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

12 Months Ended

Dec. 31, 2020

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, 2020			December 31, 2019			December 31, 2018
Cash and Cash Equivalents	$	283,524		$	32,463		$	31,255
Restricted cash and cash equivalents - current		26,740			32,418			51,678
Restricted cash and investments - non-current		37,338			30,923			22,431
Less Restricted investments - non-current		(35,749	)		(28,332	)		(20,892	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	311,853		$	67,472		$	84,472

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, 2020 (in thousands)
	U.S. Secure Services		GEO Care		International		Facility Construction and Design		Total
Owned and Leased: Secure Services	$	1,198,881	$	—	$	—	$	—	$	1,198,881
Owned and Leased: Community-based		—		145,491		—		—		145,491
Owned and Leased: Youth Services		—		75,792		—		—		75,792
Managed Only		372,335		5,513		211,621		—		589,469
Facility Construction and Design		—		—		—		15,919		15,919
Non-residential Services and Other		—		324,546		—		—		324,546
Total Revenues	$	1,571,216	$	551,342	$	211,621	$	15,919	$	2,350,098

	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

Components of Accumulated Other Comprehensive Income

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.			Unrealized loss on derivatives, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2020	$	(12,314	)	$	(1,476	)	$	(6,545	)	$	(20,335	)
Current-period other comprehensive income (loss)		3,107			(3,276	)		(2,085	)		(2,254	)
Balance, December 31, 2020	$	(9,207	)	$	(4,752	)	$	(8,630	)	$	(22,589	)

	Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc.			Unrealized loss on derivatives, net of tax			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 [1]		—			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	)

[1] 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 7 - Derivative Financial Instruments and Note 12 - 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 2020, 2019 and 2018:

	2020			2019			2018
Risk free interest rates		1.79	%		2.44	%		2.84	%
Expected term	4-5 years			4-5 years			4-5 years
Expected volatility		41	%		41	%		40	%
Expected dividend rate		13.11	%		8.47	%		8.70	%

Fair value assumptions of restricted stock

The fair value of restricted stock awards granted in 2020, 2019 and 2018 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:

	2020			2019			2018
Expected volatility		30.3	%		43.7	%		44.5	%
Beta		1.12			1.00			1.05
Risk free interest rate		0.85	%		2.53	%		2.58	%