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):
|
|
|
|
|
|
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|
|
|
|
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| |
|
|
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 currency translation |
|
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):
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|
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| |
|
|
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):
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|
|
| |
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 |
|
|
|
|