Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-14260 | ||
Entity Registrant Name | The GEO Group, Inc. | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 65-0043078 | ||
Entity Address, Address Line One | 4955 Technology Way | ||
Entity Address, City or Town | Boca Raton | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33431 | ||
City Area Code | 561 | ||
Local Phone Number | 893-0101 | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Security Exchange Name | NYSE | ||
Trading Symbol | GEO | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 121,237,805 | ||
Entity Public Float | $ 1.8 | ||
Entity Central Index Key | 0000923796 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Documents Incorporated by Reference | Certain portions of the registrant’s definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 for its 2020 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the year covered by this report, are incorporated by reference into Part III of this report. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Revenues | $ 2,477,922 | $ 2,331,386 | $ 2,263,420 | ||||||||
Operating Expenses (excluding depreciation and amortization) | 1,860,758 | 1,755,772 | 1,700,495 | ||||||||
Depreciation and Amortization | 130,825 | 126,434 | 124,297 | ||||||||
General and administrative expenses | 185,926 | 184,515 | 190,343 | ||||||||
Operating Income | $ 66,302 | $ 78,159 | $ 81,175 | $ 74,777 | $ 63,484 | $ 69,780 | $ 66,951 | $ 64,450 | 300,413 | 264,665 | 248,285 |
Interest Income | 28,934 | 34,755 | 51,676 | ||||||||
Interest Expense | (151,024) | (150,103) | (148,024) | ||||||||
Loss on Extinguishment of Debt | (4,795) | 0 | 0 | ||||||||
Income Before Income Taxes and Equity in Earnings of Affiliates | 173,528 | 149,317 | 151,937 | ||||||||
Provision for Income Taxes | 16,648 | 14,117 | 17,958 | ||||||||
Equity in Earnings of Affiliates, net of income tax (benefit) provision of $1,769, $888 and $(3,699) | 9,532 | 9,627 | 12,045 | ||||||||
Net Income | 38,042 | 45,885 | 41,836 | 40,649 | 33,353 | 39,229 | 37,325 | 34,920 | 166,412 | 144,827 | 146,024 |
Loss Attributable to Noncontrolling Interests | 191 | 262 | 217 | ||||||||
Net Income Attributable to The GEO Group, Inc. | $ 38,052 | $ 45,932 | $ 41,914 | $ 40,705 | $ 33,392 | $ 39,289 | $ 37,421 | $ 34,987 | $ 166,603 | $ 145,089 | $ 146,241 |
Weighted Average Common Shares Outstanding: | |||||||||||
Basic (in shares) | 119,097 | 120,241 | 120,095 | ||||||||
Diluted (in shares) | 119,311 | 120,747 | 120,814 | ||||||||
Basic earnings per share | |||||||||||
Net income per share — basic (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.34 | $ 0.28 | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.40 | $ 1.21 | $ 1.22 |
Diluted: | |||||||||||
Net income per share — diluted (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.34 | $ 0.28 | $ 0.33 | $ 0.31 | $ 0.29 | 1.40 | 1.20 | 1.21 |
Dividends declared per share (in dollars per share) | $ 1.92 | $ 1.88 | $ 1.88 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Income tax provision on equity in earnings of affiliates | $ 1,769,000 | $ 888,000 | $ (3,699,000) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 166,412 | $ 144,827 | $ 146,024 |
Foreign currency translation adjustments | 2,267 | (7,118) | 3,808 |
Pension liability adjustment, net of income tax provision (benefit) of $(681), $913 and $(764), respectively | (3,247) | 1,785 | (1,420) |
Change in fair value of derivative instrument classified as cash flow hedge, net of income tax provision (benefit) of $622, $1,085 and $703, respectively | 4,271 | 6,146 | 3,985 |
Total other comprehensive income, net of tax | 3,291 | 813 | 6,373 |
Total comprehensive income | 169,703 | 145,640 | 152,397 |
Comprehensive loss attributable to noncontrolling interests | 183 | 277 | 211 |
Comprehensive income attributable to The GEO Group, Inc. | $ 169,886 | $ 145,917 | $ 152,608 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Tax provision (benefit) on pension liability adjustment | $ (681) | $ 913 | $ (764) |
Tax provision (benefit) on loss on derivative instrument classified as a cash flow hedge | $ 622 | $ 1,085 | $ 703 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 32,463 | $ 31,255 |
Restricted cash and investments | 32,418 | 51,678 |
Accounts receivable, less allowance for doubtful accounts of $3,195 and $4,183, respectively | 430,982 | 445,526 |
Contract receivable, current portion | 11,199 | 15,535 |
Prepaid expenses and other current assets | 40,716 | 57,768 |
Total current assets | 547,778 | 601,762 |
Restricted Cash and Investments | 30,923 | 22,431 |
Property and Equipment, Net | 2,144,722 | 2,158,610 |
Contract Receivable | 360,647 | 368,178 |
Operating Lease Right-of-Use Assets, Net | 121,527 | 0 |
Assets Held for Sale | 6,059 | 2,634 |
Deferred Income Tax Assets | 36,278 | 29,924 |
Goodwill | 776,356 | 776,359 |
Intangible Assets, Net | 210,070 | 232,360 |
Other Non-Current Assets | 83,174 | 65,860 |
Total Assets | 4,317,534 | 4,258,118 |
Current Liabilities | ||
Accounts payable | 99,232 | 93,032 |
Accrued payroll and related taxes | 54,672 | 76,009 |
Accrued expenses and other current liabilities | 191,608 | 204,170 |
Operating lease liabilities, current portion | 26,208 | 0 |
Current portion of finance lease liabilities, long-term debt and non-recourse debt | 24,208 | 332,027 |
Total current liabilities | 395,928 | 705,238 |
Deferred Income Tax Liabilities | 19,254 | 13,681 |
Other Non-Current Liabilities | 88,526 | 82,481 |
Operating Lease Liabilities | 97,291 | 0 |
Finance Lease Obligations | 2,954 | |
Finance Lease Obligations | 4,570 | |
Long-Term Debt | 2,408,297 | 2,397,227 |
Non-Recourse Debt | 309,236 | 15,017 |
Commitments and Contingencies (Note 18) | ||
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, 125,435,573 and 124,794,986 issued and 121,225,319 and 120,584,732 outstanding, respectively | 1,254 | 1,248 |
Additional paid-in capital | 1,230,865 | 1,210,916 |
Distributions in excess of earnings | (119,779) | (52,868) |
Accumulated other comprehensive loss | (20,335) | (23,618) |
Treasury stock, 4,210,254 and 4,210,254 shares, at cost, respectively | (95,175) | (95,175) |
Total shareholders’ equity attributable to The GEO Group, Inc. | 996,830 | 1,040,503 |
Noncontrolling interests | (782) | (599) |
Total shareholders’ equity | 996,048 | 1,039,904 |
Total Liabilities and Shareholders’ Equity | $ 4,317,534 | $ 4,258,118 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,195 | $ 4,183 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 187,500,000 | 187,500,000 |
Common stock, shares issued (in shares) | 125,435,573 | 124,794,986 |
Common stock, shares outstanding (in shares) | 121,225,319 | 120,584,732 |
Treasury stock, shares (in shares) | 4,210,254 | 4,210,254 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow from Operating Activities: | |||
Net Income | $ 166,412 | $ 144,827 | $ 146,024 |
Net loss attributable to noncontrolling interests | 191 | 262 | 217 |
Net income attributable to The GEO Group, Inc. | 166,603 | 145,089 | 146,241 |
Adjustments to reconcile net income attributable to The GEO Group, Inc. to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expense | 130,825 | 126,434 | 124,297 |
Deferred tax provision (benefit) | (588) | 1,230 | 12,238 |
Amortization of debt issuance costs, discount and/or premium and other non-cash interest | 8,609 | 8,856 | 16,540 |
Stock-based compensation | 22,344 | 22,049 | 19,844 |
Loss on extinguishment of debt | 4,795 | 0 | 0 |
Provision for doubtful accounts | 190 | 823 | 2,456 |
Equity in earnings of affiliates, net of tax | (9,532) | (9,627) | (12,045) |
Loss on sale/disposal of property and equipment | 5,576 | 4,236 | 1,520 |
Loss on assets held for sale | 1,083 | 0 | 0 |
Dividends received from unconsolidated joint ventures | 10,312 | 11,846 | 6,132 |
Changes in assets and liabilities, net of acquisition: | |||
Changes in accounts receivable, prepaid expenses and other assets | (8,391) | (66,101) | 20,938 |
Changes in contract receivable | (4,355) | (2,049) | 40,515 |
Changes in accounts payable, accrued expenses and other liabilities | 10,672 | 31,689 | 2,366 |
Net cash provided by operating activities | 338,143 | 274,475 | 381,042 |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, cash consideration, net of cash acquired | 0 | 0 | (353,556) |
Proceeds from sale of property and equipment | 414 | 2,077 | 3,460 |
Insurance proceeds - damaged property | 19,310 | 1,438 | 2,754 |
Proceeds from sale of assets held for sale | 823 | 3,797 | 0 |
Change in restricted cash and investments | (7,440) | (129) | (4,507) |
Capital expenditures | (117,244) | (195,666) | (148,406) |
Net cash used in investing activities | (104,137) | (188,483) | (500,255) |
Cash Flow from Financing Activities: | |||
Payments on long-term debt | (513,219) | (282,358) | (1,140,788) |
Proceeds from long term debt | 521,370 | 502,998 | 1,389,084 |
Payments on non-recourse debt | (335,116) | (18,544) | (307,414) |
Proceeds from non-recourse debt | 321,102 | 0 | 181,658 |
Taxes paid related to net share settlements of equity awards | (4,179) | (3,820) | (4,142) |
Debt issuance costs | (9,856) | (990) | (9,542) |
Payments for purchase of treasury shares | 0 | (95,175) | 0 |
Proceeds from stock options exercised | 1,258 | 1,887 | 6,962 |
Proceeds from issuance of common stock in connection with ESPP | 532 | 534 | 497 |
Issuance of common stock in connection with public offering | 0 | 0 | 275,867 |
Dividends paid | (232,546) | (229,498) | (227,463) |
Net cash (used in) provided by financing activities | (250,654) | (124,966) | 164,719 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (352) | (10,099) | (2,318) |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (17,000) | (49,073) | 43,188 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 84,472 | 133,545 | 90,357 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | 67,472 | 84,472 | 133,545 |
Cash paid during the year for: | |||
Income taxes | 11,160 | 8,035 | 13,809 |
Interest | 135,579 | 133,566 | 115,354 |
Non-cash investing and financing activities: | |||
Right-of-use assets obtained from operating lease liabilities upon adoption of new lease standard - Refer to 14 - Leases | 147,000 | ||
Right-of-use assets obtained from operating lease liabilities (subsequent to initial adoption) | 12,223 | ||
Capital expenditures in accounts payable and accrued expenses | $ 11,049 | $ 15,253 | $ 13,039 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | (Distributions in Excess of Earnings/Earnings in Excess of Distributions | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest | |
Beginning Balance at Dec. 31, 2016 | $ 974,957 | $ 1,125 | $ 891,993 | $ 112,763 | $ (30,825) | $ 0 | $ (99) | |
Beginning Balance (in shares) at Dec. 31, 2016 | 112,548 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Proceeds from stock options exercised | 6,962 | $ 4 | 6,958 | |||||
Proceeds from stock options exercised (in shares) | 358 | |||||||
Tax benefit related to equity compensation | 0 | |||||||
Stock based compensation expense | 19,844 | 19,844 | ||||||
Shares withheld for net settlements of share-based awards | [1] | (4,142) | $ (1) | (4,141) | ||||
Shares withheld for net settlements of share-based awards (in shares) | [1] | (136) | ||||||
Restricted stock granted | 0 | $ 9 | (9) | |||||
Restricted stock granted (in shares) | 933 | |||||||
Restricted stock canceled | 0 | $ (1) | 1 | |||||
Restricted stock canceled (in shares) | 65 | |||||||
Dividends - paid | (227,463) | (227,463) | ||||||
Issuance of common stock - prospectus supplement | 275,867 | $ 104 | 275,763 | |||||
Issuance of common stock - prospectus supplement (in shares) | 10,350 | |||||||
Purchase of treasury shares | 0 | |||||||
Purchase of treasury shares (in shares) | 0 | |||||||
Issuance of common stock (ESPP) | 497 | 497 | ||||||
Issuance of common stock (ESPP) (in shares) | 20 | |||||||
Net Income | 146,024 | 146,241 | (217) | |||||
Other comprehensive income (loss) | 6,373 | 6,379 | (6) | |||||
Ending Balance at Dec. 31, 2017 | 1,198,919 | $ 1,240 | 1,190,906 | 31,541 | (24,446) | (322) | ||
Ending Balance (in shares) at Dec. 31, 2017 | 124,008 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Proceeds from stock options exercised | 1,887 | $ 1 | 1,886 | |||||
Proceeds from stock options exercised (in shares) | 103 | |||||||
Stock based compensation expense | 22,049 | 22,049 | ||||||
Shares withheld for net settlements of share-based awards | [1] | (3,820) | $ (2) | (3,818) | ||||
Shares withheld for net settlements of share-based awards (in shares) | [1] | (173) | ||||||
Restricted stock granted | 0 | $ 9 | (9) | |||||
Restricted stock granted (in shares) | 906 | |||||||
Restricted stock canceled | 0 | |||||||
Restricted stock canceled (in shares) | (73) | |||||||
Dividends - paid | (229,498) | (229,498) | ||||||
Purchase of treasury shares | (95,175) | $ (95,175) | ||||||
Purchase of treasury shares (in shares) | 4,210 | 4,210 | ||||||
Issuance of common stock (ESPP) | 534 | 534 | ||||||
Issuance of common stock (ESPP) (in shares) | 24 | |||||||
Other adjustments to Additional Paid-In-Capital | [2] | (632) | (632) | |||||
Net Income | 144,827 | 145,089 | (262) | |||||
Other comprehensive income (loss) | 813 | 828 | (15) | |||||
Ending Balance at Dec. 31, 2018 | 1,039,904 | $ 1,248 | 1,210,916 | (52,868) | (23,618) | $ (95,175) | (599) | |
Ending Balance (in shares) at Dec. 31, 2018 | 120,585 | 4,210 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Proceeds from stock options exercised | $ 1,258 | $ 0 | 1,258 | |||||
Proceeds from stock options exercised (in shares) | 78 | 78 | ||||||
Stock based compensation expense | $ 22,344 | 22,344 | ||||||
Shares withheld for net settlements of share-based awards | [1] | (4,179) | $ (2) | (4,177) | ||||
Shares withheld for net settlements of share-based awards (in shares) | [1] | (198) | ||||||
Restricted stock granted | 0 | $ 8 | (8) | |||||
Restricted stock granted (in shares) | 788 | |||||||
Restricted stock canceled | 0 | |||||||
Restricted stock canceled (in shares) | 58 | |||||||
Dividends - paid | (232,546) | (232,546) | ||||||
Purchase of treasury shares | 0 | $ 0 | ||||||
Purchase of treasury shares (in shares) | 0 | 0 | ||||||
Increase in Ownership of Subsidiary | 0 | |||||||
Issuance of common stock (ESPP) | 532 | 532 | ||||||
Issuance of common stock (ESPP) (in shares) | 30 | |||||||
Net Income | 166,412 | 166,603 | (191) | |||||
Other comprehensive income (loss) | 3,291 | 2,315 | 8 | |||||
Other comprehensive income (loss) | 2,323 | |||||||
Ending Balance at Dec. 31, 2019 | $ 996,048 | $ 1,254 | $ 1,230,865 | $ (119,779) | $ (20,335) | $ (95,175) | $ (782) | |
Ending Balance (in shares) at Dec. 31, 2019 | 121,225 | 4,210 | ||||||
[1] | During the years ended December 31, 2019, 2018 and 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. | |||||||
[2] | Represents a cumulative-effect adjustment upon adoption of ASU No. 2016-16, " Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory." Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information. |
Summary of Business Organizatio
Summary of Business Organization, Operations and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Business Organization, Operations and Significant Accounting Policies | Summary of Business Organization, Operations and Significant Accounting Policies 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 secure facilities, processing centers and reentry centers in the United States, Australia, South Africa and the United Kingdom. The Company owns, leases and operates a broad range of facilities including maximum, medium and minimum security facilities, processing centers, as well as community based reentry facilities and offers an expanded delivery of rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' platform integrates enhanced rehabilitative programs, which are evidence-based and include cognitive behavioral treatment and post-release services, and provides academic and vocational classes in 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”). As of December 31, 2019 , GEO's worldwide operations included the ownership and/or management of approximately 95,000 beds at 129 secure and community services facilities, including idle facilities and projects under development, and also includes the provision of community supervision services for more than 210,000 offenders and pretrial defendants, including approximately 100,000 individuals through an array of technology products including radio frequency, GPS, and alcohol monitoring devices. GEO, which has been in operation since 1984, began operating as a REIT for federal income tax purposes effective January 1, 2013. As a result of the REIT conversion, GEO reorganized its operations and moved non-real estate components into taxable REIT subsidiaries (“TRSs”). Through the TRS structure, the portion of GEO's businesses which are non-real estate related, such as its managed-only contracts, international operations, electronic monitoring services, and other non-residential and community based facilities, are part of wholly-owned taxable subsidiaries of the REIT. Most of GEO's business units, which are real estate related and involve company-owned and company-leased facilities, are part of the REIT. The TRS structure allows the Company to maintain the strategic alignment of all of its diversified business segments under one entity. The TRS assets and operations will continue to be subject to federal and state corporate income taxes and to foreign taxes as applicable in the jurisdictions in which those assets and operations are located. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The significant accounting policies of the Company are described below. Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The equity method of accounting is used for investments in non-controlled affiliates in which the Company’s ownership ranges from 20 to 50 percent, or in instances in which the Company is able to exercise significant influence but not control. The Company reports South Africa Custodial Services ("SACS") and its 50% owned joint venture in the United Kingdom, GEOAmey, under the equity method of accounting. Noncontrolling interests in consolidated entities represent equity that other investors have contributed to South Africa Custodial Management ("SACM"). Non-controlling interests are adjusted for income and losses allocable to the other shareholders in these entities. All significant intercompany balances and transactions have been eliminated. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported results of operations. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include reserves for self-insured retention related to general liability insurance, workers’ compensation insurance, auto liability insurance, medical malpractice insurance, employer group health insurance, projected undiscounted cash flows used to evaluate asset impairment, estimated fair values of business acquisitions, pension assumptions, percentage of completion and estimated cost to complete for construction projects, recoverability of notes receivable, estimated useful lives of property and equipment and intangible assets, stock based compensation and allowance for doubtful accounts. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While the Company believes that such estimates are reasonable when considered in conjunction with the consolidated financial statements taken as a whole, the actual amounts of such estimates, when known, will vary from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Dividends As a REIT, the Company 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). The amount, timing and frequency of future distributions, however, will be at the sole discretion of the Company's Board of Directors and will be declared based upon various factors, many of which are beyond the Company's control, including, the Company's financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company's existing and future debt instruments, limitations on the Company's ability to fund distributions using cash generated through our TRSs and other factors that the Company's Board of Directors may deem relevant. The Company began paying regular REIT distributions in 2013. Refer to Note 3- Shareholders’ Equity. A REIT is not permitted to retain earnings and profits accumulated during the years it was taxed as a C corporation or earnings and profits accumulated by its subsidiaries that have been converted to qualified REIT subsidiaries, and must make one or more distributions to shareholders that equal or exceed these accumulated amounts by the end of the first REIT year. Earnings and profits, which determine the taxability of distributions to shareholders, will differ from net income reported for financial reporting purposes due to the differences in the treatment of gains and losses, revenue and expenses, and depreciation for financial reporting relative to federal income tax purposes. Cash and Cash Equivalents Cash and cash equivalents include all interest-bearing deposits or investments with original maturities of three months or less when purchased. The Company maintains cash and cash equivalents with various financial institutions. These financial institutions are located throughout the United States, Australia, South Africa and the United Kingdom. As of December 31, 2019 and 2018, the Company had $20.6 million and $18.9 million in cash and cash equivalents held by its international subsidiaries, respectively. Concentration of Credit Risk The Company maintains deposits of cash in excess of federally insured limits with certain financial institutions and accordingly the Company is subject to credit risk. Other than cash, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable, contract receivable, long-term debt and financial instruments used in hedging activities. The Company’s cash management and investment policies restrict investments to low-risk, highly liquid securities, and the Company performs periodic evaluations of the credit standing of the financial institutions with which it deals. Accounts Receivable Accounts receivable consists primarily of trade accounts receivable due from federal, state, local and international government agencies for operating and managing secure facilities, providing youth and community-based services, providing electronic monitoring and supervision services, providing construction and design services and providing residential and transportation services. The Company generates receivables with its governmental clients and with other parties in the normal course of business as a result of billing and receiving payment. The Company regularly reviews outstanding receivables, and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgments regarding its customers’ ability to make required payments, economic events and other factors. As the financial condition of these parties change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company also performs ongoing credit evaluations for some of its customers’ financial conditions and generally does not require collateral. Generally, the Company receives payment for these services thirty to sixty days in arrears. However, certain of the Company’s accounts receivable are paid by customers after the completion of their program year and therefore can be aged in excess of one year . The Company maintains reserves for potential credit losses, and such losses traditionally have been within its expectations. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. As of December 31, 2019 and 2018, $0.4 million and $2.3 million , respectively, of the Company's trade receivables were considered to be long-term and are classified as Other Non-Current Assets in the accompanying Consolidated Balance Sheets. Note Receivable from Joint Venture In May 2011, the GEO Group UK Limited, the Company’s subsidiary in the United Kingdom (“GEO UK”), extended a non-revolving line of credit facility to GEOAmey for the purpose of funding mobilization costs and on-going start up and operations in the principal amount of £ 12 million . Amounts under the line of credit were drawn down in multiple advances up to the principal amount and accrued interest at the base rate of the Bank of England plus 0.5% with the principal amount due on demand. The Company recognized interest income on its notes receivable as it is earned. In October 2018, the note receivable to each joint venture was paid off in full. Contract Receivable The Company's Australian subsidiary has recorded a contract receivable in connection with the construction of a 1,300 -bed detention facility in Ravenhall, Australia for the State of Victoria. The contract receivable represents costs incurred and estimated earnings in excess of billings and is recorded at net present value based on the timing of expected future settlement. Refer to Note 7 - Contract Receivable for further information. Restricted Cash and Cash Equivalents The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 Cash and Cash Equivalents $ 32,463 $ 31,255 $ 81,377 Restricted cash and cash equivalents - current 32,418 51,678 44,932 Restricted cash and investments - non-current 30,923 22,431 27,999 Less Restricted investments - non-current (28,332 ) (20,892 ) (20,763 ) Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows $ 67,472 $ 84,472 $ 133,545 Amounts included in restricted cash and cash equivalents are attributable to certain contractual cash restriction requirements at the Company's wholly owned Australian subsidiary related to non-recourse debt and asset replacement funds contractually required to be maintained and other guarantees. Restricted investments - non-current (included in Restricted Cash and Investments in the accompanying consolidated balance sheets) consists of the Company's rabbi trust established for employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and is not considered to be a restricted cash equivalent. Refer to Note 10 - Financial Instruments. Prepaid expenses and Other Current Assets Prepaid expenses and other current assets include assets that are expected to be realized within the next fiscal year. Included in the balance at December 31, 2019 is approximately $3.3 million of federal, state and international tax overpayments that will be applied against estimated tax payments due in 2020. Included in the balance at December 31, 2018 is approximately $6.1 million of federal, state and international tax overpayments that were applied against tax payments in 2019. Property and Equipment Property and equipment are stated at cost, less accumulated amortization and depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 2 to 50 years. Equipment and furniture and fixtures are depreciated over 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. The Company performs ongoing evaluations of the estimated useful lives of the property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the assessment indicates that assets will be used for a longer or shorter period than previously anticipated, the useful lives of the assets are revised, resulting in a change in estimate. The Company has not made any such changes in estimates during the years ended December 31, 2019 , 2018 and 2017. Maintenance and repairs are expensed as incurred. Interest is capitalized in connection with the construction of company-owned secure facilities. Cost for self-constructed secure facilities includes direct materials and labor, capitalized interest and certain other indirect costs associated with construction of the facility, such as property taxes, other indirect labor and related benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction phase, which is the period during which costs are incurred to evaluate the site, and continues until the facility is substantially complete and ready for occupancy. Labor costs capitalized for the years ended December 31, 2019 , 2018 and 2017 were not significant. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Refer to Note 6 - Property and Equipment. Assets Held for Sale As of December 31, 2019, the Company had four properties classified as held for sale included in it's GEO Care segment in the accompanying consolidated balance sheet. The Company classifies a long-lived asset (disposal group) as held for sale in the period in which all of the following criteria are met (i) Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group), (ii) the asset (disposal group) is available for immediate sale in its present condition subject only to the terms that are usual and customary for sales of such assets (disposal groups), (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated, (iv) the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year, except as permitted, (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company records assets held for sale at the lower of cost or estimated fair value and estimates fair value by using third party appraisers or other valuation techniques. The Company does not record depreciation for assets held for sale. Any gain or loss on the sale of operating assets is included in the operating income of the reportable segment to which it relates. The properties that are classified as held for sale at December 31, 2019 are a parcel of undeveloped land in Hobart, Indiana, two idle reentry facilities acquired from Community Education Centers ("CEC") and one idle youth facility. At December 31, 2019, the aggregate carrying values of these properties was approximately $6.1 million . At December 31, 2018, the Company had two properties that were classified as held for sale which consisted of a parcel of undeveloped land in Hobart, Indiana and an idle reentry facility acquired from CEC. At December 31, 2018, the aggregate carrying value of the properties was approximately $2.6 million . Asset Impairments The Company had property and equipment, net of $2.1 billion and $2.2 billion as of December 31, 2019 and 2018, respectively, including approximately 700 vacant beds with a net book value of approximately $12 million at December 31, 2019 at one of its idle facilities in the Secure Services segment that it is currently marketing to potential customers. Also, in its GEO Care segment, the Company is currently marketing approximately 400 vacant beds with a net book value of approximately $9.0 million at December 31, 2019 at one of its idle facilities to potential customers. The Company reviews long-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Events that would trigger an impairment assessment include deterioration of profits for a business segment that has long-lived assets, or when other changes occur that might impair recovery of long-lived assets such as the termination of a management contract or a prolonged decrease in population. If impairment indicators are present, the Company performs a recoverability test to determine whether or not an impairment loss should be measured. The Company tests idle facilities for impairment upon notification that the facilities will no longer be utilized by the customer. If a long-lived asset is part of a group that includes other assets, the unit of accounting for the long-lived asset is its group. Generally, the Company groups assets by facility for the purpose of considering whether any impairment exists. The estimates of recoverability are based on projected undiscounted cash flows associated with actual marketing efforts where available or, in other instances, projected undiscounted cash flows that are comparable to historical cash flows from management contracts at similar facilities and sensitivity analyses that consider reductions to such cash flows. The Company's sensitivity analyses include adjustments to projected cash flows compared to the historical cash flows due to current business conditions which impact per diem rates as well as labor and other operating costs, changes related to facility mission due to changes in prospective clients, and changes in projected capacity and occupancy rates. The Company also factors in prolonged periods of vacancies as well as the time and costs required to ramp up facility population once a contract is obtained. The Company performs the impairment analysis on an annual basis for each of the idle facilities and takes into consideration updates each quarter for market developments affecting the potential utilization of each of the facilities in order to identify events that may cause the Company to reconsider the most recent assumptions. Such events could include negotiations with a prospective customer for the utilization of an idle facility at terms significantly less favorable than the terms used in the Company's most recent impairment analysis, or changes in legislation surrounding a particular facility that could impact the Company's ability to house certain types of individuals at such facility. Further, a substantial increase in the number of available beds at other facilities the Company owns, or in the marketplace, could lead to deterioration in market conditions and projected cash flows. Although they are not frequently received, an unsolicited offer to purchase any of the Company's idle facilities, at amounts that are less than their carrying value could also cause the Company to reconsider the assumptions used in the most recent impairment analysis. The Company has identified marketing prospects to utilize each of the remaining currently idled facilities and has determined that no current impairment exists. However, the Company can provide no assurance that it will be able to secure management contracts to utilize its idle facilities, or that it will not incur impairment charges in the future. In all cases, the projected undiscounted cash flows in our analysis as of December 31, 2019 substantially exceeded the carrying amounts of each facility. The Company's evaluations also take into consideration historical experience in securing new facility management contracts to utilize facilities that had been previously idled for periods comparable to or in excess of the periods the Company's currently idle facilities have been idle. Such previously idled facilities are currently being operated under contracts that generate cash flows resulting in the recoverability of the net book value of the previously idled facilities by substantial amounts. Due to a variety of factors, the lead time to negotiate contracts with federal and state agencies to utilize idle bed capacity is generally lengthy which has historically resulted in periods of idleness similar to the ones the Company is currently experiencing. By their nature, these estimates contain uncertainties with respect to the extent and timing of the respective cash flows due to potential delays or material changes to forecasted terms and conditions in contracts with prospective customers that could impact the estimate of projected cash flows. Notwithstanding the effects the current economy has had on the Company's customers' for available beds in the short term which has led to its decision to idle certain facilities, the Company believes the long-term trends favor an increase in the utilization of its idle facilities. This belief is also based on the Company's experience in working with governmental agencies faced with significant budgetary challenges which is a primary contributing factor to the lack of appropriated funding to build new bed capacity by federal and state agencies. Assets Held under Finance Leases Assets held under finance leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. Amortization expense is recognized using the straight-line method over the shorter of the estimated useful life of the asset or the term of the related lease and is included in depreciation expense. Goodwill and Other Intangible Assets Goodwill The Company has recorded goodwill as a result of its business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. The Company's goodwill is not amortized and is tested for impairment annually on the first day of the fourth quarter, and whenever events or circumstances arise that indicate impairment may have occurred. Impairment testing is performed for all reporting units that contain goodwill. The reporting units are the same as the reportable segment for U.S. Secure Services and are at the operating segment level for GEO Care. On the annual measurement date of October 1, 2019, the Company's management elected to qualitatively assess the Company's goodwill for impairment for all of its reporting units. Under provisions of the qualitative analysis, when testing goodwill for impairment, the Company first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company performs a quantitative impairment test to identify goodwill impairment and measures the amount of goodwill impairment loss to be recognized, if any. The qualitative factors used by the Company’s management to determine the likelihood that the fair value of the reporting unit is less than the carrying amount include, among other things, a review of overall economic conditions and their current and future impact on the Company’s existing business, the Company’s financial performance and stock price, industry outlook and market competition. With respect to the qualitative assessments, management determined that, as of October 1, 2019, it was more likely than not that the fair values of the reporting units exceeded their carrying values. Other Intangible Assets The Company has also recorded other finite and indefinite lived intangible assets as a result of previously completed business combinations. Other acquired finite and indefinite lived intangible assets are recognized separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the Company’s intent to do so. The Company’s intangible assets include facility management contracts, trade names and technology. The facility management contracts represent customer relationships in the form of management contracts acquired at the time of each business combination; the value of BI’s and Protocol Criminal Justice, Inc.'s ("Protocol") trade names represent, among other intangible benefits, name recognition to its customers and intellectual property rights; and the acquired technology represents BI’s innovation with respect to its GPS tracking, monitoring, radio frequency monitoring, voice verification monitoring and alcohol compliance systems, Protocol's innovation with respect to its customer relationship management software and Soberlink, Inc.'s innovation with respect to its alcohol monitoring devices. When establishing useful lives, the Company considers the period and the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up; or, if that pattern cannot be reliably determined, using a straight-line amortization method over a period that may be shorter than the ultimate life of such intangible asset. The Company also considers the impact of renewal terms when establishing useful lives. The Company currently amortizes its acquired facility management contracts over periods ranging from three to twenty-one years and its acquired technology over seven years to eight years . There is no residual value associated with the Company’s finite-lived intangible assets. The Company reviews its trade name assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. The Company does not amortize its indefinite lived intangible assets. The Company reviews its indefinite lived intangible assets annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. These reviews resulted in no impairment to the carrying value of the indefinite lived intangible assets for all periods presented. The Company records the costs associated with renewal and extension of facility management contracts as expenses in the period they are incurred. Internal-Use Software Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software. Costs related to design or maintenance of internal-use software are expensed as incurred. As of December 31, 2019 and 2018, included in Property and Equipment, Net is approximately $14.2 million and $16.3 million of capitalized internal-use software costs, respectively. Debt Issuance Costs Debt issuance costs, net of accumulated amortization of $50.8 million and $65.7 million , totaling $30.5 million and $31.1 million at December 31, 2019 and 2018, respectively, are included in Long-Term Debt, Non-Recourse Debt and Other Non-Current Assets in the accompanying Consolidated Balance Sheets and are amortized to interest expense using the effective interest method over the term of the related debt. Variable Interest Entities The Company evaluates its joint ventures and other entities in which it has a variable interest (a “VIE”), generally in the form of investments, loans, guarantees, or equity in order to determine if it has a controlling financial interest and is required to consolidate the entity as a result. The reporting entity with a variable interest that provides the entity with a controlling financial interest in the VIE will have both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate its 50% owned South African joint venture interest in SACS, a VIE. SACS joint venture investors are GEO and Kensani Corrections, Pty. Ltd (an independent third party); each partner owns a 50% share. The Company has determined it is not the primary beneficiary of SACS since it does not have the power to direct the activities of SACS that most significantly impact its performance. As such, the Company's investment in this entity is accounted for under the equity method of accounting. SACS was established and subsequently, in 2001, was awarded a 25 -year contract to design, finance and build the Kutama Sinthumule Correctional Centre in Louis Trichardt, South Africa. To fund the construction of the prison, SACS obtained long-term financing from its equity partners and lenders, the repayment of which is fully guaranteed by the South African government, except in the event of default, in which case the government guarantee is reduced to 80% . The Company's maximum exposure for loss under this contract is limited to its investment in the joint venture of $12.3 million at December 31, 2019 and its guarantees related to SACS are discussed in Note 13 - Debt. The Company does not consolidate its 50% owned joint venture in the United Kingdom. In February 2011, GEO UK, executed a Shareholders Agreement (the “Shareholders Agreement”) with Amey Community Limited (“Amey”) and Amey UK PLC (“Amey Guarantor”) to form GEOAmey, a private company limited by shares incorpora |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
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. Under the terms of the merger agreement, the Company acquired 100% of the voting interests in CEC for $353.6 million . The allocation of the purchase price for this transaction was complete as of March 31, 2018. During the measurement period, the Company adjusted provisional amounts with respect to the CEC acquisition that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Those changes are reflected in the table below. The purchase price allocation as of December 31, 2017 and as of March 31, 2018 and adjustments made to the estimated acquisition date fair values during the fiscal year ended December 31, 2018 are as follows (in thousands): Acquisition Date Estimated Fair Value as of December 31, 2017 Measurement Period Adjustments Final Acquisition Date Fair Value as of March 31, 2018 Accounts Receivable $ 32,869 $ — $ 32,869 Prepaid and other current assets 4,397 — 4,397 Property and equipment 126,510 — 126,510 Intangible assets 76,000 — 76,000 Favorable lease assets 3,110 — 3,110 Deferred income tax assets 4,116 44 4,160 Other non-current assets 4,327 — 4,327 Total assets acquired $ 251,329 $ 44 $ 251,373 Accounts payable and accrued expenses 51,651 (1,339 ) 50,312 Unfavorable lease liabilities 1,299 — 1,299 Other non-current liabilities 10,479 (1,166 ) 9,313 Total liabilities assumed $ 63,429 $ (2,505 ) $ 60,924 Total identifiable net assets 187,900 2,549 190,449 Goodwill 165,656 (2,549 ) 163,107 Total consideration paid, net of cash acquired $ 353,556 $ — $ 353,556 The Company recognized a reduction of operating expenses of $2.3 million related to the CEC acquisition during the twelve months ended December 31, 2018 as a result of a recovery of funds held in escrow after the measurement period had ended. As shown above, the Company recorded $163.1 million of goodwill related to the purchase of CEC. The strategic benefits of the merger include the Company's ability to further position itself to meet the demand for increasingly diversified correctional, detention and community reentry facilities and services and the Company's ability 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 $ 75,300 Covenants not to compete 1 700 Total acquired intangible assets $ 76,000 Pro forma financial information (Unaudited) 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, 2017, 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): Year Ended (unaudited) December 31, 2017 Pro forma revenues $ 2,300,000 Pro forma net income attributable to the GEO Group, Inc. $ 160,000 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 approximately $15 million , for the year ended December 31, 2017, respectively, of non-recurring transaction and merger related costs directly related to the CEC 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 approximately $171 million and $22 million , respectively, in its consolidated statements of operations for the year ended December 31, 2017 for CEC activity since April 5, 2017, the date of acquisition. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock Each holder of the Company’s common stock is entitled to one vote per share on all matters to be voted upon by the Company’s shareholders. Upon any liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share equally in all assets available for distribution after payment of all liabilities, subject to the liquidation preference of shares of preferred stock, if any, then outstanding. 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 and reduce any income taxes that GEO otherwise would be required to pay, 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 TRSs and other factors that GEO's Board may deem relevant. During the years ended December 31, 2019 , 2018 and 2017, GEO declared and paid the following regular cash distributions to its stockholders which were treated for federal income taxes as follows (retroactively adjusted to reflect the effects of the Company's 3-for-2 stock split): Ordinary Dividends Declaration Date Payment Date Record Date Distribution Per Share Qualified (1) Non-Qualified Nondividend Distributions (2) Aggregate Payment Amount (millions) February 6, 2017 February 27, 2017 February 17, 2017 0.47 $ 0.0175622 $ 0.2468402 $ 0.2025975 $ 52.5 April 25, 2017 May 19, 2017 May 9, 2017 $ 0.47 $ 0.0176751 $ 0.2484259 $ 0.2038990 $ 58.4 July 10, 2017 July 28, 2017 July 21, 2017 0.47 $ 0.0176751 $ 0.2484259 $ 0.2038990 $ 58.3 October 12, 2017 October 30, 2017 October 23, 2017 $ 0.47 $ 0.0176751 $ 0.2484259 $ 0.2038990 $ 58.3 February 5, 2018 February 27, 2018 February 16, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 58.3 April 11, 2018 May 3, 2018 April 23, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 57.4 July 10, 2018 July 27, 2018 July 20, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 57.2 October 15, 2018 November 2, 2018 October 26, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 57.2 February 4, 2019 February 22, 2019 February 15, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 57.9 April 3, 2019 April 22, 2019 April 15, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 58.2 July 9, 2019 July 26, 2019 July 19, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 58.2 October 14, 2019 November 1, 2019 October 25, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 58.2 (1) For 2019, there are no Qualified Dividends. Qualified Dividends represents the portion of Total Ordinary Dividends which constitutes a "Qualified Dividend", as defined by the Internal Revenue Service. (2) The amount constitutes a "Return of Capital", as defined by the Internal Revenue Service. Stock Buyback Program On February 14, 2018, the Company announced that its Board authorized a stock buyback program authorizing the Company to repurchase up to a maximum of $200 million of its shares of common stock. The stock buyback program will be funded primarily with cash on hand, free cash flow and borrowings under the Company's $900 million revolving credit facility (the "Revolver"). The program is effective through October 20, 2020. The stock buyback program is intended to be implemented through purchases made from time to time in the open market or in privately negotiated transactions, in accordance with applicable Securities and Exchange Commission ("SEC") requirements. The stock buyback program does not obligate the Company to purchase any specific amount of its common stock and may be suspended or extended at any time at the discretion of the Company's Board. During the year ended December 31, 2018, the Company purchased 4,210,254 shares of its common stock at a cost of $95.2 million primarily purchased with proceeds from the Company's Revolver. There were no purchases of the Company's common stock during the year ended December 31, 2019. The Company believes it has the ability to continue to fund the stock buyback program, its debt service requirements and its maintenance and growth capital expenditure requirements, while maintaining sufficient liquidity for other corporate purposes. Prospectus Supplement On October 20, 2017, the Company filed with the SEC an automatic shelf registration on Form S-3ASR. Under this shelf registration, the Company may, from time to time, sell any combination of securities described in the prospectus in one or more offerings. Each time that the Company may sell securities, the Company will provide a prospectus supplement that will contain specific information about the terms of that offering and the securities being offered. On November 9, 2017, in connection with the shelf registration, the Company filed with the SEC 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 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 years ended December 31, 2019 or 2018. Preferred Stock In April 1994, the Company’s Board authorized 30 million shares of “blank check” preferred stock. The Board is authorized to determine the rights and privileges of any future issuance of preferred stock such as voting and dividend rights, liquidation privileges, redemption rights and conversion privileges. As of December 31, 2019, there were no shares of preferred stock outstanding. Noncontrolling Interests The Company includes the results of operations and financial position of SACM or the “joint venture”, its majority-owned subsidiary, in its consolidated financial statements. SACM was established in 2001 to operate correctional centers in South Africa. The joint venture currently provides security and other management services for the Kutama Sinthumule Correctional Centre in the Republic of South Africa under a 25 -year management contract which commenced in February 2002. The Company’s and the joint venture partner’s shares in the profits of the joint venture are 88.75% and 11.25% , respectively. There were no changes in the Company’s ownership percentage of the consolidated subsidiary during the years ended December 31, 2019 |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans The Board has adopted The GEO Group, Inc. 2018 Stock Incentive Plan (the "2018 Plan"), which was approved by the Company's shareholders on April 24, 2018. The 2018 Plan replaced the 2014 Stock Incentive Plan. As of the date the 2018 Plan was adopted, it provided for a reserve of 4,600,000 shares of common stock that may be issued pursuant to awards granted under the 2018 Plan. The Company filed a Form S-8 registration statement related to the 2018 Plan on May 11, 2018. Under the terms of the 2018 Plan, the vesting period and, in the case of stock options, the exercise price per share, are determined by the terms of each grant agreement. All stock options that have been granted under the Company plans are exercisable at the fair market value of the common stock at the date of the grant. Generally, the stock options vest and become exercisable ratably over a four -year period. All stock options awarded under the 2018 Plan expire no later than ten years after the date of the grant. When options are exercised, the Company issues shares of common stock related to the exercised options. The Company recognized compensation expense related to the Company plans for the years ended December 31, 2019 , 2018 and 2017 as follows (in thousands): 2019 2018 2017 Stock option plan expense $ 1,085 $ 996 $ 1,305 Restricted stock expense $ 21,260 $ 21,053 $ 18,539 Stock Options A summary of the activity of the Company’s stock options plans is presented below: Shares Wtd. Avg. Exercise Price Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (In thousands) (In thousands) Options outstanding at January 1, 2019 1,462 $ 24.30 7.20 $ 924 Granted 391 22.68 Exercised (78 ) 16.03 Forfeited/Canceled (185 ) 24.60 Options outstanding at December 31, 2019 1,590 $ 24.29 6.90 $ 232 Options vested and expected to vest at December 31, 2019 1,521 $ 24.34 6.82 $ 232 Options exercisable at December 31, 2019 809 $ 24.84 5.53 $ 232 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of 2019 and the exercise price, times the number of shares that are “in the money”) that would have been received by the option holders had all option holders exercised their options on December 31, 2019 . This amount changes based on the fair value of the Company’s stock. The following table summarizes information relative to stock option activity during the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Intrinsic value of options exercised $ 433 $ 519 $ 4,126 Fair value of shares vested $ 971 $ 794 $ 373 The following table summarizes information about the exercise prices and related information of stock options outstanding under the Company plans at December 31, 2019 : Options Outstanding Options Exercisable Exercise Prices ($) Number Outstanding Wtd. Avg. Remaining Contractual Life Wtd. Avg. Exercise Price Number Exercisable Wtd. Avg. Remaining Contractual Life Wtd. Avg. Exercise Price (In thousands) 0-18.23 112 1.73 $ 14.54 112 1.73 $ 14.54 18.24-22.26 618 7.16 $ 21.00 287 6.25 $ 20.71 22.27-29.39 519 7.61 $ 25.07 203 5.17 $ 28.77 29.40-50.00 341 7.04 $ 32.31 207 6.95 $ 32.31 Total 1,590 6.90 $ 24.29 809 5.53 $ 24.84 The weighted average grant date fair value of options granted during the year ended December 31, 2019 , 2018 and 2017 was $3.96 , $3.64 and $5.91 per share, respectively. There were 0.4 million, 0.5 million and 0.5 million options granted during the year ended December 31, 2019 , 2018 and 2017, respectively. The following table summarizes the status of non-vested stock options as of December 31, 2019 and changes during the year ended December 31, 2019 : Number of Shares Wtd. Avg. Grant Date Fair Value (In thousands) Options non-vested at January 1, 2019 816 $ 3.86 Granted 391 3.96 Vested (241 ) 3.55 Forfeited (185 ) 4.04 Options non-vested at December 31, 2019 781 $ 3.99 As of December 31, 2019 , 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 2.5 years. Restricted Stock During the year ended December 31, 2019 , the Company granted approximately 788,000 shares of restricted stock to certain employees and executive officers. Of these awards, 250,000 are market and performance-based awards which will be forfeited if the Company does not achieve certain annual metrics during 2019, 2020 and 2021. The fair value of restricted stock awards, which do not contain a performance-based condition, is determined using the closing price of the Company’s common stock on the date of the grant and compensation expense is recognized over the vesting period. Generally, the restricted stock awards vest in equal increments over either a three or four year period. The vesting of 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, 2019 to December 31, 2021 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, 2019 to December 31, 2021. 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. During the year ended December 31, 2018 , the Company granted approximately 906,000 shares of restricted stock to certain employees and executive officers. Of these awards, 352,500 are performance-based awards which will be forfeited if the Company does not achieve certain annual metrics over a three year period from January 1, 2018 to December 31, 2020. The vesting of the performance-based restricted stock grants awarded in 2018 are subject to the achievement by GEO of two annual performance metrics as follows: (i) up to 50% of the TSR Target Award can vest at the end of a three -year performance period if GEO meets certain TSR performance targets, as compared to the total shareholder return of a peer group of companies, over a three year period from January 1, 2018 to December 31, 2020; and (ii) up to 50% of the ROCE Target Award can vest at the end of a three -year performance period if GEO meets certain ROCE performance targets over a three year period from January 1, 2018 to December 31, 2020. These 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. During the year ended December 31, 2017, the Company granted 933,000 shares of restricted stock to its executive officers and to certain senior employees. Of these awards, 352,500 are performance-based awards which will be forfeited if the Company does not achieve certain annual metrics over a three year period from January 1, 2017 to December 31, 2019. The vesting of the performance-based restricted stock grants awarded in 2017 are subject to the achievement by GEO of two annual performance metrics as follows: (i) up to 50% of the TSR Target Award can vest at the end of a three -year performance period if GEO meets certain 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 ROCE Target Award can vest at the end of a three -year period if GEO meets certain ROCE performance targets over a three year period from January 1, 2017 to December 31, 2019. These performance awards can vest at the end of the three year performance period 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 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. Compensation expense is recognized over the vesting period and previously recorded compensation expense is not reversed if the market condition is never met. Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies- Stock-Based Compensation Expense, for the assumptions and method used to value these awards. 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 target in the range will be achieved and if deemed probable, compensation expense is recorded at that time. If subsequent to the 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. During 2019, 2018 and 2017, the Company deemed the achievement of the target award to be probable and there were no changes in the estimated quantity of awards expected to vest. 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 following table summarizes the status of restricted stock awards as of December 31, 2019 and changes during the year ended December 31, 2019 : Shares Wtd. Avg. Grant date Fair value (In thousands) Restricted stock outstanding at January 1, 2019 2,018 $ 27.62 Granted 788 23.79 Vested (701 ) 24.09 Forfeited/Canceled (58 ) 23.99 Restricted stock outstanding at December 31, 2019 2,047 $ 27.33 As of December 31, 2019 , the Company had $27.2 million of unrecognized compensation cost that is expected to be recognized over a weighted average period of 2.1 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 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. 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 years ended December 31, 2019 , 2018 and 2017, 30,153 , 24,365 and 20,009 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share (“EPS”) from continuing operations were calculated for the years ended December 31, 2019 , 2018, and 2017 respectively, as follows: Fiscal Year 2019 2018 2017 (In thousands, except per share data) Net Income $ 166,412 $ 144,827 $ 146,024 Loss attributable to noncontrolling interests 191 262 217 Net income attributable to The GEO Group, Inc. $ 166,603 $ 145,089 $ 146,241 Basic earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 119,097 120,241 120,095 Per share amount $ 1.40 $ 1.21 $ 1.22 Diluted earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 119,097 120,241 120,095 Dilutive effect of equity incentive plans 214 506 719 Weighted average shares assuming dilution 119,311 120,747 120,814 Per share amount - diluted $ 1.40 $ 1.20 $ 1.21 For the year ended December 31, 2019 , 1,495,210 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 1,514,177 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS. For the year ended December 31, 2018 , 931,473 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 680,062 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS. For the year ended December 31, 2017, 617,025 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 719,204 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of the following at fiscal year end: Useful Life 2019 2018 (Years) (In thousands) Land — $ 128,874 $ 131,377 Buildings and improvements 2 to 50 2,229,956 2,144,414 Leasehold improvements 1 to 29 291,511 303,348 Equipment 3 to 10 216,604 206,191 Furniture, fixtures and computer software 1 to 7 64,828 60,159 Facility construction in progress — 31,979 65,282 Total $ 2,963,752 $ 2,910,771 Less accumulated depreciation and amortization (819,030 ) (752,161 ) Property and equipment, net $ 2,144,722 $ 2,158,610 The Company amortizes its leasehold improvements over the shorter of their estimated useful lives or the terms of the leases including renewal periods that are reasonably assured. The Company’s construction in progress primarily consists of new construction and renovations to facilities that are owned by the Company. Interest capitalized in property and equipment for the years ended December 31, 2019 and 2018 was $0.4 million and $3.7 million , respectively. Depreciation expense was $107.9 million , $103.5 million and $98.9 million for the years ended December 31, 2019 , 2018 and 2017, respectively. At both December 31, 2019 and 2018, the Company had $17.1 million of assets recorded under finance leases related to land, buildings and improvements. Finance leases are recorded net of accumulated amortization of $14.2 million and $13.2 million , at December 31, 2019 and 2018, respectively. Depreciation expense related to assets recorded under capital leases for each of the years ended December 31, 2019, 2018 and 2017 was $1.0 million and is included in Depreciation and Amortization in the accompanying consolidated statements of operations. |
