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	%