Summary of Business Organization, Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, 2018			December 31, 2017			December 31, 2016
Cash and Cash Equivalents	$	31,255		$	81,377		$	68,038
Restricted cash and cash equivalents - current	51,678			44,932			17,133
Restricted cash and investments - non-current	22,431			27,999			20,848
Less Restricted investments - non-current	(20,892		)	(20,763		)	(15,662		)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	84,472		$	133,545		$	90,357

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 15 - Business Segments and Geographic Information:



	Year Ended December 31, 2018 (in thousands)
	U.S. Corrections & Detention		GEO Care		International		Facility Construction and Design		Total
Owned and Leased: Corrections & Detention	$	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. Corrections & Detention		GEO Care		International		Facility Construction and Design		Total
Owned and Leased - Corrections & Detention	$	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



	Year Ended December 31, 2016 (in thousands)
	U.S Corrections & Detention		GEO Care		International		Facility Construction and Design		Total
Owned and Leased - Corrections & Detention	$	1,042,613	$	—	$	—	$	—	$	1,042,613
Owned and Leased - Community-based	—		72,953		—		—		72,953
Owned and Leased - Youth Services	—		85,235		—		—		85,235
Managed Only	332,664		—		157,363		—		490,027
Facility Construction and Design	—		—		—		252,401		252,401
Non-residential services and Other	—		236,261		—		—		236,261
Total Revenues	$	1,375,277	$	394,449	$	157,363	$	252,401	$	2,179,490

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			Pension adjustments, net of tax			Total
Balance, December 31, 2017	$	(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, 2018 or 2017.

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 2018, 2017 and 2016:



	2018	2017	2016
Risk free interest rates	2.84%	1.53%	1.45	%
Expected term	4-5 years	4-5 years	4-5 years
Expected volatility	40%	36%	25	%
Expected dividend rate	8.70%	5.79%	8.85	%

Fair value assumptions of restricted stock

The fair value of restricted stock awards granted in 2018, 2017 and 2016 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:



	2018		2017		2016
Expected volatility	44.5	%	42.2	%	23.5	%
Beta	1.05		1.11		1.04
Risk free interest rate	2.58	%	1.46	%	1.08	%