Contract Receivable
Contract Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Contract Receivable | Contract Receivable On September 16, 2014, GEO's wholly-owned subsidiary, GEO Ravenhall Pty. Ltd., in its capacity as trustee of another wholly-owned subsidiary, GEO Ravenhall Trust ("Project Co"), signed the Ravenhall Prison Project Agreement ("Ravenhall Contract") with the State of Victoria (the "State") for the development and operation of a 1,300 -bed facility in Ravenhall, a locality near Melbourne, Australia under a public-private partnership financing structure. The design and construction phase ("D&C Phase") of the agreement began in September 2014 and was completed in November 2017. Project Co was the primary developer during the D&C Phase and subcontracted with a bonded international design and build contractor to design and construct the facility. GEO's wholly-owned subsidiary, the GEO Group Australasia Pty. Ltd. ("GEO Australia") is currently operating the facility under a 25 -year management contract ("Operating Phase"). During the D&C Phase, GEO Australia provided construction management and consultant services to the State. The cost of the project during the D&C Phase was funded by debt financing along with a capital contribution by GEO in the amount of AUD 115 million , or $80.7 million based on exchange rates at December 31, 2019, which was contributed in January 2017 (Refer to Note 13 - Debt). Another wholly-owned subsidiary of GEO, Ravenhall Finance Co Pty. Limited ("Finance Co"), entered into a syndicated facility agreement with National Australia Bank Limited to provide the debt financing for the project. In order to fix the interest rate on this variable non-recourse debt, Finance Co entered into interest rate swap agreements. Refer to Note 8 - Derivative Financial Instruments. Upon completion and commercial acceptance of the facility in November 2017, in accordance with the Ravenhall Contract, the State made a lump sum payment of AUD 310 million , or $217.4 million based on exchange rates as of December 31, 2019, towards a portion of the outstanding balance. The remaining balance will be paid over the life of the 25 -year management contract. During the D&C Phase, the Company recognized revenue as earned on a percentage of completion basis measured by the percentage of costs incurred to date as compared to the estimated total costs for the design and construction of the facility. Costs incurred and estimated earnings in excess of billings are classified as Contract Receivable in the accompanying consolidated balance sheets. The total balance of the Contract Receivable at December 31, 2019 is $371.8 million which is recorded at net present value based on the timing of expected future settlement. Interest income is recorded as earned using an effective interest rate of 8.97% |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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. In August 2019, the Company entered into two interest rate swap agreements in the aggregate notional amount of $44.3 million to fix the interest rate on certain of its variable rate debt to 4.22% . The Company has designated these interest rate swaps as hedges against changes in the cash flows of two identical promissory notes (the "Notes") which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has determined that the swaps have payment, expiration dates, and provisions that coincide with the terms of the Notes and are therefore considered to be effective cash flow hedges. Accordingly, the Company records the change in fair value of the interest rate swaps as accumulated other comprehensive income (loss), net of applicable taxes. Total unrealized losses recorded in total other comprehensive income (loss), net of tax, related to these cash flow hedges was $1.5 million during the year ended December 31, 2019. The total fair value of the swap liabilities as of December 31, 2019 was $1.9 million and is recorded as a component of Other Non-Current liabilities within the accompanying balance sheet. There was no material ineffectiveness for the period presented. The Company does not expect to enter into any transactions during the next twelve months which would result in reclassification into earnings or losses associated with these swaps currently reported in accumulated other comprehensive income (loss). Refer to Note 13 - Debt for additional information. The Company’s Australian subsidiary entered into interest rate swap agreements to fix the interest rate on its variable rate non-recourse debt related to a project in Ravenhall, a locality near Melbourne, Australia to 4.2% . The Company determined that the swaps had payment, expiration dates, and provisions that coincided with the terms of the non-recourse debt and were therefore considered to be effective cash flow hedges. Accordingly, the Company recorded the change in the fair value of the interest rate swaps in accumulated other comprehensive income (loss), net of applicable income taxes. On May 22, 2019, the Company refinanced the associated debt and terminated the swap agreements which resulted in the reclassification of $3.9 million |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets, Net The Company has recorded goodwill as a result of its various 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 recognized during the years ended December 31, 2019 and 2018 were as follows (in thousands): 12/31/2018 Foreign currency translation 12/31/2019 U.S. Secure Services $ 316,366 $ — $ 316,366 GEO Care 459,589 — 459,589 International Services 404 (3 ) 401 Total Goodwill $ 776,359 $ (3 ) $ 776,356 12/31/2017 Acquisitions (net of dispositions) Foreign 12/31/2018 U.S. Secure Services $ 317,005 $ (639 ) $ — $ 316,366 GEO Care 461,499 (1,910 ) — 459,589 International Services 447 — (43 ) 404 Total Goodwill $ 778,951 $ (2,549 ) $ (43 ) $ 776,359 Intangible assets consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 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 $ 308,432 $ (148,171 ) $ 160,261 $ 308,419 $ (127,481 ) $ 180,938 Covenants not to compete 1 — — — 700 (700 ) — Technology 7.3 33,700 (29,091 ) 4,609 33,700 (27,478 ) 6,222 Trade names Indefinite 45,200 — 45,200 45,200 — 45,200 Total acquired intangible assets $ 387,332 $ (177,262 ) $ 210,070 $ 388,019 $ (155,659 ) $ 232,360 The accounting for recognized intangible assets is based on the useful lives to the reporting entity. Intangible assets with finite useful lives are amortized over their useful lives and intangible assets with indefinite useful lives are not amortized. The Company estimates the useful lives of its intangible assets taking into consideration (i) the expected use of the asset by the Company, (ii) the expected useful lives of other related assets or groups of assets, (iii) legal or contractual limitations, (iv) the Company's historical experience in renewing or extending similar arrangements, (v) the effects of obsolescence, demand, competition and other economic factors and (vi) the level of maintenance expenditures required to obtain the expected cash flows from the asset. Amortization expense was $22.3 million , $22.9 million and $24.7 million for the years ended December 31, 2019 , 2018 and 2017, respectively, and primarily related to the U.S. Secure Services and GEO Care segments’ amortization of intangible assets for acquired management contracts. The Company relies on its historical experience in determining the useful life of facility management contracts. The Company makes assumptions related to acquired facility management contracts based on the competitive environment for individual contracts, our historical success rates in retaining contracts, the supply of available beds in the market, changes in legislation, the projected profitability of the facilities and other market conditions. As of December 31, 2019 , the weighted average period before the next contract renewal or extension for the facility management contracts was approximately 1.8 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 contractual periods. Estimated amortization expense related to the Company’s finite-lived intangible assets for 2020 through 2024 and thereafter is as follows (in thousands): Fiscal Year Total Amortization Expense 2020 $ 22,288 2021 19,782 2022 18,138 2023 13,494 2024 9,761 Thereafter 81,407 $ 164,870 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Financial Instruments | Financial Instruments The following table provides a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis (in thousands): Fair Value Measurements at December 31, 2019 Carrying Value at December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Restricted investments: Rabbi Trust $ 28,332 $ — $ 28,332 $ — Fixed income securities 1,892 — 1,892 — Liabilities: Interest rate swap derivatives $ 1,869 $ — $ 1,869 $ — Fair Value Measurements at December 31, 2018 Carrying Value at December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Restricted investments: Rabbi Trust $ 20,892 $ — $ 20,892 $ — Fixed income securities 1,801 — 1,801 — Liabilities: Interest rate swap derivatives $ 8,638 $ — $ 8,638 $ — The Company’s Level 2 financial instruments included in the tables above as of December 31, 2019 and 2018 consist of interest rate swap derivative liabilities held by GEO and 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. On May 22, 2019, the Company terminated the interest rate swap derivative liabilities in connection with a debt refinancing transaction by our Australian subsidiary. Refer to Note 8 - Derivative Financial Instruments and Note 13 - Debt for additional information. The interest rate swap derivative liabilities are valued using a discounted cash flow model based on projected 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. During the years ended December 31, 2019 and 2018, the Company transferred certain accounts receivable balances that had a carrying value of approximately $3.0 million and $6.9 million , respectively, to an unrelated third party. The transfers were accounted for as sales and the Company has no continuing involvement with the transferred assets. The Company received cash proceeds in connection with the sales of approximately $3.0 million and $6.9 million |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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 instruments at carrying value. The following table presents the carrying values of those instruments and the corresponding estimated fair values (in thousands): Estimated Fair Value Measurements at December 31, 2019 Carrying Value as of December 31, 2019 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 32,463 $ 32,463 $ 32,463 $ — $ — Restricted cash and investments 35,010 35,010 35,010 — — Liabilities: Borrowings under Senior Credit Facility $ 1,298,671 $ 1,218,861 $ — $ 1,218,861 $ — 5.875% Senior Notes due 2022 193,958 194,239 — 194,239 — 5.125% Senior Notes 300,000 287,982 — 287,982 — 5.875% Senior Notes due 2024 250,000 228,493 — 228,493 — 6.00% Senior Notes 350,000 314,052 — 314,052 — Non-recourse debt 328,178 327,792 — 327,792 — Estimated Fair Value Measurements at December 31, 2018 Carrying Value as of December 31, 2018 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 31,255 $ 31,255 $ 31,255 $ — $ — Restricted cash and investments 53,217 53,217 50,499 2,718 — Liabilities: Borrowings under Senior Credit Facility $ 1,273,965 $ 1,188,196 $ — $ 1,188,196 $ — 5.875% Senior Notes due 2022 250,000 244,550 — 244,550 — 5.125% Senior Notes 300,000 271,992 — 271,992 — 5.875% Senior Notes due 2024 250,000 224,590 — 224,590 — 6.00% Senior Notes 350,000 310,177 — 310,177 — Non-recourse debt 340,910 348,274 — 348,274 — The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at December 31, 2019 and 2018. Restricted cash consists of money market funds, commercial paper and time deposits used for payments on the Company’s non-recourse debt and asset replacement funds contractually required to be maintained at the Company's Australian subsidiary. The fair value of the money market funds 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 6.00% senior unsecured notes due 2026 (the “6.00% Senior Notes”), 5.125% Senior Notes due 2023 (the “5.125% Senior Notes”), 5.875% Senior Notes due 2022 (the "5.875% Senior Notes due 2022”) and the 5.875% |
Accrued Expenses and other curr
Accrued Expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses and other current liabilities | Accrued Expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): 2019 2018 Accrued interest $ 17,850 $ 19,554 Accrued bonus 16,914 15,047 Accrued insurance 73,192 71,524 Accrued repair obligations for damaged property 4,343 19,067 Accrued property and other taxes 35,192 26,828 Construction retainage 1,097 1,913 Other 43,020 50,237 Total $ 191,608 $ 204,170 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following (in thousands): December 31, 2019 December 31, 2018 Senior Credit Facility: Term loan $ 778,000 $ 786,000 Unamortized debt issuance costs on term loan (5,410 ) (6,826 ) Unamortized discount on term loan (2,281 ) (2,878 ) Revolver 520,671 490,843 Total Senior Credit Facility $ 1,290,980 $ 1,267,139 6.00% Senior Notes: Notes Due in 2026 $ 350,000 $ 350,000 Unamortized debt issuance costs (4,282 ) (4,820 ) Total 6.00% Senior Notes Due in 2026 $ 345,718 $ 345,180 5.875% Senior Notes: Notes Due in 2024 $ 250,000 $ 250,000 Unamortized debt issuance costs (2,532 ) (2,971 ) Total 5.875% Senior Notes Due in 2024 $ 247,468 $ 247,029 5.125% Senior Notes: Notes Due in 2023 $ 300,000 $ 300,000 Unamortized debt issuance costs (2,876 ) (3,548 ) Total 5.125% Senior Notes Due in 2023 $ 297,124 $ 296,452 5.875% Senior Notes: Notes Due in 2022 $ 193,958 $ 250,000 Unamortized debt issuance costs (1,351 ) (2,514 ) Total 5.875% Senior Notes Due in 2022 $ 192,607 $ 247,486 Non-Recourse Debt: Non-Recourse Debt $ 328,178 $ 341,074 Unamortized debt issuance costs on non-recourse debt (5,279 ) (3,883 ) Discount on Non-Recourse Debt (81 ) (164 ) Total Non-Recourse Debt $ 322,818 $ 337,027 Finance Lease Obligations 4,570 6,059 Other debt 43,410 2,469 Total debt $ 2,744,695 $ 2,748,841 Current portion of finance lease obligations, long-term debt and non-recourse debt [1] (24,208 ) (332,027 ) Finance Lease Obligations, long-term portion (2,954 ) (4,570 ) Non-Recourse Debt, long-term portion (309,236 ) (15,017 ) Long-Term Debt $ 2,408,297 $ 2,397,227 [1] Balance at December 31, 2018 includes the balance of the non-recourse debt related to Ravenhall which, in accordance with the syndicated facility agreement, had to be refinanced in September 2019. As such, the balance has been reflected as current as of December 31, 2018. In May 2019, the debt was refinanced and the long-term portion was reclassified. Amended and Restated Credit Agreement On June 12, 2019, GEO entered into Amendment No. 2 to Third Amended and Restated Credit Agreement (the "Credit Agreement") by and among the refinancing lenders party thereto, the other lenders party thereto, GEO and GEO Corrections Holdings, Inc. and the administrative agent. Under the amendment, the maturity date of the revolver component of the Credit Agreement has been extended to May 17, 2024. The borrowing capacity under the amended revolver will remain at $900 million , and its pricing will remain unchanged, currently bearing interest at LIBOR plus 2.25% . As a result of the transaction, the Company incurred a loss on extinguishment of debt of $1.2 million related to certain unamortized deferred loan costs. Additionally, loan costs of $4.7 million were incurred and capitalized in connection with the transaction. The Credit Agreement evidences a credit facility (the "Credit Facility") consisting of the $792.0 million term loan discussed above (the "Term Loan") bearing interest at LIBOR plus 2.00% (with a LIBOR floor of 0.75% ), and a $900.0 million 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 Dollar Letter of Credit Facility (the "Australian LC Facility"). As of December 31, 2019, 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 17, 2024. 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 $70.1 million , based on exchange rates in effect as of December 31, 2019 (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 secure facility project in Ravenhall, located near Melbourne, Australia. In accordance with the Ravenhall Contract, upon the completion of a certain period of operations, the Bank Guarantee Facility was reduced during the fourth quarter of 2019 to approximately AUD 58 million , or $40.7 million , based on exchange rates in effect as of December 31, 2019. 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 Bank Australia Limited on 90 days written notice. As of December 31, 2019, there was approximately AUD 58 million in letters of credit issued under the Bank Guarantee Facility. As of December 31, 2019 , the Company had $778.0 million in aggregate borrowings outstanding under the Term Loan, $520.7 million in borrowings under the Revolver, and approximately $62.0 million in letters of credit which left $317.0 million in additional borrowing capacity under the Revolver. In addition, the Company has the ability to increase the Senior Credit Facility by an additional $450.0 million , subject to lender demand and prevailing market conditions and satisfying the relevant borrowing conditions thereunder. The weighted average interest rate on outstanding borrowings under the Credit Agreement as of December 31, 2019 was 3.8% . 6.00% Senior Notes due 2026 On April 18, 2016, the Company completed an offering of $350.0 million aggregate principal amount of 6.00% senior notes due 2026. The 6.00% Senior Notes were offered and sold in a registered offering pursuant to an underwriting agreement, dated as of April 11, 2016 (the “Underwriting Agreement”) among the Company, certain of the Company’s domestic subsidiaries, as guarantors and Wells Fargo Securities, LLC, as representative for the underwriters named therein. The 6.00% Senior Notes were issued by the Company pursuant to the Indenture, dated as of September 25, 2014 (the “Base Indenture”), by and between the Company and Wells Fargo Bank, National Association, as trustee, as supplemented by a Second Supplemental Indenture, dated as of April 18, 2016 (the “Second Supplemental Indenture” and together with the Base Indenture, the “Indenture”), by and among the Company, the guarantors and the trustee which governs the terms of the 6.00% Senior Notes. The sale of the 6.00% Senior Notes was registered under GEO’s prior shelf registration statement on Form S-3 filed on September 12, 2014, as amended (File No. 333-198729). The 6.00% Senior Notes were issued at a coupon rate and yield to maturity of 6.00% . Interest on the 6.00% Senior Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2016. The 6.00% Senior Notes mature on April 15, 2026. The Company used the net proceeds to fund the tender offer and the redemption of all of its 6.625% Senior Notes (see discussion below), to pay all related fees, costs and expenses and for general corporate purposes including repaying borrowings under the Company's Revolver. Up to 35% of the aggregate principal amount of the 6.00% Senior Notes could have been redeemed on or prior to April 15, 2019, with the net cash proceeds from certain equity offerings at a redemption price equal to 106.000% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. In addition, GEO may, at its option, redeem the 6.00% Senior Notes in whole or in part before April 15, 2021 at a redemption price equal to 100% of the principal amount of the 6.00% Senior Notes being redeemed plus a “make-whole” premium, together with accrued and unpaid interest, if any, to the redemption date. On or after April 15, 2021, GEO may, at its option, redeem all or part of the 6.00% Senior Notes upon not less than 30 nor more than 60 days ’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 6.00% Senior Notes redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on April 15 of the years indicated below: Year Percentage 2021 103.000% 2022 102.000% 2023 101.000% 2024 and thereafter 100.000% If there is a “change of control” (as defined in the Indenture), holders of the 6.00% Senior Notes will have the right to cause GEO to repurchase their 6.00% Senior Notes at a price equal to 101% of the principal amount of the 6.00% Senior Notes repurchased plus accrued and unpaid interest, if any, to the purchase date. The 6.00% Senior Notes are guaranteed on a senior unsecured basis by the guarantors. The 6.00% Senior Notes and the guarantees are unsecured, unsubordinated obligations of GEO and the guarantors. The 6.00% Senior Notes rank equally in right of payment with any unsecured, unsubordinated indebtedness of GEO and the guarantors, including GEO’s 5.875% Senior Notes due 2022, the 5.125% Senior Notes due 2023 and the 5.875% Senior Notes due 2024, and the guarantors’ guarantees thereof, senior in right of payment to any future indebtedness of GEO and the guarantors that is expressly subordinated to the 6.00% Senior Notes and the guarantees, effectively junior to any secured indebtedness of GEO and the guarantors, including indebtedness under GEO’s Senior Credit Facility, to the extent of the value of the assets securing such indebtedness, and structurally junior to all obligations of GEO’s subsidiaries that are not guarantors, including trade payables. The Indenture contains covenants which, among other things, limit the ability of GEO and its “restricted subsidiaries” (as defined in the Indenture) to incur additional indebtedness or issue preferred stock, make dividend payments or other restricted payments (other than the payment of dividends or other distributions, or any other actions necessary to maintain GEO’s status as a real estate investment trust), create liens, sell assets, engage in sale and lease back transactions, create or permit restrictions on the ability of the restricted subsidiaries to pay dividends or make other distributions to GEO, enter into transactions with affiliates, and enter into mergers, consolidations or sales of all or substantially all of their assets. These covenants are subject to a number of limitations and exceptions as set forth in the Indenture. The Indenture also contains events of default with respect to, among other things, the following: failure by GEO to pay interest on the 6.00% Senior Notes when due, which failure continues for 30 days; failure by GEO to pay the principal of, or premium, if any, on, the 6.00% Senior Notes when due; failure by GEO or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 6.00% Senior Notes at the option of the holders of the 6.00% Senior Notes upon a change of control, to offer to redeem the 6.00% Senior Notes under certain circumstances in connection with asset sales with “excess proceeds” (as defined in the Indenture) in excess of $50.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by GEO or any guarantor to comply with any of the other agreements in the Indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of GEO or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary. 5.875% Senior Notes due 2024 On September 25, 2014, the Company completed an offering of $250.0 million aggregate principal amount of senior unsecured notes (the " 5.875% Senior Notes due 2024"). The notes will mature on October 15, 2024 and have a coupon rate and yield to maturity of 5.875% . Interest is payable semi-annually in cash in arrears on April 15 and October 15, beginning April 15, 2015. The 5.875% Senior Notes due 2024 are guaranteed on a senior unsecured basis by all the Company’s restricted subsidiaries that guarantee obligations. The 5.875% Senior Notes due 2024 rank equally in right of payment with any unsecured, unsubordinated indebtedness of the Company and the guarantors, including the Company’s 5.875% Senior Notes due 2022, the 5.125% Senior Notes due 2023, the 6.00% Senior Notes due 2026, and the guarantors’ guarantees thereof, senior in right of payment to any future indebtedness of the Company and the guarantors that is expressly subordinated to the 5.875% Senior Notes due 2024 and the guarantees, effectively junior to any secured indebtedness of the Company and the guarantors, including indebtedness under the Company’s Senior Credit Facility, to the extent of the value of the assets securing such indebtedness, and structurally junior to all obligations of the Company’s subsidiaries that are not guarantors. The sale of the 5.875% Senior Notes due 2024 was registered under the Company's prior shelf registration statement on Form S-3 filed on September 12, 2014, as supplemented by the Preliminary Prospectus Supplement filed on September 22, 2014 and the Prospectus Supplement filed on September 24, 2014. The Company could have, at its option, redeemed the 5.875% Senior Notes due 2024 in whole or in part before October 15, 2019 at a redemption price equal to 100% of the principal amount of the 5.875% Senior Notes due 2024 being redeemed plus a “make-whole” premium, together with accrued and unpaid interest, if any, to the redemption date. In addition, the Company may, at its option, redeem the 5.875% Senior Notes due 2024 in whole or in part on or after October 15, 2019 through 2024 and thereafter as indicated below: Year Percentage 2020 101.958% 2021 100.979% 2022 and thereafter 100.000% The indenture contains covenants which, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional indebtedness or issue preferred stock, make dividend payments or other restricted payments (other than the payment of dividends or other distributions, or any other actions necessary to maintain the Company’s status as a real estate investment trust), create liens, sell assets, engage in sale and lease back transactions, create or permit restrictions on the ability of the restricted subsidiaries to pay dividends or make other distributions to the Company, enter into transactions with affiliates, and enter into mergers, consolidations or sales of all or substantially all of their assets. These covenants are subject to a number of limitations and exceptions as set forth in the indenture. The indenture also contains events of default with respect to, among other things, the following: failure by the Company to pay interest on the 5.875% Senior Notes due 2024 when due, which failure continues for 30 days; failure by the Company to pay the principal of, or premium, if any, on, the 5.875% Senior Notes due 2024 when due; failure by the Company or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 5.875% Senior Notes due 2024 at the option of the holders of the 5.875% Senior Notes due 2024 upon a change of control, to offer to redeem the 5.875% Senior Notes due 2024 under certain circumstances in connection with asset sales with excess proceeds in excess of $25.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by the Company or any guarantor to comply with any of the other agreements in the indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of GEO or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary. The Company was in compliance with all of the financial covenants of the indenture governing the 5.875% Senior Notes due 2024 as of December 31, 2019 . 5.125% Senior Notes due 2023 On March 19, 2013, the Company completed an offering of $300.0 million aggregate principal amount of senior unsecured notes in a private offering under the Indenture dated as of March 19, 2013 among GEO, certain of its domestic subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee. The 5.125% Senior Notes were offered and sold to "qualified institutional buyers" in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The notes will mature on April 1, 2023 and have a coupon rate and yield to maturity of 5.125% . Interest is payable semi-annually on April 1 and October 1 each year, beginning October 1, 2013. The 5.125% Senior Notes are guaranteed on a senior unsecured basis by all of the Company's restricted subsidiaries that guarantee obligations under the Senior Credit Facility, the Company's 6.00% Senior Notes, the Company's 5.875% Senior Notes due 2022 and the 5.875% Senior Notes due 2024. The 5.125% Senior Notes and the guarantees are the Company's general unsecured senior obligations and rank equally in right of payment with all of the Company's and the guarantors' existing and future unsecured senior debt, including the Company's 6.00% Senior Notes, the 5.875% Senior Notes due 2022 and the 5.875% Senior Notes due 2024. The 5.125% Senior Notes and the guarantees are effectively subordinated to any of the Company's and the guarantors' existing and future secured debt to the extent of the value of the assets securing such debt, including all anticipated borrowings under the Senior Credit Facility. The 5.125% Senior Notes are structurally subordinated to all existing and future liabilities (including trade payables) of the Company's subsidiaries that do not guarantee the 5.125% Senior Notes. At any time prior to April 1, 2018, the Company could have, at its option, redeemed all or a part of the 5.125% Senior Notes upon not less than 30 days nor more than 60 days prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium (as defined in the indenture) as of the date of redemption, plus (iii) accrued and unpaid interest and liquidated damages, if any, to the date of redemption. On or after April 1, 2018, the Company may, at its option, redeem all or a part of the 5.125% Senior Notes upon not less than 30 days nor more than 60 days notice at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and liquidated damages, if any, on the 5.125% Senior Notes redeemed, to the applicable redemption date, if redeemed during the period beginning on April 1 of the years indicated below: Year Percentage 2020 100.854 % 2021 and thereafter 100.000 % If there is a "change of control" (as defined in the Indenture), holders of the 5.125% Senior Notes will have the right to cause GEO to repurchase their 5.125% Senior Notes at a price equal to 101% of the principal amount of the 5.125% Senior Notes repurchased plus accrued and unpaid interest and liquidated damages, if any, to the purchase date. The indenture governing the 5.125% Senior Notes contains certain covenants, including limitations and restrictions on the Company and its restricted subsidiaries’ ability to: incur additional indebtedness or issue preferred stock; make dividend payments or other restricted payments; create liens; sell assets; enter into transactions with affiliates; and enter into mergers, consolidations or sales of all or substantially all of the Company’s assets. As of the date of the indenture, all of the Company’s subsidiaries, other than certain dormant domestic and other subsidiaries and all foreign subsidiaries in existence on the date of the indenture, were restricted subsidiaries. The Company’s failure to comply with certain of the covenants under the indenture governing the 5.125% Senior Notes could cause an event of default of any indebtedness and result in an acceleration of such indebtedness. In addition, there is a cross-default provision which becomes enforceable upon failure of payment of indebtedness at final maturity. The Company’s unrestricted subsidiaries will not be subject to any of the restrictive covenants in the indenture. The Company was in compliance with all of the financial covenants of the indenture governing the 5.125% Senior Notes as of December 31, 2019 . The indenture also contains events of default with respect to, among other things, the following: failure by the Company to pay interest and liquidated damages, if any, on the 5.125% Senior Notes when due, which failure continues for 30 days; failure by the Company to pay the principal of, or premium, if any, on, the 5.125% Senior Notes when due; failure by the Company or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 5.125% Senior Notes at the option of the holders of the 5.125% Senior Notes upon a change of control, to offer to redeem notes under certain circumstances in connection with asset sales with “excess proceeds” (as defined in the indenture) in excess of $25.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by the Company or any guarantor to comply with any of the other agreements in the indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of the Company or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary. Under the terms of a registration rights agreement dated as of March 19, 2013, among GEO, the guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as the representative of the initial purchasers of the 5.125% Senior Notes, GEO agreed to register under the Securities Act notes having terms identical in all material respects to the 5.125% Senior Notes (the “ 5.125% Exchange Notes”) and to make an offer to exchange the 5.125% Exchange Notes for the 5.125% Senior Notes. GEO filed the registration statement on May 30, 2013 which was declared effective on September 12, 2013. GEO launched the exchange offer on September 13, 2013 and the exchange offer expired on October 11, 2013. 5.875% Senior Notes due 2022 On October 3, 2013, the Company completed an offering of $250.0 million aggregate principal amount of senior notes due 2022 (the “ 5.875% Senior Notes due 2022”) in a private offering under the Indenture dated as of October 3, 2013 among GEO, certain of its domestic subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee. The 5.875% Senior Notes due 2022 were offered and sold to “qualified institutional buyers” in accordance with Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in accordance with Regulations S under the Securities Act. The 5.875% Senior Notes due 2022 were issued at a coupon rate and yield to maturity of 5.875% . Interest on the 5.875% Senior Notes due 2022 is payable semi-annually in cash in arrears on January 15 and July 15, commencing on January 15, 2014. The 5.875% Senior Notes due 2022 mature on January 15, 2022. The 5.875% Senior Notes due 2022 and the guarantees are the Company's general unsecured senior obligations and rank equally in right of payment with all of the Company's and the guarantors' existing and future unsecured senior debt, including the Company's 6.00% Senior Notes, the 5.125% Senior Notes and the 5.875% Senior Notes due 2024. The 5.875% Senior Notes due 2022 and the guarantees are effectively subordinated to any of the Company's and the guarantors' existing and future secured debt to the extent of the value of the assets securing such debt, including all anticipated borrowings under the Senior Credit Facility. The 5.875% Senior Notes due 2022 are structurally subordinated to all existing and future liabilities (including trade payables) of the Company's subsidiaries that do not guarantee the 5.875% Senior Notes due 2022. On or after January 15, 2017, GEO may, at its option, redeem all or part of the 5.875% Senior Notes 2022 upon not less than 30 days nor more than 60 days ’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and including liquidated damages, if any, on the 5.875% Senior Notes due 2022 redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on January 15 of the years indicated below: Year Percentage 2020 and thereafter 100.000 % If there is a “change of control” (as defined in the Indenture), holders of the 5.875% Senior Notes due 2022 will have the right to cause GEO to repurchase their 5.875% Senior Notes due 2022 at a price equal to 101% of the principal amount of the 5.875% Senior Notes due 2022 repurchased plus accrued and unpaid interest and liquidated damages, if any, to the purchase date. The indenture governing the notes contains certain covenants, including limitations and restrictions on the Company and its restricted subsidiaries’ ability to: incur additional indebtedness or issue preferred stock; make dividend payments or other restricted payments; create liens; sell assets; enter into transactions with affiliates; and enter into mergers, consolidations or sales of all or substantially all of the Company’s assets. As of the date of the indenture, all of the Company’s subsidiaries, other than certain dormant domestic and other subsidiaries and all foreign subsidiaries in existence on the date of the indenture, were restricted subsidiaries. The Company’s failure to comply with certain of the covenants under the indenture governing the 5.875% Senior Notes due 2022 could cause an event of default of any indebtedness and result in an acceleration of such indebtedness. In addition, there is a cross-default provision which becomes enforceable upon failure of payment of indebtedness at final maturity. The Company’s unrestricted subsidiaries will not be subject to any of the restrictive covenants in the indenture. The Company was in compliance with all of the financial covenants of the indenture governing the 5.875% Senior Notes due 2022 as of December 31, 2019 . The Indenture also contains events of default with respect to, among other things, the following: failure by GEO to pay interest and liquidated damages, if any, on the 5.875% Senior Notes due 2022 when due, which failure continues for 30 days ; failure by GEO to pay the principal of, or premium, if any, on, the 5.875% Senior Notes due 2022 when due; failure by GEO or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 5.875% Senior Notes due 2022 at the option of the holders of the 5.875% Senior Notes due 2022 upon a change of control, to offer to redeem notes under certain circumstances in connection with asset sales with “excess proceeds” (as defined in the Indenture) in excess of $25.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by GEO or any guarantor to comply with any of the other agreements in the Indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of GEO or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary. Under the terms of the Registration Rights Agreement, dated as of October 3, 2013, among GEO, the guarantors and Wells Fargo Securities, LLC, as the representative of the initial purchasers of the 5.875% Senior Notes due 2022 (the “Registration Rights Agreement”), GEO agreed to register under the Securities Act notes having terms identical in all material respects to the 5.875% Senior Notes due 2022 (the “ 5.875% Exchange Notes”) and to make an offer to exchange the 5.875% Exchange Notes for the 5.875% Senior Notes due 2022. GEO filed the registration statement on October 2, 2013 which was declared effective on January 6, 2014. GEO launched the exchange offer on January 6, 2014 and the exchange offer expired on February 4, 2014. Debt Repurchases On August 16, 2019, the Company's Board of Directors authorized the Company to repurchase and/or retire a portion of the 6.00% Senior Notes due 2026, the 5.875% Senior Notes due 2024, the 5.125% Senior Notes due 2023, the 5.875% Senior Notes due 2022 (collectively the "GEO Senior Notes") and the Company's term loan under its Amended Credit Agreement through cash purchases, in open market, privately negotiated transactions, or otherwise, up to an aggregate maximum of $100.0 million , subject to certain limitations through December 31, 2020. During 2019, the Company repurchased approximately $56.0 million in aggregate principal amount of its 5.875% Senior Notes due 2022 at a weighted average price of 97.55% for a total cost of $54.7 million . As a result of these repurchases, the Company recognized a net loss on extinguishment of debt of $0.3 million during the year ended December 31, 2019. Non-Recourse Debt Northwest ICE Processing Center On December 9, 2011, the Washington Economic Development Finance Authority issued $54.4 million of i |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2016-02, "Leases" (Topic 842) which requires that entities record lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The Company implemented the new standard using the transition method that provided for adoption on the adoption date and recognizing a cumulative-effect adjustment to retained earnings, if any, upon adoption. Therefore, the consolidated financial statements for the year ended December 31, 2019 are presented under the new standard, while comparative years presented are not adjusted and continue to be reported in accordance with the Company's historical accounting policy. Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information. The Company has operating and finance leases for facilities, ground leases, office space, computers, copier equipment and transportation vehicles that have remaining lease terms of one year to seventy-seven years , some of which include options to extend the lease for up to ten years . For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the term of the lease. Many of GEO's leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. Only renewal or termination options that are reasonably certain to be exercised by the Company are included in the lease term which is used in the calculation of lease liabilities and right-of-use assets. GEO does not typically enter into lease agreements that contain a residual guarantee or that provide for variable lease payments. When available, GEO uses the rate implicit in the lease to discount lease payments to present value, however, most of GEO's lease agreements do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands): Classification on the Balance Sheet December 31, 2019 Assets Operating lease assets Operating Lease Right-of-Use Assets, Net $ 121,527 Finance lease assets Property and Equipment, Net 2,880 Total lease assets $ 124,407 Liabilities Current Operating Operating lease liabilities, current portion $ 26,208 Finance [1] Current portion of finance liabilities, long-term debt and non-recourse debt 1,616 Noncurrent Operating Operating Lease Liabilities 97,291 Finance [1] Finance Lease Liabilities 2,954 Total lease liabilities $ 128,069 [1] Also refer to Note 13 - Debt. Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands): Year Ended December 31, 2019 Operating lease cost $ 46,934 Finance lease cost: Amortization of right-of-use assets 1,023 Interest on lease liabilities 354 Total finance lease cost 1,377 Short-term lease cost 1,953 Total lease cost $ 50,264 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 48,833 Operating cash flows for finance leases $ 323 Financing activities for finance leases $ 1,610 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,223 Weighted average remaining lease term: Operating leases 7.3 years Finance leases 2.7 years Weighted average discount rate: Operating leases 4.75 % Finance leases 8.27 % Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2019 (in thousands). Operating Leases Finance Leases 2020 $ 31,378 $ 1,934 2021 26,188 1,936 2022 19,691 1,233 2023 16,044 — 2024 13,527 — Thereafter 41,652 — Total minimum lease payments 148,480 5,103 Less: amount of lease payment representing interest (24,981 ) (533 ) Present value of future minimum lease payments 123,499 4,570 Less: current obligations under leases (26,208 ) (1,616 ) Long-term lease obligations $ 97,291 $ 2,954 |
Leases | Leases On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2016-02, "Leases" (Topic 842) which requires that entities record lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The Company implemented the new standard using the transition method that provided for adoption on the adoption date and recognizing a cumulative-effect adjustment to retained earnings, if any, upon adoption. Therefore, the consolidated financial statements for the year ended December 31, 2019 are presented under the new standard, while comparative years presented are not adjusted and continue to be reported in accordance with the Company's historical accounting policy. Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information. The Company has operating and finance leases for facilities, ground leases, office space, computers, copier equipment and transportation vehicles that have remaining lease terms of one year to seventy-seven years , some of which include options to extend the lease for up to ten years . For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the term of the lease. Many of GEO's leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. Only renewal or termination options that are reasonably certain to be exercised by the Company are included in the lease term which is used in the calculation of lease liabilities and right-of-use assets. GEO does not typically enter into lease agreements that contain a residual guarantee or that provide for variable lease payments. When available, GEO uses the rate implicit in the lease to discount lease payments to present value, however, most of GEO's lease agreements do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands): Classification on the Balance Sheet December 31, 2019 Assets Operating lease assets Operating Lease Right-of-Use Assets, Net $ 121,527 Finance lease assets Property and Equipment, Net 2,880 Total lease assets $ 124,407 Liabilities Current Operating Operating lease liabilities, current portion $ 26,208 Finance [1] Current portion of finance liabilities, long-term debt and non-recourse debt 1,616 Noncurrent Operating Operating Lease Liabilities 97,291 Finance [1] Finance Lease Liabilities 2,954 Total lease liabilities $ 128,069 [1] Also refer to Note 13 - Debt. Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands): Year Ended December 31, 2019 Operating lease cost $ 46,934 Finance lease cost: Amortization of right-of-use assets 1,023 Interest on lease liabilities 354 Total finance lease cost 1,377 Short-term lease cost 1,953 Total lease cost $ 50,264 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 48,833 Operating cash flows for finance leases $ 323 Financing activities for finance leases $ 1,610 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,223 Weighted average remaining lease term: Operating leases 7.3 years Finance leases 2.7 years Weighted average discount rate: Operating leases 4.75 % Finance leases 8.27 % Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2019 (in thousands). Operating Leases Finance Leases 2020 $ 31,378 $ 1,934 2021 26,188 1,936 2022 19,691 1,233 2023 16,044 — 2024 13,527 — Thereafter 41,652 — Total minimum lease payments 148,480 5,103 Less: amount of lease payment representing interest (24,981 ) (533 ) Present value of future minimum lease payments 123,499 4,570 Less: current obligations under leases (26,208 ) (1,616 ) Long-term lease obligations $ 97,291 $ 2,954 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans The Company’s employees participate in an Employee Retirement Savings Plan (the “Retirement Plan”) under Section 401(k) of the Internal Revenue Code that covers substantially all U.S. based salaried employees. Employees may contribute a percentage of eligible compensation to the plan, subject to certain limits under the Internal Revenue Code. For the years ended December 31, 2019, 2018 and 2017, the Company provided matching contributions of $5.3 million , $5.9 million and $4.9 million , respectively. The Company has two non-contributory defined benefit pension plans covering certain of the Company’s executives. Retirement benefits are based on years of service, employees’ average compensation for the last five years prior to retirement and social security benefits. Currently, the plans are not funded. The Company purchased and is the beneficiary of life insurance policies for certain participants enrolled in the plans. There were no significant transactions between the employer or related parties and the plans during 2019, 2018 or 2017. As of December 31, 2019 , the Company had a non-qualified deferred compensation agreement with its Chief Executive Officer (“CEO”). The agreement provides for a lump sum payment upon retirement, no sooner than age 55 . As of December 31, 2019 , the CEO had reached age 55 and was eligible to receive the payment upon retirement. If the Company’s CEO had retired as of December 31, 2019 , the Company would have had to pay him $8.6 million . The long-term portion of the pension liability related to the defined benefit plans and the deferred compensation agreement with the CEO as of December 31, 2019 and 2018 was $37.2 million and $32.1 million , respectively, and is included in Other Non-Current liabilities in the accompanying consolidated balance sheets. The following table summarizes key information related to the Company’s pension plans and retirement agreements. The table illustrates the reconciliation of the beginning and ending balances of the benefit obligation showing the effects during the periods presented attributable to service cost, interest cost, plan amendments, termination benefits, actuarial gains and losses. The assumptions used in the Company’s calculation of accrued pension costs are based on market information and the Company’s historical rates for employment compensation and discount rates. December 31, 2019 December 31, 2018 Accumulated Benefit Obligation, End of Year $ 30,139 $ 25,777 Change in Projected Benefit Obligation Projected Benefit Obligation, Beginning of Year $ 32,474 $ 32,820 Service Cost 998 1,200 Interest Cost 1,393 1,242 Actuarial (Gain) Loss 3,449 (2,166 ) Benefits Paid (763 ) (622 ) Projected Benefit Obligation, End of Year $ 37,551 $ 32,474 Change in Plan Assets Plan Assets at Fair Value, Beginning of Year $ — $ — Company Contributions 763 622 Benefits Paid (763 ) (622 ) Plan Assets at Fair Value, End of Year $ — $ — Unfunded Status of the Plan $ (37,551 ) $ (32,474 ) Amounts Recognized in Accumulated Other Comprehensive Income Net Loss 8,285 5,047 Total Pension Cost $ 8,285 $ 5,047 2019 2018 Components of Net Periodic Benefit Cost Service Cost $ 998 $ 1,200 Interest Cost 1,393 1,242 Amortization of: Net Loss 210 532 Net Periodic Pension Cost $ 2,601 $ 2,974 Weighted Average Assumptions for Expense Discount Rate 3.40 % 4.50 % Expected Return on Plan Assets N/A N/A Rate of Compensation Increase 4.40 % 4.40 % The amount included in accumulated other comprehensive income as of December 31, 2019 that has not yet been recognized as a component of net periodic benefit cost is $8.3 million . The amount included in other accumulated comprehensive income as of December 31, 2019 that is expected to be recognized as a component of net periodic benefit cost in fiscal year 2019 is $0.5 million . The benefit payments reflected in the table below represent the Company’s obligations to employees that are eligible for retirement or have already retired and are receiving deferred compensation benefits: Fiscal Year Pension Benefits (In thousands) 2020 $ 9,465 2021 868 2022 860 2023 850 2024 939 Thereafter 24,569 $ 37,551 The Company also maintains The GEO Group Inc. Deferred Compensation Plan (“Deferred Compensation Plan”), a non-qualified deferred compensation plan for employees who are ineligible to participate in its qualified 401(k) plan. Eligible employees may defer a fixed percentage of their salary and the Company matches employee contributions up to a certain amount based on the employee’s years of service. Payments will be made at retirement age of 65 , at termination of employment or earlier depending on the employees’ elections. The Company established a rabbi trust; the purpose of which is to segregate the assets of the Deferred Compensation Plan from the Company’s cash balances. The funds in the rabbi trust are included in Restricted Cash and Investments in the accompanying Consolidated Balance Sheets. These funds are not available to the Company for any purpose other than to fund the Deferred Compensation Plan; however, these funds may be available to the Company’s creditors in the event the Company becomes insolvent. The rabbi trust had a balance of approximately $28.3 million at December 31, 2019 . All employee and employer contributions relative to the Deferred Compensation Plan are made directly to the rabbi trust. The Company recognized expense related to its contributions of $0.1 million for each of the years ended December 31, 2019, 2018 and 2017. The total liability for this plan at December 31, 2019 and 2018 was approximately $29.5 million and $21.2 million , respectively, and is included in Other Non-Current Liabilities in the accompanying Consolidated Balance Sheets. The current portion of the liability was $1.5 million and $1.7 million as of December 31, 2019 and 2018, respectively. |
Business Segments and Geographi
Business Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
