0000950170-23-004713 | 10-K | XBRL Viewer

Print Document View Excel Document

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation And Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 1,155	$ 2,674	$ 3,195
Charged to Cost and Expenses	189	63	621
Charged to Other Accounts	14	(1,454)	76
Deductions, Actual Charge-Offs	(549)	(128)	(1,218)
Balance at End of Period	$ 809	$ 1,155	$ 2,674

Derivative Financial Instruments	12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	7. Derivative Financial Instruments The Company’s primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in interest rates. The Company measures its derivative financial instruments at fair value. In August 2019, the Company entered into two interest rate swap agreements in the aggregate notional amount of $44.3 million to fix the interest rate on certain of its variable rate debt to 4.22%. The Company has designated these interest rate swaps as hedges against changes in the cash flows of two identical promissory notes (the "Notes") which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has determined that the swaps have payment, expiration dates, and provisions that coincide with the terms of the Notes and are therefore considered to be effective cash flow hedges. Accordingly, the Company records the change in fair value of the interest rate swaps as accumulated other comprehensive income (loss), net of applicable taxes. Total unrealized gains recorded in total other comprehensive income (loss), net of tax, related to these cash flow hedges was $6.2 million during the year ended December 31, 2022. The total fair value of the swap assets as of December 31, 2022 was $4.6 million and is recorded as a component of Other Non-Current assets within the accompanying balance sheet. There was no material ineffectiveness for the period presented. The Company does not expect to enter into any transactions during the next twelve months which would result in reclassification into earnings or losses associated with these swaps currently reported in accumulated other comprehensive income (loss). Refer to Note 12 - Debt for additional information.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

In August 2019, the Company entered into two interest rate swap agreements in the aggregate notional amount of $44.3 million to fix the interest rate on certain of its variable rate debt to 4.22%. The Company has designated these interest rate swaps as hedges against changes in the cash flows of two identical promissory notes (the "Notes") which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has determined that the swaps have payment, expiration dates, and provisions that coincide with the terms of the Notes and are therefore considered to be effective cash flow hedges. Accordingly, the Company records the change in fair value of the interest rate swaps as accumulated other comprehensive income (loss), net of applicable taxes. Total unrealized gains recorded in total other comprehensive income (loss), net of tax, related to these cash flow hedges was $6.2 million during the year ended December 31, 2022. The total fair value of the swap assets as of December 31, 2022 was $4.6 million and is recorded as a component of Other Non-Current assets within the accompanying balance sheet. There was no material ineffectiveness for the period presented. The Company does not expect to enter into any transactions during the next twelve months which would result in reclassification into earnings or losses associated with these swaps currently reported in accumulated other comprehensive income (loss). Refer to Note 12 - Debt for additional information.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

16.

Income Taxes

The United States and foreign components of income before income taxes and equity in earnings in affiliates are as follows:


	2022		2021		2020
	(In thousands)
Income before income taxes and equity in earnings in affiliates
United States	$	205,360	$	161,856	$	96,428
Foreign		24,460		30,966		27,700
Income before income taxes and equity in earnings in affiliates	$	229,820	$	192,822	$	124,128

The provision for income taxes consists of the following components:


	2022			2021			2020
	(In thousands)
Federal income taxes:
Current	$	25,699		$	20,006		$	8,259
Deferred		17,328			71,202			(255	)
		43,027			91,208			8,004
State income taxes:
Current		10,422			8,564			4,146
Deferred		3,960			18,587			47
		14,382			27,151			4,193
Foreign income taxes (benefit):
Current		39,904			7,780			(3,163	)
Deferred		(34,414	)		(3,409	)		11,429
		5,490			4,371			8,266
Total U.S. and foreign provision for income taxes	$	62,899		$	122,730		$	20,463

A reconciliation of the statutory U.S. federal tax rate of 21% and the effective income tax rate is as follows:


	2022			2021			2020
	(In thousands)
Provisions using statutory federal income tax rate	$	48,262		$	40,492		$	26,067
State income taxes, net of federal tax benefit		12,738			7,921			3,099
REIT benefit		—			—			(12,271	)
Change in valuation allowance		(242	)		389			(1,775	)
Federal tax credits		(1,742	)		(1,414	)		(2,015	)
Foreign income taxes		1,932			3,802			1,373
Tax impact of vested equity compensation		2,100			3,621			3,628
Impact of REIT termination		—			70,813			—
Change in contingent tax liability		452			(4,339	)		143
Asset divestiture		(5,596	)		—			—
Other, net		4,995			1,445			2,214
Total provision for income taxes	$	62,899		$	122,730		$	20,463

The Company's effective tax rate differs from the U.S. statutory rate of 21% primarily due to lower taxes on an asset divestiture in 2022

of $5.6 million, non-cash tax expense related to the termination of the REIT status in 2021 of $70.8 million and lower taxes due to a zero tax rate on earnings generated by the Company's REIT operations while a REIT in 2020 of $12.3 million. Additionally, taxes differ due to state income taxes and foreign income taxes in excess of the US statutory rate in the presented periods. State income taxes, net of federal tax benefits of $12.7 million, $7.9 million and $3.1 million were incurred in 2022, 2021 and 2020, respectively.

The following table presents the breakdown between non-current net deferred tax assets as classified on the balance sheets as of December 31, 2022 and 2021:


	2022			2021
	(In thousands)
Deferred tax assets - non-current	$	8,005		$	—
Deferred tax liabilities - non-current		(75,849	)		(80,768	)
Total net deferred tax assets	$	(67,844	)	$	(80,768	)

The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2022 and 2021:


	2022			2021
Deferred tax assets:	(In thousands)
Net operating losses	$	17,457		$	18,022
Accrued liabilities		34,333			29,473
Deferred compensation		14,437			19,052
Accrued compensation		6,928			6,694
Deferred revenue		1,654			21,134
Tax credits		4,423			3,065
Equity awards		3,322			3,694
Operating lease liability		23,556			28,756
Other, net		910			1,212
Valuation allowance		(21,016	)		(19,322	)
Total deferred tax assets	$	86,004		$	111,780
Deferred tax liabilities:
Depreciation	$	(85,402	)	$	(59,057	)
Intangible assets		(46,228	)		(48,935	)
Capitalized transaction costs		—			(15,229	)
Accounting method change		—			(2,334	)
Prepaid expenses and other		(16	)		(39,739	)
Lease right-of-use assets		(22,202	)		(27,254	)
Total deferred tax liabilities	$	(153,848	)	$	(192,548	)

Total net deferred tax assets (liabilities)	$	(67,844	)	$	(80,768	)

Deferred income taxes should be reduced by a valuation allowance if it is not more likely than not that some portion or all of the deferred tax assets will be realized. On a periodic basis, management evaluates and determines the amount of the valuation allowance required and adjusts such valuation allowance accordingly. At year end 2022 and 2021, the Company has a valuation allowance of $21.0 million and $19.3 million, respectively related to deferred tax assets for foreign net operating losses and foreign tax credits, state net operating losses and state tax credits. The valuation allowance increased by $1.7 million during the year ended December 31, 2022 related to certain deferred tax assets increases that were not benefited.

The Company provides income taxes on the undistributed earnings of non-U.S. subsidiaries except to the extent that such earnings are permanently invested outside the United States. At December 31, 2022, $10.2 million of accumulated undistributed earnings of non-U.S. subsidiaries were permanently invested outside the United States. At the existing U.S. federal income and applicable foreign withholding tax rates, additional taxes (net of foreign tax credits) of $0.5 million, consisting solely of withholding taxes, would have to be provided if such earnings were remitted currently.

At December 31, 2022, the Company had no Federal net operating loss carryforwards and $210.0 million of combined net operating loss carryforwards in various states which will begin to expire in 2023. The Company has recorded a partial valuation allowance against the deferred tax assets related to the state operating losses.

Also, as of the year ended December 31, 2022, the Company had $14.0 million of foreign operating losses which carry forward indefinitely and $1.9 million of state tax credits which will begin to expire in 2023. The Company has recorded a partial valuation allowance against the deferred tax assets related to the foreign operating losses and state tax credits.

The Company recognizes the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. The exercise of non-qualified stock options and vesting of restricted stock awards which have been granted under the Company’s equity award plans give rise to compensation income which is includable in the taxable income of the applicable employees and the majority of which is deductible by the Company for federal and state income tax purposes. In the case of non-qualified stock options, the compensation income results from increases in the fair market value of the Company's common stock subsequent to the date of grant. At December 31, 2022, the deferred tax asset related to unexercised stock options and restricted stock grants for which the Company has recorded a book expense was $3.3 million.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2022			2021			2020
	(In thousands)
Balance at Beginning of Period	$	1,105		$	5,623		$	5,469
Additions based on tax positions related to the current year		581			133			44
Additions for tax positions of prior years		57			57			166
Reductions as a result of a lapse of applicable statutes of limitations		(223	)		(4,708	)		(56	)
Balance at End of Period	$	1,520		$	1,105		$	5,623

All amounts in the reconciliation are reported on a gross basis and do not reflect a federal tax benefit on state income taxes. The Company has accrued $1.5 million of accrued uncertain tax benefits as of December 31, 2022 which is inclusive of the federal tax benefit on state income taxes. The Company believes that it is reasonably possible that a decrease may be necessary in the unrecognized tax benefits within twelve months of the reporting date of approximately $0.1 million, related to state tax exposures, due to a lapse of the statute of limitation. The accrued uncertain tax balance at December 31, 2022 includes $1.5 million of unrecognized tax benefits which, if ultimately recognized, will reduce the Company’s annual effective tax rate.

The Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2018.

The calculation of the Company’s provision (benefit) for income taxes requires the use of significant judgment and involves dealing with uncertainties in the application of complex tax laws and regulations. In determining the adequacy of the Company’s provision (benefit) for income taxes, potential settlement outcomes resulting from income tax examinations are regularly assessed. As such, the final outcome of tax examinations, including the total amount payable or the timing of any such payments upon resolution of these issues, cannot be estimated with certainty.

During the year ended December 31, 2021, the Company recognized a net decrease in interest of $0.2 million related to the change of

unrecognized tax benefits noted above. The net decrease in interest during the year ended December 31, 2022 was not significant. During the year ended December 31, 2022, the Company recorded a potential penalty of $0.1 million. There was no potential penalty recorded during the year ended December 31, 2021. The Company had approximately $0.1 million for the payment of interest and penalties accrued at December 31, 2022. The amount accrued for the payment of interest and penalties was not significant at December 31, 2021. The Company classifies interest and penalties as interest expense and operating expense, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Contract Receivable	12 Months Ended
Dec. 31, 2022
Receivables [Abstract]
Contract Receivable	6. Contract Receivable On September 16, 2014, GEO's wholly-owned subsidiary, GEO Ravenhall Pty. Ltd., in its capacity as trustee of another wholly-owned subsidiary, GEO Ravenhall Trust ("Project Co"), signed the Ravenhall Prison Project Agreement ("Ravenhall Contract") with the State of Victoria (the "State") for the development and operation of a 1,300-bed facility in Ravenhall, a locality near Melbourne, Australia under a public-private partnership financing structure. The design and construction phase ("D&C Phase") of the agreement began in September 2014 and was completed in November 2017. Project Co was the primary developer during the D&C Phase and subcontracted with a bonded international design and build contractor to design and construct the facility. GEO's wholly owned subsidiary, The GEO Group Australasia Pty. Ltd. ("GEO Australia") is currently operating the facility under a 25-year management contract ("Operating Phase"). During the D&C Phase, GEO Australia provided construction management and consultant services to the State. During the D&C Phase, the Company recognized revenue as earned on a percentage of completion basis measured by the percentage of costs incurred to date as compared to the estimated total costs for the design and construction of the facility. Costs incurred and estimated earnings in excess of billings were classified as Contract Receivable in the accompanying consolidated balance sheets. The balance was recorded at net present value based on the timing of expected future settlement. Interest income was recorded as earned using an effective interest rate of 8.97%. On September 20, 2022, the Company sold its equity investment interest in the Ravenhall project and, as a result, the Contract Receivable was transferred to the buyer and is no longer an asset of the Company. Refer to Note 17 - Commitments, Contingencies and Other Matters for further information.

Contract Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Contract Receivable

On September 16, 2014, GEO's wholly-owned subsidiary, GEO Ravenhall Pty. Ltd., in its capacity as trustee of another wholly-owned subsidiary, GEO Ravenhall Trust ("Project Co"), signed the Ravenhall Prison Project Agreement ("Ravenhall Contract") with the State of Victoria (the "State") for the development and operation of a 1,300-bed facility in Ravenhall, a locality near Melbourne, Australia under a public-private partnership financing structure. The design and construction phase ("D&C Phase") of the agreement began in September 2014 and was completed in November 2017. Project Co was the primary developer during the D&C Phase and subcontracted with a bonded international design and build contractor to design and construct the facility. GEO's wholly owned subsidiary, The GEO Group Australasia Pty. Ltd. ("GEO Australia") is currently operating the facility under a 25-year management contract ("Operating Phase"). During the D&C Phase, GEO Australia provided construction management and consultant services to the State.

During the D&C Phase, the Company recognized revenue as earned on a percentage of completion basis measured by the percentage of costs incurred to date as compared to the estimated total costs for the design and construction of the facility. Costs incurred and estimated earnings in excess of billings were classified as Contract Receivable in the accompanying consolidated balance sheets. The balance was recorded at net present value based on the timing of expected future settlement. Interest income was recorded as earned using an effective interest rate of 8.97%. On September 20, 2022, the Company sold its equity investment interest in the Ravenhall project and, as a result, the Contract Receivable was transferred to the buyer and is no longer an asset of the Company. Refer to Note 17 - Commitments, Contingencies and Other Matters for further information.

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease Right-of-Use Assets, Net	$ 90,950	$ 112,187
Finance lease assets	$ 1,895	$ 3,420
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and Equipment, Net	Property and Equipment, Net
Total lease assets	$ 92,845	$ 115,607
Operating lease liabilities, current portion	22,584	28,279
Finance lease liabilities, current portion	$ 697	$ 1,866
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of finance lease liabilities, long-term debt and non-recourse debt	Current portion of finance lease liabilities, long-term debt and non-recourse debt
Operating Lease Liabilities	$ 73,801	$ 89,917
Finance Lease Liabilities	1,280	1,977	$ 1,280
Total lease liabilities	$ 98,362	$ 122,039

Subsequent Events - Additional Information (Details) - shares		12 Months Ended
	Feb. 09, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Options granted (in shares)		342,000
Subsequent Events
Subsequent Event [Line Items]
Options granted (in shares)	362,000
Restricted Stock Award \| Subsequent Events
Subsequent Event [Line Items]
Number of shares granted	1,151,000
Performance Shares \| Subsequent Events
Subsequent Event [Line Items]
Number of shares granted	339,000
Performance period	3 years

Benefit Plans - Retirement Obligation Benefit Representing to Fomer CEO (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]
12/31/2023	$ 996
12/31/2024	987
12/31/2025	1,060
12/31/2026	1,424
12/31/2027	1,580
Former CEO \| Amended and Restated Executive Retirement Agreement
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]
12/31/2023	9,557
12/31/2024	12,617
12/31/2025	16,336
12/31/2026	20,856
12/31/2027	$ 26,351

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Stock

Each holder of the Company’s common stock is entitled to one vote per share on all matters to be voted upon by the Company’s shareholders. Upon any liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share equally in all assets available for distribution after payment of all liabilities, subject to the liquidation preference of shares of preferred stock, if any, then outstanding.

Distributions

As previously discussed, on December 2, 2021, the Company announced that its Board unanimously approved a plan to terminate the Company's REIT status and become a taxable C Corporation, effective for the year ended December 31, 2021. As a result, the Company is no longer required to operate under REIT rules, including the requirement to distribute at least 90% of its taxable income to its stockholders. The Board also voted unanimously to discontinue the Company's quarterly dividend.

Stock Buyback Program

On February 14, 2018, the Company announced that its Board authorized a stock buyback program authorizing the Company to repurchase up to a maximum of $200 million of its shares of common stock. The stock buyback program was funded primarily with cash on hand, free cash flow and borrowings under the Company's $900 million revolving credit facility (the "Revolver"). The program expired on

October 20, 2020. The stock buyback program was intended to be implemented through purchases made from time to time in the open market or in privately negotiated transactions, in accordance with applicable Securities and Exchange Commission ("SEC") requirements. The stock buyback program did not obligate the Company to purchase any specific amount of its common stock and could have been suspended or extended at any time at the discretion of the Company's Board. During the year ended December 31, 2020, the Company purchased 553,665 shares of its common stock at a cost of $9.0 million primarily purchased with proceeds from the Company’s Revolver.

Preferred Stock

In April 1994, the Company’s Board authorized 30 million shares of “blank check” preferred stock. The Board is authorized to determine the rights and privileges of any future issuance of preferred stock such as voting and dividend rights, liquidation privileges, redemption rights and conversion privileges. As of December 31, 2022 and 2021, there were no shares of preferred stock outstanding.

Noncontrolling Interests

The Company includes the results of operations and financial position of SACM or the “joint venture”, its majority-owned subsidiary, in its consolidated financial statements. SACM was established in 2001 to operate correctional centers in South Africa. The joint venture currently provides security and other management services for the Kutama Sinthumule Correctional Centre in the Republic of South Africa under a 25-year management contract which commenced in February 2002. The Company’s and the joint venture partner’s shares in the profits of the joint venture are 88.75% and 11.25%, respectively. There were no changes in the Company’s ownership percentage of the consolidated subsidiary during the years ended December 31, 2022, 2021 and 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of intangible assets
Intangible assets, gross carrying amount	$ 387,250	$ 387,269
Accumulated Amortization	(239,562)	(221,145)
Total acquired intangible assets, Net carrying amount	147,688	166,124
Net Carrying Amount	102,488
Trade names
Schedule of intangible assets
Indefinite lived intangible assets	45,200	45,200
Facility management contracts
Schedule of intangible assets
Gross Carrying Amount	308,350	308,369
Accumulated Amortization	(206,367)	(189,163)
Net Carrying Amount	$ 101,983	119,206
Amortization period	16 years 3 months 18 days
Technology
Schedule of intangible assets
Gross Carrying Amount	$ 33,700	33,700
Accumulated Amortization	(33,195)	(31,982)
Net Carrying Amount	$ 505	$ 1,718
Amortization period	7 years 3 months 18 days

Leases - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2023	$ 28,447
2024	23,527
2025	17,844
2026	11,593
2027	9,069
Thereafter	21,849
Total minimum lease payments	112,329
Less: amount of lease payment representing interest	(15,944)
Present value of future minimum lease payments	96,385
Less: current obligations under leases	(22,584)	$ (28,279)
Operating Lease Liabilities	73,801	89,917
Finance Leases
2023	759
2024	759
2025	536
2026	29
2027	0
Thereafter	0
Total minimum lease payments	2,083
Interest imputed on finance leases	(106)
Present value of future minimum lease payments	1,977	3,843	$ 1,977
Less: current obligations under leases	(697)	(1,866)
Finance Lease Obligations	$ 1,280	$ 1,977	$ 1,280

Debt (Guarantees) (Details) - Ravenhall	Dec. 31, 2022 AUD ($) Guarantee	Dec. 31, 2022 USD ($) Guarantee
Debt Instrument [Line Items]
Number of letters of guarantee outstanding under separate international facilities relating to performance guarantees \| Guarantee	7	7
Letters of guarantee outstanding relating to performance guarantees \| $		$ 9,100,000
Letter of credit \| Revolver
Debt Instrument [Line Items]
Maximum exposure, undiscounted	$ 53,000,000	$ 36,100,000

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share of common stock is computed by dividing the net income attributable to The GEO Group, Inc. available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income attributable to The GEO Group, Inc. available to common stockholders represents net income attributable to The GEO Group, Inc. reduced by an allocation of earnings to participating securities. The 6.50% Exchangeable Notes due 2026, which contain non-forfeitable rights to dividends declared and paid on the shares of common stock, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Diluted EPS is calculated under the if-converted method and the two-class method for each class of shareholders using the weighted average number of shares attributable to each class. The calculation that results in the lowest diluted earnings per share amount for common stock is reported in the Company’s financial statements. The if-converted method includes the dilutive effect of potential common shares related to the 6.50% Exchangeable Notes due 2026, if any. Basic and diluted earnings per share were calculated for the years ended December 31, 2022, 2021 and 2020 as follows (in thousands, except per share data):


Fiscal Year	2022			2021			2020
	(In thousands, except per share data)
Net Income	$	171,692		$	77,233		$	112,831
Loss attributable to noncontrolling interests		121			185			201
Less: Undistributed income allocable to participating securities		(29,346	)		(6,982	)		—
Net income attributable to The GEO Group, Inc. available to common stockholders	$	142,467		$	70,436		$	113,032
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		121,040			120,384			119,719
Per share amount - basic	$	1.18		$	0.59		$	0.94
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		121,040			120,384			119,719
Dilutive effect of equity incentive plans		1,241			348			272
Weighted average shares assuming dilution		122,281			120,732			119,991
Per share amount - diluted	$	1.17		$	0.58		$	0.94

For the year ended December 31, 2022, 1,958,443 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 312,963 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.

