.21 | $ 0.61 | $ 0.50 |
Diluted: | ||||
Income per common share attributable to The GEO Group, Inc. - diluted (in dollars per share) | 0.25 | 0.21 | 0.60 | 0.50 |
Dividends declared per share (in US dollars per share) | $ 0.47 | $ 0.43 | $ 0.94 | $ 0.87 |
Consolidated Statements of Ope3
Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Income tax provision on equity in earnings of affiliates | $ 597 | $ 728 | $ 1,208 | $ 1,199 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net income | $ 30,942 | $ 23,156 | $ 71,308 | $ 55,482 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 513 | (413) | 2,206 | 1,101 |
Pension liability adjustment, net of tax provision of $25, $20, $51 and $41, respectively | 64 | 33 | 111 | 65 |
Unrealized gain (loss) on derivative instrument classified as cash flow hedge, net of tax (provision) benefit of $(229), $391, $(144) and $817, respectively | 1,295 | (2,198) | 816 | (4,642) |
Total other comprehensive income (loss), net of tax | 1,872 | (2,578) | 3,133 | (3,476) |
Total comprehensive income | 32,814 | 20,578 | 74,441 | 52,006 |
Comprehensive loss attributable to noncontrolling interests | 51 | 52 | 85 | 68 |
Comprehensive income attributable to The GEO Group, Inc. | $ 32,865 | $ 20,630 | $ 74,526 | $ 52,074 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Tax provision on defined benefit pension plans | $ 25 | $ 20 | $ 51 | $ 41 |
Tax provision on loss on derivative instrument classified as a cash flow hedge | $ (229) | $ 391 | $ (144) | $ 817 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 65,901 | $ 68,038 |
Restricted cash and investments | 17,378 | 17,133 |
Accounts receivable, less allowance for doubtful accounts of $4,373 and $3,664, respectively | 342,361 | 356,255 |
Contract receivable, current portion | 238,958 | 224,033 |
Prepaid expenses and other current assets | 42,467 | 32,210 |
Total current assets | 707,065 | 697,669 |
Restricted Cash and Investments | 23,020 | 20,848 |
Property and Equipment, Net | 2,049,613 | 1,897,241 |
Non-Current Contract Receivable | 358,727 | 219,783 |
Deferred Income Tax Assets | 32,262 | 30,039 |
Goodwill | 787,803 | 615,433 |
Intangible Assets, Net | 268,345 | 203,884 |
Other Non-Current Assets | 66,933 | 64,512 |
Total Assets | 4,293,768 | 3,749,409 |
Current Liabilities | ||
Accounts payable | 98,027 | 79,637 |
Accrued payroll and related taxes | 63,192 | 55,260 |
Accrued expenses and other current liabilities | 153,930 | 131,096 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 255,404 | 238,065 |
Total current liabilities | 570,553 | 504,058 |
Other Non-Current Liabilities | 98,741 | 88,656 |
Capital Lease Obligations | 6,787 | 7,431 |
Long-Term Debt | 2,107,208 | 1,935,465 |
Non-Recourse Debt | 283,780 | 238,842 |
Commitments, Contingencies and Other (Note 11) | ||
Shareholders’ Equity | ||
Preferred stock, $0.01 par value, 30,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, 187,500,000 shares authorized, 123,976,106 and 112,547,544 issued and outstanding, respectively | 1,240 | 1,125 |
Additional paid-in capital | 1,180,038 | 891,993 |
Earnings in excess of distributions | 73,299 | 112,763 |
Accumulated other comprehensive loss | (27,694) | (30,825) |
Total shareholders’ equity attributable to The GEO Group, Inc. | 1,226,883 | 975,056 |
Noncontrolling interests | (184) | (99) |
Total shareholders’ equity | 1,226,699 | 974,957 |
Total Liabilities and Shareholders’ Equity | $ 4,293,768 | $ 3,749,409 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jun. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ | $ 4,373 | $ 3,664 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | (per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 187,500,000 | 187,500,000 |
Common stock, shares issued | 123,976,106 | 112,547,544 |
Common stock, shares outstanding | 123,976,106 | 112,547,544 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flow from Operating Activities: | ||
Net income | $ 71,308 | $ 55,482 |
Net loss attributable to noncontrolling interests | 87 | 77 |
Net income attributable to The GEO Group, Inc. | 71,395 | 55,559 |
Adjustments to reconcile net income attributable to The GEO Group, Inc. to net cash provided by operating activities: | ||
Depreciation and amortization expense | 60,815 | 57,103 |
Stock-based compensation | 9,993 | 6,489 |
Loss on extinguishment of debt | 0 | 15,866 |
Amortization of debt issuance costs, discount and/or premium and other non-cash interest | 7,676 | 5,027 |
Provision for doubtful accounts | 1,227 | 1,170 |
Equity in earnings of affiliates, net of tax | (2,913) | (3,250) |
Dividends received from unconsolidated joint venture | 2,359 | 0 |
Income tax deficiency related to equity compensation | 0 | 791 |
Loss on sale/disposal of property and equipment, net | 1,909 | 172 |
Changes in assets and liabilities, net of effects of acquisitions: | ||
Changes in accounts receivable, prepaid expenses and other assets | 44,336 | 14,047 |
Changes in contract receivable | (122,006) | (124,273) |
Changes in accounts payable, accrued expenses and other liabilities | (24,077) | 9,551 |
Net cash provided by operating activities | 50,714 | 38,252 |
Cash Flow from Investing Activities: | ||
Acquisition of CEC, net of cash acquired | (354,466) | 0 |
Insurance proceeds - damaged property | 0 | 548 |
Proceeds from sale of property and equipment | 648 | 43 |
Change in restricted cash and investments | (1,835) | (65,853) |
Capital expenditures | (67,508) | (46,014) |
Net cash used in investing activities | (423,161) | (111,276) |
Cash Flow from Financing Activities: | ||
Proceeds from long-term debt | 1,158,574 | 641,000 |
Payments on long-term debt | (972,500) | (627,506) |
Payments on non-recourse debt | (67,885) | (3,044) |
Proceeds from non-recourse debt | 91,076 | 159,068 |
Taxes paid related to net share settlements of equity awards | (4,092) | (2,257) |
Proceeds from issuance of common stock under prospectus supplement | 275,867 | 0 |
Proceeds from issuance of common stock in connection with ESPP | 242 | 224 |
Debt issuance costs | (7,587) | (19,497) |
Income tax deficiency related to equity compensation | 0 | (791) |
Proceeds from the exercise of stock options | 6,150 | 2,057 |
Cash dividends paid | (110,859) | (97,247) |
Net cash provided by financing activities | 368,986 | 52,007 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,324 | 244 |
Net Decrease in Cash and Cash Equivalents | (2,137) | (20,773) |
Cash and Cash Equivalents, beginning of period | 68,038 | 59,638 |
Cash and Cash Equivalents, end of period | 65,901 | 38,865 |
Non-cash Investing and Financing activities: | ||
Capital expenditures in accounts payable and accrued expenses | $ 8,450 | $ 2,204 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The GEO Group, Inc., a Florida corporation, and subsidiaries (the “Company” or “GEO”) is a fully-integrated real estate investment trust (“REIT”) specializing in the ownership, leasing and management of correctional, detention and reentry facilities and the provision of community-based services and youth services in the United States, Australia, South Africa and the United Kingdom. The Company owns, leases and operates a broad range of correctional and detention facilities including maximum, medium and minimum security prisons, immigration detention centers, minimum security detention centers, as well as community based reentry facilities and offers an expanded delivery of offender rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' program integrates enhanced in-prison programs, which are evidence-based and include cognitive behavioral treatment and post-release services, provides academic and vocational classes to life skills and treatment programs while helping individuals reintegrate into their communities. The Company develops new facilities based on contract awards, using its project development expertise and experience to design, construct and finance what it believes are state-of-the-art facilities that maximize security and efficiency. The Company provides innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. The Company also provides secure transportation services for offender and detainee populations as contracted domestically and in the United Kingdom through its joint venture GEO Amey PECS Ltd. (“GEOAmey”). At June 30, 2017, after its acquisition of Community Education Centers ("CEC") (Refer to Note 2 - Business Combinations), the Company’s worldwide operations include the management and/or ownership of approximately 100,000 beds at 143 correctional and detention facilities, including idle facilities, projects under development and recently awarded contracts, and also include the provision of community supervision services for more than 185,000 offenders and pretrial defendants, including approximately 100,000 individuals through an array of technology products including radio frequency, GPS, and alcohol monitoring devices. In March 2017, the Company's Board of Directors declared a 3 -for- 2 stock split of its common stock. The stock split was completed on April 24, 2017 with respect to shareholders of record on April 10, 2017. Outstanding share and per-share amounts disclosed for all periods presented have been retroactively adjusted to reflect the effects of the stock split. On April 24, 2017, the Company amended its articles of incorporation to increase the number of authorized shares of common stock to take into effect the stock split. The Company's unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States and the instructions to Form 10-Q and consequently do not include all disclosures required by Form 10-K. The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2017 for the year ended December 31, 2016 . The accompanying December 31, 2016 consolidated balance sheet has been derived from those audited financial statements. Additional information may be obtained by referring to the Company’s Form 10-K for the year ended December 31, 2016 . In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the financial information for the interim periods reported in this Quarterly Report on Form 10-Q have been made. Results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results for the entire year ending December 31, 2017 , or for any other future interim or annual periods. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS Community Education Centers Acquisition On April 5, 2017, the Company completed its acquisition of CEC, pursuant to a definitive merger agreement entered into on February 12, 2017 between the Company, GEO/DE/MC/01 LLC, and CEC Parent Holdings LLC. CEC is a private provider of rehabilitation services for offenders in reentry and in-prison treatment facilities as well as management services for county, state and federal correctional and detention facilities, CEC's operations encompass over 12,000 beds nationwide. Under the terms of the merger agreement, the Company acquired 100% of the voting interests in CEC for $354.5 million , net of cash acquired of $3.0 million , in an all cash transaction, excluding transaction related expenses paid at closing of $4.1 million . At the time of the acquisition, approximately $115 million of CEC indebtedness, including accrued interest, was outstanding. All indebtedness of CEC was repaid by the Company with a portion of the $354.5 million merger consideration. Subsequently, the purchase price was reduced by $2.6 million as a result of the final working capital target settlement received by the Company in July 2017. Additionally, for tax periods ending on or prior to December 31, 2018, the purchase price may be adjusted for any tax benefits realized by the Company attributable to certain transaction tax deductions if such deductions are able to be taken by the Company and will result in an incremental tax benefit. The Company has estimated a maximum potential adjustment of approximately $1.9 million but has preliminarily estimated this contingency at zero at the acquisition date. The Company is still reviewing the various tax implications of the acquisition which may impact the ultimate fair value of this contingency. Purchase price allocation GEO is identified as the acquiring company for US GAAP accounting purposes. Under the acquisition method of accounting, the purchase price for CEC was allocated to CEC's net tangible and intangible assets based on their estimated fair values as of April 5, 2017, the date of closing and the date that the Company obtained control of CEC. In order to determine the fair values of certain tangible and intangible assets acquired, the Company engaged a third party independent valuation specialist. For all other assets acquired and liabilities assumed, the recorded fair value was determined by the Company's management and represents an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The allocation of the purchase price for this transaction at April 5, 2017 has not been finalized. The primary areas of the preliminary purchase price allocations that are not finalized relate to the fair values of certain tangible assets and liabilities acquired, the valuation of certain intangible assets acquired and income taxes. The Company expects to continue to obtain information to assist in determining the fair value of the net assets acquired at the acquisition date during the measurement period. Measurement period adjustments that the Company determines to be material will be recorded in the reporting period in which the adjustment amounts are determined. The purchase price of $354.5 million has been preliminarily allocated to the estimated fair values of the assets acquired and liabilities assumed as of April 5, 2017 as follows (in '000's): Preliminary Purchase Price Allocation Accounts Receivable $ 29,936 Prepaid and other current assets 5,032 Property and equipment 126,510 Intangible assets 76,000 Favorable lease assets 3,110 Deferred income tax assets 2,223 Other non-current assets 4,327 Total assets acquired $ 247,138 Accounts payable and accrued expenses 53,800 Unfavorable lease liabilities 1,299 Other non-current liabilities 9,917 Total liabilities assumed $ 65,016 Total identifiable net assets 182,122 Goodwill 172,343 Total consideration paid, net of cash acquired $ 354,465 As shown above, the Company recorded $172.3 million of goodwill related to the purchase of CEC. The strategic benefit of the merger includes the Company's ability to further position itself to meet the demand for increasingly diversified correctional, detention and community reentry facilities and services and will allow the Company to expand the delivery of enhanced in- prison rehabilitation including evidence-based treatment, integrated with post-release support services through GEO's Continuum of Care platform. These factors contributed to the goodwill that was recorded upon consummation of the transaction. The Company does not believe that any of the goodwill recorded as a result of the CEC acquisition will be deductible for federal income tax purposes. Identifiable intangible assets purchased in the acquisition and their weighted average amortization periods in total and by major intangible asset class, as applicable, are included in the table below: Weighted Average Useful Life (years) Fair Value as of April 5, 2017 Facility management contracts 18.3 $ 75,300 Covenants not to compete 1 700 Total acquired intangible assets $ 76,000 Pro forma financial information The results of operations of CEC are included in the Company's results of operations from April 5, 2017. The following unaudited pro forma information combines the consolidated results of operations of the Company and CEC as if the acquisition had occurred at January 1, 2016, which is the beginning of the earliest period presented. The pro forma amounts are included for comparative purposes and may not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period and may not be indicative of the results that will be attained in the future (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Pro forma revenues $ 579,681 $ 610,512 $ 1,189,890 $ 1,183,502 Pro forma net income attributable to the GEO Group, Inc. $ 38,960 $ 23,999 $ 80,800 $ 55,850 The unaudited pro forma combined financial information presented above is compiled from the financial statements of the combined companies and includes pro forma adjustments for: (i) estimated changes in depreciation expense, interest expense and amortization expense; (ii) adjustments to eliminate intercompany transactions; (iii) adjustments to remove $7.8 million and $10.4 million , for the three months and six months ended June 30, 2017, respectively, of non-recurring transaction and merger related costs directly related to the acquisition that are included in the combined companies' financial results; and (iv) the income tax impact of the adjustments.The unaudited pro forma financial information does not include any adjustments to reflect the impact of cost savings or other synergies that may result from this acquisition. As noted above, the unaudited pro forma financial information does not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future. The Company has included revenue and earnings of $56.7 million and $2.6 million , respectively, in its consolidated statements of operations for both the three and six months ended June 30, 2017 for CEC activity since April, 5, 2017, the date of acquisition. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The Company has recorded goodwill as a result of its business combinations. On April 5, 2017, the Company completed its acquisition of CEC. Refer to Note 2 - Business Combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from December 31, 2016 to June 30, 2017 are as follows (in thousands): December 31, 2016 Acquisitions Foreign Currency Translation June 30, 2017 U.S. Corrections & Detention $ 277,774 $ 43,086 $ — $ 320,860 GEO Care 337,257 129,257 — 466,514 International Services 402 — 27 429 Total Goodwill $ 615,433 172,343 $ 27 $ 787,803 The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. Refer to Note 2 - Business Combinations for a discussion of the Company's recent acquisition of CEC. The Company's intangible assets include facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands): June 30, 2017 December 31, 2016 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Facility management contracts 16.3 $ 308,474 $ (96,345 ) $ 212,129 $ 233,136 $ (87,256 ) $ 145,880 Covenants not to compete 1 700 (167 ) 533 — — — Technology 7.3 33,700 (23,217 ) 10,483 33,700 (20,896 ) 12,804 Trade name (Indefinite lived) Indefinite 45,200 — 45,200 45,200 — 45,200 Total acquired intangible assets $ 388,074 $ (119,729 ) $ 268,345 $ 312,036 $ (108,152 ) $ 203,884 Amortization expense was $6.5 million and $11.6 million for the three and six months ended June 30, 2017 , respectively. Amortization expense was $5.1 million and $10.2 million for the three and six months ended June 30, 2016 , respectively. Amortization expense was primarily related to the U.S. Corrections & Detention and GEO Care segments' amortization of acquired facility management contracts. As of June 30, 2017 , the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 1.6 years. Although the facility management contracts acquired have renewal and extension terms in the near term, the Company has historically maintained these relationships beyond the current contractual periods. Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2017 through 2021 and thereafter is as follows (in thousands): Fiscal Year Total Amortization Expense Remainder of 2017 $ 13,102 2018 22,821 2019 22,310 2020 22,310 2021 20,090 Thereafter 122,512 $ 223,145 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS The following tables provide a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2017 and December 31, 2016 (in thousands): Fair Value Measurements at June 30, 2017 Carrying Value at June 30, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Significant Unobservable Inputs (Level 3) Assets: Restricted investment: Rabbi Trust $ 18,624 $ — $ 18,624 $ — Fixed income securities 1,853 — 1,853 — Liabilities: Interest rate swap derivatives $ 19,248 $ — $ 19,248 $ — Fair Value Measurements at December 31, 2016 Carrying Value at December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Restricted investments: Rabbi Trust $ 15,662 $ — $ 15,662 $ — Fixed income securities 1,782 — 1,782 — Interest rate cap derivatives 15 — 15 — Liabilities: Interest rate swap derivatives $ 18,679 $ — $ 18,679 $ — The Company’s Level 2 financial instruments included in the tables above as of June 30, 2017 and December 31, 2016 consist of interest rate swap derivative liabilities and interest rate cap derivative assets held by the Company's Australian subsidiary, the Company's rabbi trust established for GEO employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and an investment in Canadian dollar denominated fixed income securities. The balance of the interest rate cap derivative assets at June 30, 2017 was not significant. The Australian subsidiary’s interest rate swap derivative liabilities and interest rate cap derivative assets are valued using a discounted cash flow model based on projected Australian borrowing rates. The Company's restricted investment in the rabbi trust is invested in Company owned life insurance policies which are recorded at their cash surrender values. These investments are valued based on the underlying investments held in the policies' separate account. The underlying assets are equity and fixed income pooled funds that are comprised of Level 1 and Level 2 securities. The Canadian dollar denominated securities, not actively traded, are valued using quoted rates for these and similar securities. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | FAIR VALUE OF ASSETS AND LIABILITIES The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The carrying value of certain debt instruments, if applicable, is net of unamortized discount. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at June 30, 2017 and December 31, 2016 (in thousands): Estimated Fair Value Measurements at June 30, 2017 Carrying Value as of June 30, 2017 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 65,901 $ 65,901 $ 65,901 $ — $ — Restricted cash and investments 21,774 21,774 19,727 2,047 — Liabilities: Borrowings under senior credit facility $ 992,168 $ 996,158 $ — $ 996,158 $ — 5.875% Senior Notes due 2024 250,000 259,930 — 259,930 — 5.125% Senior Notes 300,000 303,234 — 303,234 — 5.875% Senior Notes due 2022 250,000 260,793 — 260,793 — 6.00% Senior Notes 350,000 364,854 — 364,854 — Non-recourse debt, Australian subsidiary 508,109 508,109 — 508,109 — Other non-recourse debt, including current portion 36,680 37,555 — 37,555 — Estimated Fair Value Measurements at December 31, 2016 Carrying Value as of December 31, 2016 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 68,038 $ 68,038 $ 68,038 $ — $ — Restricted cash and investments 22,319 22,319 19,614 2,705 — Liabilities: Borrowings under senior credit facility $ 804,500 $ 795,008 $ — $ 795,008 $ — 5.875% Senior Notes due 2024 250,000 247,813 — 247,813 — 5.125% Senior Notes 300,000 292,125 — 292,125 — 5.875% Senior Notes due 2022 250,000 254,688 — 254,688 — 6.00% Senior Notes 350,000 346,938 — 346,938 — Non-recourse debt, Australian subsidiary 454,222 454,185 — 454,185 — Other non-recourse debt, including current portion 36,280 37,550 — 37,550 — The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at June 30, 2017 and December 31, 2016 . Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for asset replacement funds contractually required to be maintained at the Company's Australian subsidiary and contractual commitments related to the design and construction of a new facility in Ravenhall Australia. The fair value of the money market funds and bank deposits is based on quoted market prices (Level 1) and the fair value of commercial paper and time deposits is based on market prices for similar instruments (Level 2). The fair values of the Company's 5.875% senior unsecured notes due 2022 ("5.875% Senior Notes due 2022"), 5.875% senior unsecured notes due 2024 (" 5.875% Senior Notes due 2024"), 6.00% senior unsecured notes due 2026 (“6.00% Senior Notes”), and the 5.125% senior unsecured notes due 2023 (" 5.125% Senior Notes"), although not actively traded, are based on published financial data for these instruments. The fair values of the Company's non-recourse debt related to the Washington Economic Development Finance Authority ("WEDFA") is based on market prices for similar instruments. The fair value of the non-recourse debt related to the Company’s Australian subsidiary is estimated based on market prices of similar instruments. The fair value of borrowings under the senior credit facility is based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY The following table presents the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests (in thousands): Common shares Additional Paid-In Earnings in Excess of Accumulated Other Comprehensive Noncontrolling Total Shareholders' Shares Amount Capital Distributions Loss Interests Equity Balance, December 31, 2016 112,548 $ 1,125 $ 891,993 $ 112,763 $ (30,825 ) $ (99 ) $ 974,957 Proceeds from exercise of stock options 307 3 6,147 — — — 6,150 Stock-based compensation expense — — 9,993 — — — 9,993 Restricted stock granted 924 9 (9 ) — — — — Restricted stock canceled (27 ) — — — — — — Dividends paid — — — (110,859 ) — — (110,859 ) Issuance of common stock - prospectus supplement 10,350 104 275,763 — — — 275,867 Shares withheld for net settlements of share-based awards (134 ) (1 ) (4,091 ) — — — (4,092 ) Issuance of common stock - ESPP 8 — 242 — — — 242 Net income (loss) — — — 71,395 — (87 ) 71,308 Other comprehensive income — — — — 3,131 2 3,133 Balance, June 30, 2017 123,976 $ 1,240 $ 1,180,038 $ 73,299 $ (27,694 ) $ (184 ) $ 1,226,699 During the six months ended June 30, 2017 , the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees. Outstanding share and per-share amounts disclosed for all periods presented have been retroactively adjusted to reflect the effects of the stock split. Refer to Note 1 - Basis of Presentation. REIT Distributions As a REIT, GEO is required to distribute annually at least 90% of its REIT taxable income (determined without regard to the dividends paid deduction and by excluding net capital gain) and began paying regular quarterly REIT dividends in 2013. The amount, timing and frequency of future dividends, however, will be at the sole discretion of GEO's Board of Directors (the "Board”) and will be declared based upon various factors, many of which are beyond GEO's control, including, GEO's financial condition and operating cash flows, the amount required to maintain REIT status, limitations on distributions in GEO's existing and future debt instruments, limitations on GEO's ability to fund distributions using cash generated through GEO's taxable REIT subsidiaries ("TRSs") and other factors that GEO's Board may deem relevant. During the six months ended June 30, 2017 and the year ended December 31, 2016 , respectively, GEO declared and paid the following regular cash distributions to its shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Aggregate Payment Amount (in millions) February 3, 2016 February 16, 2016 February 26, 2016 $0.43 $48.5 April 20, 2016 May 2, 2016 May 12, 2016 $0.43 $48.7 July 20, 2016 August 1, 2016 August 12, 2016 $0.43 $48.7 October 18, 2016 October 31, 2016 November 10, 2016 $0.43 $48.8 February 6, 2017 February 17, 2017 February 27, 2017 $0.47 $52.5 April 25, 2017 May 9, 2017 May 19, 2017 $0.47 $58.4 Distributions per share above have been adjusted to reflect the effects of the stock split. Common Stock Offering On March 7, 2017, the Company entered into an underwriting agreement related to the issuance and sale of 9,000,000 shares of common stock, par value $.01 per share, of the Company. The offering price to the public was $27.80 per share and the underwriters agreed to purchase the shares from the Company pursuant to the underwriting agreement at a price of $26.70 per share. In addition, under the terms of the underwriting agreement, the Company granted the underwriters an option, exercisable for 30 days , to purchase up to an additional 1,350,000 shares of common stock. On March 8, 2017, the underwriters exercised in full their option to purchase the additional 1,350,000 shares of common stock. On March 13, 2017, the Company announced that it had completed the sale of 10,350,000 shares of common stock with its previously announced underwritten public offering. GEO received gross proceeds (before underwriting discounts and estimated offering expenses) of approximately $288.1 million from the offering, including approximately $37.6 million in connection with the sale of the additional shares. Fees paid in connection with the offering were not significant and have been netted against additional paid-in capital. The 10,350,000 shares of common stock were issued under GEO's currently effective shelf registration filed with the Securities and Exchange Commission. The net proceeds of this offering were used to repay amounts outstanding under the revolver portion of the Company's senior credit facility and for general corporate purposes. The number of shares and per-share amounts herein have been adjusted to reflect the effects of the stock split. Refer to Note 1 - Basis of Presentation Prospectus Supplement In September 2014, the Company filed with the Securities and Exchange Commission an automatic shelf registration statement on Form S-3. On November 10, 2014, in connection with the shelf registration, the Company filed with the Securities and Exchange Commission a prospectus supplement related to the offer and sale from time to time of the Company's common stock at an aggregate offering price of up to $150.0 million through sales agents. Sales of shares of the Company's common stock under the prospectus supplement and the equity distribution agreements entered into with the sales agents, if any, may be made in negotiated transactions or transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933. There were no shares of common stock sold under this prospectus supplement during the six months ended June 30, 2017 or during the year ended December 31, 2016. Comprehensive Income (Loss) Comprehensive income (loss) represents the change in shareholders' equity from transactions and other events and circumstances arising from non-shareholder sources. The Company's total comprehensive income (loss) is comprised of net income attributable to GEO, net income attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/or losses on derivative instruments, and pension liability adjustments within shareholders' equity and comprehensive income (loss). The components of accumulated other comprehensive income (loss) attributable to GEO within shareholders' equity are as follows: Six Months Ended June 30, 2017 (In thousands) Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. (1) Unrealized (loss)/gain on derivatives, net of tax Pension adjustments, net of tax Total Balance, December 31, 2016 $ (11,284 ) $ (15,877 ) $ (3,664 ) $ (30,825 ) Current-period other comprehensive (loss) income 2,204 816 111 3,131 Balance, June 30, 2017 $ (9,080 ) $ (15,061 ) $ (3,553 ) $ (27,694 ) (1) The foreign currency translation related to noncontrolling interests was not significant at June 30, 2017 or December 31, 2016 . |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | EQUITY INCENTIVE PLANS The Board has adopted The GEO Group, Inc. 2014 Stock Incentive Plan (the "2014 Plan"), which was approved by the Company's shareholders on May 2, 2014. The 2014 Plan replaced the 2006 Stock Incentive Plan (the "2006 Plan"). As of the date the 2014 Plan was adopted, it provided for a reserve of 4,625,030 shares, which consisted of 3,000,000 new shares of common stock available for issuance and 1,625,030 shares of common stock that were available for issuance under the 2006 Plan prior to the 2014 Plan replacing it adjusted to reflect the effects of the stock split. The Company filed a Form S-8 registration statement related to the 2014 Plan on June 4, 2014, which was amended on July 18, 2014. Outstanding share and per-share amounts disclosed for all periods presented have been retroactively adjusted to reflect the effects of the stock split. Refer to Note 1 - Basis of Presentation. Stock Options The Company uses a Black-Scholes option valuation model to estimate the fair value of each time based or performance based option awarded. For options granted during the six months ended June 30, 2017, the fair value was estimated using the following assumptions: (i) volatility of 35.72% ; (ii) expected term of 5.00 years; (iii) risk free interest rate of 1.53% ; and (iv) expected dividend yield of 5.79% . A summary of the activity of stock option awards issued and outstanding under Company plans is as follows for the six months ended June 30, 2017 : Shares Wtd. Avg. Exercise Price Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) (in thousands) Options outstanding at December 31, 2016 1,211 $ 20.65 7.14 $ 5,466 Options granted 461 32.27 Options exercised (308 ) 19.81 Options forfeited/canceled/expired (23 ) 24.86 Options outstanding at June 30, 2017 1,341 $ 24.76 7.81 $ 7,675 Options vested and expected to vest at June 30, 2017 661 $ 24.52 7.71 $ 7,373 Options exercisable at June 30, 2017 585 $ 21.53 6.44 $ 4,946 During the six months ended June 30, 2017 , the Company granted approximately 461,000 options to certain employees which had a weighted-average grant-date fair value of $5.91 per share. For the six months ended June 30, 2017 and June 30, 2016 , the amount of stock-based compensation expense related to stock options was $0.9 million and $0.3 million , respectively. As of June 30, 2017 , the Company had $2.2 million of unrecognized compensation costs related to non-vested stock option awards that are expected to be recognized over a weighted average period of 3.4 years. Restricted Stock Compensation expense for nonvested stock awards is recorded over the vesting period based on the fair value at the date of grant. Generally, the restricted stock awards vest in equal increments over either a three or four -year period. The fair value of restricted stock awards, which do not contain a market-based vesting condition, is determined using the closing price of the Company's common stock on the date of grant. The Company has issued share-based awards with service-based, performance-based and market-based vesting criteria. A summary of the activity of restricted stock outstanding is as follows for the six months ended June 30, 2017 : Shares Wtd. Avg. Grant Date Fair Value (in thousands) Restricted stock outstanding at December 31, 2016 1,346 $ 24.37 Granted 924 35.40 Vested (435 ) 23.16 Forfeited/canceled (27 ) 24.42 Restricted stock outstanding at June 30, 2017 1,808 $ 30.44 During the six months ended June 30, 2017 , the Company granted approximately 924,000 shares of restricted stock to certain employees and executive officers. Of these awards, 295,000 are market and performance-based awards which will be forfeited if the Company does not achieve certain annual metrics during 2017, 2018 and 2019. The vesting of these performance-based restricted stock grants are subject to the achievement by GEO of two annual performance metrics as follows: (i) up to 50% of the shares of restricted stock ("TSR Target Award") can vest at the end of a three year performance period if GEO meets certain total shareholder return ("TSR") performance targets, as compared to the total shareholder return of a peer group of companies, over a three year period from January 1, 2017 to December 31, 2019 and (ii) up to 50% of the shares of restricted stock ("ROCE Target Award") can vest at the end of a three year period if GEO meets certain return on capital employed ("ROCE") performance targets over a three year period from January 1, 2017 to December 31, 2019. These market and performance awards can vest at between 0% and 200% of the target awards for both metrics. The number of shares shown for the performance-based awards is based on the target awards for both metrics. The metric related to ROCE is considered to be a performance condition. For share-based awards that contain a performance condition, the achievement of the targets must be probable before any share-based compensation expense is recorded. The Company reviews the likelihood of which the target in the range will be achieved and if deemed probable, compensation expense is recorded at that time. If subsequent to initial measurement there is a change in the estimate of the probability of meeting the performance condition, the effect of the change in the estimated quantity of awards expected to vest is recognized by cumulatively adjusting compensation expense. If ultimately the performance targets are not met, for any awards where vesting was previously deemed probable, previously recognized compensation expense will be reversed in the period in which vesting is no longer deemed probable. The fair value of these awards was determined based on the closing price of the Company's common stock on the date of grant. The metric related to TSR is considered to be a market condition. For share-based awards that contain a market condition, the probability of satisfying the market condition must be considered in the estimate of grant-date fair value and previously recorded compensation expense is not reversed if the market condition is never met. The fair value of these awards was determined based on a Monte Carlo simulation, which calculates a range of possible outcomes and the probabilities that they will occur, using the following average key assumptions: (i) volatility of 42.2% ; (ii) beta of 1.11 ; and (iii) risk free rates of 1.46% . For the six months ended June 30, 2017 and June 30, 2016 , the Company recognized $9.1 million and $6.1 million , respectively, of compensation expense related to its restricted stock awards. As of June 30, 2017 , the Company had $41.6 million of unrecognized compensation costs related to non-vested restricted stock awards, including non-vested restricted stock awards with performance-based and market-based vesting, that are expected to be recognized over a weighted average period of 2.9 years. Employee Stock Purchase Plan The Company previously adopted The GEO Group Inc. 2011 Employee Stock Purchase Plan (the “Plan”) which was approved by the Company's shareholders. The purpose of the Plan, which is qualified under Section 423 of the Internal Revenue Service Code of 1986, as amended, is to encourage stock ownership through payroll deductions by the employees of GEO and designated subsidiaries of GEO in order to increase their identification with the Company’s goals and secure a proprietary interest in the Company’s success. These deductions are used to purchase shares of the Company’s common stock at a 5% discount from the then current market price. The Company has made available up to 750,000 , as split adjusted, shares of its common stock, which were registered with the Securities and Exchange Commission on May 4, 2012, as amended on July 18, 2014, for sale to eligible employees under the Plan. The Plan is considered to be non-compensatory. As such, there is no compensation expense required to be recognized. Share purchases under the Plan are made on the last day of each month. During the six months ended June 30, 2017 , 4,060 shares of the Company's common stock were issued in connection with the Plan. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per common share is computed by dividing the net income from continuing operations attributable to The GEO Group, Inc. by the weighted average number of outstanding shares of common stock. The calculation of diluted earnings per share is similar to that of basic earnings per share except that the denominator includes dilutive common stock equivalents such as stock options and shares of restricted stock. Basic and diluted earnings per share were calculated for the three and six months ended June 30, 2017 and 2016 as follows (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Net income $ 30,942 $ 23,156 $ 71,308 $ 55,482 Net loss attributable to noncontrolling interests 50 53 87 77 Net income attributable to The GEO Group, Inc. 30,992 23,209 71,395 55,559 Basic earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 122,125 111,066 117,885 110,940 Per share amount $ 0.25 $ 0.21 $ 0.61 $ 0.50 Diluted earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 122,125 111,066 117,885 110,940 Dilutive effect of equity incentive plans 770 413 817 441 Weighted average shares assuming dilution 122,895 111,479 118,702 111,381 Per share amount $ 0.25 $ 0.21 $ 0.60 $ 0.50 Outstanding share and per-share amounts disclosed for all periods presented have been retroactively adjusted to reflect the effects of the stock split. Three Months For the three months ended June 30, 2017 , 486,018 weighted average shares of common stock underlying options were excluded from the computation of diluted earnings per share ("EPS") because the effect would be anti-dilutive. There were 175,385 common stock equivalents from restricted shares that were anti-dilutive. For the three months ended June 30, 2016 , 383,195 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 267,861 common stock equivalents from restricted shares that were anti-dilutive. Six Months For the six months ended June 30, 2017 , 561,129 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 554,201 common stock equivalents from restricted shares that were anti-dilutive. For the six months ended June 30, 2016 , 814,647 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 397,634 common stock equivalents from restricted shares that were anti-dilutive. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company’s primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in interest rates. The Company measures its derivative financial instruments at fair value. Australia - Fulham The Company’s Australian subsidiary is a party to an interest rate swap agreement to fix the interest rate on its variable rate non-recourse debt (related to its Fulham facility) to 9.7% . The Company had determined the swap's payment and expiration dates, and call provisions that coincided with the terms of the non-recourse debt, to be an effective cash flow hedge. Accordingly, the Company recorded the change in the fair value of the interest rate swap in accumulated other comprehensive income, net of applicable income taxes. Total unrealized gains recorded in other comprehensive income, net of tax, related to this cash flow hedge were not significant for the six months ended June 30, 2017 and 2016 . The associated non-recourse debt was paid off during the six months ended June 30, 2017 and the interest rate swap is no longer in existence as of June 30, 2017. Australia - Ravenhall The Company’s Australian subsidiary has entered into interest rate swap agreements to fix the interest rate on its variable rate non-recourse debt related to a prison project in Ravenhall, a locality near Melbourne, Australia to 3.3% during the design and construction phase and 4.2% during the project's operating phase. The swaps' notional amounts coincide with construction draw fixed commitments throughout the project. At June 30, 2017 , the swaps had a notional amount of approximately AUD 671 million , or $516 million , based on exchange rates at June 30, 2017 , related to the outstanding draws for the design and construction phase and approximately AUD 466 million , or $358 million , based on exchange rates at June 30, 2017 related to future construction draws. At the onset, the Company had determined that the swaps have payment, expiration dates, and provisions that coincide with the terms of the non-recourse debt scheduled construction draw commitments and were therefore considered to be effective cash flow hedges. During 2017, certain of the critical terms of the swap agreements no longer coincided with the scheduled construction draw commitments. However, the swaps are still considered to be highly effective and the measurement of any ineffectiveness was not significant during the six months ended June 30, 2017 . Accordingly, the Company records the change in the fair value of the interest rate swaps in accumulated other comprehensive income, net of applicable income taxes. Total unrealized gain recorded in other comprehensive income, net of tax, related to this cash flow hedge was $0.8 million during the six months ended June 30, 2017 . The total fair value of the swap liability as of June 30, 2017 was $17.7 million and is recorded as a component of Other Non-Current liabilities within the accompanying consolidated balance sheet. There was no material ineffectiveness for the periods presented. The Company does not expect to enter into any transactions during the next twelve months which would result in the reclassification into earnings or losses associated with these swaps currently reported in accumulated other comprehensive income (loss). Additionally, upon completion and commercial acceptance of the prison project, the Department of Justice in the State of Victoria (the "State") in accordance with the prison contract, will make a lump sum payment of AUD 310 million , or approximately $238 million , based on exchange rates at June 30, 2017 , towards a portion of the outstanding principal of the non-recourse debt. The Company's Australian subsidiary also entered into interest rate cap agreements giving the Company the option to cap the interest rate on its variable non-recourse debt related to the project in the event that the completion of the prison project is delayed which could delay the State's payment. These instruments do not meet the requirements for hedge accounting, and therefore, changes in fair value of the interest rate caps are recorded in earnings. Total losses related to a decrease in the fair value of the interest rate cap assets were not significant during the six months ended June 30, 2017 or 2016. The total fair value of the interest rate cap assets was not significant as of June 30, 2017 and December 31, 2016 , respectively, and is recorded as a component of other non-current assets within the accompanying consolidated balance sheets. