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 Subsidiary Guarantors			Combined Non-Guarantor Subsidiaries			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