For the year ended December 31, 2021, 2,047,072 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 1,016,208 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.

For the year ended December 31, 2020, 1,931,407 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. For the same period, 1,652,986 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.

On February 24, 2021, the Company’s wholly owned subsidiary, GEO Corrections Holdings, Inc. (“GEOCH”), completed a private offering of $230 million aggregate principal amount of 6.50% Exchangeable Senior Unsecured Notes due 2026. Refer to Note 12 – Debt for additional information. As of December 31, 2022, conditions had not been met to exchange the 6.50% Exchangeable Notes due 2026 into shares of the Company’s common stock. Approximately 24.9 million shares of potential common stock associated with the conversion option embedded in the convertible notes were excluded from the computation of EPS for the year ended December 31, 2022 and 2021 as the Company’s average stock price during the period was lower than the exchange price.

Earnings Per Share - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 24, 2021
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,958,443	2,047,072	1,931,407
Restricted Stock Award
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	312,963	1,016,208	1,652,986
Common Shares Conversion Option Embedded in Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	24,900,000	24,900,000
6.50% Exchangeable Senior Notes due 2026
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stated interest rate	6.50%	6.50%
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stated interest rate	6.50%	6.50%		6.50%
Debt instrument, face amount				$ 230,000,000

Commitments, Contingencies and Other Matters

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Other Matters

17.

Commitments, Contingencies and Other Matters

Collective Bargaining Agreements

The Company had approximately 47% of its workforce covered by collective bargaining agreements at December 31, 2022. Collective bargaining agreements with 9% of employees are set to expire in less than one year.

Contract Developments

Effective April 6, 2022, Delaware County, Pennsylvania took over management of the managed-only George W. Hill Correctional

Facility.

The Company's contract with the BOP for its company-owned North Lake Correctional Facility in Michigan expired at the end of September 2022. As of December 31, 2022, the Company no longer has any contracts with the BOP for secure correctional facilities.

The Company received a contract extension with the USMS extending to September 2023 for its company-leased Western Region Detention Facility in California.

In October 2022, the Company signed a five-year contract renewal for the 780-bed Florence West Correctional and Rehabilitation Facility in Arizona.

In December 2022, the Company signed a two-year contract renewal for the 3,400-bed Kingman Correctional and Rehabilitation Facility in Arizona.

During the fourth quarter of 2022, the Company was notified by the USMS of the agency's intent to exercise the five-year contract option period for its 768-bed Robert Deyton Facility in Georgia.

During the fourth quarter of 2022, the Company renewed five residential reentry contracts, including four contracts with the BOP.

On January 9, 2023, the Company announced that its Australian subsidiary, GEO Australia, had entered into a contract with the Department of Justice and Community Safety in the State of Victoria for delivery of primary health services across thirteen public prisons. The contract will commence on July 1, 2023.

Commitments

As of December 31, 2022, the Company had contractually required commitments for a number of projects using existing Company financing facilities. The Company’s management estimates that these existing contractually required capital projects will cost approximately $42.2 million, of which $19.5 million was spent through 2022. The Company estimates the remaining capital requirements related to these contractually required capital projects to be approximately $22.7 million. These projects are expected to be completed through 2023.

In addition to these current estimated capital requirements, the Company is currently in the process of bidding on, or evaluating potential bids for the design, construction and management of a number of new projects. In the event that the Company wins bids for these projects and decides to self-finance their construction, its capital requirements could materially increase.

Litigation, Claims and Assessments

Shareholder and Derivative Litigation

On July 7, 2020, a putative shareholder class action lawsuit was filed against the Company and its officers George C. Zoley and Brian R. Evans, in the U.S. District Court for the Southern District of Florida. On November 18, 2020, the lead plaintiffs, James Michael DeLoach and Edward Oketola, filed a consolidated class action amended complaint against Messrs. Zoley and Evans––as well as then current and former Company officers J. David Donahue and Ann M. Schlarb. On September 23, 2021, the court dismissed all claims against Messrs. Evans and Donahue, and Ms. Schlarb, and dismissed all claims against GEO and Mr. Zoley other than claims related to GEO's disclosures about pending litigation. On October 4, 2021, plaintiffs filed a consolidated class action second amended complaint. The second amended complaint alleges that GEO and Mr. Zoley violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, and alleges that Mr. Zoley violated Section 20(a) of the Exchange Act, by making materially false and misleading statements and/or omissions related to pending litigation, and seeks relief individually and on behalf of a putative class consisting of all persons and entities––other than the defendants, the officers and directors of the Company, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which the defendants have or had a controlling interest––who purchased or otherwise acquired the Company’s securities during the alleged class period from November 9, 2018 to August 5, 2020, inclusive. The second amended complaint seeks damages, interest, attorneys’ fees, expert fees, other costs, and such other relief as the court may deem proper. On June 21, 2022, the court dismissed all claims in the second amended complaint other than those related to the Company’s statements about pending lawsuits made prior to July 17, 2019.

After the putative shareholder class action lawsuit was filed, three related putative shareholder derivative actions have also been filed. These cases generally allege breaches of fiduciary duties related to the same underlying matters alleged in the class action. First, on July 1, 2021, a putative shareholder derivative complaint was filed in Palm Beach County, Florida Circuit Court against the Company, as well as current and

former Company directors and officers George C. Zoley, Jose Gordo, Brian R. Evans, Ann M. Schlarb, Richard H. Glanton, Anne N. Foreman, Christopher C. Wheeler, Julie M. Wood, Guido van Hauwermeiren, Scott M. Kernan, and Duane Helkowski (collectively, the “State Court Defendants”). Second, on November 12, 2021, a putative shareholder derivative complaint was filed in the U.S. District Court for the Southern District of Florida against the Company, the State Court Defendants, as well as then current and former Company officers David Venturella and J. David Donahue (collectively, the “Derivative Defendants”). Third, on August 24, 2022, a putative stockholder derivative complaint was filed in the U.S. District Court for the Southern District of Florida against the Company and the Derivative Defendants. The state-court complaint alleges breach of fiduciary duty and unjust enrichment claims against the State Court Defendants relating to purported healthcare and quality of care deficiencies, an allegedly inadequate response to the COVID-19 pandemic, alleged forced labor by detainees, and alleged exposure to pending litigation, which purportedly led to damage to GEO. The federal-court complaints make similar allegations of breach of fiduciary duty as to the Derivative Defendants, and also allege that the Derivative Defendants violated Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder and that Mr. Zoley contributed to alleged violations of Sections 10(b) and 21D of the Exchange Act. These cases are currently stayed pending the resolution of the federal putative shareholder class action lawsuit described above.

GEO strongly disputes the claims made in these four lawsuits, and intends to take all necessary steps to vigorously defend itself from these lawsuits.

Immigration Detainee Litigation

Civil immigration detainees at the Aurora ICE Processing Center filed a class action lawsuit on October 22, 2014, against the Company in the U.S. District Court for the District of Colorado. The complaint alleges that the Company was in violation of the Colorado Minimum Wages of Workers Act and the Federal Trafficking Victims Protection Act (“TVPA”). The complaint also claims that the Company was unjustly enriched based on the level of payment the detainees received for work performed in a Voluntary Work Program ("VWP") the Company is required to implement at the facility under the terms of its contract with the federal government. On July 6, 2015, the court found that detainees were not employees under the Colorado Minimum Wage Order and dismissed this claim. On February 27, 2017, the court granted the plaintiffs' motion for class certification on the TVPA and unjust enrichment claims. The plaintiffs class seeks actual damages, compensatory damages, exemplary damages, punitive damages, restitution, attorneys’ fees and costs, and such other relief as the court may deem proper. On October 18, 2022, the court issued an order granting plaintiffs’ motion for summary judgment on the Company’s affirmative defenses, denying the Company’s motion for summary judgment, motion to dismiss, and motion for decertification of the class, narrowing the class period for plaintiffs’ TVPA claims, and otherwise ruling against the Company’s motions for relief. All trial dates are currently stayed by court order pending appeal of evidentiary issue to the 10th Circuit Court of Appeal.

Since the Colorado suit was initially filed, four similar lawsuits have been filed - two in the state of Washington and two in California.

The first of the two state of Washington lawsuits was filed on September 26, 2017 by immigration detainees against the Company in the U.S. District Court for the Western District of Washington. The second lawsuit was filed on September 20, 2017 by the State Attorney General against the Company in the Superior Court of the State of Washington for Pierce County, which the Company removed to the U.S. District Court for the Western District of Washington on October 9, 2017. The plaintiffs claimed that Washington State minimum wage laws should be enforced with respect to detainees who volunteer to participate in a VWP administered by GEO at the Northwest ICE Processing Center (the "Center") as required by the U.S. Department of Homeland Security under the terms of GEO’s contract. The Center houses persons in the custody of federal immigration authorities while the federal government is determining their immigration status. In October 2021, an unfavorable jury verdict and court judgment resulting in a combined $23.2 million judgment entered against the Company in the retrial of the two cases, which judgment amounts were subsequently increased by a further award against the Company of attorney’s fees, costs, and pre-judgment interest in the amount of $12.7 million. Post judgment interest is accruing on these judgments in accordance with Washington law. The trial court has waived the necessity to post a supersedeas bond for the combined judgments and has stayed enforcement of the verdict and judgments while GEO’s appeal to the U.S. Court of Appeals for the Ninth Circuit is pending. Oral argument was held on October 6, 2022. The case has been formally submitted to the three-judge panel for decision. GEO intends to take all necessary steps to vigorously defend itself. The Company has not established an accrual for this judgment as it believes a potential loss related to this case is not probable.

In California, a class-action lawsuit was filed on December 19, 2017 by immigration detainees against the Company in the U.S. District Court Eastern Division of the Central District of California. The California lawsuit alleges violations of the state’s minimum wage laws, violations of the TVPA and California's equivalent state statute, unjust enrichment, unfair competition and retaliation. The California court has certified a class of individuals who have been civilly detained at the Company's Adelanto Facility from December 19, 2014, until the date of final judgment. On March 31, 2022, the court entered a stay of the California case until the Ninth Circuit rules on the Washington cases.

Current and former detainees of the Mesa Verde ICE Processing Center and the Golden State Annex ICE Processing Center filed a class action lawsuit on July 13, 2022, against the Company in the U.S. District Court for the Eastern District of California, Fresno Division. This lawsuit is similar to the cases in Colorado, Washington and California discussed above. The complaint alleges that federal detainees who volunteer to participate in the VWP at GEO’s Mesa Verde and Golden State Annex ICE facilities are employees of GEO and entitled to the state’s

minimum wage. Plaintiffs also make claims for unfair competition, unjust enrichment, human trafficking, forced labor, California's Private Attorneys General Act and retaliation.

GEO believes it operates the VWP in full compliance with its contract with ICE and all applicable laws, regulations, and standards. GEO strongly disputes the claims made in these lawsuits, and intends to take all necessary steps to vigorously defend itself from these lawsuits. GEO has not recorded any accruals relating to these lawsuits at this time as losses are not considered probable.

Challenges to State Legislation that Conflict with Federal Contracts

On December 30, 2019, the Company filed a lawsuit in the U.S. District Court for the Southern District of California against the State of California for declaratory and injunctive relief challenging California’s newly enacted law - Assembly Bill 32 ("AB-32"), - which prohibits the operation of "private detention facilities" in California, including facilities in which the Company provides secure immigration detention contract services to the federal government. The Company’s lawsuit asserts that AB-32 violates the Constitution’s Supremacy Clause, which protects the federal government from regulation by any state. By prohibiting federal detention facilities in California, the suit argues AB-32 substantially interferes with the ability of USMS and ICE to carry out detention responsibilities for the federal government. Secondly, because AB-32 creates an exemption for the application of AB-32 for the State of California for the use of "private detention facilities" (to alleviate overcrowding), California’s statute unlawfully discriminates against the federal government. On January 24, 2020, the United States filed a lawsuit challenging AB-32. On October 8, 2020, the court issued an order granting, in part, and denying, in part, the Company’s and the United States’ motions for preliminary injunction and California’s motion to dismiss. Among other findings, the court (1) dismissed the Company’s intergovernmental immunity claims as well as the United States’ preemption claims as applied to ICE facilities; (2) found that the Company and the United States were likely to succeed on the preemption claims as applied to U.S. Marshals’ facilities and enjoined enforcing AB-32 against those facilities; and (3) refused to enjoin California from enforcing AB-32 against ICE contracts with the Company and the United States. The Company and the United States appealed to the Ninth Circuit Court of Appeals. Oral argument was held on June 7, 2021. On October 5, 2021, a three-Judge panel of the Ninth Circuit Court of Appeals reversed the lower court’s decision, holding that AB-32 conflicted with federal law. California petitioned the Ninth Circuit for the matter to be heard by the court sitting en banc, which petition was accepted. On September 26, 2022, in an 8-3 en banc decision, the Ninth Circuit Court of Appeals held that AB-32 violates the Constitution's Supremacy Clause and that AB-32 is preempted, vacated the lower court’s denial of the Company’s and the United States’ motions for preliminary injunction, and remanded the case to the District Court to consider the remaining preliminary injunction factors.

On April 29, 2021, the Company filed a lawsuit in the U.S. District Court for the Western District of Washington against the State of Washington for declaratory and injunctive relief challenging the State of Washington’s newly enacted law – House Bill 1090 – that purports to prohibit the operation of "private detention facilities" in the state, which would prevent the United States from using privately contracted detention facilities to house detainees in the custody of U.S. Immigration and Customs Enforcement (“ICE”). The court has entered a stay in this action pending the final resolution of the AB-32 appeal.

Other Litigation

The nature of the Company's business also exposes it to various other third-party legal claims or litigation against the Company, including, but not limited to, civil rights claims relating to conditions of confinement and/or mistreatment, sexual misconduct claims brought by individuals in its care, medical malpractice claims, claims related to deaths in custody, product liability claims, intellectual property infringement claims, claims relating to employment matters (including, but not limited to, employment discrimination claims, union grievances and wage and hour claims), property loss claims, environmental claims, automobile liability claims, indemnification claims by its customers and other third parties, contractual claims and claims for personal injury or other damages resulting from contact with the Company's facilities, programs, electronic monitoring products, personnel or detainees, including damages arising from the escape of an individual in its care or from a disturbance or riot at a facility.

Accruals for Legal Proceedings

The Company establishes accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the results of these claims or proceedings cannot be predicted with certainty, and an unfavorable resolution of one or more of these claims or proceedings could have a material adverse effect on the Company's financial condition, results of operations or cash flows or could result in a material impairment of the Company’s assets. The Company's accruals for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. The Company does not accrue for anticipated legal fees and costs but expenses those items as incurred.

Other Assessment

A state non-income tax audit completed in 2016 included tax periods for which the state tax authority had a number of years ago processed a substantial tax refund. At the completion of the audit fieldwork, the Company received a notice of audit findings disallowing deductions that were previously claimed by the Company, approved by the state tax authority and served as the basis for the approved refund claim. In early January 2017, the Company received a formal Notice of Assessment of Taxes and Demand for Payment from the taxing authority disallowing the deductions. The total tax, penalty and interest assessed is approximately $20.0 million. The Company is appealing an administrative ruling and disagrees with the assessment and intends to take all necessary steps to vigorously defend its position. The Company has established a reserve based on its estimate of the most probable loss based on the facts and circumstances known to date and the advice of outside counsel in connection with this matter.

Asset Divestitures

Effective September 20, 2022, the Company executed a Share and Unit Sale and Purchase Agreement ("SPA") for the sale of its equity investment interest in the government-owned Ravenhall Correctional Centre ("Centre") project in Australia for approximately $84 million in gross proceeds, pre-tax to an unrelated third party. In accordance with the SPA, the Company sold its shares/units in GEO Australasia Holdings Pty Ltd, GEO Australasia Finance Holdings Pty Ltd and GEO Australasia Finance Holding Trust, the Company's former wholly owned subsidiaries. These subsidiaries held the contract receivable and related non-recourse debt which were transferred to the buyer and are no longer an asset or outstanding obligation of the Company. These subsidiaries also held restricted cash that was also transferred to the buyer. The Company continues to manage the operations of the Centre on behalf of the State of Victoria. As a result of the sale, the Company recorded a gain of approximately $29.3 million, pre-tax. The proceeds, along with available cash on hand, were used to repay all of the remaining outstanding principal of its Term Loan B and its newly issued Tranche 3 Loans. Refer to Note 12 - Debt for additional information.

On July 1, 2021, the Company completed a divestiture of its youth division (“Abraxas”). The divestiture included the sale of certain non-real estate assets in the Company's youth division for total consideration of $10 million which was in the form of an unsecured term note receivable (“Term Note”). The Term Note was to mature July 1, 2026 and bore annual interest at 5%. Principal payments of $250,000 were to be due annually each year starting July 1, 2022. After June 30, 2023, an additional payment would have been due equal to 50% of the excess cash flow (as defined in the Term Note) in excess of $1,000,000. The remaining balance was due on the maturity date. Additionally, the Company had provided a $4 million working capital line of credit (“Grid Note”) which was to mature on December 31, 2022 and bore daily interest at prime minus 1%. Each loan under the Grid Note was payable upon the earlier of (i) on demand, (ii) thirty days from the funding date, or (iii) the maturity date. There were no amounts drawn on the Grid Note during 2021. The sale resulted in the assignment of the Company's youth services management contracts to Abraxas. The Company retained the ownership of the youth services real estate assets and have entered into lease agreements with Abraxas for the six company-owned youth facilities. As a result of the transaction, the Company recorded a loss on asset divestiture of approximately $4.5 million during the year ended December 31, 2021 inclusive of a working capital adjustment. On October 15, 2021, the Company signed a letter agreement with Abraxas and another unrelated not-for-profit entity for the settlement of the Term Note and termination of the Grid Note. In accordance with the letter agreement, Abraxas became affiliated with the other unrelated not-for-profit entity and paid the Company $8 million in full settlement of the Term Note on December 31, 2021.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, allowed employers to defer the deposit and payment of the employer's share of Social Security taxes. The deferral applied to deposits and payments of the employer’s share of Social Security tax that would otherwise be required to be made during the period beginning on March 27, 2020 and ending on December 31, 2021. The deferred amounts are due to be paid in two equal installments no later than December 31, 2021 and December 31, 2022. The Company paid the first installment in September 2021. The remaining balance of the deferred payroll taxes of approximately $20.0 million was paid in August 2022.

Summary of Business Organization, Operations and Significant Accounting Policies - Revenue Recognition and Facility Construction and Design (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total Revenues	$ 2,376,727	$ 2,256,612	$ 2,350,098
U.S. Secure Services
Disaggregation Of Revenue [Line Items]
Total Revenues	1,437,831	1,488,936	1,571,216
Electronic Monitoring and Supervision Services
Disaggregation Of Revenue [Line Items]
Total Revenues	496,268	278,934	241,944
Reentry Services
Disaggregation Of Revenue [Line Items]
Total Revenues	255,428	274,893	309,398
International
Disaggregation Of Revenue [Line Items]
Total Revenues	187,200	213,849	227,540
Owned and Leased: Secure Services
Disaggregation Of Revenue [Line Items]
Total Revenues	1,109,923	1,127,688	1,198,881
Owned and Leased: Secure Services \| U.S. Secure Services
Disaggregation Of Revenue [Line Items]
Total Revenues	1,109,923	1,127,688	1,198,881
Owned and Leased: Community-based
Disaggregation Of Revenue [Line Items]
Total Revenues	155,932	150,888	145,491
Owned and Leased: Community-based \| Reentry Services
Disaggregation Of Revenue [Line Items]
Total Revenues	155,932	150,888	145,491
Owned and Leased: Youth Services
Disaggregation Of Revenue [Line Items]
Total Revenues		33,920	75,792
Owned and Leased: Youth Services \| Reentry Services
Disaggregation Of Revenue [Line Items]
Total Revenues		33,920	75,792
Managed Only
Disaggregation Of Revenue [Line Items]
Total Revenues	522,021	579,074	605,388
Managed Only \| U.S. Secure Services
Disaggregation Of Revenue [Line Items]
Total Revenues	327,908	361,248	372,335
Managed Only \| Reentry Services
Disaggregation Of Revenue [Line Items]
Total Revenues	6,913	3,977	5,513
Managed Only \| International
Disaggregation Of Revenue [Line Items]
Total Revenues	187,200	213,849	227,540
Electronic Monitoring Services and Other Reentry
Disaggregation Of Revenue [Line Items]
Total Revenues	588,851	365,042	324,546
Electronic Monitoring Services and Other Reentry \| Electronic Monitoring and Supervision Services
Disaggregation Of Revenue [Line Items]
Total Revenues	496,268	278,934	241,944
Electronic Monitoring Services and Other Reentry \| Reentry Services
Disaggregation Of Revenue [Line Items]
Total Revenues	$ 92,583	$ 86,108	$ 82,602

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

12.