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. Secure Services segment; the GEO Care segment; the International Services segment; and Facility Construction & Design segment. The Company has identified these four reportable segments to reflect the current view that the Company operates four distinct business lines, each of which constitutes a material part of its overall business. The U.S. Secure Services segment primarily encompasses U.S.-based secure services business. The Company’s community-based services, youth services and BI are operating segments aggregated under the GEO Care reporting segment. The GEO Care segment, which conducts its services in the United States, represents services provided to adults and juveniles for non-residential treatment, educational and community based programs, pre-release and half-way house programs, compliance technologies, monitoring services and evidence-based supervision and treatment programs for community-based parolees, probationers, and pretrial defendants. The International Services segment primarily consists of secure services operations in South Africa, Australia and the United Kingdom. The Facility Construction & Design segment primarily contracts with various state, local and federal agencies for the design and construction of facilities for which the Company has management contracts. Generally, the assets and revenues from the Facility Construction & Design segment are offset by a similar amount of liabilities and expenses. Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated. Fiscal Year 2019 2018 2017 Revenues: U.S. Secure Services $ 1,601,679 $ 1,492,973 $ 1,438,044 GEO Care 614,249 580,313 514,166 International Services 232,016 253,874 195,806 Facility Construction and Design [1] [2] 29,978 4,226 115,404 Total revenues $ 2,477,922 $ 2,331,386 $ 2,263,420 Capital Expenditures: U.S. Secure Services $ 69,074 $ 163,208 $ 117,186 GEO Care 45,000 30,136 24,263 International Services 1,468 2,322 6,957 Total capital expenditures [1] $ 115,542 $ 195,666 $ 148,406 Depreciation and amortization: U.S. Secure Services $ 78,974 $ 76,801 $ 75,276 GEO Care 49,781 47,546 47,103 International Services 2,070 2,087 1,918 Total depreciation and amortization [1] $ 130,825 $ 126,434 $ 124,297 Operating Income: U.S. Secure Services $ 322,506 $ 297,453 $ 302,488 GEO Care 147,036 138,911 123,525 International Services 16,723 12,816 14,235 Facility Construction & Design [1] [2] 74 — (1,620 ) Operating income from segments $ 486,339 $ 449,180 $ 438,628 General and Administrative Expenses (185,926 ) (184,515 ) (190,343 ) Total operating income $ 300,413 $ 264,665 $ 248,285 [1] The Company began the design and construction of a secure facility located in Ravenhall, a locality near Melbourne, Australia in 2014. The facility was completed in November 2017. There were no capital expenditures or depreciation or amortization associated with this segment in 2019, 2018 or 2017. Refer to Note 7 - Contract Receivable. [2] During 2019 and 2018, the Company had facility construction & design revenues related to an expansion project at its Fulham Correctional Centre in Australia which is expected to be completed in the third quarter of 2020. 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 each case, during the years ended December 31, 2019 , 2018 and 2017, respectively. Fiscal Year Ended 2019 2018 2017 (In thousands) Operating income from segments $ 486,339 $ 449,180 $ 438,628 Unallocated amounts: General and administrative expense (185,926 ) (184,515 ) (190,343 ) Net interest expense (122,090 ) (115,348 ) (96,348 ) Loss on extinguishment of debt (4,795 ) — — Income before income taxes and equity in earnings of affiliates $ 173,528 $ 149,317 $ 151,937 2019 2018 2017 (In thousands) Segment assets: U.S. Secure Services $ 2,618,629 $ 2,590,722 $ 2,385,069 GEO Care 1,112,880 1,063,484 1,121,792 International Services 82,097 84,911 40,056 Facility Construction & Design 371,846 383,713 499,406 Total segment assets $ 4,185,452 $ 4,122,830 $ 4,046,323 Asset Reconciliation The following is a reconciliation of the Company’s reportable segment assets to the Company’s total assets as of December 31, 2019 and 2018, respectively. 2019 2018 (In thousands) Reportable segment assets $ 4,185,452 $ 4,122,830 Cash 32,463 31,255 Deferred income tax assets 36,278 29,924 Restricted cash and investments, current and non-current 63,341 74,109 Total assets $ 4,317,534 $ 4,258,118 Geographic Information During each of the years ended December 31, 2019 , 2018 and 2017, the Company’s international operations were conducted through (i) the Company’s wholly owned Australian subsidiary, The GEO Group Australia Pty. Ltd., through which the Company has management contracts for four correctional facilities, (ii) the Company's wholly owned subsidiaries, GEO Ravenhall Finance Holdings Pty. Ltd. and GEO Ravenhall Holdings Pty. Ltd. which, together, had a design and construction contract for a facility in Ravenhall, Australia which was completed in November 2017, (iii) the Company’s wholly-owned subsidiary in South Africa, SACM, through which the Company manages one correctional facility, and (iv) the Company’s wholly-owned subsidiary in the United Kingdom, The GEO Group UK Ltd., through which the Company manages the Dungavel House Immigration Removal Centre. Fiscal Year 2019 2018 2017 (In thousands) Revenues: U.S. operations $ 2,216,401 $ 2,073,286 $ 1,952,210 Australia operations 235,462 231,164 285,702 South African operations 18,779 19,806 18,251 United Kingdom operations 7,280 7,130 7,257 Total revenues $ 2,477,922 $ 2,331,386 $ 2,263,420 Property and Equipment, net: U.S. operations $ 2,131,877 $ 2,145,197 $ 2,061,711 Australia operations 12,215 13,006 16,281 South African operations 182 88 131 United Kingdom operations 448 319 — Total Property and Equipment, net $ 2,144,722 $ 2,158,610 $ 2,078,123 Sources of Revenue The Company derives most of its revenue from the management of secure facilities through public-private partnerships. The Company also derives revenue from the provision of community based and youth services, monitoring and evidence-based supervision and treatment programs in the United States, and expansion of new and existing secure facilities, processing centers and reentry centers. Fiscal Year 2019 2018 2017 (In thousands) Revenues: Secure Services $ 1,833,695 $ 1,746,847 $ 1,633,850 GEO Care 614,249 580,313 514,166 Facility Construction and Design 29,978 4,226 115,404 Total revenues $ 2,477,922 $ 2,331,386 $ 2,263,420 Equity in Earnings of Affiliates Equity in earnings of affiliates for 2019, 2018 and 2017 includes the operating results of the Company’s joint ventures in SACS and GEOAmey. These joint ventures are accounted for under the equity method and the Company’s investments in SACS and GEOAmey are presented as a component of other non-current assets in the accompanying Consolidated Balance Sheets. The Company has recorded $5.0 million , $7.4 million and $10.8 million in earnings, net of tax impact, for SACS operations during the years ended December 31, 2019 , 2018 and 2017, respectively, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying Consolidated Statements of Operations. During 2017, SACS was successful in obtaining a favorable tax judgment which resulted in an increase in earnings net of taxes of $5.5 million As of December 31, 2019 and 2018, the Company’s investment in SACS was $12.3 million and $13.4 million , respectively. The investment is included in other non-current assets in the accompanying Consolidated Balance Sheets. The Company received dividend distributions of $6.3 million and $11.8 million , in 2019 and 2018, respectively from this unconsolidated joint venture. The Company has recorded $4.6 million , $2.2 million and $1.2 million in earnings, net of tax impact, for GEOAmey’s operations during the years ended December 31, 2019 , 2018 and 2017, respectively, which are included in equity in earnings of affiliates, net of income tax provision, in the accompanying Consolidated Statements of Operations. As of December 31, 2019 and 2018, the Company’s investment in GEOAmey was $5.7 million and $4.8 million , respectively, and represents its share of cumulative reported earnings. The Company received dividend distributions of $4.0 million in 2019 from this unconsolidated joint venture. There were no dividend distributions from this unconsolidated joint venture in 2018. Business Concentration Except for the major customer noted in the following table, no other single customer made up greater than 10% of the Company’s consolidated revenues for the following fiscal years: Customer 2019 2018 2017 Various agencies of the U.S Federal Government: 53 % 50 % 48 % The concentrations above relate entirely to the Company's U.S. Secure Services segment. Credit risk related to accounts receivable is reflective of the related revenues. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The United States and foreign components of income before income taxes and equity in earnings in affiliates are as follows: 2019 2018 2017 (In thousands) Income before income taxes and equity in earnings in affiliates United States $ 155,844 $ 131,261 $ 130,205 Foreign 17,684 18,056 21,732 Income before income taxes and equity in earnings in affiliates $ 173,528 $ 149,317 $ 151,937 The provision for income taxes consists of the following components: 2019 2018 2017 (In thousands) Federal income taxes: Current $ 13,018 $ 9,340 $ 13,928 Deferred (7,028 ) (2,195 ) (3,803 ) 5,990 7,145 10,125 State income taxes: Current 5,093 3,050 3,337 Deferred (383 ) (1,889 ) (2,269 ) 4,710 1,161 1,068 Foreign income taxes: Current (875 ) 497 (11,545 ) Deferred 6,823 5,314 18,310 5,948 5,811 6,765 Total U.S. and foreign provision for income taxes $ 16,648 $ 14,117 $ 17,958 T he U.S. Tax Cuts and Jobs Act ("Tax Act") enacted on December 22, 2017 introduced significant changes to U.S. income tax law. Effective 2018, the Tax Act reduced the U.S. statutory corporate tax rate from 35% to 21% . The 21% U.S. statutory corporate tax rate is applicable starting in 2018. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company has made reasonable estimates of the effects and recorded provisional amounts in its financial statements for the year ended December 31, 2017. As the Company collected and prepared necessary data, and interpreted any additional guidance issued by the U.S. Treasury Department, the IRS or other standard-setting bodies, it made adjustments over the course of the year to the provisional amounts, including refinements to deferred taxes. The accounting for the tax effects of the enactment of the Tax Act has been completed as of December 31, 2018. Any legislative changes, as well as any other new or proposed Treasury regulations to address questions that arise because of the Tax Act, may result in additional income tax impacts. There are no significant impacts to income tax for the year ended December 31, 2018 and 2019. Due to the change in the statutory tax rate from the Tax Act, the Company remeasured its deferred taxes as of December 31, 2017 to reflect the reduced rate that will apply in future periods when these deferred taxes are settled or realized. The net tax expense (benefit) recognized related to the Tax Act was $(0.3) million and $9.6 million for 2018 and 2017, respectively. A reconciliation of the statutory U.S. federal tax rate of 21% and the effective income tax rate is as follows: 2019 2018 2017 (In thousands) Provisions using statutory federal income tax rate $ 36,476 $ 31,340 $ 53,175 State income taxes (benefit), net of federal tax benefit 2,421 1,915 (776 ) REIT benefit (22,395 ) (19,992 ) (43,554 ) Change in valuation allowance 1,456 (1,245 ) 2,055 Federal tax credits (2,118 ) (1,904 ) (2,016 ) Tax Cut and Jobs Act impact — (301 ) 9,584 Foreign income taxes (benefit) 1,934 1,479 (1,830 ) Other, net (1,126 ) 2,825 1,320 Total provision for income taxes $ 16,648 $ 14,117 $ 17,958 The Company's effective tax rate differs from the U.S. statutory rate of 21% primarily due to a zero tax rate on earnings generated by the Company's REIT operations. State income taxes (benefit), net of federal tax benefits of $2.4 million , $1.9 million and $(0.8) million for 2019, 2018 and 2017, respectively, is presented exclusive of the related change in valuation allowance of state income tax deferred items. Net of the related change in valuation allowances the state income taxes, net of federal tax benefits is $4.1 million , $1.3 million and $1.5 million for 2019, 2018 and 2017, respectively. The following table presents the breakdown between non-current net deferred tax assets as classified on the balance sheets as of December 31, 2019 and 2018: 2019 2018 (In thousands) Deferred tax assets - non current $ 36,278 $ 29,924 Deferred tax liabilities - non current (19,254 ) (13,681 ) Total net deferred tax assets $ 17,024 $ 16,243 The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2019 and 2018: 2019 2018 Deferred tax assets: (In thousands) Net operating losses $ 32,394 $ 35,924 Accrued liabilities 24,452 23,719 Deferred compensation 15,052 12,031 Accrued compensation 7,239 7,735 Deferred revenue 13,219 8,458 Tax credits 5,223 6,850 Equity awards 4,894 4,419 Depreciation 15,424 9,960 Operating lease liability 13,140 — Other, net 1,817 — Valuation allowance (22,786 ) (21,333 ) Total deferred tax assets $ 110,068 $ 87,763 Deferred tax liabilities: Intangible assets $ (24,097 ) $ (26,543 ) Capitalized transaction costs (16,797 ) (16,643 ) Accounting method change (7,019 ) — Prepaid expenses and other (32,493 ) (28,214 ) Lease right-of-use assets (12,638 ) — Other, net — (120 ) Total deferred tax liabilities $ (93,044 ) $ (71,520 ) Total net deferred tax assets $ 17,024 $ 16,243 Deferred income taxes should be reduced by a valuation allowance if it is not more likely than not that some portion or all of the deferred tax assets will be realized. On a periodic basis, management evaluates and determines the amount of the valuation allowance required and adjusts such valuation allowance accordingly. At year end 2019 and 2018, the Company has a valuation allowance of $22.8 million and $21.3 million , respectively related to deferred tax assets for foreign net operating losses, state net operating losses and state tax credits. The valuation allowance increased by $1.5 million during the year ended December 31, 2019 . The Company provides income taxes on the undistributed earnings of non-U.S. subsidiaries except to the extent that such earnings are permanently invested outside the United States. At December 31, 2019 , $9.9 million of accumulated undistributed earnings of non-U.S. subsidiaries were permanently invested outside the United States. At the existing U.S. federal income and applicable foreign withholding tax rates, additional taxes (net of foreign tax credits) of $0.5 million , consisting solely of withholding taxes, would have to be provided if such earnings were remitted currently. As of the year ended December 31, 2019 , the Company had $43.1 million of Federal net operating loss carryforwards which begin to expire in 2032 and $203.7 million of combined net operating loss carryforwards in various states which begin to expire in 2019. The Federal net operating losses are at the Company's REIT which is not subject to tax. The Company has recorded a partial valuation allowance against the deferred tax assets related to the state operating losses. Also, as of the year ended December 31, 2019 , the Company had $57.9 million of foreign operating losses which carry forward indefinitely and $5.1 million of state tax credits which begin to expire in 2019. The Company has recorded a partial valuation allowance against the deferred tax assets related to the foreign operating losses and state tax credits. The Company recognizes the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. The exercise of non-qualified stock options and vesting of restricted stock awards which have been granted under the Company’s equity award plans give rise to compensation income which is includable in the taxable income of the applicable employees and the majority of which is deductible by the Company for federal and state income tax purposes. In the case of non-qualified stock options, the compensation income results from increases in the fair market value of the Company's common stock subsequent to the date of grant. At year end 2019, the deferred tax asset net of a valuation allowance related to unexercised stock options and restricted stock grants for which the Company has recorded a book expense was $4.9 million . The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 (In thousands) Balance at Beginning of Period $ 4,584 $ 4,461 $ 1,640 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 994 298 — Additions from current year acquisitions — — 4,121 Reductions for tax positions of prior years — — (1,290 ) Reductions as a result of a lapse of applicable statutes of limitations (109 ) (175 ) (10 ) Balance at End of Period $ 5,469 $ 4,584 $ 4,461 All amounts in the reconciliation are reported on a gross basis and do not reflect a federal tax benefit on state income taxes. The Company has accrued $5.3 million of accrued uncertain tax benefits as of December 31, 2019 which is inclusive of the federal tax benefit on state income taxes. The Company believes that it is reasonably possible that a decrease may be necessary in the unrecognized tax benefits within twelve months of the reporting date of approximately $0.04 million , related to state tax exposures, due to a lapse of the statute of limitation. The accrued uncertain tax balance at December 31, 2019 includes $5.3 million of unrecognized tax benefits which, if ultimately recognized, will reduce the Company’s annual effective tax rate. The Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2015. The Company was under audit by the IRS for the 2013 tax year, its first REIT year. In the fourth quarter of 2017, the Company received a no change letter from the IRS for the 2013 tax year. One of our foreign subsidiaries is under examination in a foreign jurisdiction for tax years 2015 to 2018, no assessment has been made. The calculation of the Company’s provision (benefit) for income taxes requires the use of significant judgment and involves dealing with uncertainties in the application of complex tax laws and regulations. In determining the adequacy of the Company’s provision (benefit) for income taxes, potential settlement outcomes resulting from income tax examinations are regularly assessed. As such, the final outcome of tax examinations, including the total amount payable or the timing of any such payments upon resolution of these issues, cannot be estimated with certainty. During the years ended December 31, 2019 and 2018, the Company did not recognize any interest and penalties. The Company classifies interest and penalties as interest expense and other expense, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Collective Bargaining Agreements The Company had approximately 33% of its workforce covered by collective bargaining agreements at December 31, 2019 . Collective bargaining agreements with 7% of employees are set to expire in less than one year. Contract Awards/Modifications On December 30, 2019, the Company announced that GEO Secure Services signed a new managed-only contract with the U.S. Marshals Service for the government-owned, 512-bed El Centro Service Detention Facility in California. The contract will have a term of eight years and nine months, inclusive of option periods, effective December 23, 2019. On December 23, 2019, the Company announced that it entered into two new contracts with U.S. Immigration and Customs Enforcement (“ICE”) for five company-owned facilities in California totaling 4,490 beds. The contracts will have terms of 15 years years, inclusive of two five year options, effective December 20, 2019. The contracts cover two existing, company-owned facilities currently operated by GEO on behalf of ICE: the 1,940 -bed Adelanto ICE Processing Center and the 400 -bed Mesa Verde ICE Processing Center. The contracts also incorporate three other company-owned facilities: the 700 -bed Central Valley facility, the 750 -bed Desert View facility, and the 700 -bed Golden State facility, as facility annexes. In the third quarter of 2019, the Company was awarded a ten -year contract renewal for the continued delivery of secure transportation under our GEO Amey joint venture in the United Kingdom. On June 5, 2019, the Company announced that it entered into a contract modification to increase the contract capacity at its company-owned Montgomery Processing Center in Conroe, Texas by 314 beds increasing the center's capacity to 1,314 beds. The 314 -bed contract capacity increase became fully operational in the third quarter of 2019. On May 2, 2019, the Company announced that it entered into a new ten -year contract, inclusive of renewal option periods, with the Federal Bureau of Prisons (“BOP”) for the reactivation of its existing company-owned, 1,800 -bed North Lake Correctional Facility located in Baldwin, Michigan. The contract became operational on October 1, 2019. The Company also announced on May 2, 2019 that Reeves County, Texas entered into two new ten -year contracts, inclusive of renewal periods, with the BOP for the county-owned, 1,800 -bed Reeves County Detention Center I & II and the county-owned, 1,376 -bed Reeves County Detention Center III. GEO will provide management consulting and support services to Reeves County. The new ten -year contracts were awarded to GEO and Reeves County under a long-standing procurement, for the housing of non-U.S. citizen criminal aliens, commonly referred to as Criminal Alien Requirement (CAR) 19, which was issued by the BOP in 2017. On April 25, 2019, the Company announced that it signed a contract modification for the reactivation of its existing company-owned 1,000 -bed South Louisiana ICE Processing Center (the "Center") located in Basile, Louisiana. The previously idled Center will house federal immigration detainees under an existing intergovernmental service agreement. The Center began the intake process during the third quarter of 2019. Contract Terminations Recently California enacted legislation aimed at phasing out public-private partnership contracts for the operation of secure facilities within California and facilities outside of the state of California housing state of California inmates. As previously announced, the Company's contract for its Central Valley facility was already discontinued by the California Department of Corrections and Rehabilitation at the end of September 2019. The Company expects that its contracts with the California Department of Corrections and Rehabilitation for its Desert View facility and Golden State facility will be discontinued by March 1, 2020 and May 1, 2020, respectively. As discussed above, the Company subsequently entered into new contracts with ICE for its Central Valley, Desert View and Golden State facilities effective December 20, 2019. Commitments As of December 31, 2019, the Company had contractual commitments for a number of projects using existing Company financing facilities. The Company’s management estimates that these existing capital projects will cost approximately $61.0 million , of which $28.0 million was spent through 2019. The Company estimates the remaining capital requirements related to these capital projects to be approximately $33.0 million . These projects are expected to be completed through 2020. In addition to these current estimated capital requirements, the Company is currently in the process of bidding on, or evaluating potential bids for the design, construction and management of a number of new projects. In the event that the Company wins bids for these projects and decides to self-finance their construction, its capital requirements could materially increase. Litigation, Claims and Assessments As previously reported and described in the Company's prior periodic reports, including most recently in its Form 10-Q for the quarter ended September 30, 2019, former civil immigration detainees at the Aurora Immigration Processing Center filed a class action lawsuit on October 22, 2014, against the Company in the United States District Court for the District of Colorado (the “Court”). The complaint alleges that the Company was in violation of the Colorado Minimum Wages of Workers Act and the federal Trafficking Victims Protection Act ("TVPA"). The plaintiff class claims that the Company was unjustly enriched because of the level of payment 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 the case are authorized by the Federal government under guidelines approved by the United States Congress. On July 6, 2015, the Court found that detainees were not employees under the Colorado Minimum Wage Order and dismissed this claim. In February 2017, the Court granted the plaintiff-class’ motion for class certification on the TVPA and unjust enrichment claims. The plaintiff class seeks actual damages, compensatory damages, exemplary damages, punitive damages, restitution, attorneys’ fees and costs, and such other relief as the Court may deem proper. In the time since the Colorado suit was initially filed, three similar lawsuits have been filed - two in Washington and one in California. In Washington, one of the two lawsuits was filed on September 9, 2017 by immigration detainees against the Company in the U.S. District Court for the Western District of Washington. The second lawsuit was filed on September 20, 2017 by the State Attorney General against the Company in the Superior Court of the State of Washington for Pierce County, which the Company removed to the U.S. District Court for the Western District of Washington on October 9, 2017. In California, a class-action lawsuit was filed on December 19, 2017 by immigration detainees against the Company in the U.S. District Court Eastern Division of the Central District of California. All three lawsuits allege violations of the respective state’s minimum wage laws. However, the California lawsuit, like the Colorado suit, also includes claims that the Company violated the TVPA and California's equivalent state statute. On September 27, 2019, the California plaintiff class filed a motion for class certification of both California-based and nationwide classes. The Company filed a response to this motion disputing the plaintiff class' right to broad class treatment of the claims at issue. On July 2, 2019, the Company filed a Motion for Summary Judgment in the Washington Attorney General’s Tacoma lawsuit based on the Company’s position that its legal defenses prevent the case from proceeding to trial. The federal court in Washington denied the Company's Motion for Summary Judgment on August 6, 2019. However, on August 20, 2019, the Department of Justice filed a Statement of Interest, which asked the Washington court to revisit its prior denial of the Company's intergovernmental immunity defense in the case. While the Washington court ultimately elected not to dismiss the case at the time, its order importantly declared that the Company's intergovernmental immunity defense was legally viable, to be ultimately determined at trial. The two Washington cases are currently set for trial in April 2020. The Company intends to take all necessary steps to vigorously defend itself and has consistently refuted the allegations and claims in these lawsuits. The Company has not recorded an accrual relating to these matters at this time, as a loss is not considered probable nor reasonably estimable at this stage of the lawsuits. The Company establishes accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the results of these claims or proceedings cannot be predicted with certainty, and an unfavorable resolution of one or more of these claims or proceedings could have a material adverse effect on the Company's financial condition, results of operations or cash flows. The Company's accruals for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. The Company does not accrue for anticipated legal fees and costs but expenses those items as incurred. On December 30, 2019, GEO filed a lawsuit for declaratory and injunctive relief challenging California’s newly enacted law - Assembly Bill 32 (AB-32) - which bars the federal government from engaging GEO or any other government contractors to provide detention services for illegal aliens. GEO’s claims, as described in the lawsuit, are grounded in authoritative legal doctrine that under the Constitution’s Supremacy Clause, the federal government is free from regulation by any state. By prohibiting federal detention facilities in California, the lawsuit argues AB-32 substantially interferes with the ability of USMS and ICE to carry out detention responsibilities for the federal government. Secondly, because AB-32 creates exceptions to the State when using GEO or any government contractors (to alleviate overcrowding), California’s statute unlawfully discriminates against the federal government. On December 31, 2019, GEO filed its motion for a preliminary injunction restraining California’s Governor and Attorney General from enforcing AB-32 against GEO’s detention facilities on behalf of USMS and ICE. 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 accrues for legal costs associated with loss contingencies when those costs are probable and reasonably estimable. 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 state non-income tax audit completed in 2016 included tax periods for which the 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 $18.9 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. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The Company’s selected quarterly financial data is as follows (in thousands, except per share data attributable to GEO): First Second Third Fourth 2019 Revenues $ 610,667 $ 613,966 $ 631,579 $ 621,710 Operating income 74,777 81,175 78,159 66,302 Net Income 40,649 41,836 45,885 38,042 Net Income Attributable to The GEO Group, Inc. 40,705 41,914 45,932 38,052 Basic earnings per share: Net income per share $ 0.34 $ 0.35 $ 0.39 $ 0.32 Diluted earnings per share: Net income per share * $ 0.34 $ 0.35 $ 0.39 $ 0.32 First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Revenues $ 564,917 $ 583,509 $ 583,530 $ 599,430 Operating income 64,450 66,951 69,780 63,484 Net Income 34,920 37,325 39,229 33,353 Net Income Attributable to The GEO Group, Inc. 34,987 37,421 39,289 33,392 Basic earnings per share: Net income per share $ 0.29 $ 0.31 $ 0.33 $ 0.28 Diluted earnings per share: Net income per share * $ 0.29 $ 0.31 $ 0.33 $ 0.28 * Earnings per share table contains slight summation differences due to rounding. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information 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 6.00% Senior Notes due, 5.875% Senior Notes due 2022, 5.875% Senior Notes due 2024 and 5.125% Senior Notes (collectively, 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 “Subsidiary Non-Guarantors”); (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. Refer to Note 13 - Debt for a description of the notes that are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the Company and certain of its wholly-owned domestic subsidiaries. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands) For the Year Ended December 31, 2019 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 941,117 $ 2,010,561 $ 272,613 $ (746,369 ) $ 2,477,922 Operating expenses 755,443 1,628,470 223,214 (746,369 ) 1,860,758 Depreciation and amortization 29,688 97,259 3,878 — 130,825 General and administrative expenses 69,969 95,689 20,268 — 185,926 Operating income 86,017 189,143 25,253 — 300,413 Interest income 13,956 7,293 27,270 (19,585 ) 28,934 Interest expense (90,127 ) (57,005 ) (23,477 ) 19,585 (151,024 ) Loss on extinguishment of debt (486 ) 155 (4,464 ) — (4,795 ) Income before income taxes and equity in earnings of affiliates 9,360 139,586 24,582 — 173,528 Provision for income taxes 1,472 9,595 5,581 — 16,648 Equity in earnings of affiliates, net of income tax provision — — 9,532 — 9,532 Income from operations before equity in income of consolidated subsidiaries 7,888 129,991 28,533 — 166,412 Income from consolidated subsidiaries, net of income tax provision 158,524 — — (158,524 ) — Net income 166,412 129,991 28,533 (158,524 ) 166,412 Loss attributable to noncontrolling interests — — 191 — 191 Net income attributable to The GEO Group, Inc. $ 166,412 $ 129,991 $ 28,724 $ (158,524 ) $ 166,603 Net income $ 166,412 $ 129,991 $ 28,533 $ (158,524 ) $ 166,412 Other comprehensive income (loss), net of tax (1,476 ) (3,247 ) 8,014 — 3,291 Total comprehensive income $ 164,936 $ 126,744 $ 36,547 $ (158,524 ) $ 169,703 Comprehensive loss attributable to noncontrolling interests — — 183 — 183 Comprehensive income attributable to The GEO Group, Inc. $ 164,936 $ 126,744 $ 36,730 $ (158,524 ) $ 169,886 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Year Ended December 31, 2018 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 827,473 $ 1,905,243 $ 268,723 $ (670,053 ) $ 2,331,386 Operating expenses 664,354 1,539,343 222,128 (670,053 ) 1,755,772 Depreciation and amortization 27,036 95,504 3,894 — 126,434 General and administrative expenses 64,852 98,601 21,062 — 184,515 Operating income 71,231 171,795 21,639 — 264,665 Interest income 14,702 5,494 35,501 (20,942 ) 34,755 Interest expense (81,456 ) (56,194 ) (33,395 ) 20,942 (150,103 ) Income before income taxes and equity in earnings of affiliates 4,477 121,095 23,745 — 149,317 Provision for income taxes 972 7,424 5,721 — 14,117 Equity in earnings of affiliates, net of income tax benefit — — 9,627 — 9,627 Income from operations before equity in income of consolidated subsidiaries 3,505 113,671 27,651 — 144,827 Income from consolidated subsidiaries, net of income tax provision 141,322 — — (141,322 ) — Net income 144,827 113,671 27,651 (141,322 ) 144,827 Loss attributable to noncontrolling interests $ — $ — $ 262 $ — $ 262 Net income attributable to The GEO Group, Inc. $ 144,827 $ 113,671 $ 27,913 $ (141,322 ) $ 145,089 Net income $ 144,827 $ 113,671 $ 27,651 $ (141,322 ) $ 144,827 Other comprehensive income (loss), net of tax — 1,785 (972 ) — 813 Total comprehensive income $ 144,827 $ 115,456 $ 26,679 $ (141,322 ) $ 145,640 Comprehensive loss attributable to noncontrolling interests — — 277 — 277 Comprehensive income attributable to The GEO Group, Inc. $ 144,827 $ 115,456 $ 26,956 $ (141,322 ) $ 145,917 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Year ended December 31, 2017 The GEO Group, Inc. Combined Combined Eliminations Consolidated Revenues $ 711,013 $ 1,810,262 $ 321,612 $ (579,467 ) $ 2,263,420 Operating expenses 568,061 1,441,884 270,017 (579,467 ) 1,700,495 Depreciation and amortization 24,580 96,051 3,666 — 124,297 General and administrative expenses 59,194 104,373 26,776 — 190,343 Operating income 59,178 167,954 21,153 — 248,285 Interest income 16,200 4,294 52,069 (20,887 ) 51,676 Interest expense (69,969 ) (55,080 ) (43,862 ) 20,887 (148,024 ) Income before income taxes and equity in earnings of affiliates 5,409 117,168 29,360 — 151,937 Provision for income taxes 1,103 9,608 7,247 — 17,958 Equity in earnings of affiliates, net of income tax provision — — 12,045 — 12,045 Income from operations before equity in income of consolidated subsidiaries 4,306 107,560 34,158 — 146,024 Income from consolidated subsidiaries, net of income tax provision 141,718 — — (141,718 ) — Net income 146,024 107,560 34,158 (141,718 ) 146,024 Loss attributable to noncontrolling interests $ — $ — $ 217 $ — $ 217 Net income attributable to The GEO Group, Inc. $ 146,024 $ 107,560 $ 34,375 $ (141,718 ) $ 146,241 Net income $ 146,024 $ 107,560 $ 34,158 $ (141,718 ) $ 146,024 Other comprehensive income (loss), net of tax — (1,420 ) 7,793 — 6,373 Total comprehensive income $ 146,024 $ 106,140 $ 41,951 $ (141,718 ) $ 152,397 Comprehensive loss attributable to noncontrolling interests — — 211 — 211 Comprehensive income attributable to The GEO Group, Inc. $ 146,024 $ 106,140 $ 42,162 $ (141,718 ) $ 152,608 CONDENSED CONSOLIDATING BALANCE SHEET (in thousands) As of December 31, 2019 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 9,840 $ — $ 22,623 $ — $ 32,463 Restricted cash and investments — — 32,418 — 32,418 Accounts receivable, less allowance for doubtful accounts 167,769 218,920 41,175 3,118 430,982 Contract receivable, current portion — 11,199 — 11,199 Prepaid expenses and other current assets 1,273 32,187 9,315 (2,059 ) 40,716 Total current assets 178,882 251,107 116,730 1,059 547,778 Restricted Cash and Investments — 28,648 2,275 — 30,923 Property and Equipment, Net 846,297 1,214,697 83,728 — 2,144,722 Right-of-Use Assets Operating Leases 21,995 98,654 878 — 121,527 Contract Receivable — — 360,647 — 360,647 Assets Held for Sale 705 5,354 — — 6,059 Intercompany Receivable 978,337 238,680 17,050 (1,234,067 ) — Deferred Income Tax Assets — 35,584 694 — 36,278 Goodwill — 775,953 403 — 776,356 Intangible Assets, Net — 209,554 516 — 210,070 Investment in Subsidiaries 1,484,930 573,816 2,189 (2,060,935 ) — Other Non-Current Assets 18,329 123,797 18,853 (77,805 ) 83,174 Total Assets $ 3,529,475 $ 3,555,844 $ 603,963 $ (3,371,748 ) $ 4,317,534 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 16,690 $ 76,631 $ 5,911 $ — $ 99,232 Accrued payroll and related taxes — 38,243 16,429 — 54,672 Accrued expenses and other current liabilities 32,175 131,031 28,765 (363 ) 191,608 Operating lease liabilities, current portion 5,232 20,777 199 — 26,208 Current portion of finance lease obligations, long-term debt and non-recourse debt 8,000 2,626 13,582 — 24,208 Total current liabilities 62,097 269,308 64,886 (363 ) 395,928 Deferred Income Tax Liabilities — — 19,254 — 19,254 Intercompany Payable 106,029 1,100,299 26,316 (1,232,644 ) — Other Non-Current Liabilities 3,572 162,026 733 (77,805 ) 88,526 Operating Lease Liabilities 17,321 79,290 680 — 97,291 Finance Lease Obligations — 2,954 — — 2,954 Long-Term Debt 2,343,626 — 64,671 — 2,408,297 Non-Recourse Debt — — 309,236 — 309,236 Commitments & Contingencies Shareholders' Equity: Total shareholders’ equity attributable to The GEO Group, Inc. 996,830 1,941,967 118,969 (2,060,936 ) 996,830 Noncontrolling Interests — — (782 ) — (782 ) Total Shareholders’ Equity 996,830 1,941,967 118,187 (2,060,936 ) 996,048 Total Liabilities and Shareholders' Equity $ 3,529,475 $ 3,555,844 $ 603,963 $ (3,371,748 ) $ 4,317,534 CONDENSED CONSOLIDATING BALANCE SHEET (in thousands) As of December 31, 2018 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,468 $ 7,873 $ 18,914 $ — $ 31,255 Restricted cash and investments 2,854 — 48,824 — 51,678 Accounts receivable, less allowance for doubtful accounts 190,594 221,957 44,377 (11,402 ) 445,526 Contract receivable, current portion — — 15,535 — 15,535 Prepaid expenses and other current assets 2,011 50,482 7,114 (1,839 ) 57,768 Total current assets 199,927 280,312 134,764 (13,241 ) 601,762 Restricted Cash and Investments — 21,009 1,422 — 22,431 Property and Equipment, Net 845,291 1,227,223 86,096 — 2,158,610 Contract Receivable — — 368,178 — 368,178 Assets Held for Sale 705 1,929 — — 2,634 Intercompany Receivable 990,365 150,710 22,407 (1,163,482 ) — Deferred Income Tax Assets 798 27,928 1,198 — 29,924 Goodwill — 775,955 404 — 776,359 Intangible Assets, Net — 231,787 573 — 232,360 Investment in Subsidiaries 1,503,841 458,229 2,190 (1,964,260 ) — Other Non-Current Assets 9,541 115,695 19,334 (78,710 ) 65,860 Total Assets $ 3,550,468 $ 3,290,777 $ 636,566 $ (3,219,693 ) $ 4,258,118 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 13,566 $ 72,128 $ 7,338 $ — $ 93,032 Accrued payroll and related taxes — 56,543 19,466 — 76,009 Accrued expenses and other current liabilities 23,565 168,231 25,615 (13,241 ) 204,170 Current portion of finance lease obligations, long-term debt and non-recourse debt 8,000 2,017 322,010 — 332,027 Total current liabilities 45,131 298,919 374,429 (13,241 ) 705,238 Deferred Income Tax Liabilities — — 13,681 — 13,681 Intercompany Payable 142,055 989,856 31,571 (1,163,482 ) — Other Non-Current Liabilities 1,395 152,815 6,981 (78,710 ) 82,481 Finance Lease Obligations — 4,570 — — 4,570 Long-Term Debt 2,321,384 — 75,843 — 2,397,227 Non-Recourse Debt — — 15,017 — 15,017 Commitments & Contingencies Shareholders' Equity: Total shareholders’ equity attributable to The GEO Group, Inc. 1,040,503 1,844,617 119,643 (1,964,260 ) 1,040,503 Noncontrolling Interests — — (599 ) — (599 ) Total Shareholders’ Equity 1,040,503 1,844,617 119,044 (1,964,260 ) 1,039,904 Total Liabilities and Shareholders' Equity $ 3,550,468 $ 3,290,777 $ 636,566 $ (3,219,693 ) $ 4,258,118 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 2019 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash provided by operating activities $ 275,126 $ 58,530 $ 4,487 $ 338,143 Cash Flow from Investing Activities: Proceeds from sale of property and equipment — 414 — 414 Insurance proceeds - damaged property — 19,310 — 19,310 Proceeds from sale of assets held for sale — 823 — 823 Change in restricted investments — (7,440 ) — (7,440 ) Capital expenditures (35,968 ) (79,627 ) (1,649 ) (117,244 ) Net cash used in investing activities (35,968 ) (66,520 ) (1,649 ) (104,137 ) Cash Flow from Financing Activities: Payments on long-term debt (513,219 ) — — (513,219 ) Proceeds from long-term debt 521,370 — — 521,370 Payments on non-recourse debt — — (335,116 ) (335,116 ) Proceeds from non-recourse debt — — 321,102 321,102 Taxes paid related to net share settlements of equity awards (4,179 ) — — (4,179 ) Debt issuance costs (9,856 ) — — (9,856 ) Proceeds from stock options exercised 1,258 — — 1,258 Dividends paid (232,546 ) — — (232,546 ) Proceeds from issuance of common stock in connection with ESPP 532 — — 532 Net cash used in financing activities (236,640 ) — (14,014 ) (250,654 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents — — (352 ) (352 ) Net (Decrease) Increase in Cash. Cash Equivalents and Restricted Cash and Cash Equivalents 2,518 (7,990 ) (11,528 ) (17,000 ) Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period 7,322 7,990 69,160 84,472 Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period $ 9,840 $ — $ 57,632 $ 67,472 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 2018 The GEO Group Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash provided by operating activities $ 156,754 $ 86,974 $ 30,747 $ 274,475 Cash Flow from Investing Activities: Proceeds from sale of property and equipment — 268 1,809 2,077 Insurance proceeds - damaged property — 1,438 — 1,438 Proceeds from assets held for sale — 3,797 3,797 Change in restricted cash and investments — (129 ) — (129 ) Capital expenditures (104,034 ) (89,310 ) (2,322 ) (195,666 ) Net cash used in investing activities (104,034 ) (83,936 ) (513 ) (188,483 ) Cash Flow from Financing Activities: Payments on long-term debt (276,000 ) — (6,358 ) (282,358 ) Proceeds from long-term debt 502,998 — — 502,998 Payments on non-recourse debt — — (18,544 ) (18,544 ) Taxes paid related to net share settlements of equity awards (3,820 ) — — (3,820 ) Payments for repurchases of common stock (95,175 ) — — (95,175 ) Debt issuance costs (990 ) — — (990 ) Proceeds from stock options exercised 1,887 — — 1,887 Dividends paid (229,498 ) — — (229,498 ) Proceeds from issuance of common stock in connection with ESPP 534 — 534 Net cash used in financing activities (100,064 ) — (24,902 ) (124,966 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents — — (10,099 ) (10,099 ) Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (47,344 ) 3,038 (4,767 ) (49,073 ) Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period 54,666 4,952 73,927 133,545 Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period $ 7,322 $ 7,990 $ 69,160 $ 84,472 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 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 118,018 91,174 171,850 381,042 Cash Flow from Investing Activities: Acquisition of CEC, net of cash acquired (353,556 ) — — (353,556 ) Proceeds from sale of property and equipment 3,436 — 24 3,460 Insurance proceeds - damaged property 2,754 — — 2,754 Change in restricted cash and investments — (4,507 ) — (4,507 ) Capital expenditures (53,030 ) (86,336 ) (9,040 ) (148,406 ) Net cash used in investing activities (400,396 ) (90,843 ) (9,016 ) (500,255 ) Cash Flow from Financing Activities: Proceeds from long-term debt 1,389,084 — — 1,389,084 Payments on long-term debt (1,140,788 ) — (1,140,788 ) Payments on non-recourse debt — — (307,414 ) (307,414 ) Proceeds from non-recourse debt — — 181,658 181,658 Taxes paid related to net share settlements of equity awards (4,142 ) — — (4,142 ) Debt issuance costs (8,701 ) — (841 ) (9,542 ) Proceeds from stock options exercised 6,962 — — 6,962 Dividends paid (227,463 ) — — (227,463 ) Proceeds from issuance of common stock in connection with public offering 275,867 — — 275,867 Proceeds from issuance of common stock in connection with ESPP 497 — — 497 Net cash provided by (used in) financing activities 291,316 — (126,597 ) 164,719 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (2,318 ) (2,318 ) Net Increase in Cash and Cash Equivalents 8,938 331 33,919 43,188 Cash and Cash Equivalents, beginning of period 45,728 4,621 40,008 90,357 Cash and Cash Equivalents, end of period $ 54,666 $ 4,952 $ 73,927 $ 133,545 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend On February 3, 2020, the Board of Directors declared a quarterly cash dividend of $0.48 per share of common stock, which was paid on February 21, 2020 to shareholders of record as of the close of business on February 14, 2020. Options and Restricted Stock Awards On February 10, 2020, the Compensation Committee of the Board of Directors resolved to grant approximately 490,000 options and 942,000 shares of restricted stock to certain employees and directors of the Company effective March 1, 2020. Of the total shares of restricted stock granted, 360,000 are performance-based awards which vest subject to the achievement of certain total shareholder return and return on capital employed metrics over a three-year period. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | THE GEO GROUP, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2019 , 2018 and 2017 Description Balance at Beginning of Period Charged to Cost and Expenses Charged to Other Accounts Deductions, Actual Charge-Offs Balance at End of Period (In thousands) YEAR ENDED DECEMBER 31, 2019: Allowance for doubtful accounts $ 4,183 $ 190 $ — $ (1,178 ) $ 3,195 YEAR ENDED DECEMBER 31, 2018: Allowance for doubtful accounts $ 4,574 $ 823 $ — $ (1,214 ) $ 4,183 YEAR ENDED DECEMBER 31, 2017: Allowance for doubtful accounts $ 3,664 $ 2,456 $ — $ (1,546 ) $ 4,574 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | THE GEO GROUP, INC. SCHEDULE III- REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (dollars in thousands) Original Gross Cost at December 31, 2019 Property Name (1) Type Location Land Building and Improvements Costs Capitalized Subsequent to Acquisition (2) Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/ Renovated Book Value of Mortgaged Properties Secure Services - Owned and Leased Broward Transitional Center Secure Services Facility Deerfield Beach, FL $ 4,085 $ 15,441 $ 18,988 $ 4,209 $ 34,305 $ — $ — $ 38,514 $ 9,991 1998, 2004, 2010/2011, 2013/2014 $ 28,523 D. Ray James Correctional Facility Secure Services Facility Folkston, GA $ 1,229 $ 55,961 $ 13,757 $ 1,764 $ 68,901 $ 243 $ 39 $ 70,947 $ 15,624 1998/1999, 2008/2009, 2011/2012 $ 55,323 Folkston ICE Processing Center Secure Services Facility Folkston, GA $ 291 $ 30,399 $ 8,727 $ 291 $ 38,580 $ — $ 546 $ 39,417 $ 7,250 2005, 2008, 2013, 2017 $ 32,167 LaSalle ICE Processing Center Secure Services Facility Jena, LA $ 856 $ 51,623 $ 6,735 $ 1,166 $ 57,475 $ 514 $ 59 $ 59,214 $ 16,827 1998, 2008, 2010/2011, 2017 $ 42,387 Alexandria Staging Facility (3) Secure Services Facility Alexandria, LA $ — $ 17,283 $ 54 $ — $ 17,337 $ — $ — $ 17,337 $ 1,902 2014 $ — Moshannon Valley Correctional and Rehabilitation Facility Secure Services Facility Philipsburg, PA $ 1,107 $ 65,160 $ 8,907 $ 1,723 $ 73,324 $ 87 $ 40 $ 75,174 $ 16,536 2005/2006, 2013 $ 58,638 North Lake Correctional Facility Secure Services Facility Baldwin, MI $ 66 $ 36,727 $ 53,637 $ 1,709 $ 88,674 $ — $ 47 $ 90,430 $ 15,655 1998/1999, 2002, 2011, 2019 $ 74,775 Queens Detention Facility Secure Services Facility Jamaica, NY $ 2,237 $ 19,847 $ 5,478 $ 2,237 $ 25,308 $ — $ 17 $ 27,562 $ 10,454 1971, 1996/1997, 2004, 2019 $ — Riverbend Correctional and Rehabilitation Facility (3) Secure Services Facility Milledgeville, GA $ — $ 72,932 $ 652 $ 157 $ 73,427 $ — $ — $ 73,584 $ 15,887 2011 $ 57,697 Rivers Correctional Facility Secure Services Facility Winton, NC $ 875 $ 60,328 $ 5,964 $ 1,256 $ 65,703 $ 149 $ 59 $ 67,167 $ 24,924 2000/2001, 2017 $ 42,243 Robert A. Deyton Detention Facility Secure Services Facility Lovejoy, GA $ — $ 8,163 $ 10,812 $ 15 $ 18,960 $ — $ — $ 18,975 $ 10,892 1984-1986, 2008/2009 $ — Big Spring Correctional Facility (3) Secure Services Facility Big Spring, TX $ 480 $ 82,180 $ 32,077 $ 2,281 $ 112,456 $ — $ — $ 114,737 $ 33,373 1940, 1960, 1982, 1991, 1994, 1996, 2001, 2009-2012, 2016, 2018 $ — Great Plains Correctional Facility Secure Services Facility Hinton, OK $ 463 $ 76,580 $ 18,470 $ 2,396 $ 90,161 $ — $ 2,956 $ 95,513 $ 19,697 1990-1992, 1995, 2008, 2011, 2013, 2015, 2018, CIP $ 75,816 Joe Corley Processing Center Secure Services Facility Conroe, TX $ 470 $ 64,813 $ 12,233 $ 604 $ 72,076 $ — $ 4,836 $ 77,516 $ 11,324 2008, 2017, 2018, CIP $ 66,192 Karnes County Detention Facility Secure Services Facility Karnes City, TX $ 937 $ 24,825 $ 6,513 $ 912 $ 27,034 $ 176 $ 4,153 $ 32,275 $ 8,456 1995, CIP $ 23,819 Karnes County Family Residential Center Secure Services Facility Karnes City, TX $ — $ 29,052 $ 30,346 $ 47 $ 59,317 $ — $ 34 $ 59,398 $ 8,101 2011/2012, 2014, 2015 $ — Lawton Correctional Facility Secure Services Facility Lawton, OK $ 1,012 $ 96,637 $ 15,212 $ 1,073 $ 108,035 $ — $ 3,753 $ 112,861 $ 28,226 1998/1999, 2005/2006, 2015, CIP $ 84,635 Rio Grande Processing Center Secure Services Facility Laredo, TX $ 8,365 $ 81,178 $ 1,910 $ 6,266 $ 83,088 $ 2,099 $ — $ 91,453 $ 19,146 2007, 2008 $ 72,307 South Texas ICE Processing Center Secure Services Facility Pearsall, TX $ 437 $ 31,405 $ 6,131 $ 437 $ 37,502 $ — $ 34 $ 37,973 $ 11,421 2004/2005, 2012 $ — Val Verde County Detention Facility Secure Services Facility Del Rio, TX $ 21 $ 56,009 $ 1,530 $ 16 $ 57,539 $ 5 $ — $ 57,560 $ 17,811 2000/2001, 2005, 2007 $ 39,749 Adelanto ICE Processing Center Secure Services Facility Adelanto, CA $ 8,005 $ 113,255 $ 43,427 $ 10,564 $ 154,029 $ — $ 94 $ 164,687 $ 23,458 1990/1991, 2011, 2012, 2015 $ 141,229 Aurora ICE Processing Center Secure Services Facility Aurora, CO $ 4,590 $ 15,200 $ 78,764 $ 4,318 $ 89,744 $ 1,310 $ 3,182 $ 98,554 $ 19,772 1987, 1993, 1998, 2009, 2010, 2011, 2017, CIP $ 78,782 Central Valley MCCF Secure Services Facility Mc Farland, CA $ 1,055 $ 28,133 $ 2,949 $ 906 $ 30,980 $ 211 $ 40 $ 32,137 $ 9,874 1997, 2009/2010 $ 22,263 Desert View MCCF Secure Services Facility Adelanto, CA $ 1,245 $ 27,943 $ 4,526 $ 1,245 $ 32,454 $ — $ 15 $ 33,714 $ 11,445 1997, 2010, 2013 $ 22,269 Golden State MCCF Secure Services Facility Mc Farland, CA $ 1,264 $ 27,924 $ 2,574 $ 1,072 $ 30,422 $ 253 $ 15 $ 31,762 $ 9,494 1997, 2010 $ 22,268 Guadalupe County Correctional Facility Secure Services Facility Santa Rosa, NM $ 181 $ 29,732 $ 1,511 $ 27 $ 31,052 $ 154 $ 191 $ 31,424 $ 12,698 1998/1999, 2008 $ 18,726 Hudson Correctional Facility Secure Services Facility Hudson, CO $ 11,140 $ — $ 4,599 $ 7,372 $ 4,447 $ 3,920 $ — $ 15,739 $ 5,907 2009, 2011 $ — Lea County Correctional Facility (3) Secure Services Facility Hobbs, NM $ 347 $ 67,933 $ 5,836 $ — $ 70,374 $ 347 $ 3,395 $ 74,116 $ 20,292 1997/1998, 2017, CIP $ — McFarland Female CRF Secure Services Facility Mc Farland, CA $ 914 $ 9,019 $ 9,066 $ 2,036 $ 16,765 $ 183 $ 15 $ 18,999 $ 6,135 1988, 2011, 2014 $ — Mesa Verde ICE Processing Center Secure Services Facility Bakersfield, CA $ 2,237 $ 13,714 $ 15,615 $ 2,237 $ 26,109 $ 3,181 $ 39 $ 31,566 $ 5,312 1989, 2011, 2015 $ — Northwest ICE Processing Center Secure Services Facility Tacoma, WA $ 3,916 $ 39,000 $ 52,136 $ 6,546 $ 88,459 $ — $ 47 $ 95,052 $ 23,345 2003/2004, 2009, 2010, 2012 $ — Western Region Detention Facility Secure Services Facility San Diego, CA $ — $ 28,071 $ 1,396 $ — $ 29,404 $ — $ 63 $ 29,467 $ 29,391 1959-1961, 2000 $ — Brooks County Detention Center Secure Services Facility Falfurrias, TX $ 410 $ 18,940 $ 1,400 $ 470 $ 20,280 $ — $ — $ 20,750 $ 2,571 2001, 2011 $ — East Hidalgo Detention Center Secure Services Facility LaVilla, TX $ 460 $ 28,010 $ 4,601 $ 523 $ 32,091 $ — $ 457 $ 33,071 $ 3,431 2001, 2002, 2004, 2005, 2007, 2011, 2019 $ — Perry County Correctional Center Secure Services Facility Uniontown, AL $ 400 $ 12,880 $ 401 $ 400 $ 13,281 $ — $ — $ 13,681 $ 1,753 2006 $ — Pine Prairie ICE Processing Center Secure Services Facility Pine Prairie, LA $ 260 $ 11,910 $ 6,022 $ 905 $ 16,810 $ 477 $ — $ 18,192 $ 2,561 1999, 2008, 2018 $ — South Louisiana ICE Processing Center Secure Services Facility Basile, LA $ 290 $ 13,040 $ 20,056 $ 353 $ 33,023 $ — $ 10 $ 33,386 $ 2,967 1993, 1994, 1996, 1998-1999, 2000-2001, 2010-2011, 2017, 2019 $ — Coastal Bend Detention Center Secure Services Facility Robstown, TX $ 1,330 $ 26,820 $ 1,133 $ 1,445 $ 27,748 $ — $ 90 $ 29,283 $ 3,725 2008, 2009 $ — Eagle Pass Correctional Facility Secure Services Facility Maverick, TX $ 296 $ 15,437 $ 8,105 $ 299 $ 23,504 $ — $ 35 $ 23,838 $ 1,326 2008, 2018 $ — Crossroads Reception Center Secure Services Facility Indianapolis, IN $ 890 $ 2,065 $ — $ 890 $ 2,065 $ — $ — $ 2,955 $ 724 1950, 2000 $ — Montgomery ICE Processing Center Secure Services Facility Conroe, TX $ 2,012 $ 112,046 $ 802 $ 2,012 $ 112,708 $ — $ 140 $ 114,860 $ 3,121 2018 $ — Secure Services - Managed Lawrenceville Correctional Center Secure Services Facility Lawrenceville, VA $ — $ — $ 898 $ — $ 898 $ — $ — $ 898 $ 880 1996-1998, 2011 $ — Arizona State Prison- Florence West Secure Services Facility Florence, AZ $ 320 $ 9,317 $ 1,218 $ 320 $ 10,535 $ — $ — $ 10,855 $ 9,032 1997 $ — Arizona State Prison - Phoenix West Secure Services Facility Phoenix, AZ $ — $ 7,919 $ 496 $ — $ 8,415 $ — $ — $ 8,415 $ 6,994 1979-1984, 1995/1996, 2002 $ — Central Arizona Correctional Facility Secure Services Facility Florence, AZ $ — $ 396 $ 2,000 $ — $ 2,396 $ — $ — $ 2,396 $ 2,126 2006 $ — Arizona State Prison - Kingman Secure Services Facility Kingman, AZ $ — $ — $ 458 $ — $ 458 $ — $ — $ 458 $ 199 2004, 2010 $ — New Castle Correctional Facility Secure Services Facility New Castle, IN $ — $ — $ 23,389 $ — $ 23,271 $ — $ 118 $ 23,389 $ 11,405 2001, 2012 $ — Heritage Trails Correctional Center Secure Services Facility Plainfield, IN $ — $ — $ 10 $ — $ 10 $ — $ — $ 10 $ 10 1890, 1900, 1921, 1961 $ — South Bay Correctional and Rehabilitation Facility Secure Services Facility South Bay, FL $ — $ — $ 2,440 $ — $ 2,440 $ — $ — $ 2,440 $ 2,432 1996/1997, 2001, 2004/2005, 2007, 2012 $ — Reeves County Detention Complex R1/R2 Secure Services Facility Pecos, TX $ — $ — $ 1,203 $ — $ 1,203 $ — $ — $ 1,203 $ 1,203 1986, 1998, 2001, 2004, 2009/2010 $ — Reeves County Detention Complex R3 Secure Services Facility Pecos, TX $ — $ — $ 4,238 $ — $ 4,238 $ — $ — $ 4,238 $ 4,235 2003, 2006, 2010 $ — Blackwater River Correctional and Rehabilitation Facility Secure Services Facility Milton, FL $ — $ — $ 36 $ — $ 36 $ — $ — $ 36 $ 36 2010 $ — Bay Correctional and Rehabilitation Facility Secure Services Facility Panama City, FL $ — $ — $ 13 $ — $ 13 $ — $ — $ 13 $ 13 1995 $ — Moore Haven Correctional and Rehabilitation Facility Secure Services Facility Moore Haven, FL $ — $ — $ 49 $ — $ 49 $ — $ — $ 49 $ 49 1995, 1999, 2007 $ — Graceville Correctional and Rehabilitation Facility Secure Services Facility Jackson, FL $ — $ — $ 542 $ — $ 542 $ — $ — $ 542 $ 369 2007, 2009, 2015 $ — George W. Hill Correctional Facility Secure Services Facility Glen Mills, PA $ — $ 34 $ 10 $ — $ 44 $ — $ — $ 44 $ 20 1998 $ — Kinney County Detention Center Secure Services Facility Bracketville, TX $ — $ 223 $ 10 $ — $ 233 $ — $ — $ 233 $ 96 2004 $ — Liberty County Jail Secure Services Facility Liberty, TX $ — $ 112 $ 2 $ — $ 114 $ — $ — $ 114 $ 98 1992 $ — Community Based Services - Owned/Leased Beaumont Transitional Treatment Center Community Based Services Facility Beaumont, TX $ 105 $ 560 $ 724 $ 132 $ 1,210 $ — $ 47 $ 1,389 $ 589 1940-1950, 1967, 1975, 1986, 1997 $ — Bronx Community Re-entry Center Community Based Services Facility Bronx, NY $ — $ 154 $ 3,292 $ — $ 3,383 $ — $ 63 $ 3,446 $ 3,360 1966, 1998, 2009, 2012, 2015 $ — Cordova Center Community Based Services Facility Anchorage, AK $ 235 $ 3,225 $ 4,264 $ 235 $ 7,489 $ — $ — $ 7,724 $ 2,582 1974-1979, 2001, 2013 $ — Delaney Hall Community Based Services Facility Newark, NJ $ 3,759 $ 22,502 $ 13,737 $ 3,782 $ 36,041 $ — $ 175 $ 39,998 $ 11,313 1999/2000, 2008 El Monte Center Community Based Services Facility El Monte, CA $ — $ 47 $ 398 $ — $ 445 $ — $ — $ 445 $ 367 1960, 2004, 2012 $ — Grossman Center Community Based Services Facility Leavenworth, KS $ — $ 24 $ 3,400 $ 247 $ 3,177 $ — $ — $ 3,424 $ 86 2002/2003, 2010 $ — Las Vegas Community Correctional Center Community Based Services Facility Las Vegas, NV $ 520 $ 1,580 $ 455 $ 520 $ 2,035 $ — $ — $ 2,555 $ 632 1978, 2004 $ — Leidel Comprehensive Sanction Center Community Based Services Facility Houston, TX $ 3,210 $ 710 $ 595 $ 3,210 $ 1,305 $ — $ — $ 4,515 $ 554 1930, 1960, 2005/2006, 2012 $ — Marvin Gardens Center Community Based Services Facility Los Angeles, CA $ — $ 50 $ 2,584 $ 241 $ 2,393 $ — $ — $ 2,634 $ 523 1962/1965, 1990, 2017 $ — McCabe Center Community Based Services Facility Austin, TX $ 350 $ 510 $ 537 $ 350 $ 1,047 $ — $ — $ 1,397 $ 730 1962, 2012 $ — Mid Valley House Community Based Services Facility Edinburg, TX $ 694 $ 3,608 $ 244 $ 722 $ 3,824 $ — $ — $ 4,546 $ 553 1985, 2001, 2014 $ — Midtown Center Community Based Services Facility Anchorage, AK $ 130 $ 220 $ 153 $ 130 $ 373 $ — $ — $ 503 $ 182 Early 1950s, 1972, 1998 $ — Northstar Center Community Based Services Facility Fairbanks, AK $ — $ 12 $ 288 $ — $ 300 $ — $ — $ 300 $ 290 1970/1975, 1995 $ — Oakland Street Center Community Based Services Facility Oakland, CA $ 970 $ 250 $ 109 $ 970 $ 359 $ — $ — $ 1,329 $ 174 1904-1911, 2000s $ — Parkview Center Community Based Services Facility Anchorage, AK $ 160 $ 1,480 $ 307 $ 160 $ 1,787 $ — $ — $ 1,947 $ 917 1971, 1976 $ — Reality House Community Based Services Facility Brownsville, TX $ 487 $ 2,771 $ 612 $ 494 $ 2,982 $ — $ 394 $ 3,870 $ 610 1983, 2011 $ — Southeast Texas Transitional Center Community Based Services Facility Houston, TX $ 910 $ 3,210 $ 3,489 $ 1,052 $ 6,557 $ — $ — $ 7,609 $ 1,650 1960, 1967, 1970, 1984, 1997/1998, 2008, 2012, 2018 $ — Salt Lake City Center Community Based Services Facility Salt Lake City, UT $ 751 $ 1,505 $ 152 $ 751 $ 1,657 $ — $ — $ 2,408 $ 308 1970, 1977, 2004 $ — Seaside Center Community Based Services Facility Nome, AK $ 67 $ 732 $ 3,938 $ 67 $ 4,670 $ — $ — $ 4,737 $ 472 1999, 2015/2016 $ — Taylor Street Center Community Based Services Facility San Francisco, CA $ 3,230 $ 900 $ 3,162 $ 3,230 $ 4,062 $ — $ — $ 7,292 $ 1,402 1907, 2010/2011 $ — Tundra Center Community Based Services Facility Bethel, AK $ 20 $ 1,190 $ 1,421 $ 79 $ 2,552 $ — $ — $ 2,631 $ 1,575 1960/1970 $ — Alabama Therapeutic Education Facility Community Based Services Facility Columbiana, AL $ 760 $ 17,118 $ 481 $ 760 $ 17,591 $ — $ 8 $ 18,359 $ 1,312 1962, 2008 $ — Casper Reentry Center Community Based Services Facility Casper, WY $ 600 $ 6,046 $ 886 $ 768 $ 6,764 $ — $ — $ 7,532 $ 774 1984, 1994, 2004/2005, 2007 $ — Toler Hall Community Based Services Facility Newark, NJ $ — $ 88 $ — $ — $ 88 $ — $ — $ 88 $ 32 1929, 2004 $ — Logan Hall Community Based Services Facility Newark, NJ $ — $ 6,888 $ 16 $ — $ 6,904 $ — $ — $ 6,904 $ 2,501 1929, 2004 $ — Long Beach Community Reentry Center Community Based Services Facility Long Beach, CA $ — $ 513 $ 139 $ — $ 652 $ — $ — $ 652 $ 516 1997 $ — Arapahoe County Residential Center Community Based Services Facility Littleton, CO $ 2,100 $ 2,485 $ 68 $ 2,100 $ 2,553 $ — $ — $ 4,653 $ 363 2006 $ — Cheyenne Mountain Reentry Center Community Based Services Facility Colarado Springs, CO $ 270 $ 18,853 $ 614 $ 270 $ 19,467 $ — $ — $ 19,737 $ 1,481 2005 $ — Community Alternative of El Paso County Community Based Services Facility Colorado Springs, CO $ 560 $ 1,553 $ 397 $ 510 $ 1,635 $ 50 $ 315 $ 2,510 $ 238 1991, 1998, 2000 $ — Correctional Alternative Placement Services Community Based Services Facility Craig, CO $ 126 $ 289 $ 47 $ 126 $ 336 $ — $ — $ 462 $ 89 1919-1924, 1990 $ — Albert "Bo" Robinson Assessment & Treatment Center Community Based Services Facility Trenton, NJ $ 380 $ 16,578 $ 337 $ 380 $ 16,913 $ — $ 2 $ 17,295 $ 1,677 1963, 1997, 2009 $ — Talbot Hall Community Based Services Facility Kearney, NJ $ — $ 2,854 $ 206 $ — $ 3,060 $ — $ — $ 3,060 $ 1,656 1919, 1998 $ — The Harbor Community Based Services Facility Newark, NJ $ — $ 93 $ 29 $ — $ 122 $ — $ — $ 122 $ 44 1929, 1999, 2008 $ — Tully House Community Based Services Facility Newark, NJ $ 1,150 $ 5,313 $ 48 $ 1,150 $ 5,361 $ — $ — $ 6,511 $ 565 1929, 1999 $ — ADAPPT Outpatient Community Based Services Facility Reading, PA $ 110 $ 2,460 $ 379 $ 118 $ 2,765 $ — $ 66 $ 2,949 $ 383 1909, 1919, 1929, 1986, 1989 $ — Alle Kiski Pavilion Community Based Services Facility Arnold, PA $ 30 $ 1,345 $ 87 $ 30 $ 1,416 $ — $ 16 $ 1,462 $ 202 1901, 1990 $ — Chester County Community Based Services Facility Chester, PA $ — $ 54 $ 3,680 $ 301 $ 3,433 $ — $ — $ 3,734 $ 170 1923, 1996, 2003 $ — Coleman Hall Community Based Services Facility Philadelphia, PA $ 182 $ 8,943 $ 882 $ 182 $ 9,744 $ — $ 81 $ 10,007 $ 1,006 1919, 2001 $ — Philadelphia Residential Reentry Center Community Based Services Facility Philadelphia, PA $ 208 $ 10,103 $ 396 $ 214 $ 10,493 $ — $ — $ 10,707 $ 1,074 2008 $ — Community Alternative of the Black Hills Community Based Services Facility Rapid City, SD $ 7 $ 2,719 $ 6 $ 7 $ 2,725 $ — $ — $ 2,732 $ 354 1989, 1998, 2007 $ — Youth Services - Owned/Leased Abraxas Academy Youth Facility Morgantown, PA $ 4,220 $ 14,120 $ 1,693 $ 4,020 $ 15,861 $ — $ 152 $ 20,033 $ 3,855 1999/2000 $ — Abraxas I Youth Facility Marienville, PA $ 990 $ 7,600 $ 1,782 $ 1,028 $ 9,344 $ — $ — $ 10,372 $ 3,029 1930s, 1960, 1982, 1985-1987, 1989-1999, 2003 $ — Abraxas Ohio Youth Facility Shelby, OH $ 1,160 $ 2,900 $ 1,112 $ 1,197 $ 3,975 $ — $ — $ 5,172 $ 1,390 1900, 1935, 1965, 1992 $ — Abraxas Youth Center Youth Facility South Mountain, PA $ — $ 36 $ 439 $ — $ 475 $ — $ — $ 475 $ 424 1938, 1948, 2001 $ — Hector Garza Center Youth Facility San Antonio, TX $ 1,590 $ 3,540 $ 1,461 $ 1,704 $ 4,454 $ — $ 433 $ 6,591 $ 1,465 1986/1987, 2006 $ — Leadership Development Program Youth Facility South Mountain, PA $ — $ 25 $ 758 $ — $ 783 $ — $ — $ 783 $ 685 1920, 1938, 2000, 2005 $ — Southern Peaks Regional Treatment Center Youth Facility Canon City, CO $ 2,850 $ 11,350 $ 827 $ 3,057 $ 11,970 $ — $ — $ 15,027 $ 3,280 2003-2004 $ — Southwood Interventions Youth Facility Chicago, IL $ 870 $ 6,310 $ 1,690 $ 898 $ 7,652 $ — $ 320 $ 8,870 $ 2,885 1925, 1950, 1975, 2008 $ — Woodridge Interventions Youth Facility Woodridge, IL $ 5,160 $ 4,330 $ 1,115 $ 5,304 $ 5,159 $ — $ 142 $ 10,605 $ 1,805 1982/1986 $ — Electronic & Location Monitoring Centers - Managed El Centro DRC Day Reporting Center El Centro, CA $ — $ 11 $ — $ — $ 11 $ — $ — $ 11 $ 11 1976 $ — Ventura DRC Day Reporting Center Ventura, CA $ — $ 19 $ — $ — $ 19 $ — $ — $ 19 $ 19 1988 $ — CDCR Contra Costa Day Reporting Center Day Reporting Center Richmond, CA $ — $ 35 $ — $ — $ 35 $ — $ — $ 35 $ 32 1962 $ — Neptune CRC Day Reporting Center Neptune City, NJ $ — $ 16 $ 35 $ — $ 51 $ — $ — $ 51 $ 49 2008-2009, 2011-2012, 2015 $ — Sacramento BOP DRC Day Reporting Center Sacracmento, CA $ — $ 36 $ 59 $ — $ 95 $ — $ — $ 95 $ 40 1974 $ — Perth Amboy CRC Day Reporting Center Perth Amboy, NJ $ — $ 19 $ 50 $ — $ 69 $ — $ — $ 69 $ 65 2006-2008, 2010, 2015 $ — Elizabeth NJ CRC Day Reporting Center Elizabeth, NJ $ — $ 26 $ 84 $ — $ 110 $ — $ — $ 110 $ 49 2003, 2006-2007, 2009, 2011, 2015 $ — Atlantic City CRC Day Reporting Center Atlantic City, NJ $ — $ 10 $ 22 $ — $ 32 $ — $ — $ 32 $ 30 2004, 2005, 2011 $ — Orange DRC Day Reporting Center Santa Ana, CA $ — $ 72 $ — $ — $ 72 $ — $ — $ 72 $ 72 2012/2013 $ — Lancaster County PADOC DRC Day Reporting Center Lancaster, PA $ — $ 73 $ 1 $ — $ 74 $ — $ — $ 74 $ 74 2014 $ — Lycoming County DRC Day Reporting Center Williamsport, PA $ — $ 56 $ 94 $ — $ 150 $ — $ — $ 150 $ 125 2014, 2015 $ — Vineland NJ DRC Day Reporting Center Vineland, NJ $ — $ 163 $ 8 $ — $ 171 $ — $ — $ 171 $ 154 2015 $ — Los Angeles CDCR Day Reporting Center Pamona, CA $ — $ 44 $ (20 ) $ — $ 24 $ — $ — $ 24 $ 15 2013 $ — Eagle DRC Day Reporting Center Eagle, CO $ — $ — $ 8 $ — $ 8 $ — $ — $ 8 $ 4 2016 $ — Northglenn DRC Day Reporting Center Northglenn, CO $ — $ 21 $ (18 ) $ — $ 3 $ — $ — $ 3 $ 2 2011, 2013, 2017 $ — Denver DRC Day Reporting Center Denver, CO $ — $ 43 $ 156 $ — $ 199 $ — $ — $ 199 $ 54 2005, 2009, 2010, 2011, 2012, 2013, 2014 $ — Baltimore ISAP Intensive Supervision Program Baltimore, MD $ — $ 2 $ 108 $ — $ 110 $ — $ — $ 110 $ 26 2007, 2009, 2018 $ — Miami ISAP Intensive Supervision Appearance Program Miami, FL $ — $ 82 $ 9 $ — $ 91 $ — $ — $ 91 $ 91 2007, 2008, 2010, 2014 $ — Delray Beach ISAP Intensive Supervision Appearance Program Delray Beach, FL $ — $ 26 $ 3 $ — $ 29 $ — $ — $ 29 $ 12 2006 $ — Orlando ISAP Intensive Supervision Appearance Program Orlando, FL $ — $ 18 $ — $ — $ 18 $ — $ — $ 18 $ 18 2007, 2010 $ — Atlanta ISAP Intensive Supervision Appearance Program Atlanta, GA $ — $ 268 $ (54 ) $ — $ 214 $ — $ — $ 214 $ 214 2009, 2015 $ — New Orleans ISAP Intensive Supervision Appearance Program New Orleans, LA $ — $ 54 $ — $ — $ 54 $ — $ — $ 54 $ 54 2009, 2015 $ — Washington DC ISAP Intensive Supervision Appearance Program Fairfax, VA $ — $ 20 $ 2 $ — $ 22 $ — $ — $ 22 $ 22 2014, 2015 $ — Charleston, SC ISAP Intensive Supervision Appearance Program Charleston, SC $ — $ 39 $ — $ — $ 39 $ — $ — $ 39 $ 39 2015 $ — Chicago ISAP Intensive Supervision Appearance Program Chicago, IL $ — $ 25 $ — $ — $ 25 $ — $ — $ 25 $ 25 2009, 2013 $ — Detroit ISAP Intensive Supervision Appearance Program Detroit, MI $ — $ 18 $ 174 $ — $ 192 $ — $ — $ 192 $ 43 2009, 2018 $ — Denver ISAP Intensive Supervision Appearance Program Centennial, CO $ — $ 173 $ (6 ) $ — $ 167 $ — $ — $ 167 $ 167 2015 $ — St Louis MO ISAP Intensive Supervision Appearance Program St. Louis, MO $ — $ 50 $ — $ — $ 50 $ — $ — $ 50 $ 50 2015 $ — Louisville, KY ISAP Intensive Supervision Appearance Program Louisville, KY $ — $ 17 $ — $ — $ 17 $ — $ — $ 17 $ 5 2015 $ — Indianapolis, IN ISAP Intensive Supervision Appearance Program Indianapolis, IN $ — $ 35 $ — $ — $ 35 $ — $ — $ 35 $ 32 2016 $ — San Francisco ISAP Intensive Supervision Appearance Program San Francisco, CA $ — $ 272 $ (92 ) $ — $ 180 $ — $ — $ 180 $ 180 2004, 2009, 2015 $ — Salt Lake City ISAP Intensive Supervision Appearance Program Murray, UT $ — $ 7 $ 20 $ — $ 27 $ — $ — $ 27 $ 25 2009, 2015 $ — Seattle ISAP Intensive Supervision Appearance Program Tukwila, WA $ — $ 40 $ 15 $ — $ 55 $ — $ — $ 55 $ 55 2009, 2014 $ — Sacramento, CA Intensive Supervision Appearance Program Sacracmento, CA $ — $ 28 $ — $ — $ 28 $ — $ — $ 28 $ 28 2015 $ — Las Vegas, NV ISAP Intensive Supervision Appearance Program Las Vegas, NV $ — $ 32 $ — $ — $ 32 $ — $ — $ 32 $ 15 2015 $ — Bronx ISAP Intensive Supervision Appearance Program Bronx, NY $ — $ 31 $ 40 $ — $ 71 $ — $ — $ 71 $ 71 2010, 2015 $ — Manhattan ISAP Intensive Supervision Appearance Program New York, NY $ — $ 10 $ 10 $ — $ 20 $ — $ — $ 20 $ 20 2010 $ — Queens ISAP Intensive Supervision Appearance Program Jamaica, NY $ — $ 125 $ 6 $ — $ 131 $ — $ — $ 131 $ 131 2014, 2015 $ — Boston ISAP Intensive Supervision Appearance Program Burlington, MA $ — $ 80 $ 5 $ — $ 85 $ — $ — $ 85 $ 85 2014, 2015 $ — Hartford ISAP Intensive Supervision Appearance Program Hartford, CT $ — $ 23 $ 10 $ — $ 33 $ — $ — $ 33 $ 33 2009, 2014, 2015 $ — Newark ISAP Intensive Supervision Appearance Program Newark, NJ $ — $ 29 $ 7 $ — $ 36 $ — $ — $ 36 $ 36 2009, 2014, 2019 $ — Marlton ISAP Intensive Supervision Appearance Program Marlton, NJ $ — $ 2 $ 18 $ — $ 20 $ — $ — $ 20 $ 14 2013, 2015, 2019 $ — Richmond, VA ISAP Intensive Supervision Appearance Program Richmond, VA $ — $ 52 $ 18 $ — $ 70 $ — $ — $ 70 $ 53 2015, 2019 $ — Silver Spring, MD ISAP Intensive Supervision Appearance Program Silver Spring, MD $ — $ 345 $ — $ — $ 345 $ — $ — $ 345 $ 263 1964/1965, 2007, 2016 $ — Fort Myers FL ISAP Intensive Supervision Appearance Program Fort Myers, FL $ — $ 76 $ — $ — $ 76 $ — $ — $ 76 $ 25 2019 $ — Los Angeles ISAP Intensive Supervision Appearance Program Los Angeles, CA $ — $ 35 $ 45 $ — $ 80 $ — $ — $ 80 $ 80 2007, 2008, 2014, 2015 $ — San Bernadino ISAP Intensive Supervision Appearance Program San Bernadino, CA $ — $ 42 $ — $ — $ 42 $ — $ — $ 42 $ 42 2008, 2012, 2013 $ — Dallas ISAP Intensive Supervision Appearance Program Dallas, TX $ — $ 17 $ 5 $ — $ 22 $ — $ — $ 22 $ 22 2009 $ — El Paso ISAP Intensive Supervision Appearance Program El Paso, TX $ — $ 2 $ 27 $ — $ 29 $ — $ — $ 29 $ 29 2009, 2015 $ — Houston ISAP Intensive Supervision Appearance Program Houston, TX $ — $ 21 $ 19 $ — $ 40 $ — $ — $ 40 $ 40 2009 $ — Phoenix ISAP Intensive Supervision Appearance Program Phoenix, AZ $ — $ 79 $ (11 ) $ — $ 68 $ — $ — $ 68 $ 68 2015 $ — San Antonio ISAP Intensive Supervision Appearance Program San Antonio, TX $ — $ 7 $ 55 $ — $ 62 $ — $ — $ 62 $ 58 2009, 2014, 2015 $ — San Diego ISAP Intensive Supervision Appearance Program San Diego, CA $ — $ 20 $ — $ — $ 20 $ — $ — $ 20 $ 3 2019 $ — Bakersfield ISAP Intensive Supervision Appearance Program Bakersfield, CA $ — $ 16 $ — $ — $ 16 $ — $ — $ 16 $ 16 2012 $ — Fresno, CA Intensive Supervision Appearance Program Fresno, CA $ — $ 120 $ — $ — $ 120 $ — $ — $ 120 $ 120 2015 $ — Ventura C-Site Intensive Supervision Appearance Program Camarillo, CA $ — $ 59 $ — $ — $ 59 $ — $ — $ 59 $ 40 2016 $ — SW Houston, TX ISAP Intensive Supervision Appearance Program Houston, TX $ — $ 50 $ 5 $ 55 $ 55 $ 55 2017 International Secure Services - Managed Arthur Gorrie Correctional Centre Correctional Facility Brisbane, Queensland AUS $ — $ — $ 151 $ — $ 151 $ — $ — $ 151 $ 122 1992 $ — Fulham Correctional Centre & Fulham Nalu Challenge Community Unit Correctional Facility West Sale, Victoria AUS $ — $ — $ 1,973 $ — $ 1,973 $ — $ — $ 1,973 $ 962 1997, 2002 $ — Junee Correctional Centre Correctional Facility Junee, New South Wales, AUS $ — $ — $ 943 $ — $ 943 $ — $ — $ 943 $ 827 1993 $ — Dungavel House Immigration Removal Centre Detention Facility South Lanarkshire, UK $ — $ — $ 86 $ — $ 86 $ — $ — $ 86 $ 86 2013 $ — Kutama-Sinthumule Correctional Centre Correctional Facility Louis Trichardt, South Africa $ — $ — $ 149 $ — $ 149 $ — $ — $ 149 $ 122 2003-2008 $ — Offices - Owned/Leased Corporate Headquarters Office Boca Raton, FL $ 10,019 $ 49,994 $ 2,317 $ 10,019 $ 50,811 $ — $ 1,500 $ 62,330 $ 953 2019 $ 61,377 Central Regional Office Office San Antonio, TX $ — $ — $ 88 $ — $ 88 $ — $ — $ 88 $ 66 1985, 2003/2004, 2010 $ — Eastern Regional Office Office Charlotte, NC $ — $ — $ 35 $ — $ 35 $ — $ — $ 35 $ 22 1998, 2013 $ — Western Regional Office Office Los Angeles, CA $ — $ 22 $ 134 $ — $ 156 $ — $ — $ 156 $ 129 2002, 2010, 2014 $ — Anderson, IN Call Center Office Anderson, IN $ 114 $ 5,260 $ — $ 114 $ 5,260 $ — $ — $ 5,374 $ 355 2016 $ — Boulder, CO Point II Office Boulder CO $ — $ 3,032 $ 38 $ — $ 3,070 $ — $ — $ 3,070 $ 952 1969, 2015, 2017 $ — Protocol Office Aurora, IL $ — $ 4 $ 229 $ — $ 233 $ — $ — $ 233 $ 175 2014, 2015 $ — Sydney Office Office Sydney, AUS $ — $ — $ 9,400 $ — $ 9,400 $ — $ — $ 9,400 $ 1,462 1980 $ — Miscellaneous Investments Compton, CA Office Building Owned Office Property Compton, CA $ 974 $ 1,546 $ 8 $ 974 $ 1,554 $ — $ — $ 2,528 $ 250 1961/1965 $ — Miscellaneous Investments Various Various $ 18,406 $ 6,147 $ 2,294 $ 1,260 $ 6,113 $ 18,403 $ 1,161 $ 26,937 $ 2,372 Various $ — Total $ 132,927 $ 1,904,458 $ 642,262 $ 125,362 $ 2,493,219 $ 31,762 $ 29,394 $ 2,679,737 $ 616,175 $ 1,121,185 Depreciation related to the real estate investments reflected in the consolidated statements of comprehensive income is calculated over the estimated useful lives of the assets as follows: Land improvements The shorter of 7 years or the term of the lease/contract Buildings Generally 50 years or a shorter period if management determines that the building has a shorter useful life Building improvements 7 or 15 years Leasehold improvements The shorter of 15 years or the term of the lease/contract The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.8 billion at December 31, 2019. Depreciation and amortization are provided on the alternative depreciation system and straight-line methods over the estimated useful lives of the assets. This amount excludes international real estate investments. (1) This schedule presents the real estate property of the Company and does not include facilities with no real estate assets. (2) The negative balance for costs capitalized subsequent to acquisition include losses recorded subsequent to the initial costs. (3) Land on which the facility is situated is subject to one or more ground leases. THE GEO GROUP, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION For the Years Ended December 31, 2019, 2018 and 2017 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2019 2018 2017 Real Estate: Balance at the beginning of the year $ 2,643,065 $ 2,501,844 $ 2,255,260 Additions to/improvements of real estate 57,611 153,163 255,527 Assets sold/written-off (20,939 ) (11,942 ) (8,943 ) Balance at the end of the year $ 2,679,737 $ 2,643,065 $ 2,501,844 Accumulated Depreciation Balance at the beginning of the year $ 558,657 $ 492,582 $ 429,814 Depreciation expense 72,191 70,592 65,723 Assets sold/written-off (14,673 ) (4,517 ) (2,955 ) Balance at the end of the year $ 616,175 $ 558,657 $ 492,582 |
Summary of Business Organizat_2
Summary of Business Organization, Operations and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The equity method of accounting is used for investments in non-controlled affiliates in which the Company’s ownership ranges from 20 to 50 percent, or in instances in which the Company is able to exercise significant influence but not control. The Company reports South Africa Custodial Services ("SACS") and its 50% owned joint venture in the United Kingdom, GEOAmey, under the equity method of accounting. Noncontrolling interests in consolidated entities represent equity that other investors have contributed to South Africa Custodial Management ("SACM"). Non-controlling interests are adjusted for income and losses allocable to the other shareholders in these entities. All significant intercompany balances and transactions have been eliminated. |
Reclassifications | Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported results of operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include reserves for self-insured retention related to general liability insurance, workers’ compensation insurance, auto liability insurance, medical malpractice insurance, employer group health insurance, projected undiscounted cash flows used to evaluate asset impairment, estimated fair values of business acquisitions, pension assumptions, percentage of completion and estimated cost to complete for construction projects, recoverability of notes receivable, estimated useful lives of property and equipment and intangible assets, stock based compensation and allowance for doubtful accounts. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While the Company believes that such estimates are reasonable when considered in conjunction with the consolidated financial statements taken as a whole, the actual amounts of such estimates, when known, will vary from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. |
Dividends | Dividends As a REIT, the Company 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). The amount, timing and frequency of future distributions, however, will be at the sole discretion of the Company's Board of Directors and will be declared based upon various factors, many of which are beyond the Company's control, including, the Company's financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company's existing and future debt instruments, limitations on the Company's ability to fund distributions using cash generated through our TRSs and other factors that the Company's Board of Directors may deem relevant. The Company began paying regular REIT distributions in 2013. Refer to Note 3- Shareholders’ Equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all interest-bearing deposits or investments with original maturities of three months or less when purchased. The Company maintains cash and cash equivalents with various financial institutions. These financial institutions are located throughout the United States, Australia, South Africa and the United Kingdom. As of December 31, 2019 and 2018, the Company had $20.6 million and $18.9 million in cash and cash equivalents held by its international subsidiaries, respectively. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains deposits of cash in excess of federally insured limits with certain financial institutions and accordingly the Company is subject to credit risk. Other than cash, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable, contract receivable, long-term debt and financial instruments used in hedging activities. The Company’s cash management and investment policies restrict investments to low-risk, highly liquid securities, and the Company performs periodic evaluations of the credit standing of the financial institutions with which it deals. |
Accounts Receivable | Accounts Receivable Accounts receivable consists primarily of trade accounts receivable due from federal, state, local and international government agencies for operating and managing secure facilities, providing youth and community-based services, providing electronic monitoring and supervision services, providing construction and design services and providing residential and transportation services. The Company generates receivables with its governmental clients and with other parties in the normal course of business as a result of billing and receiving payment. The Company regularly reviews outstanding receivables, and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgments regarding its customers’ ability to make required payments, economic events and other factors. As the financial condition of these parties change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company also performs ongoing credit evaluations for some of its customers’ financial conditions and generally does not require collateral. Generally, the Company receives payment for these services thirty to sixty days in arrears. However, certain of the Company’s accounts receivable are paid by customers after the completion of their program year and therefore can be aged in excess of one year |
Note Receivable from Joint Venture | Note Receivable from Joint Venture In May 2011, the GEO Group UK Limited, the Company’s subsidiary in the United Kingdom (“GEO UK”), extended a non-revolving line of credit facility to GEOAmey for the purpose of funding mobilization costs and on-going start up and operations in the principal amount of £ 12 million . Amounts under the line of credit were drawn down in multiple advances up to the principal amount and accrued interest at the base rate of the Bank of England plus 0.5% with the principal amount due on demand. The Company recognized interest income on its notes receivable as it is earned. In October 2018, the note receivable to each joint venture was paid off in full. |
Contracts Receivable | Contract Receivable The Company's Australian subsidiary has recorded a contract receivable in connection with the construction of a 1,300 -bed detention facility in Ravenhall, Australia for the State of Victoria. The contract receivable represents costs incurred and estimated earnings in excess of billings and is recorded at net present value based on the timing of expected future settlement. Refer to Note 7 - Contract Receivable for further information. |
Restricted Cash and Investments | Restricted Cash and Cash Equivalents |
Prepaid expenses and Other Current Assets | Prepaid expenses and Other Current Assets Prepaid expenses and other current assets include assets that are expected to be realized within the next fiscal year. Included in the balance at December 31, 2019 is approximately $3.3 million of federal, state and international tax overpayments that will be applied against estimated tax payments due in 2020. Included in the balance at December 31, 2018 is approximately $6.1 million of federal, state and international tax overpayments that were applied against tax payments in 2019. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated amortization and depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 2 to 50 years. Equipment and furniture and fixtures are depreciated over 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. The Company performs ongoing evaluations of the estimated useful lives of the property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the assessment indicates that assets will be used for a longer or shorter period than previously anticipated, the useful lives of the assets are revised, resulting in a change in estimate. The Company has not made any such changes in estimates during the years ended December 31, 2019 , 2018 and 2017. Maintenance and repairs are expensed as incurred. Interest is capitalized in connection with the construction of company-owned secure facilities. Cost for self-constructed secure facilities includes direct materials and labor, capitalized interest and certain other indirect costs associated with construction of the facility, such as property taxes, other indirect labor and related benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction phase, which is the period during which costs are incurred to evaluate the site, and continues until the facility is substantially complete and ready for occupancy. Labor costs capitalized for the years ended December 31, 2019 , 2018 and 2017 were not significant. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Refer to Note 6 - Property and Equipment. Assets Held for Sale As of December 31, 2019, the Company had four properties classified as held for sale included in it's GEO Care segment in the accompanying consolidated balance sheet. The Company classifies a long-lived asset (disposal group) as held for sale in the period in which all of the following criteria are met (i) Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group), (ii) the asset (disposal group) is available for immediate sale in its present condition subject only to the terms that are usual and customary for sales of such assets (disposal groups), (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated, (iv) the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year, except as permitted, (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company records assets held for sale at the lower of cost or estimated fair value and estimates fair value by using third party appraisers or other valuation techniques. The Company does not record depreciation for assets held for sale. Any gain or loss on the sale of operating assets is included in the operating income of the reportable segment to which it relates. |
Asset Impairments | Asset Impairments The Company had property and equipment, net of $2.1 billion and $2.2 billion as of December 31, 2019 and 2018, respectively, including approximately 700 vacant beds with a net book value of approximately $12 million at December 31, 2019 at one of its idle facilities in the Secure Services segment that it is currently marketing to potential customers. Also, in its GEO Care segment, the Company is currently marketing approximately 400 vacant beds with a net book value of approximately $9.0 million at December 31, 2019 at one of its idle facilities to potential customers. The Company reviews long-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Events that would trigger an impairment assessment include deterioration of profits for a business segment that has long-lived assets, or when other changes occur that might impair recovery of long-lived assets such as the termination of a management contract or a prolonged decrease in population. If impairment indicators are present, the Company performs a recoverability test to determine whether or not an impairment loss should be measured. The Company tests idle facilities for impairment upon notification that the facilities will no longer be utilized by the customer. If a long-lived asset is part of a group that includes other assets, the unit of accounting for the long-lived asset is its group. Generally, the Company groups assets by facility for the purpose of considering whether any impairment exists. The estimates of recoverability are based on projected undiscounted cash flows associated with actual marketing efforts where available or, in other instances, projected undiscounted cash flows that are comparable to historical cash flows from management contracts at similar facilities and sensitivity analyses that consider reductions to such cash flows. The Company's sensitivity analyses include adjustments to projected cash flows compared to the historical cash flows due to current business conditions which impact per diem rates as well as labor and other operating costs, changes related to facility mission due to changes in prospective clients, and changes in projected capacity and occupancy rates. The Company also factors in prolonged periods of vacancies as well as the time and costs required to ramp up facility population once a contract is obtained. The Company performs the impairment analysis on an annual basis for each of the idle facilities and takes into consideration updates each quarter for market developments affecting the potential utilization of each of the facilities in order to identify events that may cause the Company to reconsider the most recent assumptions. Such events could include negotiations with a prospective customer for the utilization of an idle facility at terms significantly less favorable than the terms used in the Company's most recent impairment analysis, or changes in legislation surrounding a particular facility that could impact the Company's ability to house certain types of individuals at such facility. Further, a substantial increase in the number of available beds at other facilities the Company owns, or in the marketplace, could lead to deterioration in market conditions and projected cash flows. Although they are not frequently received, an unsolicited offer to purchase any of the Company's idle facilities, at amounts that are less than their carrying value could also cause the Company to reconsider the assumptions used in the most recent impairment analysis. The Company has identified marketing prospects to utilize each of the remaining currently idled facilities and has determined that no current impairment exists. However, the Company can provide no assurance that it will be able to secure management contracts to utilize its idle facilities, or that it will not incur impairment charges in the future. In all cases, the projected undiscounted cash flows in our analysis as of December 31, 2019 substantially exceeded the carrying amounts of each facility. The Company's evaluations also take into consideration historical experience in securing new facility management contracts to utilize facilities that had been previously idled for periods comparable to or in excess of the periods the Company's currently idle facilities have been idle. Such previously idled facilities are currently being operated under contracts that generate cash flows resulting in the recoverability of the net book value of the previously idled facilities by substantial amounts. Due to a variety of factors, the lead time to negotiate contracts with federal and state agencies to utilize idle bed capacity is generally lengthy which has historically resulted in periods of idleness similar to the ones the Company is currently experiencing. By their nature, these estimates contain uncertainties with respect to the extent and timing of the respective cash flows due to potential delays or material changes to forecasted terms and conditions in contracts with prospective customers that could impact the estimate of projected cash flows. Notwithstanding the effects the current economy has had on the Company's customers' for available beds in the short term which has led to its decision to idle certain facilities, the Company believes the long-term trends favor an increase in the utilization of its idle facilities. This belief is also based on the Company's experience in working with governmental agencies faced with significant budgetary challenges which is a primary contributing factor to the lack of appropriated funding to build new bed capacity by federal and state agencies. |
Assets Held under Capital Leases | Assets Held under Finance Leases Assets held under finance leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. Amortization expense is recognized using the straight-line method over the shorter of the estimated useful life of the asset or the term of the related lease and is included in depreciation expense. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The Company has recorded goodwill as a result of its business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. The Company's goodwill is not amortized and is tested for impairment annually on the first day of the fourth quarter, and whenever events or circumstances arise that indicate impairment may have occurred. Impairment testing is performed for all reporting units that contain goodwill. The reporting units are the same as the reportable segment for U.S. Secure Services and are at the operating segment level for GEO Care. On the annual measurement date of October 1, 2019, the Company's management elected to qualitatively assess the Company's goodwill for impairment for all of its reporting units. Under provisions of the qualitative analysis, when testing goodwill for impairment, the Company first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company performs a quantitative impairment test to identify goodwill impairment and measures the amount of goodwill impairment loss to be recognized, if any. The qualitative factors used by the Company’s management to determine the likelihood that the fair value of the reporting unit is less than the carrying amount include, among other things, a review of overall economic conditions and their current and future impact on the Company’s existing business, the Company’s financial performance and stock price, industry outlook and market competition. With respect to the qualitative assessments, management determined that, as of October 1, 2019, it was more likely than not that the fair values of the reporting units exceeded their carrying values. Other Intangible Assets The Company has also recorded other finite and indefinite lived intangible assets as a result of previously completed business combinations. Other acquired finite and indefinite lived intangible assets are recognized separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the Company’s intent to do so. The Company’s intangible assets include facility management contracts, trade names and technology. The facility management contracts represent customer relationships in the form of management contracts acquired at the time of each business combination; the value of BI’s and Protocol Criminal Justice, Inc.'s ("Protocol") trade names represent, among other intangible benefits, name recognition to its customers and intellectual property rights; and the acquired technology represents BI’s innovation with respect to its GPS tracking, monitoring, radio frequency monitoring, voice verification monitoring and alcohol compliance systems, Protocol's innovation with respect to its customer relationship management software and Soberlink, Inc.'s innovation with respect to its alcohol monitoring devices. When establishing useful lives, the Company considers the period and the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up; or, if that pattern cannot be reliably determined, using a straight-line amortization method over a period that may be shorter than the ultimate life of such intangible asset. The Company also considers the impact of renewal terms when establishing useful lives. The Company currently amortizes its acquired facility management contracts over periods ranging from three to twenty-one years and its acquired technology over seven years to eight years . There is no residual value associated with the Company’s finite-lived intangible assets. The Company reviews its trade name assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. The Company does not amortize its indefinite lived intangible assets. The Company reviews its indefinite lived intangible assets annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. These reviews resulted in no impairment to the carrying value of the indefinite lived intangible assets for all periods presented. The Company records the costs associated with renewal and extension of facility management contracts as expenses in the period they are incurred. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs, net of accumulated amortization of $50.8 million and $65.7 million , totaling $30.5 million and $31.1 million at December 31, 2019 and 2018, respectively, are included in Long-Term Debt, Non-Recourse Debt and Other Non-Current Assets in the accompanying Consolidated Balance Sheets and are amortized to interest expense using the effective interest method over the term of the related debt. |
Variable Interest Entities | Variable Interest Entities The Company evaluates its joint ventures and other entities in which it has a variable interest (a “VIE”), generally in the form of investments, loans, guarantees, or equity in order to determine if it has a controlling financial interest and is required to consolidate the entity as a result. The reporting entity with a variable interest that provides the entity with a controlling financial interest in the VIE will have both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate its 50% owned South African joint venture interest in SACS, a VIE. SACS joint venture investors are GEO and Kensani Corrections, Pty. Ltd (an independent third party); each partner owns a 50% share. The Company has determined it is not the primary beneficiary of SACS since it does not have the power to direct the activities of SACS that most significantly impact its performance. As such, the Company's investment in this entity is accounted for under the equity method of accounting. SACS was established and subsequently, in 2001, was awarded a 25 -year contract to design, finance and build the Kutama Sinthumule Correctional Centre in Louis Trichardt, South Africa. To fund the construction of the prison, SACS obtained long-term financing from its equity partners and lenders, the repayment of which is fully guaranteed by the South African government, except in the event of default, in which case the government guarantee is reduced to 80% . The Company's maximum exposure for loss under this contract is limited to its investment in the joint venture of $12.3 million at December 31, 2019 and its guarantees related to SACS are discussed in Note 13 - Debt. The Company does not consolidate its 50% owned joint venture in the United Kingdom. In February 2011, GEO UK, executed a Shareholders Agreement (the “Shareholders Agreement”) with Amey Community Limited (“Amey”) and Amey UK PLC (“Amey Guarantor”) to form GEOAmey, a private company limited by shares incorporated in England and Wales. GEOAmey was formed by GEO UK and Amey (an independent third party) for the purpose of performing prisoner escort and related custody services in England and Wales. In order to form this private company, GEOAmey issued share capital of £ 100 divided into 100 shares of £ 1 each and allocated the shares 50 / 50 to GEO UK and Amey. GEO UK and Amey each have three directors appointed to the Board of Directors and neither party has the power to direct the activities that most significantly impact the performance of GEOAmey. As such, the Company's investment in this entity is accounted for under the equity method of accounting. Both parties provided lines of credit of £12.0 million to ensure that GEOAmey could comply with future contractual commitments related to the performance of its operations. In October 2018, the note receivable to each joint venture partner was paid off in full. |
Fair Value Measurements | Fair Value Measurements The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (“exit price”). The Company carries certain of its assets and liabilities at fair value, measured on a recurring basis, in the accompanying Consolidated Balance Sheets. The Company also has certain assets and liabilities which are not carried at fair value in its accompanying Consolidated Balance Sheets and discloses the fair value measurements compared to the carrying values as of each balance sheet date. The Company’s fair value measurements are disclosed in Note 10 - Financial Instruments and Note 11 - Fair Value of Assets and Liabilities. The Company establishes fair value of its assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels which distinguish between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The level in the fair value hierarchy within which the respective fair value measurement falls is determined based on the lowest level input that is significant to the measurement in its entirety. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities. Level 2 inputs are other than quotable market prices included in Level 1 that are observable for the asset or liability either directly or indirectly through corroboration with observable market data. Level 3 inputs are unobservable inputs for the assets or liabilities that reflect management’s own assumptions about the assumptions market participants would use in pricing the asset or liability. The Company recognizes transfers between Levels 1 , 2 and 3 as of the actual date of the event or change in circumstances that cause the transfer. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification ("ASC") Topic 606, "Revenue from Contracts with Customers" using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. The adoption of this standard did not result in a significant change to the Company's historical revenue recognition policies and there were no significant adjustments that required a cumulative adjustment to retained earnings upon transition. Revenue is recognized when control of the promised goods or services is transferred to GEO's customers, in an amount that reflects the consideration GEO expects to be entitled to in exchange for those goods or services. Sales, value added and other taxes GEO collects concurrent with revenue producing activities and that are subsequently remitted to governmental authorities are excluded from revenues. The guidance distinguishes between goods and services. The definition of services under the guidance includes everything other than goods. As such, in the case of GEO, this guidance views the provision of housing as a service. When a contract includes variable consideration, GEO determines an estimate of the variable consideration and evaluates whether the estimate needs to be constrained; therefore, GEO includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration estimates are updated at each reporting date. A limited number of GEO's domestic contracts have provisions upon which a small portion of the revenue for the contract is based on the performance of certain targets. Domestically, revenue based on the performance of certain targets is less than 1% of the Company's consolidated domestic revenues and was not significant during the periods presented. One of GEO's international contracts, related to its Ravenhall facility (discussed further below), contains a provision where a significant portion of the revenue for the contract is based on the performance of certain targets. These performance targets are based on specific criteria to be met over specific periods of time. Such criteria includes the Company's ability to achieve certain contractual benchmarks relative to the quality of service it provides, non-occurrence of certain disruptive events, effectiveness of its quality control programs and its responsiveness to customer requirements. The performance of these targets are measured quarterly and there was no significant constraint on the estimate of such variable consideration for this contract during the years ended December 31, 2019 and 2018. GEO does not disclose the value of unsatisfied performance obligations for (i) contracts with an expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which GEO has the right to invoice for services performed, which is generally the case for all of GEO's contracts. Incidental items that are immaterial in the context of the contract are recognized as expense. GEO generally does not incur incremental costs related to obtaining a contract with its customers that would meet the requirement for capitalization. There were no assets recognized from costs to obtain a contract with a customer at December 31, 2019 or 2018. The timing of revenue recognition may differ from the timing of invoicing to customers. GEO records a receivable when services are performed which are due from its customers based on the passage of time. GEO records a contract liability if consideration is received in advance of the performance of services. Generally, GEO's customers do not provide payment in advance of the performance of services. Therefore, any contract liability is not significant at December 31, 2019 or 2018. Revenue recognized during the years ended December 31, 2019 and 2018 that was included in the opening balance of unearned revenue was not significant. There have been no significant amounts of revenue recorded in the periods presented from performance obligations either wholly or partially satisfied in prior periods. The right to consideration under GEO's contracts is only dependent on the passage of time and is therefore considered to be unconditional. Payment terms and conditions vary by contract type, although, with the exception of the contract receivable related to GEO's Ravenhall facility (further discussed below), terms generally include a requirement of payment within 30 days after performance obligations are satisfied and generally do not include a significant financing component. There have been no significant changes in receivables or unearned revenue balances during the periods other than regular invoicing and collection activity. The following table disaggregates GEO's revenue by major source and also provides a reconciliation with revenue information disclosed for reportable segments in Note 16 - Business Segments and Geographic Information: Year Ended December 31, 2019 (in thousands) U.S. Secure Services GEO Care International Facility Construction and Design Total Owned and Leased: Secure Services $ 1,228,299 $ — $ — $ — $ 1,228,299 Owned and Leased: Community-based — 176,001 — — 176,001 Owned and Leased: Youth Services — 87,189 — — 87,189 Managed Only 373,380 5,523 232,016 — 610,919 Facility Construction and Design — — — 29,978 29,978 Non-residential Services and Other — 345,536 — — 345,536 Total Revenues $ 1,601,679 $ 614,249 $ 232,016 $ 29,978 $ 2,477,922 Year Ended December 31, 2018 (in thousands) U.S. Secure Services GEO Care International Facility Construction and Design Total Owned and Leased - Secure Services $ 1,110,749 $ — $ — $ — $ 1,110,749 Owned and Leased - Community-based — 170,805 — — 170,805 Owned and Leased - Youth Services — 91,824 — — 91,824 Managed Only 382,224 4,981 253,874 — 641,079 Facility Construction and Design — — — 4,226 4,226 Non-residential Services and Other — 312,703 — — 312,703 Total Revenues $ 1,492,973 $ 580,313 $ 253,874 $ 4,226 $ 2,331,386 Year Ended December 31, 2017 (in thousands) U.S Secure Services GEO Care International Facility Construction and Design Total Owned and Leased - Secure Services $ 1,055,254 $ — $ — $ — $ 1,055,254 Owned and Leased - Community-based — 149,619 — — 149,619 Owned and Leased - Youth Services — 88,184 — — 88,184 Managed Only 382,790 3,495 195,806 — 582,091 Facility Construction and Design — — — 115,404 115,404 Non-residential services and Other — 272,868 — — 272,868 Total Revenues $ 1,438,044 $ 514,166 $ 195,806 $ 115,404 $ 2,263,420 Owned and Leased - Secure Services GEO recognizes revenue for secure housing services where GEO owns or leases the facility as services are performed. GEO provides for the safe and secure housing and care of incarcerated individuals under public-private partnerships with federal, state and local government agencies. This includes providing 24-hour care and supervision, including but not limited to, such services as medical, transportation, food service, laundry services and various programming activities. These tasks are considered to be activities to fulfill the safe and secure housing performance obligation and are not considered to be individually separate promises in the contract. Each of these activities is highly interrelated and GEO performs a significant level of integration of these activities. GEO has identified these activities as a bundle of services and determined that each day of the promised service is distinct. The services provided are part of a series of distinct services that are substantially the same and are measured using the same measure of progress (time-based output method). GEO has determined that revenue for these services are recognized over time as it's customers simultaneously receive and consume the benefits as the services are performed, which is on a continual daily basis, and GEO has a right to payment for performance completed to date. Time-based output methods of revenue recognition are considered to be a faithful depiction of GEO's efforts to fulfill its obligations under its contracts and therefore reflect the transfer of services to its customers. GEO's customers generally pay for these services based on a net rate per day per individual or on a fixed monthly rate. Owned and Leased - Community-based GEO recognizes revenue for community-based reentry services where GEO owns or leases the facility in a manner similar to its secure services discussed above. GEO provides individuals nearing the end of their sentence with the resources necessary to productively transition back into society. Through its residential reentry centers, GEO provides federal and state parolees and probationers with temporary housing, rehabilitation, substance abuse counseling and vocational and educational programs. These activities are considered to be a bundle of services which are a part of a series of distinct services recognized over time based on the same criteria as discussed above for secure services revenues. GEO's customers also generally pay for these services based on a net rate per day per individual or on a fixed monthly rate. Owned and Leased - Youth Services GEO recognizes revenues for youth services where GEO owns or leases the facility in the same manner as discussed above for the housing, supervision, care and rehabilitation of troubled youth residents. The activities to house and care for troubled youth residents are also considered to be a bundle of services which are part of a series of distinct services recognized over time based on the same criteria discussed for the previous two revenue streams. GEO's customers generally pay for these services based on a net rate per day per individual. Managed Only GEO recognizes revenue for its managed only contracts in the same manner as its Owned and Leased Secure Services and Owned and Leased Community-based contracts as discussed above. The primary exception is that GEO does not own or lease the facility. The facility is owned by the customer. In certain circumstances, GEO's customers may request that GEO make certain capital improvements to the facility or make other payments related to the facility. These payments are amortized as a reduction of revenues over the life of the contract. GEO's customers generally pay for these services based on a net rate per day per individual or a fixed monthly rate. Facility Construction and Design Facility Construction and Design revenues during the year ended December 31, 2017 consisted of one contract with the Department of Justice in the State of Victoria (the “State”) for the development and operation of a new 1,300 -bed secure facility (the “Facility”) in Ravenhall, a locality near Melbourne, Australia. The Facility was completed during the fourth quarter of 2017 and GEO is currently managing the Facility under a 25 -year management contract. There were no facility construction and design revenues related to the Facility during the years ended December 31, 2019 or 2018. GEO's promise to design and construct the Facility was considered to be a separate and distinct performance obligation from the management obligation which includes the safe and secure housing, care and programming activities for incarcerated individuals similar to the secure services discussed above. For the obligation to manage the Facility, GEO determined revenue should be recorded over time using a time-based output method based on the same criteria as discussed above for secure services. Fees included and priced in the contract for managing the Facility are considered to be stated at their individual estimated stand-alone selling prices using the adjusted market assessment approach. These services are regularly provided by GEO on a stand-alone basis to similar customers within a similar range of amounts. GEO used the expected cost plus margin approach to allocate the transaction price to the construction obligation. GEO was entitled under the contract to receive consideration in the amount of its costs plus a margin. During the design and construction phase, GEO determined that revenue should be recorded over time and applied cost based input methods using the actual costs incurred relative to the total estimated costs (percentage of completion basis) to determine progress towards contract completion and to calculate the corresponding amount of revenue and gross profit to recognize. Cost based input methods of revenue recognition are considered to be a faithful depiction of GEO's efforts to satisfy long-term construction contracts and therefore reflect the transfer of goods to the customer as the customer controls the work in progress as the Facility is constructed. Cost based input methods of revenue recognition also require GEO to make estimates of net contract revenues and costs to complete the project. Significant judgment was required to evaluate the costs to complete the project, including materials, labor, contingencies and other costs. If estimated total costs on the contract are greater than the net contract revenues, the entire estimated loss on the contract is recognized in the period the loss becomes known. The cumulative effect of revisions to estimates related to net contract revenues or costs to complete are recorded in the period in which the revisions to estimates are identified and the amounts can be reasonably estimated. Typically, the Company enters into fixed price contracts and does not perform additional work unless approved change orders are in place. Costs attributable to unapproved change orders are expensed in the period in which the costs are incurred if the Company believes that it is not probable that the costs will be recovered through a change in the contract price. If the Company believes that it is probable that the costs will be recovered through a change in the contract price, costs related to unapproved change orders are expensed in the period in which they are incurred, and contract revenue is recognized to the extent of the costs incurred. Revenue in excess of the costs attributable to unapproved change orders is not recognized until the change order is approved. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements, may result in revisions to estimated costs and income, and are recognized in the period in which the revisions are determined. For the periods presented, there were no changes in job performance, job conditions and estimated profitability that required a revision to the estimated costs and income recorded. GEO was the primary developer of the project and subcontracted with a bonded international design and build contractor to design and construct the Facility. As the primary contractor for the project, GEO determined that it was primarily responsible for fulfilling the promise to develop and provide the Facility to the State, including overall responsibility for the acceptability of the project in meeting the State's specifications. Therefore, GEO was considered to be a principal in the transaction and construction revenues and construction costs were recorded on a gross basis. The cost of the project during the design and construction phase was funded by debt financing along with a capital contribution by GEO which was made in January 2017. GEO's promise to provide the equity contribution was considered to be a separate and distinct performance obligation that is separate from the construction and facility management obligations. The contribution represents a significant financing element which provided a benefit to the State. Costs incurred and estimated earnings in excess of billings were classified as contract receivable in the accompanying consolidated balance sheets. The contract receivable was partially satisfied through a State contribution, which was made in November 2017 upon commercial acceptance of the Facility, and by quarterly payments to be made over the 25 -year operating phase. The timing of these payments provide the State with a significant benefit of financing for the Facility as the payments by the State occur significantly after performance (construction of the Facility). Therefore, the contract receivable has been recorded at net present value based on the timing of expected future settlement. Interest income is calculated using an effective interest rate of 8.97% and has been presented separately from facility design and construction revenue. Interest income also includes an equity return for GEO's capital contribution. During 2019 and 2018, the Company had facility construction & design services related to an expansion project at its Fulham Correctional Centre in Australia which is expected to be completed in the third quarter of 2020. Revenues have been recorded under the same methodology as discussed above. Non-residential Services and Other Non-residential Services and Other revenue consists of the Company's contracts with federal and various state and local governments to provide location, alcohol and drug detecting electronic monitoring and case management services to individuals on an as needed or as requested basis. This category also includes the Company's day reporting centers. GEO recognizes revenues for electronic monitoring and case management services as the services are performed. Services provided consist of community-based supervision (home visits), in-person reporting, telephonic reporting and GPS and other electonic monitoring as well as overall contract management services. The rates for the various services are considered to be stated at their individual stand-alone selling prices. GEO has determined that the services to be provided are recognized over time based on the unit of occurrence of the various services as its customer simultaneously receives and consumes the benefits as the services are performed and GEO has a right to payment for performance completed to date. Generally, these services are paid based on a net rate per occurrence and a monthly fee for management services. Certain of the Company's electronic monitoring contracts include providing monitoring equipment and related monitoring services activities (using internal proprietary software platforms) to its customers. These tasks are considered to be activities to fulfill the promise to provide electronic monitoring services to individuals and are not considered to be individually separate promises in the contract. In the context of the contract, the equipment and monitoring service is not considered to be capable of being distinct as the customer typically cannot benefit from the equipment or monitoring service on its own or with other readily available resources. Management has identified these activities as a bundle of services and determined that each day or unit of the promised service is distinct. These services are part of a series of distinct services that are substantially the same and are measured using the same measure of progress (time-based output method) and are therefore accounted for as a single performance obligation. GEO has determined that services are recognized over time as the customer simultaneously receives and consumes the benefits as the services are performed and GEO has a right to payment for performance completed to date. Services provided for GEO's day reporting centers are similar to its Owned and Leased Community-based services discussed above with the exception of temporary housing. |
Income Taxes | Income Taxes The consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized as income in the period that includes the enactment date. Refer to Note 17-Income Taxes. Effective January 1, 2013, as a REIT that is required to distribute at least 90% of its taxable income to shareholders, the Company does not expect to pay federal income taxes at the REIT level (including its qualified REIT subsidiaries), as the resulting dividends paid deduction will generally offset its taxable income. Since the Company does not expect to pay taxes on its REIT taxable income, it does not expect to be able to recognize such deferred tax assets and liabilities. Deferred income taxes related to the TRS structure are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Significant judgments are required to determine the consolidated provision for income taxes. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. Realization of the Company’s deferred tax assets is dependent upon many factors such as tax regulations applicable to the jurisdictions in which the Company operates, estimates of future taxable income and the character of such taxable income. The U.S. Tax Cut and Jobs Act ("Tax Act") was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law. Effective January 1, 2018, the Tax Act reduced the U.S. statutory corporate tax rate of our domestic TRSs from 35% to 21% and created new items of taxable income and taxes on certain foreign sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income and the base erosion and anti-abuse tax, respectively. In addition, in 2017 the Tax Act provided for a one-time transition tax on accumulated foreign subsidiary earnings not previously subject to U.S. income tax. While the Company has foreign operations, it has identified that there is no transition tax due. Accounting for the income tax effects of the Tax Act requires significant judgments and estimates in the interpretation and calculations of the provisions of the Tax Act. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company made reasonable estimates of the effects and recorded provisional amounts in its financial statements for the year ended December 31, 2017. As the Company collected and prepared necessary data, and interpreted any additional guidance issued by the U.S. Treasury Department, the IRS or other standard-setting bodies, it made adjustments over the course of the year to the provisional amounts, including refinements to deferred taxes. The accounting for the tax effects of the enactment of the Tax Act has been completed as of December 31, 2018. |
Reserves for Insurance Losses | Reserves for Insurance Losses The nature of the Company’s business exposes it to various types of third-party legal claims, including, but not limited to, civil rights claims relating to conditions of confinement and/or mistreatment, sexual misconduct claims brought by individuals within our care, 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, contractual claims and claims for personal injury or other damages resulting from contact with our facilities, programs, electronic monitoring products, personnel or individuals within our care, including damages arising from an inmate’s escape or from a disturbance or riot at a facility. In addition, the Company’s management contracts generally require it to indemnify the governmental agency against any damages to which the governmental agency may be subject in connection with such claims or litigation. The Company maintains a broad program of insurance coverage for these general types of claims, except for claims relating to employment matters, for which the Company carries no insurance. There can be no assurance that the Company’s insurance coverage will be adequate to cover all claims to which it may be exposed. It is the Company’s general practice to bring merged or acquired companies into its corporate master policies in order to take advantage of certain economies of scale. The Company currently maintains a general liability policy and excess liability policies with total limits of $80.0 million per occurrence and $100 million in the aggregate covering the operations of U.S. Secure Services, GEO Care's community based services, GEO Care's youth services and BI. The Company has a claims-made liability insurance program with a specific loss limit of $35.0 million per occurrence and in the aggregate related to medical professional liability claims arising out of correctional healthcare services. The Company is uninsured for any claims in excess of these limits. We also maintain insurance to cover property and other casualty risks including, workers’ compensation, environmental liability, cybersecurity liability and automobile liability. For most casualty insurance policies, the Company carries substantial deductibles or self-insured retentions of $3.0 million per occurrence for general liability and medical professional liability, $2.0 million per occurrence for workers’ compensation and $1.0 million per occurrence for automobile liability. In addition, certain of the Company’s facilities located in Florida and other high-risk hurricane areas carry substantial windstorm deductibles. Since hurricanes are considered unpredictable future events, no reserves have been established to pre-fund for potential windstorm damage. Limited commercial availability of certain types of insurance relating to windstorm exposure in coastal areas and earthquake exposure mainly in California and the Pacific Northwest may prevent the Company from insuring some of its facilities to full replacement value. With respect to operations in South Africa, the United Kingdom and Australia, the Company utilizes a combination of locally-procured insurance and global policies to meet contractual insurance requirements and protect the Company. In addition to these policies, the Company’s Australian subsidiary carries tail insurance on a general liability policy related to a discontinued contract. Of the insurance policies discussed above, the Company’s most significant insurance reserves relate to workers’ compensation, general liability and auto claims. These reserves are undiscounted and were $68.2 million and $70.9 million as of December 31, 2019 and 2018, respectively, and are included in Accrued Expenses in the accompanying Consolidated Balance Sheets. The Company uses statistical and actuarial methods to estimate amounts for claims that have been reported but not paid and claims incurred but not reported. In applying these methods and assessing their results, the Company considers such factors as historical frequency and severity of claims at each of its facilities, claim development, payment patterns and changes in the nature of its business, among other factors. Such factors are analyzed for each of the Company’s business segments. The Company estimates may be impacted by such factors as increases in the market price for medical services and unpredictability of the size of jury awards. The Company also may experience variability between its estimates and the actual settlement due to limitations inherent in the estimation process, including its ability to estimate costs of processing and settling claims in a timely manner as well as its ability to accurately estimate the Company’s exposure at the onset of a claim. Because the Company has high deductible insurance policies, the amount of its insurance expense is dependent on its ability to control its claims experience. If actual losses related to insurance claims significantly differ from the Company’s estimates, its financial condition, results of operations and cash flows could be materially adversely impacted. |
