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Goodwill and Other Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Changes in the Company's Goodwill Balances . Changes in the Company’s goodwill balances recognized during the years ended December 31, 2020 and 2019 were as follows (in thousands)

 

 

 

1/1/2020

 

 

Impairment

charges [1]

 

 

Foreign

currency

translation

 

 

12/31/2020

 

U.S. Secure Services

 

$

316,366

 

 

$

 

 

$

 

 

$

316,366

 

GEO Care

 

 

459,589

 

 

 

(21,146

)

 

 

 

 

 

438,443

 

International Services

 

 

401

 

 

 

-

 

 

 

40

 

 

 

441

 

Total Goodwill

 

$

776,356

 

 

$

(21,146

)

 

$

40

 

 

$

755,250

 

 

[1] As discussed in Note 1 – Summary of Business Organization, Operations and Significant Policies, the Company performed its annual goodwill impairment testing on the first day of the fourth quarter of 2020. That testing indicated that there was a goodwill impairment in its community based reporting unit, which is included in the Company’s GEO Care reportable segment, and for which a quantitative analysis was performed. After the impairment charge, there is approximately $148.8 million of goodwill remaining in the community based reporting unit at December 31, 2020.

 

 

 

1/1/2019

 

 

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

 

 

Schedule of Intangible Assets

Intangible assets consisted of the following as of December 31, 2020 and 2019 (in thousands):

 

 

 

Weighted

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

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

 

 

$

308,398

 

 

$

(168,848

)

 

$

139,550

 

 

$

308,432

 

 

$

(148,171

)

 

$

160,261

 

Technology

 

 

7.3

 

 

 

33,700

 

 

 

(30,703

)

 

 

2,997

 

 

 

33,700

 

 

 

(29,091

)

 

 

4,609

 

Trade names

 

Indefinite

 

 

 

45,200

 

 

 

 

 

 

45,200

 

 

 

45,200

 

 

 

 

 

 

45,200

 

Total acquired intangible assets

 

 

 

 

 

$

387,298

 

 

$

(199,551

)

 

$

187,747

 

 

$

387,332

 

 

$

(177,262

)

 

$

210,070

 

Estimated Amortization Expense for the Remainder

Estimated amortization expense related to the Company’s finite-lived intangible assets for 2021 through 2025 and thereafter is as follows (in thousands):

 

Fiscal Year

 

Total

Amortization

Expense

 

2021

 

$

21,189

 

2022

 

 

16,705

 

2023

 

 

13,481

 

2024

 

 

9,748

 

2025

 

 

9,696

 

Thereafter

 

 

71,728

 

 

 

$

142,547