Debt

Debt consisted of the following (in thousands):


	December 31, 2022			December 31, 2021
Senior Credit Facility:
Term loan	$	—		$	762,000
Unamortized debt issuance costs on term loan		—			(2,733	)
Unamortized discount on term loan		—			(1,152	)
Revolver		—			784,895
Total Senior Credit Facility		-			1,543,010
Exchange Credit Agreement [*]
Tranche 1 Loans		846,445			-
Unamortized premium on tranche 1 loans		25,345			-
Unamortized debt issuance costs on tranche 1 loans		(22,575	)		-
Tranche 2 Loans		236,794			-
Unamortized discount on tranche 2 loans		(2,922	)		-
Unamortized debt issuance costs on tranche 2 loans		(6,310	)		-
Revolver		30,000			-
Total Exchange Credit Agreement		1,106,777			-
10.500% Public Second Lien Notes due 2028
Notes Due in 2028		286,521			-
Unamortized discount		(15,457	)		-
Unamortized debt issuance costs		(7,811	)		-
Total 10.500% Public Second Lien Notes due 2028		263,253			-
9.500% Private Second Lien Notes due 2028
Notes Due in 2028		239,142			-
Unamortized discount		(22,524	)		-
Unamortized debt issuance costs		(6,551	)		-
Total 9.500% Private Second Lien Notes due 2028		210,067			-
6.50% Exchangeable Senior Notes:
Notes Due in 2026		230,000			230,000
Unamortized debt issuance costs		(6,489	)		(8,246	)
Total 6.50% Exchangeable Senior Notes Due in 2026		223,511			221,754
6.00% Senior Notes:
Notes Due in 2026		110,858			350,000
Unamortized debt issuance costs		(776	)		(3,099	)
Total 6.00% Senior Notes Due in 2026		110,082			346,901
5.875% Senior Notes:
Notes Due in 2024		23,253			225,293
Unamortized debt issuance costs		(96	)		(1,410	)
Total 5.875% Senior Notes Due in 2024		23,157			223,883
5.125% Senior Notes:
Notes Due in 2023		-			259,275
Unamortized debt issuance costs		-			(1,221	)
Total 5.125% Senior Notes Due in 2023		-			258,054
Non-Recourse Debt:
Non-Recourse Debt		-			310,108
Unamortized debt issuance costs on non-recourse debt		-			(4,556	)
Total Non-Recourse Debt		-			305,552
Finance Lease Obligations		1,977			3,843
Other debt		40,323			41,363
Total debt		1,979,147			2,944,360
Current portion of finance lease obligations, long-term debt and non-recourse debt		(44,722	)		(18,568	)
Finance Lease Obligations, long-term portion		(1,280	)		(1,977	)
Non-Recourse Debt, long-term portion		-			(297,856	)
Long-Term Debt	$	1,933,145		$	2,625,959

[*] As further discussed below, the exchange credit agreement included Tranche 3 Loans which were redeemed prior to December 31, 2022.

Exchange Offer

On August 19, 2022, the Company completed an exchange offer to exchange certain of its outstanding 5.125% Senior Notes due 2023, 5.875% Senior Notes due 2024, 6.00% Senior Notes due 2026 and certain revolving credit loans and term loans under its senior secured credit facility into newly issued Senior Second Lien Secured Notes and a new Exchange Credit Agreement as follows:

Amendment No. 4 and Amendment No. 5 to Existing Credit Agreement

In connection with the exchange offer, (i) the Company and GEO Corrections Holdings, Inc. (“Corrections”), as borrowers (the “Borrowers”), certain lenders (the “Consenting Lenders”) and BNP Paribas, as the existing administrative agent (the “Existing Administrative Agent”) under the Company’s existing senior secured credit agreement (the “Existing Credit Agreement”), entered into Amendment No. 4 to Third Amended and Restated Credit Agreement, dated as of August 19, 2022 (“Amendment No. 4”), and (ii) the Borrowers, certain subsidiaries of the Borrowers (the “Credit Facility Guarantors”), the Consenting Lenders, the Existing Administrative Agent, Alter Domus Products Corp., as the new administrative agent for the lenders under the amended existing credit agreement (in such capacity, the “Amended Credit Agreement Administrative Agent”), and Alter Domus Products Corp., as the administrative agent for the lenders under the Exchange Credit Agreement (as defined below) (in such capacity, the “Exchange Credit Agreement Administrative Agent”), entered into Amendment No. 5 to Third Amended and Restated Credit Agreement, dated as of August 19, 2022 (“Amendment No. 5,” and the Existing Credit Agreement as amended by Amendment No. 4 and Amendment No. 5, the “Amended Credit Agreement”).

Pursuant to Amendment No. 4, the Borrowers and the Consenting Lenders amended the Existing Credit Agreement to permit the consummation of the Exchange Offers and Consent Solicitations described below. Pursuant to Amendment No. 5, (i) the Existing Administrative Agent was replaced as administrative agent under the Amended Credit Agreement with the Amended Credit Agreement Administrative Agent, (ii) the Borrowers and the Consenting Lenders agreed to amend the Existing Credit Agreement as set forth therein, (iii) the Company agreed to purchase the revolving credit commitments of certain Consenting Lenders under the Existing Credit Agreement and exchange such revolving credit commitments with revolving credit commitments under the Exchange Credit Agreement, (iv) certain Consenting Lenders holding such revolving credit commitments agreed to exchange their revolving credit loans and related obligations for cash, tranche 2 term loans under the Exchange Credit Agreement (“Tranche 2 Loans”) and tranche 3 term loans under the Exchange Credit Agreement (“Tranche 3 Loans”), (v) certain Consenting Lenders holding such revolving credit commitments agreed to assign their revolving credit loans and related obligations to certain other Consenting Lenders (who then agreed to exchange such assigned revolving credit loans and related obligations for tranche 1 term loans under the Exchange Credit Agreement (“Tranche 1 Loans”)) and exchange the remainder of such revolving credit loans and related obligations for cash, Tranche 2 Loans and/or Tranche 3 Loans, (vi) the Company agreed to purchase the term loans of certain Consenting Lenders under the Existing Credit Agreement and exchange such term loans with Tranche 1 Loans or a combination of Tranche 1 Loans and cash, and (vii) all letters of credit outstanding under the Existing Credit Agreement were deemed issued and outstanding under the Exchange Credit Agreement and no longer outstanding under the Existing Credit Agreement.

After giving effect to Amendment No. 4 and Amendment No. 5 and the transactions described therein, approximately $87 million in aggregate principal amount of revolving credit commitments and approximately $102 million in aggregate principal amount of term loans remained outstanding under the Amended Credit Agreement. The Credit Facility Guarantors continue to guarantee the obligations in respect of the commitments and loans under the Amended Credit Agreement, and the collateral securing the Borrowers’ and the Credit Facility Guarantors’ obligations in respect of the commitments and loans under the Existing Credit Agreement prior to the effectiveness of the transactions (the “Common Collateral”) continues to secure the Borrower’s and the Credit Facility Guarantors’ obligations in respect of the commitments and loans under the Amended Credit Agreement after giving effect to the transactions. Revolving credit loans under the Amended Credit Agreement will continue to bear interest at a per annum rate equal to LIBOR (with no LIBOR floor) plus 1.50% to 2.50%, and the Borrowers will continue to pay a fee in respect of unused revolving commitments under the Amended Credit Agreement at a per annum rate of 0.25% to 0.30%, in each case depending on the Company’s total leverage ratio as of the most recent determination date. Term loans under the Amended Credit Agreement will continue to bear interest at a per annum rate equal to LIBOR (subject to a floor of 0.75%) plus 2.00%. The revolving credit commitments under the Amended Credit Agreement terminate on May 17, 2024, and the term loans under the Amended Credit Agreement mature on March 23, 2024. The representations and warranties and affirmative and negative covenants in the Amended Credit Agreement were amended so that the representations and warranties and affirmative and negative covenants in the Exchange Credit Agreement are incorporated by reference into the Amended Credit Agreement. Subsequent to the transactions, but prior to December 31, 2022, the term loans were repaid in full.

The transactions were accounted for as an extinguishment of the revolving credit loan and term loans with the new Tranche 1, 2 and 3 Loans recorded at fair value. The Company used a third-party valuation firm to assist with the estimation of the fair values which were determined to be $884.6 million, $233.7 million and $43.6 million for the Tranche 1 Loans, Tranche 2 Loans and Tranche 3 Loans, respectively, resulting in a $27.4 million premium, $3.1 million discount and $1.6 million discount, respectively, at issuance. Refer to Note 10 - Fair Value of Assets and Liabilities for discussion on the valuation methodology and assumptions used to estimate the fair value. The premium and discounts are being amortized as non-cash interest expense over the terms of the Tranche 1, 2 and 3 Loans using the effective interest method. As a result, the

Company recorded a net loss on extinguishment of debt of approximately $13.1 million and $50.9 million related to the revolving credit loans and term loans, respectively. The net loss on extinguishment of debt represented the difference between the carrying values that were exchanged (including unamortized debt issuance costs) and the fair value of the Tranche 1, 2 and 3 Loans.

New Exchange Credit Agreement

In connection with the exchange offer, the Borrowers, the Consenting Lenders and the Exchange Credit Agreement Administrative Agent entered into a Credit Agreement, dated as of August 19, 2022 (the “Exchange Credit Agreement”), to, among other things, evidence and govern the exchanged revolving credit commitments (the “Exchange Revolving Credit Facility”), Tranche 1 Loans, Tranche 2 Loans and Tranche 3 Loans described above. On the transaction date, after giving effect to the transactions, the aggregate principal amount of revolving credit commitments under the Exchange Revolving Credit Facility was approximately $187 million (including a $175 million letter of credit subfacility), the aggregate principal amount of the Tranche 1 Loans was approximately $857 million, the aggregate principal amount of the Tranche 2 Loans was approximately $237 million and the aggregate principal amount of the Tranche 3 Loans was approximately $45 million.

Revolving credit loans under the Exchange Revolving Credit Facility bear interest at a per annum rate equal to Term Secured Overnight Financing Rate (“SOFR”) (subject to a 0.75% floor) plus between 2.25% and 3.25%, and the Borrowers will pay a fee in respect of unused revolving commitments under the Exchange Revolving Credit Facility at a per annum rate of 0.25% to 0.30%, in each case depending on the Company’s total leverage ratio as of the most recent determination date. Tranche 1 Loans bear interest at a per annum rate equal to Term SOFR (subject to a 0.75% floor) plus 7.125%, Tranche 2 Loans bear interest at a per annum rate equal to Term SOFR (subject to a 0.75% floor) plus 6.125% and Tranche 3 Loans bear interest at a per annum rate equal to Term SOFR (subject to a 0.75% floor) plus 2.00%. At any time after the earlier of (x) February 19, 2024, solely in the event that no 2023 Notes (defined below) or 2024 Notes (defined below) remain outstanding at such time, and (y) November 1, 2024, (i) if the Company’s first lien leverage ratio is less than 1.50:1.00 at such time, then the interest rate margin on Tranche 1 Loans and Tranche 2 Loans will be reduced by 0.25%, and (ii) if the Company has achieved a public corporate credit rating of at least B3 or B-, as applicable (in any case with a stable or better outlook), from any two of S&P, Moody’s and Fitch, then the interest rate margin on Tranche 1 Loans and Tranche 2 Loans will be reduced by 0.25%, resulting in a total reduction in the interest rate margin on Tranche 1 Loans and Tranche 2 Loans of 0.50% if both conditions set forth in clauses (i) and (ii) are satisfied. If, following any reduction in the interest rate margin in accordance with the previous sentence, the condition giving rise to such reduction is no longer satisfied as of the last day of the Company’s most recently ended fiscal quarter, such interest rate margin reduction will no longer apply unless and until such condition is satisfied again.

Loans under the Exchange Revolving Credit Facility may not be borrowed if, at the time of and immediately after giving pro forma effect to such extension of credit and any planned future expenditures entered into or expected to be made or payments on indebtedness required to be made, in each case within 60 days of such extension of credit, domestic unrestricted cash for the Company and its restricted subsidiaries exceeds $234 million. Tranche 1 Loans amortize at a rate of 1.25% per quarter, and Tranche 3 Loans amortize at a rate of 0.25% per quarter. Tranche 2 Loans are not subject to amortization. Mandatory prepayments of loans under the Exchange Credit Agreement are required in respect of certain casualty and asset sale proceeds, excess cash flow and domestic unrestricted cash in excess of $234 million as of the last day of any fiscal quarter, subject to certain thresholds and exceptions. Voluntary prepayments of Tranche 2 Loans, Tranche 3 Loans and loans under the Exchange Revolving Credit Facility may be made by the Borrowers at any time without premium or penalty (subject to reimbursement for customary breakage expenses). Voluntary prepayments of Tranche 1 Loans and any prepayments of Tranche 1 Loans required in connection with any acceleration of the maturity thereof require payment of a premium equal to (i) a customary “make whole” amount if made prior to the first anniversary of the transaction date, (ii) 3.00% of the principal amount prepaid or required to be prepaid if made on or after the first anniversary but prior to the second anniversary of the transaction date, and (iii) 2.00% of the principal amount prepaid or required to be prepaid if made on or after the second anniversary but prior to the third anniversary of the transaction date.

The revolving credit commitments under the Exchange Revolving Credit Facility terminate, and the Tranche 1 Loans and Tranche 2 Loans mature, in each case on the earliest of (i) March 23, 2027, and (ii) in the event that an aggregate principal amount equal to or greater than $100,000,000 of any Specified Senior Note (defined below) remains outstanding on the Springing Maturity Date (defined below) applicable thereto, such Springing Maturity Date, it being understood that Specified Senior Notes are not outstanding to the extent the Company or GEO Corrections Holdings, Inc., as applicable, shall have deposited or caused to be deposited funds into a customary irrevocable escrow in an amount sufficient to pay or redeem such Specified Senior Notes in full on the maturity date thereof, where “Specified Senior Notes” refers to each of the 2026 Notes and the Company’s 6.500% Exchangeable Senior Notes due 2026 (the “2026 Exchangeable Senior Notes”), and “Springing Maturity Date” means the date that is 91 days prior to the stated maturity date of the 2026 Notes or the 2026 Exchangeable Senior Notes, as applicable. The Tranche 3 Loans were to mature on March 23, 2024. Subsequent to the transaction, the Tranche 3 Loans were redeemed in full.

The Exchange Credit Agreement contains certain customary representations and warranties, affirmative covenants and negative covenants, including restrictions on the ability of the Company and its restricted subsidiaries to, among other things, (i) create, incur or assume any indebtedness, (ii) create, incur, assume or permit liens, (iii) make loans and investments, (iv) engage in mergers, acquisitions and asset sales, (v) make certain restricted payments, (vi) issue, sell or otherwise dispose of capital stock, (vii) engage in transactions with affiliates, (viii)

cancel, forgive, make any voluntary or optional payment or prepayment on, or redeem or acquire for value any senior notes, except as permitted, (ix) engage in other businesses, except as permitted, and (x) materially impair the security interests securing the obligations under the Exchange Credit Agreement. The Exchange Credit Agreement also contains certain financial covenants, including a maximum total leverage ratio covenant of 6.25:1.00, a maximum first lien leverage ratio covenant of 3.50:1.00, a minimum interest coverage ratio covenant of 1.50:1.00 and a cap of $55 million on the amount of unrestricted cash that the Company’s foreign subsidiaries may hold as of the last day of any fiscal quarter. In addition, the Exchange Credit Agreement restricts the Company from electing to be taxed as a real estate investment trust under the Internal Revenue Code. The Exchange Credit Agreement also contains certain customary events of default.

The Credit Facility Guarantors guarantee the obligations in respect of the commitments and loans under the Exchange Credit Agreement. The obligations of the Borrowers and the Credit Facility Guarantors in respect of the Exchange Credit Agreement are secured by first-priority liens on the Common Collateral securing the obligations under the Amended Credit Agreement and, other than with respect to the Tranche 3 Loans, first-priority liens on certain additional assets of the Borrower and the Credit Facility Guarantors (the “Exclusive Collateral”), including real property interests with respect to which the Exchange Credit Agreement requires the execution and delivery of a mortgage but with respect to which the Amended Credit Agreement does not. The rights of the secured parties under the Amended Credit Agreement and the Exchange Credit Agreement in respect of the Common Collateral are governed by a First Lien Pari Passu Intercreditor Agreement (the “First Lien Pari Passu Intercreditor Agreement”), dated as of August 19, 2022, among the Amended Credit Agreement Administrative Agent, the Exchange Credit Agreement Administrative Agent and each additional senior representative party thereto from time to time, and acknowledged by the Borrower and the Credit Facility Guarantors.

As of December 31, 2022, the Company had approximately $30.0 million in borrowings under its revolver, and approximately $77.6 million in letters of credit which left approximately $226.4 million in additional borrowing capacity under the revolver. Subsequent to the transaction, the Tranche 3 Loans were repaid in full. The weighted average interest rate on outstanding borrowings under the Credit Agreement as of December 31, 2022 was 9.85%.

5.125% Senior Notes due 2023 and 5.875% Senior Notes due 2024

The Company exchanged $100.6 million and $178.3 million principal amounts of its 5.125% Senior Notes due 2023 and 5.875% Senior Notes due 2024, respectively, for newly issued $286.5 million 10.500% Senior Second Lien Secured Notes maturing on June 30, 2028 ("New Registered Notes") and, if elected, cash upon the terms and subject to the conditions set forth in the prospectus. Holders of the 5.125% Senior Notes due 2023 could elect cash and new notes at 100% par or new notes only at 105% par. Holders of the 5.785% Senior Notes due 2024 could elect cash and new notes at 100% par or new notes only at 103% par. The transactions were accounted for as an extinguishment of the 5.125% Senior Notes due 2023 and the 5.875% Senior Notes due 2024, with the New Registered Notes recorded at fair value on the issuance date. The Company used a third-party valuation firm to assist with the estimation of the fair value which was determined to be $270.4 million resulting in a $16.2 million discount at issuance. Refer to Note 10 - Fair Value of Assets and Liabilities for discussion on the valuation methodology and assumptions used to estimate the fair value. The discount is being amortized as non-cash interest expense over the term of the New Registered Notes using the effective interest method. As a result, the Company recorded a net gain on extinguishment of debt of $7.2 million related to the 5.125% Senior Notes due 2023 and the 5.875% Senior Notes due 2024 which represented the difference between the carrying values that were exchanged (including unamortized debt issuance costs) and the fair value of the New Registered Notes. After the transactions, there was approximately $125.7 million and $23.3 million remaining in outstanding principal on the 5.125% Senior Notes due 2023 and the 5.875% Senior Notes due 2024, respectively. Subsequent to the transaction, the remaining balance of the 5.125% Senior Notes due 2023 was deposited on account with the Trustee and the Indenture was discharged. On October 6, 2022, the 5.125% Senior Notes due 2023 were redeemed in full.

6.00% Senior Notes due 2026

The Company exchanged $239.1 million principal amount of its 6.000% Senior Notes due 2026 for newly issued $239.1 million 9.500% Senior Second Lien Secured Notes maturing on December 31, 2028 ("New Private Notes"). The transaction was accounted for as an extinguishment of the 6.00% Senior Notes due 2026, with the New Private Notes recorded at fair value on the issuance date. The Company used a third-party valuation firm to assist with the estimation of the fair value which was determined to be $215.7 million resulting in a $23.4 million discount at issuance. Refer to Note 10 - Fair Value of Assets and Liabilities for discussion on the valuation methodology and assumptions used to estimate the fair value. The discount is being amortized as non-cash interest expense over the term of the Private Notes due 2028 using the effective interest method. As a result, the Company recorded a net gain on extinguishment of debt of $21.6 million related to the 6.00% Senior Notes due 2026 which represented the difference between the carrying value that was exchanged (including unamortized debt issuance costs) and the fair value of the New Private Notes. After the transaction, there was approximately $110.9 million remaining in outstanding principal on the 6.00% Senior Notes due 2026.