Comprehensive Income (Loss) | 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 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 in the consolidated statements of shareholders’ equity. |
Foreign Currency Translation | Foreign Currency Translation The Company’s foreign operations use their local currencies as their functional currencies. Assets and liabilities of the operations are translated at the exchange rates in effect on the balance sheet date and shareholders’ equity is translated at historical rates. Income statement items are translated at the average exchange rates for the year. Any adjustment resulting from translating the financial statements of the foreign subsidia ry is reflected as other comprehensive income, net of related tax. Gains and losses on foreign currency transactions are included in the statement of operations. |
Derivatives | Derivatives 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 and records derivatives as either assets or liabilities on the balance sheet. For derivatives that are designed as and qualify as effective cash flow hedges, the portion of gain or loss on the derivative instrument effective at offsetting changes in the hedged item is reported as a component of accumulated other comprehensive income and reclassified into earnings when the hedged transaction affects earnings. For derivative instruments that are designated as and qualify as effective fair value hedges, the gain or loss on the derivative instruments as well as the offsetting gain or loss on the hedged items attributable to the hedged risk is recognized in current earnings as interest income (expense) during the period of the change in fair values. For derivative instruments that do not meet the requirements for hedge accounting, changes in fair value are recorded in earnings. The Company formally documents all relationships between hedging instruments and hedge items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes attributing all derivatives that are designated as cash flow hedges to floating rate liabilities and attributing all derivatives that are designated as fair value hedges to fixed rate liabilities. The Company also assesses whether each derivative is highly effective in offsetting changes in the cash flows of the hedged item. Fluctuations in the value of the derivative instruments are generally offset by changes in the hedged item; however, if it is determined that a derivative is not highly effective as a hedge or if a derivative ceases to be a highly effective hedge, the Company will discontinue hedge accounting prospectively for the affected derivative. |
Stock-Based Compensation Expense | Stock-Based Compensation Expense The Company recognizes the cost of stock-based compensation awards based upon the grant date fair value of those awards. The impact of forfeitures that may occur prior to vesting is also estimated and considered in the amount recognized. Stock-based compensation expense is recognized ratably over the requisite service period, which is typically the vesting period. The Company uses historical data to estimate award exercises and employee terminations within the valuation model. The expected term of the awards represents the period of time that awards granted are expected to be outstanding and is based on historical data and expected holding periods. For restricted stock share-based awards that contain a performance condition, the achievement of the targets must be probable before any share-based compensation is recorded. If subsequent to the 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. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to GEO, 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 the dilutive effect, if any, of common stock equivalents such as stock options and shares of restricted stock. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company implemented the following accounting standards during the year ended December 31, 2019: I n October 2018, the FASB issued ASU No. 2018-16, " Derivatives and Hedging (Topic 815)" . The purpose of this update is to include the Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate (OIS) as a benchmark interest rate for hedge accounting purposes. Because of concerns about the sustainability of LIBOR, the Federal Reserve Board and the Federal Reserve Bank of New York initiated an effort to introduce an alternative reference rate in the United States. The new standard became effective for the Company beginning January 1, 2019. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. I n June 2018, the FASB issued ASU No. 2018-07, " Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting" as a part of its Simplification Initiative. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the period of time over which share-based payment awards vest and the pattern of cost recognition over that period. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606," Revenue from Contracts with Customers. " The new standard became effective for the Company beginning January 1, 2019. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. I n February 2018, the FASB issued ASU No. 2018-02, " Income Statement-Reporting Comprehensive Income-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ". The amendments in this update allow an entity to elect to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within accumulated other comprehensive income ("AOCI") to retained earnings. The new standard is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption was permitted. The Company adopted the new standard effective January 1, 2019 and has made a policy election to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within AOCI to distributions in excess of earnings on a prospective basis. As a result, the Company reclassified $0.7 million for the tax effect of the tax rate reduction related to its pension liability and $1.7 million for the tax effect of other income tax effects of tax reform on items remaining in AOCI related to currency translation adjustments to distributions in excess of earnings on January 1, 2019. The net effect of both adjustments resulted in an aggregate increase to distributions in excess of earnings of approximately $1.0 million . I n August 2017, the FASB issued ASU No. 2017-12, " Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities. " The objective of this guidance is to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. Certain of the amendments in this update as they relate to cash flow hedges, eliminate the requirement to separately record hedge ineffectiveness currently in earnings. Instead, the entire change in the fair value of the hedging instrument is recorded in other comprehensive income. Those amounts are reclassified to earnings in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. The new standard became effective for the Company beginning January 1, 2019. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. In February 2016, the 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 became effective for the Company on January 1, 2019. The Company elected the package of transition expedients available for expired or existing lease contracts, which allowed it to carry forward its historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also elected not to apply the recognition requirements to lease arrangements that have terms of twelve months or less. The adoption had a material impact in the Company's consolidated balance sheets, but did not have an impact on its consolidated statements of operations or cash flows. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. The new standard resulted in the recording of operating right-of-use lease assets and operating lease liabilities of approximately $140 million and $147 million , respectively, as of January 1, 2019. Refer to Note 14 - Leases for further discussion and additional required disclosures. The following accounting standards will be adopted in future periods: I n August 2018, the FASB issued ASU No. 2018-14, " Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715.20)" as a part of its disclosure framework project. The amendments in this update remove, modify and add certain disclosures primarily related to amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, explanations for reasons for significant gains and losses related to changes in the benefit obligation for the period, and projected and accumulated benefit obligations. The new standard is effective for the Company beginning January 1, 2021. 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 August 2018, the FASB issued ASU No. 2018-13, " Fair Value Measurement (Topic 820)" as a part of its disclosure framework project. The amendments in this update remove, modify and add certain disclosures primarily related to transfers between Level 1 and Level 2 of the fair value hierarchy, various disclosures related to Level 3 fair value measurements and investments in certain entities that calculate net asset value. The new standard was effective for the Company beginning January 1, 2020. 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 June 2016, the FASB issued ASC No. 2016-13, " Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ". The purpose of Update No. 2016-13 is to replace the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. Update No. 2016-13 was effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018. The Company has completed its process of determining the effect that the adoption will have on its financial position and results of operations and the Company does not expect the new standard will have a material impact on its financial statements. |
Summary of Business Organizat_3
Summary of Business Organization, Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 Cash and Cash Equivalents $ 32,463 $ 31,255 $ 81,377 Restricted cash and cash equivalents - current 32,418 51,678 44,932 Restricted cash and investments - non-current 30,923 22,431 27,999 Less Restricted investments - non-current (28,332 ) (20,892 ) (20,763 ) Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows $ 67,472 $ 84,472 $ 133,545 |
Disaggregation of Revenue | The following table disaggregates GEO's revenue by major source and also provides a reconciliation with revenue information disclosed for reportable segments in Note 16 - Business Segments and Geographic Information: Year Ended December 31, 2019 (in thousands) U.S. Secure Services GEO Care International Facility Construction and Design Total Owned and Leased: Secure Services $ 1,228,299 $ — $ — $ — $ 1,228,299 Owned and Leased: Community-based — 176,001 — — 176,001 Owned and Leased: Youth Services — 87,189 — — 87,189 Managed Only 373,380 5,523 232,016 — 610,919 Facility Construction and Design — — — 29,978 29,978 Non-residential Services and Other — 345,536 — — 345,536 Total Revenues $ 1,601,679 $ 614,249 $ 232,016 $ 29,978 $ 2,477,922 Year Ended December 31, 2018 (in thousands) U.S. Secure Services GEO Care International Facility Construction and Design Total Owned and Leased - Secure Services $ 1,110,749 $ — $ — $ — $ 1,110,749 Owned and Leased - Community-based — 170,805 — — 170,805 Owned and Leased - Youth Services — 91,824 — — 91,824 Managed Only 382,224 4,981 253,874 — 641,079 Facility Construction and Design — — — 4,226 4,226 Non-residential Services and Other — 312,703 — — 312,703 Total Revenues $ 1,492,973 $ 580,313 $ 253,874 $ 4,226 $ 2,331,386 Year Ended December 31, 2017 (in thousands) U.S Secure Services GEO Care International Facility Construction and Design Total Owned and Leased - Secure Services $ 1,055,254 $ — $ — $ — $ 1,055,254 Owned and Leased - Community-based — 149,619 — — 149,619 Owned and Leased - Youth Services — 88,184 — — 88,184 Managed Only 382,790 3,495 195,806 — 582,091 Facility Construction and Design — — — 115,404 115,404 Non-residential services and Other — 272,868 — — 272,868 Total Revenues $ 1,438,044 $ 514,166 $ 195,806 $ 115,404 $ 2,263,420 |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss attributable to GEO included in the consolidated statement of shareholders' equity are as follows (in thousands): Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1] Unrealized loss on derivatives, net of tax [2] Pension adjustments, net of tax Total Balance, January 1, 2019 $ (14,573 ) $ (5,746 ) $ (3,299 ) $ (23,618 ) Current-period other comprehensive income (loss) before reclassifications 2,259 419 (3,246 ) (568 ) Amounts reclassified from other comprehensive income into earnings — 3,851 — 3,851 Net current-period comprehensive income (loss) 2,259 4,270 (3,246 ) 3,283 Balance, December 31, 2019 $ (12,314 ) $ (1,476 ) $ (6,545 ) $ (20,335 ) Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1] Unrealized loss on derivatives, net of tax Pension adjustments, net of tax Total Balance, January 1, 2018 $ (7,470 ) $ (11,892 ) $ (5,084 ) $ (24,446 ) Current-period other comprehensive income (loss) (7,103 ) 6,146 1,785 828 Balance, December 31, 2018 $ (14,573 ) $ (5,746 ) $ (3,299 ) $ (23,618 ) [1] The foreign currency translation adjustment, net of tax, related to noncontrolling interests was not significant for the years ended December 31, 2019 or 2018. [2] On May 22, 2019, the Company refinanced the debt associated with its Ravenhall project and terminated the associated interest rate swap derivatives which resulted in the reclassification of $3.9 million into loss on extinguishment of debt that were previously reported in accumulated other comprehensive income (loss). In August 2019, the Company entered into two identical promissory notes in the aggregate amount of $44.3 million which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has entered into interest rate swap agreements to fix the interest rate at 4.22% . Refer to Note 8 - Derivative Financial Instruments and Note 13 - Debt for additional information. |
Fair value of stock-based awards | The fair value of stock-based option awards was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for options awarded during years 2019, 2018 and 2017: 2019 2018 2017 Risk free interest rates 2.44% 2.84% 1.53 % Expected term 4-5 years 4-5 years 4-5 years Expected volatility 41% 40% 36 % Expected dividend rate 8.47% 8.70% 5.79 % |
Fair value assumptions of restricted stock | The fair value of restricted stock awards granted in 2019, 2018 and 2017 with market-based performance conditions 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: 2019 2018 2017 Expected volatility 43.7 % 44.5 % 42.2 % Beta 1.00 1.05 1.11 Risk free interest rate 2.53 % 2.58 % 1.46 % |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price allocation as of December 31, 2017 and as of March 31, 2018 and adjustments made to the estimated acquisition date fair values during the fiscal year ended December 31, 2018 are as follows (in thousands): Acquisition Date Estimated Fair Value as of December 31, 2017 Measurement Period Adjustments Final Acquisition Date Fair Value as of March 31, 2018 Accounts Receivable $ 32,869 $ — $ 32,869 Prepaid and other current assets 4,397 — 4,397 Property and equipment 126,510 — 126,510 Intangible assets 76,000 — 76,000 Favorable lease assets 3,110 — 3,110 Deferred income tax assets 4,116 44 4,160 Other non-current assets 4,327 — 4,327 Total assets acquired $ 251,329 $ 44 $ 251,373 Accounts payable and accrued expenses 51,651 (1,339 ) 50,312 Unfavorable lease liabilities 1,299 — 1,299 Other non-current liabilities 10,479 (1,166 ) 9,313 Total liabilities assumed $ 63,429 $ (2,505 ) $ 60,924 Total identifiable net assets 187,900 2,549 190,449 Goodwill 165,656 (2,549 ) 163,107 Total consideration paid, net of cash acquired $ 353,556 $ — $ 353,556 |
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 $ 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): Year Ended (unaudited) December 31, 2017 Pro forma revenues $ 2,300,000 Pro forma net income attributable to the GEO Group, Inc. $ 160,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Dividends Declared | During the years ended December 31, 2019 , 2018 and 2017, GEO declared and paid the following regular cash distributions to its stockholders which were treated for federal income taxes as follows (retroactively adjusted to reflect the effects of the Company's 3-for-2 stock split): Ordinary Dividends Declaration Date Payment Date Record Date Distribution Per Share Qualified (1) Non-Qualified Nondividend Distributions (2) Aggregate Payment Amount (millions) February 6, 2017 February 27, 2017 February 17, 2017 0.47 $ 0.0175622 $ 0.2468402 $ 0.2025975 $ 52.5 April 25, 2017 May 19, 2017 May 9, 2017 $ 0.47 $ 0.0176751 $ 0.2484259 $ 0.2038990 $ 58.4 July 10, 2017 July 28, 2017 July 21, 2017 0.47 $ 0.0176751 $ 0.2484259 $ 0.2038990 $ 58.3 October 12, 2017 October 30, 2017 October 23, 2017 $ 0.47 $ 0.0176751 $ 0.2484259 $ 0.2038990 $ 58.3 February 5, 2018 February 27, 2018 February 16, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 58.3 April 11, 2018 May 3, 2018 April 23, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 57.4 July 10, 2018 July 27, 2018 July 20, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 57.2 October 15, 2018 November 2, 2018 October 26, 2018 $ 0.47 $ 0.0461171 $ 0.2090220 $ 0.2148609 $ 57.2 February 4, 2019 February 22, 2019 February 15, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 57.9 April 3, 2019 April 22, 2019 April 15, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 58.2 July 9, 2019 July 26, 2019 July 19, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 58.2 October 14, 2019 November 1, 2019 October 25, 2019 $ 0.48 $ — $ 0.2759699 $ 0.2040301 $ 58.2 (1) For 2019, there are no Qualified Dividends. Qualified Dividends represents the portion of Total Ordinary Dividends which constitutes a "Qualified Dividend", as defined by the Internal Revenue Service. (2) The amount constitutes a "Return of Capital", as defined by the Internal Revenue Service. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Recognized compensation expenses | The Company recognized compensation expense related to the Company plans for the years ended December 31, 2019 , 2018 and 2017 as follows (in thousands): 2019 2018 2017 Stock option plan expense $ 1,085 $ 996 $ 1,305 Restricted stock expense $ 21,260 $ 21,053 $ 18,539 |
Summary of the Activity of Stock Option Awards | A summary of the activity of the Company’s stock options plans is presented below: Shares Wtd. Avg. Exercise Price Wtd. Avg. Remaining Contractual Term (years) Aggregate Intrinsic Value (In thousands) (In thousands) Options outstanding at January 1, 2019 1,462 $ 24.30 7.20 $ 924 Granted 391 22.68 Exercised (78 ) 16.03 Forfeited/Canceled (185 ) 24.60 Options outstanding at December 31, 2019 1,590 $ 24.29 6.90 $ 232 Options vested and expected to vest at December 31, 2019 1,521 $ 24.34 6.82 $ 232 Options exercisable at December 31, 2019 809 $ 24.84 5.53 $ 232 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of 2019 and the exercise price, times the number of shares that are “in the money”) that would have been received by the option holders had all option holders exercised their options on December 31, 2019 . This amount changes based on the fair value of the Company’s stock. The following table summarizes information relative to stock option activity during the years ended December 31, 2019 , 2018 and 2017 (in thousands): 2019 2018 2017 Intrinsic value of options exercised $ 433 $ 519 $ 4,126 Fair value of shares vested $ 971 $ 794 $ 373 |
Exercise Prices and Related Information of Stock Option Outstanding | The following table summarizes information about the exercise prices and related information of stock options outstanding under the Company plans at December 31, 2019 : Options Outstanding Options Exercisable Exercise Prices ($) Number Outstanding Wtd. Avg. Remaining Contractual Life Wtd. Avg. Exercise Price Number Exercisable Wtd. Avg. Remaining Contractual Life Wtd. Avg. Exercise Price (In thousands) 0-18.23 112 1.73 $ 14.54 112 1.73 $ 14.54 18.24-22.26 618 7.16 $ 21.00 287 6.25 $ 20.71 22.27-29.39 519 7.61 $ 25.07 203 5.17 $ 28.77 29.40-50.00 341 7.04 $ 32.31 207 6.95 $ 32.31 Total 1,590 6.90 $ 24.29 809 5.53 $ 24.84 |
Status of Non - Vested Stock Options | The following table summarizes the status of non-vested stock options as of December 31, 2019 and changes during the year ended December 31, 2019 : Number of Shares Wtd. Avg. Grant Date Fair Value (In thousands) Options non-vested at January 1, 2019 816 $ 3.86 Granted 391 3.96 Vested (241 ) 3.55 Forfeited (185 ) 4.04 Options non-vested at December 31, 2019 781 $ 3.99 |
Summary of the Activity of Restricted Stock | The following table summarizes the status of restricted stock awards as of December 31, 2019 and changes during the year ended December 31, 2019 : Shares Wtd. Avg. Grant date Fair value (In thousands) Restricted stock outstanding at January 1, 2019 2,018 $ 27.62 Granted 788 23.79 Vested (701 ) 24.09 Forfeited/Canceled (58 ) 23.99 Restricted stock outstanding at December 31, 2019 2,047 $ 27.33 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | Basic and diluted earnings per share (“EPS”) from continuing operations were calculated for the years ended December 31, 2019 , 2018, and 2017 respectively, as follows: Fiscal Year 2019 2018 2017 (In thousands, except per share data) Net Income $ 166,412 $ 144,827 $ 146,024 Loss attributable to noncontrolling interests 191 262 217 Net income attributable to The GEO Group, Inc. $ 166,603 $ 145,089 $ 146,241 Basic earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 119,097 120,241 120,095 Per share amount $ 1.40 $ 1.21 $ 1.22 Diluted earnings per share attributable to The GEO Group, Inc.: Weighted average shares outstanding 119,097 120,241 120,095 Dilutive effect of equity incentive plans 214 506 719 Weighted average shares assuming dilution 119,311 120,747 120,814 Per share amount - diluted $ 1.40 $ 1.20 $ 1.21 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consist of the following at fiscal year end: Useful Life 2019 2018 (Years) (In thousands) Land — $ 128,874 $ 131,377 Buildings and improvements 2 to 50 2,229,956 2,144,414 Leasehold improvements 1 to 29 291,511 303,348 Equipment 3 to 10 216,604 206,191 Furniture, fixtures and computer software 1 to 7 64,828 60,159 Facility construction in progress — 31,979 65,282 Total $ 2,963,752 $ 2,910,771 Less accumulated depreciation and amortization (819,030 ) (752,161 ) Property and equipment, net $ 2,144,722 $ 2,158,610 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Company's Goodwill Balances | Changes in the Company’s goodwill balances recognized during the years ended December 31, 2019 and 2018 were as follows (in thousands): 12/31/2018 Foreign currency translation 12/31/2019 U.S. Secure Services $ 316,366 $ — $ 316,366 GEO Care 459,589 — 459,589 International Services 404 (3 ) 401 Total Goodwill $ 776,359 $ (3 ) $ 776,356 12/31/2017 Acquisitions (net of dispositions) Foreign 12/31/2018 U.S. Secure Services $ 317,005 $ (639 ) $ — $ 316,366 GEO Care 461,499 (1,910 ) — 459,589 International Services 447 — (43 ) 404 Total Goodwill $ 778,951 $ (2,549 ) $ (43 ) $ 776,359 |
Schedule of Intangible Assets | Intangible assets consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 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 $ 308,432 $ (148,171 ) $ 160,261 $ 308,419 $ (127,481 ) $ 180,938 Covenants not to compete 1 — — — 700 (700 ) — Technology 7.3 33,700 (29,091 ) 4,609 33,700 (27,478 ) 6,222 Trade names Indefinite 45,200 — 45,200 45,200 — 45,200 Total acquired intangible assets $ 387,332 $ (177,262 ) $ 210,070 $ 388,019 $ (155,659 ) $ 232,360 |
Estimated Amortization Expense for the Remainder | Estimated amortization expense related to the Company’s finite-lived intangible assets for 2020 through 2024 and thereafter is as follows (in thousands): Fiscal Year Total Amortization Expense 2020 $ 22,288 2021 19,782 2022 18,138 2023 13,494 2024 9,761 Thereafter 81,407 $ 164,870 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Fair Value Assets and Liabilities Measured on Recurring Basis | The following table provides a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis (in thousands): Fair Value Measurements at December 31, 2019 Carrying Value at December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Restricted investments: Rabbi Trust $ 28,332 $ — $ 28,332 $ — Fixed income securities 1,892 — 1,892 — Liabilities: Interest rate swap derivatives $ 1,869 $ — $ 1,869 $ — Fair Value Measurements at December 31, 2018 Carrying Value at December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Restricted investments: Rabbi Trust $ 20,892 $ — $ 20,892 $ — Fixed income securities 1,801 — 1,801 — Liabilities: Interest rate swap derivatives $ 8,638 $ — $ 8,638 $ — |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Value of Financial Instruments | The Company’s Consolidated Balance Sheets reflect certain financial instruments at carrying value. The following table presents the carrying values of those instruments and the corresponding estimated fair values (in thousands): Estimated Fair Value Measurements at December 31, 2019 Carrying Value as of December 31, 2019 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 32,463 $ 32,463 $ 32,463 $ — $ — Restricted cash and investments 35,010 35,010 35,010 — — Liabilities: Borrowings under Senior Credit Facility $ 1,298,671 $ 1,218,861 $ — $ 1,218,861 $ — 5.875% Senior Notes due 2022 193,958 194,239 — 194,239 — 5.125% Senior Notes 300,000 287,982 — 287,982 — 5.875% Senior Notes due 2024 250,000 228,493 — 228,493 — 6.00% Senior Notes 350,000 314,052 — 314,052 — Non-recourse debt 328,178 327,792 — 327,792 — Estimated Fair Value Measurements at December 31, 2018 Carrying Value as of December 31, 2018 Total Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 31,255 $ 31,255 $ 31,255 $ — $ — Restricted cash and investments 53,217 53,217 50,499 2,718 — Liabilities: Borrowings under Senior Credit Facility $ 1,273,965 $ 1,188,196 $ — $ 1,188,196 $ — 5.875% Senior Notes due 2022 250,000 244,550 — 244,550 — 5.125% Senior Notes 300,000 271,992 — 271,992 — 5.875% Senior Notes due 2024 250,000 224,590 — 224,590 — 6.00% Senior Notes 350,000 310,177 — 310,177 — Non-recourse debt 340,910 348,274 — 348,274 — |
Accrued Expenses and other cu_2
Accrued Expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Summary of Accrued Expenses | Accrued expenses and other current liabilities consisted of the following (in thousands): 2019 2018 Accrued interest $ 17,850 $ 19,554 Accrued bonus 16,914 15,047 Accrued insurance 73,192 71,524 Accrued repair obligations for damaged property 4,343 19,067 Accrued property and other taxes 35,192 26,828 Construction retainage 1,097 1,913 Other 43,020 50,237 Total $ 191,608 $ 204,170 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Summary of Debt | Debt consisted of the following (in thousands): December 31, 2019 December 31, 2018 Senior Credit Facility: Term loan $ 778,000 $ 786,000 Unamortized debt issuance costs on term loan (5,410 ) (6,826 ) Unamortized discount on term loan (2,281 ) (2,878 ) Revolver 520,671 490,843 Total Senior Credit Facility $ 1,290,980 $ 1,267,139 6.00% Senior Notes: Notes Due in 2026 $ 350,000 $ 350,000 Unamortized debt issuance costs (4,282 ) (4,820 ) Total 6.00% Senior Notes Due in 2026 $ 345,718 $ 345,180 5.875% Senior Notes: Notes Due in 2024 $ 250,000 $ 250,000 Unamortized debt issuance costs (2,532 ) (2,971 ) Total 5.875% Senior Notes Due in 2024 $ 247,468 $ 247,029 5.125% Senior Notes: Notes Due in 2023 $ 300,000 $ 300,000 Unamortized debt issuance costs (2,876 ) (3,548 ) Total 5.125% Senior Notes Due in 2023 $ 297,124 $ 296,452 5.875% Senior Notes: Notes Due in 2022 $ 193,958 $ 250,000 Unamortized debt issuance costs (1,351 ) (2,514 ) Total 5.875% Senior Notes Due in 2022 $ 192,607 $ 247,486 Non-Recourse Debt: Non-Recourse Debt $ 328,178 $ 341,074 Unamortized debt issuance costs on non-recourse debt (5,279 ) (3,883 ) Discount on Non-Recourse Debt (81 ) (164 ) Total Non-Recourse Debt $ 322,818 $ 337,027 Finance Lease Obligations 4,570 6,059 Other debt 43,410 2,469 Total debt $ 2,744,695 $ 2,748,841 Current portion of finance lease obligations, long-term debt and non-recourse debt [1] (24,208 ) (332,027 ) Finance Lease Obligations, long-term portion (2,954 ) (4,570 ) Non-Recourse Debt, long-term portion (309,236 ) (15,017 ) Long-Term Debt $ 2,408,297 $ 2,397,227 [1] Balance at December 31, 2018 includes the balance of the non-recourse debt related to Ravenhall which, in accordance with the syndicated facility agreement, had to be refinanced in September 2019. As such, the balance has been reflected as current as of December 31, 2018. In May 2019, the debt was refinanced and the long-term portion was reclassified. |
Debt Repayment Schedules Under Capital Lease Obligations, Long-Term Debt and Non-Recourse Debt | Debt repayment schedules under Finance Lease Obligations, Long-Term Debt, Non-Recourse Debt and the Senior Credit Facility are as follows: Fiscal Year Finance Leases Long-Term Debt Non- Recourse Debt Revolver Term Loans Total Annual Repayment (In thousands) 2020 $ 1,934 $ 1,026 $ 13,901 $ — $ 8,000 $ 24,861 2021 1,936 1,071 14,780 — 8,000 25,787 2022 1,233 195,075 7,722 — 8,000 212,030 2023 — 301,166 8,218 — 8,000 317,384 2024 — 251,208 8,688 520,671 746,000 1,526,567 Thereafter — 388,535 274,869 — — 663,404 5,103 1,138,081 328,178 520,671 778,000 2,770,033 Interest imputed on Capital Leases (533 ) — — — — (533 ) Original issue discount — — (81 ) — (2,281 ) (2,362 ) Current portion (1,616 ) (1,026 ) (13,901 ) — (8,000 ) (24,543 ) Non-current portion $ 2,954 $ 1,137,055 $ 314,196 $ 520,671 $ 767,719 $ 2,742,595 |
Senior Notes | 5.875% Senior Notes due 2022 | |
Debt Instrument [Line Items] | |
Debt Instrument Redemption | In addition, the Company may, at its option, redeem the 5.875% Senior Notes due 2024 in whole or in part on or after October 15, 2019 through 2024 and thereafter as indicated below: Year Percentage 2020 101.958% 2021 100.979% 2022 and thereafter 100.000% |
Senior Notes | 6.00% Senior Notes | |
Debt Instrument [Line Items] | |
Debt Instrument Redemption | On or after April 15, 2021, GEO may, at its option, redeem all or part of the 6.00% Senior Notes upon not less than 30 nor more than 60 days ’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 6.00% Senior Notes redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on April 15 of the years indicated below: Year Percentage 2021 103.000% 2022 102.000% 2023 101.000% 2024 and thereafter 100.000% |
Senior Notes | 5.875% Senior Notes | |
Debt Instrument [Line Items] | |
Debt Instrument Redemption | On or after January 15, 2017, GEO may, at its option, redeem all or part of the 5.875% Senior Notes 2022 upon not less than 30 days nor more than 60 days ’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and including liquidated damages, if any, on the 5.875% Senior Notes due 2022 redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on January 15 of the years indicated below: Year Percentage 2020 and thereafter 100.000 % |
Senior Notes | 5.125% Senior Notes | |
Debt Instrument [Line Items] | |
Debt Instrument Redemption | On or after April 1, 2018, the Company may, at its option, redeem all or a part of the 5.125% Senior Notes upon not less than 30 days nor more than 60 days notice at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and liquidated damages, if any, on the 5.125% Senior Notes redeemed, to the applicable redemption date, if redeemed during the period beginning on April 1 of the years indicated below: Year Percentage 2020 100.854 % 2021 and thereafter 100.000 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Assets And Liabilities, Lessee | Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands): Classification on the Balance Sheet December 31, 2019 Assets Operating lease assets Operating Lease Right-of-Use Assets, Net $ 121,527 Finance lease assets Property and Equipment, Net 2,880 Total lease assets $ 124,407 Liabilities Current Operating Operating lease liabilities, current portion $ 26,208 Finance [1] Current portion of finance liabilities, long-term debt and non-recourse debt 1,616 Noncurrent Operating Operating Lease Liabilities 97,291 Finance [1] Finance Lease Liabilities 2,954 Total lease liabilities $ 128,069 [1] Also refer to Note 13 - Debt. |
Lease, Cost | Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands): Year Ended December 31, 2019 Operating lease cost $ 46,934 Finance lease cost: Amortization of right-of-use assets 1,023 Interest on lease liabilities 354 Total finance lease cost 1,377 Short-term lease cost 1,953 Total lease cost $ 50,264 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 48,833 Operating cash flows for finance leases $ 323 Financing activities for finance leases $ 1,610 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,223 Weighted average remaining lease term: Operating leases 7.3 years Finance leases 2.7 years Weighted average discount rate: Operating leases 4.75 % Finance leases 8.27 % |
Lessee, Operating Lease, Liability, Maturity | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2019 (in thousands). Operating Leases Finance Leases 2020 $ 31,378 $ 1,934 2021 26,188 1,936 2022 19,691 1,233 2023 16,044 — 2024 13,527 — Thereafter 41,652 — Total minimum lease payments 148,480 5,103 Less: amount of lease payment representing interest (24,981 ) (533 ) Present value of future minimum lease payments 123,499 4,570 Less: current obligations under leases (26,208 ) (1,616 ) Long-term lease obligations $ 97,291 $ 2,954 |
Finance Lease, Liability, Maturity | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2019 (in thousands). Operating Leases Finance Leases 2020 $ 31,378 $ 1,934 2021 26,188 1,936 2022 19,691 1,233 2023 16,044 — 2024 13,527 — Thereafter 41,652 — Total minimum lease payments 148,480 5,103 Less: amount of lease payment representing interest (24,981 ) (533 ) Present value of future minimum lease payments 123,499 4,570 Less: current obligations under leases (26,208 ) (1,616 ) Long-term lease obligations $ 97,291 $ 2,954 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components of Company Plan Benefit Expense | The following table summarizes key information related to the Company’s pension plans and retirement agreements. The table illustrates the reconciliation of the beginning and ending balances of the benefit obligation showing the effects during the periods presented attributable to service cost, interest cost, plan amendments, termination benefits, actuarial gains and losses. The assumptions used in the Company’s calculation of accrued pension costs are based on market information and the Company’s historical rates for employment compensation and discount rates. December 31, 2019 December 31, 2018 Accumulated Benefit Obligation, End of Year $ 30,139 $ 25,777 Change in Projected Benefit Obligation Projected Benefit Obligation, Beginning of Year $ 32,474 $ 32,820 Service Cost 998 1,200 Interest Cost 1,393 1,242 Actuarial (Gain) Loss 3,449 (2,166 ) Benefits Paid (763 ) (622 ) Projected Benefit Obligation, End of Year $ 37,551 $ 32,474 Change in Plan Assets Plan Assets at Fair Value, Beginning of Year $ — $ — Company Contributions 763 622 Benefits Paid (763 ) (622 ) Plan Assets at Fair Value, End of Year $ — $ — Unfunded Status of the Plan $ (37,551 ) $ (32,474 ) Amounts Recognized in Accumulated Other Comprehensive Income Net Loss 8,285 5,047 Total Pension Cost $ 8,285 $ 5,047 |
Components of Net Periodic Benefit Cost | 2019 2018 Components of Net Periodic Benefit Cost Service Cost $ 998 $ 1,200 Interest Cost 1,393 1,242 Amortization of: Net Loss 210 532 Net Periodic Pension Cost $ 2,601 $ 2,974 Weighted Average Assumptions for Expense Discount Rate 3.40 % 4.50 % Expected Return on Plan Assets N/A N/A Rate of Compensation Increase 4.40 % 4.40 % |
Benefit Payments Representing the Company's Obligations to Employees | The benefit payments reflected in the table below represent the Company’s obligations to employees that are eligible for retirement or have already retired and are receiving deferred compensation benefits: Fiscal Year Pension Benefits (In thousands) 2020 $ 9,465 2021 868 2022 860 2023 850 2024 939 Thereafter 24,569 $ 37,551 |
Business Segments and Geograp_2
Business Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating and Reporting Segments | Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated. Fiscal Year 2019 2018 2017 Revenues: U.S. Secure Services $ 1,601,679 $ 1,492,973 $ 1,438,044 GEO Care 614,249 580,313 514,166 International Services 232,016 253,874 195,806 Facility Construction and Design [1] [2] 29,978 4,226 115,404 Total revenues $ 2,477,922 $ 2,331,386 $ 2,263,420 Capital Expenditures: U.S. Secure Services $ 69,074 $ 163,208 $ 117,186 GEO Care 45,000 30,136 24,263 International Services 1,468 2,322 6,957 Total capital expenditures [1] $ 115,542 $ 195,666 $ 148,406 Depreciation and amortization: U.S. Secure Services $ 78,974 $ 76,801 $ 75,276 GEO Care 49,781 47,546 47,103 International Services 2,070 2,087 1,918 Total depreciation and amortization [1] $ 130,825 $ 126,434 $ 124,297 Operating Income: U.S. Secure Services $ 322,506 $ 297,453 $ 302,488 GEO Care 147,036 138,911 123,525 International Services 16,723 12,816 14,235 Facility Construction & Design [1] [2] 74 — (1,620 ) Operating income from segments $ 486,339 $ 449,180 $ 438,628 General and Administrative Expenses (185,926 ) (184,515 ) (190,343 ) Total operating income $ 300,413 $ 264,665 $ 248,285 [1] The Company began the design and construction of a secure facility located in Ravenhall, a locality near Melbourne, Australia in 2014. The facility was completed in November 2017. There were no capital expenditures or depreciation or amortization associated with this segment in 2019, 2018 or 2017. Refer to Note 7 - Contract Receivable. [2] During 2019 and 2018, the Company had facility construction & design revenues related to an expansion project at its Fulham Correctional Centre in Australia which is expected to be completed in the third quarter of 2020. |
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 each case, during the years ended December 31, 2019 , 2018 and 2017, respectively. Fiscal Year Ended 2019 2018 2017 (In thousands) Operating income from segments $ 486,339 $ 449,180 $ 438,628 Unallocated amounts: General and administrative expense (185,926 ) (184,515 ) (190,343 ) Net interest expense (122,090 ) (115,348 ) (96,348 ) Loss on extinguishment of debt (4,795 ) — — Income before income taxes and equity in earnings of affiliates $ 173,528 $ 149,317 $ 151,937 |
Geographical Information | 2019 2018 2017 (In thousands) Segment assets: U.S. Secure Services $ 2,618,629 $ 2,590,722 $ 2,385,069 GEO Care 1,112,880 1,063,484 1,121,792 International Services 82,097 84,911 40,056 Facility Construction & Design 371,846 383,713 499,406 Total segment assets $ 4,185,452 $ 4,122,830 $ 4,046,323 Fiscal Year 2019 2018 2017 (In thousands) Revenues: U.S. operations $ 2,216,401 $ 2,073,286 $ 1,952,210 Australia operations 235,462 231,164 285,702 South African operations 18,779 19,806 18,251 United Kingdom operations 7,280 7,130 7,257 Total revenues $ 2,477,922 $ 2,331,386 $ 2,263,420 Property and Equipment, net: U.S. operations $ 2,131,877 $ 2,145,197 $ 2,061,711 Australia operations 12,215 13,006 16,281 South African operations 182 88 131 United Kingdom operations 448 319 — Total Property and Equipment, net $ 2,144,722 $ 2,158,610 $ 2,078,123 |
Asset Reconciliation of Segments | The following is a reconciliation of the Company’s reportable segment assets to the Company’s total assets as of December 31, 2019 and 2018, respectively. 2019 2018 (In thousands) Reportable segment assets $ 4,185,452 $ 4,122,830 Cash 32,463 31,255 Deferred income tax assets 36,278 29,924 Restricted cash and investments, current and non-current 63,341 74,109 Total assets $ 4,317,534 $ 4,258,118 |
Sources of Revenue | Fiscal Year 2019 2018 2017 (In thousands) Revenues: Secure Services $ 1,833,695 $ 1,746,847 $ 1,633,850 GEO Care 614,249 580,313 514,166 Facility Construction and Design 29,978 4,226 115,404 Total revenues $ 2,477,922 $ 2,331,386 $ 2,263,420 |
Business Concentration | Except for the major customer noted in the following table, no other single customer made up greater than 10% of the Company’s consolidated revenues for the following fiscal years: Customer 2019 2018 2017 Various agencies of the U.S Federal Government: 53 % 50 % 48 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income (loss) Before Income Taxes and Equity Income | The United States and foreign components of income before income taxes and equity in earnings in affiliates are as follows: 2019 2018 2017 (In thousands) Income before income taxes and equity in earnings in affiliates United States $ 155,844 $ 131,261 $ 130,205 Foreign 17,684 18,056 21,732 Income before income taxes and equity in earnings in affiliates $ 173,528 $ 149,317 $ 151,937 |
Components of Taxes on Income (loss) | The provision for income taxes consists of the following components: 2019 2018 2017 (In thousands) Federal income taxes: Current $ 13,018 $ 9,340 $ 13,928 Deferred (7,028 ) (2,195 ) (3,803 ) 5,990 7,145 10,125 State income taxes: Current 5,093 3,050 3,337 Deferred (383 ) (1,889 ) (2,269 ) 4,710 1,161 1,068 Foreign income taxes: Current (875 ) 497 (11,545 ) Deferred 6,823 5,314 18,310 5,948 5,811 6,765 Total U.S. and foreign provision for income taxes $ 16,648 $ 14,117 $ 17,958 |
Reconciliation of the Statutory U.S. Federal Tax Rate (35.0%) and the Effective Income Tax Rate | A reconciliation of the statutory U.S. federal tax rate of 21% and the effective income tax rate is as follows: 2019 2018 2017 (In thousands) Provisions using statutory federal income tax rate $ 36,476 $ 31,340 $ 53,175 State income taxes (benefit), net of federal tax benefit 2,421 1,915 (776 ) REIT benefit (22,395 ) (19,992 ) (43,554 ) Change in valuation allowance 1,456 (1,245 ) 2,055 Federal tax credits (2,118 ) (1,904 ) (2,016 ) Tax Cut and Jobs Act impact — (301 ) 9,584 Foreign income taxes (benefit) 1,934 1,479 (1,830 ) Other, net (1,126 ) 2,825 1,320 Total provision for income taxes $ 16,648 $ 14,117 $ 17,958 |
Components of Deferred Tax Assets and Liabilities | The following table presents the breakdown between non-current net deferred tax assets as classified on the balance sheets as of December 31, 2019 and 2018: 2019 2018 (In thousands) Deferred tax assets - non current $ 36,278 $ 29,924 Deferred tax liabilities - non current (19,254 ) (13,681 ) Total net deferred tax assets $ 17,024 $ 16,243 The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2019 and 2018: 2019 2018 Deferred tax assets: (In thousands) Net operating losses $ 32,394 $ 35,924 Accrued liabilities 24,452 23,719 Deferred compensation 15,052 12,031 Accrued compensation 7,239 7,735 Deferred revenue 13,219 8,458 Tax credits 5,223 6,850 Equity awards 4,894 4,419 Depreciation 15,424 9,960 Operating lease liability 13,140 — Other, net 1,817 — Valuation allowance (22,786 ) (21,333 ) Total deferred tax assets $ 110,068 $ 87,763 Deferred tax liabilities: Intangible assets $ (24,097 ) $ (26,543 ) Capitalized transaction costs (16,797 ) (16,643 ) Accounting method change (7,019 ) — Prepaid expenses and other (32,493 ) (28,214 ) Lease right-of-use assets (12,638 ) — Other, net — (120 ) Total deferred tax liabilities $ (93,044 ) $ (71,520 ) Total net deferred tax assets $ 17,024 $ 16,243 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 (In thousands) Balance at Beginning of Period $ 4,584 $ 4,461 $ 1,640 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 994 298 — Additions from current year acquisitions — — 4,121 Reductions for tax positions of prior years — — (1,290 ) Reductions as a result of a lapse of applicable statutes of limitations (109 ) (175 ) (10 ) Balance at End of Period $ 5,469 $ 4,584 $ 4,461 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Company's Quarterly Financial Data | The Company’s selected quarterly financial data is as follows (in thousands, except per share data attributable to GEO): First Second Third Fourth 2019 Revenues $ 610,667 $ 613,966 $ 631,579 $ 621,710 Operating income 74,777 81,175 78,159 66,302 Net Income 40,649 41,836 45,885 38,042 Net Income Attributable to The GEO Group, Inc. 40,705 41,914 45,932 38,052 Basic earnings per share: Net income per share $ 0.34 $ 0.35 $ 0.39 $ 0.32 Diluted earnings per share: Net income per share * $ 0.34 $ 0.35 $ 0.39 $ 0.32 First Quarter Second Quarter Third Quarter Fourth Quarter 2018 Revenues $ 564,917 $ 583,509 $ 583,530 $ 599,430 Operating income 64,450 66,951 69,780 63,484 Net Income 34,920 37,325 39,229 33,353 Net Income Attributable to The GEO Group, Inc. 34,987 37,421 39,289 33,392 Basic earnings per share: Net income per share $ 0.29 $ 0.31 $ 0.33 $ 0.28 Diluted earnings per share: Net income per share * $ 0.29 $ 0.31 $ 0.33 $ 0.28 * Earnings per share table contains slight summation differences due to rounding. |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands) For the Year Ended December 31, 2019 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 941,117 $ 2,010,561 $ 272,613 $ (746,369 ) $ 2,477,922 Operating expenses 755,443 1,628,470 223,214 (746,369 ) 1,860,758 Depreciation and amortization 29,688 97,259 3,878 — 130,825 General and administrative expenses 69,969 95,689 20,268 — 185,926 Operating income 86,017 189,143 25,253 — 300,413 Interest income 13,956 7,293 27,270 (19,585 ) 28,934 Interest expense (90,127 ) (57,005 ) (23,477 ) 19,585 (151,024 ) Loss on extinguishment of debt (486 ) 155 (4,464 ) — (4,795 ) Income before income taxes and equity in earnings of affiliates 9,360 139,586 24,582 — 173,528 Provision for income taxes 1,472 9,595 5,581 — 16,648 Equity in earnings of affiliates, net of income tax provision — — 9,532 — 9,532 Income from operations before equity in income of consolidated subsidiaries 7,888 129,991 28,533 — 166,412 Income from consolidated subsidiaries, net of income tax provision 158,524 — — (158,524 ) — Net income 166,412 129,991 28,533 (158,524 ) 166,412 Loss attributable to noncontrolling interests — — 191 — 191 Net income attributable to The GEO Group, Inc. $ 166,412 $ 129,991 $ 28,724 $ (158,524 ) $ 166,603 Net income $ 166,412 $ 129,991 $ 28,533 $ (158,524 ) $ 166,412 Other comprehensive income (loss), net of tax (1,476 ) (3,247 ) 8,014 — 3,291 Total comprehensive income $ 164,936 $ 126,744 $ 36,547 $ (158,524 ) $ 169,703 Comprehensive loss attributable to noncontrolling interests — — 183 — 183 Comprehensive income attributable to The GEO Group, Inc. $ 164,936 $ 126,744 $ 36,730 $ (158,524 ) $ 169,886 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Year Ended December 31, 2018 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated Revenues $ 827,473 $ 1,905,243 $ 268,723 $ (670,053 ) $ 2,331,386 Operating expenses 664,354 1,539,343 222,128 (670,053 ) 1,755,772 Depreciation and amortization 27,036 95,504 3,894 — 126,434 General and administrative expenses 64,852 98,601 21,062 — 184,515 Operating income 71,231 171,795 21,639 — 264,665 Interest income 14,702 5,494 35,501 (20,942 ) 34,755 Interest expense (81,456 ) (56,194 ) (33,395 ) 20,942 (150,103 ) Income before income taxes and equity in earnings of affiliates 4,477 121,095 23,745 — 149,317 Provision for income taxes 972 7,424 5,721 — 14,117 Equity in earnings of affiliates, net of income tax benefit — — 9,627 — 9,627 Income from operations before equity in income of consolidated subsidiaries 3,505 113,671 27,651 — 144,827 Income from consolidated subsidiaries, net of income tax provision 141,322 — — (141,322 ) — Net income 144,827 113,671 27,651 (141,322 ) 144,827 Loss attributable to noncontrolling interests $ — $ — $ 262 $ — $ 262 Net income attributable to The GEO Group, Inc. $ 144,827 $ 113,671 $ 27,913 $ (141,322 ) $ 145,089 Net income $ 144,827 $ 113,671 $ 27,651 $ (141,322 ) $ 144,827 Other comprehensive income (loss), net of tax — 1,785 (972 ) — 813 Total comprehensive income $ 144,827 $ 115,456 $ 26,679 $ (141,322 ) $ 145,640 Comprehensive loss attributable to noncontrolling interests — — 277 — 277 Comprehensive income attributable to The GEO Group, Inc. $ 144,827 $ 115,456 $ 26,956 $ (141,322 ) $ 145,917 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Year ended December 31, 2017 The GEO Group, Inc. Combined Combined Eliminations Consolidated Revenues $ 711,013 $ 1,810,262 $ 321,612 $ (579,467 ) $ 2,263,420 Operating expenses 568,061 1,441,884 270,017 (579,467 ) 1,700,495 Depreciation and amortization 24,580 96,051 3,666 — 124,297 General and administrative expenses 59,194 104,373 26,776 — 190,343 Operating income 59,178 167,954 21,153 — 248,285 Interest income 16,200 4,294 52,069 (20,887 ) 51,676 Interest expense (69,969 ) (55,080 ) (43,862 ) 20,887 (148,024 ) Income before income taxes and equity in earnings of affiliates 5,409 117,168 29,360 — 151,937 Provision for income taxes 1,103 9,608 7,247 — 17,958 Equity in earnings of affiliates, net of income tax provision — — 12,045 — 12,045 Income from operations before equity in income of consolidated subsidiaries 4,306 107,560 34,158 — 146,024 Income from consolidated subsidiaries, net of income tax provision 141,718 — — (141,718 ) — Net income 146,024 107,560 34,158 (141,718 ) 146,024 Loss attributable to noncontrolling interests $ — $ — $ 217 $ — $ 217 Net income attributable to The GEO Group, Inc. $ 146,024 $ 107,560 $ 34,375 $ (141,718 ) $ 146,241 Net income $ 146,024 $ 107,560 $ 34,158 $ (141,718 ) $ 146,024 Other comprehensive income (loss), net of tax — (1,420 ) 7,793 — 6,373 Total comprehensive income $ 146,024 $ 106,140 $ 41,951 $ (141,718 ) $ 152,397 Comprehensive loss attributable to noncontrolling interests — — 211 — 211 Comprehensive income attributable to The GEO Group, Inc. $ 146,024 $ 106,140 $ 42,162 $ (141,718 ) $ 152,608 |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET (in thousands) As of December 31, 2019 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 9,840 $ — $ 22,623 $ — $ 32,463 Restricted cash and investments — — 32,418 — 32,418 Accounts receivable, less allowance for doubtful accounts 167,769 218,920 41,175 3,118 430,982 Contract receivable, current portion — 11,199 — 11,199 Prepaid expenses and other current assets 1,273 32,187 9,315 (2,059 ) 40,716 Total current assets 178,882 251,107 116,730 1,059 547,778 Restricted Cash and Investments — 28,648 2,275 — 30,923 Property and Equipment, Net 846,297 1,214,697 83,728 — 2,144,722 Right-of-Use Assets Operating Leases 21,995 98,654 878 — 121,527 Contract Receivable — — 360,647 — 360,647 Assets Held for Sale 705 5,354 — — 6,059 Intercompany Receivable 978,337 238,680 17,050 (1,234,067 ) — Deferred Income Tax Assets — 35,584 694 — 36,278 Goodwill — 775,953 403 — 776,356 Intangible Assets, Net — 209,554 516 — 210,070 Investment in Subsidiaries 1,484,930 573,816 2,189 (2,060,935 ) — Other Non-Current Assets 18,329 123,797 18,853 (77,805 ) 83,174 Total Assets $ 3,529,475 $ 3,555,844 $ 603,963 $ (3,371,748 ) $ 4,317,534 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 16,690 $ 76,631 $ 5,911 $ — $ 99,232 Accrued payroll and related taxes — 38,243 16,429 — 54,672 Accrued expenses and other current liabilities 32,175 131,031 28,765 (363 ) 191,608 Operating lease liabilities, current portion 5,232 20,777 199 — 26,208 Current portion of finance lease obligations, long-term debt and non-recourse debt 8,000 2,626 13,582 — 24,208 Total current liabilities 62,097 269,308 64,886 (363 ) 395,928 Deferred Income Tax Liabilities — — 19,254 — 19,254 Intercompany Payable 106,029 1,100,299 26,316 (1,232,644 ) — Other Non-Current Liabilities 3,572 162,026 733 (77,805 ) 88,526 Operating Lease Liabilities 17,321 79,290 680 — 97,291 Finance Lease Obligations — 2,954 — — 2,954 Long-Term Debt 2,343,626 — 64,671 — 2,408,297 Non-Recourse Debt — — 309,236 — 309,236 Commitments & Contingencies Shareholders' Equity: Total shareholders’ equity attributable to The GEO Group, Inc. 996,830 1,941,967 118,969 (2,060,936 ) 996,830 Noncontrolling Interests — — (782 ) — (782 ) Total Shareholders’ Equity 996,830 1,941,967 118,187 (2,060,936 ) 996,048 Total Liabilities and Shareholders' Equity $ 3,529,475 $ 3,555,844 $ 603,963 $ (3,371,748 ) $ 4,317,534 CONDENSED CONSOLIDATING BALANCE SHEET (in thousands) As of December 31, 2018 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,468 $ 7,873 $ 18,914 $ — $ 31,255 Restricted cash and investments 2,854 — 48,824 — 51,678 Accounts receivable, less allowance for doubtful accounts 190,594 221,957 44,377 (11,402 ) 445,526 Contract receivable, current portion — — 15,535 — 15,535 Prepaid expenses and other current assets 2,011 50,482 7,114 (1,839 ) 57,768 Total current assets 199,927 280,312 134,764 (13,241 ) 601,762 Restricted Cash and Investments — 21,009 1,422 — 22,431 Property and Equipment, Net 845,291 1,227,223 86,096 — 2,158,610 Contract Receivable — — 368,178 — 368,178 Assets Held for Sale 705 1,929 — — 2,634 Intercompany Receivable 990,365 150,710 22,407 (1,163,482 ) — Deferred Income Tax Assets 798 27,928 1,198 — 29,924 Goodwill — 775,955 404 — 776,359 Intangible Assets, Net — 231,787 573 — 232,360 Investment in Subsidiaries 1,503,841 458,229 2,190 (1,964,260 ) — Other Non-Current Assets 9,541 115,695 19,334 (78,710 ) 65,860 Total Assets $ 3,550,468 $ 3,290,777 $ 636,566 $ (3,219,693 ) $ 4,258,118 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable $ 13,566 $ 72,128 $ 7,338 $ — $ 93,032 Accrued payroll and related taxes — 56,543 19,466 — 76,009 Accrued expenses and other current liabilities 23,565 168,231 25,615 (13,241 ) 204,170 Current portion of finance lease obligations, long-term debt and non-recourse debt 8,000 2,017 322,010 — 332,027 Total current liabilities 45,131 298,919 374,429 (13,241 ) 705,238 Deferred Income Tax Liabilities — — 13,681 — 13,681 Intercompany Payable 142,055 989,856 31,571 (1,163,482 ) — Other Non-Current Liabilities 1,395 152,815 6,981 (78,710 ) 82,481 Finance Lease Obligations — 4,570 — — 4,570 Long-Term Debt 2,321,384 — 75,843 — 2,397,227 Non-Recourse Debt — — 15,017 — 15,017 Commitments & Contingencies Shareholders' Equity: Total shareholders’ equity attributable to The GEO Group, Inc. 1,040,503 1,844,617 119,643 (1,964,260 ) 1,040,503 Noncontrolling Interests — — (599 ) — (599 ) Total Shareholders’ Equity 1,040,503 1,844,617 119,044 (1,964,260 ) 1,039,904 Total Liabilities and Shareholders' Equity $ 3,550,468 $ 3,290,777 $ 636,566 $ (3,219,693 ) $ 4,258,118 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 2019 The GEO Group, Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash provided by operating activities $ 275,126 $ 58,530 $ 4,487 $ 338,143 Cash Flow from Investing Activities: Proceeds from sale of property and equipment — 414 — 414 Insurance proceeds - damaged property — 19,310 — 19,310 Proceeds from sale of assets held for sale — 823 — 823 Change in restricted investments — (7,440 ) — (7,440 ) Capital expenditures (35,968 ) (79,627 ) (1,649 ) (117,244 ) Net cash used in investing activities (35,968 ) (66,520 ) (1,649 ) (104,137 ) Cash Flow from Financing Activities: Payments on long-term debt (513,219 ) — — (513,219 ) Proceeds from long-term debt 521,370 — — 521,370 Payments on non-recourse debt — — (335,116 ) (335,116 ) Proceeds from non-recourse debt — — 321,102 321,102 Taxes paid related to net share settlements of equity awards (4,179 ) — — (4,179 ) Debt issuance costs (9,856 ) — — (9,856 ) Proceeds from stock options exercised 1,258 — — 1,258 Dividends paid (232,546 ) — — (232,546 ) Proceeds from issuance of common stock in connection with ESPP 532 — — 532 Net cash used in financing activities (236,640 ) — (14,014 ) (250,654 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents — — (352 ) (352 ) Net (Decrease) Increase in Cash. Cash Equivalents and Restricted Cash and Cash Equivalents 2,518 (7,990 ) (11,528 ) (17,000 ) Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period 7,322 7,990 69,160 84,472 Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period $ 9,840 $ — $ 57,632 $ 67,472 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 2018 The GEO Group Inc. Combined Subsidiary Guarantors Combined Non-Guarantor Subsidiaries Consolidated Cash Flow from Operating Activities: Net cash provided by operating activities $ 156,754 $ 86,974 $ 30,747 $ 274,475 Cash Flow from Investing Activities: Proceeds from sale of property and equipment — 268 1,809 2,077 Insurance proceeds - damaged property — 1,438 — 1,438 Proceeds from assets held for sale — 3,797 3,797 Change in restricted cash and investments — (129 ) — (129 ) Capital expenditures (104,034 ) (89,310 ) (2,322 ) (195,666 ) Net cash used in investing activities (104,034 ) (83,936 ) (513 ) (188,483 ) Cash Flow from Financing Activities: Payments on long-term debt (276,000 ) — (6,358 ) (282,358 ) Proceeds from long-term debt 502,998 — — 502,998 Payments on non-recourse debt — — (18,544 ) (18,544 ) Taxes paid related to net share settlements of equity awards (3,820 ) — — (3,820 ) Payments for repurchases of common stock (95,175 ) — — (95,175 ) Debt issuance costs (990 ) — — (990 ) Proceeds from stock options exercised 1,887 — — 1,887 Dividends paid (229,498 ) — — (229,498 ) Proceeds from issuance of common stock in connection with ESPP 534 — 534 Net cash used in financing activities (100,064 ) — (24,902 ) (124,966 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents — — (10,099 ) (10,099 ) Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (47,344 ) 3,038 (4,767 ) (49,073 ) Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period 54,666 4,952 73,927 133,545 Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period $ 7,322 $ 7,990 $ 69,160 $ 84,472 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the Year Ended December 31, 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 118,018 91,174 171,850 381,042 Cash Flow from Investing Activities: Acquisition of CEC, net of cash acquired (353,556 ) — — (353,556 ) Proceeds from sale of property and equipment 3,436 — 24 3,460 Insurance proceeds - damaged property 2,754 — — 2,754 Change in restricted cash and investments — (4,507 ) — (4,507 ) Capital expenditures (53,030 ) (86,336 ) (9,040 ) (148,406 ) Net cash used in investing activities (400,396 ) (90,843 ) (9,016 ) (500,255 ) Cash Flow from Financing Activities: Proceeds from long-term debt 1,389,084 — — 1,389,084 Payments on long-term debt (1,140,788 ) — (1,140,788 ) Payments on non-recourse debt — — (307,414 ) (307,414 ) Proceeds from non-recourse debt — — 181,658 181,658 Taxes paid related to net share settlements of equity awards (4,142 ) — — (4,142 ) Debt issuance costs (8,701 ) — (841 ) (9,542 ) Proceeds from stock options exercised 6,962 — — 6,962 Dividends paid (227,463 ) — — (227,463 ) Proceeds from issuance of common stock in connection with public offering 275,867 — — 275,867 Proceeds from issuance of common stock in connection with ESPP 497 — — 497 Net cash provided by (used in) financing activities 291,316 — (126,597 ) 164,719 Effect of Exchange Rate Changes on Cash and Cash Equivalents — — (2,318 ) (2,318 ) Net Increase in Cash and Cash Equivalents 8,938 331 33,919 43,188 Cash and Cash Equivalents, beginning of period 45,728 4,621 40,008 90,357 Cash and Cash Equivalents, end of period $ 54,666 $ 4,952 $ 73,927 $ 133,545 |
Summary of Business Organizat_4
Summary of Business Organization, Operations and Significant Accounting Policies - Additional Information (Details Textual) $ in Thousands, £ in Millions | 12 Months Ended | |||
Dec. 31, 2019GBP (£)propertyfacilitybeddetaineepersonBed | Dec. 31, 2019USD ($)propertyfacilitybeddetaineepersonBed | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | |
Summary of Business Organization | ||||
Number of beds | bed | 95,000 | 95,000 | ||
Correctional, detention and residential treatment facilities including projects under development | facility | 129 | 129 | ||
