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

12 Months Ended

Dec. 31, 2021

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, 2021			December 31, 2020			December 31, 2019
Cash and Cash Equivalents	$	506,491		$	283,524		$	32,463
Restricted cash and cash equivalents - current		20,161			26,740			32,418
Restricted cash and investments - non-current		76,158			37,338			30,923
Less Restricted investments - non-current		(54,488	)		(35,749	)		(28,332	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	548,322		$	311,853		$	67,472

Summary of Idled Facilities and Their Carrying Values, Excluding Equipment and Other Assets

The following table summarizes the Company’s idled facilities as of December 31, 2021 and their respective carrying values, excluding equipment and other assets that can be easily transferred to other facilities.

		Design			Net Carrying Value
Facility	Segment	Capacity		Year Idled	December 31, 2021
Great Plains Correctional Facility	Secure Services		1,940	2021	$	68,479
D. Ray James Correctional Facility	Secure Services		1,900	2021		52,724
Rivers Correctional Facility	Secure Services		1,450	2021		39,644
Big Spring Correctional Facility	Secure Services		1,732	2021		35,828
Flightline Correctional Facility	Secure Services		1,800	2021		37,090
McFarland Female Community Reentry Facility	Secure Services		300	2020		11,498
Perry County Correctional Facility [1]	Secure Services		690	2015		11,186
Cheyenne Mountain Recovery Center	Reentry Services		750	2020		17,145
Coleman Hall	Reentry Services		350	2017		8,139
Total			10,912		$	281,733

[1] The Company received a letter of intent for the purchase of this facility at an amount greater than its net carrying value.  The sale closed during the first quarter of 2022.

Summary of Future Minimum Rentals to be Received on Leases

future minimum rentals to be received on these leases are as follows:

	Annual Rental
Year	(in thousands)
2022	$	5,324
2023		4,676
2024		4,080
2025		4,094
2026		4,162
Thereafter		21,311
Total	$	43,647

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, 2021 (in thousands)
	U.S. Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		Total
Owned and Leased: Secure Services	$	1,127,688	$	—	$	—	$	—	$	1,127,688
Owned and Leased: Community-based		—		—		150,888		—		150,888
Owned and Leased: Youth Services		—		—		33,920		—		33,920
Managed Only		361,248		—		3,977		213,849		579,074
Non-residential Services and Other		—		278,934		86,108		—		365,042
Total Revenues	$	1,488,936	$	278,934	$	274,893	$	213,849	$	2,256,612

	Year Ended December 31, 2020 (in thousands)
	U.S. Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		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		227,540		605,388
Non-residential Services and Other		—		241,944		82,602		—		324,546
Total Revenues	$	1,571,216	$	241,944	$	309,398	$	227,540	$	2,350,098

	Year Ended December 31, 2019 (in thousands)
	U.S Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		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		261,994		640,897
Non-residential services and Other		—		256,954		88,582		—		345,536
Total Revenues	$	1,601,679	$	256,954	$	357,295	$	261,994	$	2,477,922

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			Change Marketable Securities, net of tax		Pension adjustments, net of tax			Total
Balance, January 1, 2021	$	(9,207	)	$	(4,752	)	$	—	$	(8,630	)	$	(22,589	)
Current-period other comprehensive income (loss)		(3,254	)		2,228		7			3,392			2,373
Balance, December 31, 2021	$	(12,461	)	$	(2,524	)	$	7	$	(5,238	)	$	(20,216	)

	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	)

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 2021, 2020 and 2019:

	2021			2020			2019
Risk free interest rates		0.24	%		1.79	%		2.44	%
Expected term	4-5 years			4-5 years			4-5 years
Expected volatility		43	%		41	%		41	%
Expected dividend rate [1]		13.30	%		13.11	%		8.47	%

[1] As previously discussed, the Board elected to terminate the Company’s REIT election and discontinue its quarterly dividend. The assumptions above were used to determine the fair value of stock-based option awards granted prior to the Board’s suspension and discontinuation of quarterly dividends.

Fair value assumptions of restricted stock

The fair value of restricted stock awards granted in 2021, 2020 and 2019 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:

	2021			2020			2019
Expected volatility		48.2	%		30.3	%		43.7	%
Beta		0.79			1.12			1.00
Risk free interest rate		0.22	%		0.85	%		2.53	%