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Debt outstanding as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, 2017 December 31, 2016 Senior Credit Facility: Term loan $ 798,000 $ 289,500 Unamortized discount on term loan (3,822 ) (375 ) Unamortized debt issuance costs on term loan (8,313 ) — Revolver 194,168 515,000 Total Senior Credit Facility $ 980,033 $ 804,125 6.00% Senior Notes: Notes Due in 2026 350,000 350,000 Unamortized debt issuance costs (5,567 ) (5,770 ) Total 6.00% Senior Notes Due in 2026 344,433 344,230 5.875% Senior Notes: Notes Due in 2024 250,000 250,000 Unamortized debt issuance costs (3,584 ) (3,773 ) Total 5.875% Senior Notes Due in 2024 246,416 246,227 5.125% Senior Notes: Notes Due in 2023 300,000 300,000 Unamortized debt issuance costs (4,492 ) (4,786 ) Total 5.125% Senior Notes Due in 2023 295,508 295,214 5.875% Senior Notes Notes Due in 2022 250,000 250,000 Unamortized debt issuance costs (3,590 ) (3,923 ) Total 5.875% Senior Notes Due in 2022 246,410 246,077 Non-Recourse Debt 544,789 490,902 Unamortized debt issuance costs on non-recourse debt (15,018 ) (18,295 ) Unamortized discount on non-recourse debt (334 ) (400 ) Total Non-Recourse Debt 529,437 472,207 Capital Lease Obligations 8,076 8,693 Other debt 2,866 3,030 Total debt 2,653,179 2,419,803 Current portion of capital lease obligations, long-term debt and non-recourse debt (255,404 ) (238,065 ) Capital Lease Obligations, long-term portion (6,787 ) (7,431 ) Non-Recourse Debt, long-term portion (283,780 ) (238,842 ) Long-Term Debt $ 2,107,208 $ 1,935,465 Amended Credit Agreement On March 23, 2017, the Company executed a third amended and restated credit agreement by and among The GEO Group, Inc. and GEO Corrections Holdings, Inc., ("Corrections" and, together with The GEO Group, Inc., the "Borrowers"), the Australian Borrowers named therein, BNP Paribas, as Administrative Agent, and the lenders who are, or may from time to time become, a party thereto (the "Credit Agreement"). The Credit Agreement refinances GEO's prior $291.0 million term loan, reestablishes GEO's ability to implement at a later date an Australian Dollar Letter of Credit Facility (the "Australian LC Facility") providing for the issuance of financial letters of credit and performance letters of credit, in each case denominated in Australian Dollars up to AUD 275 million , an increase from the prior AUD 225 million Australian LC Facility, and certain other modifications to the prior credit agreement. Loan costs of approximately $7.0 million were incurred and capitalized in connection with the transaction. The Credit Agreement evidences a credit facility (the "Credit Facility") consisting of an $800 million term loan (the "Term Loan") bearing interest at LIBOR plus 2.25% (with a LIBOR floor of 0.75% ), and a $900 million revolving credit facility (the "Revolver") initially bearing interest at LIBOR plus 2.25% (with no LIBOR floor) together with AUD 275 million available solely for the issuance of financial letters of credit and performance letters of credit, in each case denominated in Australian Dollars under the Australian LC Facility. As of June 30, 2017, there were no letters of credit issued under the Australian LC Facility. Amounts to be borrowed by GEO under the Credit Agreement are subject to the satisfaction of customary conditions to borrowing. The Term Loan component is scheduled to mature on March 23, 2024. The revolving credit commitment component is scheduled to mature on May 19, 2021; provided, that if on October 3, 2019 both the maturity dates of all term loans and incremental term loans have not been extended to a date that is 5½ years after March 23, 2017 or a later date, and the senior secured leverage ratio exceeds 2.50 to 1.00, then the termination date will be October 3, 2019. The Credit Agreement also has an accordion feature of $450.0 million , subject to lender demand and prevailing market conditions and satisfying the relevant borrowing conditions. The Credit Agreement contains certain customary representations and warranties, and certain customary covenants that restrict GEO’s ability to, among other things (i) create, incur or assume any indebtedness, (ii) create, incur, assume or permit liens, (iii) make loans and investments, (iv) engage in mergers, acquisitions and asset sales, (v) make certain restricted payments, (vi) issue, sell or otherwise dispose of capital stock, (vii) engage in transactions with affiliates, (viii) allow the total leverage ratio to exceed 6.25 to 1.00 , allow the senior secured leverage ratio to exceed 3.50 to 1.00 , or allow the interest coverage ratio to be less than 3.00 to 1.00 , (ix) cancel, forgive, make any voluntary or optional payment or prepayment on, or redeem or acquire for value any senior notes, except as permitted, (x) alter the business GEO conducts, and (xi) materially impair GEO’s lenders’ security interests in the collateral for its loans. Events of default under the Credit Agreement include, but are not limited to, (i) GEO’s failure to pay principal or interest when due, (ii) GEO’s material breach of any representation or warranty, (iii) covenant defaults, (iv) liquidation, reorganization or other relief relating to bankruptcy or insolvency, (v) cross default under certain other material indebtedness, (vi) unsatisfied final judgments over a specified threshold, (vii) certain material environmental liability claims asserted against GEO, and (viii) a change in control. All of the obligations under the Credit Agreement are unconditionally guaranteed by certain domestic subsidiaries of GEO and the Credit Agreement and the related guarantees are secured by a perfected first-priority pledge of substantially all of GEO’s present and future tangible and intangible domestic assets and all present and future tangible and intangible domestic assets of each guarantor, including but not limited to a first-priority pledge of all of the outstanding capital stock owned by GEO and each guarantor in their domestic subsidiaries. The Australian Borrowers are wholly owned foreign subsidiaries of GEO. GEO has designated each of the Australian Borrowers as restricted subsidiaries under the Credit Agreement. However, the Australian Borrowers are not obligated to pay or perform any obligations under the Credit Agreement other than their own obligations as Australian Borrowers under the Credit Agreement. The Australian Borrowers do not pledge any of their assets to secure any obligations under the Credit Agreement. On August 18, 2016, the Company executed a Letter of Offer by and among GEO and HSBC Bank Australia Limited (the “Letter of Offer”) providing for a bank guarantee line and bank guarantee/standby sub-facility in an aggregate amount of AUD 100 million , or $76.9 million , based on exchange rates in effect as of June 30, 2017 (collectively, the “Bank Guarantee Facility”). The Bank Guarantee Facility allows GEO to provide letters of credit to assure performance of certain obligations of its wholly owned subsidiary relating to its prison project in Ravenhall, located near Melbourne, Australia. The Bank Guarantee Facility is unsecured. The issuance of letters of credit under the Bank Guarantee Facility is subject to the satisfaction of the conditions precedent specified in the Letter of Offer. Letters of credit issued under the bank guarantee lines are due on demand and letters of credit issued under the bank guarantee/standby sub-facility cannot have a duration exceeding twelve months. The Bank Guarantee Facility may be terminated by HSBC on 90 days written notice. As of June 30, 2017, there was AUD 100 million in letters of credit issued under the Bank Guarantee Facility. As of June 30, 2017 , the Company had $798 million in aggregate borrowings outstanding under the Term Loan, $194 million in borrowings under the Revolver, and approximately $64 million in letters of credit which left $642 million in additional borrowing capacity under the Revolver. The weighted average interest rate on outstanding borrowings under the Credit Agreement as of June 30, 2017 was 3.4% . 6.00% Senior Notes due 2026 Interest on the 6.00% Senior Notes due 2026 accrues at the stated rate. The Company pays interest semi-annually in arrears on April 15 and October 15 of each year. On or after April 15, 2019, the Company may, at its option, redeem all or part of the 6.00% Senior Notes due 2026 at the redemption prices set forth in the indenture governing the 6.00% Senior Notes due 2026. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors. Refer to Note 15-Condensed Consolidating Financial Information. 5.875% Senior Notes due 2024 Interest on the 5.875% Senior Notes due 2024 accrues at the stated rate. The Company pays interest semi-annually in arrears on April 15 and October 15 of each year. On or after October 15, 2019, the Company may, at its option, redeem all or part of the 5.875% Senior Notes due 2024 at the redemption prices set forth in the indenture governing the 5.875% Senior Notes due 2024. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors. Refer to Note 15-Condensed Consolidating Financial Information. 5.125% Senior Notes due 2023 Interest on the 5.125% Senior Notes accrues at the stated rate. The Company pays interest semi-annually in arrears on April 1 and October 1 of each year. On or after April 1, 2018, the Company may, at its option, redeem all or part of the 5.125% Senior Notes at the redemption prices set forth in the indenture governing the 5.125% Senior Notes. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors. Refer to Note 15-Condensed Consolidating Financial Information. 5.875% Senior Notes due 2022 Interest on the 5.875% Senior Notes due 2022 accrues at the stated rate. The Company pays interest semi-annually in arrears on January 15 and July 15 of each year. On or after January 15, 2017, the Company may, at its option, redeem all or part of the 5.875% Senior Notes due 2022 at the redemption prices set forth in the indenture governing the 5.875% Senior Notes due 2022. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors. Refer to Note 15-Condensed Consolidating Financial Information. Non-Recourse Debt Northwest Detention Center The remaining balance of the original debt service requirement under the $54.4 million note payable ("2011 Revenue Bonds") to WEDFA will mature in October 2021 with fixed coupon rates of 5.25% , is $36.7 million , of which $6.7 million is classified as current in the accompanying consolidated balance sheet as of June 30, 2017 . The payment of principal and interest on the 2011 Revenue Bonds issued by WEDFA is non-recourse to GEO. As of June 30, 2017 , included in current restricted cash and investments is $8.0 million of funds held in trust for debt service and other reserves with respect to the above mentioned note payable to WEDFA. Australia - Fulham At December 31, 2016, the non-recourse obligation of the Company totaled $2.8 million (AUD 3.6 million ), based on the exchange rates in effect at December 31, 2016 . The term of the non-recourse debt was through 2017 and it bore interest at a variable rate quoted by certain Australian banks plus 140 basis points . Any obligations or liabilities of the subsidiary were matched by a similar or corresponding commitment from the government of the State of Victoria. During the six months ended June 30, 2017, the remaining balance was paid in full. Australia - Ravenhall In connection with a new design and build prison project agreement with the State, the Company entered into a syndicated facility agreement (the "Construction Facility") with National Australia Bank Limited to provide debt financing for construction of the project. The Construction Facility provides for non-recourse funding up to AUD 791.0 million , or approximately $608.0 million , based on exchange rates as of June 30, 2017 . Construction draws are funded throughout the project according to a fixed utilization schedule as defined in the syndicated facility agreement. The term of the Construction Facility is through October 2019 and bears interest at a variable rate quoted by certain Australian banks plus 200 basis points. The project is being developed under a public-private partnership financing structure with a capital contribution from the Company, which was made in January 2017, of approximately AUD 115 million , or $88.4 million , based on exchange rates as of June 30, 2017. After October 2019, the Construction Facility will be converted to a term loan with payments due quarterly beginning in 2019 through 2041. In accordance with the terms of the Construction Facility, upon completion and commercial acceptance of the prison, in accordance with the prison contract, the State will make a lump sum payment of AUD 310 million , or approximately $238 million , based on exchange rates as of June 30, 2017 , towards a portion of the outstanding principal. The remaining outstanding principal balance will be repaid over the term of the operating agreement. As of June 30, 2017 , approximately $508 million was outstanding under the Construction Facility. The Company also entered into interest rate swap and interest rate cap agreements related to its non-recourse debt in connection with the project. Refer to Note 9 - Derivative Financial Instruments. Guarantees Australia The Company has entered into certain guarantees in connection with the financing and construction performance of a facility in Australia. The obligations amounted to approximately AUD 100.0 million , or $76.9 million , based on exchange rates as of June 30, 2017 . These guarantees are secured by outstanding letters of credit under the Company's Revolver as of June 30, 2017 . At June 30, 2017 , the Company also had ten other letters of credit outstanding under separate international facilities relating to performance guarantees of its Australian subsidiary totaling $15.6 million . South Africa In connection with the creation of South African Custodial Services Pty. Limited ("SACS"), the Company entered into certain guarantees related to the financing, construction and operation of the prison. As of June 30, 2017 , the Company guaranteed obligations amounting to 7.4 million South African Rand, or $0.6 million based on exchange rates as of June 30, 2017 . In the event SACS is unable to maintain the required funding in a rectification account maintained for the payment of certain costs in the event of contract termination, a previously existing guarantee by the Company for the shortfall will need to be re-instated. The remaining guarantee of 7.4 million South African Rand is secured by outstanding letters of credit under the Company's Revolver as of June 30, 2017 . In addition to the above, the Company has also agreed to provide a loan, if required, of up to 20 million South African Rand, or $1.5 million based on exchange rates as of June 30, 2017 , referred to as the Shareholder's Loan, to SACS for the purpose of financing SACS’ obligations under its contract with the South African government. No amounts have been funded under the standby facility, and the Company does not currently anticipate that such funding will be required by SACS in the future. The Company’s obligations under the Shareholder's Loan expire upon the earlier of full funding or SACS’s release from its obligations under its debt agreements. SACS' ability to draw on the Shareholder's Loan is limited to certain circumstances, including termination of the contract. The Company has also guaranteed certain obligations of SACS to the security trustee for SACS’ lenders. The Company secured its guarantee to the security trustee by ceding its rights to claims against SACS in respect of any loans or other finance agreements, and by pledging the Company’s shares in SACS. The Company’s liability under the guarantee is limited to the cession and pledge of shares. The guarantee expires upon expiration of the cession and pledge agreements. Canada In connection with a design, build, finance and maintenance contract for a facility in Canada, the Company guaranteed certain potential tax obligations of a trust. The potential estimated exposure of these obligations is Canadian Dollar 1.4 million , or $1.1 million , based on exchange rates as of June 30, 2017 , commencing in 2017 . The liability related to this exposure is included in Other Non-Current Liabilities as of June 30, 2017 and December 31, 2016 , respectively. To secure this guarantee, the Company purchased Canadian Dollar denominated securities with maturities matched to the estimated tax obligations in 2017 to 2021. The Company has recorded an asset equal to the current fair value of those securities included in Other Non-Current Assets as of June 30, 2017 and December 31, 2016 on its consolidated balance sheets. The Company maintains the facility but does not currently operate or manage it. United Kingdom In connection with the creation of GEOAmey, the Company and its joint venture partner guarantee the availability of working capital in equal proportion to ensure that GEOAmey can comply with current and future contractual commitments related to the performance of its operations. The Company and the 50% joint venture partner have each extended a £12 million line of credit, or $15.6 million , based on exchange rates as of June 30, 2017 , of which £2.5 million , or $3.3 million , based on exchange rates as of June 30, 2017 , was outstanding as of June 30, 2017 to each joint venture partner. The Company's maximum exposure relative to the joint venture is its note receivable of approximately $3.3 million , which is included in Other Non-Current Assets in the accompanying consolidated balance sheets, and future financial support necessary to guarantee performance under the contract. Except as discussed above, the Company does not have any off balance sheet arrangements. |
Commitments, Contingencies and
Commitments, Contingencies and Other | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND OTHER | COMMITMENTS, CONTINGENCIES AND OTHER Litigation, Claims and Assessments On August 25, 2016, a purported shareholder class action lawsuit was filed against the Company, its Chief Executive Officer, George C. Zoley ("Mr. Zoley"), and its Chief Financial Officer, Brian R. Evans ("Mr. Evans"), in the United States District Court for the Southern District of Florida. The complaint alleged that the Company and Messrs. Zoley and Evans made false and misleading statements regarding the Company’s business, operational and compliance policies. The lawsuit alleged that it was brought by John J. Mulvaney individually and on behalf of a class consisting of all persons other than the defendants who purchased or otherwise acquired the Company's securities during the alleged class period between March 1, 2012 through and including August 17, 2016. The complaint alleged that the Company and Messrs. Zoley and Evans violated Section 10(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 10b-5 promulgated thereunder, and alleged that Messrs. Zoley and Evans violated Section 20(a) of the Exchange Act. On December 21, 2016, the appointed lead plaintiffs filed an Amended Class Action Complaint, which reasserted the claims against the Company and Messrs. Zoley and Evans, and asserted new claims for alleged false and misleading statements in violation of Section 20(a) of the Exchange Act against the Company's former Senior Vice President, GEO Detention & Corrections Services, John Hurley ("Mr. Hurley") and the Company's Senior Vice President and President, GEO Corrections & Detention, David Donahue ("Mr. Donahue"). The amended complaint sought damages, interest, attorneys' fees, expert fees, other costs, and such other relief as the court may deem proper. On February 23, 2017, the Court entered an order granting the Company's motion to dismiss the Amended Class Action Complaint. On March 17, 2017, the case was dismissed with prejudice and resulted in no liability to the Company. On February 8, 2017, the Attorney General of the State of Mississippi filed a lawsuit in the Circuit Court for the First Judicial District of Hinds County, Mississippi against the Company, Cornell Companies, Inc., a subsidiary of the Company, Christopher B. Epps, the former Commissioner of the Mississippi Department of Corrections, and Cecil McCrory, a former consultant of the Company. The complaint alleges several statutory and common law claims, including violations of various public servant statutes, racketeering activity, antitrust law, civil conspiracy, unjust enrichment and fraud. The complaint seeks compensatory damages, punitive damages, exemplary damages, forfeiture of all money received by the defendants, restitution, interest, attorneys' fees, other costs, and such other expenses or damages as the court may deem proper. The complaint claims that between 2007 and 2014, the Company and Cornell Companies, Inc. received approximately $256 million in proceeds from public contracts paid for by the State of Mississippi. The Company intends to take all necessary steps to vigorously defend itself and Cornell Companies, Inc. The Company has not recorded an accrual relating to this matter at this time, as a loss is not considered probable nor reasonably estimable at this preliminary stage of the lawsuit. On October 22, 2014, nine current and former civil immigration detainees who were detained at the Aurora Immigration Detention Center filed a purported class action lawsuit against the Company in the United States District Court for the District of Colorado (the “Court”). The complaint alleged that the Company was in violation of the Colorado Minimum Wages of Workers Act and the Trafficking Victims Protection Act, and claimed that the Company was unjustly enriched as a result of the level of payment that the detainees received for work performed at the facility, even though the voluntary work program as well as the wage rates and standards associated with the program that are at issue in this case are authorized by the Federal government under guidelines approved by the United States Congress. On July 6, 2015, the Court granted the Company’s motion to dismiss the claim against the Company under the Colorado Minimum Wages of Workers Act but otherwise denied the Company’s motion to dismiss. On February 27, 2017, the Court granted the plaintiffs’ motion for class certification. The Court ordered the parties to file a revised Proposed Stipulated Scheduling and Discovery Order by March 27, 2017 to proceed with the case. On March 13, 2017, GEO filed for permission to appeal this class certification order directly to the 10th Circuit Court of Appeal. On April 11, 2017, the 10th Circuit Court of Appeal granted GEO's petition to hear the case. As a result, GEO has filed a motion to stay the proceedings in the trial court. Fact discovery in the case has not yet begun. The plaintiffs seek actual damages, compensatory damages, exemplary damages, punitive damages, restitution, attorneys’ fees and costs, and such other relief as the Court may deem proper. The Company intends to take all necessary steps to vigorously defend itself and has consistently refuted the allegations and claims in the lawsuit. The Company has not recorded an accrual relating to this matter at this time, as a loss is not considered probable nor reasonably estimable at this state of the lawsuit. If the Company had to change the level of compensation under the voluntary work program, or to substitute employee work for voluntary work, this could increase costs of operating these facilities. The nature of the Company's business exposes it to various types of third-party legal claims or litigation against the Company, including, but not limited to, civil rights claims relating to conditions of confinement and/or mistreatment, sexual misconduct claims brought by prisoners or detainees, medical malpractice claims, product liability claims, intellectual property infringement claims, claims relating to employment matters (including, but not limited to, employment discrimination claims, union grievances and wage and hour claims), property loss claims, environmental claims, automobile liability claims, indemnification claims by its customers and other third parties, contractual claims and claims for personal injury or other damages resulting from contact with the Company's facilities, programs, electronic monitoring products, personnel or prisoners, including damages arising from a prisoner's escape or from a disturbance or riot at a facility. The Company does not expect the outcome of any pending claims or legal proceedings to have a material adverse effect on its financial condition, results of operations or cash flows. Other Assessment A recently completed state non-income tax audit included tax periods for which a state tax authority had a number of years ago processed a substantial tax refund. At the completion of the audit fieldwork, the Company received a notice of audit findings disallowing deductions that were previously claimed by the Company, approved by the state tax authority and served as the basis for the approved refund claim. In early January 2017, the Company received a formal Notice of Assessment of Taxes and Demand for Payment from the taxing authority disallowing the deductions. The total tax, penalty and interest assessed is approximately $19.6 million . The Company has filed an administrative protest and disagrees with the assessment and intends to take all necessary steps to vigorously defend its position. The Company has established a reserve based on its estimate of the most probable loss based on the facts and circumstances known to date and the advice of outside counsel in connection with this matter. Commitments The Company currently has contractual commitments for a number of projects using Company financing. The Company’s management estimates that the cost of these existing capital projects will be approximately $196.3 million of which $46.8 million was spent through the first six months of 2017. The Company estimates the remaining capital requirements related to these capital projects will be $149.5 million which will be spent through 2018. Idle Facilities As of June 30, 2017, the Company is marketing approximately 6,600 vacant beds at six of its idle facilities to potential customers. The carrying values of these idle facilities, which are included in Property and Equipment, Net in the accompanying consolidated balance sheets, totaled $164.2 million as of June 30, 2017 , excluding equipment and other assets that can be easily transferred for use at other facilities. There was no indication of impairment related to the Company's idle facilities at June 30, 2017. |