A description of the New Registered Notes and the New Private Notes is as follows:

Issuance of 10.500% Senior Second Lien Secured Notes due 2028

The Company issued $286.5 million aggregate principal amount of New Registered Notes pursuant to an Indenture, dated as of August 19, 2022 (the “Registered Notes Indenture”), among the Company, the guarantors named therein (the “Guarantors”) and Ankura Trust Company, LLC, as trustee and second lien collateral trustee (in such capacities, the “Trustee” and “Second Lien Collateral Trustee,” as applicable).

The New Registered Notes will initially be fully and unconditionally guaranteed (collectively, the “Registered Notes Guarantees”) by each of the Company’s Restricted Subsidiaries (as defined in the Registered Notes Indenture) that has guaranteed its obligations under the Exchange Credit Agreement and may be guaranteed by additional subsidiaries as described in the Registered Notes Indenture.

The New Registered Notes and the Registered Notes Guarantees are secured on a second-priority basis by the same collateral (the “Collateral”) that secures the obligations under the Exchange Credit Agreement in accordance with the terms of the Registered Notes Indenture and the Second Lien Collateral Trust Agreement, dated as of August 19, 2022 (as amended, supplemented or otherwise modified, the “Second Lien Collateral Trust Agreement”), among the Company, the Guarantors, the Second Lien Collateral Trustee and the Trustee. The Second Lien Collateral Trust Agreement sets forth therein the relative rights of the second-lien secured parties with respect to the Collateral and covering certain other matters relating to the administration of security interests. The Second Lien Collateral Trust Agreement generally controls substantially all matters related to the interest of the second-lien secured parties in the Collateral, including with respect to directing the Second Lien Collateral Trustee, distribution of proceeds and enforcement.

The New Registered Notes are also subject to the terms of the First Lien/Second Lien Intercreditor Agreement (the “First Lien/Second Lien Intercreditor Agreement”), dated August 19, 2022, among the Amended Credit Agreement Administrative Agent, the Exchange Credit Agreement Administrative Agent, each additional senior representative party thereto from time to time and the Second Lien Collateral Trustee and acknowledged by the Company and the Guarantors, and, in connection with the Exchange Offers and Consent Solicitations, the Second Lien Collateral Trustee entered into the First Lien/Second Lien Intercreditor Agreement with respect to the New Registered Notes and the New Private Notes. The First Lien/Second Lien Intercreditor Agreement restricts the actions permitted to be taken by the Second Lien Collateral Trustee with respect to the Collateral on behalf of the holders of the New Registered Notes and the New Private Notes, and the Second Lien Collateral Trustee, on behalf of itself and the holders of the New Registered Notes and the New Private Notes, agreed to limit certain other rights with respect to the Collateral during any insolvency proceeding.

The New Registered Notes bear interest at a rate of 10.500% per year, accruing from August 19, 2022. Interest on the New Registered Notes is payable semiannually in arrears on June 30 and December 31 of each year, beginning on December 31, 2022. The New Registered Notes will mature on June 30, 2028, subject to earlier repurchase or redemption in accordance with the terms of the Registered Notes Indenture.

The Company may redeem some or all of the New Registered Notes at any time upon not less than 10 nor more than 60 days’ notice, at a price equal to (a) 103% of the principal amount of the New Registered Notes redeemed, if redeemed prior to August 19, 2023, (b) 102% of the principal amount of the New Registered Notes redeemed, if redeemed on or after August 19, 2023, but prior to August 19, 2024, (c) 101% of the principal amount of the New Registered Notes redeemed, if redeemed on or after August 19, 2024, but prior to August 19, 2025 or (d) 100% of the principal amount of the New Registered Notes redeemed, if redeemed on or after August 19, 2025, in each case plus accrued and unpaid interest, if any, to, but not including, the redemption date and a make-whole premium set forth in the Registered Notes Indenture. If the Company experiences certain change of control events, the Company must offer to repurchase the New Registered Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The Registered Notes Indenture contains covenants that, among other things, restrict the Company’ ability and the ability of its restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make certain dividend payments, distributions, investments and other restricted payments, sell certain assets, agree to any restrictions on the ability of its restricted subsidiaries to make payments to the Company, create certain liens, merge, consolidate or sell all or substantially all of their assets and enter into certain transactions with affiliates. These covenants are subject to a number of important exceptions and qualifications as described in the Registered Notes Indenture.

Issuance of 9.500% Senior Second Lien Secured Notes due 2028

The Company issued $239.1 million aggregate principal amount of New Private Notes pursuant to an Indenture, dated as of August 19, 2022 (the “Private Notes Indenture”), among the Company, the Guarantors, the Trustee and the Second Lien Collateral Trustee.

The New Private Notes will initially be fully and unconditionally guaranteed (collectively, the “Private Notes Guarantees”) by each of the Company’s Restricted Subsidiaries (as defined in the Registered Notes Indenture) that has guaranteed its obligations under the Exchange Credit Agreement and may be guaranteed by additional subsidiaries as described in the Registered Notes Indenture.

The New Private Notes and Private Notes Guarantees are subject to the terms of the Second Lien Collateral Trust Agreement and the First Lien/Second Lien Intercreditor Agreement described above on the same terms as the New Registered Notes.

The New Private Notes bear interest at a rate of 9.500% per year, accruing from August 19, 2022. Interest on the New Private Notes is payable semiannually in arrears on June 30 and December 31 of each year, beginning on December 31, 2022. The New Private Notes will mature on December 31, 2028, subject to earlier repurchase or redemption in accordance with the terms of the Private Notes Indenture.

The Company may redeem some or all of the New Private Notes at any time upon not less than 10 nor more than 60 days’ notice, at a price equal to (a) 103% of the principal amount of the New Private Notes redeemed, if redeemed prior to August 19, 2023, (b) 102% of the principal amount of the New Private Notes redeemed, if redeemed on or after August 19, 2023, but prior to August 19, 2024, (c) 101% of the principal amount of the New Private Notes redeemed, if redeemed on or after August 19, 2024, but prior to August 19, 2025 or (d) 100% of the principal amount of the New Private Notes redeemed, if redeemed on or after August 19, 2025, in each case plus accrued and unpaid interest, if any, to, but not including, the redemption date and a make-whole premium set forth in the Private Notes Indenture. If the Company experiences certain change of control events, the Company must offer to repurchase the New Private Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The Private Notes Indenture contains covenants that, among other things, restrict the Company’s ability and the ability of its restricted subsidiaries to incur certain additional indebtedness and issue preferred stock, make certain dividend payments, distributions, investments and other restricted payments, sell certain assets, agree to any restrictions on the ability of its restricted subsidiaries to make payments to the Company, create certain liens, merge, consolidate or sell all or substantially all of their assets and enter into certain transactions with affiliates. These covenants are subject to a number of important exceptions and qualifications as described in the Private Notes Indenture.

Debt Issuance Fees

As a result of the transactions discussed above, the Company incurred a total of approximately $52.8 million of debt issuance fees which were allocated to the new revolving credit commitments, new Tranche 1, 2 and 3 Loans, New Registered Notes and New Private Notes based on their fair values at date of issuance. The debt issuance fees are being amortized over the terms of the respective agreements using the effective interest method.

As a result of the repayment of the remaining principal balance of Term Loan B, the 5.125% Senior Notes due 2023 and the newly issued Tranche 3 Loans as discussed further above, the Company wrote off an additional $2.3 million in deferred loan costs to loss on extinguishment of debt.

6.50% Exchangeable Senior Notes due 2026

On February 24, 2021, the Company’s wholly owned subsidiary, GEO Corrections Holdings, Inc. (“GEOCH”), completed a private offering of $230 million aggregate principal amount of Convertible Notes which included the full exercise of the initial purchasers’ over-allotment option to purchase an additional $30 million aggregate principal amount of Convertible Notes. The Convertible Notes will mature on February 23, 2026, unless earlier repurchased or exchanged. The Convertible Notes bear interest at the rate of 6.50% per year plus an additional amount based on the dividends paid by the Company on its common stock, $0.01 par value per share. Interest on the notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021. Interest expense related to the Convertible notes was $14.8 million and $12.9 million for the years ended December 31, 2022 and 2021, respectively.

Subject to certain restrictions on share ownership and transfer, holders may exchange the Convertible Notes at their option prior to the close of business on the business day immediately preceding November 25, 2025, but only under the following circumstances: (1) during the five consecutive business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the exchange rate for the Convertible Notes on each such trading day; or (2) upon the occurrence of certain specified corporate events. On or after November 25, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Convertible Notes, holders may exchange their Convertible Notes at any time, regardless of the foregoing circumstances. Upon exchange of a Convertible Note, GEO will pay or deliver, as the case may be, cash or a combination of cash and shares of the Company’s common stock. As of December 31, 2022, conditions had not been met to exchange the Convertible Notes.

Upon conversion, the Company will pay or deliver, as the case may be, cash or a combination of cash and shares of common stock. The initial conversion rate is 108.4011 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $9.225 per share of common stock). The conversion rate will be subject to adjustment in certain events. If the Company or GEOCH undergoes a fundamental change, holders may require GEOCH to purchase the Convertible Notes in whole or in part for cash at a fundamental change purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date.

The Company used the net proceeds from this offering, including the exercise in full of the initial purchasers' over-allotment option to fund the redemption of the then outstanding amount of approximately $194.0 million of the Company’s 5.875% Senior Notes due 2022, to re-purchase additional senior notes and used remaining net proceeds to pay related transaction fees and expenses, and for general corporate purposes of the Company. As a result of the redemption, deferred loan costs in the amount of approximately $0.7 million were written off to loss on extinguishment of debt during the year ended December 31, 2021.

The Convertible Notes were offered in the United States only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act, and outside of the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. Neither the Convertible Notes nor any of the shares of the Company’s common stock issuable upon exchange of the Convertible Notes, if any, have been, or will be, registered under the Securities Act and, unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements under the Securities Act.

The Company elected to early adopt Accounting Standards Update ("ASU") 2020-06, Debt – Debt with Conversion and Other Options and Derivatives and Hedging – Contracts in Entity’s Own Equity, on January 1, 2021. The new standard simplifies the accounting for convertible debt by removing the requirements to separately present certain conversion features in equity. In addition, the new standard also simplifies the guidance in ASC 815-40, Derivatives and Hedging – Contract in Entity’s Own Equity, by removing certain criteria that must be satisfied to classify a contract as equity. Finally, the new standard revised the guidance on calculating earnings per share. The Company determined under the guidance of the new standard that the embedded conversion option does not require bifurcation and all proceeds were allocated to the Convertible Notes as a single instrument and is included in Long-Term Debt in the accompanying consolidated balance sheets. The costs incurred in the issuance, including the initial purchasers discount, totaling approximately $9.6 million, are classified as a cash outflow within the financing activities section in the consolidated statement of cash flows, and are also being amortized to expense over the term of the Convertible Notes.

Because the Company currently intends to settle conversions by paying cash up to the principal amount of the Convertible Notes, with any excess conversion value settled in shares of common stock, the Convertible Notes are being accounted for using the net settlement method (or treasury stock-type method) for the purposes of calculating diluted earnings per share. Using this method, the denominator will be affected when the average share price of the Company's common stock for a given period is greater than the conversion price of approximately $9.225 per share. There was a dilutive impact of approximately 1.3 million shares for the three months ended December 31, 2022 and no dilutive impact for the years ended December 31, 2022 and 2021.

Debt Repurchases

On August 16, 2019, the Company's Board of Directors authorized the Company to repurchase and/or retire a portion of the 6.00% Senior Notes due 2026, the 5.875% Senior Notes due 2024, the 5.125% Senior Notes due 2023, the 5.875% Senior Notes due 2022 (collectively the "GEO Senior Notes") and the Company's term loan under its Amended Credit Agreement through cash purchases, in open market, privately negotiated transactions, or otherwise, up to an aggregate maximum of $100.0 million, subject to certain limitations through December 31, 2020. On February 11, 2021, the Company’s Board of Directors authorized a new repurchase program for repurchases/retirements of the above referenced Senior Notes and term loan, subject to certain limitations up to an aggregate maximum of $100.0 million through December 31, 2022.

During 2021, the Company repurchased $22.5 million in aggregate principal amount of its 5.125% Senior Notes due 2023 at a weighted average price of 90.68% for a total cost of $20.4 million. Additionally, the Company repurchased $17.2 million in aggregate principal amount of its 5.875% Senior Notes due 2024 at a weighted average price of 79.51% for a total cost of $13.7 million. As a result of these repurchases, the Company recognized a net gain on extinguishment of debt of $4.7 million, net of the write-off of associated unamortized deferred loan costs.

Non-Recourse Debt

Australia - Ravenhall

In connection with a design and build project agreement with the State of Victoria, in September 2014, the Company had entered into a syndicated facility agreement (the "Construction Facility") to provide debt financing for construction of the project. On September 20, 2022, the Company sold its equity investment interest in the Ravenhall project and, as a result, the non-recourse notes were transferred to the buyer and are no longer an outstanding obligation of the Company. Refer to Note 17 - Commitments, Contingencies and Other Matters for further information.

Other

In August of 2019, the Company entered into two identical 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 terms of the Notes are through September 1,

2034 and bear interest at LIBOR plus 200 basis points and are payable in monthly installments plus interest. The Company has entered into interest rate swap agreements to fix the interest rate to 4.22%. Included in the balance at December 31, 2022 is $0.6 million of deferred loan costs incurred in the transaction. Refer to Note 9 - Derivative Financial Instruments for further information.

Debt Repayment

Debt repayment schedules under Finance Lease Obligations, Long-Term Debt, Term Loans and the Exchange Credit Agreement are as follows:


Fiscal Year	Finance Leases			Long-Term Debt			Revolver		Term Loans			Total Repayment
	(In thousands)
2023	$	759		$	1,166		$	—	$	42,860		$	44,785
2024		759			24,461			30,000		42,860			98,080
2025		536			1,274			—		42,860			44,670
2026		29			342,183			—		42,860			385,072
2027		—			1,383			—		911,801			913,184
Thereafter		—			560,215			—		—			560,215
		2,083			930,682			30,000		1,083,241			2,046,006
Interest imputed on finance leases		(106	)		—			—		—			(106	)
Original issue (discount) premium		—			(37,981	)		—		22,423			(15,558	)
Current portion		(697	)		(1,166	)		—		(42,860	)		(44,723	)
Non-current portion	$	1,280		$	891,535		$	30,000	$	1,062,804		$	1,985,619

Guarantees

The Company has entered into certain guarantees in connection with the performance of a facility in Australia (Refer to Note 6 - Contract Receivable). The obligations amounted to approximately AUD53 million, or $36.1 million, based on exchange rates in effect as of December 31, 2022.

At December 31, 2022, the Company also had seven letters of guarantee outstanding under separate international facilities relating to performance guarantees of its Australian subsidiary totaling $9.1 million.

Except as discussed above, the Company does not have any off-balance sheet arrangements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 95,073	$ 506,491
Restricted cash and investments	0	20,161
Accounts receivable, less allowance for doubtful accounts of $809 and $1,155, respectively	416,399	365,573
Contract receivable, current portion	0	6,507
Prepaid expenses and other current assets	43,536	45,176
Total current assets	555,008	943,908
Restricted Cash and Investments	111,691	76,158
Property and Equipment, Net	2,002,021	2,037,845
Contract Receivable	0	367,071
Operating Lease Right-of-Use Assets, Net	90,950	112,187
Assets Held for Sale	480	7,877
Deferred Income Tax Assets	8,005	0
Goodwill	755,199	755,225
Intangible Assets, Net	147,688	166,124
Other Non-Current Assets	89,341	71,013
Total Assets	3,760,383	4,537,408
Current Liabilities
Accounts payable	79,312	64,073
Accrued payroll and related taxes	53,225	67,210
Accrued expenses and other current liabilities	237,369	200,712
Operating lease liabilities, current portion	22,584	28,279
Current portion of finance lease liabilities, long-term debt and non-recourse debt	44,722	18,568
Total current liabilities	437,212	378,842
Deferred Income Tax Liabilities	75,849	80,768
Other Non-Current Liabilities	74,008	87,073
Operating Lease Liabilities	73,801	89,917
Finance Lease Obligations	1,280	1,977
Long-Term Debt	1,933,145	2,625,959
Non-Recourse Debt	0	297,856
Commitments and Contingencies (Note 17)
Shareholders’ Equity
Preferred stock, $0.01 par value, 30,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value, 187,500,000 shares authorized, 128,912,410 and 127,323,762 issued and 124,060,038 and 122,471,390 outstanding, respectively	1,289	1,273
Additional paid-in capital	1,291,363	1,276,213
Distributions in excess of earnings	(4,236)	(175,960)
Accumulated other comprehensive loss	(16,919)	(20,216)
Treasury stock, 4,852,372 shares, at cost	(105,099)	(105,099)
Total shareholders’ equity attributable to The GEO Group, Inc.	1,166,398	976,211
Noncontrolling interests	(1,310)	(1,195)
Total shareholders’ equity	1,165,088	975,016
Total Liabilities and Shareholders’ Equity	$ 3,760,383	$ 4,537,408

Debt (New Exchange Credit Agreement) (Details)

12 Months Ended

Aug. 19, 2022

USD ($)

Dec. 31, 2022

USD ($)

Debt Instrument [Line Items]

Long-term debt

$ 2,046,006,000

Letter of credit

Debt Instrument [Line Items]

Long-term debt

$ 77,600,000

Exchange Credit Agreement

Debt Instrument [Line Items]

Debt instrument, interest rate terms

At any time after the earlier of (x) February 19, 2024, solely in the event that no 2023 Notes (defined below) or 2024 Notes (defined below) remain outstanding at such time, and (y) November 1, 2024, (i) if the Company’s first lien leverage ratio is less than 1.50:1.00 at such time, then the interest rate margin on Tranche 1 Loans and Tranche 2 Loans will be reduced by 0.25%, and (ii) if the Company has achieved a public corporate credit rating of at least B3 or B-, as applicable (in any case with a stable or better outlook), from any two of S&P, Moody’s and Fitch, then the interest rate margin on Tranche 1 Loans and Tranche 2 Loans will be reduced by 0.25%, resulting in a total reduction in the interest rate margin on Tranche 1 Loans and Tranche 2 Loans of 0.50% if both conditions set forth in clauses (i) and (ii) are satisfied. If, following any reduction in the interest rate margin in accordance with the previous sentence, the condition giving rise to such reduction is no longer satisfied as of the last day of the Company’s most recently ended fiscal quarter, such interest rate margin reduction will no longer apply unless and until such condition is satisfied again.

Revolver

^[1]

$ 30,000,000

Long-term debt

^[1]

$ 1,106,777,000

Exchange Credit Agreement | Minimum

Debt Instrument [Line Items]

Debt instrument, mandatory prepayment amount

$ 234,000,000

Exchange Credit Agreement | Tranche 1 loans

Debt Instrument [Line Items]

Debt instrument, face amount

$ 857,000,000

Debt instrument, amortization rate

1.25%

Percentage of debt principal amount required to be prepaid before second anniversary

3.00%

Percentage of debt principal amount required to be prepaid before third anniversary

2.00%

Exchange Credit Agreement | Tranche 1 loans | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

7.125%

Variable rate, floor

0.75%

Exchange Credit Agreement | Tranche 2 loans

Debt Instrument [Line Items]

Debt instrument, face amount

$ 237,000,000

Exchange Credit Agreement | Tranche 2 loans | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

6.125%

Variable rate, floor

0.75%

Exchange Credit Agreement | Tranche 3 Loan

Debt Instrument [Line Items]

Debt instrument, face amount

$ 45,000,000

Debt instrument, amortization rate

0.25%

Exchange Credit Agreement | Tranche 3 Loan | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Variable rate, floor

0.75%

Exchange Credit Agreement | Tranche 1 Loans and Tranche 2 Loans | Maximum

Debt Instrument [Line Items]

Debt instrument covenant leverage ratio

1.50

Exchange Credit Agreement | Revolving Credit Facility

Debt Instrument [Line Items]

Debt instrument, face amount

$ 187,000,000

Covenant, total leverage ratio, maximum

6.25

Interest coverage ratio, minimum

1.50

Maximum first lien leverage ratio covenant

3.50

Financial covenants, cap value

$ 55,000,000

Weighted average interest rates on outstanding borrowings

9.85%

Exchange Credit Agreement | Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Unused revolving commitments fee, percentage

0.25%

Debt instrument, non borrowable amount

$ 234,000,000

Exchange Credit Agreement | Revolving Credit Facility | Maximum

Debt Instrument [Line Items]

Unused revolving commitments fee, percentage

0.30%

Exchange Credit Agreement | Revolving Credit Facility | SOFR

Debt Instrument [Line Items]

Variable rate, floor

0.75%

Exchange Credit Agreement | Revolving Credit Facility | SOFR | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Exchange Credit Agreement | Revolving Credit Facility | SOFR | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Exchange Credit Agreement | Revolving Credit Facility | Tranche 3 Loan

Debt Instrument [Line Items]

Debt instrument, maturity date

Mar. 23, 2024

Exchange Credit Agreement | Revolving Credit Facility | Tranche 1 Loans and Tranche 2 Loans

Debt Instrument [Line Items]

Debt instrument, maturity date

Mar. 23, 2027

Maximum value of principal amount outstanding on maturity date

$ 100,000,000

Number of days prior to stated maturity days for springing maturity date

91 days

Stated interest rate

6.50%

Exchange Credit Agreement | Letter of credit

Debt Instrument [Line Items]

Debt instrument, face amount

$ 175,000,000

Revolver

Debt Instrument [Line Items]

Revolver

$ 30,000,000.0

Additional Revolver

Debt Instrument [Line Items]

Borrowing capacity remaining

$ 226,400,000

[1]	As further discussed below, the exchange credit agreement included Tranche 3 Loans which were redeemed prior to December 31, 2022.