Provision of monitoring services tracking offenders (more than 139,000 offenders) | person | 210,000 | 210,000 | ||
Provision of monitoring services tracking offenders using technology products | detainee | 100,000 | 100,000 | ||
Cash and Cash Equivalents | ||||
Cash and cash equivalents | $ 32,463 | $ 31,255 | $ 81,377 | |
Accounts Receivable | ||||
Minimum period for payment receivable in arrears for services | 30 days | |||
Maximum period for payment receivable in arrears for services | 60 days | |||
Notes Receivable | ||||
Federal and state income tax overpayments | 3,300 | $ 6,100 | ||
Property and Equipment | ||||
Assets held for sale, number of properties | property | 2 | |||
Assets held for sale | 6,059 | $ 2,634 | ||
Asset Impairments | ||||
Property and equipment, net | $ 2,144,722 | 2,158,610 | $ 2,078,123 | |
Number of vacant beds at its idle facilities | bed | 400 | 400 | ||
Number of marketed idle facilities | facility | 1 | 1 | ||
Carrying values of idle facilities | $ 12,000 | |||
Debt Issuance Costs | ||||
Deferred debt issuance cost, accumulated amortization | 50,800 | 65,700 | ||
Debt issuance costs included in other non-current assets | 30,500 | 31,100 | ||
Capitalized computer software, net | 14,200 | 16,300 | ||
Facility management contracts | ||||
Other Intangible Assets | ||||
Amortization period | 16 years 3 months 18 days | |||
Foreign Subsidiaries | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents | $ 20,600 | $ 18,900 | ||
GEO Amey | ||||
Summary of Business Organization | ||||
Ownership percentage | 50.00% | 50.00% | ||
Notes Receivable | ||||
Line of credit, amount outstanding | £ | £ 12 | |||
Minimum | Facility management contracts | ||||
Other Intangible Assets | ||||
Amortization period | 3 years | |||
Minimum | Technology | ||||
Other Intangible Assets | ||||
Amortization period | 7 years | |||
Maximum | Facility management contracts | ||||
Other Intangible Assets | ||||
Amortization period | 21 years | |||
Maximum | Technology | ||||
Other Intangible Assets | ||||
Amortization period | 8 years | |||
Building and Building Improvements | Minimum | ||||
Property and Equipment | ||||
Useful life | 2 years | |||
Building and Building Improvements | Maximum | ||||
Property and Equipment | ||||
Useful life | 50 years | |||
Equipment and Furniture and Fixtures | Minimum | ||||
Property and Equipment | ||||
Useful life | 3 years | |||
Equipment and Furniture and Fixtures | Maximum | ||||
Property and Equipment | ||||
Useful life | 10 years | |||
Youth Facility | ||||
Property and Equipment | ||||
Assets held for sale, number of properties | property | 1 | 1 | ||
Parcel Of Undeveloped Land | ||||
Property and Equipment | ||||
Assets held for sale, number of properties | property | 1 | 1 | 1 | |
Assets held for sale | $ 6,100 | |||
Idle Reentry Facility | ||||
Property and Equipment | ||||
Assets held for sale, number of properties | property | 2 | 2 | 1 | |
LIBOR | GEO Amey | ||||
Notes Receivable | ||||
Principal amount and accrued interest at LIBOR | 0.50% | |||
Cornell Companies, Inc. | ||||
Accounts Receivable | ||||
Accounts receivable one year past due and still accruing | 1 year | |||
Other Noncurrent Assets | ||||
Accounts Receivable | ||||
Trade receivables | $ 400 | $ 2,300 | ||
The GEO Group Australia | Ravenhall | ||||
Notes Receivable | ||||
Facility, number of beds | Bed | 1,300 | 1,300 | ||
GEO Care | ||||
Property and Equipment | ||||
Assets held for sale, number of properties | property | 4 | 4 | ||
Asset Impairments | ||||
Number of marketed idle facilities | bed | 700 | 700 | ||
Carrying values of idle facilities | $ 9,000 |
Summary of Business Organizat_5
Summary of Business Organization, Operations and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and Cash Equivalents | $ 32,463 | $ 31,255 | $ 81,377 | |
Restricted cash and cash equivalents - current | 32,418 | 51,678 | 44,932 | |
Restricted cash and investments - non-current | 30,923 | 22,431 | 27,999 | |
Less Restricted investments - non-current | (28,332) | (20,892) | (20,763) | |
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows | $ 67,472 | $ 84,472 | $ 133,545 | $ 90,357 |
Summary of Business Organizat_6
Summary of Business Organization, Operations and Significant Accounting Policies - Variable Interest Entities (Details) £ / shares in Units, $ in Millions | May 02, 2019 | Feb. 28, 2011GBP (£)director£ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) |
Variable Interest Entity [Line Items] | |||||
Variable interest entity ownership percentage in joint venture | 50.00% | ||||
Life term of contract | 10 years | ||||
Partnership interest share amount | £ | £ 100 | ||||
Units of partnership interest, amount | 100 | ||||
Value per partnership interest shares | £ / shares | £ 1 | ||||
Directors appointed to board by each party | director | 3 | ||||
GEO Amey | |||||
Variable Interest Entity [Line Items] | |||||
Units of partnership interest, amount | 50 | ||||
Line of credit, amount outstanding | £ | £ 12,000,000 | ||||
SACS | |||||
Variable Interest Entity [Line Items] | |||||
Life term of contract | 25 years | ||||
Reduction of government guarantee in case of default | 80.00% | ||||
Investment in joint venture | $ | $ 12.3 | $ 13.4 | |||
GEO UK | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity ownership percentage in joint venture | 50.00% | ||||
Units of partnership interest, amount | 50 | ||||
Kensani Corrections | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity ownership percentage in joint venture | 50.00% |
Summary of Business Organizat_7
Summary of Business Organization, Operations and Significant Accounting Policies - Reserve for Insurance Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
General liability insurance maximum recoverage per occurrence | $ 80 | |
General liability insurance maximum coverage in aggregate | 100 | |
GEO care insurance maximum recoverable per occurrence | 35 | |
Deductible amount for general insurance liability and hospital professional insurance liability | 3 | |
Deductible amount for worker's compensation insurance liability | 2 | |
Deductible amount for automobile insurance liability | 1 | |
Undiscounted reserves for workers compensation and general liability claims | $ 68.2 | $ 70.9 |
Summary of Business Organizat_8
Summary of Business Organization, Operations and Significant Accounting Policies - Revenue Recognition and Facility Construction and Design (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)bedcontract | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||||||
Domestic performance based revenues percent of consolidated revenues | 1.00% | ||||||||||
Performance obligation, payment required, period | 30 days | ||||||||||
Total Revenues | $ 621,710,000 | $ 631,579,000 | $ 613,966,000 | $ 610,667,000 | $ 599,430,000 | $ 583,530,000 | $ 583,509,000 | $ 564,917,000 | $ 2,477,922,000 | $ 2,331,386,000 | $ 2,263,420,000 |
Owned and Leased: Secure Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 1,228,299,000 | 1,110,749,000 | 1,055,254,000 | ||||||||
Owned and Leased: Community-based | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 176,001,000 | 170,805,000 | 149,619,000 | ||||||||
Owned and Leased: Youth Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 87,189,000 | 91,824,000 | 88,184,000 | ||||||||
Managed Only | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 610,919,000 | 641,079,000 | 582,091,000 | ||||||||
Facility Construction and Design | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | $ 29,978,000 | 4,226,000 | 115,404,000 | ||||||||
Interest income, effective interest rate | 8.97% | ||||||||||
Non-residential Services and Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | $ 345,536,000 | 312,703,000 | 272,868,000 | ||||||||
U.S. Secure Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 1,601,679,000 | 1,492,973,000 | 1,438,044,000 | ||||||||
U.S. Secure Services | Owned and Leased: Secure Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 1,228,299,000 | 1,110,749,000 | 1,055,254,000 | ||||||||
U.S. Secure Services | Owned and Leased: Community-based | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
U.S. Secure Services | Owned and Leased: Youth Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
U.S. Secure Services | Managed Only | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 373,380,000 | 382,224,000 | 382,790,000 | ||||||||
U.S. Secure Services | Facility Construction and Design | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
U.S. Secure Services | Non-residential Services and Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
GEO Care | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 614,249,000 | 580,313,000 | 514,166,000 | ||||||||
GEO Care | Owned and Leased: Secure Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
GEO Care | Owned and Leased: Community-based | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 176,001,000 | 170,805,000 | 149,619,000 | ||||||||
GEO Care | Owned and Leased: Youth Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 87,189,000 | 91,824,000 | 88,184,000 | ||||||||
GEO Care | Managed Only | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 5,523,000 | 4,981,000 | 3,495,000 | ||||||||
GEO Care | Facility Construction and Design | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
GEO Care | Non-residential Services and Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 345,536,000 | 312,703,000 | 272,868,000 | ||||||||
International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 232,016,000 | 253,874,000 | 195,806,000 | ||||||||
International | Owned and Leased: Secure Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
International | Owned and Leased: Community-based | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
International | Owned and Leased: Youth Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
International | Managed Only | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 232,016,000 | 253,874,000 | 195,806,000 | ||||||||
International | Facility Construction and Design | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
International | Non-residential Services and Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
Facility Construction and Design | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 29,978,000 | 4,226,000 | 115,404,000 | ||||||||
Facility Construction and Design | Owned and Leased: Secure Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
Facility Construction and Design | Owned and Leased: Community-based | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
Facility Construction and Design | Owned and Leased: Youth Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
Facility Construction and Design | Managed Only | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | 0 | 0 | ||||||||
Facility Construction and Design | Facility Construction and Design | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 29,978,000 | 4,226,000 | 115,404,000 | ||||||||
Facility Construction and Design | Non-residential Services and Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 0 | $ 0 | $ 0 | ||||||||
Department Of Justice, State Of Victoria | Facility Construction and Design | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | $ 0 | ||||||||||
Number of contracts | contract | 1 | ||||||||||
Number of beds in detention facility | bed | 1,300 | ||||||||||
Facility operation contract term | 25 years |
Summary of Business Organizat_9
Summary of Business Organization, Operations and Significant Accounting Policies - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | May 22, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,040,503 | ||
Current-period other comprehensive income (loss) before reclassifications | (568) | $ 828 | |
Amounts reclassified from other comprehensive income into earnings | 3,851 | ||
Net current-period comprehensive income (loss) | 3,283 | ||
Ending balance | 996,830 | 1,040,503 | |
Long-term debt | 2,770,033 | ||
Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (14,573) | (7,470) | |
Current-period other comprehensive income (loss) before reclassifications | 2,259 | (7,103) | |
Amounts reclassified from other comprehensive income into earnings | 0 | ||
Net current-period comprehensive income (loss) | 2,259 | ||
Ending balance | (12,314) | (14,573) | |
Unrealized loss on derivatives, net of tax | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (5,746) | (11,892) | |
Current-period other comprehensive income (loss) before reclassifications | 419 | 6,146 | |
Amounts reclassified from other comprehensive income into earnings | 3,851 | ||
Net current-period comprehensive income (loss) | 4,270 | ||
Ending balance | (1,476) | (5,746) | |
Pension adjustments, net of tax | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (3,299) | (5,084) | |
Current-period other comprehensive income (loss) before reclassifications | (3,246) | 1,785 | |
Amounts reclassified from other comprehensive income into earnings | 0 | ||
Net current-period comprehensive income (loss) | (3,246) | ||
Ending balance | (6,545) | (3,299) | |
AOCI Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (23,618) | (24,446) | |
Ending balance | (20,335) | $ (23,618) | |
Notes Payable, Other Payables | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Long-term debt | $ 44,300 | ||
Interest Rate Swap | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Derivative, fixed interest rate | 4.22% | ||
Ravenhall | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Gain (loss) on interest rate cash flow hedge ineffectiveness | $ 3,900 |
Summary of Business Organiza_10
Summary of Business Organization, Operations and Significant Accounting Policies - Stock Based Compensation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value of stock-based awards | |||
Risk free interest rates | 2.44% | 2.84% | 1.53% |
Expected volatility | 41.00% | 40.00% | 36.00% |
Expected dividend rate | 8.47% | 8.70% | 5.79% |
Restricted Stock Award | |||
Fair value of stock-based awards | |||
Risk free interest rates | 2.53% | 2.58% | 1.46% |
Expected volatility | 43.70% | 44.50% | 42.20% |
Beta | 1 | 1.05 | 1.11 |
Minimum | |||
Fair value of stock-based awards | |||
Expected term | 4 years | 4 years | 4 years |
Maximum | |||
Fair value of stock-based awards | |||
Expected term | 5 years | 5 years | 5 years |
Summary of Business Organiza_11
Summary of Business Organization, Operations and Significant Accounting Policies - Accounting Standards Implementation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle | [1] | $ 0 | ||
Operating Lease Right-of-Use Assets, Net | $ 121,527 | $ 0 | ||
Present value of future minimum lease payments | $ 123,499 | |||
Minimum | Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Lease Right-of-Use Assets, Net | 140,000 | |||
Maximum | Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Present value of future minimum lease payments | 147,000 | |||
Tax Rate Reduction Related To Pension Liability | Accounting Standards Update 2018-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle | 700 | |||
Tax Effect Of Tax Reform On Items Remaining in AOCI, Currency Translation | Accounting Standards Update 2018-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle | (1,700) | |||
Distributions In Excess Of Earnings | Accounting Standards Update 2018-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of new accounting principle | $ (1,000) | |||
[1] | On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2018-02 " Income Statement-Reporting Comprehensive Income-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ". Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information. |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | Apr. 05, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 |
Business Acquisition [Line Items] | |||||
Acquisition of CEC, net of cash acquired | $ 0 | $ 0 | $ 353,556 | ||
Goodwill | 776,356 | 776,359 | 778,951 | ||
Community Education Centers | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired | 100.00% | ||||
Acquisition of CEC, net of cash acquired | $ 353,600 | ||||
Operating expenses | $ 2,300 | ||||
Goodwill | $ 163,100 | $ 165,656 | $ 163,107 |
Business Combinations - Assets
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 05, 2017 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 776,356 | $ 776,359 | $ 778,951 | ||
Community Education Centers | |||||
Business Acquisition [Line Items] | |||||
Accounts Receivable | $ 32,869 | 32,869 | |||
Prepaid and other current assets | 4,397 | 4,397 | |||
Property and equipment | 126,510 | 126,510 | |||
Intangible assets | 76,000 | 76,000 | $ 76,000 | ||
Favorable lease assets | 3,110 | 3,110 | |||
Deferred income tax assets | 4,160 | 4,116 | |||
Other non-current assets | 4,327 | 4,327 | |||
Total assets acquired | 251,373 | 251,329 | |||
Accounts payable and accrued expenses | 50,312 | 51,651 | |||
Unfavorable lease liabilities | 1,299 | 1,299 | |||
Other non-current liabilities | 9,313 | 10,479 | |||
Total liabilities assumed | 60,924 | 63,429 | |||
Total identifiable net assets | 190,449 | 187,900 | |||
Goodwill | 163,107 | $ 163,100 | 165,656 | ||
Total consideration paid, net of cash acquired | 353,556 | $ 353,556 | |||
Measurement Period Adjustments | |||||
Accounts Receivable | 0 | ||||
Prepaid and other current assets | 0 | ||||
Deferred income tax assets | 44 | ||||
Total assets acquired | 44 | ||||
Accounts payable and accrued expenses | (1,339) | ||||
Other non-current liabilities | (1,166) | ||||
Total liabilities assumed | (2,505) | ||||
Total identifiable net assets | 2,549 | ||||
Goodwill | (2,549) | ||||
Total consideration paid, net of cash acquired | $ 0 |
Business Combinations - Intangi
Business Combinations - Intangible Assets Acquired (Details) - Community Education Centers - USD ($) $ in Thousands | Apr. 05, 2017 | Mar. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Intangible assets | $ 76,000 | $ 76,000 | $ 76,000 |
Facility management contracts | |||
Business Acquisition [Line Items] | |||
Weighted Average Useful Life (years) | 18 years | ||
Intangible assets | $ 75,300 | ||
Covenants not to compete | |||
Business Acquisition [Line Items] | |||
Weighted Average Useful Life (years) | 1 year | ||
Intangible assets | $ 700 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - Community Education Centers $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |
Pro forma revenues | $ 2,300,000 |
Pro forma net income attributable to the GEO Group, Inc. | 160,000 |
Revenue of acquiree since acquisition | 171,000 |
Earnings of acquiree since acquisition | 22,000 |
Acquisition-related Costs [Member] | |
Business Acquisition [Line Items] | |
Transaction and merger related costs | $ 15,000 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 14, 2019 | Jul. 09, 2019 | Apr. 03, 2019 | Feb. 04, 2019 | Oct. 15, 2018 | Jul. 10, 2018 | Apr. 11, 2018 | Feb. 05, 2018 | Oct. 12, 2017 | Jul. 10, 2017 | Apr. 25, 2017 | Feb. 06, 2017 |
Dividends Payable [Line Items] | ||||||||||||
Distribution Per Share (in dollars per share) | $ 0.48 | |||||||||||
Aggregate Payment Amount | $ 58.2 | |||||||||||
Dividend Paid | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Distribution Per Share (in dollars per share) | $ 0.48 | $ 0.48 | $ 0.48 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.47 | |
Aggregate Payment Amount | $ 58.2 | $ 58.2 | $ 57.9 | $ 57.2 | $ 57.2 | $ 57.4 | $ 58.3 | $ 58.3 | $ 58.3 | $ 58.4 | $ 52.5 | |
Dividend Paid | Qualified | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Distribution Per Share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.0461171 | $ 0.0461171 | $ 0.0461171 | $ 0.0461171 | $ 0.0176751 | $ 0.0176751 | $ 0.0176751 | $ 0.0175622 |
Dividend Paid | Non-Qualified | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Distribution Per Share (in dollars per share) | 0.2759699 | 0.2759699 | 0.2759699 | 0.2759699 | 0.2090220 | 0.2090220 | 0.2090220 | 0.2090220 | 0.2484259 | 0.2484259 | 0.2484259 | 0.2468402 |
Dividend Paid | Nondividend Distributions | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Distribution Per Share (in dollars per share) | $ 0.2040301 | $ 0.2040301 | $ 0.2040301 | $ 0.2040301 | $ 0.2148609 | $ 0.2148609 | $ 0.2148609 | $ 0.2148609 | $ 0.2038990 | $ 0.2038990 | $ 0.2038990 | $ 0.2025975 |
Shareholders' Equity - Stock Bu
Shareholders' Equity - Stock Buyback Program (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 12, 2019 | Feb. 14, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Purchase of treasury shares | $ 0 | $ 95,175,000 | $ 0 | ||
Common Stock | February 2018 Stock Buyback Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 200,000,000 | ||||
Purchase of treasury shares (in shares) | 4,210,254 | ||||
Purchase of treasury shares | $ 95,200,000 | ||||
Amended Credit Agreement | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | ||||
Line of Credit | Revolving Credit Facility | Amended Credit Agreement | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock, Distributions, Prospectus Supplement and Preferred Stock (Details) | 12 Months Ended | ||
Dec. 31, 2019voteshares | Dec. 31, 2018shares | Nov. 09, 2017USD ($) | |
Class of Stock [Line Items] | |||
Number of votes per each share | vote | 1 | ||
Common stock, voting rights | one vote per share | ||
Stock split, conversion ratio | 1.5 | ||
Minimum % of REIT taxable income to be paid as dividend annually | 90.00% | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Prospectus Supplement | |||
Class of Stock [Line Items] | |||
Maximum common stock value authorized under prospectus supplement | $ | $ 150,000,000 | ||
Shares sold (in shares) | 0 | 0 |
Shareholders' Equity - Noncontr
Shareholders' Equity - Noncontrolling Interests (Details) | May 02, 2019 | Dec. 31, 2019 |
Noncontrolling Interest [Line Items] | ||
Life term of contract | 10 years | |
SACS | ||
Noncontrolling Interest [Line Items] | ||
Life term of contract | 25 years | |
Percentage of profit share of parent in joint venture | 88.75% | |
Percentage of profit share of noncontrolling in joint venture | 11.25% |
Equity Incentive Plans - Compen
Equity Incentive Plans - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Recognized compensation expenses | |||
Stock option plan expense | $ 1,085 | $ 996 | $ 1,305 |
Restricted stock expense | $ 21,260 | $ 21,053 | $ 18,539 |
Equity Incentive Plans - Option
Equity Incentive Plans - Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of the activity of stock option awards, shares | |||
Options outstanding, Beginning Balance (in Shares) | 1,462 | ||
Options granted (in shares) | 391 | ||
Options exercised (in Shares) | (78) | ||
Options forfeited/canceled (in Shares) | (185) | ||
Options outstanding, Ending Balance (in Shares) | 1,590 | 1,462 | |
Options vested and expected to vest (in Shares) | 1,521 | ||
Options exercisable (in Shares) | 809 | ||
Summary of the activity of stock option awards, weighted average exercise price | |||
Options outstanding, Beginning Balance, Wtd. Avg. Exercise Price (in dollars per share) | $ 24.30 | ||
Options granted, Wtd. Avg. Exercise Price (in dollars per share) | 22.68 | ||
Options exercised, Wtd. Avg. Exercise Price (in dollars per share) | 16.03 | ||
Options forfeited/canceled/expired, Wtd. Avg. Exercise Price (in dollars per share) | 24.60 | ||
Options outstanding, Ending Balance, Wtd. Avg. Exercise Price (in dollars per share) | 24.29 | $ 24.30 | |
Options vested and expected to vest, Wtd. Average Exercise Price (in dollars per share) | 24.34 | ||
Options exercisable, Wtd. Avg. Exercise Price (in dollars per share) | $ 24.84 | ||
Options outstanding, Ending Balance, Wtd. Avg. Remaining Contractual Term | 6 years 10 months 24 days | 7 years 2 months 12 days | |
Options vested and expected to vest, Wtd. Avg Remaining Contractual Term | 6 years 9 months 25 days | ||
Options exercisable, Wtd. Avg. Remaining Contractual Term | 5 years 6 months 10 days | ||
Options outstanding, Beginning Balance, Average Intrinsic Value | $ 232 | $ 924 | |
Options vested and expected to vest, Aggregate Intrinsic Value | 232 | ||
Options exercisable, Aggregate Intrinsic Value | 232 | ||
Intrinsic value of options exercised | 433 | 519 | $ 4,126 |
Fair value of shares vested | $ 971 | $ 794 | $ 373 |
Equity Incentive Plans - Opti_2
Equity Incentive Plans - Options by Exercise Price (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Granted, Wtd. Avg. grant date fair value (in dollars per share) | $ 3.96 | $ 3.64 | $ 5.91 |
Options granted (in shares) | 391 | ||
Exercise prices and related information of stock option outstanding | |||
Options outstanding, number outstanding (in shares) | 1,590 | ||
Options outstanding, Wtd. Avg. remaining contractual life | 6 years 10 months 24 days | ||
Options outstanding, Wtd. Avg. exercise price (in dollars per share) | $ 24.29 | ||
Options exercisable, Number exercisable (in shares) | 809 | ||
Options exercisable Wtd. Avg. Remaining Contractual Life | 5 years 6 months 10 days | ||
Options exercisable, Wtd. Avg. exercise price (in dollars per share) | $ 24.84 | ||
0-18.23 | |||
Exercise prices and related information of stock option outstanding | |||
Lower range limit, Exercise price (in dollars per share) | 0 | ||
Upper range limit, Exercise price (in dollars per share) | $ 18.23 | ||
Options outstanding, number outstanding (in shares) | 112 | ||
Options outstanding, Wtd. Avg. remaining contractual life | 1 year 8 months 23 days | ||
Options outstanding, Wtd. Avg. exercise price (in dollars per share) | $ 14.54 | ||
Options exercisable, Number exercisable (in shares) | 112 | ||
Options exercisable Wtd. Avg. Remaining Contractual Life | 1 year 8 months 23 days | ||
Options exercisable, Wtd. Avg. exercise price (in dollars per share) | $ 14.54 | ||
18.24-22.26 | |||
Exercise prices and related information of stock option outstanding | |||
Lower range limit, Exercise price (in dollars per share) | 18.24 | ||
Upper range limit, Exercise price (in dollars per share) | $ 22.26 | ||
Options outstanding, number outstanding (in shares) | 618 | ||
Options outstanding, Wtd. Avg. remaining contractual life | 7 years 1 month 28 days | ||
Options outstanding, Wtd. Avg. exercise price (in dollars per share) | $ 21 | ||
Options exercisable, Number exercisable (in shares) | 287 | ||
Options exercisable Wtd. Avg. Remaining Contractual Life | 6 years 3 months | ||
Options exercisable, Wtd. Avg. exercise price (in dollars per share) | $ 20.71 | ||
22.27-29.39 | |||
Exercise prices and related information of stock option outstanding | |||
Lower range limit, Exercise price (in dollars per share) | 22.27 | ||
Upper range limit, Exercise price (in dollars per share) | $ 29.39 | ||
Options outstanding, number outstanding (in shares) | 519 | ||
Options outstanding, Wtd. Avg. remaining contractual life | 7 years 7 months 9 days | ||
Options outstanding, Wtd. Avg. exercise price (in dollars per share) | $ 25.07 | ||
Options exercisable, Number exercisable (in shares) | 203 | ||
Options exercisable Wtd. Avg. Remaining Contractual Life | 5 years 2 months 1 day | ||
Options exercisable, Wtd. Avg. exercise price (in dollars per share) | $ 28.77 | ||
29.40-50.00 | |||
Exercise prices and related information of stock option outstanding | |||
Lower range limit, Exercise price (in dollars per share) | 29.4 | ||
Upper range limit, Exercise price (in dollars per share) | $ 50 | ||
Options outstanding, number outstanding (in shares) | 341 | ||
Options outstanding, Wtd. Avg. remaining contractual life | 7 years 14 days | ||
Options outstanding, Wtd. Avg. exercise price (in dollars per share) | $ 32.31 | ||
Options exercisable, Number exercisable (in shares) | 207 | ||
Options exercisable Wtd. Avg. Remaining Contractual Life | 6 years 11 months 12 days | ||
Options exercisable, Wtd. Avg. exercise price (in dollars per share) | $ 32.31 |
Equity Incentive Plans - Nonves
Equity Incentive Plans - Nonvested Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of the activity of stock option awards, shares | |||
Options non-vested, beginning balance (in shares) | 816 | ||
Options granted (in shares) | 391 | 500 | 500 |
Vested (in shares) | (241) | ||
Forfeited (in shares) | (185) | ||
Options non-vested, ending balance (in shares) | 781 | 816 | |
Options non vested, Wtd. avg. grant date fair value beginning balance (in dollars per share) | $ 3.86 | ||
Granted, Wtd. Avg. grant date fair value (in dollars per share) | 3.96 | $ 3.64 | $ 5.91 |
Vested, Wtd. Avg. grant date fair value (in dollars per share) | 3.55 | ||
Forfeited, Wtd. Avg. grant date fair value (in dollars per share) | 4.04 | ||
Options non vested, Wtd. avg. grant date fair value ending balance (in dollars per share) | $ 3.99 | $ 3.86 | |
Stock Options | |||
Summary of the activity of stock option awards, shares | |||
Unrecognized compensation costs related to awards | $ 2.2 | ||
Expected weighted average period to recognize expense | 2 years 6 months |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock Activity (Details) - Restricted Stock Award shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Summary of the activity of restricted stock | |
Restricted stock outstanding shares, Beginning Balance (in shares) | shares | 2,018 |
Granted (in shares) | shares | 788 |
Vested (in shares) | shares | (701) |
Forfeited/canceled (in shares) | shares | (58) |
Restricted stock outstanding shares, Ending Balance (in shares) | shares | 2,047 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Beginning Balance (in dollars per share) | $ / shares | $ 27.62 |
Granted Wtd. Avg. Grant Date Fair Value (in dollars per share) | $ / shares | 23.79 |
Vested Wtd. Avg. Grant Date Fair Value (in dollars per share) | $ / shares | 24.09 |
Forfeited/Canceled Wtd. Avg. Grant Date Fair Value (in dollars per share) | $ / shares | 23.99 |
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Ending Balance (in dollars per share) | $ / shares | $ 27.33 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)metricshares | Dec. 31, 2018metricshares | Dec. 31, 2017metricshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 4 years | ||
Expiration period | 10 years | ||
Options granted (in shares) | 391,000 | 500,000 | 500,000 |
Options outstanding, number outstanding (in shares) | 1,590,000 | ||
Restricted Stock Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs related to awards | $ | $ 27.2 | ||
Expected weighted average period to recognize expense | 2 years 1 month 6 days | ||
Performance measurement | metric | 2 | 2 | 2 |
Granted (in shares) | 788,000 | ||
Restricted Stock Award | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Award vesting rights (as percent) | 0.00% | 0.00% | 0.00% |
Restricted Stock Award | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 4 years | ||
Award vesting rights (as percent) | 200.00% | 200.00% | 200.00% |
Restricted Stock Award | Certain Employees and Executive Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 788,000 | 906,000 | 933,000 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs related to awards | $ | $ 2.2 | ||
Expected weighted average period to recognize expense | 2 years 6 months | ||
Performance Shares | Certain Employees and Executive Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 250,000 | 352,500 | 352,500 |
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% | ||
Capital shares reserved for future issuance | 750,000 | ||
Issuance of common stock (ESPP) (in shares) | 30,153 | 24,365 | 20,009 |
2014 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 4,600,000 | ||
Tranche One | Restricted Stock Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (as percent) | 50.00% | 50.00% | 50.00% |
Performance period | 3 years | ||
Tranche Two | Restricted Stock Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (as percent) | 50.00% | 50.00% | 50.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net Income | $ 38,042 | $ 45,885 | $ 41,836 | $ 40,649 | $ 33,353 | $ 39,229 | $ 37,325 | $ 34,920 | $ 166,412 | $ 144,827 | $ 146,024 |
Loss attributable to noncontrolling interests | 191 | 262 | 217 | ||||||||
Net income attributable to The GEO Group, Inc. | $ 38,052 | $ 45,932 | $ 41,914 | $ 40,705 | $ 33,392 | $ 39,289 | $ 37,421 | $ 34,987 | $ 166,603 | $ 145,089 | $ 146,241 |
Basic earnings per share attributable to The GEO Group, Inc.: | |||||||||||
Weighted average shares outstanding (in shares) | 119,097,000 | 120,241,000 | 120,095,000 | ||||||||
Per share amount (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.34 | $ 0.28 | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.40 | $ 1.21 | $ 1.22 |
Diluted earnings per share attributable to The GEO Group, Inc.: | |||||||||||
Weighted average shares outstanding (in shares) | 119,097,000 | 120,241,000 | 120,095,000 | ||||||||
Dilutive effect of equity incentive plans (in shares) | 214,000 | 506,000 | 719,000 | ||||||||
Weighted average shares assuming dilution (in shares) | 119,311,000 | 120,747,000 | 120,814,000 | ||||||||
Per share amount - diluted (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.34 | $ 0.28 | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.40 | $ 1.20 | $ 1.21 |
Stock Options | |||||||||||
Diluted earnings per share attributable to The GEO Group, Inc.: | |||||||||||
Antidilutive securities excluded from computation of earnings per share | 1,495,210 | 931,473 | 617,025 | ||||||||
Restricted Stock Award | |||||||||||
Diluted earnings per share attributable to The GEO Group, Inc.: | |||||||||||
Antidilutive securities excluded from computation of earnings per share | 1,514,177 | 680,062 | 719,204 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment Net By Type [Abstract] | |||
Property and equipment, gross | $ 2,963,752 | $ 2,910,771 | |
Less accumulated depreciation and amortization | (819,030) | (752,161) | |
Property and equipment, net | 2,144,722 | 2,158,610 | $ 2,078,123 |
Land | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Property and equipment, gross | 128,874 | 131,377 | |
Buildings and improvements | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Property and equipment, gross | $ 2,229,956 | 2,144,414 | |
Buildings and improvements | Minimum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 2 years | ||
Buildings and improvements | Maximum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 50 years | ||
Leasehold improvements | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Property and equipment, gross | $ 291,511 | 303,348 | |
Leasehold improvements | Minimum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 1 year | ||
Leasehold improvements | Maximum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 29 years | ||
Equipment | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Property and equipment, gross | $ 216,604 | 206,191 | |
Equipment | Minimum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 3 years | ||
Equipment | Maximum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 10 years | ||
Furniture, fixtures and computer software | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Property and equipment, gross | $ 64,828 | 60,159 | |
Furniture, fixtures and computer software | Minimum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 1 year | ||
Furniture, fixtures and computer software | Maximum | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Useful life | 7 years | ||
Facility construction in progress | |||
Property Plant And Equipment Net By Type [Abstract] | |||
Property and equipment, gross | $ 31,979 | $ 65,282 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Interest costs capitalized | $ 400 | $ 3,700 | |
Depreciation expense | 107,900 | 103,500 | $ 98,900 |
Assets under finance leases | 17,100 | ||
Accumulated amortization related to capital leases | 14,200 | 13,200 | |
Depreciation expense related to capital leases | $ 1,023 | $ 1,000 | $ 1,000 |
Contract Receivable (Details)
Contract Receivable (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)bed | Dec. 31, 2019AUD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contract receivable | $ 360,647 | $ 368,178 | |
Ravenhall | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contract receivable | $ 371,800 | ||
Loan issued, interest rate | 8.97% | ||
National Australia Bank Limited | Non Recourse Debt | Ravenhall | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Capital contribution | $ 80,700 | $ 115 | |
Lump sum due at completion | $ 217,400 | $ 310 | |
Department Of Justice, State Of Victoria | Facility Constructions and Design | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of beds in detention facility | bed | 1,300 | ||
Facility operation contract term | 25 years |
Derivative Financial Instrume_2
Derivative Financial Instruments - (Australia Ravenhall) (Details) $ in Millions | May 22, 2019USD ($) | Dec. 31, 2019USD ($)instrument |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, number of instruments held | instrument | 2 | |
Notional amount | $ 44.3 | |
Derivative, fixed interest rate | 4.22% | |
Change in fair value of derivative instrument classified as cash flow hedge | $ (1.5) | |
Value of swap liability | $ 1.9 | |
Interest Rate Swap | Operating Phase of Asset | Ravenhall, Australia | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 4.20% | |
Ravenhall | ||
Derivative [Line Items] | ||
Gain (loss) on interest rate cash flow hedge ineffectiveness | $ 3.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net (Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in the Company's goodwill balances | ||
Beginning balance | $ 776,359 | $ 778,951 |
Acquisitions (net of dispositions) | (2,549) | |
Foreign currency translation | (3) | (43) |
Ending balance | 776,356 | 776,359 |
U.S. Secure Services | ||
Changes in the Company's goodwill balances | ||
Beginning balance | 316,366 | 317,005 |
Acquisitions (net of dispositions) | (639) | |
Foreign currency translation | 0 | 0 |
Ending balance | 316,366 | 316,366 |
GEO Care | ||
Changes in the Company's goodwill balances | ||
Beginning balance | 459,589 | 461,499 |
Acquisitions (net of dispositions) | (1,910) | |
Foreign currency translation | 0 | 0 |
Ending balance | 459,589 | 459,589 |
International Services | ||
Changes in the Company's goodwill balances | ||
Beginning balance | 404 | 447 |
Acquisitions (net of dispositions) | 0 | |
Foreign currency translation | (3) | (43) |
Ending balance | $ 401 | $ 404 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net (Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of intangible assets | ||
Accumulated Amortization | $ (177,262) | $ (155,659) |
Finite-lived intangible assets | 164,870 | |
Intangible assets, gross carrying amount | 387,332 | 388,019 |
Total acquired intangible assets, Net carrying amount | 210,070 | 232,360 |
Trade names | ||
Schedule of intangible assets | ||
Indefinite lived intangible assets | $ 45,200 | 45,200 |
Facility management contracts | ||
Goodwill [Line Items] | ||
Amortization period | 16 years 3 months 18 days | |
Schedule of intangible assets | ||
Gross Carrying Amount | $ 308,432 | 308,419 |
Accumulated Amortization | (148,171) | (127,481) |
Finite-lived intangible assets | $ 160,261 | 180,938 |
Covenants not to compete | ||
Goodwill [Line Items] | ||
Amortization period | 1 year | |
Schedule of intangible assets | ||
Gross Carrying Amount | $ 0 | 700 |
Accumulated Amortization | 0 | (700) |
Finite-lived intangible assets | $ 0 | 0 |
Technology | ||
Goodwill [Line Items] | ||
Amortization period | 7 years 3 months 18 days | |
Schedule of intangible assets | ||
Gross Carrying Amount | $ 33,700 | 33,700 |
Accumulated Amortization | (29,091) | (27,478) |
Finite-lived intangible assets | $ 4,609 | $ 6,222 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net (Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 22,300 | $ 22,900 | $ 24,700 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2020 | 22,288 | ||
2021 | 19,782 | ||
2022 | 18,138 | ||
2023 | 13,494 | ||
2024 | 9,761 | ||
Thereafter | 81,407 | ||
Finite-lived intangible assets | $ 164,870 | ||
Facility management contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average period before renewal or extension | 1 year 9 months 18 days | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Finite-lived intangible assets | $ 160,261 | $ 180,938 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liabilities: | ||
Accounts receivable, transferred to third party | $ 3,000 | $ 6,900 |
Proceeds from sale and collection of receivables | 3,000 | 6,900 |
Recurring | ||
Restricted investments: | ||
Rabbi Trust | 28,332 | 20,892 |
Fixed income securities | 1,892 | 1,801 |
Recurring | Quoted Prices in Active Markets (Level 1) | ||
Restricted investments: | ||
Rabbi Trust | 0 | 0 |
Fixed income securities | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Restricted investments: | ||
Rabbi Trust | 28,332 | 20,892 |
Fixed income securities | 1,892 | 1,801 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Restricted investments: | ||
Rabbi Trust | 0 | 0 |
Fixed income securities | 0 | 0 |
Interest Rate Swap | Recurring | ||
Liabilities: | ||
Interest rate swap derivative liability | 1,869 | 8,638 |
Interest Rate Swap | Recurring | Quoted Prices in Active Markets (Level 1) | ||
Liabilities: | ||
Interest rate swap derivative liability | 0 | 0 |
Interest Rate Swap | Recurring | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Interest rate swap derivative liability | 1,869 | 8,638 |
Interest Rate Swap | Recurring | Significant Unobservable Inputs (Level 3) | ||
Liabilities: | ||
Interest rate swap derivative liability | $ 0 | $ 0 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 25, 2014 |
Assets: | ||||
Cash and cash equivalents | $ 32,463 | $ 31,255 | $ 81,377 | |
Senior Notes | ||||
Liabilities: | ||||
Stated interest rate | 5.125% | |||
5.875% Senior Notes due 2022 | Senior Notes | ||||
Liabilities: | ||||
Stated interest rate | 5.875% | 5.875% | 5.875% | |
5.125% Senior Notes | Senior Notes | ||||
Liabilities: | ||||
Stated interest rate | 5.125% | 5.125% | ||
5.875% Senior Notes due 2024 | Senior Notes | ||||
Liabilities: | ||||
Stated interest rate | 5.875% | 5.875% | ||
6.00% Senior Notes | Senior Notes | ||||
Liabilities: | ||||
Stated interest rate | 6.00% | |||
Carrying Value | ||||
Assets: | ||||
Cash and cash equivalents | $ 32,463 | $ 31,255 | ||
Restricted cash and investments | 35,010 | 53,217 | ||
Liabilities: | ||||
Borrowings under the Senior Credit Facility | 1,298,671 | 1,273,965 | ||
Non-recourse debt | 328,178 | 340,910 | ||
Carrying Value | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes, fair value | 193,958 | 250,000 | ||
Carrying Value | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 300,000 | 300,000 | ||
Carrying Value | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes, fair value | 250,000 | 250,000 | ||
Carrying Value | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 350,000 | 350,000 | ||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 32,463 | 31,255 | ||
Restricted cash and investments | 35,010 | 53,217 | ||
Liabilities: | ||||
Borrowings under the Senior Credit Facility | 1,218,861 | 1,188,196 | ||
Non-recourse debt | 327,792 | 348,274 | ||
Fair Value | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes, fair value | 194,239 | 244,550 | ||
Fair Value | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 287,982 | 271,992 | ||
Fair Value | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes, fair value | 228,493 | 224,590 | ||
Fair Value | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 314,052 | 310,177 | ||
Level 1 | Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 32,463 | 31,255 | ||
Restricted cash and investments | 35,010 | 50,499 | ||
Liabilities: | ||||
Borrowings under the Senior Credit Facility | 0 | 0 | ||
Non-recourse debt | 0 | 0 | ||
Level 1 | Fair Value | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes, fair value | 0 | 0 | ||
Level 1 | Fair Value | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 0 | 0 | ||
Level 1 | Fair Value | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes, fair value | 0 | 0 | ||
Level 1 | Fair Value | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 0 | 0 | ||
Level 2 | Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and investments | 0 | 2,718 | ||
Liabilities: | ||||
Borrowings under the Senior Credit Facility | 1,218,861 | 1,188,196 | ||
Non-recourse debt | 327,792 | 348,274 | ||
Level 2 | Fair Value | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes, fair value | 194,239 | 244,550 | ||
Level 2 | Fair Value | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 287,982 | 271,992 | ||
Level 2 | Fair Value | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes, fair value | 228,493 | 224,590 | ||
Level 2 | Fair Value | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 314,052 | 310,177 | ||
Level 3 | Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and investments | 0 | 0 | ||
Liabilities: | ||||
Borrowings under the Senior Credit Facility | 0 | 0 | ||
Non-recourse debt | 0 | 0 | ||
Level 3 | Fair Value | 5.875% Senior Notes due 2022 | ||||
Liabilities: | ||||
Senior notes, fair value | 0 | 0 | ||
Level 3 | Fair Value | 5.125% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | 0 | 0 | ||
Level 3 | Fair Value | 5.875% Senior Notes due 2024 | ||||
Liabilities: | ||||
Senior notes, fair value | 0 | 0 | ||
Level 3 | Fair Value | 6.00% Senior Notes | ||||
Liabilities: | ||||
Senior notes, fair value | $ 0 | $ 0 |
Accrued Expenses and other cu_3
Accrued Expenses and other current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Accrued interest | $ 17,850 | $ 19,554 |
Accrued bonus | 16,914 | 15,047 |
Accrued insurance | 73,192 | 71,524 |
Accrued repair obligations for damaged property | 4,343 | 19,067 |
Accrued property and other taxes | 35,192 | 26,828 |
Construction retainage | 1,097 | 1,913 |
Other | 43,020 | 50,237 |
Total | $ 191,608 | $ 204,170 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of debt | ||
Long-term debt | $ 2,770,033 | |
Finance Lease Obligations | 4,570 | $ 6,059 |
Other debt | 43,410 | 2,469 |
Total debt | 2,744,695 | 2,748,841 |
Current portion of finance lease obligations, long-term debt and non-recourse debt [1] | (24,208) | (332,027) |
Finance Lease Obligations, long-term portion | (2,954) | |
Finance Lease Obligations, long-term portion | (4,570) | |
Non-Recourse Debt, long-term portion | (309,236) | (15,017) |
Long term debt | 2,408,297 | 2,397,227 |
Line of Credit | ||
Summary of debt | ||
Term loan | 778,000 | 786,000 |
Unamortized debt issuance cost | (5,410) | (6,826) |
Unamortized discount | (2,281) | (2,878) |
Revolver | 520,671 | 490,843 |
Total Senior Credit Facility | 1,290,980 | 1,267,139 |
Long-term debt | 1,138,081 | |
Discount on Non-Recourse Debt | (2,281) | (2,878) |
Senior Notes | 6.00% Senior Notes | ||
Summary of debt | ||
Unamortized debt issuance cost | (4,282) | (4,820) |
Long-term debt, gross | 350,000 | 350,000 |
Long-term debt | 345,718 | 345,180 |
Senior Notes | 5.875% Senior Notes due 2022 | ||
Summary of debt | ||
Unamortized debt issuance cost | (2,532) | (2,971) |
Long-term debt, gross | 250,000 | 250,000 |
Long-term debt | 247,468 | 247,029 |
Senior Notes | 5.125% Senior Notes | ||
Summary of debt | ||
Unamortized debt issuance cost | (2,876) | (3,548) |
Long-term debt, gross | 300,000 | 300,000 |
Long-term debt | 297,124 | 296,452 |
Senior Notes | 5.875% Senior Notes | ||
Summary of debt | ||
Unamortized debt issuance cost | (1,351) | (2,514) |
Long-term debt, gross | 193,958 | 250,000 |
Long-term debt | 192,607 | 247,486 |
Non Recourse Debt | ||
Summary of debt | ||
Unamortized debt issuance cost | (5,279) | (3,883) |
Unamortized discount | (81) | (164) |
Non-Recourse Debt | 328,178 | 341,074 |
Discount on Non-Recourse Debt | (81) | (164) |
Total Non-Recourse Debt | $ 322,818 | $ 337,027 |
Debt (Amended Credit Agreement)
Debt (Amended Credit Agreement) (Details) | Jun. 12, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2019USD ($) | Jun. 12, 2019AUD ($) | Jun. 12, 2019USD ($) | Feb. 14, 2018USD ($) |
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | $ (4,795,000) | $ 0 | $ 0 | ||||||
Long-term debt | $ 2,770,033,000 | ||||||||
Additional increase in borrowing capacity ability | 450,000,000 | ||||||||
Amended Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 100,000,000 | ||||||||
Loss on extinguishment of debt | $ (1,200,000) | ||||||||
Debt issuance costs, gross | $ 4,700,000 | ||||||||
Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolver | 520,700,000 | ||||||||
Additional Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowing capacity remaining | 317,000,000 | ||||||||
Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Term loan | 786,000,000 | 778,000,000 | |||||||
Revolver | $ 490,843,000 | 520,671,000 | |||||||
Long-term debt | $ 1,138,081,000 | ||||||||
Revolving Credit Facility | Line of Credit | Amended Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 | |||||||
Covenant, total leverage ratio, maximum | 6.25 | 6.25 | |||||||
Senior secured leverage ratio | 3.50 | 3.50 | |||||||
Interest coverage ratio | 3 | 3 | |||||||
Weighted average interest rates on outstanding borrowings | 3.80% | 3.80% | |||||||
Revolving Credit Facility | Line of Credit | Amended Credit Agreement | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.25% | 2.25% | |||||||
Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Term loan | $ 778,000,000 | ||||||||
Term Loan | Line of Credit | Amended Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 792,000,000 | ||||||||
Term Loan | Line of Credit | Amended Credit Agreement | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.00% | 2.00% | |||||||
Variable rate, floor | 0.75% | 0.75% | |||||||
Letter of credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 62,000,000 | ||||||||
Letter of credit | Line of Credit | Amended Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 275,000,000 | ||||||||
Long-term debt | 0 | ||||||||
Letter of credit | Line of Credit | Bank Guarantee And Standby Sub Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 100,000,000 | 70,100,000 | |||||||
Accordion | Line of Credit | Amended Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Accordion feature, increase limit | $ 450,000,000 | ||||||||
Ravenhall | Letter of credit | Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum exposure, undiscounted | $ 58,000,000 | $ 40,700,000 |
Debt (6.00% Senior Notes) (Deta
Debt (6.00% Senior Notes) (Details) - Senior Notes - USD ($) | Sep. 25, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 18, 2016 | Mar. 19, 2013 |
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.125% | ||||
6.00% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 6.00% | ||||
Debt instrument, face amount | $ 350,000,000 | ||||
Percentage of principal amount redeemable | 101.00% | ||||
Violation or event of default, interest payment failure, term | 30 days | ||||
Violation or event of default, interest payment failure, maximum excess proceeds on sale of asset | $ 50,000,000 | ||||
Violation or event of default, interest payment failure, failure to comply with other indenture agreements, term | 60 days | ||||
6.00% Senior Notes | Minimum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 30 days | ||||
6.00% Senior Notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 60 days | ||||
6.00% Senior Notes | Redemption, Period On Or Prior To April 15, 2019 | |||||
Debt Instrument [Line Items] | |||||
Percentage of principal amount redeemed | 35.00% | ||||
Redemption price percentage | 106.00% | ||||
6.00% Senior Notes | Redemption, Period Before April 15, 2021 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
6.00% Senior Notes | Redemption, Period One | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 103.00% | ||||
6.00% Senior Notes | Redemption, Period Two | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 102.00% | ||||
6.00% Senior Notes | Redemption, Period Three | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 101.00% | ||||
6.00% Senior Notes | Redemption, Period Four | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
5.875% Senior notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.875% | 5.875% | 5.875% | ||
Debt instrument, face amount | $ 250,000,000 | ||||
Violation or event of default, interest payment failure, term | 30 days | ||||
Violation or event of default, interest payment failure, maximum excess proceeds on sale of asset | $ 25,000,000 | ||||
Violation or event of default, interest payment failure, failure to comply with other indenture agreements, term | 60 days | ||||
5.875% Senior notes due 2024 | Redemption, Period Two | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
5.125% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.125% | 5.125% | |||
Debt instrument, face amount | $ 300,000,000 | ||||
Percentage of principal amount redeemable | 101.00% | ||||
5.125% Senior Notes | Minimum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 30 years | ||||
5.125% Senior Notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 60 years |
Debt (5.875% Senior Notes Due 2
Debt (5.875% Senior Notes Due 2024) (Details) - Senior Notes - USD ($) | Sep. 25, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 18, 2016 | Mar. 19, 2013 |
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.125% | ||||
5.875% Senior Notes due 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 250,000,000 | ||||
Stated interest rate | 5.875% | 5.875% | 5.875% | ||
Violation or event of default, interest payment failure, term | 30 days | ||||
Violation or event of default, interest payment failure, maximum excess proceeds on sale of asset | $ 25,000,000 | ||||
Violation or event of default, interest payment failure, failure to comply with other indenture agreements, term | 60 days | ||||
5.875% Senior Notes due 2022 | Redemption, Period 2019 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
5.875% Senior Notes due 2022 | Redemption, Period 2020 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 101.958% | ||||
5.875% Senior Notes due 2022 | Redemption, Period 2021 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.979% | ||||
5.875% Senior Notes due 2022 | 2022 and thereafter | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
5.125% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | ||||
Stated interest rate | 5.125% | 5.125% | |||
5.125% Senior Notes | Redemption, Period 2020 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.854% | ||||
5.125% Senior Notes | Redemption, Period 2021 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
6.00% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 350,000,000 | ||||
Stated interest rate | 6.00% | ||||
Violation or event of default, interest payment failure, term | 30 days | ||||
Violation or event of default, interest payment failure, maximum excess proceeds on sale of asset | $ 50,000,000 | ||||
Violation or event of default, interest payment failure, failure to comply with other indenture agreements, term | 60 days | ||||
6.00% Senior Notes | Redemption, Period 2019 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 102.00% |
Debt (5.125% Senior Notes) (Det
Debt (5.125% Senior Notes) (Details) - Senior Notes - USD ($) | Sep. 25, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 18, 2016 | Mar. 19, 2013 |
Debt Instrument [Line Items] | |||||
Stated interest rate | 5.125% | ||||
5.875% Senior notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 250,000,000 | ||||
Stated interest rate | 5.875% | 5.875% | 5.875% | ||
5.875% Senior notes due 2024 | Redemption, Period 2020 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 101.958% | ||||
5.875% Senior notes due 2024 | 2021 and thereafter | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.979% | ||||
5.125% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 300,000,000 | ||||
Stated interest rate | 5.125% | 5.125% | |||
Redemption price calculation contributor, percentage | 100.00% | ||||
Percentage of principal amount redeemable | 101.00% | ||||
Debt covenant, asset proceeds, excess proceeds | $ 25,000,000 | ||||
Debt covenant, indenture agreement, period after notice | 60 days | ||||
5.125% Senior Notes | Redemption, Period 2020 | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.854% | ||||
5.125% Senior Notes | 2021 and thereafter | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
5.125% Senior Notes | Minimum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 30 years | ||||
5.125% Senior Notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 60 years | ||||
6.00% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 350,000,000 | ||||
Stated interest rate | 6.00% | ||||
Percentage of principal amount redeemable | 101.00% | ||||
6.00% Senior Notes | Minimum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 30 days | ||||
6.00% Senior Notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Notice period prior to redemption | 60 days |
Debt (5.875% Senior Notes) (Det
Debt (5.875% Senior Notes) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 18, 2016 | Oct. 03, 2013 | |
5.875% Senior Notes | 2020 and thereafter | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 100.00% | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.125% | |||
Senior Notes | 6.625% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.625% | 6.625% | ||
Senior Notes | 6.00% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 350,000,000 | |||
Stated interest rate | 6.00% | |||
Percentage of principal amount redeemable | 101.00% | |||
Senior Notes | 6.00% Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Notice period prior to redemption | 60 days | |||
Senior Notes | 6.00% Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Notice period prior to redemption | 30 days | |||
Senior Notes | 5.875% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 250,000,000 | |||
Stated interest rate | 5.875% | 5.875% | ||
Percentage of principal amount redeemable | 101.00% | |||
Debt covenant, asset proceeds, excess proceeds | $ 25,000,000 | |||
Debt covenant, indenture agreement, period after notice | 60 days | |||
Senior Notes | 5.875% Senior Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Notice period prior to redemption | 60 years | |||
Senior Notes | 5.875% Senior Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Notice period prior to redemption | 30 years |
Debt (Debt Repurchases) (Detail
Debt (Debt Repurchases) (Details) - USD ($) | Jun. 12, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (4,795,000) | $ 0 | $ 0 | |
Amended Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 100,000,000 | |||
Loss on extinguishment of debt | $ (1,200,000) | |||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.125% | |||
Senior Notes | 6.00% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.00% | |||
Senior Notes | 5.875% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.875% | 5.875% | ||
Debt instrument, repurchased face amount | $ 56,000,000 | |||
Percentage of principal amount redeemed | 97.55% | |||
Repurchase amount | $ 54,700,000 | |||
Loss on extinguishment of debt | $ 300,000 | |||
Senior Notes | 5.125% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.125% | 5.125% |
Debt (Nonrecourse Debt) (Detail
Debt (Nonrecourse Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 09, 2011 |
Debt Instrument [Line Items] | ||||
Long term debt | $ 2,408,297 | $ 2,397,227 | ||
Current restricted cash | 32,418 | $ 51,678 | $ 44,932 | |
Non Recourse Debt 2011 Revenue Bonds | ||||
Debt Instrument [Line Items] | ||||
Long term debt | $ 54,400 | |||
Stated interest rate | 6.40% | |||
Northwest Detention Center | Non Recourse Debt Northwest Detention Center | ||||
Debt Instrument [Line Items] | ||||
Current restricted cash | 4,700 | |||
Northwest Detention Center | Non Recourse Debt 2011 Revenue Bonds | ||||
Debt Instrument [Line Items] | ||||
Non-recourse debt | 15,700 | |||
Current portion of non-recourse debt | $ 7,700 |
Debt (Australia - Ravenhall) (D
Debt (Australia - Ravenhall) (Details) | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2019USD ($) | May 22, 2019AUD ($) | May 22, 2019USD ($) | |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ (4,795,000) | $ 0 | $ 0 | ||||
Long-term debt | $ 2,770,033,000 | ||||||