Business Segments and Geographi
Business Segments and Geographic Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments and Geographic Information | BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION Operating and Reporting Segments The Company conducts its business through four reportable business segments: the U.S. Corrections & Detention segment; the GEO Care segment; the International Services segment; and the Facility Construction & Design segment. The Company's segment revenues from external customers and a measure of segment profit are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Revenues: U.S. Corrections & Detention $ 360,838 $ 341,573 $ 708,769 $ 679,943 GEO Care 139,364 96,529 243,130 189,943 International Services 42,928 38,497 84,620 76,052 Facility Construction & Design (1) 33,940 71,751 91,165 112,597 Total revenues $ 577,070 $ 548,350 $ 1,127,684 $ 1,058,535 Operating income from segments: U.S. Corrections & Detention $ 69,801 $ 74,989 $ 144,697 $ 142,427 GEO Care 36,533 26,580 65,359 50,551 International Services 2,117 1,074 5,003 2,836 Facility Construction & Design (1) (1,692 ) 218 (1,342 ) 275 Operating income from segments $ 106,759 $ 102,861 $ 213,717 $ 196,089 (1) In September 2014, the Company began the design and construction of a new prison contract located in Ravenhall, a locality near Melbourne, Australia. During the design and construction phase, the Company recognizes revenue as earned on a percentage of completion basis measured by the percentage of costs incurred to date as compared to estimated total costs for the design and construction of the facility. Costs incurred and estimated earnings in excess of billings is classified as Contract Receivable in the accompanying consolidated balance sheets and is recorded at the net present value based on the timing of expected future settlement. A portion of the Contract Receivable will be paid by the State upon commercial acceptance of the prison and the remainder will be paid quarterly over the life of the contract. During the three months ending June 30, 2017, the Company became aware of certain claims by its construction subcontractor for unanticipated additional costs which are in excess of the agreed contract price. The Company has agreed in principle with the subcontractor to pay approximately $1.9 million related to these overruns and has recorded a provision for loss related to these claims during the three months ended June 30, 2017. Pre-Tax Income Reconciliation of Segments The following is a reconciliation of the Company’s total operating income from its reportable segments to the Company’s income before income taxes and equity in earnings of affiliates (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Total operating income from segments $ 106,759 $ 102,861 $ 213,717 $ 196,089 Unallocated amounts: General and Administrative Expenses (52,206 ) (36,904 ) (94,792 ) (70,965 ) Net Interest Expense (23,637 ) (25,187 ) (46,660 ) (49,996 ) Loss on Extinguishment of Debt — (15,866 ) — (15,866 ) Income before income taxes and equity in earnings of affiliates $ 30,916 $ 24,904 $ 72,265 $ 59,262 Equity in Earnings of Affiliates Equity in earnings of affiliates includes the Company’s 50% owned joint ventures in SACS, located in South Africa, and GEOAmey, located in the United Kingdom. The Company's investments in these entities are accounted for under the equity method of accounting. The Company’s investments in these entities are presented as a component of Other Non-Current Assets in the accompanying consolidated balance sheets. The Company has recorded $1.2 million and $2.3 million in earnings, net of tax, for SACS operations during the three and six months ended June 30, 2017 , and $0.9 million and $1.8 million in earnings, net of tax, for SACS operations during the three and six months ended June 30, 2016 , respectively, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of June 30, 2017 and December 31, 2016 , the Company’s investment in SACS was $12.3 million and $11.8 million , respectively. The Company has recorded $0.3 million and $0.6 million in earnings, net of tax, for GEO Amey's operation during the the three and six months ended June 30, 2017 , and $1.1 million and $1.4 million in earnings, net of tax, during the three and six months ended June 30, 2016, respectively, in the accompanying consolidated statements of operations. As of June 30, 2017 and December 31, 2016 , the Company’s investment in GEOAmey was $2.0 million and $1.3 million , respectively, and represents its share of cumulative reported earnings. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | BENEFIT PLANS The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands): Six Months Ended June 30, 2017 Year Ended December 31, 2016 Change in Projected Benefit Obligation Projected benefit obligation, beginning of period $ 28,624 $ 25,935 Service cost 501 995 Interest cost 617 1,155 Actuarial loss — 1,031 Benefits paid (301 ) (492 ) Projected benefit obligation, end of period $ 29,441 $ 28,624 Change in Plan Assets Plan assets at fair value, beginning of period $ — $ — Company contributions 301 492 Benefits paid (301 ) (492 ) Plan assets at fair value, end of period $ — $ — Unfunded Status of the Plan $ (29,441 ) $ (28,624 ) Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Components of Net Periodic Benefit Cost Service cost $ 250 $ 249 $ 501 497 Interest cost 307 289 $ 617 $ 578 Net loss 73 53 145 107 Net periodic pension cost $ 630 $ 591 $ 1,263 $ 1,182 The long-term portion of the pension liability as of June 30, 2017 and December 31, 2016 was $29.1 million and $28.3 million , respectively, and is included in Other Non-Current Liabilities in the accompanying consolidated balance sheets. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS The Company implemented the following accounting standards during the six months ended June 30, 2017: In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2016-09, "Compensation - Stock Compensation (Topic 718) , " as a part of its simplification initiative. The Company adopted this ASU during the six months ended June 30, 2017. Key areas of the amendments in this standard are (i) all excess tax benefits (deficiencies) from stock plan transactions should be recognized in the income statement as opposed to being recognized in additional paid-in capital; (ii) the tax withholding threshold for triggering liability accounting on a net settlement transaction has been increased from the minimum statutory rate to the maximum statutory rate; and (iii) an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. The guidance also provides clarification of the presentation of certain components of share-based awards in the statement of cash flows. The Company has elected to continue estimating forfeitures expected to occur in order to determine the amount of compensation cost to be recognized each period and to apply the cash flow classification guidance prospectively. As a result, excess tax benefits are now classified as an operating activity rather than a financing activity and the Company has recorded $1.4 million of excess tax benefits from stock plan transactions as a component of income tax expense in the consolidated statement of operations for the six months ended June 30, 2017. The Company has excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of its diluted earnings per share for the six months ended June 30, 2017. In March 2016, the FASB issued ASU 2016-05, " Derivatives and Hedging, " which clarifies that a change in the counter party to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Company adopted this ASU during the six months ended June 30, 2017 and elected to to apply the amendments in this standard on a prospective basis. The implementation of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. In March 2016, the FASB issued ASU 2016-07, " Investments - Equity Method and Joint Ventures ," as a part of its simplification initiative. The amendments in this standard eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments in ASU 2016-07 also require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The Company adopted this ASU during the six months ended June 30, 2017 and elected to to apply the amendments in this standard on a prospective basis. The implementation of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. In October 2016, the FASB issued ASU No. 2016-17, " Consolidation - Interest Held through Related Parties that are Under Common Control ," which amends the current consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity ("VIE") should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The primary beneficiary of a VIE is the reporting entity that has a controlling financial interest in a VIE, and therefore consolidates the VIE. A reporting entity has an indirect interest in a VIE if it has a direct interest in a related party that, in turn, has a direct interest in the VIE. The Company adopted this ASU during the six months ended June 30, 2017. The implementation of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. The following accounting standards will be adopted in future periods: I n May 2017, the FASB issued ASU No. 2017-10 " Service Concession Arrangements - Determining the Customer of the Operation Services ". The objective of this guidance is to reduce diversity in practice and provide clarification on how an operating entity determines the customer of the operation services for transactions within the scope of Topic 853, Service Concessions Arrangements. The amendments in this update clarify that the grantor is the customer of the operation services in all cases for such arrangements. The new standard is effective for the Company beginning on January 1, 2018. The adoption of this standard is not expected to have a material impact on the Company's financial position, results of operations or cash flows. I n May 2017, the FASB issued ASU No. 2017-09 " Compensation - Stock Compensation ". The objective of this guidance is to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying modification accounting for changes in the terms or conditions of share-based payment awards. An entity should account for the effects of a modification unless all of the following factors are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The new standard will be effective for all entities for fiscal years beginning after December 15, 2017 with early adoption permitted for public companies for reporting periods for which financial statements have not yet been issued. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. The adoption of this standard is not expected to have a material impact on the Company's financial position, results of operations or cash flows. I n March 2017, the FASB issued ASU No. 2017-07 " Compensation - Retirement Benefits (Topic 715)-Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ". This guidance revises how employers that sponsor defined benefit pension and other postretirement plans present the net periodic benefit cost in their income statement and requires that the service cost component of net periodic benefit cost be presented in the same income statement line items as other employee compensation costs from services rendered during the period. Of the components of net periodic benefit cost, only the service cost component will be eligible for asset capitalization. The other components of the net periodic benefit cost must be presented separately from the line items that include the service cost and outside of any subtotal of operating income on the income statement. The new standard will be effective for public companies for fiscal years beginning after December 15, 2017 on a retroactive basis. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial position, results of operations or cash flows. In February 2016, FASB issued ASU 2016-02, " Leases ," which requires entities to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. For finance leases and operating leases, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term with each initially measured at the present value of the lease payments. The amendments in ASU 2016-02 are effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company has implemented a lease management software application tool and is currently assessing the impact that the adoption of ASU 2016-02 will have on its consolidated financial position or results of operations, but expects that it will result in a significant increase in its long-term assets and liabilities given the significant number of leases the Company is a party to. In May 2014, the FASB issued a new standard related to revenue recognition (ASU 2014-09, " Revenue from Contracts with Customers" .) Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including clarification on accounting for licenses of intellectual property and identifying performance obligations. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective transition method). The new standard is effective for the Company beginning on January 1, 2018. The Company is currently in the process of evaluating whether these standards would have a material impact on the Company's financial position, results of operation or cash flows. However, upon its initial assessment, the Company believes that the timing of revenue recognition could potentially be affected as it relates to certain variable consideration arrangements with certain of its customers. However, at this time, the Company does not believe this would result in a material impact on the Company's financial position, results of operations or cash flows. The Company has also initially determined that it will likely use the modified retrospective transition method to implement this standard, however, that election, as well as its analysis of any impacts related to variable consideration arrangements, may change once the Company's final assessment is completed. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION As of June 30, 2017 , the Company's 6.00% Senior Notes, 5.125% Senior Notes, the 5.875% Senior Notes due 2022 and the 5.875% Senior Notes due 2024 were fully and unconditionally guaranteed on a joint and several senior unsecured basis by the Company and certain of its wholly-owned domestic subsidiaries (the “Subsidiary Guarantors”). The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(d) of Regulation S-X promulgated under the Securities Act, presents the condensed consolidating financial information separately for: (i) The GEO Group, Inc., as the issuer of the notes; (ii) The Subsidiary Guarantors, on a combined basis, which are 100% owned by The GEO Group, Inc., and which are guarantors of the notes; (iii) The Company’s other subsidiaries, on a combined basis, which are not guarantors of the notes (the “Non-Guarantor Subsidiaries”); (iv) Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among the Company, the Subsidiary Guarantors and the Subsidiary Non-Guarantors and (b) eliminate the investments in the Company’s subsidiaries; and (v) The Company and its subsidiaries on a consolidated basis. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited) For the Three Months Ended June 30, 2017 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 171,260 $ 465,286 $ 79,436 $ (138,912 ) $ 577,070 Operating expenses 135,244 373,399 68,714 (138,912 ) 438,445 Depreciation and amortization 6,065 24,906 895 — 31,866 General and administrative expenses 15,573 29,432 7,201 — 52,206 Operating income 14,378 37,549 2,626 — 54,553 Interest income 6,751 409 12,476 (7,290 ) 12,346 Interest expense (17,451 ) (15,775 ) (10,047 ) 7,290 (35,983 ) Income before income taxes and equity in earnings of affiliates 3,678 22,183 5,055 — 30,916 Income tax provision 147 793 460 — 1,400 Equity in earnings of affiliates, net of income tax provision — — 1,426 — 1,426 Income before equity in income of consolidated subsidiaries 3,531 21,390 6,021 — 30,942 Income from consolidated subsidiaries, net of income tax provision 27,411 — — (27,411 ) — Net income 30,942 21,390 6,021 (27,411 ) 30,942 Net loss attributable to noncontrolling interests — — 50 — 50 Net income attributable to The GEO Group, Inc. $ 30,942 $ 21,390 $ 6,071 $ (27,411 ) $ 30,992 Net income $ 30,942 $ 21,390 $ 6,021 $ (27,411 ) $ 30,942 Other comprehensive income, net of tax — 64 1,808 — 1,872 Total comprehensive income $ 30,942 $ 21,454 $ 7,829 $ (27,411 ) $ 32,814 Comprehensive loss attributable to noncontrolling interests — — 51 — 51 Comprehensive income attributable to The GEO Group, Inc. $ 30,942 $ 21,454 $ 7,880 $ (27,411 ) $ 32,865 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited) For the Three Months Ended June 30, 2016 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 174,414 $ 404,798 $ 112,811 $ (143,673 ) $ 548,350 Operating expenses 135,603 323,791 101,116 (143,673 ) 416,837 Depreciation and amortization 6,265 21,424 963 — 28,652 General and administrative expenses 14,846 15,250 6,808 — 36,904 Operating income 17,700 44,333 3,924 — 65,957 Interest income 5,440 409 6,013 (5,960 ) 5,902 Interest expense (16,369 ) (13,932 ) (6,748 ) 5,960 (31,089 ) Loss on early extinguishment of debt (15,866 ) — — — (15,866 ) Income (loss) before income taxes and equity in earnings of affiliates (9,095 ) 30,810 3,189 — 24,904 Income tax provision (benefit) (101 ) 3,099 881 — 3,879 Equity in earnings of affiliates, net of income tax provision — — 2,131 — 2,131 Income (loss) before equity in income of consolidated subsidiaries (8,994 ) 27,711 4,439 — 23,156 Income from consolidated subsidiaries, net of income tax provision 32,150 — — (32,150 ) — Net income 23,156 27,711 4,439 (32,150 ) 23,156 Net loss attributable to noncontrolling interests — — 53 — 53 Net income attributable to The GEO Group, Inc. $ 23,156 $ 27,711 $ 4,492 $ (32,150 ) $ 23,209 Net income $ 23,156 $ 27,711 $ 4,439 $ (32,150 ) $ 23,156 Other comprehensive income (loss), net of tax — 33 (2,611 ) — (2,578 ) Total comprehensive income $ 23,156 $ 27,744 $ 1,828 $ (32,150 ) $ 20,578 Comprehensive loss attributable to noncontrolling interests — — 52 — 52 Comprehensive income attributable to The GEO Group, Inc. $ 23,156 $ 27,744 $ 1,880 $ (32,150 ) $ 20,630 For the Six Months Ended June 30, 2017 The GEO Group, Inc. Combined Combined Eliminations Consolidated Revenues $ 349,433 $ 878,480 $ 180,920 $ (281,149 ) $ 1,127,684 Operating expenses 267,411 711,398 155,492 (281,149 ) 853,152 Depreciation and amortization 12,215 46,781 1,819 — 60,815 General and administrative expenses 29,240 50,413 15,139 — 94,792 Operating income 40,567 69,888 8,470 — 118,925 Interest income 10,105 1,229 24,304 (11,315 ) 24,323 Interest expense (33,243 ) (28,260 ) (20,795 ) 11,315 (70,983 ) Income before income taxes and equity in earnings of affiliates 17,429 42,857 11,979 — 72,265 Income tax provision (benefit) 294 2,247 1,329 — 3,870 Equity in earnings of affiliates, net of income tax provision — — 2,913 — 2,913 Income before equity in income of consolidated subsidiaries 17,135 40,610 13,563 — 71,308 Income from consolidated subsidiaries, net of income tax provision 57,749 — — (57,749 ) — Net income 74,884 40,610 13,563 (57,749 ) 71,308 Net loss attributable to noncontrolling interests — — 87 — 87 Net income attributable to The GEO Group, Inc. $ 74,884 $ 40,610 $ 13,650 $ (57,749 ) $ 71,395 Net income $ 74,884 $ 40,610 $ 13,563 $ (57,749 ) $ 71,308 Other comprehensive income, net of tax — 111 3,022 — 3,133 Total comprehensive income $ 74,884 $ 40,721 $ 16,585 $ (57,749 ) $ 74,441 Comprehensive loss attributable to noncontrolling interests — — 85 — 85 Comprehensive income attributable to The GEO Group, Inc. $ 74,884 $ 40,721 $ 16,670 $ (57,749 ) $ 74,526 For the Six Months Ended June 30, 2016 The GEO Group, Inc. Combined Combined Eliminations Consolidated Revenues $ 342,051 $ 805,140 $ 193,776 $ (282,432 ) $ 1,058,535 Operating expenses 273,513 643,695 170,567 (282,432 ) 805,343 Depreciation and amortization 12,527 42,657 1,919 — 57,103 General and administrative expenses 22,821 35,216 12,928 — 70,965 Operating income 33,190 83,572 8,362 — 125,124 Interest income 10,881 1,018 10,670 (12,110 ) 10,459 Interest expense (32,726 ) (27,876 ) (11,963 ) 12,110 (60,455 ) Loss on early extinguishment of debt (15,866 ) — — — (15,866 ) Income (loss) before income taxes and equity in earnings of affiliates (4,521 ) 56,714 7,069 — 59,262 Income tax provision (benefit) (91 ) 5,290 1,831 — 7,030 Equity in earnings of affiliates, net of income tax provision — — 3,250 — 3,250 Income (loss) before equity in income of consolidated subsidiaries (4,430 ) 51,424 8,488 — 55,482 Income from consolidated subsidiaries, net of income tax provision 59,912 — — (59,912 ) — Net income 55,482 51,424 8,488 (59,912 ) 55,482 Net loss attributable to noncontrolling interests — — 77 — 77 Net income attributable to The GEO Group, Inc. $ 55,482 $ 51,424 $ 8,565 $ (59,912 ) $ 55,559 Net income $ 55,482 $ 51,424 $ 8,488 $ (59,912 ) $ 55,482 Other comprehensive income (loss), net of tax — 65 (3,541 ) — (3,476 ) Total comprehensive income 55,482 51,489 4,947 (59,912 ) 52,006 Comprehensive loss attributable to noncontrolling interests — — 68 — 68 Comprehensive income attributable to The GEO Group, Inc. $ 55,482 $ 51,489 $ 5,015 $ (59,912 ) $ 52,074 CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands) (unaudited) As of June 30, 2017 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 30,576 $ 6,882 $ 28,443 $ — $ 65,901 Restricted cash and investments 1,849 — 15,529 — 17,378 Accounts receivable, less allowance for doubtful accounts 112,978 213,596 15,787 — 342,361 Contract receivable, current portion — — 238,958 — 238,958 Prepaid expenses and other current assets 2,249 34,588 5,630 — 42,467 Total current assets 147,652 255,066 304,347 — 707,065 Restricted Cash and Investments (1,659 ) 22,632 2,047 — 23,020 Property and Equipment, Net 744,674 1,217,685 87,254 — 2,049,613 Non-Current Contract Receivable — — 358,727 — 358,727 Intercompany Receivable 1,122,898 93,918 28,658 (1,245,474 ) — Non-Current Deferred Income Tax Assets 763 19,685 11,814 — 32,262 Goodwill 79 787,284 440 — 787,803 Intangible Assets, Net — 267,580 765 — 268,345 Investment in Subsidiaries 1,315,016 457,591 2,190 (1,774,797 ) — Other Non-Current Assets 13,417 112,567 20,589 (79,640 ) 66,933 Total Assets $ 3,342,840 $ 3,234,008 $ 816,831 $ (3,099,911 ) $ 4,293,768 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 20,438 $ 60,099 $ 17,490 $ — $ 98,027 Accrued payroll and related taxes — 47,674 15,518 — 63,192 Accrued expenses and other current liabilities 37,066 100,691 16,173 — 153,930 Current portion of capital lease obligations, long-term debt and non-recourse debt 8,000 1,746 245,658 — 255,404 Total current liabilities 65,504 210,210 294,839 — 570,553 Intercompany Payable 35,092 1,174,881 35,501 (1,245,474 ) — Other Non-Current Liabilities 4,725 155,895 17,761 (79,640 ) 98,741 Capital Lease Obligations — 6,787 — — 6,787 Long-Term Debt 2,018,040 — 89,168 — 2,107,208 Non-Recourse Debt — — 283,780 — 283,780 Commitments & Contingencies and Other Shareholders' Equity: The GEO Group, Inc. Shareholders' Equity 1,219,479 1,686,235 95,966 (1,774,797 ) 1,226,883 Noncontrolling Interests — — (184 ) — (184 ) Total Shareholders’ Equity 1,219,479 1,686,235 95,782 (1,774,797 ) 1,226,699 Total Liabilities and Shareholders' Equity $ 3,342,840 $ 3,234,008 $ 816,831 $ (3,099,911 ) $ 4,293,768 CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands) As of December 31, 2016 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 45,566 $ 842 $ 21,630 $ — $ 68,038 Restricted