Debt (Amendment to Existing Credit Agreement) (Details)		12 Months Ended
Debt (Amendment to Existing Credit Agreement) (Details)	Aug. 19, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 USD ($)	Feb. 14, 2018 USD ($)
Debt Instrument [Line Items]
(Loss) Gain on extinguishment of debt		$ (37,895,000)	$ 4,693,000	$ 5,319,000
Long-term debt						$ 2,046,006,000
Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						100,000,000.0
Amended Credit Agreement \| Maximum
Debt Instrument [Line Items]
Unused revolving commitments fee, percentage	0.30%
Amended Credit Agreement \| Minimum
Debt Instrument [Line Items]
Unused revolving commitments fee, percentage	0.25%
Revolver
Debt Instrument [Line Items]
Revolver						30,000,000.0
Additional Revolver
Debt Instrument [Line Items]
Borrowing capacity remaining						226,400,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt						930,682,000
Revolver			784,895,000
Term loan			$ 762,000,000
Revolving Credit Facility \| Amended Credit Agreement
Debt Instrument [Line Items]
(Loss) Gain on extinguishment of debt	$ (13,100,000)
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 87,000,000
Maximum borrowing capacity							$ 900,000,000
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Variable rate, floor	0.00%
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Term Loan \| Amended Credit Agreement
Debt Instrument [Line Items]
(Loss) Gain on extinguishment of debt	$ (50,900,000)
Term Loan \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 102,000,000
Term Loan \| Line of Credit \| Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Variable rate, floor	0.75%
Term Loan \| Tranche 1 loans
Debt Instrument [Line Items]
Debt instrument, premium	$ 27,400,000
Term Loan \| Tranche 1 loans \| Estimation of Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value	884,600,000
Term Loan \| Tranche 2 loans
Debt Instrument [Line Items]
Debt instrument, premium	3,100,000
Term Loan \| Tranche 2 loans \| Estimation of Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value	233,700,000
Term Loan \| Tranche 3 Loan
Debt Instrument [Line Items]
Debt instrument, premium	1,600,000
Term Loan \| Tranche 3 Loan \| Estimation of Fair Value
Debt Instrument [Line Items]
Debt instrument, fair value	$ 43,600,000
Letter of credit
Debt Instrument [Line Items]
Long-term debt						77,600,000
Letter of credit \| Revolver \| Ravenhall
Debt Instrument [Line Items]
Maximum exposure, undiscounted					$ 53,000,000	$ 36,100,000

Income Taxes - Schedule of Reconciliation of Statutory Rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provisions using statutory federal income tax rate	$ 48,262	$ 40,492	$ 26,067
State income taxes, net of federal tax benefit	12,738	7,921	3,099
REIT benefit			(12,271)
Change in valuation allowance	(242)	389	(1,775)
Federal tax credits	(1,742)	(1,414)	(2,015)
Foreign income taxes	1,932	3,802	1,373
Tax impact of vested equity compensation	2,100	3,621	3,628
Impact of REIT termination		70,813
Change in contingent tax liability	452	(4,339)	143
Asset divestiture	(5,596)
Other, net	4,995	1,445	2,214
Total U.S. and foreign provision for income taxes	$ 62,899	$ 122,730	$ 20,463

Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Benefit Plans

14.

Benefit Plans

The Company’s employees participate in an Employee Retirement Savings Plan (the “Retirement Plan”) under Section 401(k) of the Internal Revenue Code that covers substantially all U.S. based salaried employees. Employees may contribute a percentage of eligible compensation to the plan, subject to certain limits under the Internal Revenue Code. For the years ended December 31, 2022, 2021 and 2020, the Company provided matching contributions of $7.2 million, $7.3 million and $8.3 million, respectively.

The Company has two non-contributory defined benefit pension plans covering certain of the Company’s executives. Retirement benefits are based on years of service, employees’ average compensation for the last five years prior to retirement and social security benefits. Currently, the plans are not funded. The Company purchased and is the beneficiary of life insurance policies for certain participants enrolled in the plans. There were no significant transactions between the employer or related parties and the plans during 2022, 2021 or 2020.

The Company had a non-qualified deferred compensation agreement with its Executive Chairman and former Chief Executive Officer (“CEO”). The agreement provided for a lump sum payment upon retirement, no sooner than age 55. As of December 31, 2022, the Executive Chairman had reached age 55 and was eligible to receive the payment upon retirement.

On February 26, 2020 (the "Effective Date"), the Company and its former CEO entered into an amended and restated executive retirement agreement that amends the former CEO’s executive retirement agreement.

The amended and restated executive retirement agreement provided that upon the former CEO’s retirement from the Company, the Company would pay a lump sum amount equal to $8,925,065 (determined as of February 26, 2020) (the “Grandfathered Payment”) which was to be paid in the form of a fixed number of shares of the Company’s common stock.

On the Effective Date, an amount equal to the Grandfathered Payment was invested in the Company’s common stock (“GEO Shares”). The number of the Company’s shares of common stock as of the Effective Date was equal to the Grandfathered Payment divided by the closing price of the Company’s common stock on the Effective Date (rounded up to the nearest whole number of shares), which equals 553,665 shares of the Company’s common stock. Additional shares of the Company’s common stock were credited with a value equal to any dividends declared and paid on the Company’s shares of common stock, calculated by reference to the closing price of the Company’s common stock on the payment date for such dividends (rounded up to the nearest whole number of shares).

The Company had established several trusts for the purpose of paying the retirement benefit pursuant to the amended and restated executive retirement agreement. The trusts are revocable “rabbi trusts” and the assets of the trusts are subject to the claims of the Company’s creditors in the event of the Company’s insolvency.

The Company repurchased shares of its outstanding common stock under its stock buyback program and contributed such shares to the trusts in order to fund the retirement benefit under the amended and restated executive retirement agreement. In accordance with Accounting Standards Codification (“ASC”) 710 – Compensation-General, the shares of common stock held in the rabbi trusts are classified as treasury stock. In addition, the amended and restated executive retirement agreement qualified for equity accounting under ASC 710 and therefore, the fair value of the Grandfathered Payment was reclassified to stockholders’ equity.

The Company and its Executive Chairman and former CEO, subsequently entered into on May 27, 2021, and effective July 1, 2021, an Amended and Restated Executive Retirement Agreement which replaced the February 26, 2020 agreement discussed above. Pursuant to the terms of the Amended and Restated Executive Retirement Agreement, upon the date that the Executive Chairman ceases to provide services to the Company, the Company will pay to the Executive Chairman an amount equal to $3,600,000 which shall be paid in cash. The payment shall be credited with interest at a rate of 5% compounded quarterly. Additionally, at the end of each calendar year provided that the Executive Chairman is still providing services to GEO pursuant to the Executive Chairman Employment Agreement, GEO will credit an amount equal to $1,000,000 (the "Employment Contributions Account"). The Employment Contributions Account will be credited with interest at the rate of 5% compounded quarterly. As the Executive Chairman's retirement payment will no longer be settled with a fixed number of shares of GEO’s common stock, $3,600,000 has been reclassified from equity to other non-current liabilities in 2021. The balance of the Amended and Restated Executive Retirement Agreement was approximately $7 million at December 31, 2022 which is fully funded. The following table presents the balance due to the Executive Chairman at the end of each the next five years under the Amended and Restated Executive Retirement Agreement provided that the Executive Chairman is still providing services to the Company under his Executive Chairman Employment Agreement:


Fiscal Year	Retirement Obligation
	(In thousands)
12/31/2023	$	9,557
12/31/2024	$	12,617
12/31/2025	$	16,336
12/31/2026	$	20,856
12/31/2027	$	26,351

The following table summarizes key information related to the Company’s defined benefit pension plans. The table illustrates the reconciliation of the beginning and ending balances of the benefit obligation showing the effects during the periods presented attributable to service cost, interest cost, plan amendments, termination benefits, actuarial gains and losses. The assumptions used in the Company’s calculation of accrued pension costs are based on market information and the Company’s historical rates for employment compensation and discount rates. The vested benefit obligation is determined as the actuarial present value of the vested benefits to which the employee is currently entitled to but based on the employee's expected date of separation or retirement.


	December 31, 2022			December 31, 2021
Accumulated Benefit Obligation, End of Year	$	21,612		$	25,417

Change in Projected Benefit Obligation
Projected Benefit Obligation, Beginning of Year	$	31,830		$	33,530
Service Cost		1,118			1,404
Interest Cost		962			1,274
Actuarial Gain		(6,710	)		(3,505	)
Benefits Paid		(993	)		(873	)
Projected Benefit Obligation, End of Year	$	26,207		$	31,830
Change in Plan Assets
Plan Assets at Fair Value, Beginning of Year	$	—		$	—
Company Contributions		993			873
Benefits Paid		(993	)		(873	)
Plan Assets at Fair Value, End of Year	$	—		$	—
Unfunded Status of the Plan	$	(26,207	)	$	(31,830	)
Amounts Recognized in Accumulated Other Comprehensive Income
Net Loss		(511	)		6,631
Total Pension Cost	$	(511	)	$	6,631


	2022			2021
Components of Net Periodic Benefit Cost
Service Cost	$	1,118		$	1,404
Interest Cost		962			1,274
Amortization of:
Net Loss		431			788
Net Periodic Pension Cost	$	2,511		$	3,466
Weighted Average Assumptions for Expense
Discount Rate		5.20	%		3.05	%
Expected Return on Plan Assets	N/A			N/A
Rate of Compensation Increase		4.40	%		4.40	%

The long-term portion of the pension liability related to the defined benefit plan as of December 31, 2022 and 2021 was $25.4 million and $31.5 million, respectively, and is included in Other Non-Current liabilities in the accompanying consolidated balance sheets.

The amount included in accumulated other comprehensive income as of December 31, 2022 that has not yet been recognized as a component of net periodic benefit cost is $0.5 million. There was no amount included in other accumulated comprehensive income as of December 31, 2022 that is expected to be recognized as a component of net periodic benefit cost in fiscal year 2023.

The benefit payments reflected in the table below represent the Company’s obligations to employees that are eligible for retirement or have already retired and are receiving deferred compensation benefits:


Fiscal Year	Pension Benefits
	(In thousands)
2023	$	996
2024		987
2025		1,060
2026		1,424
2027		1,580
Thereafter		20,160
	$	26,207

The Company also maintains The GEO Group Inc. Deferred Compensation Plan (“Deferred Compensation Plan”), a non-qualified deferred compensation plan for employees who are ineligible to participate in its qualified 401(k) plan. Eligible employees may defer a fixed percentage of their salary and the Company matches employee contributions up to a certain amount based on the employee’s years of service. Payments will be made at retirement age of 65, at termination of employment or earlier depending on the employees’ elections. The Company established a rabbi trust; the purpose of which is to segregate the assets of the Deferred Compensation Plan from the Company’s cash balances. The funds in the rabbi trust are included in Restricted Cash and Investments in the accompanying Consolidated Balance Sheets. These funds are not available to the Company for any purpose other than to fund the Deferred Compensation Plan; however, these funds may be available to the Company’s creditors in the event the Company becomes insolvent. The rabbi trust had a balance of approximately $37.0 million at December 31, 2022. All employee and employer contributions relative to the Deferred Compensation Plan are made directly to the rabbi trust. The Company recognized expense related to its contributions of $0.6 million for the year ended December 31, 2022 and $0.1 million for each of the years ended December 31, 2021 and 2020. The total liability for this plan at December 31, 2022 and 2021 was approximately $32.3 million and $35.0 million, respectively, and is included in Other Non-Current Liabilities in the accompanying Consolidated Balance Sheets. The current portion of this liability was $1.8 million and $3.7 million as of December 31, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Summary of Business Organization, Operations and Significant Accounting Policies - Summary of Future Minimum Rentals to be Received on Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
2023	$ 4,675
2024	4,080
2025	4,094
2026	4,162
2027	4,175
Thereafter	62,407
Total	$ 83,593

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 95,073	$ 506,491	$ 283,524
Liabilities:
Non-recourse debt	2,046,006
Carrying Value
Assets:
Cash and cash equivalents	95,073	506,491
Restricted cash and investments	48,770	41,831
Liabilities:
Borrowings under exchange and senior credit facility	1,113,239	1,546,895
Carrying Value \| Non-recourse debt
Liabilities:
Non-recourse debt		310,108
Fair Value
Assets:
Cash and cash equivalents	95,073	506,491
Restricted cash and investments	48,770	41,831
Liabilities:
Borrowings under exchange and senior credit facility	1,112,183	1,448,280
Fair Value \| Non-recourse debt
Liabilities:
Non-recourse debt		310,108
Level 1 \| Fair Value
Assets:
Cash and cash equivalents	95,073	506,491
Restricted cash and investments	48,770	41,831
Level 2 \| Fair Value
Liabilities:
Borrowings under exchange and senior credit facility	1,112,183	1,448,280
Level 2 \| Fair Value \| Non-recourse debt
Liabilities:
Non-recourse debt		310,108
5.125% Senior Notes due 2023
Liabilities:
Non-recourse debt	125,700
5.125% Senior Notes due 2023 \| Carrying Value
Liabilities:
Senior notes, fair value		259,275
5.125% Senior Notes due 2023 \| Fair Value
Liabilities:
Senior notes, fair value		248,479
5.125% Senior Notes due 2023 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value		248,479
5.875% Senior Notes due 2024
Liabilities:
Non-recourse debt	23,300
5.875% Senior Notes due 2024 \| Carrying Value
Liabilities:
Senior notes, fair value	23,253	225,293
5.875% Senior Notes due 2024 \| Fair Value
Liabilities:
Senior notes, fair value	22,997	199,522
5.875% Senior Notes due 2024 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	22,997	199,522
10.500% Public Second Lien Notes due 2028 \| Carrying Value
Liabilities:
Senior notes, fair value	286,521
10.500% Public Second Lien Notes due 2028 \| Fair Value
Liabilities:
Senior notes, fair value	291,610
10.500% Public Second Lien Notes due 2028 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	291,610
9.500% Private Second Lien Notes due 2028
Liabilities:
Senior notes, fair value	239,142
9.500% Private Second Lien Notes due 2028 \| Fair Value
Liabilities:
Senior notes, fair value	232,627
9.500% Private Second Lien Notes due 2028 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	232,627
6.00% Senior Notes due 2026
Liabilities:
Senior notes, fair value	215,700
Non-recourse debt	110,900
6.00% Senior Notes due 2026 \| Carrying Value
Liabilities:
Senior notes, fair value	110,858	350,000
6.00% Senior Notes due 2026 \| Fair Value
Liabilities:
Senior notes, fair value	99,132	283,691
6.00% Senior Notes due 2026 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	99,132	283,691
6.50% Exchangeable Senior Notes due 2026 \| Carrying Value
Liabilities:
Senior notes, fair value	230,000	230,000
6.50% Exchangeable Senior Notes due 2026 \| Fair Value
Liabilities:
Senior notes, fair value	327,872	248,211
6.50% Exchangeable Senior Notes due 2026 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	$ 327,872	$ 248,211

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consist of the following at fiscal year-end:


	Useful Life		2022			2021
	(Years)		(In thousands)
Land		—	$	120,970		$	120,837
Buildings and improvements	2 to 50			2,291,710			2,277,575
Leasehold improvements	1 to 29			273,233			278,299
Equipment	3 to 10			239,188			220,965
Furniture, fixtures and computer software	1 to 7			72,154			68,474
Facility construction in progress		—		26,606			20,758
Total			$	3,023,861		$	2,986,908
Less accumulated depreciation and amortization				(1,021,840	)		(949,063	)
Property and equipment, net			$	2,002,021		$	2,037,845

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets - non-current	$ 8,005	$ 0
Deferred tax liabilities - non-current	(75,849)	(80,768)
Total net deferred tax liabilities	(67,844)	(80,768)
Deferred tax assets:
Net operating losses	17,457	18,022
Accrued liabilities	34,333	29,473
Deferred compensation	14,437	19,052
Accrued compensation	6,928	6,694
Deferred revenue	1,654	21,134
Tax credits	4,423	3,065
Equity awards	3,322	3,694
Operating lease liability	23,556	28,756
Other, net	910	1,212
Valuation allowance	(21,016)	(19,322)
Total deferred tax assets	86,004	111,780
Deferred tax liabilities:
Depreciation	(85,402)	(59,057)
Intangible assets	(46,228)	(48,935)
Capitalized transaction costs		(15,229)
Accounting method change		(2,334)
Prepaid expenses and other	(16)	(39,739)
Lease right-of-use assets	(22,202)	(27,254)
Total deferred tax liabilities	$ (153,848)	$ (192,548)

Accrued Expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Liabilities, Current [Abstract]

Summary of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following (in thousands):


	2022		2021
Accrued interest	$	27,447	$	17,080
Accrued other compensation		33,475		24,403
Accrued insurance		81,704		76,171
Accrued property and other taxes		46,169		43,720
Accrued legal and professional fees		12,301		4,012
Construction retainage		865		223
Other		35,408		35,103
Total	$	237,369	$	200,712

Debt (Australia- - Ravenhall) (Details)	12 Months Ended
Debt (Australia- - Ravenhall) (Details)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 2,046,006,000
LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate	4.22%
Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt	$ 44,300,000
Debt issuance costs, net	$ 600,000
Debt instrument, maturity date	Sep. 01, 2034

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
U.S federal income tax rate	21.00%
Asset divestiture	$ 5,596,000
Impact of REIT termination		$ 70,813,000
REIT benefit amount			$ 12,271,000
State income taxes (benefit), net of federal tax benefit	12,738,000	7,921,000	$ 3,099,000
Valuation allowance	21,016,000	19,322,000
Increase in valuation allowance	1,700,000
Accumulated undistributed earnings	10,200,000
Deferred tax liability, undistributed foreign earnings	500,000
Foreign operating losses carry forward	14,000,000.0
State tax credits	1,900,000
Deferred tax asset related to unexercised stock options and restricted stock grants	3,300,000
Unrecognized tax benefits, net	1,500,000
Decrease in unrecognized tax benefits	100,000
Recognized tax benefits that will reduce company's tax rate	1,500,000
Unrecognized tax benefits net decrease in interest		200,000
Unrecognized tax benefits potential penalty	100,000	$ 0
Payment of interest and penalties accrued	100,000
Domestic Country
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforwards	0
State And Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforwards	$ 210,000,000.0

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Assets and Liabilities, Lessee

Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands):


	Classification on the Balance Sheet	December 31, 2022		December 31, 2021
Assets
Operating lease assets	Operating Lease Right-of-Use Assets, Net	$	90,950	$	112,187
Finance lease assets	Property and Equipment, Net		1,895		3,420
Total lease assets		$	92,845	$	115,607

Liabilities
Current
Operating	Operating lease liabilities, current portion	$	22,584	$	28,279
Finance [1]	Current portion of finance liabilities, long-term debt and non-recourse debt		697		1,866
Noncurrent
Operating	Operating Lease Liabilities		73,801		89,917
Finance [1]	Finance Lease Liabilities		1,280		1,977
Total lease liabilities		$	98,362	$	122,039

[1] Also refer to Note 12 - Debt.