Non Recourse Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs, net | $ 3,883,000 | 5,279,000 | |||||
Notes Payable, Other Payables | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 44,300,000 | ||||||
Debt issuance costs, net | 700,000 | ||||||
Ravenhall | Non Recourse Debt | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ (4,500,000) | ||||||
Debt issuance costs, gross | $ 7,500,000 | ||||||
Ravenhall | Non Recourse Debt | Non Recourse Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 461,600,000 | $ 323,800,000 | |||||
Stated interest rate | 4.23% | 4.23% | |||||
Ravenhall | National Australia Bank Limited | Non Recourse Debt | Construction Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread on variable rate | 2.00% | ||||||
Maximum borrowing capacity | $ 791,000,000 | $ 554,800,000 | |||||
Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, fixed interest rate | 4.22% | 4.22% |
Debt (Debt Repayment) (Details)
Debt (Debt Repayment) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt | |
2020, finance lease | $ 1,934 |
2021, finance lease | 1,936 |
2022, finance lease | 1,233 |
2023, finance lease | 0 |
2024, finance lease | 0 |
Thereafter, finance lease | 0 |
Total minimum lease payments | 5,103 |
Interest imputed on Capital Leases | 533 |
Current Portion | (1,616) |
Finance Lease Liabilities | 2,954 |
2020 | 24,861 |
2021 | 25,787 |
2022 | 212,030 |
2023 | 317,384 |
2024 | 1,526,567 |
Thereafter | 663,404 |
Long-term debt | 2,770,033 |
Original issuer's discount | (2,362) |
Current portion | (24,543) |
Non-current portion | 2,742,595 |
Line of Credit | |
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt | |
Interest imputed on Capital Leases | 0 |
2020 | 1,026 |
2021 | 1,071 |
2022 | 195,075 |
2023 | 301,166 |
2024 | 251,208 |
Thereafter | 388,535 |
Long-term debt | 1,138,081 |
Original issuer's discount | 0 |
Current portion | (1,026) |
Non-current portion | 1,137,055 |
Non- Recourse | |
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt | |
Interest imputed on Capital Leases | 0 |
2020 | 13,901 |
2021 | 14,780 |
2022 | 7,722 |
2023 | 8,218 |
2024 | 8,688 |
Thereafter | 274,869 |
Long-term debt | 328,178 |
Original issuer's discount | (81) |
Current portion | (13,901) |
Non-current portion | 314,196 |
Revolver | |
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt | |
Interest imputed on Capital Leases | 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 520,671 |
Thereafter | 0 |
Long-term debt | 520,671 |
Original issuer's discount | 0 |
Current portion | 0 |
Non-current portion | 520,671 |
Term Loan | |
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt | |
Interest imputed on Capital Leases | 0 |
2020 | 8,000 |
2021 | 8,000 |
2022 | 8,000 |
2023 | 8,000 |
2024 | 746,000 |
Thereafter | 0 |
Long-term debt | 778,000 |
Original issuer's discount | (2,281) |
Current portion | (8,000) |
Non-current portion | $ 767,719 |
Debt (Guarantees) (Details)
Debt (Guarantees) (Details) £ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)guarantee | Dec. 31, 2019ZAR (R)guarantee | Dec. 31, 2019GBP (£)guarantee | Dec. 31, 2019AUD ($)guarantee | |
Debt Instrument [Line Items] | ||||
Variable interest entity ownership percentage in joint venture | 50.00% | |||
GEO Amey | ||||
Debt Instrument [Line Items] | ||||
Lines of credit | £ | £ 12 | |||
Ravenhall | ||||
Debt Instrument [Line Items] | ||||
Number of letters of guarantee outstanding under separate international facilities relating to performance guarantees | guarantee | 8 | 8 | 8 | 8 |
Letters of guarantee outstanding relating to performance guarantees | $ 10,800,000 | |||
SACS | ||||
Debt Instrument [Line Items] | ||||
Maximum loan amount under stand by facility to SACS | 1,400,000 | R 20,000,000 | ||
Line of credit facility, amount outstanding | 0 | |||
Revolver | Letter of credit | Ravenhall | ||||
Debt Instrument [Line Items] | ||||
Maximum exposure, undiscounted | $ 40,700,000 | $ 58 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Finance lease, remaining term | 1 year |
Maximum | |
Finance lease, remaining term | 77 years |
Operating lease, renewal term | 10 years |
Leases - Assets and Liabilitie
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating Lease Right-of-Use Assets, Net | $ 121,527 | $ 0 |
Property and Equipment, Net | 2,880 | 17,100 |
Total lease assets | 124,407 | |
Operating lease liabilities, current portion | 26,208 | 0 |
Current portion of finance liabilities, long-term debt and non-recourse debt | 1,616 | |
Operating Lease Liabilities | 97,291 | $ 0 |
Finance Lease Liabilities | 2,954 | |
Total lease liabilities | $ 128,069 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating lease cost | $ 46,934 | ||
Amortization of right-of-use assets | 1,023 | $ 1,000 | $ 1,000 |
Interest on lease liabilities | 354 | ||
Total finance lease cost | 1,377 | ||
Short-term lease cost | 1,953 | ||
Total lease cost | 50,264 | ||
Operating cash flows for operating leases | 48,833 | ||
Operating cash flows for finance leases | 323 | ||
Financing activities for finance leases | 1,610 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 12,223 | ||
Operating leases | 7 years 3 months 18 days | ||
Finance leases | 2 years 8 months 12 days | ||
Operating leases | 4.75% | ||
Finance leases | 8.27% |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leases | ||
2020 | $ 31,378 | |
2021 | 26,188 | |
2022 | 19,691 | |
2023 | 16,044 | |
2024 | 13,527 | |
Thereafter | 41,652 | |
Total minimum lease payments | 148,480 | |
Less: amount of lease payment representing interest | (24,981) | |
Present value of future minimum lease payments | 123,499 | |
Less: current obligations under leases | (26,208) | $ 0 |
Operating Lease Liabilities | 97,291 | 0 |
Finance Leases | ||
2020 | 1,934 | |
2021 | 1,936 | |
2022 | 1,233 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total minimum lease payments | 5,103 | |
Less: amount of lease payment representing interest | (533) | |
Present value of future minimum lease payments | 4,570 | $ 6,059 |
Less: current obligations under leases | (1,616) | |
Finance Lease Liabilities | $ 2,954 |
Benefit Plans (Accrued Pension
Benefit Plans (Accrued Pension Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Accumulated Benefit Obligation, end of year | $ 30,139 | $ 25,777 |
Change in Projected Benefit Obligation | ||
Projected Benefit Obligation, Beginning of Year | 32,474 | 32,820 |
Service cost | 998 | 1,200 |
Interest cost | 1,393 | 1,242 |
Actuarial (Gain) Loss | 3,449 | (2,166) |
Benefits Paid | (763) | (622) |
Projected Benefit Obligation, End of Year | 37,551 | 32,474 |
Change in Plan Assets | ||
Plan Assets at Fair Value, Beginning of Year | 0 | 0 |
Company contributions | 763 | 622 |
Benefits Paid | (763) | (622) |
Plan Assets at Fair Value, End of Year | 0 | 0 |
Unfunded Status of the Plan | (37,551) | (32,474) |
Amounts Recognized in Accumulated Other Comprehensive Income | ||
Net loss | 8,285 | 5,047 |
Total Pension Cost | $ 8,285 | $ 5,047 |
Benefit Plans (Components of Ne
Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Net Periodic Benefit Cost | ||
Service cost | $ 998 | $ 1,200 |
Interest cost | 1,393 | 1,242 |
Net loss | 210 | 532 |
Net periodic pension cost | $ 2,601 | $ 2,974 |
Weighted Average Assumptions for Expense | ||
Discount Rate | 3.40% | 4.50% |
Rate of Compensation Increase | 4.40% | 4.40% |
Benefit Plans (Benefit Payments
Benefit Plans (Benefit Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Benefit payments representing the company's obligations to employees | |||
2020 | $ 9,465 | ||
2021 | 868 | ||
2022 | 860 | ||
2023 | 850 | ||
2024 | 939 | ||
Thereafter | 24,569 | ||
Total benefit payments | $ 37,551 | $ 32,474 | $ 32,820 |
Benefit Plans (Details Textual)
Benefit Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)plan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Retirement Benefits [Abstract] | |||
Employer discretionary contribution amount | $ 5.3 | $ 5.9 | $ 4.9 |
Number of non-contributory defined benefit pension plans | plan | 2 | ||
Period of average compensation for pension benefit computation | 5 years | ||
Age limit for a lump sum payment | 55 years | ||
Deferred compensation arrangement with Individual, recorded liability | $ 8.6 | ||
Long-term portion of the pension liability | 37.2 | 32.1 | |
AOCI net prior service cost | 8.3 | ||
Future amortization of prior service cost | $ 0.5 | ||
Retirement age | 65 years | ||
Rabbi trust balance | $ 28.3 | ||
Expense related to contributions | 0.1 | ||
Total deferred compensation liability | 29.5 | 21.2 | |
Deferred compensation liability, current | $ 1.5 | $ 1.7 |
Business Segments and Geograp_3
Business Segments and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||||||||||
Revenues | $ 621,710 | $ 631,579 | $ 613,966 | $ 610,667 | $ 599,430 | $ 583,530 | $ 583,509 | $ 564,917 | $ 2,477,922 | $ 2,331,386 | $ 2,263,420 |
Depreciation and amortization: | |||||||||||
Depreciation and Amortization | 130,825 | 126,434 | 124,297 | ||||||||
Operating Income: | |||||||||||
Operating income from segments | 486,339 | 449,180 | 438,628 | ||||||||
General and administrative expense | (185,926) | (184,515) | (190,343) | ||||||||
Operating Income | $ 66,302 | $ 78,159 | $ 81,175 | $ 74,777 | $ 63,484 | $ 69,780 | $ 66,951 | $ 64,450 | 300,413 | 264,665 | 248,285 |
U.S. Secure Services | |||||||||||
Revenues: | |||||||||||
Revenues | 1,601,679 | 1,492,973 | 1,438,044 | ||||||||
GEO Care | |||||||||||
Revenues: | |||||||||||
Revenues | 614,249 | 580,313 | 514,166 | ||||||||
International Services | |||||||||||
Revenues: | |||||||||||
Revenues | 232,016 | 253,874 | 195,806 | ||||||||
Facility Construction and Design | |||||||||||
Revenues: | |||||||||||
Revenues | 29,978 | 4,226 | 115,404 | ||||||||
Operating Segments | |||||||||||
Revenues: | |||||||||||
Revenues | 2,477,922 | 2,331,386 | 2,263,420 | ||||||||
Capital Expenditures | 115,542 | 195,666 | 148,406 | ||||||||
Operating Income: | |||||||||||
Operating income from segments | 486,339 | 449,180 | 438,628 | ||||||||
Operating Segments | U.S. Secure Services | |||||||||||
Revenues: | |||||||||||
Revenues | 1,601,679 | 1,492,973 | 1,438,044 | ||||||||
Capital Expenditures | 69,074 | 163,208 | 117,186 | ||||||||
Operating Income: | |||||||||||
Operating income from segments | 322,506 | 297,453 | 302,488 | ||||||||
Operating Segments | GEO Care | |||||||||||
Revenues: | |||||||||||
Revenues | 614,249 | 580,313 | 514,166 | ||||||||
Capital Expenditures | 45,000 | 30,136 | 24,263 | ||||||||
Operating Income: | |||||||||||
Operating income from segments | 147,036 | 138,911 | 123,525 | ||||||||
Operating Segments | International Services | |||||||||||
Revenues: | |||||||||||
Revenues | 232,016 | 253,874 | 195,806 | ||||||||
Capital Expenditures | 1,468 | 2,322 | 6,957 | ||||||||
Operating Income: | |||||||||||
Operating income from segments | 16,723 | 12,816 | 14,235 | ||||||||
Operating Segments | Facility Construction and Design | |||||||||||
Revenues: | |||||||||||
Revenues | 29,978 | 4,226 | 115,404 | ||||||||
Operating Income: | |||||||||||
Operating income from segments | 74 | 0 | (1,620) | ||||||||
Segment Reconciling Items | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and Amortization | 130,825 | 126,434 | 124,297 | ||||||||
Operating Income: | |||||||||||
General and administrative expense | (185,926) | (184,515) | (190,343) | ||||||||
Segment Reconciling Items | U.S. Secure Services | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and Amortization | 78,974 | 76,801 | 75,276 | ||||||||
Segment Reconciling Items | GEO Care | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and Amortization | 49,781 | 47,546 | 47,103 | ||||||||
Segment Reconciling Items | International Services | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and Amortization | $ 2,070 | $ 2,087 | $ 1,918 |
Business Segments and Geograp_4
Business Segments and Geographic Information (Pre-Tax Income Reconciliation of Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 4,317,534 | $ 4,258,118 | |
Pre-Tax Income Reconciliation of Segments | |||
Total operating income from segments | 486,339 | 449,180 | $ 438,628 |
Unallocated amounts: | |||
General and administrative expense | (185,926) | (184,515) | (190,343) |
Net interest expense | (122,090) | (115,348) | (96,348) |
Loss on extinguishment of debt | (4,795) | 0 | 0 |
Income Before Income Taxes and Equity in Earnings of Affiliates | 173,528 | 149,317 | 151,937 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 4,185,452 | 4,122,830 | 4,046,323 |
Pre-Tax Income Reconciliation of Segments | |||
Total operating income from segments | 486,339 | 449,180 | 438,628 |
U.S. Secure Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,618,629 | 2,590,722 | 2,385,069 |
Pre-Tax Income Reconciliation of Segments | |||
Total operating income from segments | 322,506 | 297,453 | 302,488 |
GEO Care | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,112,880 | 1,063,484 | 1,121,792 |
Pre-Tax Income Reconciliation of Segments | |||
Total operating income from segments | 147,036 | 138,911 | 123,525 |
International Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 82,097 | 84,911 | 40,056 |
Pre-Tax Income Reconciliation of Segments | |||
Total operating income from segments | 16,723 | 12,816 | 14,235 |
Facility Construction and Design | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets | 371,846 | 383,713 | 499,406 |
Pre-Tax Income Reconciliation of Segments | |||
Total operating income from segments | $ 74 | $ 0 | $ (1,620) |
Business Segments and Geograp_5
Business Segments and Geographic Information (Asset Reconciliation) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Asset Reconciliation of Segments | |||
Cash | $ 32,463 | $ 31,255 | $ 81,377 |
Deferred income tax assets | 110,068 | 87,763 | |
Total segment assets | 4,317,534 | 4,258,118 | |
Operating Segments | |||
Asset Reconciliation of Segments | |||
Total segment assets | 4,185,452 | 4,122,830 | $ 4,046,323 |
Segment Reconciling Items | |||
Asset Reconciliation of Segments | |||
Cash | 32,463 | 31,255 | |
Deferred income tax assets | 36,278 | 29,924 | |
Restricted cash and investments, current and non-current | $ 63,341 | $ 74,109 |
Business Segments and Geograp_6
Business Segments and Geographic Information (Geographic Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Geographical Information | |||||||||||
Revenues | $ 621,710 | $ 631,579 | $ 613,966 | $ 610,667 | $ 599,430 | $ 583,530 | $ 583,509 | $ 564,917 | $ 2,477,922 | $ 2,331,386 | $ 2,263,420 |
Property and equipment, net | 2,144,722 | 2,158,610 | 2,144,722 | 2,158,610 | 2,078,123 | ||||||
U.S. operations | |||||||||||
Geographical Information | |||||||||||
Revenues | 2,216,401 | 2,073,286 | 1,952,210 | ||||||||
Property and equipment, net | 2,131,877 | 2,145,197 | 2,131,877 | 2,145,197 | 2,061,711 | ||||||
Australia operations | |||||||||||
Geographical Information | |||||||||||
Revenues | 235,462 | 231,164 | 285,702 | ||||||||
Property and equipment, net | 12,215 | 13,006 | 12,215 | 13,006 | 16,281 | ||||||
South African operations | |||||||||||
Geographical Information | |||||||||||
Revenues | 18,779 | 19,806 | 18,251 | ||||||||
Property and equipment, net | 182 | 88 | 182 | 88 | 131 | ||||||
United Kingdom operations | |||||||||||
Geographical Information | |||||||||||
Revenues | 7,280 | 7,130 | 7,257 | ||||||||
Property and equipment, net | $ 448 | $ 319 | $ 448 | $ 319 | $ 0 |
Business Segments and Geograp_7
Business Segments and Geographic Information (Sources of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||||||||||
Revenues | $ 621,710 | $ 631,579 | $ 613,966 | $ 610,667 | $ 599,430 | $ 583,530 | $ 583,509 | $ 564,917 | $ 2,477,922 | $ 2,331,386 | $ 2,263,420 |
GEO Secure Services | |||||||||||
Revenues: | |||||||||||
Revenues | 1,833,695 | 1,746,847 | 1,633,850 | ||||||||
GEO Care | |||||||||||
Revenues: | |||||||||||
Revenues | 614,249 | 580,313 | 514,166 | ||||||||
Facility Construction and Design | |||||||||||
Revenues: | |||||||||||
Revenues | $ 29,978 | $ 4,226 | $ 115,404 |
Business Segments and Geograp_8
Business Segments and Geographic Information (Customer Concentration Risk) (Details) - Customer Concentration Risk - Revenue benchmark | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Percentage of revenue | 10.00% | ||
Various agencies of the U.S Federal Government: | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Percentage of revenue | 53.00% | 50.00% | 48.00% |
Business Segments and Geograp_9
Business Segments and Geographic Information (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segmentFacility | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of reportable business segments | segment | 4 | ||
Number of managed correctional facilities in Australia | Facility | 4 | ||
Equity in earnings (losses) of affiliates, net of income tax provision | $ 9,532 | $ 9,627 | $ 12,045 |
SACS | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of affiliates, net of income tax provision | 5,000 | 7,400 | 10,800 |
Equity method investments, favorable tax judgment | 5,500 | ||
Investment in joint venture | 12,300 | 13,400 | |
Dividend distributions received | 6,300 | 11,800 | |
GEO Amey | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of affiliates, net of income tax provision | 4,600 | 2,200 | $ 1,200 |
Dividend distributions received | 4,000 | ||
Advances to affiliate | $ 5,700 | $ 4,800 |
Income Taxes (Income (Loss) Bef
Income Taxes (Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income before income taxes, equity in earnings in affiliates, and discontinued operations | |||
United States | $ 155,844 | $ 131,261 | $ 130,205 |
Foreign | 17,684 | 18,056 | 21,732 |
Income Before Income Taxes and Equity in Earnings of Affiliates | $ 173,528 | $ 149,317 | $ 151,937 |
Income Taxes (Provision (Benefi
Income Taxes (Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal income taxes: | |||
Current | $ 13,018 | $ 9,340 | $ 13,928 |
Deferred | (7,028) | (2,195) | (3,803) |
Federal Income Tax Expense (Benefit), Continuing Operations, Total | 5,990 | 7,145 | 10,125 |
State income taxes: | |||
Current | 5,093 | 3,050 | 3,337 |
Deferred | (383) | (1,889) | (2,269) |
State and Local Income Tax Expense (Benefit), Continuing Operations, Total | 4,710 | 1,161 | 1,068 |
Foreign income taxes: | |||
Current | (875) | 497 | (11,545) |
Deferred | 6,823 | 5,314 | 18,310 |
Foreign Income Tax Expense (Benefit), Continuing Operations, Total | 5,948 | 5,811 | 6,765 |
Total provision for income taxes | $ 16,648 | $ 14,117 | $ 17,958 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory Rate to Effective Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing operations: | |||
Provisions using statutory federal income tax rate | $ 36,476 | $ 31,340 | $ 53,175 |
State income taxes (benefit), net of federal tax benefit | 2,421 | 1,915 | (776) |
REIT benefit | (22,395) | (19,992) | (43,554) |
Change in valuation allowance | 1,456 | (1,245) | 2,055 |
Federal tax credits | (2,118) | (1,904) | (2,016) |
Tax Cut and Jobs Act impact | 0 | (301) | 9,584 |
Foreign income taxes (benefit) | 1,934 | 1,479 | (1,830) |
Other, net | (1,126) | 2,825 | 1,320 |
Total provision for income taxes | $ 16,648 | $ 14,117 | $ 17,958 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Components of Deferred Tax Assets | ||
Deferred tax assets - non current | $ 36,278 | $ 29,924 |
Deferred tax liabilities - non current | (19,254) | (13,681) |
Net operating losses | 32,394 | 35,924 |
Accrued liabilities | 24,452 | 23,719 |
Deferred compensation | 15,052 | 12,031 |
Accrued compensation | 7,239 | 7,735 |
Deferred revenue | 13,219 | 8,458 |
Tax credits | 5,223 | 6,850 |
Equity awards | 4,894 | 4,419 |
Depreciation | 15,424 | 9,960 |
Operating lease liability | 13,140 | 0 |
Other, net | 1,817 | 0 |
Valuation allowance | (22,786) | (21,333) |
Total deferred tax assets | 110,068 | 87,763 |
Intangible assets | (24,097) | (26,543) |
Capitalized transaction costs | (16,797) | (16,643) |
Accounting method change | (7,019) | 0 |
Prepaid expenses and other | (32,493) | (28,214) |
Lease right-of-use assets | (12,638) | 0 |
Other, net | 0 | (120) |
Total deferred tax liabilities | (93,044) | (71,520) |
Total net deferred tax assets | $ 17,024 | $ 16,243 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of unrecognized tax benefits | |||
Balance at Beginning of Period | $ 4,584,000 | $ 4,461,000 | $ 1,640,000 |
Additions based on tax positions related to the current year | 0 | 0 | 0 |
Additions for tax positions of prior years | 994,000 | 298,000 | 0 |
Additions from current year acquisitions | 0 | 0 | 4,121,000 |
Reductions for tax positions of prior years | 0 | 0 | (1,290,000) |
Reductions as a result of a lapse of applicable statutes of limitations | (109,000) | (175,000) | (10,000) |
Balance at End of Period | $ 5,469,000 | $ 4,584,000 | $ 4,461,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax asset, expense | $ (300) | $ 9,600 | |
U.S federal income tax rate | 21.00% | ||
State income taxes (benefit), net of federal tax benefit | $ 2,421 | 1,915 | $ (776) |
State income taxes (benefit), net of federal tax benefit (impact of REIT election), net of valuation allowance | 4,100 | 1,300 | $ 1,500 |
Valuation allowance | 22,786 | $ 21,333 | |
Increase in valuation allowance | 1,500 | ||
Accumulated undistributed earnings | 9,900 | ||
Deferred tax liability, undistributed foreign earnings | 500 | ||
Foreign operating losses carry forward | 57,900 | ||
State tax credits | 5,100 | ||
Deferred tax asset net of valuation allowance | 4,900 | ||
Unrecognized tax benefits, net | 5,300 | ||
Decrease in unrecognized tax benefits | 40 | ||
Recognized tax benefits that will reduce company's tax rate | 5,300 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Federal net operating loss carryforwards | 203,700 | ||
Domestic Country | |||
Operating Loss Carryforwards [Line Items] | |||
Federal net operating loss carryforwards | $ 43,100 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Millions | Dec. 30, 2019bed | May 02, 2019 | Sep. 09, 2017claim | Dec. 31, 2019USD ($) |
Commitments and Contingencies [Line Items] | ||||
Cost already spent on existing capital projects | $ 28 | |||
Remaining capital required for capital projects | 33 | |||
Estimated construction capital project cost | 61 | |||
Estimate of possible loss | $ 18.9 | |||
Life term of contract | 10 years | |||
Workforce Subject to Collective Bargaining Arrangements | ||||
Commitments and Contingencies [Line Items] | ||||
Concentration risk, percentage | 33.00% | |||
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | ||||
Commitments and Contingencies [Line Items] | ||||
Concentration risk, percentage | 7.00% | |||
Pending Litigation | Immigration Detainees Against Company | ||||
Commitments and Contingencies [Line Items] | ||||
Number of claims filed | claim | 3 | |||
WASHINGTON | Pending Litigation | Immigration Detainees Against Company | ||||
Commitments and Contingencies [Line Items] | ||||
Number of claims filed | claim | 2 | |||
CALIFORNIA | Pending Litigation | Immigration Detainees Against Company | ||||
Commitments and Contingencies [Line Items] | ||||
Number of claims filed | claim | 1 | |||
El Centro Service Processing Center | US Marshall Service | ||||
Commitments and Contingencies [Line Items] | ||||
Number of beds in detention facility | bed | 512 |
Commitments and Contingencies_2
Commitments and Contingencies (Contract Awards) (Details) | Dec. 30, 2019bed | Dec. 23, 2019bed | Jun. 05, 2019bedinmate | May 02, 2019bed | Apr. 25, 2019bed |
Loss Contingencies [Line Items] | |||||
Life term of contract | 10 years | ||||
Immigration and Customs Enforcement | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 4,490 | ||||
Life term of contract | 15 years | ||||
Renewal term | 8 years 9 months | 5 years | |||
El Centro Service Processing Center | US Marshall Service | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 512 | ||||
Adelanto ICE Processing Center | Immigration and Customs Enforcement | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 1,940 | ||||
Mesa Verde ICE Processing Center | Immigration and Customs Enforcement | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 400 | ||||
Central Valley MCCF | Immigration and Customs Enforcement | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 700 | ||||
Desert View MCCF | Immigration and Customs Enforcement | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 750 | ||||
Golden State MCCF | Immigration and Customs Enforcement | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 700 | ||||
Montgomery ICE Processing Center | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility added | 314 | ||||
Number of inmates, capacity | inmate | 1,314 | ||||
North Lake Correctional Facility | Bureau Of Prisons (BOP) | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 1,800 | ||||
Reeves County Detention Complex R3 | Bureau Of Prisons (BOP) | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 1,376 | ||||
South Louisiana ICE Processing Center | |||||
Loss Contingencies [Line Items] | |||||
Number of beds in detention facility | 1,000 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Company's quarterly financial data | |||||||||||
Revenues | $ 621,710 | $ 631,579 | $ 613,966 | $ 610,667 | $ 599,430 | $ 583,530 | $ 583,509 | $ 564,917 | $ 2,477,922 | $ 2,331,386 | $ 2,263,420 |
Operating Income | 66,302 | 78,159 | 81,175 | 74,777 | 63,484 | 69,780 | 66,951 | 64,450 | 300,413 | 264,665 | 248,285 |
Net Income | 38,042 | 45,885 | 41,836 | 40,649 | 33,353 | 39,229 | 37,325 | 34,920 | 166,412 | 144,827 | 146,024 |
Net income attributable to The GEO Group, Inc. | $ 38,052 | $ 45,932 | $ 41,914 | $ 40,705 | $ 33,392 | $ 39,289 | $ 37,421 | $ 34,987 | $ 166,603 | $ 145,089 | $ 146,241 |
Basic earnings per share | |||||||||||
Net income per share — basic (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.34 | $ 0.28 | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.40 | $ 1.21 | $ 1.22 |
Diluted earnings per share | |||||||||||
Net income per share — diluted (in dollars per share) | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.34 | $ 0.28 | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.40 | $ 1.20 | $ 1.21 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information (Details Textual) | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 25, 2014 |
Condensed Financial Statements, Captions [Line Items] | |||
Percentage of subsidiary owned | 100.00% | ||
Senior Notes | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate | 5.125% | ||
Senior Notes | 6.00% Senior Notes | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate | 6.00% | ||
Senior Notes | 5.875% Senior Notes | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate | 5.875% | 5.875% | |
Senior Notes | 5.875% Senior notes due 2024 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate | 5.875% | 5.875% | 5.875% |
Senior Notes | 6.625% Senior Notes | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate | 6.625% | 6.625% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information (Statements of Income and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,477,922 | $ 2,331,386 | $ 2,263,420 | ||||||||
Operating expenses | 1,860,758 | 1,755,772 | 1,700,495 | ||||||||
Depreciation and amortization | 130,825 | 126,434 | 124,297 | ||||||||
General and administrative expenses | 185,926 | 184,515 | 190,343 | ||||||||
Operating income | $ 66,302 | $ 78,159 | $ 81,175 | $ 74,777 | $ 63,484 | $ 69,780 | $ 66,951 | $ 64,450 | 300,413 | 264,665 | 248,285 |
Interest Income | 28,934 | 34,755 | 51,676 | ||||||||
Interest Expense | (151,024) | (150,103) | (148,024) | ||||||||
Loss on extinguishment of debt | (4,795) | 0 | 0 | ||||||||
Income before income taxes and equity in earnings of affiliates | 173,528 | 149,317 | 151,937 | ||||||||
Provision for Income Taxes | 16,648 | 14,117 | 17,958 | ||||||||
Equity in earnings (losses) of affiliates, net of income tax provision | 9,532 | 9,627 | 12,045 | ||||||||
Income from operations before equity in income of consolidated subsidiaries | 166,412 | 144,827 | 146,024 | ||||||||
Income from consolidated subsidiaries, net of income tax provision | 0 | 0 | 0 | ||||||||
Net Income | 38,042 | 45,885 | 41,836 | 40,649 | 33,353 | 39,229 | 37,325 | 34,920 | 166,412 | 144,827 | 146,024 |
Loss attributable to noncontrolling interests | 191 | 262 | 217 | ||||||||
Net income attributable to The GEO Group, Inc. | $ 38,052 | $ 45,932 | $ 41,914 | $ 40,705 | $ 33,392 | $ 39,289 | $ 37,421 | $ 34,987 | 166,603 | 145,089 | 146,241 |
Other comprehensive income (loss), net of tax | 3,291 | 813 | 6,373 | ||||||||
Total comprehensive income | 169,703 | 145,640 | 152,397 | ||||||||
Comprehensive loss attributable to noncontrolling interests | 183 | 277 | 211 | ||||||||
Comprehensive income attributable to The GEO Group, Inc. | 169,886 | 145,917 | 152,608 | ||||||||
Reportable Legal Entities | The GEO Group Inc. | |||||||||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 941,117 | 827,473 | 711,013 | ||||||||
Operating expenses | 755,443 | 664,354 | 568,061 | ||||||||
Depreciation and amortization | 29,688 | 27,036 | 24,580 | ||||||||
General and administrative expenses | 69,969 | 64,852 | 59,194 | ||||||||
Operating income | 86,017 | 71,231 | 59,178 | ||||||||
Interest Income | 13,956 | 14,702 | 16,200 | ||||||||
Interest Expense | (90,127) | (81,456) | (69,969) | ||||||||
Loss on extinguishment of debt | (486) | ||||||||||
Income before income taxes and equity in earnings of affiliates | 9,360 | 4,477 | 5,409 | ||||||||
Provision for Income Taxes | 1,472 | 972 | 1,103 | ||||||||
Equity in earnings (losses) of affiliates, net of income tax provision | 0 | 0 | 0 | ||||||||
Income from operations before equity in income of consolidated subsidiaries | 7,888 | 3,505 | 4,306 | ||||||||
Income from consolidated subsidiaries, net of income tax provision | 158,524 | 141,322 | 141,718 | ||||||||
Net Income | 166,412 | 144,827 | 146,024 | ||||||||
Loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to The GEO Group, Inc. | 166,412 | 144,827 | 146,024 | ||||||||
Other comprehensive income (loss), net of tax | (1,476) | 0 | 0 | ||||||||
Total comprehensive income | 164,936 | 144,827 | 146,024 | ||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to The GEO Group, Inc. | 164,936 | 144,827 | 146,024 | ||||||||
Reportable Legal Entities | Combined Subsidiary Guarantors | |||||||||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,010,561 | 1,905,243 | 1,810,262 | ||||||||
Operating expenses | 1,628,470 | 1,539,343 | 1,441,884 | ||||||||
Depreciation and amortization | 97,259 | 95,504 | 96,051 | ||||||||
General and administrative expenses | 95,689 | 98,601 | 104,373 | ||||||||
Operating income | 189,143 | 171,795 | 167,954 | ||||||||
Interest Income | 7,293 | 5,494 | 4,294 | ||||||||
Interest Expense | (57,005) | (56,194) | (55,080) | ||||||||
Loss on extinguishment of debt | 155 | ||||||||||
Income before income taxes and equity in earnings of affiliates | 139,586 | 121,095 | 117,168 | ||||||||
Provision for Income Taxes | 9,595 | 7,424 | 9,608 | ||||||||
Equity in earnings (losses) of affiliates, net of income tax provision | 0 | 0 | 0 | ||||||||
Income from operations before equity in income of consolidated subsidiaries | 129,991 | 113,671 | 107,560 | ||||||||
Income from consolidated subsidiaries, net of income tax provision | 0 | 0 | 0 | ||||||||
Net Income | 129,991 | 113,671 | 107,560 | ||||||||
Loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to The GEO Group, Inc. | 129,991 | 113,671 | 107,560 | ||||||||
Other comprehensive income (loss), net of tax | (3,247) | 1,785 | (1,420) | ||||||||
Total comprehensive income | 126,744 | 115,456 | 106,140 | ||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to The GEO Group, Inc. | 126,744 | 115,456 | 106,140 | ||||||||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | |||||||||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 272,613 | 268,723 | 321,612 | ||||||||
Operating expenses | 223,214 | 222,128 | 270,017 | ||||||||
Depreciation and amortization | 3,878 | 3,894 | 3,666 | ||||||||
General and administrative expenses | 20,268 | 21,062 | 26,776 | ||||||||
Operating income | 25,253 | 21,639 | 21,153 | ||||||||
Interest Income | 27,270 | 35,501 | 52,069 | ||||||||
Interest Expense | (23,477) | (33,395) | (43,862) | ||||||||
Loss on extinguishment of debt | (4,464) | ||||||||||
Income before income taxes and equity in earnings of affiliates | 24,582 | 23,745 | 29,360 | ||||||||
Provision for Income Taxes | 5,581 | 5,721 | 7,247 | ||||||||
Equity in earnings (losses) of affiliates, net of income tax provision | 9,532 | 9,627 | 12,045 | ||||||||
Income from operations before equity in income of consolidated subsidiaries | 28,533 | 27,651 | 34,158 | ||||||||
Income from consolidated subsidiaries, net of income tax provision | 0 | 0 | 0 | ||||||||
Net Income | 28,533 | 27,651 | 34,158 | ||||||||
Loss attributable to noncontrolling interests | 191 | 262 | 217 | ||||||||
Net income attributable to The GEO Group, Inc. | 28,724 | 27,913 | 34,375 | ||||||||
Other comprehensive income (loss), net of tax | 8,014 | (972) | 7,793 | ||||||||
Total comprehensive income | 36,547 | 26,679 | 41,951 | ||||||||
Comprehensive loss attributable to noncontrolling interests | 183 | 277 | 211 | ||||||||
Comprehensive income attributable to The GEO Group, Inc. | 36,730 | 26,956 | 42,162 | ||||||||
Eliminations | |||||||||||
Consolidated Statements of Income and Comprehensive Income [Abstract] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (746,369) | (670,053) | (579,467) | ||||||||
Operating expenses | (746,369) | (670,053) | (579,467) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Interest Income | (19,585) | (20,942) | (20,887) | ||||||||
Interest Expense | 19,585 | 20,942 | 20,887 | ||||||||
Loss on extinguishment of debt | 0 | ||||||||||
Income before income taxes and equity in earnings of affiliates | 0 | 0 | 0 | ||||||||
Provision for Income Taxes | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of affiliates, net of income tax provision | 0 | 0 | 0 | ||||||||
Income from operations before equity in income of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Income from consolidated subsidiaries, net of income tax provision | (158,524) | (141,322) | (141,718) | ||||||||
Net Income | (158,524) | (141,322) | (141,718) | ||||||||
Loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to The GEO Group, Inc. | (158,524) | (141,322) | (141,718) | ||||||||
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | ||||||||
Total comprehensive income | (158,524) | (141,322) | (141,718) | ||||||||
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to The GEO Group, Inc. | $ (158,524) | $ (141,322) | $ (141,718) |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 32,463 | $ 31,255 | $ 81,377 | |
Restricted cash and investments, current | 32,418 | 51,678 | ||
Accounts receivable, less allowance for doubtful accounts | 430,982 | 445,526 | ||
Contract receivable, current portion | 11,199 | 15,535 | ||
Prepaid expenses and other current assets | 40,716 | 57,768 | ||
Total current assets | 547,778 | 601,762 | ||
Restricted cash and investments - non-current | 30,923 | 22,431 | 27,999 | |
Property and equipment, net | 2,144,722 | 2,158,610 | 2,078,123 | |
Operating Lease Right-of-Use Assets, Net | 121,527 | 0 | ||
Contract Receivable | 360,647 | 368,178 | ||
Assets Held for Sale | 6,059 | 2,634 | ||
Intercompany Receivable | 0 | 0 | ||
Deferred Income Tax Assets | 36,278 | 29,924 | ||
Goodwill | 776,356 | 776,359 | 778,951 | |
Intangible Assets, Net | 210,070 | 232,360 | ||
Investment in Subsidiaries | 0 | 0 | ||
Other Non-Current Assets | 83,174 | 65,860 | ||
Total Assets | 4,317,534 | 4,258,118 | ||
Current Liabilities | ||||
Accounts payable | 99,232 | 93,032 | ||
Accrued payroll and related taxes | 54,672 | 76,009 | ||
Accrued expenses and other current liabilities | 191,608 | 204,170 | ||
Operating lease liabilities, current portion | 26,208 | 0 | ||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 24,208 | 332,027 | ||
Total current liabilities | 395,928 | 705,238 | ||
Deferred Income Tax Liabilities | 19,254 | 13,681 | ||
Intercompany Payable | 0 | 0 | ||
Other Non-Current Liabilities | 88,526 | 82,481 | ||
Operating Lease Liabilities | 97,291 | 0 | ||
Finance Lease Obligations | 4,570 | |||
Finance Lease Obligations | 2,954 | |||
Long-Term Debt | 2,408,297 | 2,397,227 | ||
Non-Recourse Debt | 309,236 | 15,017 | ||
Commitments and Contingencies | ||||
Total shareholders’ equity attributable to The GEO Group, Inc. | 996,830 | 1,040,503 | ||
Noncontrolling interests | (782) | (599) | ||
Total shareholders’ equity | 996,048 | 1,039,904 | $ 1,198,919 | $ 974,957 |
Total Liabilities and Shareholders’ Equity | 4,317,534 | 4,258,118 | ||
The GEO Group Inc. | ||||
Current Liabilities | ||||
Commitments and Contingencies | ||||
Combined Subsidiary Guarantors | ||||
Current Liabilities | ||||
Commitments and Contingencies | ||||
Combined Non-Guarantor Subsidiaries | ||||
Current Liabilities | ||||
Commitments and Contingencies | ||||
Reportable Legal Entities | The GEO Group Inc. | ||||
ASSETS | ||||
Cash and cash equivalents | 9,840 | 4,468 | ||
Restricted cash and investments, current | 0 | 2,854 | ||
Accounts receivable, less allowance for doubtful accounts | 167,769 | 190,594 | ||
Contract receivable, current portion | 0 | |||
Prepaid expenses and other current assets | 1,273 | 2,011 | ||
Total current assets | 178,882 | 199,927 | ||
Restricted cash and investments - non-current | 0 | 0 | ||
Property and equipment, net | 846,297 | 845,291 | ||
Operating Lease Right-of-Use Assets, Net | 21,995 | |||
Contract Receivable | 0 | 0 | ||
Assets Held for Sale | 705 | 705 | ||
Intercompany Receivable | 978,337 | 990,365 | ||
Deferred Income Tax Assets | 0 | 798 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net | 0 | 0 | ||
Investment in Subsidiaries | 1,484,930 | 1,503,841 | ||
Other Non-Current Assets | 18,329 | 9,541 | ||
Total Assets | 3,529,475 | 3,550,468 | ||
Current Liabilities | ||||
Accounts payable | 16,690 | 13,566 | ||
Accrued payroll and related taxes | 0 | 0 | ||
Accrued expenses and other current liabilities | 32,175 | 23,565 | ||
Operating lease liabilities, current portion | 5,232 | |||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 8,000 | 8,000 | ||
Total current liabilities | 62,097 | 45,131 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Intercompany Payable | 106,029 | 142,055 | ||
Other Non-Current Liabilities | 3,572 | 1,395 | ||
Operating Lease Liabilities | 17,321 | |||
Finance Lease Obligations | 0 | |||
Finance Lease Obligations | 0 | |||
Long-Term Debt | 2,343,626 | 2,321,384 | ||
Non-Recourse Debt | 0 | 0 | ||
Commitments and Contingencies | ||||
Total shareholders’ equity attributable to The GEO Group, Inc. | 996,830 | 1,040,503 | ||
Noncontrolling interests | 0 | 0 | ||
Total shareholders’ equity | 996,830 | 1,040,503 | ||
Total Liabilities and Shareholders’ Equity | 3,529,475 | 3,550,468 | ||
Reportable Legal Entities | Combined Subsidiary Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 7,873 | ||
Restricted cash and investments, current | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 218,920 | 221,957 | ||
Contract receivable, current portion | 0 | 0 | ||
Prepaid expenses and other current assets | 32,187 | 50,482 | ||
Total current assets | 251,107 | 280,312 | ||
Restricted cash and investments - non-current | 28,648 | 21,009 | ||
Property and equipment, net | 1,214,697 | 1,227,223 | ||
Operating Lease Right-of-Use Assets, Net | 98,654 | |||
Contract Receivable | 0 | 0 | ||
Assets Held for Sale | 5,354 | 1,929 | ||
Intercompany Receivable | 238,680 | 150,710 | ||
Deferred Income Tax Assets | 35,584 | 27,928 | ||
Goodwill | 775,953 | 775,955 | ||
Intangible Assets, Net | 209,554 | 231,787 | ||
Investment in Subsidiaries | 573,816 | 458,229 | ||
Other Non-Current Assets | 123,797 | 115,695 | ||
Total Assets | 3,555,844 | 3,290,777 | ||
Current Liabilities | ||||
Accounts payable | 76,631 | 72,128 | ||
Accrued payroll and related taxes | 38,243 | 56,543 | ||
Accrued expenses and other current liabilities | 131,031 | 168,231 | ||
Operating lease liabilities, current portion | 20,777 | |||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 2,626 | 2,017 | ||
Total current liabilities | 269,308 | 298,919 | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Intercompany Payable | 1,100,299 | 989,856 | ||
Other Non-Current Liabilities | 162,026 | 152,815 | ||
Operating Lease Liabilities | 79,290 | |||
Finance Lease Obligations | 4,570 | |||
Finance Lease Obligations | 2,954 | |||
Long-Term Debt | 0 | 0 | ||
Non-Recourse Debt | 0 | 0 | ||
Commitments and Contingencies | ||||
Total shareholders’ equity attributable to The GEO Group, Inc. | 1,941,967 | 1,844,617 | ||
Noncontrolling interests | 0 | 0 | ||
Total shareholders’ equity | 1,941,967 | 1,844,617 | ||
Total Liabilities and Shareholders’ Equity | 3,555,844 | 3,290,777 | ||
Reportable Legal Entities | Combined Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 22,623 | 18,914 | ||
Restricted cash and investments, current | 32,418 | 48,824 | ||
Accounts receivable, less allowance for doubtful accounts | 41,175 | 44,377 | ||
Contract receivable, current portion | 11,199 | 15,535 | ||
Prepaid expenses and other current assets | 9,315 | 7,114 | ||
Total current assets | 116,730 | 134,764 | ||
Restricted cash and investments - non-current | 2,275 | 1,422 | ||
Property and equipment, net | 83,728 | 86,096 | ||
Operating Lease Right-of-Use Assets, Net | 878 | |||
Contract Receivable | 360,647 | 368,178 | ||
Assets Held for Sale | 0 | 0 | ||
Intercompany Receivable | 17,050 | 22,407 | ||
Deferred Income Tax Assets | 694 | 1,198 | ||
Goodwill | 403 | 404 | ||
Intangible Assets, Net | 516 | 573 | ||
Investment in Subsidiaries | 2,189 | 2,190 | ||
Other Non-Current Assets | 18,853 | 19,334 | ||
Total Assets | 603,963 | 636,566 | ||
Current Liabilities | ||||
Accounts payable | 5,911 | 7,338 | ||
Accrued payroll and related taxes | 16,429 | 19,466 | ||
Accrued expenses and other current liabilities | 28,765 | 25,615 | ||
Operating lease liabilities, current portion | 199 | |||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 13,582 | 322,010 | ||
Total current liabilities | 64,886 | 374,429 | ||
Deferred Income Tax Liabilities | 19,254 | 13,681 | ||
Intercompany Payable | 26,316 | 31,571 | ||
Other Non-Current Liabilities | 733 | 6,981 | ||
Operating Lease Liabilities | 680 | |||
Finance Lease Obligations | 0 | |||
Finance Lease Obligations | 0 | |||
Long-Term Debt | 64,671 | 75,843 | ||
Non-Recourse Debt | 309,236 | 15,017 | ||
Commitments and Contingencies | ||||
Total shareholders’ equity attributable to The GEO Group, Inc. | 118,969 | 119,643 | ||
Noncontrolling interests | (782) | (599) | ||
Total shareholders’ equity | 118,187 | 119,044 | ||
Total Liabilities and Shareholders’ Equity | 603,963 | 636,566 | ||
Eliminations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and investments, current | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 3,118 | (11,402) | ||
Contract receivable, current portion | 0 | 0 | ||
Prepaid expenses and other current assets | (2,059) | (1,839) | ||
Total current assets | 1,059 | (13,241) | ||
Restricted cash and investments - non-current | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Operating Lease Right-of-Use Assets, Net | 0 | |||
Contract Receivable | 0 | 0 | ||
Assets Held for Sale | 0 | 0 | ||
Intercompany Receivable | (1,234,067) | (1,163,482) | ||
Deferred Income Tax Assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible Assets, Net | 0 | 0 | ||
Investment in Subsidiaries | (2,060,935) | (1,964,260) | ||
Other Non-Current Assets | (77,805) | (78,710) | ||
Total Assets | (3,371,748) | (3,219,693) | ||
Current Liabilities | ||||
Accounts payable | 0 | 0 | ||
Accrued payroll and related taxes | 0 | 0 | ||
Accrued expenses and other current liabilities | (363) | (13,241) | ||
Operating lease liabilities, current portion | 0 | |||
Current portion of capital lease obligations, long-term debt and non-recourse debt | 0 | 0 | ||
Total current liabilities | (363) | (13,241) | ||
Deferred Income Tax Liabilities | 0 | 0 | ||
Intercompany Payable | (1,232,644) | (1,163,482) | ||
Other Non-Current Liabilities | (77,805) | (78,710) | ||
Operating Lease Liabilities | 0 | |||
Finance Lease Obligations | 0 | |||
Finance Lease Obligations | 0 | |||
Long-Term Debt | 0 | 0 | ||
Non-Recourse Debt | 0 | 0 | ||
Commitments and Contingencies | ||||
Total shareholders’ equity attributable to The GEO Group, Inc. | (2,060,936) | (1,964,260) | ||
Noncontrolling interests | 0 | 0 | ||
Total shareholders’ equity | (2,060,936) | (1,964,260) | ||
Total Liabilities and Shareholders’ Equity | $ (3,371,748) | $ (3,219,693) |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | $ 338,143 | $ 274,475 | $ 381,042 |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, cash consideration, net of cash acquired | 0 | 0 | (353,556) |
Proceeds from sale of property and equipment | 414 | 2,077 | 3,460 |
Insurance proceeds - damaged property | 19,310 | 1,438 | 2,754 |
Proceeds from sale of assets held for sale | 823 | 3,797 | 0 |
Change in restricted cash and investments | (7,440) | (129) | (4,507) |
Capital expenditures | (117,244) | (195,666) | (148,406) |
Net cash used in investing activities | (104,137) | (188,483) | (500,255) |
Cash Flow from Financing Activities: | |||
Payments on long-term debt | (513,219) | (282,358) | (1,140,788) |
Proceeds from long term debt | 521,370 | 502,998 | 1,389,084 |
Payments on non-recourse debt | (335,116) | (18,544) | (307,414) |
Proceeds from non-recourse debt | 321,102 | 0 | 181,658 |
Taxes paid related to net share settlements of equity awards | (4,179) | (3,820) | (4,142) |
Payments for purchase of treasury shares | 0 | (95,175) | 0 |
Debt issuance costs | (9,856) | (990) | (9,542) |
Proceeds from stock options exercised | 1,258 | 1,887 | 6,962 |
Dividends paid | (232,546) | (229,498) | (227,463) |
Proceeds from issuance of common stock in connection with ESPP | 532 | 534 | 497 |
Issuance of common stock in connection with public offering | 0 | 0 | 275,867 |
Net cash (used in) provided by financing activities | (250,654) | (124,966) | 164,719 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (352) | (10,099) | (2,318) |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (17,000) | (49,073) | 43,188 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 84,472 | 133,545 | 90,357 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | 67,472 | 84,472 | 133,545 |
The GEO Group Inc. | |||
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | 275,126 | 156,754 | 118,018 |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, cash consideration, net of cash acquired | (353,556) | ||
Proceeds from sale of property and equipment | 0 | 0 | 3,436 |
Insurance proceeds - damaged property | 0 | 0 | 2,754 |
Proceeds from sale of assets held for sale | 0 | 0 | |
Change in restricted cash and investments | 0 | 0 | 0 |
Capital expenditures | (35,968) | (104,034) | (53,030) |
Net cash used in investing activities | (35,968) | (104,034) | (400,396) |
Cash Flow from Financing Activities: | |||
Payments on long-term debt | (513,219) | (276,000) | (1,140,788) |
Proceeds from long term debt | 521,370 | 502,998 | 1,389,084 |
Payments on non-recourse debt | 0 | 0 | 0 |
Proceeds from non-recourse debt | 0 | 0 | |
Taxes paid related to net share settlements of equity awards | (4,179) | (3,820) | (4,142) |
Payments for purchase of treasury shares | (95,175) | ||
Debt issuance costs | (9,856) | (990) | (8,701) |
Proceeds from stock options exercised | 1,258 | 1,887 | 6,962 |
Dividends paid | (232,546) | (229,498) | (227,463) |
Proceeds from issuance of common stock in connection with ESPP | 532 | 534 | 497 |
Issuance of common stock in connection with public offering | 275,867 | ||
Net cash (used in) provided by financing activities | (236,640) | (100,064) | 291,316 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | 0 | 0 | 0 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | 2,518 | (47,344) | 8,938 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 7,322 | 54,666 | 45,728 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | 9,840 | 7,322 | 54,666 |
Combined Subsidiary Guarantors | |||
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | 58,530 | 86,974 | 91,174 |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, cash consideration, net of cash acquired | 0 | ||
Proceeds from sale of property and equipment | 414 | 268 | 0 |
Insurance proceeds - damaged property | 19,310 | 1,438 | 0 |
Proceeds from sale of assets held for sale | 823 | 3,797 | |
Change in restricted cash and investments | (7,440) | (129) | (4,507) |
Capital expenditures | (79,627) | (89,310) | (86,336) |
Net cash used in investing activities | (66,520) | (83,936) | (90,843) |
Cash Flow from Financing Activities: | |||
Payments on long-term debt | 0 | 0 | |
Proceeds from long term debt | 0 | 0 | 0 |
Payments on non-recourse debt | 0 | 0 | 0 |
Proceeds from non-recourse debt | 0 | 0 | |
Taxes paid related to net share settlements of equity awards | 0 | 0 | 0 |
Payments for purchase of treasury shares | 0 | ||
Debt issuance costs | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from issuance of common stock in connection with ESPP | 0 | 0 | |
Issuance of common stock in connection with public offering | 0 | ||
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | 0 | 0 | 0 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (7,990) | 3,038 | 331 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 7,990 | 4,952 | 4,621 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | 0 | 7,990 | 4,952 |
Combined Non-Guarantor Subsidiaries | |||
Cash Flow from Operating Activities: | |||
Net cash provided by operating activities | 4,487 | 30,747 | 171,850 |
Cash Flow from Investing Activities: | |||
Acquisition of CEC, cash consideration, net of cash acquired | 0 | ||
Proceeds from sale of property and equipment | 0 | 1,809 | 24 |
Insurance proceeds - damaged property | 0 | 0 | 0 |
Proceeds from sale of assets held for sale | 0 | ||
Change in restricted cash and investments | 0 | 0 | 0 |
Capital expenditures | (1,649) | (2,322) | (9,040) |
Net cash used in investing activities | (1,649) | (513) | (9,016) |
Cash Flow from Financing Activities: | |||
Payments on long-term debt | 0 | (6,358) | 0 |
Proceeds from long term debt | 0 | 0 | 0 |
Payments on non-recourse debt | (335,116) | (18,544) | (307,414) |
Proceeds from non-recourse debt | 321,102 | 181,658 | |
Taxes paid related to net share settlements of equity awards | 0 | 0 | 0 |
Payments for purchase of treasury shares | 0 | ||
Debt issuance costs | 0 | 0 | (841) |
Proceeds from stock options exercised | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from issuance of common stock in connection with ESPP | 0 | 0 | 0 |
Issuance of common stock in connection with public offering | 0 | ||
Net cash (used in) provided by financing activities | (14,014) | (24,902) | (126,597) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (352) | (10,099) | (2,318) |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (11,528) | (4,767) | 33,919 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 69,160 | 73,927 | 40,008 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | $ 57,632 | $ 69,160 | $ 73,927 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 10, 2020 | Feb. 03, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 1.92 | $ 1.88 | $ 1.88 | ||
Options granted (in shares) | 391,000 | 500,000 | 500,000 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.48 | ||||
Options granted (in shares) | 490,000 | ||||
Restricted Stock Award | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Restricted stock granted (in shares) | 942,000 | ||||
Performance Shares | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Restricted stock granted (in shares) | 360,000 | ||||
Performance period | 3 years |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and Qualifying Accounts | |||
Balance at Beginning of Period | $ 4,183 | $ 4,574 | $ 3,664 |
Charged to Cost and Expenses | 190 | 823 | 2,456 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions, Actual Charge-Offs | (1,178) | (1,214) | (1,546) |
Balance at End of Period | $ 3,195 | $ 4,183 | $ 4,574 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | $ 132,927 | |||
Original Buildings and Improvements | 1,904,458 | |||
Costs Capitalized Subsequent to Acquisition | 642,262 | |||
Land and Improvements | 125,362 | |||
Building and Improvements | 2,493,219 | |||
Land Held for Development | 31,762 | |||
Development and Construction in Progress | 29,394 | |||
Total | 2,679,737 | $ 2,643,065 | $ 2,501,844 | $ 2,255,260 |
Accumulated Depreciation | 616,175 | $ 558,657 | $ 492,582 | $ 429,814 |
Book Value of Mortgaged Properties | 1,121,185 | |||
Secure Services Facility [Member] | DEERFIELD BEACH, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 4,085 | |||
Original Buildings and Improvements | 15,441 | |||
Costs Capitalized Subsequent to Acquisition | 18,988 | |||
Land and Improvements | 4,209 | |||
Building and Improvements | 34,305 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 38,514 | |||
Accumulated Depreciation | 9,991 | |||
Book Value of Mortgaged Properties | 28,523 | |||
Secure Services Facility [Member] | FOLKSTON, GA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,229 | |||
Original Buildings and Improvements | 55,961 | |||
Costs Capitalized Subsequent to Acquisition | 13,757 | |||
Land and Improvements | 1,764 | |||
Building and Improvements | 68,901 | |||
Land Held for Development | 243 | |||
Development and Construction in Progress | 39 | |||
Total | 70,947 | |||
Accumulated Depreciation | 15,624 | |||
Book Value of Mortgaged Properties | 55,323 | |||
Secure Services Facility [Member] | Folkston, GA2 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 291 | |||
Original Buildings and Improvements | 30,399 | |||
Costs Capitalized Subsequent to Acquisition | 8,727 | |||
Land and Improvements | 291 | |||
Building and Improvements | 38,580 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 546 | |||
Total | 39,417 | |||
Accumulated Depreciation | 7,250 | |||
Book Value of Mortgaged Properties | 32,167 | |||
Secure Services Facility [Member] | JENA, LA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 856 | |||
Original Buildings and Improvements | 51,623 | |||
Costs Capitalized Subsequent to Acquisition | 6,735 | |||
Land and Improvements | 1,166 | |||
Building and Improvements | 57,475 | |||
Land Held for Development | 514 | |||
Development and Construction in Progress | 59 | |||
Total | 59,214 | |||
Accumulated Depreciation | 16,827 | |||
Book Value of Mortgaged Properties | 42,387 | |||
Secure Services Facility [Member] | Alexandria, LA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 17,283 | |||
Costs Capitalized Subsequent to Acquisition | 54 | |||
Land and Improvements | 0 | |||
Building and Improvements | 17,337 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 17,337 | |||
Accumulated Depreciation | 1,902 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | PHILIPSBURG, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,107 | |||
Original Buildings and Improvements | 65,160 | |||
Costs Capitalized Subsequent to Acquisition | 8,907 | |||
Land and Improvements | 1,723 | |||
Building and Improvements | 73,324 | |||
Land Held for Development | 87 | |||
Development and Construction in Progress | 40 | |||
Total | 75,174 | |||
Accumulated Depreciation | 16,536 | |||
Book Value of Mortgaged Properties | 58,638 | |||
Secure Services Facility [Member] | BALDWIN, MI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 66 | |||
Original Buildings and Improvements | 36,727 | |||
Costs Capitalized Subsequent to Acquisition | 53,637 | |||
Land and Improvements | 1,709 | |||
Building and Improvements | 88,674 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 47 | |||
Total | 90,430 | |||
Accumulated Depreciation | 15,655 | |||
Book Value of Mortgaged Properties | 74,775 | |||
Secure Services Facility [Member] | JAMAICA, NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 2,237 | |||
Original Buildings and Improvements | 19,847 | |||
Costs Capitalized Subsequent to Acquisition | 5,478 | |||
Land and Improvements | 2,237 | |||
Building and Improvements | 25,308 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 17 | |||
Total | 27,562 | |||
Accumulated Depreciation | 10,454 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | MILLEDGEVILLE, GA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 72,932 | |||
Costs Capitalized Subsequent to Acquisition | 652 | |||
Land and Improvements | 157 | |||
Building and Improvements | 73,427 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 73,584 | |||
Accumulated Depreciation | 15,887 | |||
Book Value of Mortgaged Properties | 57,697 | |||
Secure Services Facility [Member] | WINTON, NC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 875 | |||
Original Buildings and Improvements | 60,328 | |||
Costs Capitalized Subsequent to Acquisition | 5,964 | |||
Land and Improvements | 1,256 | |||
Building and Improvements | 65,703 | |||
Land Held for Development | 149 | |||
Development and Construction in Progress | 59 | |||
Total | 67,167 | |||
Accumulated Depreciation | 24,924 | |||
Book Value of Mortgaged Properties | 42,243 | |||
Secure Services Facility [Member] | LOVEJOY, GA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 8,163 | |||
Costs Capitalized Subsequent to Acquisition | 10,812 | |||
Land and Improvements | 15 | |||
Building and Improvements | 18,960 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 18,975 | |||
Accumulated Depreciation | 10,892 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | BIG SPRING, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 480 | |||
Original Buildings and Improvements | 82,180 | |||
Costs Capitalized Subsequent to Acquisition | 32,077 | |||
Land and Improvements | 2,281 | |||
Building and Improvements | 112,456 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 114,737 | |||
Accumulated Depreciation | 33,373 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | HINTON, OK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 463 | |||
Original Buildings and Improvements | 76,580 | |||
Costs Capitalized Subsequent to Acquisition | 18,470 | |||
Land and Improvements | 2,396 | |||
Building and Improvements | 90,161 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 2,956 | |||
Total | 95,513 | |||
Accumulated Depreciation | 19,697 | |||
Book Value of Mortgaged Properties | 75,816 | |||
Secure Services Facility [Member] | CONROE, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 470 | |||
Original Buildings and Improvements | 64,813 | |||
Costs Capitalized Subsequent to Acquisition | 12,233 | |||
Land and Improvements | 604 | |||
Building and Improvements | 72,076 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 4,836 | |||
Total | 77,516 | |||
Accumulated Depreciation | 11,324 | |||
Book Value of Mortgaged Properties | 66,192 | |||
Secure Services Facility [Member] | KARNES CITY, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 937 | |||
Original Buildings and Improvements | 24,825 | |||
Costs Capitalized Subsequent to Acquisition | 6,513 | |||
Land and Improvements | 912 | |||
Building and Improvements | 27,034 | |||
Land Held for Development | 176 | |||
Development and Construction in Progress | 4,153 | |||
Total | 32,275 | |||
Accumulated Depreciation | 8,456 | |||
Book Value of Mortgaged Properties | 23,819 | |||
Secure Services Facility [Member] | Karnes City, TX2 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 29,052 | |||
Costs Capitalized Subsequent to Acquisition | 30,346 | |||
Land and Improvements | 47 | |||
Building and Improvements | 59,317 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 34 | |||
Total | 59,398 | |||
Accumulated Depreciation | 8,101 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | LAWTON, OK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,012 | |||
Original Buildings and Improvements | 96,637 | |||