cash and investments — — 17,133 — 17,133 Accounts receivable, less allowance for doubtful accounts 139,571 200,239 16,445 — 356,255 Contract receivable, current portion — — 224,033 — 224,033 Prepaid expenses and other current assets 677 24,096 7,437 — 32,210 Total current assets 185,814 225,177 286,678 — 697,669 Restricted Cash and Investments 170 19,742 936 — 20,848 Property and Equipment, Net 735,104 1,078,220 83,917 — 1,897,241 Non-Current Contract Receivable — — 219,783 219,783 Intercompany Receivable 918,527 141,987 27,290 (1,087,804 ) — Non-Current Deferred Income Tax Assets 764 17,918 11,357 — 30,039 Goodwill 79 614,941 413 — 615,433 Intangible Assets, Net — 203,138 746 — 203,884 Investment in Subsidiaries 1,238,772 453,635 2,190 (1,694,597 ) — Other Non-Current Assets 15,011 108,434 20,933 (79,866 ) 64,512 Total Assets $ 3,094,241 $ 2,863,192 $ 654,243 $ (2,862,267 ) $ 3,749,409 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 8,402 $ 50,200 $ 21,035 $ — $ 79,637 Accrued payroll and related taxes — 41,230 14,030 — 55,260 Accrued expenses and other current liabilities 36,792 83,906 10,398 — 131,096 Current portion of capital lease obligations, long-term debt and non-recourse debt 3,000 1,700 233,365 — 238,065 Total current liabilities 48,194 177,036 278,828 — 504,058 Intercompany Payable 133,039 920,825 33,940 (1,087,804 ) — Other Non-Current Liabilities 2,487 144,383 21,652 (79,866 ) 88,656 Capital Lease Obligations — 7,431 — — 7,431 Long-Term Debt 1,935,465 — — — 1,935,465 Non-Recourse Debt — — 238,842 — 238,842 Commitments & Contingencies and Other Shareholders' Equity: The GEO Group, Inc. Shareholders' Equity 975,056 1,613,517 81,080 (1,694,597 ) 975,056 Noncontrolling Interests — — (99 ) — (99 ) Total Shareholders’ Equity 975,056 1,613,517 80,981 (1,694,597 ) 974,957 Total Liabilities and Shareholders' Equity $ 3,094,241 $ 2,863,192 $ 654,243 $ (2,862,267 ) $ 3,749,409 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited) For the Six Months Ended June 30, 2017 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash provided by (used in) operating activities $ 2,389 $ 62,559 $ (14,234 ) $ 50,714 Cash Flow from Investing Activities: Acquisition of CEC, net of cash acquired (354,466 ) — — (354,466 ) Proceeds from sale of property and equipment 648 — — 648 Change in restricted cash and investments — (2,890 ) 1,055 (1,835 ) Capital expenditures (9,709 ) (53,629 ) (4,170 ) (67,508 ) Net (cash used) provided by in investing activities (363,527 ) (56,519 ) (3,115 ) (423,161 ) Cash Flow from Financing Activities: Proceeds from long-term debt 1,158,574 — — 1,158,574 Payments on long-term debt (972,500 ) — — (972,500 ) Payments on non-recourse debt — — (67,885 ) (67,885 ) Proceeds from non-recourse debt — — 91,076 91,076 Taxes paid related to net share settlements of equity awards (4,092 ) — — (4,092 ) Proceeds from issuance of common stock in connection with ESPP — 242 242 Proceeds from issuance of common stock under prospectus supplement 275,867 — — 275,867 Debt issuance costs (6,992 ) — (595 ) (7,587 ) Proceeds from stock options exercised 6,150 — — 6,150 Dividends paid (110,859 ) — (110,859 ) Net cash (used in) provided by financing activities 346,148 — 22,838 368,986 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 1,324 1,324 Net (Decrease) Increase in Cash and Cash Equivalents (14,990 ) 6,040 6,813 (2,137 ) Cash and Cash Equivalents, beginning of period 45,566 842 21,630 68,038 Cash and Cash Equivalents, end of period $ 30,576 $ 6,882 $ 28,443 $ 65,901 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited) For the Six Months Ended June 30, 2016 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash (used in) provided by operating activities $ 84,523 $ 40,602 $ (86,873 ) $ 38,252 Cash Flow from Investing Activities: Proceeds from sale of property and equipment — 41 2 43 Insurance proceeds - damaged property — — 548 548 Change in restricted cash and investments (12 ) (1,565 ) (64,276 ) (65,853 ) Capital expenditures (5,137 ) (39,078 ) (1,799 ) (46,014 ) Net cash used in investing activities (5,149 ) (40,602 ) (65,525 ) (111,276 ) Cash Flow from Financing Activities: Taxes paid related to net share settlements of equity awards (2,257 ) — — (2,257 ) Proceeds from long-term debt 641,000 — — 641,000 Payments on long-term debt (627,506 ) — (627,506 ) Payments on non-recourse debt — — (3,044 ) (3,044 ) Proceeds from non-recourse debt — — 159,068 159,068 Proceeds from issuance of common stock in connection with ESPP — — 224 224 Debt issuance costs (16,980 ) — (2,517 ) (19,497 ) Tax benefit related to equity compensation (791 ) — — (791 ) Proceeds from stock options exercised 2,057 — — 2,057 Dividends paid (97,247 ) — — (97,247 ) Net cash (used in) provided by financing activities (101,724 ) — 153,731 52,007 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 244 244 Net Decrease in Cash and Cash Equivalents (22,350 ) — 1,577 (20,773 ) Cash and Cash Equivalents, beginning of period 37,077 — 22,561 59,638 Cash and Cash Equivalents, end of period $ 14,727 $ — $ 24,138 $ 38,865 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Dividend On July 10, 2017, the Board of Directors declared a quarterly cash dividend of $0.47 per share of common stock which was paid on July 28, 2017 to shareholders of record as of the close of business on July 21, 2017. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price of $354.5 million has been preliminarily allocated to the estimated fair values of the assets acquired and liabilities assumed as of April 5, 2017 as follows (in '000's): Preliminary Purchase Price Allocation Accounts Receivable $ 29,936 Prepaid and other current assets 5,032 Property and equipment 126,510 Intangible assets 76,000 Favorable lease assets 3,110 Deferred income tax assets 2,223 Other non-current assets 4,327 Total assets acquired $ 247,138 Accounts payable and accrued expenses 53,800 Unfavorable lease liabilities 1,299 Other non-current liabilities 9,917 Total liabilities assumed $ 65,016 Total identifiable net assets 182,122 Goodwill 172,343 Total consideration paid, net of cash acquired $ 354,465 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Identifiable intangible assets purchased in the acquisition and their weighted average amortization periods in total and by major intangible asset class, as applicable, are included in the table below: Weighted Average Useful Life (years) Fair Value as of April 5, 2017 Facility management contracts 18.3 $ 75,300 Covenants not to compete 1 700 Total acquired intangible assets $ 76,000 |
Business Acquisition, Pro Forma Information | The pro forma amounts are included for comparative purposes and may not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period and may not be indicative of the results that will be attained in the future (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Pro forma revenues $ 579,681 $ 610,512 $ 1,189,890 $ 1,183,502 Pro forma net income attributable to the GEO Group, Inc. $ 38,960 $ 23,999 $ 80,800 $ 55,850 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Changes in the Company's goodwill balances from December 31, 2016 to June 30, 2017 are as follows (in thousands): December 31, 2016 Acquisitions Foreign Currency Translation June 30, 2017 U.S. Corrections & Detention $ 277,774 $ 43,086 $ — $ 320,860 GEO Care 337,257 129,257 — 466,514 International Services 402 — 27 429 Total Goodwill $ 615,433 172,343 $ 27 $ 787,803 |
Schedule of intangible assets | The Company's intangible assets include facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands): June 30, 2017 December 31, 2016 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Facility management contracts 16.3 $ 308,474 $ (96,345 ) $ 212,129 $ 233,136 $ (87,256 ) $ 145,880 Covenants not to compete 1 700 (167 ) 533 — — — Technology 7.3 33,700 (23,217 ) 10,483 33,700 (20,896 ) 12,804 Trade name (Indefinite lived) Indefinite 45,200 — 45,200 45,200 — 45,200 Total acquired intangible assets $ 388,074 $ (119,729 ) $ 268,345 $ 312,036 $ (108,152 ) $ 203,884 |
Estimated amortization expense for the remainder | Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2017 through 2021 and thereafter is as follows (in thousands): Fiscal Year Total Amortization Expense Remainder of 2017 $ 13,102 2018 22,821 2019 22,310 2020 22,310 2021 20,090 Thereafter 122,512 $ 223,145 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Fair value assets and liabilities measured on recurring basis | The following tables provide a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2017 and December 31, 2016 (in thousands): Fair Value Measurements at June 30, 2017 Carrying Value at June 30, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Significant Unobservable Inputs (Level 3) Assets: Restricted investment: Rabbi Trust $ 18,624 $ — $ 18,624 $ — Fixed income securities 1,853 — 1,853 — Liabilities: Interest rate swap derivatives $ 19,248 $ — $ 19,248 $ — Fair Value Measurements at December 31, 2016 Carrying Value at December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Restricted investments: Rabbi Trust $ 15,662 $ — $ 15,662 $ — Fixed income securities 1,782 — 1,782 — Interest rate cap derivatives 15 — 15 — Liabilities: Interest rate swap derivatives $ 18,679 $ — $ 18,679 $ — |
Fair Value of Assets and Liab28
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying value and estimated fair value of financial instruments | The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at June 30, 2017 and December 31, 2016 (in thousands): Estimated Fair Value Measurements at June 30, 2017 Carrying Value as of June 30, 2017 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 65,901 $ 65,901 $ 65,901 $ — $ — Restricted cash and investments 21,774 21,774 19,727 2,047 — Liabilities: Borrowings under senior credit facility $ 992,168 $ 996,158 $ — $ 996,158 $ — 5.875% Senior Notes due 2024 250,000 259,930 — 259,930 — 5.125% Senior Notes 300,000 303,234 — 303,234 — 5.875% Senior Notes due 2022 250,000 260,793 — 260,793 — 6.00% Senior Notes 350,000 364,854 — 364,854 — Non-recourse debt, Australian subsidiary 508,109 508,109 — 508,109 — Other non-recourse debt, including current portion 36,680 37,555 — 37,555 — Estimated Fair Value Measurements at December 31, 2016 Carrying Value as of December 31, 2016 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 68,038 $ 68,038 $ 68,038 $ — $ — Restricted cash and investments 22,319 22,319 19,614 2,705 — Liabilities: Borrowings under senior credit facility $ 804,500 $ 795,008 $ — $ 795,008 $ — 5.875% Senior Notes due 2024 250,000 247,813 — 247,813 — 5.125% Senior Notes 300,000 292,125 — 292,125 — 5.875% Senior Notes due 2022 250,000 254,688 — 254,688 — 6.00% Senior Notes 350,000 346,938 — 346,938 — Non-recourse debt, Australian subsidiary 454,222 454,185 — 454,185 — Other non-recourse debt, including current portion 36,280 37,550 — 37,550 — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Changes in shareholders' equity that are attributable to the Company's shareholders and to noncontrolling interests | The following table presents the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests (in thousands): Common shares Additional Paid-In Earnings in Excess of Accumulated Other Comprehensive Noncontrolling Total Shareholders' Shares Amount Capital Distributions Loss Interests Equity Balance, December 31, 2016 112,548 $ 1,125 $ 891,993 $ 112,763 $ (30,825 ) $ (99 ) $ 974,957 Proceeds from exercise of stock options 307 3 6,147 — — — 6,150 Stock-based compensation expense — — 9,993 — — — 9,993 Restricted stock granted 924 9 (9 ) — — — — Restricted stock canceled (27 ) — — — — — — Dividends paid — — — (110,859 ) — — (110,859 ) Issuance of common stock - prospectus supplement 10,350 104 275,763 — — — 275,867 Shares withheld for net settlements of share-based awards (134 ) (1 ) (4,091 ) — — — (4,092 ) Issuance of common stock - ESPP 8 — 242 — — — 242 Net income (loss) — — — 71,395 — (87 ) 71,308 Other comprehensive income — — — — 3,131 2 3,133 Balance, June 30, 2017 123,976 $ 1,240 $ 1,180,038 $ 73,299 $ (27,694 ) $ (184 ) $ 1,226,699 |
Dividends declared | During the six months ended June 30, 2017 and the year ended December 31, 2016 , respectively, GEO declared and paid the following regular cash distributions to its shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Aggregate Payment Amount (in millions) February 3, 2016 February 16, 2016 February 26, 2016 $0.43 $48.5 April 20, 2016 May 2, 2016 May 12, 2016 $0.43 $48.7 July 20, 2016 August 1, 2016 August 12, 2016 $0.43 $48.7 October 18, 2016 October 31, 2016 November 10, 2016 $0.43 $48.8 February 6, 2017 February 17, 2017 February 27, 2017 $0.47 $52.5 April 25, 2017 May 9, 2017 May 19, 2017 $0.47 $58.4 |
Schedule of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income (loss) attributable to GEO within shareholders' equity are as follows: Six Months Ended June 30, 2017 (In thousands) Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. (1) Unrealized (loss)/gain on derivatives, net of tax Pension adjustments, net of tax Total Balance, December 31, 2016 $ (11,284 ) $ (15,877 ) $ (3,664 ) $ (30,825 ) Current-period other comprehensive (loss) income 2,204 816 111 3,131 Balance, June 30, 2017 $ (9,080 ) $ (15,061 ) $ (3,553 ) $ (27,694 ) (1) The foreign currency translation related to noncontrolling interests was not significant at June 30, 2017 or December 31, 2016 . |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of the activity of stock option awards | A summary of the activity of stock option awards issued and outstanding under Company plans is as follows for the six months ended June 30, 2017 : Shares Wtd. Avg. Exercise Price Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) (in thousands) Options outstanding at December 31, 2016 1,211 $ 20.65 7.14 $ 5,466 Options granted 461 32.27 Options exercised (308 ) 19.81 Options forfeited/canceled/expired (23 ) 24.86 Options outstanding at June 30, 2017 1,341 $ 24.76 7.81 $ 7,675 Options vested and expected to vest at June 30, 2017 661 $ 24.52 7.71 $ 7,373 Options exercisable at June 30, 2017 585 $ 21.53 6.44 $ 4,946 |
Summary of the activity of restricted stock | A summary of the activity of restricted stock outstanding is as follows for the six months ended June 30, 2017 : Shares Wtd. Avg. Grant Date Fair Value (in thousands) Restricted stock outstanding at December 31, 2016 1,346 $ 24.37 Granted 924 35.40 Vested (435 ) 23.16 Forfeited/canceled (27 ) 24.42 Restricted stock outstanding at June 30, 2017 1,808 $ 30.44 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | Basic and diluted earnings per share were calculated for the three and six months ended June 30, 2017 and 2016 as follows (in thousands, except per share data): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Net income $ 30,942 $ 23,156 $ 71,308 $ 55,482 Net loss attributable to noncontrolling interests 50 53 87 77 Net income attributable to The GEO Group, Inc. 30,992 23,209 71,395 55,559 Basic earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 122,125 111,066 117,885 110,940 Per share amount $ 0.25 $ 0.21 $ 0.61 $ 0.50 Diluted earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 122,125 111,066 117,885 110,940 Dilutive effect of equity incentive plans 770 413 817 441 Weighted average shares assuming dilution 122,895 111,479 118,702 111,381 Per share amount $ 0.25 $ 0.21 $ 0.60 $ 0.50 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt outstanding as of June 30, 2017 and December 31, 2016 consisted of the following (in thousands): June 30, 2017 December 31, 2016 Senior Credit Facility: Term loan $ 798,000 $ 289,500 Unamortized discount on term loan (3,822 ) (375 ) Unamortized debt issuance costs on term loan (8,313 ) — Revolver 194,168 515,000 Total Senior Credit Facility $ 980,033 $ 804,125 6.00% Senior Notes: Notes Due in 2026 350,000 350,000 Unamortized debt issuance costs (5,567 ) (5,770 ) Total 6.00% Senior Notes Due in 2026 344,433 344,230 5.875% Senior Notes: Notes Due in 2024 250,000 250,000 Unamortized debt issuance costs (3,584 ) (3,773 ) Total 5.875% Senior Notes Due in 2024 246,416 246,227 5.125% Senior Notes: Notes Due in 2023 300,000 300,000 Unamortized debt issuance costs (4,492 ) (4,786 ) Total 5.125% Senior Notes Due in 2023 295,508 295,214 5.875% Senior Notes Notes Due in 2022 250,000 250,000 Unamortized debt issuance costs (3,590 ) (3,923 ) Total 5.875% Senior Notes Due in 2022 246,410 246,077 Non-Recourse Debt 544,789 490,902 Unamortized debt issuance costs on non-recourse debt (15,018 ) (18,295 ) Unamortized discount on non-recourse debt (334 ) (400 ) Total Non-Recourse Debt 529,437 472,207 Capital Lease Obligations 8,076 8,693 Other debt 2,866 3,030 Total debt 2,653,179 2,419,803 Current portion of capital lease obligations, long-term debt and non-recourse debt (255,404 ) (238,065 ) Capital Lease Obligations, long-term portion (6,787 ) (7,431 ) Non-Recourse Debt, long-term portion (283,780 ) (238,842 ) Long-Term Debt $ 2,107,208 $ 1,935,465 |
Business Segments and Geograp33
Business Segments and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Operating and Reporting Segments | The Company's segment revenues from external customers and a measure of segment profit are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Revenues: U.S. Corrections & Detention $ 360,838 $ 341,573 $ 708,769 $ 679,943 GEO Care 139,364 96,529 243,130 189,943 International Services 42,928 38,497 84,620 76,052 Facility Construction & Design (1) 33,940 71,751 91,165 112,597 Total revenues $ 577,070 $ 548,350 $ 1,127,684 $ 1,058,535 Operating income from segments: U.S. Corrections & Detention $ 69,801 $ 74,989 $ 144,697 $ 142,427 GEO Care 36,533 26,580 65,359 50,551 International Services 2,117 1,074 5,003 2,836 Facility Construction & Design (1) (1,692 ) 218 (1,342 ) 275 Operating income from segments $ 106,759 $ 102,861 $ 213,717 $ 196,089 (1) In September 2014, the Company began the design and construction of a new prison contract located in Ravenhall, a locality near Melbourne, Australia. During the design and construction phase, the Company recognizes revenue as earned on a percentage of completion basis measured by the percentage of costs incurred to date as compared to estimated total costs for the design and construction of the facility. Costs incurred and estimated earnings in excess of billings is classified as Contract Receivable in the accompanying consolidated balance sheets and is recorded at the net present value based on the timing of expected future settlement. A portion of the Contract Receivable will be paid by the State upon commercial acceptance of the prison and the remainder will be paid quarterly over the life of the contract. During the three months ending June 30, 2017, the Company became aware of certain claims by its construction subcontractor for unanticipated additional costs which are in excess of the agreed contract price. The Company has agreed in principle with the subcontractor to pay approximately $1.9 million related to these overruns and has recorded a provision for loss related to these claims |
Pre-Tax Income Reconciliation of Segments | The following is a reconciliation of the Company’s total operating income from its reportable segments to the Company’s income before income taxes and equity in earnings of affiliates (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Total operating income from segments $ 106,759 $ 102,861 $ 213,717 $ 196,089 Unallocated amounts: General and Administrative Expenses (52,206 ) (36,904 ) (94,792 ) (70,965 ) Net Interest Expense (23,637 ) (25,187 ) (46,660 ) (49,996 ) Loss on Extinguishment of Debt — (15,866 ) — (15,866 ) Income before income taxes and equity in earnings of affiliates $ 30,916 $ 24,904 $ 72,265 $ 59,262 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Company Plan Benefit Expense | The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands): Six Months Ended June 30, 2017 Year Ended December 31, 2016 Change in Projected Benefit Obligation Projected benefit obligation, beginning of period $ 28,624 $ 25,935 Service cost 501 995 Interest cost 617 1,155 Actuarial loss — 1,031 Benefits paid (301 ) (492 ) Projected benefit obligation, end of period $ 29,441 $ 28,624 Change in Plan Assets Plan assets at fair value, beginning of period $ — $ — Company contributions 301 492 Benefits paid (301 ) (492 ) Plan assets at fair value, end of period $ — $ — Unfunded Status of the Plan $ (29,441 ) $ (28,624 ) |
Components of Net Periodic Benefit Cost | Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Components of Net Periodic Benefit Cost Service cost $ 250 $ 249 $ 501 497 Interest cost 307 289 $ 617 $ 578 Net loss 73 53 145 107 Net periodic pension cost $ 630 $ 591 $ 1,263 $ 1,182 |
Condensed Consolidating Finan35
Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited) For the Three Months Ended June 30, 2017 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 171,260 $ 465,286 $ 79,436 $ (138,912 ) $ 577,070 Operating expenses 135,244 373,399 68,714 (138,912 ) 438,445 Depreciation and amortization 6,065 24,906 895 — 31,866 General and administrative expenses 15,573 29,432 7,201 — 52,206 Operating income 14,378 37,549 2,626 — 54,553 Interest income 6,751 409 12,476 (7,290 ) 12,346 Interest expense (17,451 ) (15,775 ) (10,047 ) 7,290 (35,983 ) Income before income taxes and equity in earnings of affiliates 3,678 22,183 5,055 — 30,916 Income tax provision 147 793 460 — 1,400 Equity in earnings of affiliates, net of income tax provision — — 1,426 — 1,426 Income before equity in income of consolidated subsidiaries 3,531 21,390 6,021 — 30,942 Income from consolidated subsidiaries, net of income tax provision 27,411 — — (27,411 ) — Net income 30,942 21,390 6,021 (27,411 ) 30,942 Net loss attributable to noncontrolling interests — — 50 — 50 Net income attributable to The GEO Group, Inc. $ 30,942 $ 21,390 $ 6,071 $ (27,411 ) $ 30,992 Net income $ 30,942 $ 21,390 $ 6,021 $ (27,411 ) $ 30,942 Other comprehensive income, net of tax — 64 1,808 — 1,872 Total comprehensive income $ 30,942 $ 21,454 $ 7,829 $ (27,411 ) $ 32,814 Comprehensive loss attributable to noncontrolling interests — — 51 — 51 Comprehensive income attributable to The GEO Group, Inc. $ 30,942 $ 21,454 $ 7,880 $ (27,411 ) $ 32,865 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited) For the Three Months Ended June 30, 2016 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 174,414 $ 404,798 $ 112,811 $ (143,673 ) $ 548,350 Operating expenses 135,603 323,791 101,116 (143,673 ) 416,837 Depreciation and amortization 6,265 21,424 963 — 28,652 General and administrative expenses 14,846 15,250 6,808 — 36,904 Operating income 17,700 44,333 3,924 — 65,957 Interest income 5,440 409 6,013 (5,960 ) 5,902 Interest expense (16,369 ) (13,932 ) (6,748 ) 5,960 (31,089 ) Loss on early extinguishment of debt (15,866 ) — — — (15,866 ) Income (loss) before income taxes and equity in earnings of affiliates (9,095 ) 30,810 3,189 — 24,904 Income tax provision (benefit) (101 ) 3,099 881 — 3,879 Equity in earnings of affiliates, net of income tax provision — — 2,131 — 2,131 Income (loss) before equity in income of consolidated subsidiaries (8,994 ) 27,711 4,439 — 23,156 Income from consolidated subsidiaries, net of income tax provision 32,150 — — (32,150 ) — Net income 23,156 27,711 4,439 (32,150 ) 23,156 Net loss attributable to noncontrolling interests — — 53 — 53 Net income attributable to The GEO Group, Inc. $ 23,156 $ 27,711 $ 4,492 $ (32,150 ) $ 23,209 Net income $ 23,156 $ 27,711 $ 4,439 $ (32,150 ) $ 23,156 Other comprehensive income (loss), net of tax — 33 (2,611 ) — (2,578 ) Total comprehensive income $ 23,156 $ 27,744 $ 1,828 $ (32,150 ) $ 20,578 Comprehensive loss attributable to noncontrolling interests — — 52 — 52 Comprehensive income attributable to The GEO Group, Inc. $ 23,156 $ 27,744 $ 1,880 $ (32,150 ) $ 20,630 For the Six Months Ended June 30, 2017 The GEO Group, Inc. Combined Combined Eliminations Consolidated Revenues $ 349,433 $ 878,480 $ 180,920 $ (281,149 ) $ 1,127,684 Operating expenses 267,411 711,398 155,492 (281,149 ) 853,152 Depreciation and amortization 12,215 46,781 1,819 — 60,815 General and administrative expenses 29,240 50,413 15,139 — 94,792 Operating income 40,567 69,888 8,470 — 118,925 Interest income 10,105 1,229 24,304 (11,315 ) 24,323 Interest expense (33,243 ) (28,260 ) (20,795 ) 11,315 (70,983 ) Income before income taxes and equity in earnings of affiliates 17,429 42,857 11,979 — 72,265 Income tax provision (benefit) 294 2,247 1,329 — 3,870 Equity in earnings of affiliates, net of income tax provision — — 2,913 — 2,913 Income before equity in income of consolidated subsidiaries 17,135 40,610 13,563 — 71,308 Income from consolidated subsidiaries, net of income tax provision 57,749 — — (57,749 ) — Net income 74,884 40,610 13,563 (57,749 ) 71,308 Net loss attributable to noncontrolling interests — — 87 — 87 Net income attributable to The GEO Group, Inc. $ 74,884 $ 40,610 $ 13,650 $ (57,749 ) $ 71,395 Net income $ 74,884 $ 40,610 $ 13,563 $ (57,749 ) $ 71,308 Other comprehensive income, net of tax — 111 3,022 — 3,133 Total comprehensive income $ 74,884 $ 40,721 $ 16,585 $ (57,749 ) $ 74,441 Comprehensive loss attributable to noncontrolling interests — — 85 — 85 Comprehensive income attributable to The GEO Group, Inc. $ 74,884 $ 40,721 $ 16,670 $ (57,749 ) $ 74,526 For the Six Months Ended June 30, 2016 The GEO Group, Inc. Combined Combined Eliminations Consolidated Revenues $ 342,051 $ 805,140 $ 193,776 $ (282,432 ) $ 1,058,535 Operating expenses 273,513 643,695 170,567 (282,432 ) 805,343 Depreciation and amortization 12,527 42,657 1,919 — 57,103 General and administrative expenses 22,821 35,216 12,928 — 70,965 Operating income 33,190 83,572 8,362 — 125,124 Interest income 10,881 1,018 10,670 (12,110 ) 10,459 Interest expense (32,726 ) (27,876 ) (11,963 ) 12,110 (60,455 ) Loss on early extinguishment of debt (15,866 ) — — — (15,866 ) Income (loss) before income taxes and equity in earnings of affiliates (4,521 ) 56,714 7,069 — 59,262 Income tax provision (benefit) (91 ) 5,290 1,831 — 7,030 Equity in earnings of affiliates, net of income tax provision — — 3,250 — 3,250 Income (loss) before equity in income of consolidated subsidiaries (4,430 ) 51,424 8,488 — 55,482 Income from consolidated subsidiaries, net of income tax provision 59,912 — — (59,912 ) — Net income 55,482 51,424 8,488 (59,912 ) 55,482 Net loss attributable to noncontrolling interests — — 77 — 77 Net income attributable to The GEO Group, Inc. $ 55,482 $ 51,424 $ 8,565 $ (59,912 ) $ 55,559 Net income $ 55,482 $ 51,424 $ 8,488 $ (59,912 ) $ 55,482 Other comprehensive income (loss), net of tax — 65 (3,541 ) — (3,476 ) Total comprehensive income 55,482 51,489 4,947 (59,912 ) 52,006 Comprehensive loss attributable to noncontrolling interests — — 68 — 68 Comprehensive income attributable to The GEO Group, Inc. $ 55,482 $ 51,489 $ 5,015 $ (59,912 ) $ 52,074 |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands) (unaudited) As of June 30, 2017 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 30,576 $ 6,882 $ 28,443 $ — $ 65,901 Restricted cash and investments 1,849 — 15,529 — 17,378 Accounts receivable, less allowance for doubtful accounts 112,978 213,596 15,787 — 342,361 Contract receivable, current portion — — 238,958 — 238,958 Prepaid expenses and other current assets 2,249 34,588 5,630 — 42,467 Total current assets 147,652 255,066 304,347 — 707,065 Restricted Cash and Investments (1,659 ) 22,632 2,047 — 23,020 Property and Equipment, Net 744,674 1,217,685 87,254 — 2,049,613 Non-Current Contract Receivable — — 358,727 — 358,727 Intercompany Receivable 1,122,898 93,918 28,658 (1,245,474 ) — Non-Current Deferred Income Tax Assets 763 19,685 11,814 — 32,262 Goodwill 79 787,284 440 — 787,803 Intangible Assets, Net — 267,580 765 — 268,345 Investment in Subsidiaries 1,315,016 457,591 2,190 (1,774,797 ) — Other Non-Current Assets 13,417 112,567 20,589 (79,640 ) 66,933 Total Assets $ 3,342,840 $ 3,234,008 $ 816,831 $ (3,099,911 ) $ 4,293,768 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 20,438 $ 60,099 $ 17,490 $ — $ 98,027 Accrued payroll and related taxes — 47,674 15,518 — 63,192 Accrued expenses and other current liabilities 37,066 100,691 16,173 — 153,930 Current portion of capital lease obligations, long-term debt and non-recourse debt 8,000 1,746 245,658 — 255,404 Total current liabilities 65,504 210,210 294,839 — 570,553 Intercompany Payable 35,092 1,174,881 35,501 (1,245,474 ) — Other Non-Current Liabilities 4,725 155,895 17,761 (79,640 ) 98,741 Capital Lease Obligations — 6,787 — — 6,787 Long-Term Debt 2,018,040 — 89,168 — 2,107,208 Non-Recourse Debt — — 283,780 — 283,780 Commitments & Contingencies and Other Shareholders' Equity: The GEO Group, Inc. Shareholders' Equity 1,219,479 1,686,235 95,966 (1,774,797 ) 1,226,883 Noncontrolling Interests — — (184 ) — (184 ) Total Shareholders’ Equity 1,219,479 1,686,235 95,782 (1,774,797 ) 1,226,699 Total Liabilities and Shareholders' Equity $ 3,342,840 $ 3,234,008 $ 816,831 $ (3,099,911 ) $ 4,293,768 CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands) As of December 31, 2016 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 45,566 $ 842 $ 21,630 $ — $ 68,038 Restricted cash and investments — — 17,133 — 17,133 Accounts receivable, less allowance for doubtful accounts 139,571 200,239 16,445 — 356,255 Contract receivable, current portion — — 224,033 — 224,033 Prepaid expenses and other current assets 677 24,096 7,437 — 32,210 Total current assets 185,814 225,177 286,678 — 697,669 Restricted Cash and Investments 170 19,742 936 — 20,848 Property and Equipment, Net 735,104 1,078,220 83,917 — 1,897,241 Non-Current Contract Receivable — — 219,783 219,783 Intercompany Receivable 918,527 141,987 27,290 (1,087,804 ) — Non-Current Deferred Income Tax Assets 764 17,918 11,357 — 30,039 Goodwill 79 614,941 413 — 615,433 Intangible Assets, Net — 203,138 746 — 203,884 Investment in Subsidiaries 1,238,772 453,635 2,190 (1,694,597 ) — Other Non-Current Assets 15,011 108,434 20,933 (79,866 ) 64,512 Total Assets $ 3,094,241 $ 2,863,192 $ 654,243 $ (2,862,267 ) $ 3,749,409 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 8,402 $ 50,200 $ 21,035 $ — $ 79,637 Accrued payroll and related taxes — 41,230 14,030 — 55,260 Accrued expenses and other current liabilities 36,792 83,906 10,398 — 131,096 Current portion of capital lease obligations, long-term debt and non-recourse debt 3,000 1,700 233,365 — 238,065 Total current liabilities 48,194 177,036 278,828 — 504,058 Intercompany Payable 133,039 920,825 33,940 (1,087,804 ) — Other Non-Current Liabilities 2,487 144,383 21,652 (79,866 ) 88,656 Capital Lease Obligations — 7,431 — — 7,431 Long-Term Debt 1,935,465 — — — 1,935,465 Non-Recourse Debt — — 238,842 — 238,842 Commitments & Contingencies and Other Shareholders' Equity: The GEO Group, Inc. Shareholders' Equity 975,056 1,613,517 81,080 (1,694,597 ) 975,056 Noncontrolling Interests — — (99 ) — (99 ) Total Shareholders’ Equity 975,056 1,613,517 80,981 (1,694,597 ) 974,957 Total Liabilities and Shareholders' Equity $ 3,094,241 $ 2,863,192 $ 654,243 $ (2,862,267 ) $ 3,749,409 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited) For the Six Months Ended June 30, 2017 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash provided by (used in) operating activities $ 2,389 $ 62,559 $ (14,234 ) $ 50,714 Cash Flow from Investing Activities: Acquisition of CEC, net of cash acquired (354,466 ) — — (354,466 ) Proceeds from sale of property and equipment 648 — — 648 Change in restricted cash and investments — (2,890 ) 1,055 (1,835 ) Capital expenditures (9,709 ) (53,629 ) (4,170 ) (67,508 ) Net (cash used) provided by in investing activities (363,527 ) (56,519 ) (3,115 ) (423,161 ) Cash Flow from Financing Activities: Proceeds from long-term debt 1,158,574 — — 1,158,574 Payments on long-term debt (972,500 ) — — (972,500 ) Payments on non-recourse debt — — (67,885 ) (67,885 ) Proceeds from non-recourse debt — — 91,076 91,076 Taxes paid related to net share settlements of equity awards (4,092 ) — — (4,092 ) Proceeds from issuance of common stock in connection with ESPP — 242 242 Proceeds from issuance of common stock under prospectus supplement 275,867 — — 275,867 Debt issuance costs (6,992 ) — (595 ) (7,587 ) Proceeds from stock options exercised 6,150 — — 6,150 Dividends paid (110,859 ) — (110,859 ) Net cash (used in) provided by financing activities 346,148 — 22,838 368,986 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 1,324 1,324 Net (Decrease) Increase in Cash and Cash Equivalents (14,990 ) 6,040 6,813 (2,137 ) Cash and Cash Equivalents, beginning of period 45,566 842 21,630 68,038 Cash and Cash Equivalents, end of period $ 30,576 $ 6,882 $ 28,443 $ 65,901 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited) For the Six Months Ended June 30, 2016 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash (used in) provided by operating activities $ 84,523 $ 40,602 $ (86,873 ) $ 38,252 Cash Flow from Investing Activities: Proceeds from sale of property and equipment — 41 2 43 Insurance proceeds - damaged property — — 548 548 Change in restricted cash and investments (12 ) (1,565 ) (64,276 ) (65,853 ) Capital expenditures (5,137 ) (39,078 ) (1,799 ) (46,014 ) Net cash used in investing activities (5,149 ) (40,602 ) (65,525 ) (111,276 ) Cash Flow from Financing Activities: Taxes paid related to net share settlements of equity awards (2,257 ) — — (2,257 ) Proceeds from long-term debt 641,000 — — 641,000 Payments on long-term debt (627,506 ) — (627,506 ) Payments on non-recourse debt — — (3,044 ) (3,044 ) Proceeds from non-recourse debt — — 159,068 159,068 Proceeds from issuance of common stock in connection with ESPP — — 224 224 Debt issuance costs (16,980 ) — (2,517 ) (19,497 ) Tax benefit related to equity compensation (791 ) — — (791 ) Proceeds from stock options exercised 2,057 — — 2,057 Dividends paid (97,247 ) — — (97,247 ) Net cash (used in) provided by financing activities (101,724 ) — 153,731 52,007 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — 244 244 Net Decrease in Cash and Cash Equivalents (22,350 ) — 1,577 (20,773 ) Cash and Cash Equivalents, beginning of period 37,077 — 22,561 59,638 Cash and Cash Equivalents, end of period $ 14,727 $ — $ 24,138 $ 38,865 |
Basis of Presentation (Details)
Basis of Presentation (Details) detainee in Thousands, bed in Thousands | 1 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2017facilitydetaineebed | |
Class of Stock [Line Items] | ||
Number of beds | bed | 100 | |
Correctional, detention and residential treatment facilities including projects under development | facility | 143 | |
Provision of monitoring services tracking offenders (more than 185,000) | 185 | |
Provision of monitoring services tracking offenders using technology products (in detainees) | 100 | |
Common shares | ||
Class of Stock [Line Items] | ||
Stock split, conversion ratio | 1.5 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Thousands | Apr. 05, 2017USD ($)bed | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||
Acquisition of CEC, net of cash acquired | $ 354,466 | $ 0 | ||||
Goodwill | $ 787,803 | 787,803 | $ 615,433 | |||
Community Education Centers | ||||||
Business Acquisition [Line Items] | ||||||
Number of beds in facility (more than 12,000) | bed | 12,000 | |||||
Percentage of voting interests acquired | 100.00% | |||||
Acquisition of CEC, net of cash acquired | $ 354,500 | |||||
Cash acquired from acquisition | 3,000 | |||||
Acquisition related costs | 4,100 | |||||
Debt outstanding | 115,000 | |||||
Goodwill | 172,343 | |||||
Revenue for CEC activity since acquisition | 56,700 | 56,700 | ||||
Earnings for CEC activity since acquisition | 2,600 | 2,600 | ||||
Maximum potential adjustment to purchase price | $ 1,900 | |||||
Acquisition-related Costs | Community Education Centers | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition related costs | $ 7,800 | $ 10,400 | ||||
Subsequent Event | Community Education Centers | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price adjustment, decrease | $ 2,600 |
Business Combinations - Assets
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Apr. 05, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 787,803 | $ 615,433 | |
Community Education Centers | |||
Business Acquisition [Line Items] | |||
Accounts Receivable | $ 29,936 | ||
Prepaid and other current assets | 5,032 | ||
Property and equipment | 126,510 | ||
Intangible assets | 76,000 | ||
Favorable lease assets | 3,110 | ||
Deferred income tax assets | 2,223 | ||
Other non-current assets | 4,327 | ||
Total assets acquired | 247,138 | ||
Accounts payable and accrued expenses | 53,800 | ||
Unfavorable lease liabilities | 1,299 | ||
Other non-current liabilities | 9,917 | ||
Total liabilities assumed | 65,016 | ||
Total identifiable net assets | 182,122 | ||
Goodwill | 172,343 | ||
Total consideration paid, net of cash acquired | $ 354,465 |
Business Combinations - Intangi
Business Combinations - Intangible Assets Acquired (Details) $ in Thousands | Apr. 05, 2017USD ($) |
Community Education Centers | |
Business Acquisition [Line Items] | |
Total acquired intangible assets | $ 76,000 |
Facility management contracts | |
Business Acquisition [Line Items] | |
Weighted Average Useful Life (years) | 17 years 12 months 100 days |
Facility management contracts | Community Education Centers | |
Business Acquisition [Line Items] | |
Total acquired intangible assets | $ 75,300 |
Covenants not to compete | |
Business Acquisition [Line Items] | |
Weighted Average Useful Life (years) | 1 year |
Covenants not to compete | Community Education Centers | |
Business Acquisition [Line Items] | |
Total acquired intangible assets | $ 700 |
Business Combinations - Pro For
Business Combinations - Pro Forma (Details) - Community Education Centers - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Business Acquisition [Line Items] | ||||
Pro forma revenues | $ 579,681 | $ 610,512 | $ 1,189,890 | $ 1,183,502 |
Pro forma net income attributable to the GEO Group, Inc. | $ 38,960 | $ 23,999 | $ 80,800 | $ 55,850 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | $ 615,433 |
Acquisitions | 172,343 |
Foreign Currency Translation | 27 |
Goodwill, end of period | 787,803 |
U.S. Corrections & Detention | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 277,774 |
Acquisitions | 43,086 |
Foreign Currency Translation | 0 |
Goodwill, end of period | 320,860 |
GEO Care | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 337,257 |
Acquisitions | 129,257 |
Foreign Currency Translation | 0 |
Goodwill, end of period | 466,514 |
International Services | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 402 |
Acquisitions | 0 |
Foreign Currency Translation | 27 |
Goodwill, end of period | $ 429 |
- Intangible Assets (Details)
- Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (119,729) | $ (108,152) |
Net Carrying Amount | 223,145 | |
Gross carrying amount | 388,074 | 312,036 |
Total acquired intangible assets | 268,345 | 203,884 |
Trade names | ||
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Trade name (Indefinite lived) | $ 45,200 | 45,200 |
Facility management contracts | ||
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 16 years 3 months 6 days | |
Gross Carrying Amount | $ 308,474 | 233,136 |
Accumulated Amortization | (96,345) | (87,256) |
Net Carrying Amount | $ 212,129 | 145,880 |
Covenants not to compete | ||
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 1 year | |
Gross Carrying Amount | $ 700 | 0 |
Accumulated Amortization | (167) | 0 |
Net Carrying Amount | $ 533 | 0 |
Technology | ||
Schedule of Finite and Indefinite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 7 years 3 months 18 days | |
Gross Carrying Amount | $ 33,700 | 33,700 |
Accumulated Amortization | (23,217) | (20,896) |
Net Carrying Amount | $ 10,483 | $ 12,804 |
- Estimated Amortization Expens
- Estimated Amortization Expense (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Estimated amortization expense for the remainder | |
Remainder of 2017 | $ 13,102 |
2,018 | 22,821 |
2,019 | 22,310 |
2,020 | 22,310 |
2,021 | 20,090 |
Thereafter | 122,512 |
Net Carrying Amount | $ 223,145 |
- Narrative (Details)
- Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 6.5 | $ 5.1 | $ 11.6 | $ 10.2 |
Facility management contracts | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average period | 1 year 7 months 6 days |
Financial Instruments (Details)
Financial Instruments (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted investment: | ||
Rabbi Trust | $ 18,624 | $ 15,662 |
Fixed income securities | 1,853 | 1,782 |
Interest rate cap derivatives | 15 | |
Interest rate swap derivatives | ||
Liabilities: | ||
Interest rate swap derivatives | 19,248 | 18,679 |
Quoted Prices in Active Markets (Level 1) | ||
Restricted investment: | ||
Rabbi Trust | 0 | 0 |
Fixed income securities | 0 | 0 |
Interest rate cap derivatives | 0 | |
Quoted Prices in Active Markets (Level 1) | Interest rate swap derivatives | ||
Liabilities: | ||
Interest rate swap derivatives | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Restricted investment: | ||
Rabbi Trust | 18,624 | 15,662 |
Fixed income securities | 1,853 | 1,782 |
Significant Other Observable Inputs (Level 2) | Interest rate swap derivatives | ||
Liabilities: | ||
Interest rate swap derivatives | 19,248 | 18,679 |
Significant Unobservable Inputs (Level 3) | ||
Restricted investment: | ||
Rabbi Trust | 0 | 0 |
Fixed income securities | 0 | 0 |
Interest rate cap derivatives | 0 | |
Significant Unobservable Inputs (Level 3) | Interest rate swap derivatives | ||
Liabilities: | ||
Interest rate swap derivatives | $ 0 | $ 0 |
Fair Value of Assets and Liab46
Fair Value of Assets and Liabilities - Carrying Values and Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||||
Cash and cash equivalents | $ 65,901 | $ 68,038 | $ 38,865 | $ 59,638 |
Carrying Value | ||||
Assets: | ||||
Cash and cash equivalents | 65,901 | 68,038 | ||
Restricted cash and investments | 21,774 | 22,319 | ||
Liabilities: | ||||
Borrowings under senior credit facility | 992,168 | 804,500 | ||
Carrying Value | Subsidiary | AUSTRALIA | ||||
Liabilities: | ||||
Non-recourse debt | 508,109 | 454,222 | ||
Carrying Value | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes | 250,000 | 250,000 | ||
Carrying Value | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 300,000 | 300,000 | ||
Carrying Value | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes | 250,000 | 250,000 | ||
Carrying Value | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 350,000 | 350,000 | ||
Carrying Value | Other non-recourse debt, including current portion | ||||
Liabilities: | ||||
Non-recourse debt | 36,680 | 36,280 | ||
Estimate of Fair Value Measurement | ||||
Assets: | ||||
Cash and cash equivalents | 65,901 | 68,038 | ||
Restricted cash and investments | 21,774 | 22,319 | ||
Liabilities: | ||||
Borrowings under senior credit facility | 996,158 | 795,008 | ||
Estimate of Fair Value Measurement | Subsidiary | AUSTRALIA | ||||
Liabilities: | ||||
Non-recourse debt | 508,109 | 454,185 | ||
Estimate of Fair Value Measurement | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes | 259,930 | 247,813 | ||
Estimate of Fair Value Measurement | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 303,234 | 292,125 | ||
Estimate of Fair Value Measurement | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes | 260,793 | 254,688 | ||
Estimate of Fair Value Measurement | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 364,854 | 346,938 | ||
Estimate of Fair Value Measurement | Other non-recourse debt, including current portion | ||||
Liabilities: | ||||
Non-recourse debt | 37,555 | 37,550 | ||
Estimate of Fair Value Measurement | Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 65,901 | 68,038 | ||
Restricted cash and investments | 19,727 | 19,614 | ||
Liabilities: | ||||
Borrowings under senior credit facility | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 1 | Subsidiary | AUSTRALIA | ||||
Liabilities: | ||||
Non-recourse debt | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 1 | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 1 | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 1 | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 1 | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 1 | Other non-recourse debt, including current portion | ||||
Liabilities: | ||||
Non-recourse debt | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and investments | 2,047 | 2,705 | ||
Liabilities: | ||||
Borrowings under senior credit facility | 996,158 | 795,008 | ||
Estimate of Fair Value Measurement | Level 2 | Subsidiary | AUSTRALIA | ||||
Liabilities: | ||||
Non-recourse debt | 508,109 | 454,185 | ||
Estimate of Fair Value Measurement | Level 2 | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes | 259,930 | 247,813 | ||
Estimate of Fair Value Measurement | Level 2 | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 303,234 | 292,125 | ||
Estimate of Fair Value Measurement | Level 2 | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes | 260,793 | 254,688 | ||
Estimate of Fair Value Measurement | Level 2 | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 364,854 | 346,938 | ||
Estimate of Fair Value Measurement | Level 2 | Other non-recourse debt, including current portion | ||||
Liabilities: | ||||
Non-recourse debt | 37,555 | 37,550 | ||
Estimate of Fair Value Measurement | Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and investments | 0 | 0 | ||
Liabilities: | ||||
Borrowings under senior credit facility | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 3 | Subsidiary | AUSTRALIA | ||||
Liabilities: | ||||
Non-recourse debt | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 3 | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 3 | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 3 | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 3 | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes | 0 | 0 | ||
Estimate of Fair Value Measurement | Level 3 | Other non-recourse debt, including current portion | ||||
Liabilities: | ||||
Non-recourse debt | $ 0 | $ 0 |
Fair Value of Assets and Liab47
Fair Value of Assets and Liabilities - Narrative (Details) - Senior Notes | Jun. 30, 2017 | Dec. 31, 2016 |
5.875% Senior Notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | 5.875% |
5.125% Senior Notes, due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.125% | 5.125% |
5.875% Senior Notes, due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | 5.875% |
6.00% Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.00% | 6.00% |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | Mar. 13, 2017 | Mar. 07, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests | ||||||
Beginning Balance | $ 974,957 | |||||
Proceeds from exercise of stock options, value | $ 6,150 | |||||
Proceeds from exercise of stock options (shares) | 308,000 | |||||
Stock-based compensation expense | $ 9,993 | |||||
Restricted stock granted, value | 0 | |||||
Restricted stock canceled | 0 | |||||
Dividends paid | (110,859) | |||||
Issuance of common stock - prospectus supplement | 275,867 | |||||
Issuance of common stock - prospectus supplement (shares) | 10,350,000 | 9,000,000 | ||||
Shares withheld for net settlements of share-based awards | (4,092) | |||||
Issuance of common stock - ESPP | 242 | |||||
Net income | $ 30,942 | $ 23,156 | 71,308 | $ 55,482 | ||
Other comprehensive income | 1,872 | $ (2,578) | 3,133 | $ (3,476) | ||
Ending Balance | 1,226,699 | 1,226,699 | ||||
Common shares | ||||||
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests | ||||||
Beginning Balance | $ 1,125 | |||||
Beginning Balance, shares | 112,548,000 | |||||
Proceeds from exercise of stock options, value | $ 3 | |||||
Proceeds from exercise of stock options (shares) | 307,000 | |||||
Restricted stock granted, value | $ 9 | |||||
Restricted stock granted (shares) | 924,000 | |||||
Restricted stock canceled (shares) | (27,000) | |||||
Issuance of common stock - prospectus supplement | $ 104 | |||||
Issuance of common stock - prospectus supplement (shares) | 10,350,000 | |||||
Shares withheld for net settlements of share-based awards | $ (1) | |||||