Lease, Cost

Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands):


	Year Ended December 31, 2022			Year Ended December 31, 2021
Operating lease cost	$	37,362		$	40,020
Finance lease cost:
Amortization of right-of-use assets		1,525			1,687
Interest on lease liabilities		119			287
Total finance lease cost		1,644			1,974
Short-term lease cost		4,869			350
Total lease cost	$	43,875		$	42,344
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	37,836		$	38,874
Operating cash flows for finance leases	$	1,262		$	1,255
Financing activities for finance leases	$	726		$	1,289
Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,697		$	10,786
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	1,198
Weighted average remaining lease term:
Operating leases	6.3 years			6.2 years
Finance leases	2.8 years			3.8 years
Weighted average discount rate:
Operating leases		3.90	%		4.56	%
Finance leases		4.00	%		5.26	%

Lessee, Operating Lease, Liability, Maturity

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of December 31, 2022 (in thousands).


	Operating Leases			Finance Leases
2023	$	28,447		$	759
2024		23,527			759
2025		17,844			536
2026		11,593			29
2027		9,069			—
Thereafter		21,849			—
Total minimum lease payments		112,329			2,083
Less: amount of lease payment representing interest		(15,944	)		(106	)
Present value of future minimum lease payments		96,385			1,977
Less: current obligations under leases		(22,584	)		(697	)
Long-term lease obligations	$	73,801		$	1,280

Finance Lease, Liability, Maturity


	Operating Leases			Finance Leases
2023	$	28,447		$	759
2024		23,527			759
2025		17,844			536
2026		11,593			29
2027		9,069			—
Thereafter		21,849			—
Total minimum lease payments		112,329			2,083
Less: amount of lease payment representing interest		(15,944	)		(106	)
Present value of future minimum lease payments		96,385			1,977
Less: current obligations under leases		(22,584	)		(697	)
Long-term lease obligations	$	73,801		$	1,280

Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Financial Instruments

The following table provides a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis (in thousands):


	Fair Value Measurements at December 31, 2022
	Carrying Value at December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	36,982	$	—	$	36,982	$	—
Marketable equity and fixed income securities		25,939		—		25,939	$	—
Interest rate swap derivatives	$	4,613	$	—	$	4,613	$	—


	Fair Value Measurements at December 31, 2021
	Carrying Value at December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	42,937	$	—	$	42,937	$	—
Marketable equity and fixed income securities	$	11,551	$	—	$	11,551	$	—
Fixed income securities		1,927		—		1,927		—
Liabilities:
Interest rate swap derivatives	$	3,195	$	—	$	3,195	$	—

The Company’s Level 2 financial instruments included in the tables above as of December 31, 2022 and 2021 consist of interest rate swap derivative liabilities held by GEO, investments in equity and fixed income mutual funds held in the Company’s captive insurance subsidiary, Florina, the Company's rabbi trust established for GEO employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and an investment in Canadian dollar denominated fixed income securities.

The interest rate swap derivative liabilities are valued using a discounted cash flow model based on projected borrowing rates. The Company's restricted investment in the rabbi trust is invested in Company-owned life insurance policies which are recorded at their cash surrender values. These investments in fixed income securities are valued based on the underlying investments held in the policies' separate account. The underlying assets are equity and fixed income pooled funds that are comprised of Level 1 and Level 2 securities. The equity and fixed income mutual fund securities are valued at fair value using the net asset value per share. The Canadian dollar denominated securities, not actively traded, are valued using quoted rates for these and similar securities.

Summary of Business Organization, Operations and Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Business Organization, Operations and Significant Accounting Policies

The GEO Group, Inc., a Florida corporation, and subsidiaries (the “Company” or “GEO”) specializes in the ownership, leasing and management of secure facilities, processing centers and reentry centers in the United States, Australia, South Africa and the United Kingdom. The Company owns, leases and operates a broad range of facilities including maximum, medium and minimum-security facilities, processing centers, as well as community-based reentry facilities and offers an expanded delivery of rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' platform integrates enhanced rehabilitative programs, which are evidence-based and include cognitive behavioral treatment and post-release services and provides academic and vocational classes in life skills and treatment programs while helping individuals reintegrate into their communities. The Company develops new facilities based on contract awards, using its project development expertise and experience to design, construct and finance what it believes are state-of-the-art facilities that maximize security and efficiency. The Company provides innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. The Company also provides secure transportation services for offender and detainee populations as contracted domestically and in the United Kingdom through its joint venture GEOAmey PECS Ltd. (“GEOAmey”). As of December 31, 2022, GEO's worldwide operations included the ownership and/or management of approximately 82,000 beds at 102 secure and community services facilities, including idle facilities and projects under development, and also includes the provision of reentry and electronic monitoring and supervision services for more than 500,000 offenders and pretrial defendants, including more than 195,000 individuals through an array of technology products including radio frequency, GPS, and alcohol monitoring devices.

GEO operated as a real estate investment trust ("REIT") from January 1, 2013 through December 31, 2020. As a REIT, the Company provided services and conducted other business activities through taxable REIT subsidiaries ("TRSs"). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax rates and certain qualification requirements. The Company's use of TRSs permitted GEO to engage in certain business activities in which the REIT could not engage directly, so long as those activities were conducted in entities that elected to be treated as TRSs under the Internal Revenue Code of 1986, as amended, and enabled GEO to, among other things, provide correctional services at facilities it owns and at facilities owned by its government partners. A TRS is not subject to the distribution requirements applicable to REITs so it may retain income generated by its operations for reinvestment.

On December 2, 2021, the Company announced that its Board unanimously approved a plan to terminate the Company's REIT status and become a taxable C Corporation, effective for the year ended December 31, 2021. As a result, the Company is no longer required to operate under REIT rules, including the requirement to distribute at least 90% of REIT taxable income to its stockholders, which provides the Company with greater flexibility to use its free cash flow. Effective January 1, 2021, the Company is subject to federal and state income taxes on its taxable income at applicable tax rates and is no longer entitled to a tax deduction for dividends paid. The Company operated as a REIT for the 2020 tax year, and existing REIT requirements and limitations, including those established by the Company’s organizational documents, remained in place until December 31, 2020. The Board also voted unanimously to discontinue the Company's quarterly dividend.

As a result of GEO’s Board announcing the change in corporate structure to a taxable C Corporation in fiscal year 2021, the Company incurred a one-time, non-cash deferred tax charge of approximately $70.8 million during the fourth quarter of 2021. GEO also incurred approximately $29.3 million in incremental income tax expense in the fourth quarter of 2021 due to the resulting higher corporate tax rate for 2021, including a catch-up tax expense of approximately $16.8 million in connection with the first three quarters of 2021.

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. The significant accounting policies of the Company are described below.

Risks and uncertainties

Executive Order

On January 26, 2021, President Biden signed an executive order directing the United States Attorney General not to renew Department of Justice (“DOJ”) contracts with privately operated criminal detention facilities, as consistent with applicable law. Two agencies of the DOJ, the Federal Bureau of Prisons (“BOP”) and the U.S. Marshals Service (“USMS”), utilize GEO’s support services. The BOP houses inmates who have been convicted of federal crimes, and the USMS is generally responsible for detainees who are awaiting trial or sentencing in U.S. federal courts. As of December 31, 2022, GEO has three company-owned/company leased facilities under direct contracts with USMS, which have current contract option periods that expire between February 28, 2023 and September 30, 2023. As of December 31, 2022, the Company no longer has any contracts with the BOP for secure correctional facilities.

COVID-19

The Company has been and is currently closely monitoring the impact of the COVID-19 pandemic and the efficacy and distribution of COVID-19 vaccines on all aspects of our business and geographies, including how it will impact those entrusted in our care and governmental partners. The Company is unable to predict the overall future impact that the COVID-19 pandemic may have on our financial condition, results of operations and cash flows due to numerous uncertainties.

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The equity method of accounting is used for investments in non-controlled affiliates in which the Company’s ownership ranges from 20 to 50 percent, or in instances in which the Company is able to exercise significant influence but not control. The Company reports South Africa Custodial Services ("SACS") and its 50% owned joint venture in the United Kingdom, GEOAmey, under the equity method of accounting. Noncontrolling interests in consolidated entities represent equity that other investors have contributed to South Africa Custodial Management ("SACM"). Non-controlling interests are adjusted for income and losses allocable to the other shareholders in these entities. All significant intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates include reserves for self-insured retention related to general liability and workers’ compensation insurance, projected cash flows used to evaluate asset impairment, pension assumptions, useful lives of its property, equipment and intangible assets. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While the Company believes that such estimates are reasonable when considered in conjunction with the consolidated financial statements taken as a whole, the actual amounts of such estimates, when known, will vary from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted.

Dividends

As discussed above, on December 2, 2021, GEO’s Board unanimously approved a plan to terminate the Company's REIT status and become a taxable C Corporation, effective for the year ended December 31, 2021. In connection with terminating the Company’s REIT status, the Board also voted unanimously to discontinue the Company's quarterly dividend.

Cash and Cash Equivalents

Cash and cash equivalents include all interest-bearing deposits or investments with original maturities of three months or less when purchased. The Company maintains cash and cash equivalents with various financial institutions. These financial institutions are located throughout the United States, Australia, South Africa and the United Kingdom. As of December 31, 2022 and 2021, the Company had $19.7 million and $33.0 million in cash and cash equivalents held by its international subsidiaries, respectively.

Concentration of Credit Risk

The Company maintains deposits of cash in excess of federally insured limits with certain financial institutions and accordingly the Company is subject to credit risk. Other than cash, financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable, investments in marketable securities, long-term debt and financial instruments used in hedging activities. The Company’s cash management and investment policies restrict investments to low-risk, highly liquid securities, and the Company performs periodic evaluations of the credit standing of the financial institutions with which it deals.

Accounts Receivable

Accounts receivable consists primarily of trade accounts receivable due from federal, state, local and international government agencies for operating and managing secure facilities, providing community-based services, providing electronic monitoring and supervision services, providing construction and design services and providing residential and transportation services. The Company generates receivables with its

governmental clients and with other parties in the normal course of business as a result of billing and receiving payment. The Company regularly reviews outstanding receivables and provides for estimated losses through an allowance for doubtful accounts. In evaluating the level of established loss reserves, the Company makes judgments regarding its customers’ ability to make required payments, economic events and other factors. As the financial condition of these parties change, circumstances develop or additional information becomes available, adjustments to the allowance for doubtful accounts may be required. The Company also performs ongoing credit evaluations for some of its customers’ financial conditions and generally does not require collateral. Generally, the Company receives payment for these services thirty to sixty days in arrears. However, certain of the Company’s accounts receivable are paid by customers after the completion of their program year and therefore can be aged in excess of one year. The Company maintains reserves for potential credit losses, and such losses traditionally have been within its expectations. Actual write-offs are charged against the allowance when collection efforts have been unsuccessful. As of December 31, 2022 and 2021, the Company's trade receivables that were considered to be long-term were not significant.

Contract Receivable

The Company's Australian subsidiary had recorded a contract receivable in connection with the construction of a 1,300-bed detention facility in Ravenhall, Australia for the State of Victoria. The contract receivable represented costs incurred and estimated earnings in excess of billings and was recorded at net present value based on the timing of expected future settlement. On September 20, 2022, the Company sold its equity investment interest in the Ravenhall project and, as a result, the Contract Receivable was transferred to the buyer and is no longer an asset of the Company. Refer to Note 6 - Contract Receivable and Note 17 - Commitments, Contingencies and Other Matters for further information.

Restricted 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, 2022			December 31, 2021			December 31, 2020
Cash and Cash Equivalents	$	95,073		$	506,491		$	283,524
Restricted cash and cash equivalents - current		—			20,161			26,740
Restricted cash and investments - non-current		111,691			76,158			37,338
Less Restricted investments - non-current		(62,921	)		(54,488	)		(35,749	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	143,843		$	548,322		$	311,853

Amounts included in restricted cash and cash equivalents are attributable to certain contractual cash restriction requirements at the

Company's wholly owned Australian subsidiary related to non-recourse debt (which were included in Restricted Cash and cash equivalents current) and asset replacement funds contractually required to be maintained and other guarantees. The Company sold shares/units in certain of its wholly owned Australian subsidiaries related to its Ravenhall facility. Upon the sale, the restricted cash related to these subsidiaries was transferred to the buyer. As such, the Company has no current restricted cash and cash equivalents at December 31, 2022. Refer to Note 17 - Commitments, Contingencies and Other Matters for further information. Restricted investments - non-current (included in Restricted Cash and Investments in the accompanying consolidated balance sheets) consists of the Company's rabbi trust established for an employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan, investments in equity and fixed income mutual funds held in the Company’s captive insurance subsidiary, Florina, and certain contractual cash requirements at the Company’s wholly owned Australian subsidiary related to certain performance guarantees at its Ravenhall facility. The rabbi trust and the investments held in Florina are not considered to be restricted cash equivalents. Refer to Note 9 - Financial Instruments.

Prepaid expenses and Other Current Assets

Prepaid expenses and other current assets include assets that are expected to be realized within the next fiscal year. Included in the balance at December 31, 2022 is approximately $11.3 million of federal, state and international tax overpayments that will be applied against tax payments in 2023. Included in the balance at December 31, 2021 is approximately $10.8 million of federal, state and international tax overpayments that were applied against tax payments in 2022.

Inventory

Inventory, which consists primarily of component parts related to electronic monitoring equipment, is stated at the lower of average cost or net realizable value and is approximately $20.7 million and $9.0 million at December 31, 2022 and 2021, respectively. Inventory is included in Other Non-Current Assets in the accompanying consolidated balance sheets.

Property and Equipment

Property and equipment are stated at cost, less accumulated amortization and depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Buildings and improvements are depreciated over 2 to 50 years. Equipment and furniture and fixtures are depreciated over 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. The Company performs ongoing evaluations of the estimated useful lives of the property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the assessment indicates that assets will be used for a longer or shorter period than previously anticipated, the useful lives of the assets are revised, resulting in a change in estimate. The Company has not made any such changes in estimates during the years ended December 31, 2022, 2021 and 2020. Maintenance and repairs are expensed as incurred. Interest is capitalized in connection with the construction of company-owned secure facilities. Cost for self-constructed secure facilities includes direct materials and labor, capitalized interest and certain other indirect costs associated with construction of the facility, such as property taxes, other indirect labor and related benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction phase, which is the period during which costs are incurred to evaluate the site and continues until the facility is substantially complete and ready for occupancy. Labor costs capitalized for the years ended December 31, 2022, 2021 and 2020 were not significant. The capitalized costs of real estate projects are assigned to individual components of the project based on specific identification. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Refer to Note 5 - Property and Equipment.

Assets Held for Sale

As of December 31, 2022, the Company had one property classified as held for sale included in its U.S Secure Services segment in the accompanying consolidated balance sheet. The Company classifies a long-lived asset (disposal group) as held for sale in the period in which all of the following criteria are met (i) Management, having the authority to approve the action, commits to a plan to sell the asset (disposal group), (ii) the asset (disposal group) is available for immediate sale in its present condition subject only to the terms that are usual and customary for sales of such assets (disposal groups), (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated, (iv) the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year, except as permitted, (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company records assets held for sale at the lower of cost or estimated fair value and estimates fair value by using third party appraisers or other valuation techniques. The Company does not record depreciation for assets held for sale. Any gain or loss on the sale of operating assets is included in the operating income of the reportable segment to which it relates.

The property that is classified as held for sale at December 31, 2022 is a parcel of undeveloped land located in Texas. At December 31, 2022, the aggregate carrying values of this property was approximately $0.5 million. At December 31, 2021, the Company had three properties that were classified as held for sale which consisted of a parcel of undeveloped land in Hobart, Indiana and two idle reentry facilities. At December 31, 2021, the aggregate carrying value of the properties was approximately $7.9 million.

Asset Impairments

The following table summarizes the Company’s idled facilities as of December 31, 2022 and their respective carrying values, excluding equipment and other assets that can be easily transferred to other facilities.


						Secure Services		Reentry Services		Total
		Secure Services		Reentry Services		Net Carrying Value		Net Carrying Value		Net Carrying Value
Facility	Year Idled	Design Capacity		Design Capacity		December 31, 2022		December 31, 2022		December 31, 2022
Great Plains Correctional Facility	2021		1,940		—	$	69,367	$	—	$	69,367
D. Ray James Correctional Facility	2021		1,900		—		50,829		—		50,829
Northlake Correctional Facility	2022		1,800		—		68,524		—		68,524
Rivers Correctional Facility	2021		1,450		—		37,911		—		37,911
Big Spring Correctional Facility	2021		1,732		—		32,959		—		32,959
Flightline Correctional Facility	2021		1,800		—		35,094		—		35,094
McFarland Female Community Reentry Facility	2020		300		—		10,900		—		10,900
Cheyenne Mountain Recovery Center	2020		—		750		—		16,659		16,659
Albert Bo Robinson Assessment & Treatment Center	2022		—		900		—		14,011		14,011
Coleman Hall	2017		—		350		—		7,759		7,759
Hector Garza Center	2020		—		139		—		4,794		4,794
Total			10,922		2,139	$	305,584	$	43,223	$	348,807

Refer to Risks and Uncertainties – Executive Order above for a discussion of recent developments. There was no indication of impairment related to the Company’s idle facilities during the year ended December 31, 2022.

The Company reviews long-lived assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Events that would trigger an impairment assessment include deterioration of profits for a business segment that has long-lived assets, or when other changes occur that might impair recovery of long-lived assets such as the termination of a management contract or a prolonged decrease in population. If impairment indicators are present, the Company performs a recoverability test to determine whether or not an impairment loss should be measured.

The Company tests idle facilities for impairment upon notification that the facilities will no longer be utilized by the customer. If a long-lived asset is part of a group that includes other assets, the unit of accounting for the long-lived asset is its group. Generally, the Company groups assets by facility for the purpose of considering whether any impairment exists. The estimates of recoverability are based on projected undiscounted cash flows associated with actual marketing efforts where available or, in other instances, projected undiscounted cash flows that are comparable to historical cash flows from management contracts achieved in the past at that facility or at similar facilities and probability weighted cash flows. The Company's probability weighted cash flows include adjustments to projected cash flows compared to the historical cash flows due to current business conditions which impact per diem rates as well as labor and other operating costs, changes related to facility mission due to changes in prospective clients, and changes in projected capacity and occupancy rates. The Company also factors in prolonged periods of vacancies as well as the time and costs required to ramp up facility population once a contract is obtained. The Company performs the impairment analysis on an annual basis, or more frequently as needed, for each of the idle facilities and takes into consideration updates each quarter for market developments affecting the potential utilization of each of the facilities in order to identify events that may cause the Company to reconsider the most recent assumptions. Such events could include negotiations with a prospective customer for the utilization of an idle facility at terms significantly less favorable than the terms used in the Company's most recent impairment analysis, or changes in legislation surrounding a particular facility that could impact the Company's ability to house certain types of individuals at such facility. Further, a substantial increase in the number of available beds at other facilities the Company owns, or in the marketplace, could lead to deterioration in market conditions and projected cash flows. Although they are not frequently received, an unsolicited offer to purchase any of the Company's idle facilities, at amounts that are less than their carrying value could also cause the Company to reconsider the assumptions used in the most recent impairment analysis. The Company has identified marketing prospects to utilize each of the remaining currently idled facilities and has determined that no current impairment exists. The Company has also received valuations from a third party on certain facilities. However, the Company can provide no assurance that it will be able to secure management contracts to utilize its idle facilities, or that it will not incur impairment charges in the future. In all cases, the projected value in the Company’s analysis as of December 31, 2022, exceeded the carrying amounts of each facility, therefore no impairment charges were recorded. During the year ended December 31, 2020, the Company recorded an impairment charge of approximately $5.7 million, included in Operating Expenses in the Consolidated Statements of

Operation, related to one leased facility where the projected undiscounted cash flows of the facility did not exceed the carrying amount. The expense was included in the Reentry Services segment. There were no impairment charges recorded for the year ended December 31, 2021.

The Company's evaluations also take into consideration historical experience in securing new facility management contracts to utilize facilities that had been previously idled for periods comparable to or in excess of the periods the Company's currently idle facilities have been idle. Such previously idled facilities are currently being operated under contracts that generate cash flows resulting in the recoverability of the net book value of the previously idled facilities by substantial amounts. Due to a variety of factors, the lead time to negotiate contracts with federal and state agencies to utilize idle bed capacity is generally lengthy which has historically resulted in periods of idleness similar to the ones the Company is currently experiencing.

By their nature, these estimates contain uncertainties with respect to the extent and timing of the respective cash flows due to potential delays or material changes to forecasted terms and conditions in contracts with prospective customers that could impact the estimate of projected cash flows. Notwithstanding the effects the current economy has had on the Company's customers for available beds in the short term which has led to the Company’s decision to idle certain facilities, the Company believes the long-term trends favor an increase in the utilization of its idle facilities. This belief is also based on the Company's experience in working with governmental agencies faced with significant budgetary challenges which is a primary contributing factor to the lack of appropriated funding to build new bed capacity by federal and state agencies.