Costs Capitalized Subsequent to Acquisition | 15,212 | |||
Land and Improvements | 1,073 | |||
Building and Improvements | 108,035 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 3,753 | |||
Total | 112,861 | |||
Accumulated Depreciation | 28,226 | |||
Book Value of Mortgaged Properties | 84,635 | |||
Secure Services Facility [Member] | LAREDO, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 8,365 | |||
Original Buildings and Improvements | 81,178 | |||
Costs Capitalized Subsequent to Acquisition | 1,910 | |||
Land and Improvements | 6,266 | |||
Building and Improvements | 83,088 | |||
Land Held for Development | 2,099 | |||
Development and Construction in Progress | 0 | |||
Total | 91,453 | |||
Accumulated Depreciation | 19,146 | |||
Book Value of Mortgaged Properties | 72,307 | |||
Secure Services Facility [Member] | PEARSALL, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 437 | |||
Original Buildings and Improvements | 31,405 | |||
Costs Capitalized Subsequent to Acquisition | 6,131 | |||
Land and Improvements | 437 | |||
Building and Improvements | 37,502 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 34 | |||
Total | 37,973 | |||
Accumulated Depreciation | 11,421 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | DEL RIO, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 21 | |||
Original Buildings and Improvements | 56,009 | |||
Costs Capitalized Subsequent to Acquisition | 1,530 | |||
Land and Improvements | 16 | |||
Building and Improvements | 57,539 | |||
Land Held for Development | 5 | |||
Development and Construction in Progress | 0 | |||
Total | 57,560 | |||
Accumulated Depreciation | 17,811 | |||
Book Value of Mortgaged Properties | 39,749 | |||
Secure Services Facility [Member] | ADELANTO, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 8,005 | |||
Original Buildings and Improvements | 113,255 | |||
Costs Capitalized Subsequent to Acquisition | 43,427 | |||
Land and Improvements | 10,564 | |||
Building and Improvements | 154,029 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 94 | |||
Total | 164,687 | |||
Accumulated Depreciation | 23,458 | |||
Book Value of Mortgaged Properties | 141,229 | |||
Secure Services Facility [Member] | AURORA, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 4,590 | |||
Original Buildings and Improvements | 15,200 | |||
Costs Capitalized Subsequent to Acquisition | 78,764 | |||
Land and Improvements | 4,318 | |||
Building and Improvements | 89,744 | |||
Land Held for Development | 1,310 | |||
Development and Construction in Progress | 3,182 | |||
Total | 98,554 | |||
Accumulated Depreciation | 19,772 | |||
Book Value of Mortgaged Properties | 78,782 | |||
Secure Services Facility [Member] | MC FARLAND, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,055 | |||
Original Buildings and Improvements | 28,133 | |||
Costs Capitalized Subsequent to Acquisition | 2,949 | |||
Land and Improvements | 906 | |||
Building and Improvements | 30,980 | |||
Land Held for Development | 211 | |||
Development and Construction in Progress | 40 | |||
Total | 32,137 | |||
Accumulated Depreciation | 9,874 | |||
Book Value of Mortgaged Properties | 22,263 | |||
Secure Services Facility [Member] | Desert View MCCF | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,245 | |||
Original Buildings and Improvements | 27,943 | |||
Costs Capitalized Subsequent to Acquisition | 4,526 | |||
Land and Improvements | 1,245 | |||
Building and Improvements | 32,454 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 15 | |||
Total | 33,714 | |||
Accumulated Depreciation | 11,445 | |||
Book Value of Mortgaged Properties | 22,269 | |||
Secure Services Facility [Member] | Golden State MCCF | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,264 | |||
Original Buildings and Improvements | 27,924 | |||
Costs Capitalized Subsequent to Acquisition | 2,574 | |||
Land and Improvements | 1,072 | |||
Building and Improvements | 30,422 | |||
Land Held for Development | 253 | |||
Development and Construction in Progress | 15 | |||
Total | 31,762 | |||
Accumulated Depreciation | 9,494 | |||
Book Value of Mortgaged Properties | 22,268 | |||
Secure Services Facility [Member] | SANTA ROSA, NM [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 181 | |||
Original Buildings and Improvements | 29,732 | |||
Costs Capitalized Subsequent to Acquisition | 1,511 | |||
Land and Improvements | 27 | |||
Building and Improvements | 31,052 | |||
Land Held for Development | 154 | |||
Development and Construction in Progress | 191 | |||
Total | 31,424 | |||
Accumulated Depreciation | 12,698 | |||
Book Value of Mortgaged Properties | 18,726 | |||
Secure Services Facility [Member] | HUDSON, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 11,140 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 4,599 | |||
Land and Improvements | 7,372 | |||
Building and Improvements | 4,447 | |||
Land Held for Development | 3,920 | |||
Development and Construction in Progress | 0 | |||
Total | 15,739 | |||
Accumulated Depreciation | 5,907 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | HOBBS, NM [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 347 | |||
Original Buildings and Improvements | 67,933 | |||
Costs Capitalized Subsequent to Acquisition | 5,836 | |||
Land and Improvements | 0 | |||
Building and Improvements | 70,374 | |||
Land Held for Development | 347 | |||
Development and Construction in Progress | 3,395 | |||
Total | 74,116 | |||
Accumulated Depreciation | 20,292 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | McFarland Female CCF [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 914 | |||
Original Buildings and Improvements | 9,019 | |||
Costs Capitalized Subsequent to Acquisition | 9,066 | |||
Land and Improvements | 2,036 | |||
Building and Improvements | 16,765 | |||
Land Held for Development | 183 | |||
Development and Construction in Progress | 15 | |||
Total | 18,999 | |||
Accumulated Depreciation | 6,135 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | BAKERSFIELD, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 2,237 | |||
Original Buildings and Improvements | 13,714 | |||
Costs Capitalized Subsequent to Acquisition | 15,615 | |||
Land and Improvements | 2,237 | |||
Building and Improvements | 26,109 | |||
Land Held for Development | 3,181 | |||
Development and Construction in Progress | 39 | |||
Total | 31,566 | |||
Accumulated Depreciation | 5,312 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | TACOMA, WA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 3,916 | |||
Original Buildings and Improvements | 39,000 | |||
Costs Capitalized Subsequent to Acquisition | 52,136 | |||
Land and Improvements | 6,546 | |||
Building and Improvements | 88,459 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 47 | |||
Total | 95,052 | |||
Accumulated Depreciation | 23,345 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | SAN DIEGO, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 28,071 | |||
Costs Capitalized Subsequent to Acquisition | 1,396 | |||
Land and Improvements | 0 | |||
Building and Improvements | 29,404 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 63 | |||
Total | 29,467 | |||
Accumulated Depreciation | 29,391 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Falfurrias, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 410 | |||
Original Buildings and Improvements | 18,940 | |||
Costs Capitalized Subsequent to Acquisition | 1,400 | |||
Land and Improvements | 470 | |||
Building and Improvements | 20,280 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 20,750 | |||
Accumulated Depreciation | 2,571 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | LaVilla, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 460 | |||
Original Buildings and Improvements | 28,010 | |||
Costs Capitalized Subsequent to Acquisition | 4,601 | |||
Land and Improvements | 523 | |||
Building and Improvements | 32,091 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 457 | |||
Total | 33,071 | |||
Accumulated Depreciation | 3,431 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Uniontown, AL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 400 | |||
Original Buildings and Improvements | 12,880 | |||
Costs Capitalized Subsequent to Acquisition | 401 | |||
Land and Improvements | 400 | |||
Building and Improvements | 13,281 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 13,681 | |||
Accumulated Depreciation | 1,753 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Pine Prairie, LA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 260 | |||
Original Buildings and Improvements | 11,910 | |||
Costs Capitalized Subsequent to Acquisition | 6,022 | |||
Land and Improvements | 905 | |||
Building and Improvements | 16,810 | |||
Land Held for Development | 477 | |||
Development and Construction in Progress | 0 | |||
Total | 18,192 | |||
Accumulated Depreciation | 2,561 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Basile, LA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 290 | |||
Original Buildings and Improvements | 13,040 | |||
Costs Capitalized Subsequent to Acquisition | 20,056 | |||
Land and Improvements | 353 | |||
Building and Improvements | 33,023 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 10 | |||
Total | 33,386 | |||
Accumulated Depreciation | 2,967 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Robstown, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,330 | |||
Original Buildings and Improvements | 26,820 | |||
Costs Capitalized Subsequent to Acquisition | 1,133 | |||
Land and Improvements | 1,445 | |||
Building and Improvements | 27,748 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 90 | |||
Total | 29,283 | |||
Accumulated Depreciation | 3,725 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Maverick, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 296 | |||
Original Buildings and Improvements | 15,437 | |||
Costs Capitalized Subsequent to Acquisition | 8,105 | |||
Land and Improvements | 299 | |||
Building and Improvements | 23,504 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 35 | |||
Total | 23,838 | |||
Accumulated Depreciation | 1,326 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Indianapolis, IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 890 | |||
Original Buildings and Improvements | 2,065 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 890 | |||
Building and Improvements | 2,065 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,955 | |||
Accumulated Depreciation | 724 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Montgomery ICE Processing Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 2,012 | |||
Original Buildings and Improvements | 112,046 | |||
Costs Capitalized Subsequent to Acquisition | 802 | |||
Land and Improvements | 2,012 | |||
Building and Improvements | 112,708 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 140 | |||
Total | 114,860 | |||
Accumulated Depreciation | 3,121 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | LAWRENCEVILLE, VA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 898 | |||
Land and Improvements | 0 | |||
Building and Improvements | 898 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 898 | |||
Accumulated Depreciation | 880 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | FLORENCE, AZ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 320 | |||
Original Buildings and Improvements | 9,317 | |||
Costs Capitalized Subsequent to Acquisition | 1,218 | |||
Land and Improvements | 320 | |||
Building and Improvements | 10,535 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 10,855 | |||
Accumulated Depreciation | 9,032 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | PHOENIX, AZ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 7,919 | |||
Costs Capitalized Subsequent to Acquisition | 496 | |||
Land and Improvements | 0 | |||
Building and Improvements | 8,415 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8,415 | |||
Accumulated Depreciation | 6,994 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Central Arizona Correctional Facility [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 396 | |||
Costs Capitalized Subsequent to Acquisition | 2,000 | |||
Land and Improvements | 0 | |||
Building and Improvements | 2,396 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,396 | |||
Accumulated Depreciation | 2,126 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Kingman, AZ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 458 | |||
Land and Improvements | 0 | |||
Building and Improvements | 458 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 458 | |||
Accumulated Depreciation | 199 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | NEW CASTLE, IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 23,389 | |||
Land and Improvements | 0 | |||
Building and Improvements | 23,271 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 118 | |||
Total | 23,389 | |||
Accumulated Depreciation | 11,405 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | PLAINFIELD, IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Land and Improvements | 0 | |||
Building and Improvements | 10 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 10 | |||
Accumulated Depreciation | 10 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | SOUTH BAY, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 2,440 | |||
Land and Improvements | 0 | |||
Building and Improvements | 2,440 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,440 | |||
Accumulated Depreciation | 2,432 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Reeves County Detention Complex R1/R2 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,203 | |||
Land and Improvements | 0 | |||
Building and Improvements | 1,203 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,203 | |||
Accumulated Depreciation | 1,203 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Reeves County Detention Complex R3 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 4,238 | |||
Land and Improvements | 0 | |||
Building and Improvements | 4,238 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,238 | |||
Accumulated Depreciation | 4,235 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Milton, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 36 | |||
Land and Improvements | 0 | |||
Building and Improvements | 36 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 36 | |||
Accumulated Depreciation | 36 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Panama City, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 13 | |||
Land and Improvements | 0 | |||
Building and Improvements | 13 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 13 | |||
Accumulated Depreciation | 13 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Moore Haven, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 49 | |||
Land and Improvements | 0 | |||
Building and Improvements | 49 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 49 | |||
Accumulated Depreciation | 49 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Jackson, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 542 | |||
Land and Improvements | 0 | |||
Building and Improvements | 542 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 542 | |||
Accumulated Depreciation | 369 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Glen Mills, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 34 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Land and Improvements | 0 | |||
Building and Improvements | 44 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 44 | |||
Accumulated Depreciation | 20 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Bracketville, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 223 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Land and Improvements | 0 | |||
Building and Improvements | 233 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 233 | |||
Accumulated Depreciation | 96 | |||
Book Value of Mortgaged Properties | 0 | |||
Secure Services Facility [Member] | Liberty, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 112 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Land and Improvements | 0 | |||
Building and Improvements | 114 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 114 | |||
Accumulated Depreciation | 98 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | BEAUMONT, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 105 | |||
Original Buildings and Improvements | 560 | |||
Costs Capitalized Subsequent to Acquisition | 724 | |||
Land and Improvements | 132 | |||
Building and Improvements | 1,210 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 47 | |||
Total | 1,389 | |||
Accumulated Depreciation | 589 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | BRONX, NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 154 | |||
Costs Capitalized Subsequent to Acquisition | 3,292 | |||
Land and Improvements | 0 | |||
Building and Improvements | 3,383 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 63 | |||
Total | 3,446 | |||
Accumulated Depreciation | 3,360 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | ANCHORAGE, AK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 235 | |||
Original Buildings and Improvements | 3,225 | |||
Costs Capitalized Subsequent to Acquisition | 4,264 | |||
Land and Improvements | 235 | |||
Building and Improvements | 7,489 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,724 | |||
Accumulated Depreciation | 2,582 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | NEWARK, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 3,759 | |||
Original Buildings and Improvements | 22,502 | |||
Costs Capitalized Subsequent to Acquisition | 13,737 | |||
Land and Improvements | 3,782 | |||
Building and Improvements | 36,041 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 175 | |||
Total | 39,998 | |||
Accumulated Depreciation | 11,313 | |||
Community Based Services Facility [Member] | EL MONTE, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 47 | |||
Costs Capitalized Subsequent to Acquisition | 398 | |||
Land and Improvements | 0 | |||
Building and Improvements | 445 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 445 | |||
Accumulated Depreciation | 367 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | LEAVENWORTH, KS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 24 | |||
Costs Capitalized Subsequent to Acquisition | 3,400 | |||
Land and Improvements | 247 | |||
Building and Improvements | 3,177 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,424 | |||
Accumulated Depreciation | 86 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | LAS VEGAS, NV [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 520 | |||
Original Buildings and Improvements | 1,580 | |||
Costs Capitalized Subsequent to Acquisition | 455 | |||
Land and Improvements | 520 | |||
Building and Improvements | 2,035 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,555 | |||
Accumulated Depreciation | 632 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | HOUSTON, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 3,210 | |||
Original Buildings and Improvements | 710 | |||
Costs Capitalized Subsequent to Acquisition | 595 | |||
Land and Improvements | 3,210 | |||
Building and Improvements | 1,305 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,515 | |||
Accumulated Depreciation | 554 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | LOS ANGELES, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 50 | |||
Costs Capitalized Subsequent to Acquisition | 2,584 | |||
Land and Improvements | 241 | |||
Building and Improvements | 2,393 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,634 | |||
Accumulated Depreciation | 523 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | AUSTIN, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 350 | |||
Original Buildings and Improvements | 510 | |||
Costs Capitalized Subsequent to Acquisition | 537 | |||
Land and Improvements | 350 | |||
Building and Improvements | 1,047 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,397 | |||
Accumulated Depreciation | 730 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | EDINBURG, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 694 | |||
Original Buildings and Improvements | 3,608 | |||
Costs Capitalized Subsequent to Acquisition | 244 | |||
Land and Improvements | 722 | |||
Building and Improvements | 3,824 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,546 | |||
Accumulated Depreciation | 553 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Midtown Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 130 | |||
Original Buildings and Improvements | 220 | |||
Costs Capitalized Subsequent to Acquisition | 153 | |||
Land and Improvements | 130 | |||
Building and Improvements | 373 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 503 | |||
Accumulated Depreciation | 182 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | FAIRBANKS, AK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 12 | |||
Costs Capitalized Subsequent to Acquisition | 288 | |||
Land and Improvements | 0 | |||
Building and Improvements | 300 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 300 | |||
Accumulated Depreciation | 290 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | OAKLAND, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 970 | |||
Original Buildings and Improvements | 250 | |||
Costs Capitalized Subsequent to Acquisition | 109 | |||
Land and Improvements | 970 | |||
Building and Improvements | 359 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,329 | |||
Accumulated Depreciation | 174 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Parkview Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 160 | |||
Original Buildings and Improvements | 1,480 | |||
Costs Capitalized Subsequent to Acquisition | 307 | |||
Land and Improvements | 160 | |||
Building and Improvements | 1,787 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,947 | |||
Accumulated Depreciation | 917 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | BROWNSVILLE, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 487 | |||
Original Buildings and Improvements | 2,771 | |||
Costs Capitalized Subsequent to Acquisition | 612 | |||
Land and Improvements | 494 | |||
Building and Improvements | 2,982 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 394 | |||
Total | 3,870 | |||
Accumulated Depreciation | 610 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Southeast Texas Transitional Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 910 | |||
Original Buildings and Improvements | 3,210 | |||
Costs Capitalized Subsequent to Acquisition | 3,489 | |||
Land and Improvements | 1,052 | |||
Building and Improvements | 6,557 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,609 | |||
Accumulated Depreciation | 1,650 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | SALT LAKE CITY, UT [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 751 | |||
Original Buildings and Improvements | 1,505 | |||
Costs Capitalized Subsequent to Acquisition | 152 | |||
Land and Improvements | 751 | |||
Building and Improvements | 1,657 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,408 | |||
Accumulated Depreciation | 308 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | NOME, AK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 67 | |||
Original Buildings and Improvements | 732 | |||
Costs Capitalized Subsequent to Acquisition | 3,938 | |||
Land and Improvements | 67 | |||
Building and Improvements | 4,670 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,737 | |||
Accumulated Depreciation | 472 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | SAN FRANCISCO, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 3,230 | |||
Original Buildings and Improvements | 900 | |||
Costs Capitalized Subsequent to Acquisition | 3,162 | |||
Land and Improvements | 3,230 | |||
Building and Improvements | 4,062 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,292 | |||
Accumulated Depreciation | 1,402 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | BETHEL, AK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 20 | |||
Original Buildings and Improvements | 1,190 | |||
Costs Capitalized Subsequent to Acquisition | 1,421 | |||
Land and Improvements | 79 | |||
Building and Improvements | 2,552 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,631 | |||
Accumulated Depreciation | 1,575 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Columbiana, AL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 760 | |||
Original Buildings and Improvements | 17,118 | |||
Costs Capitalized Subsequent to Acquisition | 481 | |||
Land and Improvements | 760 | |||
Building and Improvements | 17,591 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 8 | |||
Total | 18,359 | |||
Accumulated Depreciation | 1,312 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Casper, WY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 600 | |||
Original Buildings and Improvements | 6,046 | |||
Costs Capitalized Subsequent to Acquisition | 886 | |||
Land and Improvements | 768 | |||
Building and Improvements | 6,764 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 7,532 | |||
Accumulated Depreciation | 774 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Toler House [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 88 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 88 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 88 | |||
Accumulated Depreciation | 32 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Logan Hall [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 6,888 | |||
Costs Capitalized Subsequent to Acquisition | 16 | |||
Land and Improvements | 0 | |||
Building and Improvements | 6,904 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,904 | |||
Accumulated Depreciation | 2,501 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Long Beach, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 513 | |||
Costs Capitalized Subsequent to Acquisition | 139 | |||
Land and Improvements | 0 | |||
Building and Improvements | 652 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 652 | |||
Accumulated Depreciation | 516 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Littleton, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 2,100 | |||
Original Buildings and Improvements | 2,485 | |||
Costs Capitalized Subsequent to Acquisition | 68 | |||
Land and Improvements | 2,100 | |||
Building and Improvements | 2,553 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 4,653 | |||
Accumulated Depreciation | 363 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Colorado Springs, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 270 | |||
Original Buildings and Improvements | 18,853 | |||
Costs Capitalized Subsequent to Acquisition | 614 | |||
Land and Improvements | 270 | |||
Building and Improvements | 19,467 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 19,737 | |||
Accumulated Depreciation | 1,481 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Community Alternatives of El Paso County [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 560 | |||
Original Buildings and Improvements | 1,553 | |||
Costs Capitalized Subsequent to Acquisition | 397 | |||
Land and Improvements | 510 | |||
Building and Improvements | 1,635 | |||
Land Held for Development | 50 | |||
Development and Construction in Progress | 315 | |||
Total | 2,510 | |||
Accumulated Depreciation | 238 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Craig, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 126 | |||
Original Buildings and Improvements | 289 | |||
Costs Capitalized Subsequent to Acquisition | 47 | |||
Land and Improvements | 126 | |||
Building and Improvements | 336 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 462 | |||
Accumulated Depreciation | 89 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Trenton, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 380 | |||
Original Buildings and Improvements | 16,578 | |||
Costs Capitalized Subsequent to Acquisition | 337 | |||
Land and Improvements | 380 | |||
Building and Improvements | 16,913 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 2 | |||
Total | 17,295 | |||
Accumulated Depreciation | 1,677 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Kearney, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 2,854 | |||
Costs Capitalized Subsequent to Acquisition | 206 | |||
Land and Improvements | 0 | |||
Building and Improvements | 3,060 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,060 | |||
Accumulated Depreciation | 1,656 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | The Harbor [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 93 | |||
Costs Capitalized Subsequent to Acquisition | 29 | |||
Land and Improvements | 0 | |||
Building and Improvements | 122 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 122 | |||
Accumulated Depreciation | 44 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Tully House [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,150 | |||
Original Buildings and Improvements | 5,313 | |||
Costs Capitalized Subsequent to Acquisition | 48 | |||
Land and Improvements | 1,150 | |||
Building and Improvements | 5,361 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 6,511 | |||
Accumulated Depreciation | 565 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Reading, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 110 | |||
Original Buildings and Improvements | 2,460 | |||
Costs Capitalized Subsequent to Acquisition | 379 | |||
Land and Improvements | 118 | |||
Building and Improvements | 2,765 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 66 | |||
Total | 2,949 | |||
Accumulated Depreciation | 383 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Arnold, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 30 | |||
Original Buildings and Improvements | 1,345 | |||
Costs Capitalized Subsequent to Acquisition | 87 | |||
Land and Improvements | 30 | |||
Building and Improvements | 1,416 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 16 | |||
Total | 1,462 | |||
Accumulated Depreciation | 202 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Chester, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 54 | |||
Costs Capitalized Subsequent to Acquisition | 3,680 | |||
Land and Improvements | 301 | |||
Building and Improvements | 3,433 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,734 | |||
Accumulated Depreciation | 170 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Coleman Hall [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 182 | |||
Original Buildings and Improvements | 8,943 | |||
Costs Capitalized Subsequent to Acquisition | 882 | |||
Land and Improvements | 182 | |||
Building and Improvements | 9,744 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 81 | |||
Total | 10,007 | |||
Accumulated Depreciation | 1,006 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Philadelphia Residential Reentry Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 208 | |||
Original Buildings and Improvements | 10,103 | |||
Costs Capitalized Subsequent to Acquisition | 396 | |||
Land and Improvements | 214 | |||
Building and Improvements | 10,493 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 10,707 | |||
Accumulated Depreciation | 1,074 | |||
Book Value of Mortgaged Properties | 0 | |||
Community Based Services Facility [Member] | Rapid City, SD [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 7 | |||
Original Buildings and Improvements | 2,719 | |||
Costs Capitalized Subsequent to Acquisition | 6 | |||
Land and Improvements | 7 | |||
Building and Improvements | 2,725 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,732 | |||
Accumulated Depreciation | 354 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | MORGANTOWN, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 4,220 | |||
Original Buildings and Improvements | 14,120 | |||
Costs Capitalized Subsequent to Acquisition | 1,693 | |||
Land and Improvements | 4,020 | |||
Building and Improvements | 15,861 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 152 | |||
Total | 20,033 | |||
Accumulated Depreciation | 3,855 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | MARIENVILLE, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 990 | |||
Original Buildings and Improvements | 7,600 | |||
Costs Capitalized Subsequent to Acquisition | 1,782 | |||
Land and Improvements | 1,028 | |||
Building and Improvements | 9,344 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 10,372 | |||
Accumulated Depreciation | 3,029 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | SHELBY, OH [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,160 | |||
Original Buildings and Improvements | 2,900 | |||
Costs Capitalized Subsequent to Acquisition | 1,112 | |||
Land and Improvements | 1,197 | |||
Building and Improvements | 3,975 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 5,172 | |||
Accumulated Depreciation | 1,390 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | SOUTH MOUNTAIN, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 36 | |||
Costs Capitalized Subsequent to Acquisition | 439 | |||
Land and Improvements | 0 | |||
Building and Improvements | 475 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 475 | |||
Accumulated Depreciation | 424 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | SAN ANTONIO, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 1,590 | |||
Original Buildings and Improvements | 3,540 | |||
Costs Capitalized Subsequent to Acquisition | 1,461 | |||
Land and Improvements | 1,704 | |||
Building and Improvements | 4,454 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 433 | |||
Total | 6,591 | |||
Accumulated Depreciation | 1,465 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | Leadership Development Program [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 25 | |||
Costs Capitalized Subsequent to Acquisition | 758 | |||
Land and Improvements | 0 | |||
Building and Improvements | 783 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 783 | |||
Accumulated Depreciation | 685 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | CANON CITY, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 2,850 | |||
Original Buildings and Improvements | 11,350 | |||
Costs Capitalized Subsequent to Acquisition | 827 | |||
Land and Improvements | 3,057 | |||
Building and Improvements | 11,970 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 15,027 | |||
Accumulated Depreciation | 3,280 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | CHICAGO, IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 870 | |||
Original Buildings and Improvements | 6,310 | |||
Costs Capitalized Subsequent to Acquisition | 1,690 | |||
Land and Improvements | 898 | |||
Building and Improvements | 7,652 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 320 | |||
Total | 8,870 | |||
Accumulated Depreciation | 2,885 | |||
Book Value of Mortgaged Properties | 0 | |||
Youth Facility [Member] | WOODRIDGE, IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 5,160 | |||
Original Buildings and Improvements | 4,330 | |||
Costs Capitalized Subsequent to Acquisition | 1,115 | |||
Land and Improvements | 5,304 | |||
Building and Improvements | 5,159 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 142 | |||
Total | 10,605 | |||
Accumulated Depreciation | 1,805 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Land and Improvements | 0 | |||
Building and Improvements | 8 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 8 | |||
Accumulated Depreciation | 4 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | El Centro, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 11 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 11 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 11 | |||
Accumulated Depreciation | 11 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Ventura, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 19 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 19 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 19 | |||
Accumulated Depreciation | 19 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Richmond, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 35 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 35 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 35 | |||
Accumulated Depreciation | 32 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Neptune City, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 16 | |||
Costs Capitalized Subsequent to Acquisition | 35 | |||
Land and Improvements | 0 | |||
Building and Improvements | 51 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 51 | |||
Accumulated Depreciation | 49 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Sacramento, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 36 | |||
Costs Capitalized Subsequent to Acquisition | 59 | |||
Land and Improvements | 0 | |||
Building and Improvements | 95 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 95 | |||
Accumulated Depreciation | 40 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | PERTH AMBOY, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 19 | |||
Costs Capitalized Subsequent to Acquisition | 50 | |||
Land and Improvements | 0 | |||
Building and Improvements | 69 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 69 | |||
Accumulated Depreciation | 65 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Elizabeth, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 26 | |||
Costs Capitalized Subsequent to Acquisition | 84 | |||
Land and Improvements | 0 | |||
Building and Improvements | 110 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 110 | |||
Accumulated Depreciation | 49 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | ATLANTIC CITY, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 10 | |||
Costs Capitalized Subsequent to Acquisition | 22 | |||
Land and Improvements | 0 | |||
Building and Improvements | 32 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 32 | |||
Accumulated Depreciation | 30 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Santa Ana, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 72 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 72 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 72 | |||
Accumulated Depreciation | 72 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Lancaster, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 73 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Land and Improvements | 0 | |||
Building and Improvements | 74 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 74 | |||
Accumulated Depreciation | 74 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Williamsport, PA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 56 | |||
Costs Capitalized Subsequent to Acquisition | 94 | |||
Land and Improvements | 0 | |||
Building and Improvements | 150 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 150 | |||
Accumulated Depreciation | 125 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Vineland, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 163 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Land and Improvements | 0 | |||
Building and Improvements | 171 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 171 | |||
Accumulated Depreciation | 154 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Pamona, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 44 | |||
Costs Capitalized Subsequent to Acquisition | (20) | |||
Land and Improvements | 0 | |||
Building and Improvements | 24 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 24 | |||
Accumulated Depreciation | 15 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Northglenn, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 21 | |||
Costs Capitalized Subsequent to Acquisition | (18) | |||
Land and Improvements | 0 | |||
Building and Improvements | 3 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3 | |||
Accumulated Depreciation | 2 | |||
Book Value of Mortgaged Properties | 0 | |||
Day Reporting Center [Member] | Denver, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 43 | |||
Costs Capitalized Subsequent to Acquisition | 156 | |||
Land and Improvements | 0 | |||
Building and Improvements | 199 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 199 | |||
Accumulated Depreciation | 54 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | JAMAICA, NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 125 | |||
Costs Capitalized Subsequent to Acquisition | 6 | |||
Land and Improvements | 0 | |||
Building and Improvements | 131 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 131 | |||
Accumulated Depreciation | 131 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | BAKERSFIELD, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 16 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 16 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 16 | |||
Accumulated Depreciation | 16 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | SAN DIEGO, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 20 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 20 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 20 | |||
Accumulated Depreciation | 3 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Indianapolis, IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 35 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 35 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 35 | |||
Accumulated Depreciation | 32 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | PHOENIX, AZ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 79 | |||
Costs Capitalized Subsequent to Acquisition | (11) | |||
Land and Improvements | 0 | |||
Building and Improvements | 68 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 68 | |||
Accumulated Depreciation | 68 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | BRONX, NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 31 | |||
Costs Capitalized Subsequent to Acquisition | 40 | |||
Land and Improvements | 0 | |||
Building and Improvements | 71 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 71 | |||
Accumulated Depreciation | 71 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | NEWARK, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 29 | |||
Costs Capitalized Subsequent to Acquisition | 7 | |||
Land and Improvements | 0 | |||
Building and Improvements | 36 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 36 | |||
Accumulated Depreciation | 36 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | LAS VEGAS, NV [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 32 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 32 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 32 | |||
Accumulated Depreciation | 15 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | HOUSTON, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 21 | |||
Costs Capitalized Subsequent to Acquisition | 19 | |||
Land and Improvements | 0 | |||
Building and Improvements | 40 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 40 | |||
Accumulated Depreciation | 40 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | LOS ANGELES, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 35 | |||
Costs Capitalized Subsequent to Acquisition | 45 | |||
Land and Improvements | 0 | |||
Building and Improvements | 80 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 80 | |||
Accumulated Depreciation | 80 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | SAN FRANCISCO, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 272 | |||
Costs Capitalized Subsequent to Acquisition | (92) | |||
Land and Improvements | 0 | |||
Building and Improvements | 180 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 180 | |||
Accumulated Depreciation | 180 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | SAN ANTONIO, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 7 | |||
Costs Capitalized Subsequent to Acquisition | 55 | |||
Land and Improvements | 0 | |||
Building and Improvements | 62 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 62 | |||
Accumulated Depreciation | 58 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | CHICAGO, IL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 25 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 25 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 25 | |||
Accumulated Depreciation | 25 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Sacramento, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 28 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 28 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 28 | |||
Accumulated Depreciation | 28 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Baltimore, MD [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 108 | |||
Land and Improvements | 0 | |||
Building and Improvements | 110 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 110 | |||
Accumulated Depreciation | 26 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | MIAMI, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 82 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Land and Improvements | 0 | |||
Building and Improvements | 91 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 91 | |||
Accumulated Depreciation | 91 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Delray Beach, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 26 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Land and Improvements | 0 | |||
Building and Improvements | 29 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 29 | |||
Accumulated Depreciation | 12 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | ORLANDO, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 18 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 18 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 18 | |||
Accumulated Depreciation | 18 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | ATLANTA, GA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 268 | |||
Costs Capitalized Subsequent to Acquisition | (54) | |||
Land and Improvements | 0 | |||
Building and Improvements | 214 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 214 | |||
Accumulated Depreciation | 214 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | NEW ORLEANS, LA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 54 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 54 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 54 | |||
Accumulated Depreciation | 54 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | FAIRFAX, VA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 20 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Land and Improvements | 0 | |||
Building and Improvements | 22 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 22 | |||
Accumulated Depreciation | 22 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Charleston, SC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 39 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 39 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 39 | |||
Accumulated Depreciation | 39 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | DETROIT, MI [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 18 | |||
Costs Capitalized Subsequent to Acquisition | 174 | |||
Land and Improvements | 0 | |||
Building and Improvements | 192 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 192 | |||
Accumulated Depreciation | 43 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | CENTENNIAL, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 173 | |||
Costs Capitalized Subsequent to Acquisition | (6) | |||
Land and Improvements | 0 | |||
Building and Improvements | 167 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 167 | |||
Accumulated Depreciation | 167 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | St. Louis, MO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 50 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 50 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 50 | |||
Accumulated Depreciation | 50 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Louisville, KY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 17 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 17 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 17 | |||
Accumulated Depreciation | 5 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | MURRAY, UT [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 7 | |||
Costs Capitalized Subsequent to Acquisition | 20 | |||
Land and Improvements | 0 | |||
Building and Improvements | 27 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 27 | |||
Accumulated Depreciation | 25 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | TUKWILA, WA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 40 | |||
Costs Capitalized Subsequent to Acquisition | 15 | |||
Land and Improvements | 0 | |||
Building and Improvements | 55 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 55 | |||
Accumulated Depreciation | 55 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | NEW YORK, NY [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 10 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Land and Improvements | 0 | |||
Building and Improvements | 20 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 20 | |||
Accumulated Depreciation | 20 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | BURLINGTON, MA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 80 | |||
Costs Capitalized Subsequent to Acquisition | 5 | |||
Land and Improvements | 0 | |||
Building and Improvements | 85 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 85 | |||
Accumulated Depreciation | 85 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Hartford, CT [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 23 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Land and Improvements | 0 | |||
Building and Improvements | 33 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 33 | |||
Accumulated Depreciation | 33 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Marlton, NJ [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 18 | |||
Land and Improvements | 0 | |||
Building and Improvements | 20 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 20 | |||
Accumulated Depreciation | 14 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Richmond, VA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 52 | |||
Costs Capitalized Subsequent to Acquisition | 18 | |||
Land and Improvements | 0 | |||
Building and Improvements | 70 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 70 | |||
Accumulated Depreciation | 53 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Silver Springs, MD [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 345 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 345 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 345 | |||
Accumulated Depreciation | 263 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Fort Myers, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 76 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 76 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 76 | |||
Accumulated Depreciation | 25 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | SAN BERNADINO, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 42 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 42 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 42 | |||
Accumulated Depreciation | 42 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | DALLAS, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 17 | |||
Costs Capitalized Subsequent to Acquisition | 5 | |||
Land and Improvements | 0 | |||
Building and Improvements | 22 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 22 | |||
Accumulated Depreciation | 22 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | El Paso, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 27 | |||
Land and Improvements | 0 | |||
Building and Improvements | 29 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 29 | |||
Accumulated Depreciation | 29 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Fresno, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 120 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 120 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 120 | |||
Accumulated Depreciation | 120 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | Camarillo, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 59 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 0 | |||
Building and Improvements | 59 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 59 | |||
Accumulated Depreciation | 40 | |||
Book Value of Mortgaged Properties | 0 | |||
Intensive Supervision Appearance Program [Member] | SW Houston, TX ISAP [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 50 | |||
Costs Capitalized Subsequent to Acquisition | 5 | |||
Building and Improvements | 55 | |||
Total | 55 | |||
Accumulated Depreciation | 55 | |||
Correctional Facility [Member] | BRISBANE, QUEENSLAND AUS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 151 | |||
Land and Improvements | 0 | |||
Building and Improvements | 151 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 151 | |||
Accumulated Depreciation | 122 | |||
Book Value of Mortgaged Properties | 0 | |||
Correctional Facility [Member] | WEST SALE, VICTORIA AUS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,973 | |||
Land and Improvements | 0 | |||
Building and Improvements | 1,973 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 1,973 | |||
Accumulated Depreciation | 962 | |||
Book Value of Mortgaged Properties | 0 | |||
Correctional Facility [Member] | JUNEE, NEW SOUTH WALES, AUS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 943 | |||
Land and Improvements | 0 | |||
Building and Improvements | 943 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 943 | |||
Accumulated Depreciation | 827 | |||
Book Value of Mortgaged Properties | 0 | |||
Correctional Facility [Member] | South Lanarkshire, UK [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 86 | |||
Land and Improvements | 0 | |||
Building and Improvements | 86 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 86 | |||
Accumulated Depreciation | 86 | |||
Book Value of Mortgaged Properties | 0 | |||
Correctional Facility [Member] | LOUIS TRICHARDT, SOUTH AFRICA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 149 | |||
Land and Improvements | 0 | |||
Building and Improvements | 149 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 149 | |||
Accumulated Depreciation | 122 | |||
Book Value of Mortgaged Properties | 0 | |||
Office Building [Member] | AURORA, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 4 | |||
Costs Capitalized Subsequent to Acquisition | 229 | |||
Land and Improvements | 0 | |||
Building and Improvements | 233 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 233 | |||
Accumulated Depreciation | 175 | |||
Book Value of Mortgaged Properties | 0 | |||
Office Building [Member] | LOS ANGELES, CA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 22 | |||
Costs Capitalized Subsequent to Acquisition | 134 | |||
Land and Improvements | 0 | |||
Building and Improvements | 156 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 156 | |||
Accumulated Depreciation | 129 | |||
Book Value of Mortgaged Properties | 0 | |||
Office Building [Member] | SAN ANTONIO, TX [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 88 | |||
Land and Improvements | 0 | |||
Building and Improvements | 88 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 88 | |||
Accumulated Depreciation | 66 | |||
Book Value of Mortgaged Properties | 0 | |||
Office Building [Member] | BOCA RATON, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 10,019 | |||
Original Buildings and Improvements | 49,994 | |||
Costs Capitalized Subsequent to Acquisition | 2,317 | |||
Land and Improvements | 10,019 | |||
Building and Improvements | 50,811 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 1,500 | |||
Total | 62,330 | |||
Accumulated Depreciation | 953 | |||
Book Value of Mortgaged Properties | 61,377 | |||
Office Building [Member] | Charlotte, NC [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 35 | |||
Land and Improvements | 0 | |||
Building and Improvements | 35 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 35 | |||
Accumulated Depreciation | 22 | |||
Book Value of Mortgaged Properties | 0 | |||
Office Building [Member] | ANDERSON, IN [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 114 | |||
Original Buildings and Improvements | 5,260 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land and Improvements | 114 | |||
Building and Improvements | 5,260 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 5,374 | |||
Accumulated Depreciation | 355 | |||
Book Value of Mortgaged Properties | 0 | |||
Office Building [Member] | Boulder, CO [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 3,032 | |||
Costs Capitalized Subsequent to Acquisition | 38 | |||
Land and Improvements | 0 | |||
Building and Improvements | 3,070 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 3,070 | |||
Accumulated Depreciation | 952 | |||
Book Value of Mortgaged Properties | 0 | |||
Office Building [Member] | SYDNEY, AUS [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 0 | |||
Original Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 9,400 | |||
Land and Improvements | 0 | |||
Building and Improvements | 9,400 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 9,400 | |||
Accumulated Depreciation | 1,462 | |||
Book Value of Mortgaged Properties | 0 | |||
Owned Office Property [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 974 | |||
Original Buildings and Improvements | 1,546 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Land and Improvements | 974 | |||
Building and Improvements | 1,554 | |||
Land Held for Development | 0 | |||
Development and Construction in Progress | 0 | |||
Total | 2,528 | |||
Accumulated Depreciation | 250 | |||
Book Value of Mortgaged Properties | 0 | |||
Miscellaneous Investments [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Original Land | 18,406 | |||
Original Buildings and Improvements | 6,147 | |||
Costs Capitalized Subsequent to Acquisition | 2,294 | |||
Land and Improvements | 1,260 | |||
Building and Improvements | 6,113 | |||
Land Held for Development | 18,403 | |||
Development and Construction in Progress | 1,161 | |||
Total | 26,937 | |||
Accumulated Depreciation | 2,372 | |||
Book Value of Mortgaged Properties | $ 0 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Federal income tax purposes | $ 1,800,000 | ||
Real Estate: | |||
Beginning balance | 2,643,065 | $ 2,501,844 | $ 2,255,260 |
Additions to/improvements of real estate | 57,611 | 153,163 | 255,527 |
Assets sold/written-off | (20,939) | (11,942) | (8,943) |
Ending balance | 2,679,737 | 2,643,065 | 2,501,844 |
Accumulated Depreciation | |||
Beginning balance | 558,657 | 492,582 | 429,814 |
Depreciation expense | 72,191 | 70,592 | 65,723 |
Assets sold/written-off | (14,673) | (4,517) | (2,955) |
Ending balance | $ 616,175 | $ 558,657 | $ 492,582 |
Land improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life | 7 years | ||
Building | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life | 50 years | ||
Buildings and improvements | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life | 7 years | ||
Buildings and improvements | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life | 15 years | ||
Leasehold improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life | 15 years |
Uncategorized Items - d841729d1
Label | Element | Value | [1] |
AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 968,000 | |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (968,000) | |
[1] | On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2018-02 " Income Statement-Reporting Comprehensive Income-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ". Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information. |