Shares withheld for net settlements of share-based awards (shares) | (134,000) | |||||
Re-issuance of treasury shares - ESPP (shares) | 8,000 | |||||
Ending Balance | $ 1,240 | $ 1,240 | ||||
Ending Balance, shares | 123,976,000 | 123,976,000 | ||||
Additional Paid-In Capital | ||||||
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests | ||||||
Beginning Balance | $ 891,993 | |||||
Proceeds from exercise of stock options, value | 6,147 | |||||
Stock-based compensation expense | 9,993 | |||||
Restricted stock granted, value | (9) | |||||
Issuance of common stock - prospectus supplement | 275,763 | |||||
Shares withheld for net settlements of share-based awards | (4,091) | |||||
Issuance of common stock - ESPP | 242 | |||||
Ending Balance | $ 1,180,038 | 1,180,038 | ||||
Earnings in Excess of Distributions | ||||||
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests | ||||||
Beginning Balance | 112,763 | |||||
Dividends paid | (110,859) | |||||
Net income | 71,395 | |||||
Ending Balance | 73,299 | 73,299 | ||||
Accumulated Other Comprehensive Loss | ||||||
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests | ||||||
Beginning Balance | (30,825) | |||||
Other comprehensive income | 3,131 | |||||
Ending Balance | (27,694) | (27,694) | ||||
Noncontrolling Interests | ||||||
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests | ||||||
Beginning Balance | (99) | |||||
Net income | (87) | |||||
Other comprehensive income | 2 | |||||
Ending Balance | $ (184) | $ (184) |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |||||||||
Jun. 30, 2017 | Apr. 25, 2017USD ($) | Apr. 25, 2017£ / shares | Feb. 06, 2017USD ($) | Feb. 06, 2017£ / shares | Oct. 18, 2016USD ($) | Oct. 18, 2016£ / shares | Jul. 20, 2016USD ($)$ / shares | Apr. 20, 2016USD ($)$ / shares | Feb. 03, 2016USD ($)$ / shares | |
Equity [Abstract] | ||||||||||
Minimum percentage of taxable income to be distributed as REIT | 90.00% | |||||||||
Distribution Per Share (USD per share) | (per share) | £ 0.47 | £ 0.47 | £ 0.43 | $ 0.43 | $ 0.43 | $ 0.43 | ||||
Aggregate Payment Amount | $ 58.4 | $ 52.5 | $ 48.8 | $ 48.7 | $ 48.7 | $ 48.5 |
Shareholders' Equity - Prospect
Shareholders' Equity - Prospectus Supplement (Details) | Mar. 13, 2017USD ($)shares | Mar. 08, 2017shares | Mar. 07, 2017£ / sharesshares | Jun. 30, 2017$ / shares | Dec. 31, 2016$ / shares | Nov. 10, 2014USD ($) |
Class of Stock [Line Items] | ||||||
New issues (shares) | shares | 10,350,000 | 9,000,000 | ||||
Common stock, par value (in dollars per share) | (per share) | £ 0.01 | $ 0.01 | $ 0.01 | |||
Sale of stock, price per share (in dollars per share) | £ / shares | 27.8 | |||||
Proceeds from issuance of common stock | $ 288,100,000 | |||||
Maximum common stock value authorized under prospectus supplement | $ 150,000,000 | |||||
Over-Allotment Option | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock | $ 37,600,000 | |||||
Underwriters | ||||||
Class of Stock [Line Items] | ||||||
Sale of stock, price per share (in dollars per share) | £ / shares | £ 26.7 | |||||
Underwriters | Over-Allotment Option | ||||||
Class of Stock [Line Items] | ||||||
New issues (shares) | shares | 1,350,000 | |||||
Additional purchase of shares, exercise term | 30 days |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | $ 975,056 |
Current-period other comprehensive (loss) income | 3,131 |
Ending balance | 1,226,883 |
Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. | |
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | (11,284) |
Current-period other comprehensive (loss) income | 2,204 |
Ending balance | (9,080) |
Unrealized (loss)/gain on derivatives, net of tax | |
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | (15,877) |
Current-period other comprehensive (loss) income | 816 |
Ending balance | (15,061) |
Pension adjustments, net of tax | |
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | (3,664) |
Current-period other comprehensive (loss) income | 111 |
Ending balance | (3,553) |
Total | |
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Beginning balance | (30,825) |
Ending balance | $ (27,694) |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Shares | ||
Options outstanding, Beginning Balance, Shares | 1,211 | |
Options granted, Shares | 461 | |
Options exercised, Shares | (308) | |
Options forfeited/canceled/expired, Shares | (23) | |
Options outstanding, Ending Balance, Shares | 1,341 | 1,211 |
Options vested and expected to vest, ending balance, Shares | 661 | |
Options exercisable, ending balance, Shares | 585 | |
Wtd. Avg. Exercise Price | ||
Options outstanding, Beginning Balance, Wtd. Avg. Exercise Price (in dollars per share) | $ 20.65 | |
Options granted, Wtd. Avg. Exercise Price (in dollars per share) | 32.27 | |
Options exercised, Wtd. Avg. Exercise Price (in dollars per share) | 19.81 | |
Options forfeited/canceled/expired, Wtd. Avg. Exercise Price (in dollars per share) | 24.86 | |
Options outstanding, Ending Balance, Wtd. Avg. Exercise Price (in dollars per share) | 24.76 | $ 20.65 |
Options vested and expected to vest, ending balance, Wtd. Avg. Exercise Price (in dollars per share) | 24.52 | |
Options exercisable, ending balance, Wtd. Avg. Exercise Price (in dollars per share) | $ 21.53 | |
Options, Additional Disclosures | ||
Options outstanding, Remaining Contractual Term | 7 years 8 months 52 days | 7 years 1 month 21 days |
Options vested and expected to vest, ending balance, Wtd. Avg., Remaining Contractual Term | 7 years 7 months 45 days | |
Options exercisable, ending balance, Wtd. Avg. Remaining Contractual Term | 6 years 5 months 8 days | |
Options outstanding, Aggregate Intrinsic Value | $ 7,675 | $ 5,466 |
Options vested and expected to vest, ending balance, Aggregate Intrinsic Value | 7,373 | |
Options exercisable, ending balance, Aggregate Intrinsic Value | $ 4,946 |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock Activity (Details) - Restricted Stock shares in Thousands | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Shares | |
Restricted stock outstanding shares, Beginning Balance | shares | 1,346 |
Granted shares | shares | 924 |
Vested shares | shares | (435) |
Forfeited/canceled shares | shares | (27) |
Restricted stock outstanding shares, Ending Balance | shares | 1,808 |
Wtd. Avg. Grant Date Fair Value | |
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Beginning Balance (in dollars per share) | $ / shares | $ 24.37 |
Granted Wtd. Avg. Grant Date Fair Value (in dollars per share) | $ / shares | 35.40 |
Vested Wtd. Avg. Grant Date Fair Value (in dollars per share) | $ / shares | 23.16 |
Forfeited/canceled Wtd. Avg. Grant Date Fair Value (in dollars per share) | $ / shares | 24.42 |
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 30.44 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)performance_metricshares | Jun. 30, 2017USD ($)performance_metric$ / sharesshares | Jun. 30, 2016USD ($) | May 02, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted (in shares) | 461,000 | |||
Options granted, grant date fair value (in dollars per share) | $ / shares | $ 5.91 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility rate | 42.20% | |||
Risk free interest rate | 1.46% | |||
Share based compensation expense | $ | $ 9.1 | $ 6.1 | ||
Unrecognized compensation costs related to non vested stock option awards | $ | $ 41.6 | $ 41.6 | ||
Expected weighted average period to recognize expense | 2 years 10 months 24 days | |||
Vesting period | 3 years | |||
Granted shares | 924,000 | |||
Number of annual performance metrics | performance_metric | 2 | 2 | ||
Beta of portfolio | 1.11 | |||
Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting rights, percentage weighted towards earnings per share performance | 50.00% | 50.00% | ||
Award vesting rights, percentage weighted towards capital performance targets | 50.00% | 50.00% | ||
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Discount on purchase of Common Stock for employee from the current market price | 5.00% | |||
Maximum shares authorized under ESPP for sale offer to eligible employees (in shares) | 750,000 | 750,000 | ||
Shares issued (in shares) | 4,060 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility rate | 35.72% | |||
Expected term | 5 years | |||
Risk free interest rate | 1.53% | |||
Expected dividend rate | 5.79% | |||
Share based compensation expense | $ | $ 0.9 | $ 0.3 | ||
Unrecognized compensation costs related to non vested stock option awards | $ | $ 2.2 | $ 2.2 | ||
Expected weighted average period to recognize expense | 3 years 5 months | |||
Performance Based Shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage of target | 0.00% | |||
Performance Based Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage of target | 200.00% | |||
2014 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for issuance | 4,625,030 | |||
Common stock available for the issuance of awards (in shares) | 3,000,000 | |||
2006 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock available for the issuance of awards (in shares) | 1,625,030 | |||
Certain Employees and Executive Officers | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted shares | 924,000 | |||
Certain Employees and Executive Officers | Performance Based Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted shares | 295,000 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||||
Net income | $ 30,942 | $ 23,156 | $ 71,308 | $ 55,482 |
Net loss attributable to noncontrolling interests | 50 | 53 | 87 | 77 |
Net income attributable to The GEO Group, Inc. | $ 30,992 | $ 23,209 | $ 71,395 | $ 55,559 |
Basic earnings per share attributable to The GEO Group, Inc.: | ||||
Weighted average shares outstanding (in shares) | 122,125 | 111,066 | 117,885 | 110,940 |
Per share amount (USD per share) | $ 0.25 | $ 0.21 | $ 0.61 | $ 0.50 |
Diluted earnings per share attributable to The GEO Group, Inc.: | ||||
Weighted average shares outstanding (in shares) | 122,125 | 111,066 | 117,885 | 110,940 |
Dilutive effect of equity incentive plans (shares) | 770 | 413 | 817 | 441 |
Weighted average shares assuming dilution | 122,895 | 111,479 | 118,702 | 111,381 |
Income from continuing operations (USD per share) | $ 0.25 | $ 0.21 | $ 0.60 | $ 0.50 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Shares Excluded from Diluted EPS (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 175,385 | 267,861 | 554,201 | 397,634 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 486,018 | 383,195 | 561,129 | 814,647 |
Derivative Financial Instrume57
Derivative Financial Instruments - Australia Fulham (Details) | Jun. 30, 2017 |
Fullham, Australia | |
Interest Rate Swaps [Abstract] | |
Fixed interest rate on cash flow interest rate derivative | 9.70% |
Derivative Financial Instrume58
Derivative Financial Instruments - Australia Ravenhall (Details) AUD in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017AUD | Jun. 30, 2017USD ($) | |
Derivative [Line Items] | ||||||
Unrealized losses, net of tax, related to cash flow hedge | $ (1,295,000) | $ 2,198,000 | $ (816,000) | $ 4,642,000 | ||
Ravenhall, Australia | ||||||
Derivative [Line Items] | ||||||
Ineffective portion of Cash Flow Hedge interest rate swap | 0 | |||||
Ravenhall, Australia | Other Noncurrent Liabilities | ||||||
Derivative [Line Items] | ||||||
Fair value of the swap liability | $ 17,700,000 | |||||
Ravenhall, Australia | Design and construction phase | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate on derivative | 3.30% | 3.30% | ||||
Notional amount coincide with the terms of the non-recourse debt | AUD 671 | $ 516,000,000 | ||||
Ravenhall, Australia | Operating phase | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Fixed interest rate on derivative | 4.20% | 4.20% | ||||
Notional amount coincide with the terms of the non-recourse debt | AUD 466 | $ 358,000,000 | ||||
Ravenhall, Australia | Cash Flow Hedge | ||||||
Derivative [Line Items] | ||||||
Unrealized losses, net of tax, related to cash flow hedge | $ 800,000 | |||||
Construction Facility | Non-Recourse Debt | National Australia Bank Limited | Ravenhall | ||||||
Derivative [Line Items] | ||||||
Lump sum due at completion | AUD 310 | $ 238,000,000 |
Debt - Debt Outstanding (Detail
Debt - Debt Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Term loan | $ 798,000 | $ 289,500 |
Unamortized debt issuance expense | (8,313) | 0 |
Revolver | 194,168 | 515,000 |
Total Senior Credit Facility | 980,033 | 804,125 |
Unamortized discount | (3,822) | (375) |
Capital Lease Obligations | 8,076 | 8,693 |
Other debt | 2,866 | 3,030 |
Total debt | 2,653,179 | 2,419,803 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | (255,404) | (238,065) |
Capital Lease Obligations, long-term portion | (6,787) | (7,431) |
Non-Recourse Debt, long-term portion | (283,780) | (238,842) |
Long-Term Debt | 2,107,208 | 1,935,465 |
Non-Recourse Debt | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance expense | (15,018) | (18,295) |
Non-Recourse Debt | 544,789 | 490,902 |
Unamortized discount | (334) | (400) |
Total Non-Recourse Debt | 529,437 | 472,207 |
6.00% Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 350,000 | 350,000 |
Unamortized debt issuance expense | (5,567) | (5,770) |
Long-term Debt | $ 344,433 | $ 344,230 |
Interest rate | 6.00% | 6.00% |
5.875% Senior Notes, due 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 250,000 | $ 250,000 |
Unamortized debt issuance expense | (3,584) | (3,773) |
Long-term Debt | $ 246,416 | $ 246,227 |
Interest rate | 5.875% | 5.875% |
5.125% Senior Notes, due 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 300,000 | $ 300,000 |
Unamortized debt issuance expense | (4,492) | (4,786) |
Long-term Debt | $ 295,508 | $ 295,214 |
Interest rate | 5.125% | 5.125% |
5.875% Senior Notes, due 2022 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 250,000 | $ 250,000 |
Unamortized debt issuance expense | (3,590) | (3,923) |
Long-term Debt | $ 246,410 | $ 246,077 |
Interest rate | 5.875% | 5.875% |
Debt - Amended Credit Agreement
Debt - Amended Credit Agreement (Details) | Mar. 23, 2017USD ($) | Jun. 30, 2017AUD | Jun. 30, 2017USD ($) | Mar. 23, 2017AUD | Mar. 23, 2017USD ($) | Mar. 22, 2017AUD | Mar. 22, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||
Loan costs | $ 8,313,000 | $ 0 | ||||||
Term loan | 798,000,000 | 289,500,000 | ||||||
Revolver | $ 194,168,000 | $ 515,000,000 | ||||||
Weighted average interest rate | 3.40% | 3.40% | ||||||
Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolver | $ 194,000,000 | |||||||
Additional Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity increase | 642,000,000 | |||||||
Revolving Credit Facility | Line of Credit | Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 900,000,000 | |||||||
Leverage ratio | 2.50 | 2.50 | ||||||
Total leverage ratio, maximum | 6.25 | 6.25 | ||||||
Senior secured leverage ratio | 3.50 | 3.50 | ||||||
Interest coverage ratio | 3 | 3 | ||||||
Revolving Credit Facility | Line of Credit | Amended Credit Agreement | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.25% | 2.25% | ||||||
Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | 64,000,000 | |||||||
Letter of Credit | Line of Credit | Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | AUD | AUD 275,000,000 | AUD 225,000,000 | ||||||
Loan costs | $ 7,000,000 | |||||||
Letter of Credit | Line of Credit | Bank Guarantee and Standby Sub Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | AUD 100,000,000 | 76,900,000 | ||||||
Accordion | Line of Credit | Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Accordion feature, increase limit | $ 450,000,000 | |||||||
Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan | $ 798,000,000 | |||||||
Term Loan | Line of Credit | Amended Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 800,000,000 | $ 291,000,000 | ||||||
Term Loan | Line of Credit | Amended Credit Agreement | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.25% | 2.25% | ||||||
Interest rate | 0.75% | 0.75% |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - Senior Notes | Jun. 30, 2017 | Dec. 31, 2016 |
6.00% Senior Notes, due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.00% | 6.00% |
5.875% Senior Notes, due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | 5.875% |
5.125% Senior Notes, due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.125% | 5.125% |
5.875% Senior Notes, due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | 5.875% |
Debt - Non-Recourse Debt (Detai
Debt - Non-Recourse Debt (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017AUD | Jun. 30, 2017USD ($) | Jun. 30, 2017AUD | Jun. 30, 2017USD ($) | Dec. 31, 2016AUD | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||
Revolver | $ 194,168 | $ 515,000 | ||||
Australian Subsidiaries, Non-Recourse Debt | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | |||||
Non-Recourse Debt | ||||||
Debt Instrument [Line Items] | ||||||
Non-recourse debt | 529,437 | 472,207 | ||||
National Australia Bank Limited | Construction Facility | Non-Recourse Debt | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.00% | |||||
Northwest Detention Center | Non-Recourse Debt, Northwest Detention Center | ||||||
Debt Instrument [Line Items] | ||||||
Current portion of restricted cash and cash equivalents | 8,000 | |||||
Northwest Detention Center | Non-Recourse Debt, 2011 Revenue Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 54,400 | |||||
Interest rate | 5.25% | 5.25% | 5.25% | |||
Non-recourse debt | $ 36,700 | |||||
Current portion of non recourse debt | 6,700 | |||||
Fulham | Australian Subsidiaries, Non-Recourse Debt | ||||||
Debt Instrument [Line Items] | ||||||
Non-recourse debt | AUD 3,600,000 | $ 2,800 | ||||
Interest rate terms | variable rate quoted by certain Australian banks plus 140 basis points | |||||
Ravenhall | National Australia Bank Limited | Construction Facility | Non-Recourse Debt | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | AUD 791,000,000 | AUD 791,000,000 | 608,000 | |||
Capital contribution from GEO | 115,000,000 | $ 88,400 | ||||
Lump sum due at completion | AUD 310,000,000 | AUD 310,000,000 | 238,000 | |||
Revolver | $ 508,000 |
Debt - Guarantees (Details)
Debt - Guarantees (Details) - 6 months ended Jun. 30, 2017 £ in Millions, CAD in Millions, AUD in Millions | ZAR | AUDguarantee | CADguarantee | ZARguarantee | USD ($)guarantee | GBP (£)guarantee |
Geo Amey | ||||||
Line of Credit Facility [Line Items] | ||||||
Ownership percentage in South African Custodial Services Pty. Limited | 50.00% | |||||
Working capital line of credit issued to GEOAmey | $ 15,600,000 | £ 12 | ||||
Note receivable for GEOAmey | $ 3,300,000 | £ 2.5 | ||||
Ravenhall | ||||||
Line of Credit Facility [Line Items] | ||||||
Number of letters of guarantee outstanding under separate international facilities relating to performance guarantees | guarantee | 10 | 10 | 10 | 10 | 10 | |
Letters of credit outstanding relating to performance guarantees | $ 15,600,000 | |||||
Ravenhall | Letter of Credit | Revolver | ||||||
Line of Credit Facility [Line Items] | ||||||
Guaranteed obligations | AUD 100 | 76,900,000 | ||||
SACS | ||||||
Line of Credit Facility [Line Items] | ||||||
Guaranteed obligations | ZAR 7,400,000 | 600,000 | ||||
Remaining guarantee under letter of credit | ZAR | ZAR 7,400,000 | |||||
Maximum loan amount under standby facility | ZAR 20,000,000 | 1,500,000 | ||||
Amount funded | 0 | |||||
Canada Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Potential estimated exposure of tax obligations | CAD 1.4 | $ 1,100,000 |
Commitments, Contingencies an64
Commitments, Contingencies and Other (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017USD ($)facilitybed | Feb. 08, 2017USD ($) | Oct. 22, 2014detainee | |
Commitments and Contingencies [Line Items] | |||
Number of current and former civil immigration detainees | detainee | 9 | ||
Estimate of possible loss | $ 19.6 | ||
Estimated construction capital project cost | 196.3 | ||
Cost already spent on existing capital projects | 46.8 | ||
Remaining capital required for capital projects | $ 149.5 | ||
Number of vacant beds at idle facilities marketed to potential customers | bed | 6,600 | ||
Number of marketed idle facilities | facility | 6 | ||
Property and Equipment | |||
Commitments and Contingencies [Line Items] | |||
Carrying values of idle facilities marketed to potential customers | $ 164.2 | ||
Pending Litigation | Attorney General of Mississippi vs Company, Cornell Companies, Inc., Christopher B Epps And Cecil McCrory | |||
Commitments and Contingencies [Line Items] | |||
Contracts disputed | $ 256 |
Business Segments and Geograp65
Business Segments and Geographic Information - Operating and Reporting Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Revenues | $ 577,070 | $ 548,350 | $ 1,127,684 | $ 1,058,535 |
Operating Income: | ||||
Operating income | 54,553 | 65,957 | 118,925 | 125,124 |
U.S. Corrections & Detention | ||||
Revenues: | ||||
Revenues | 360,838 | 341,573 | 708,769 | 679,943 |
Operating Income: | ||||
Operating income | 69,801 | 74,989 | 144,697 | 142,427 |
GEO Care | ||||
Revenues: | ||||
Revenues | 139,364 | 96,529 | 243,130 | 189,943 |
Operating Income: | ||||
Operating income | 36,533 | 26,580 | 65,359 | 50,551 |
International Services | ||||
Revenues: | ||||
Revenues | 42,928 | 38,497 | 84,620 | 76,052 |
Operating Income: | ||||
Operating income | 2,117 | 1,074 | 5,003 | 2,836 |
Facility Construction & Design | ||||
Revenues: | ||||
Revenues | 33,940 | 71,751 | 91,165 | 112,597 |
Operating Income: | ||||
Operating income | (1,692) | 218 | (1,342) | 275 |
Operating Segments | ||||
Operating Income: | ||||
Operating income | $ 106,759 | $ 102,861 | $ 213,717 | $ 196,089 |
Business Segments and Geograp66
Business Segments and Geographic Information - Income Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | |
Pre-Tax Income Reconciliation of Segments | |||||
Total operating income from segments | $ 54,553 | $ 65,957 | $ 118,925 | $ 125,124 | |
Unallocated Amount: | |||||
General and Administrative Expenses | (52,206) | (36,904) | (94,792) | (70,965) | |
Loss on extinguishment of debt | 0 | (15,866) | 0 | (15,866) | $ (15,866) |
Income before income taxes and equity in earnings of affiliates | 30,916 | 24,904 | 72,265 | 59,262 | |
Operating Segments | |||||
Pre-Tax Income Reconciliation of Segments | |||||
Total operating income from segments | 106,759 | 102,861 | 213,717 | 196,089 | |
Segment Reconciling Items | |||||
Unallocated Amount: | |||||
General and Administrative Expenses | (52,206) | (36,904) | (94,792) | (70,965) | |
Net Interest Expense | (23,637) | (25,187) | (46,660) | (49,996) | |
Loss on extinguishment of debt | $ 0 | $ (15,866) | $ 0 | $ (15,866) |
Business Segments and Geograp67
Business Segments and Geographic Information - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of reportable business segments | segment | 4 | ||||
Equity in earnings of affiliates, net of income tax provision | $ 1,426 | $ 2,131 | $ 2,913 | $ 3,250 | |
Investment in affiliate | 0 | $ 0 | $ 0 | ||
SACS | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in entity | 50.00% | ||||
Equity in earnings of affiliates, net of income tax provision | 1,200 | 900 | $ 2,300 | 1,800 | |
Investment in joint venture | 12,300 | $ 12,300 | 11,800 | ||
Geo Amey | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in entity | 50.00% | ||||
Equity in earnings of affiliates, net of income tax provision | 300 | $ 1,100 | $ 600 | $ 1,400 | |
Investment in affiliate | 2,000 | 2,000 | $ 1,300 | ||
Ravenhall, Australia | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Provision for loss on contracts | $ 1,900 | $ 1,900 |
Benefit Plans - Funded Status o
Benefit Plans - Funded Status of Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Change in Projected Benefit Obligation | |||||
Projected benefit obligation, beginning of period | $ 28,624 | $ 25,935 | $ 25,935 | ||
Service cost | $ 250 | $ 249 | 501 | 497 | 995 |
Interest cost | 307 | $ 289 | 617 | 578 | 1,155 |
Actuarial loss | 0 | 1,031 | |||
Benefits paid | (301) | (492) | |||
Projected benefit obligation, end of period | 29,441 | 29,441 | 28,624 | ||
Change in Plan Assets | |||||