Leases

The Company adopted ASU 2016-02 and ASU 2018-11, cumulatively ("ASC 842"), on January 1, 2019, using the modified retrospective

transition method. The Company elected the package of transition expedients available for expired or existing lease contracts, which allowed it to carry forward its historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The Company also elected not to apply the recognition requirements to lease arrangements that have terms of twelve months or less.

For leases where the Company is the lessor, upon adoption of ASC 842, the Company elected to also apply the practical expedient to not

separate non-lease components from the associated lease component if certain criteria are met for each class of underlying assets. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Non-lease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance ("CAM") and service income associated with tenant work orders to be non-lease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company’s business, the identified asset would be the leased real estate. The Company assessed and concluded that the timing and pattern of transfer for non-lease components and the associated lease component are the same. The Company determined that the predominant component was the lease component and as such its leases continue to qualify as operating leases. The Company made a policy election to account for and present the lease component and the non-lease component as a single component in revenue.

Assets Held under Finance Leases

Assets held under finance leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. Amortization expense is recognized using the straight-line method over the shorter of the estimated useful life of the asset or the term of the related lease and is included in depreciation expense.

Goodwill and Other Intangible Assets, Net

Goodwill

The Company has recorded goodwill as a result of its business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible assets and other intangible assets acquired. The Company's goodwill is not amortized and is tested for impairment annually on the first day of the fourth quarter, and whenever events or circumstances arise that indicate impairment may have occurred. Impairment testing is performed for all reporting units that contain goodwill. The reporting units are the same as the reportable segments for U.S. Secure Services, Electronic Monitoring and Supervision Services, Reentry Services and International Services.

On the annual measurement date of October 1, 2022, the Company's management elected to qualitatively assess the Company's goodwill for impairment for all of its reporting units. Under provisions of the qualitative analysis, when testing goodwill for impairment, the Company first assesses qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company performs a

quantitative impairment test to identify goodwill impairment and measures the amount of goodwill impairment loss to be recognized, if any. The qualitative factors used by the Company’s management to determine the likelihood that the fair value of the reporting unit is less than the carrying amount include, among other things, a review of overall economic conditions and their current and future impact on the Company’s existing business, the Company’s financial performance and stock price, industry outlook and market competition. With respect to the qualitative assessments, management determined that, as of October 1, 2022, it was more likely than not that the fair values of the reporting units exceeded their carrying values. During the year ended December 31, 2020, in connection with the Company’s annual impairment test, the Company performed a quantitative analysis for its Reentry Services reporting unit using a third-party valuation firm to determine the estimated fair value of the reporting unit using a discounted cash flow model. A discount rate of 10% was utilized to adjust the cash flow forecasts based on the Company’s estimate of a market participant’s weighted-average cost of capital. Growth rates for sales and profits were determined using inputs from the Company’s long-term planning process. The Company also made estimates for discount rates and other factors based on market conditions, historical experience and other economic factors. Changes in these factors could significantly impact the fair value of the reporting unit. With respect to the Reentry Services reporting unit that was assessed quantitatively, management determined that the carrying value exceeded its fair value due to future declines in cash flow projections primarily due to the negative impact of the COVID-19 pandemic on the Company’s reentry facilities. As such, the Company recorded a goodwill impairment charge of $21.1 million during the year ended December 31, 2020. A change in one or combination of the assumptions discussed above could have impacted the estimated fair value of the reporting unit. If the Company’s expectations of future results and cash flows decrease significantly or other economic conditions deteriorate, goodwill may be further impaired. No impairment charges were recorded for the years ended December 31, 2022 or 2021.

Other Intangible Assets, Net

The Company has also recorded other finite and indefinite lived intangible assets as a result of previously completed business combinations. Other acquired finite and indefinite lived intangible assets are recognized separately if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed, rented or exchanged, regardless of the Company’s intent to do so. The Company’s intangible assets include facility management contracts, trade names and technology. The facility management contracts represent customer relationships in the form of management contracts acquired at the time of each business combination; the value of BI’s and Protocol Criminal Justice, Inc.'s ("Protocol") trade names represent, among other intangible benefits, name recognition to its customers and intellectual property rights; and the acquired technology represents BI’s innovation with respect to its GPS tracking, monitoring, radio frequency monitoring, voice verification monitoring and alcohol compliance systems, Protocol's innovation with respect to its customer relationship management software and Soberlink, Inc.'s innovation with respect to its alcohol monitoring devices. When establishing useful lives, the Company considers the period and the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up; or, if that pattern cannot be reliably determined, using a straight-line amortization method over a period that may be shorter than the ultimate life of such intangible asset. The Company also considers the impact of renewal terms when establishing useful lives. The Company currently amortizes its acquired facility management contracts over periods ranging from three to twenty-one years and its acquired technology over seven years to eight years. There is no residual value associated with the Company’s finite-lived intangible assets. The Company reviews its trade name assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. The Company does not amortize its indefinite lived intangible assets. The Company reviews its indefinite lived intangible assets annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. These reviews resulted in no significant impairment to the carrying value of the indefinite lived intangible assets for all periods presented. The Company records the costs associated with renewal and extension of facility management contracts as expenses in the period they are incurred.

Internal-Use Software

Costs incurred to develop software for internal use are capitalized and amortized over the estimated useful lives of the software. Costs related to design or maintenance of internal-use software are expensed as incurred. As of December 31, 2022 and 2021, included in Property and Equipment, Net is approximately $9.9 million and $10.9 million of capitalized internal-use software costs, respectively.

Debt Issuance Costs

Debt issuance costs, net of accumulated amortization of $44.1 million and $18.6 million, totaling $32.5 million and $26.7 million at December 31, 2022 and 2021, respectively, are included in Long-Term Debt, Non-Recourse Debt and Other Non-Current Assets in the accompanying Consolidated Balance Sheets and are amortized to interest expense using the effective interest method over the term of the related debt. Refer to Note 12 - Debt for discussion of debt issuance costs written off in connection with the Company's exchange offer.

Lease Revenue

The Company leases eight of its owned facilities to unrelated parties. Six of which have a term of two years and expire in June 2023 with options to extend for one additional one-year term. The carrying value of these leased facilities as of December 31, 2022 is $48.4 million, net of accumulated depreciation of $22.3 million. One facility has a term that expires in February 2023. The carrying value of this leased facility as of

December 31, 2022 was $2.0 million, net of accumulated depreciation of $0.6 million. The remaining facility has a term of twenty years with renewals and expires in October 2041. The carrying value of this leased facility as of December 31, 2022 was $18.2 million, net of accumulated depreciation of $15.9 million. Rental income, included in Revenues, for these leases for the year ended December 31, 2022 was approximately $5.6 million. As of December 31, 2022, future minimum rentals to be received on these leases are as follows:


	Annual Rental
Year	(in thousands)
2023	$	4,675
2024		4,080
2025		4,094
2026		4,162
2027		4,175
Thereafter		62,407
Total	$	83,593

Variable Interest Entities

The Company evaluates its joint ventures and other entities in which it has a variable interest (a “VIE”), generally in the form of investments, loans, guarantees, or equity in order to determine if it has a controlling financial interest and is required to consolidate the entity as a result. The reporting entity with a variable interest that provides the entity with a controlling financial interest in the VIE will have both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company does not consolidate its 50% owned South African joint venture interest in SACS, a VIE. SACS joint venture investors are GEO and Kensani Corrections, Pty. Ltd (an independent third party); each partner owns a 50% share. The Company has determined it is not the primary beneficiary of SACS since it does not have the power to direct the activities of SACS that most significantly impact its performance. As such, the Company's investment in this entity is accounted for under the equity method of accounting. SACS was established and subsequently, in 2001, was awarded a 25-year contract to design, finance and build the Kutama Sinthumule Correctional Centre in Louis Trichardt, South Africa. To fund the construction of the prison, SACS obtained long-term financing from its equity partners and lenders, the repayment of which is fully guaranteed by the South African government, except in the event of default, in which case the government guarantee is reduced to 80%. The Company's maximum exposure for loss under this contract is limited to its investment in the joint venture of approximately $10.2 million at December 31, 2022.

The Company does not consolidate its 50% owned joint venture in the United Kingdom. In February 2011, GEO UK, executed a Shareholders Agreement (the “Shareholders Agreement”) with Amey Community Limited (“Amey”) and Amey UK PLC (“Amey Guarantor”) to form GEOAmey, a private company limited by shares incorporated in England and Wales. GEOAmey was formed by GEO UK and Amey (an independent third party) for the purpose of performing escort and related custody services in England, Wales and Scotland. In order to form this private company, GEOAmey issued share capital of £100 divided into 100 shares of £1 each and allocated the shares 50/50 to GEO UK and Amey. GEO UK and Amey each have three directors appointed to the Board of Directors and neither party has the power to direct the activities that most significantly impact the performance of GEOAmey. As such, the Company's investment in this entity is accounted for under the equity method of accounting. The Company's maximum exposure for loss under this contract is limited to its investment in the joint venture of approximately $8.7 million at December 31, 2022.

Fair Value Measurements

The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (“exit price”). The Company carries certain of its assets and liabilities at fair value, measured on a recurring basis, in the accompanying Consolidated Balance Sheets. The Company also has certain assets and liabilities which are not carried at fair value in its accompanying Consolidated Balance Sheets and discloses the fair value measurements compared to the carrying values as of each balance sheet date. The Company’s fair value measurements are disclosed in Note 9 - Financial Instruments and Note 10 - Fair Value of Assets and Liabilities. The Company establishes fair value of its assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels which distinguish between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The level in the fair value hierarchy within which the respective fair value measurement falls is determined based on the lowest level input that is significant to the measurement in its entirety. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities. Level 2 inputs are other than quotable market prices included in Level 1 that are observable for the asset or liability either directly or indirectly through corroboration with observable market data.

Level 3 inputs are unobservable inputs for the assets or liabilities that reflect management’s own assumptions about the assumptions market participants would use in pricing the asset or liability. The Company recognizes transfers between Levels 1, 2 and 3 as of the actual date of the event or change in circumstances that cause the transfer.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to GEO's customers, in an amount that reflects the consideration GEO expects to be entitled to in exchange for those goods or services. Sales, value-added and other taxes GEO collects concurrent with revenue producing activities and that are subsequently remitted to governmental authorities are excluded from revenues. The guidance distinguishes between goods and services. The definition of services under the guidance includes everything other than goods. As such, in the case of GEO, this guidance views the provision of housing and electronic monitoring as a service.

When a contract includes variable consideration, GEO determines an estimate of the variable consideration and evaluates whether the estimate needs to be constrained; therefore, GEO includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration estimates are updated at each reporting date. A limited number of GEO's domestic contracts have provisions upon which a small portion of the revenue for the contract is based on the performance of certain targets. Domestically, revenue based on the performance of certain targets is less than 1% of the Company's consolidated domestic revenues and was not significant during the periods presented. One of GEO's international contracts, related to its Ravenhall facility (discussed further below), contains a provision where a significant portion of the revenue for the contract is based on the performance of certain targets. These performance targets are based on specific criteria to be met over specific periods of time. Such criteria include the Company's ability to achieve certain contractual benchmarks relative to the quality of service it provides, non-occurrence of certain disruptive events, effectiveness of its quality control programs and its responsiveness to customer requirements. The performance of these targets is measured quarterly and there was no significant constraint on the estimate of such variable consideration for this contract during the years ended December 31, 2022, 2021 and 2020.

GEO does not disclose the value of unsatisfied performance obligations for (i) contracts with an expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which GEO has the right to invoice for services performed, which is generally the case for all of GEO's contracts. Incidental items that are immaterial in the context of the contract are recognized as expense. GEO generally does not incur incremental costs related to obtaining a contract with its customers that would meet the requirement for capitalization. There were no assets recognized from costs to obtain a contract with a customer at December 31, 2022 or 2021.

The timing of revenue recognition may differ from the timing of invoicing to customers. GEO records a receivable when services are performed which are due from its customers based on the passage of time. GEO records a contract liability if consideration is received in advance of the performance of services. Generally, GEO's customers do not provide payment in advance of the performance of services. Therefore, any contract liability is not significant at December 31, 2022 or 2021. Revenue recognized during the years ended December 31, 2022 and 2021 that was included in the opening balance of unearned revenue was not significant. There have been no significant amounts of revenue recorded in the periods presented from performance obligations either wholly or partially satisfied in prior periods.

The right to consideration under GEO's contracts is only dependent on the passage of time and is therefore considered to be unconditional. Payment terms and conditions vary by contract type, although, with the exception of the contract receivable related to GEO's Ravenhall facility (further discussed below), terms generally include a requirement of payment within 30 days after performance obligations are satisfied and generally do not include a significant financing component. There have been no significant changes in receivables or unearned revenue balances during the periods other than regular invoicing and collection activity.

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, 2022 (in thousands)
	U.S. Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		Total
Owned and Leased: Secure Services	$	1,109,923	$	—	$	—	$	—	$	1,109,923
Owned and Leased: Community-based		—		—		155,932		—		155,932
Managed Only		327,908		—		6,913		187,200		522,021
Electronic Monitoring Services and Other Reentry		—		496,268		92,583		—		588,851
Total Revenues	$	1,437,831	$	496,268	$	255,428	$	187,200	$	2,376,727


	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
Electronic Monitoring Services and Other Reentry		—		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
Electronic Monitoring Services and Other Reentry		—		241,944		82,602		—		324,546
Total Revenues	$	1,571,216	$	241,944	$	309,398	$	227,540	$	2,350,098

Owned and Leased - Secure Services

GEO recognizes revenue for secure housing services where GEO owns or leases the facility as services are performed. GEO provides for the safe and secure housing and care of incarcerated individuals under public-private partnerships with federal, state and local government agencies. This includes providing 24-hour care and supervision, including but not limited to, such services as medical, transportation, food service, laundry services and various programming activities. These tasks are considered to be activities to fulfill the safe and secure housing performance obligation and are not considered to be individually separate promises in the contract. Each of these activities is highly interrelated and GEO performs a significant level of integration of these activities. GEO has identified these activities as a bundle of services and determined that each day of the promised service is distinct. The services provided are part of a series of distinct services that are substantially the same and are measured using the same measure of progress (time-based output method). GEO has determined that revenue for these services are recognized over time as its customers simultaneously receive and consume the benefits as the services are performed, which is on a continual daily basis, and GEO has a right to payment for performance completed to date. Time-based output methods of revenue recognition are considered to be a faithful depiction of GEO's efforts to fulfill its obligations under its contracts and therefore reflect the transfer of services to its customers. GEO's customers generally pay for these services based on a net rate per day per individual or on a fixed monthly rate.

Owned and Leased - Community-based

GEO recognizes revenue for community-based reentry services where GEO owns or leases the facility in a manner similar to its secure services discussed above. GEO provides individuals nearing the end of their judicially imposed sentence with the resources necessary to productively transition back into society. Through its residential reentry centers, GEO provides federal and state parolees and probationers with temporary housing, rehabilitation, substance abuse counseling and vocational and educational programs. These activities are considered to be a bundle of services which are a part of a series of distinct services recognized over time based on the same criteria as discussed above for secure services revenues. GEO's customers also generally pay for these services based on a net rate per day per individual or on a fixed monthly rate.

Owned and Leased - Youth Services

GEO recognized revenues for youth services where GEO owned or leased the facility in the same manner as discussed above for the housing, supervision, care and rehabilitation of troubled youth residents. The activities to house and care for troubled youth residents were also considered to be a bundle of services which are part of a series of distinct services recognized over time based on the same criteria discussed for the previous two revenue streams. GEO's customers generally paid for these services based on a net rate per day per individual. On July 1, 2021, the Company completed a divestiture of its youth division.

Managed Only

GEO recognizes revenue for its managed only contracts in the same manner as its Owned and Leased Secure Services and Owned and Leased Community-based contracts as discussed above. The primary exception is that GEO does not own or lease the facility. The facility is

owned by the customer. In certain circumstances, GEO's customers may request that GEO make certain capital improvements to the facility or make other payments related to the facility. These payments are amortized as a reduction of revenues over the life of the contract. GEO's customers generally pay for these services based on a net rate per day per individual or a fixed monthly rate.

Electronic Monitoring and Supervision Services and Other Reentry

Electronic Monitoring and Supervision Services and Other Reentry revenue consist of the Company's contracts with federal and various state and local governments to provide location, alcohol and drug detecting electronic monitoring and case management services to individuals on an as needed or as requested basis. This category also includes the Company's day reporting centers.

GEO recognizes revenues for electronic monitoring and case management services as the services are performed. Services provided consist of community-based supervision (home visits), in-person reporting, telephonic reporting and GPS and other electronic monitoring as well as overall contract management services. The rates for the various services are considered to be stated at their individual stand-alone selling prices. GEO has determined that the services to be provided are recognized over time based on the unit of occurrence of the various services as its customer simultaneously receives and consumes the benefits as the services are performed and GEO has a right to payment for performance completed to date. Generally, these services are paid based on a net rate per occurrence and a monthly fee for management services.

Certain of the Company's electronic monitoring contracts include providing monitoring equipment and related monitoring services activities (using internal proprietary software platforms) to its customers. These tasks are considered to be activities to fulfill the promise to provide electronic monitoring services to individuals and are not considered to be individually separate promises in the contract. In the context of the contract, the equipment and monitoring service is not considered to be capable of being distinct as the customer typically cannot benefit from the equipment or monitoring service on its own or with other readily available resources. Management has identified these activities as a bundle of services and determined that each day or unit of the promised service is distinct. These services are part of a series of distinct services that are substantially the same and are measured using the same measure of progress (time-based output method) and are therefore accounted for as a single performance obligation. GEO has determined that services are recognized over time as the customer simultaneously receives and consumes the benefits as the services are performed and GEO has a right to payment for performance completed to date.

Services provided for GEO's day reporting centers are similar to its Owned and Leased Community-based services discussed above with the exception of temporary housing.

Income Taxes

The consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized as income in the period that includes the enactment date. Refer to Note 16 - Income Taxes. For years prior to 2021, the Company was taxed as a REIT and did not expect to pay federal income taxes at the REIT level (including its qualified REIT subsidiaries). However, our wholly owned taxable REIT subsidiaries were fully subject to federal, state and foreign income taxes, as applicable. While a REIT, the Company was required to distribute at least 90% of its REIT level taxable income to shareholders, and the resulting dividends paid deduction offset its REIT taxable income. Consequently, while a REIT, since the Company did not expect to pay taxes on its REIT taxable income, it was not able to recognize deferred tax assets and liabilities.

Deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Significant judgments are required to determine the consolidated provision for income taxes. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. Realization of the Company’s deferred tax assets is dependent upon many factors such as tax regulations applicable to the jurisdictions in which the Company operates, estimates of future taxable income and the character of such taxable income.

Additionally, the Company must use significant judgment in addressing uncertainties in the application of complex tax laws and regulations. If actual circumstances differ from the Company’s assumptions, adjustments to the carrying value of deferred tax assets or liabilities may be required, which may result in an adverse impact on the results of its operations and its effective tax rate. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria. The Company has not made any significant changes to the way it accounts for its deferred tax assets and liabilities in any year presented in the consolidated financial statements. Based on its estimate of future earnings and its favorable earnings history, the Company currently expects full realization of the deferred tax assets net of any recorded valuation allowances. Furthermore, tax positions taken by the Company may not be fully sustained upon examination by the

taxing authorities. In determining the adequacy of our provision (benefit) for income taxes, potential settlement outcomes resulting from income tax examinations are regularly assessed. As such, the final outcome of tax examinations, including the total amount payable or the timing of any such payments upon resolution of these issues, cannot be estimated with certainty.

Reserves for Insurance Losses

The nature of the Company’s business exposes it to various types of third-party legal claims, including, but not limited to, civil rights claims relating to conditions of confinement and/or mistreatment, sexual misconduct claims brought by individuals within our care, medical malpractice claims, product liability claims, intellectual property infringement claims, claims relating to employment matters (including, but not limited to, employment discrimination claims, union grievances and wage and hour claims), property loss claims, environmental claims, automobile liability claims, contractual claims and claims for personal injury or other damages resulting from contact with our facilities, programs, electronic monitoring products, personnel or individuals within our care, including damages arising from the escape of an individual in the Company’s care or from a disturbance or riot at a facility. In addition, the Company’s management contracts generally require it to indemnify the governmental agency against any damages to which the governmental agency may be subject in connection with such claims or litigation. The Company maintains a broad program of insurance coverage for these general types of claims, except for claims relating to employment matters, for which the Company carries no insurance. There can be no assurance that the Company’s insurance coverage will be adequate to cover all claims to which it may be exposed. It is the Company’s general practice to bring merged or acquired companies into its corporate master policies in order to take advantage of certain economies of scale.

