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Summary of Business Organization, Operations and Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2018
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, 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
%