Plan assets at fair value, beginning of period | 0 | $ 0 | 0 | ||
Company contributions | 301 | 492 | |||
Benefits paid | (301) | (492) | |||
Plan assets at fair value, end of period | 0 | 0 | 0 | ||
Unfunded Status of the Plan | $ (29,441) | $ (29,441) | $ (28,624) |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Components of Net Periodic Benefit Cost | |||||
Service cost | $ 250 | $ 249 | $ 501 | $ 497 | $ 995 |
Interest cost | 307 | 289 | 617 | 578 | $ 1,155 |
Net loss | 73 | 53 | 145 | 107 | |
Net periodic pension cost | $ 630 | $ 591 | $ 1,263 | $ 1,182 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] | ||
Long-term portion of the pension liability | $ 29.1 | $ 28.3 |
Recent Accounting Pronounceme71
Recent Accounting Pronouncements (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Excess tax benefit, amount | $ 1.4 |
Condensed Consolidating Finan72
Condensed Consolidating Financial Information - Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||
Revenues | $ 577,070 | $ 548,350 | $ 1,127,684 | $ 1,058,535 | |
Operating expenses | 438,445 | 416,837 | 853,152 | 805,343 | |
Depreciation and amortization | 31,866 | 28,652 | 60,815 | 57,103 | |
General and administrative expenses | 52,206 | 36,904 | 94,792 | 70,965 | |
Total operating income from segments | 54,553 | 65,957 | 118,925 | 125,124 | |
Interest income | 12,346 | 5,902 | 24,323 | 10,459 | |
Interest expense | (35,983) | (31,089) | (70,983) | (60,455) | |
Loss on early extinguishment of debt | 0 | (15,866) | 0 | (15,866) | $ (15,866) |
Income before income taxes and equity in earnings of affiliates | 30,916 | 24,904 | 72,265 | 59,262 | |
Income tax provision | 1,400 | 3,879 | 3,870 | 7,030 | |
Equity in earnings of affiliates, net of income tax provision | 1,426 | 2,131 | 2,913 | 3,250 | |
Income before equity in income of consolidated subsidiaries | 30,942 | 23,156 | 71,308 | 55,482 | |
Income from consolidated subsidiaries, net of income tax provision | 0 | 0 | 0 | 0 | |
Net income | 30,942 | 23,156 | 71,308 | 55,482 | |
Net loss attributable to noncontrolling interests | 50 | 53 | 87 | 77 | |
Net income attributable to The GEO Group, Inc. | 30,992 | 23,209 | 71,395 | 55,559 | |
Net income | 30,942 | 23,156 | 71,308 | 55,482 | |
Other comprehensive income (loss), net of tax | 1,872 | (2,578) | 3,133 | (3,476) | |
Total comprehensive income | 32,814 | 20,578 | 74,441 | 52,006 | |
Comprehensive loss attributable to noncontrolling interests | 51 | 52 | 85 | 68 | |
Comprehensive income attributable to The GEO Group, Inc. | 32,865 | 20,630 | 74,526 | 52,074 | |
Reportable Legal Entities | The GEO Group, Inc. | |||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||
Revenues | 171,260 | 174,414 | 349,433 | 342,051 | |
Operating expenses | 135,244 | 135,603 | 267,411 | 273,513 | |
Depreciation and amortization | 6,065 | 6,265 | 12,215 | 12,527 | |
General and administrative expenses | 15,573 | 14,846 | 29,240 | 22,821 | |
Total operating income from segments | 14,378 | 17,700 | 40,567 | 33,190 | |
Interest income | 6,751 | 5,440 | 10,105 | 10,881 | |
Interest expense | (17,451) | (16,369) | (33,243) | (32,726) | |
Loss on early extinguishment of debt | (15,866) | (15,866) | |||
Income before income taxes and equity in earnings of affiliates | 3,678 | (9,095) | 17,429 | (4,521) | |
Income tax provision | 147 | (101) | 294 | (91) | |
Equity in earnings of affiliates, net of income tax provision | 0 | 0 | 0 | 0 | |
Income before equity in income of consolidated subsidiaries | 3,531 | (8,994) | 17,135 | (4,430) | |
Income from consolidated subsidiaries, net of income tax provision | 27,411 | 32,150 | 57,749 | 59,912 | |
Net income | 30,942 | 23,156 | 74,884 | 55,482 | |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to The GEO Group, Inc. | 30,942 | 23,156 | 74,884 | 55,482 | |
Net income | 30,942 | 23,156 | 74,884 | 55,482 | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | |
Total comprehensive income | 30,942 | 23,156 | 74,884 | 55,482 | |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to The GEO Group, Inc. | 30,942 | 23,156 | 74,884 | 55,482 | |
Reportable Legal Entities | Combined Subsidiary Guarantors | |||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||
Revenues | 465,286 | 404,798 | 878,480 | 805,140 | |
Operating expenses | 373,399 | 323,791 | 711,398 | 643,695 | |
Depreciation and amortization | 24,906 | 21,424 | 46,781 | 42,657 | |
General and administrative expenses | 29,432 | 15,250 | 50,413 | 35,216 | |
Total operating income from segments | 37,549 | 44,333 | 69,888 | 83,572 | |
Interest income | 409 | 409 | 1,229 | 1,018 | |
Interest expense | (15,775) | (13,932) | (28,260) | (27,876) | |
Loss on early extinguishment of debt | 0 | 0 | |||
Income before income taxes and equity in earnings of affiliates | 22,183 | 30,810 | 42,857 | 56,714 | |
Income tax provision | 793 | 3,099 | 2,247 | 5,290 | |
Equity in earnings of affiliates, net of income tax provision | 0 | 0 | 0 | 0 | |
Income before equity in income of consolidated subsidiaries | 21,390 | 27,711 | 40,610 | 51,424 | |
Income from consolidated subsidiaries, net of income tax provision | 0 | 0 | 0 | 0 | |
Net income | 21,390 | 27,711 | 40,610 | 51,424 | |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to The GEO Group, Inc. | 21,390 | 27,711 | 40,610 | 51,424 | |
Net income | 21,390 | 27,711 | 40,610 | 51,424 | |
Other comprehensive income (loss), net of tax | 64 | 33 | 111 | 65 | |
Total comprehensive income | 21,454 | 27,744 | 40,721 | 51,489 | |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to The GEO Group, Inc. | 21,454 | 27,744 | 40,721 | 51,489 | |
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | |||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||
Revenues | 79,436 | 112,811 | 180,920 | 193,776 | |
Operating expenses | 68,714 | 101,116 | 155,492 | 170,567 | |
Depreciation and amortization | 895 | 963 | 1,819 | 1,919 | |
General and administrative expenses | 7,201 | 6,808 | 15,139 | 12,928 | |
Total operating income from segments | 2,626 | 3,924 | 8,470 | 8,362 | |
Interest income | 12,476 | 6,013 | 24,304 | 10,670 | |
Interest expense | (10,047) | (6,748) | (20,795) | (11,963) | |
Loss on early extinguishment of debt | 0 | 0 | |||
Income before income taxes and equity in earnings of affiliates | 5,055 | 3,189 | 11,979 | 7,069 | |
Income tax provision | 460 | 881 | 1,329 | 1,831 | |
Equity in earnings of affiliates, net of income tax provision | 1,426 | 2,131 | 2,913 | 3,250 | |
Income before equity in income of consolidated subsidiaries | 6,021 | 4,439 | 13,563 | 8,488 | |
Income from consolidated subsidiaries, net of income tax provision | 0 | 0 | 0 | 0 | |
Net income | 6,021 | 4,439 | 13,563 | 8,488 | |
Net loss attributable to noncontrolling interests | 50 | 53 | 87 | 77 | |
Net income attributable to The GEO Group, Inc. | 6,071 | 4,492 | 13,650 | 8,565 | |
Net income | 6,021 | 4,439 | 13,563 | 8,488 | |
Other comprehensive income (loss), net of tax | 1,808 | (2,611) | 3,022 | (3,541) | |
Total comprehensive income | 7,829 | 1,828 | 16,585 | 4,947 | |
Comprehensive loss attributable to noncontrolling interests | 51 | 52 | 85 | 68 | |
Comprehensive income attributable to The GEO Group, Inc. | 7,880 | 1,880 | 16,670 | 5,015 | |
Eliminations | |||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||
Revenues | (138,912) | (143,673) | (281,149) | (282,432) | |
Operating expenses | (138,912) | (143,673) | (281,149) | (282,432) | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Total operating income from segments | 0 | 0 | 0 | 0 | |
Interest income | (7,290) | (5,960) | (11,315) | (12,110) | |
Interest expense | 7,290 | 5,960 | 11,315 | 12,110 | |
Loss on early extinguishment of debt | 0 | $ 0 | |||
Income before income taxes and equity in earnings of affiliates | 0 | 0 | 0 | 0 | |
Income tax provision | 0 | 0 | 0 | 0 | |
Equity in earnings of affiliates, net of income tax provision | 0 | 0 | 0 | 0 | |
Income before equity in income of consolidated subsidiaries | 0 | 0 | 0 | 0 | |
Income from consolidated subsidiaries, net of income tax provision | (27,411) | (32,150) | (57,749) | (59,912) | |
Net income | (27,411) | (32,150) | (57,749) | (59,912) | |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to The GEO Group, Inc. | (27,411) | (32,150) | (57,749) | (59,912) | |
Net income | (27,411) | (32,150) | (57,749) | (59,912) | |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | |
Total comprehensive income | (27,411) | (32,150) | (57,749) | (59,912) | |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to The GEO Group, Inc. | $ (27,411) | $ (32,150) | $ (57,749) | $ (59,912) |
Condensed Consolidating Finan73
Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 65,901 | $ 68,038 | $ 38,865 | $ 59,638 |
Restricted cash and investments, current | 17,378 | 17,133 | ||
Accounts receivable, less allowance for doubtful accounts | 342,361 | 356,255 | ||
Contract receivable, current portion | 238,958 | 224,033 | ||
Prepaid expenses and other current assets | 42,467 | 32,210 | ||
Total current assets | 707,065 | 697,669 | ||
Restricted cash and investments, non-current | 23,020 | 20,848 | ||
Property and equipment, net | 2,049,613 | 1,897,241 | ||
Non-Current Contract Receivable | 358,727 | 219,783 | ||
Intercompany Receivable | 0 | 0 | ||
Non-Current Deferred Income Tax Assets | 32,262 | 30,039 | ||
Goodwill | 787,803 | 615,433 | ||
Intangible Assets, Net | 268,345 | 203,884 | ||
Investment in Subsidiaries | 0 | 0 | ||
Other Non-Current Assets | 66,933 | 64,512 | ||
Total Assets | 4,293,768 | 3,749,409 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 98,027 | 79,637 | ||
Accrued payroll and related taxes | 63,192 | 55,260 | ||
Accrued expenses and other current liabilities | 153,930 | 131,096 | ||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 255,404 | 238,065 | ||
Total current liabilities | 570,553 | 504,058 | ||
Intercompany Payable | 0 | 0 | ||
Other Non-Current Liabilities | 98,741 | 88,656 | ||
Capital Lease Obligations | 6,787 | 7,431 | ||
Long-Term Debt | 2,107,208 | 1,935,465 | ||
Non-recourse debt | 283,780 | 238,842 | ||
Commitments & Contingencies and Other | ||||
The GEO Group, Inc. Shareholders' Equity | 1,226,883 | 975,056 | ||
Noncontrolling interests | (184) | (99) | ||
Total shareholders’ equity | 1,226,699 | 974,957 | ||
Total Liabilities and Shareholders’ Equity | 4,293,768 | 3,749,409 | ||
The GEO Group, Inc. | ||||
Assets | ||||
Cash and cash equivalents | 30,576 | 45,566 | 14,727 | 37,077 |
Combined Subsidiary Guarantors | ||||
Assets | ||||
Cash and cash equivalents | 6,882 | 842 | 0 | 0 |
Combined Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 28,443 | 21,630 | $ 24,138 | $ 22,561 |
Reportable Legal Entities | The GEO Group, Inc. | ||||
Assets | ||||
Cash and cash equivalents | 30,576 | 45,566 | ||
Restricted cash and investments, current | 1,849 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 112,978 | 139,571 | ||
Contract receivable, current portion | 0 | 0 | ||
Prepaid expenses and other current assets | 2,249 | 677 | ||
Total current assets | 147,652 | 185,814 | ||
Restricted cash and investments, non-current | (1,659) | 170 | ||
Property and equipment, net | 744,674 | 735,104 | ||
Non-Current Contract Receivable | 0 | 0 | ||
Intercompany Receivable | 1,122,898 | 918,527 | ||
Non-Current Deferred Income Tax Assets | 763 | 764 | ||
Goodwill | 79 | 79 | ||
Intangible Assets, Net | 0 | 0 | ||
Investment in Subsidiaries | 1,315,016 | 1,238,772 | ||
Other Non-Current Assets | 13,417 | 15,011 | ||
Total Assets | 3,342,840 | 3,094,241 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 20,438 | 8,402 | ||
Accrued payroll and related taxes | 0 | 0 | ||
Accrued expenses and other current liabilities | 37,066 | 36,792 | ||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 8,000 | 3,000 | ||
Total current liabilities | 65,504 | 48,194 | ||
Intercompany Payable | 35,092 | 133,039 | ||
Other Non-Current Liabilities | 4,725 | 2,487 | ||
Capital Lease Obligations | 0 | 0 | ||
Long-Term Debt | 2,018,040 | 1,935,465 | ||
Non-recourse debt | 0 | 0 | ||
Commitments & Contingencies and Other | ||||
The GEO Group, Inc. Shareholders' Equity | 1,219,479 | 975,056 | ||
Noncontrolling interests | 0 | 0 | ||
Total shareholders’ equity | 1,219,479 | 975,056 | ||
Total Liabilities and Shareholders’ Equity | 3,342,840 | 3,094,241 | ||
Reportable Legal Entities | Combined Subsidiary Guarantors | ||||
Assets | ||||
Cash and cash equivalents | 6,882 | 842 | ||
Restricted cash and investments, current | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 213,596 | 200,239 | ||
Contract receivable, current portion | 0 | 0 | ||
Prepaid expenses and other current assets | 34,588 | 24,096 | ||
Total current assets | 255,066 | 225,177 | ||
Restricted cash and investments, non-current | 22,632 | 19,742 | ||
Property and equipment, net | 1,217,685 | 1,078,220 | ||
Non-Current Contract Receivable | 0 | 0 | ||
Intercompany Receivable | 93,918 | 141,987 | ||
Non-Current Deferred Income Tax Assets | 19,685 | 17,918 | ||
Goodwill | 787,284 | 614,941 | ||
Intangible Assets, Net | 267,580 | 203,138 | ||
Investment in Subsidiaries | 457,591 | 453,635 | ||
Other Non-Current Assets | 112,567 | 108,434 | ||
Total Assets | 3,234,008 | 2,863,192 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 60,099 | 50,200 | ||
Accrued payroll and related taxes | 47,674 | 41,230 | ||
Accrued expenses and other current liabilities | 100,691 | 83,906 | ||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 1,746 | 1,700 | ||
Total current liabilities | 210,210 | 177,036 | ||
Intercompany Payable | 1,174,881 | 920,825 | ||
Other Non-Current Liabilities | 155,895 | 144,383 | ||
Capital Lease Obligations | 6,787 | 7,431 | ||
Long-Term Debt | 0 | 0 | ||
Non-recourse debt | 0 | 0 | ||
Commitments & Contingencies and Other | ||||
The GEO Group, Inc. Shareholders' Equity | 1,686,235 | 1,613,517 | ||
Noncontrolling interests | 0 | 0 | ||
Total shareholders’ equity | 1,686,235 | 1,613,517 | ||
Total Liabilities and Shareholders’ Equity | 3,234,008 | 2,863,192 | ||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||
Assets | ||||
Cash and cash equivalents | 28,443 | 21,630 | ||
Restricted cash and investments, current | 15,529 | 17,133 | ||
Accounts receivable, less allowance for doubtful accounts | 15,787 | 16,445 | ||
Contract receivable, current portion | 238,958 | 224,033 | ||
Prepaid expenses and other current assets | 5,630 | 7,437 | ||
Total current assets | 304,347 | 286,678 | ||
Restricted cash and investments, non-current | 2,047 | 936 | ||
Property and equipment, net | 87,254 | 83,917 | ||
Non-Current Contract Receivable | 358,727 | 219,783 | ||
Intercompany Receivable | 28,658 | 27,290 | ||
Non-Current Deferred Income Tax Assets | 11,814 | 11,357 | ||
Goodwill | 440 | 413 | ||
Intangible Assets, Net | 765 | 746 | ||
Investment in Subsidiaries | 2,190 | 2,190 | ||
Other Non-Current Assets | 20,589 | 20,933 | ||
Total Assets | 816,831 | 654,243 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 17,490 | 21,035 | ||
Accrued payroll and related taxes | 15,518 | 14,030 | ||
Accrued expenses and other current liabilities | 16,173 | 10,398 | ||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 245,658 | 233,365 | ||
Total current liabilities | 294,839 | 278,828 | ||
Intercompany Payable | 35,501 | 33,940 | ||
Other Non-Current Liabilities | 17,761 | 21,652 | ||
Capital Lease Obligations | 0 | 0 | ||
Long-Term Debt | 89,168 | 0 | ||
Non-recourse debt | 283,780 | 238,842 | ||
Commitments & Contingencies and Other | ||||
The GEO Group, Inc. Shareholders' Equity | 95,966 | 81,080 | ||
Noncontrolling interests | (184) | (99) | ||
Total shareholders’ equity | 95,782 | 80,981 | ||
Total Liabilities and Shareholders’ Equity | 816,831 | 654,243 | ||
Eliminations | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and investments, current | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Contract receivable, current portion | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Restricted cash and investments, non-current | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Non-Current Contract Receivable | 0 | |||
Intercompany Receivable | (1,245,474) | (1,087,804) | ||
Non-Current Deferred Income Tax Assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net | 0 | 0 | ||
Investment in Subsidiaries | (1,774,797) | (1,694,597) | ||
Other Non-Current Assets | (79,640) | (79,866) | ||
Total Assets | (3,099,911) | (2,862,267) | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Accounts payable | 0 | 0 | ||
Accrued payroll and related taxes | 0 | 0 | ||
Accrued expenses and other current liabilities | 0 | 0 | ||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Intercompany Payable | (1,245,474) | (1,087,804) | ||
Other Non-Current Liabilities | (79,640) | (79,866) | ||
Capital Lease Obligations | 0 | 0 | ||
Long-Term Debt | 0 | 0 | ||
Non-recourse debt | 0 | 0 | ||
Commitments & Contingencies and Other | ||||
The GEO Group, Inc. Shareholders' Equity | (1,774,797) | (1,694,597) | ||
Noncontrolling interests | 0 | 0 | ||
Total shareholders’ equity | (1,774,797) | (1,694,597) | ||
Total Liabilities and Shareholders’ Equity | $ (3,099,911) | $ (2,862,267) |
Condensed Consolidating Finan74
Condensed Consolidating Financial Information - Statement of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | |
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | $ 50,714 | $ 38,252 | |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, net of cash acquired | (354,466) | 0 | |
Proceeds from sale of property and equipment | 648 | 43 | |
Insurance proceeds - damaged property | 0 | 548 | $ 548 |
Change in restricted cash and investments | (1,835) | (65,853) | |
Capital expenditures | (67,508) | (46,014) | |
Net cash used in investing activities | (423,161) | (111,276) | |
Cash Flow from Financing Activities: | |||
Proceeds from long-term debt | 1,158,574 | 641,000 | |
Payments on long-term debt | (972,500) | (627,506) | |
Payments on non-recourse debt | (67,885) | (3,044) | |
Proceeds from non-recourse debt | 91,076 | 159,068 | |
Taxes paid related to net share settlements of equity awards | (4,092) | (2,257) | |
Proceeds from issuance of common stock in connection with ESPP | 242 | 224 | |
Proceeds from issuance of common stock under prospectus supplement | 275,867 | 0 | |
Debt issuance costs | (7,587) | (19,497) | |
Income tax deficiency related to equity compensation | 0 | (791) | |
Proceeds from the exercise of stock options | 6,150 | 2,057 | |
Cash dividends paid | (110,859) | (97,247) | |
Net cash provided by financing activities | 368,986 | 52,007 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,324 | 244 | |
Net Decrease in Cash and Cash Equivalents | (2,137) | (20,773) | |
Cash and Cash Equivalents, beginning of period | 68,038 | 59,638 | |
Cash and Cash Equivalents, end of period | 65,901 | 38,865 | 59,638 |
The GEO Group, Inc. | |||
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | 2,389 | 84,523 | |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, net of cash acquired | (354,466) | ||
Proceeds from sale of property and equipment | 648 | 0 | |
Insurance proceeds - damaged property | 0 | ||
Change in restricted cash and investments | 0 | (12) | |
Capital expenditures | (9,709) | (5,137) | |
Net cash used in investing activities | (363,527) | (5,149) | |
Cash Flow from Financing Activities: | |||
Proceeds from long-term debt | 1,158,574 | 641,000 | |
Payments on long-term debt | (972,500) | (627,506) | |
Payments on non-recourse debt | 0 | 0 | |
Proceeds from non-recourse debt | 0 | 0 | |
Taxes paid related to net share settlements of equity awards | (4,092) | (2,257) | |
Proceeds from issuance of common stock in connection with ESPP | 0 | 0 | |
Proceeds from issuance of common stock under prospectus supplement | 275,867 | ||
Debt issuance costs | (6,992) | (16,980) | |
Income tax deficiency related to equity compensation | (791) | ||
Proceeds from the exercise of stock options | 6,150 | 2,057 | |
Cash dividends paid | (110,859) | (97,247) | |
Net cash provided by financing activities | 346,148 | (101,724) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |
Net Decrease in Cash and Cash Equivalents | (14,990) | (22,350) | |
Cash and Cash Equivalents, beginning of period | 45,566 | 37,077 | |
Cash and Cash Equivalents, end of period | 30,576 | 14,727 | 37,077 |
Combined Subsidiary Guarantors | |||
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | 62,559 | 40,602 | |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, net of cash acquired | 0 | ||
Proceeds from sale of property and equipment | 0 | 41 | |
Insurance proceeds - damaged property | 0 | ||
Change in restricted cash and investments | (2,890) | (1,565) | |
Capital expenditures | (53,629) | (39,078) | |
Net cash used in investing activities | (56,519) | (40,602) | |
Cash Flow from Financing Activities: | |||
Proceeds from long-term debt | 0 | 0 | |
Payments on long-term debt | 0 | ||
Payments on non-recourse debt | 0 | 0 | |
Proceeds from non-recourse debt | 0 | 0 | |
Taxes paid related to net share settlements of equity awards | 0 | 0 | |
Proceeds from issuance of common stock in connection with ESPP | 0 | ||
Proceeds from issuance of common stock under prospectus supplement | 0 | ||
Debt issuance costs | 0 | 0 | |
Income tax deficiency related to equity compensation | 0 | ||
Proceeds from the exercise of stock options | 0 | 0 | |
Cash dividends paid | 0 | ||
Net cash provided by financing activities | 0 | 0 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0 | 0 | |
Net Decrease in Cash and Cash Equivalents | 6,040 | 0 | |
Cash and Cash Equivalents, beginning of period | 842 | 0 | |
Cash and Cash Equivalents, end of period | 6,882 | 0 | 0 |
Combined Non-Guarantor Subsidiaries | |||
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | (14,234) | (86,873) | |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, net of cash acquired | 0 | ||
Proceeds from sale of property and equipment | 0 | 2 | |
Insurance proceeds - damaged property | 548 | ||
Change in restricted cash and investments | 1,055 | (64,276) | |
Capital expenditures | (4,170) | (1,799) | |
Net cash used in investing activities | (3,115) | (65,525) | |
Cash Flow from Financing Activities: | |||
Proceeds from long-term debt | 0 | 0 | |
Payments on long-term debt | 0 | 0 | |
Payments on non-recourse debt | (67,885) | (3,044) | |
Proceeds from non-recourse debt | 91,076 | 159,068 | |
Taxes paid related to net share settlements of equity awards | 0 | 0 | |
Proceeds from issuance of common stock in connection with ESPP | 242 | 224 | |
Proceeds from issuance of common stock under prospectus supplement | 0 | ||
Debt issuance costs | (595) | (2,517) | |
Income tax deficiency related to equity compensation | 0 | ||
Proceeds from the exercise of stock options | 0 | 0 | |
Cash dividends paid | 0 | 0 | |
Net cash provided by financing activities | 22,838 | 153,731 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,324 | 244 | |
Net Decrease in Cash and Cash Equivalents | 6,813 | 1,577 | |
Cash and Cash Equivalents, beginning of period | 21,630 | 22,561 | |
Cash and Cash Equivalents, end of period | $ 28,443 | $ 24,138 | $ 22,561 |
Condensed Consolidating Finan75
Condensed Consolidating Financial Information - Narrative (Details) | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Percentage of subsidiary owned | 100.00% | |
Senior Notes | 6.00% Senior Notes, due 2026 | ||
Debt Instrument [Line Items] | ||
Notes bear interest at a rate | 6.00% | 6.00% |
Senior Notes | Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Notes bear interest at a rate | 5.125% | |
Senior Notes | 5.875% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Notes bear interest at a rate | 5.875% | 5.875% |
Senior Notes | 5.875% Senior Notes, due 2022 | ||
Debt Instrument [Line Items] | ||
Notes bear interest at a rate | 5.875% | 5.875% |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jul. 10, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | |||||
Dividends declared per share (in US dollars per share) | $ 0.47 | $ 0.43 | $ 0.94 | $ 0.87 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (in US dollars per share) | $ 0.47 |