On October 1, 2021, GEO formed a wholly owned captive insurance subsidiary, Florina Insurance Company, Inc. (“Florina”), to enhance its risk financing strategies. Florina is incorporated in the state of Vermont and is licensed and regulated by the state of Vermont, including with respect to its insurance programs, levels of liquidity and other requirements. GEO began procuring insurance policies to cover deductibles for workers’ compensation, general liability, automobile liability, medical professional liability and directors' and officers’ liability as well as procuring insurance policies for excess liability, its directors’ and officers’ excess liability and excess medical professional liability through Florina effective October 1, 2021. Florina holds cash and investments in order to meet solvency requirements and meet financial obligations as presented, including an investment portfolio of marketable fixed income and equity securities.

The Company currently maintains a general liability policy and excess liability policies with total limits of $75.0 million per occurrence and $95.0 million total general liability annual aggregate limits covering the operations of U.S. Secure Services, Reentry Services and Electronic Monitoring and Supervision Services. The Company has an occurrence based liability insurance program with a specific loss limit of $40.0 million per occurrence and in the aggregate related to medical professional liability claims arising out of correctional healthcare services. The Company is uninsured for any claims in excess of these limits. We also maintain insurance to cover property and other casualty risks including, workers’ compensation, environmental liability, cybersecurity liability and automobile liability.

For most casualty insurance policies, the Company carries substantial deductibles or self-insured retentions of $4.0 million per occurrence for general liability and $5.0 million per occurrence for medical professional liability, $2.0 million per occurrence for workers’ compensation, $2.5 million per occurrence for directors' and officers’ liability and $1.0 million per occurrence for automobile liability. In addition, certain of the Company’s facilities located in Florida and other high-risk hurricane areas carry substantial windstorm deductibles. Since hurricanes are considered unpredictable future events, no reserves have been established to pre-fund for potential windstorm damage. Limited commercial availability of certain types of insurance relating to windstorm exposure in coastal areas and earthquake exposure mainly in California and the Pacific Northwest may prevent the Company from insuring some of its facilities to full replacement value.

With respect to operations in South Africa and Australia, the Company utilizes a combination of locally procured insurance and global policies to meet contractual insurance requirements and protect the Company. In addition to these policies, the Company’s Australian subsidiary carries tail insurance on a general liability policy related to a discontinued contract.

Of the insurance policies discussed above, the Company’s most significant insurance reserves relate to workers’ compensation, general liability and auto claims. These reserves, which include Florina’s reserves and GEO’s legacy reserves and administrative costs for the plans, are undiscounted and were $79.0 million and $74.2 million as of December 31, 2022 and 2021, respectively, and are included in Accrued Expenses in the accompanying Consolidated Balance Sheets. The Company uses statistical and actuarial methods to estimate amounts for claims that have been reported but not paid and claims incurred but not reported. In applying these methods and assessing their results, the Company considers such factors as historical frequency and severity of claims at each of its facilities, claim development, payment patterns and changes in the nature of its business, among other factors. Such factors are analyzed for each of the Company’s business segments. The Company estimates may be impacted by such factors as increases in the market price for medical services and unpredictability of the size of jury awards. The Company also may experience variability between its estimates and the actual settlement due to limitations inherent in the estimation process, including its ability to estimate costs of processing and settling claims in a timely manner as well as its ability to accurately estimate the Company’s exposure at the onset of a claim. Because the Company has high deductible insurance policies, the amount of its insurance

expense is dependent on its ability to control its claims experience. If actual losses related to insurance claims significantly differ from the Company’s estimates, its financial condition, results of operations and cash flows could be materially adversely impacted.

Comprehensive Income (Loss)

Comprehensive income (loss) represents the change in shareholders’ equity from transactions and other events and circumstances arising from non-shareholder sources. The Company’s total comprehensive income is comprised of net income attributable to GEO, net income attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/ or losses on derivative instruments, and pension liability adjustments in the consolidated statements of shareholders’ equity.

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 attributable to The GEO Group, Inc.			Unrealized (loss) gain on derivatives, net of tax			Change Marketable Securities, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2022	$	(12,461	)	$	(2,524	)	$	7		$	(5,238	)	$	(20,216	)
Current-period other comprehensive income (loss)		(7,554	)		6,169			(960	)		5,642			3,297
Balance, December 31, 2022	$	(20,015	)	$	3,645		$	(953	)	$	404		$	(16,919	)


	Foreign currency translation adjustments 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	)

There were no reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2022 or 2021.

The foreign currency translation adjustment, net of tax, related to noncontrolling interests was not significant for the years ended December 31, 2022 or 2021.

Foreign Currency Translation

The Company’s foreign operations use their local currencies as their functional currencies. Assets and liabilities of the operations are translated at the exchange rates in effect on the balance sheet date and shareholders’ equity is translated at historical rates. Income statement items are translated at the average exchange rates for the year. Any adjustment resulting from translating the financial statements of the foreign subsidiary is reflected as other comprehensive income, net of related tax. Gains and losses on foreign currency transactions are included in the statement of operations.

Derivatives

The Company’s primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in interest rates. The Company measures its derivative financial instruments at fair value and records derivatives as either assets or liabilities on the balance sheet. For derivatives that are designed as and qualify as effective cash flow hedges, the portion of gain or loss on the derivative

instrument effective at offsetting changes in the hedged item is reported as a component of accumulated other comprehensive income and reclassified into earnings when the hedged transaction affects earnings. For derivative instruments that are designated as and qualify as effective fair value hedges, the gain or loss on the derivative instruments as well as the offsetting gain or loss on the hedged items attributable to the hedged risk is recognized in current earnings as interest income (expense) during the period of the change in fair values. For derivative instruments that do not meet the requirements for hedge accounting, changes in fair value are recorded in earnings. Derivative instruments are classified in the same category as cash flows from the items being hedged and any related gains and losses are reported as financing activities in the Consolidated Statement of Cash Flows.

The Company formally documents all relationships between hedging instruments and hedge items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes attributing all derivatives that are designated as cash flow hedges to floating rate liabilities and attributing all derivatives that are designated as fair value hedges to fixed rate liabilities. The Company also assesses whether each derivative is highly effective in offsetting changes in the cash flows of the hedged item. Fluctuations in the value of the derivative instruments are generally offset by changes in the hedged item; however, if it is determined that a derivative is not highly effective as a hedge or if a derivative ceases to be a highly effective hedge, the Company will discontinue hedge accounting prospectively for the affected derivative.

Stock-Based Compensation Expense

The Company recognizes the cost of stock-based compensation awards based upon the grant date fair value of those awards. The impact of forfeitures that may occur prior to vesting is also estimated and considered in the amount recognized. Stock-based compensation expense is recognized ratably over the requisite service period, which is typically the vesting period.

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 2022, 2021 and 2020:


	2022			2021			2020
Risk free interest rates		1.56	%		0.24	%		1.79	%
Expected term	4-5 years			4-5 years			4-5 years
Expected volatility		48	%		43	%		41	%
Expected dividend rate [1]		—			13.30	%		13.11	%

[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.

The Company uses historical data to estimate award exercises and employee terminations within the valuation model. The expected term of the awards represents the period of time that awards granted are expected to be outstanding and is based on historical data and expected holding periods.

For restricted stock share-based awards that contain a performance condition, the achievement of the targets must be probable before any share-based compensation is recorded. If subsequent to the initial measurement there is a change in the estimate of the probability of meeting the performance condition, the effect of the change in the estimated quantity of awards expected to vest is recognized by cumulatively adjusting compensation expense. If ultimately the performance targets are not met, for any awards where vesting was previously deemed probable, previously recognized compensation expense will be reversed in the period in which vesting is no longer deemed probable.

For restricted stock share-based awards that contain a market condition, the probability of satisfying the market condition is considered in the estimate of grant-date fair value and previously recorded compensation expense is not reversed if the market condition is never met. The fair value of restricted stock awards granted in 2022, 2021 and 2020 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:


	2022			2021			2020
Expected volatility		57.5	%		48.2	%		30.3	%
Beta		0.93			0.79			1.12
Risk free interest rate		1.45	%		0.22	%		0.85	%

Earnings Per Share

Recent Accounting Pronouncements

The following accounting standard will be adopted in future periods:

In March 2020, the FASB issued ASU 2020-04, “Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2024, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The Company does not expect any significant impacts of reference rate reform and the application of this guidance.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material effect on the Company's results of operations or financial position.

Business Segments and Geographic Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Facility Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule Of Equity Method Investments [Line Items]
Number of reportable business segments \| Segment	4
Number of managed correctional facilities in Australia \| Facility	4
Equity in earnings (losses) of affiliates, net of income tax provision	$ 4,771	$ 7,141	$ 9,166
SACS
Schedule Of Equity Method Investments [Line Items]
Equity in earnings (losses) of affiliates, net of income tax provision	2,500	3,600	3,700
Investment in joint venture	10,200	10,300
Dividend distributions received	1,900	3,100
GEO Amey
Schedule Of Equity Method Investments [Line Items]
Equity in earnings (losses) of affiliates, net of income tax provision	2,200	3,600	$ 5,500
Investment in joint venture	8,700
Dividend distributions received	2,600	5,200
Advances to affiliate	$ 8,700	$ 10,100

Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

The Company has recorded goodwill as a result of its various business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company’s goodwill balances recognized during the years ended December 31, 2022 and 2021 were as follows (in thousands):


	1/1/2022		Foreign currency translation			12/31/2022
U.S. Secure Services	$	316,366	$	—		$	316,366
Electronic Monitoring and Supervision Services		289,570		—			289,570
Reentry Services		148,873		—			148,873
International Services		416		(26	)		390
Total Goodwill	$	755,225	$	(26	)	$	755,199


	1/1/2021		Foreign currency translation			12/31/2021
U.S. Secure Services	$	316,366	$	—		$	316,366
Electronic Monitoring and Supervision Services		289,570		—			289,570
Reentry Services		148,873		—			148,873
International Services		441		(25	)		416
Total Goodwill	$	755,250	$	(25	)	$	755,225

Intangible assets consisted of the following as of December 31, 2022 and 2021 (in thousands):


	Weighted		December 31, 2022							December 31, 2021
	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	$	308,350	$	(206,367	)	$	101,983	$	308,369	$	(189,163	)	$	119,206
Technology		7.3		33,700		(33,195	)		505		33,700		(31,982	)		1,718
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	387,250	$	(239,562	)	$	147,688	$	387,269	$	(221,145	)	$	166,124

The accounting for recognized intangible assets is based on the useful lives to the reporting entity. Intangible assets with finite useful lives are amortized over their useful lives and intangible assets with indefinite useful lives are not amortized. The Company estimates the useful lives of its intangible assets taking into consideration (i) the expected use of the asset by the Company, (ii) the expected useful lives of other

related assets or groups of assets, (iii) legal or contractual limitations, (iv) the Company's historical experience in renewing or extending similar arrangements, (v) the effects of obsolescence, demand, competition and other economic factors and (vi) the level of maintenance expenditures required to obtain the expected cash flows from the asset.

Amortization expense was $18.4 million, $21.6 million and $22.3 million for the years ended December 31, 2022, 2021 and 2020, respectively, and primarily related to the U.S. Secure Services and Reentry Services segments’ amortization of intangible assets for acquired management contracts. The Company relies on its historical experience in determining the useful life of facility management contracts. The Company makes assumptions related to acquired facility management contracts based on the competitive environment for individual contracts, our historical success rates in retaining contracts, the supply of available beds in the market, changes in legislation, the projected profitability of the facilities and other market conditions. As of December 31, 2022, the weighted average period before the next contract renewal or extension for the facility management contracts was approximately 3.1 years. Although the facility management contracts acquired have renewal and extension terms in the near term, the Company has historically maintained these relationships beyond the contractual periods.

Estimated amortization expense related to the Company’s finite-lived intangible assets for 2023 through 2027 and thereafter is as follows (in thousands):


Fiscal Year	Total Amortization Expense
2023	$	11,766
2024		9,314
2025		9,263
2026		7,170
2027		6,628
Thereafter		58,347
	$	102,488

Benefit Plans - Additional Information (Details)			12 Months Ended
Benefit Plans - Additional Information (Details)	Jul. 01, 2021 USD ($)	Feb. 26, 2020 USD ($) shares	Dec. 31, 2022 USD ($) Plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Employer discretionary contribution amount			$ 7,200,000	$ 7,300,000	$ 8,300,000
Number of non-contributory defined benefit pension plans \| Plan			2
Period of average compensation for pension benefit computation			5 years
Age limit for a lump sum payment			55 years
Long-term portion of the pension liability			$ 25,400,000	31,500,000
AOCI net prior service cost			500,000
Future amortization of prior service cost			$ 0
Retirement age			65 years
Rabbi trust balance			$ 37,000,000.0
Expense related to contributions			600,000	100,000	$ 100,000
Total deferred compensation liability			32,300,000	35,000,000.0
Deferred compensation liability, current			1,800,000	$ 3,700,000
George C. Zoley \| Amended and Restated Executive Retirement Agreement
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Deferred compensation, interest rate on cash payment	5.00%
Deferred compensation arrangement with individual, employer contribution	$ 1,000,000
Deferred compensation, interest rate on employer contribution	5.00%
Deferred compensation arrangement with individual, cash payment	$ 3,600,000
Deferred compensation arrangement with individual reclassification from equity to other non-current liabilities	$ 3,600,000
Deferred compensation arrangement with individual balance			$ 7,000,000
Common Stock
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Deferred compensation arrangement with individual, value of shares issued		$ 8,925,065
Deferred compensation arrangement with individual, shares issued \| shares		553,665

Business Segments and Geographic Information - Asset Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Total segment assets	$ 3,760,383	$ 4,537,408
Cash	95,073	506,491	$ 283,524
Deferred income tax assets	86,004	111,780
Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total segment assets	3,545,614	3,934,598
Segment Reconciling Items
Segment Reporting Asset Reconciling Item [Line Items]
Cash	95,073	506,491
Deferred income tax assets	8,005
Restricted cash and investments, current and non-current	$ 111,691	$ 96,319

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Property and Equipment - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Interest capitalized in property and equipment	$ 0	$ 0
Depreciation expense	111,600,000	109,600,000	$ 112,400,000
Assets under finance leases	20,500,000	20,500,000
Accumulated amortization related to capital leases	18,700,000	17,100,000
Depreciation expense related to capital leases	$ 1,525,000	$ 1,687,000	$ 1,200,000

Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 were as follows (in thousands):


	1/1/2022		Foreign currency translation			12/31/2022
U.S. Secure Services	$	316,366	$	—		$	316,366
Electronic Monitoring and Supervision Services		289,570		—			289,570
Reentry Services		148,873		—			148,873
International Services		416		(26	)		390
Total Goodwill	$	755,225	$	(26	)	$	755,199


	1/1/2021		Foreign currency translation			12/31/2021
U.S. Secure Services	$	316,366	$	—		$	316,366
Electronic Monitoring and Supervision Services		289,570		—			289,570
Reentry Services		148,873		—			148,873
International Services		441		(25	)		416
Total Goodwill	$	755,250	$	(25	)	$	755,225

Schedule of Intangible Assets

Intangible assets consisted of the following as of December 31, 2022 and 2021 (in thousands):


	Weighted		December 31, 2022							December 31, 2021
	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	$	308,350	$	(206,367	)	$	101,983	$	308,369	$	(189,163	)	$	119,206
Technology		7.3		33,700		(33,195	)		505		33,700		(31,982	)		1,718
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	387,250	$	(239,562	)	$	147,688	$	387,269	$	(221,145	)	$	166,124

Estimated Amortization Expense for the Remainder

Estimated amortization expense related to the Company’s finite-lived intangible assets for 2023 through 2027 and thereafter is as follows (in thousands):


Fiscal Year	Total Amortization Expense
2023	$	11,766
2024		9,314
2025		9,263
2026		7,170
2027		6,628
Thereafter		58,347
	$	102,488

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Business Segments and Geographic Information - Customer Concentration Risk (Details) - Customer Concentration Risk - Revenue Benchmark	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Various agencies of the U.S Federal Government
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	64.00%	58.00%	56.00%
Minimum
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenue	10.00%

Debt (Debt Issuance Fees) (Details) - USD ($) $ in Millions	12 Months Ended
Debt (Debt Issuance Fees) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Aug. 19, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Write off of deferred loan costs to loss on extinguishment of debt	$ 2.3
New Revolving Credit Commitments, New Tranche 1, 2 and 3 Loans, New Registered Notes and New Private Notes
Debt Instrument [Line Items]
Debt issuance fees	$ 52.8
5.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	5.125%	5.125%	5.125%

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal income taxes:
Current	$ 25,699	$ 20,006	$ 8,259
Deferred	17,328	71,202	(255)
Federal income tax expense (benefit), continuing operations, total	43,027	91,208	8,004
State income taxes:
Current	10,422	8,564	4,146
Deferred	3,960	18,587	47
State and local income tax expense (benefit), continuing operations, total	14,382	27,151	4,193
Foreign income taxes (benefit):
Current	39,904	7,780	(3,163)
Deferred	(34,414)	(3,409)	11,429
Foreign income tax expense (benefit), continuing operations, total	5,490	4,371	8,266
Total U.S. and foreign provision for income taxes	$ 62,899	$ 122,730	$ 20,463

Debt (Nonrecourse Debt) (Details) - USD ($)	12 Months Ended
Debt (Nonrecourse Debt) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-Term Debt	$ 1,933,145,000	$ 2,625,959,000	$ 1,933,145,000
(Loss) Gain on extinguishment of debt	(37,895,000)	$ 4,693,000	$ 5,319,000
Long-term debt	$ 2,046,006,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate	4.22%
LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%
Notes Payable, Other Payables
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 01, 2034
Long-term debt	$ 44,300,000
Debt issuance costs, net	$ 600,000

Debt (Debt Repurchases) (Details) - USD ($)	12 Months Ended
Debt (Debt Repurchases) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 19, 2022
Debt Instrument [Line Items]
(Loss) Gain on extinguishment of debt	$ (37,895,000)	$ 4,693,000	$ 5,319,000
5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%		5.875%
Debt instrument, repurchased face amount		$ 17,200,000
5.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	5.125%	5.125%		5.125%
(Loss) Gain on extinguishment of debt	$ 7,200,000
5.875% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate				5.875%
Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	6.00%	6.00%		6.00%
(Loss) Gain on extinguishment of debt	$ 21,600,000
Senior Notes and Term Loan
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	On February 11, 2021, the Company’s Board of Directors authorized a new repurchase program for repurchases/retirements of the above referenced Senior Notes and term loan, subject to certain limitations up to an aggregate maximum of $100.0
Senior Notes \| 5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%
Percentage of principal amount redeemed		79.51%
Repurchase amount		$ 13,700,000
Senior Notes \| 5.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	5.125%	5.125%
Debt instrument, repurchased face amount		$ 22,500,000
Percentage of principal amount redeemed		90.68%
Repurchase amount		$ 20,400,000
(Loss) Gain on extinguishment of debt		$ 4,700,000
Senior Notes \| 5.875% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	5.875%
Senior Notes \| 6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	6.00%	6.00%

Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Financial Instruments

The Company’s Consolidated Balance Sheets reflect certain financial instruments at carrying value. The following table presents the carrying values of those instruments and the corresponding estimated fair values (in thousands):


	Estimated Fair Value Measurements at December 31, 2022
	Carrying Value as of December 31, 2022		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	95,073	$	95,073	$	95,073	$	—	$	—
Restricted cash and investments		48,770		48,770		48,770		—		—
Liabilities:
Borrowings under exchange credit facility	$	1,113,239	$	1,112,183	$	—	$	1,112,183	$	—
10.500% Public Second Lien Notes due 2028		286,521		291,610		—		291,610		—
9.500% Private Second Lien Notes due 2028		239,142		232,627		—		232,627		—
5.875% Senior Notes due 2024		23,253		22,997		—		22,997		—
6.00% Senior Notes due 2026		110,858		99,132		—		99,132		—
6.50% Exchangeable Senior Notes due 2026		230,000		327,872		—		327,872		—


	Estimated Fair Value Measurements at December 31, 2021
	Carrying Value as of December 31, 2021		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	506,491	$	506,491	$	506,491	$	—	$	—
Restricted cash and investments		41,831		41,831		41,831		—		—
Liabilities:
Borrowings under Senior Credit Facility	$	1,546,895	$	1,448,280	$	—	$	1,448,280	$	—
5.125% Senior Notes due 2023		259,275		248,479		—		248,479		—
5.875% Senior Notes due 2024		225,293		199,522		—		199,522		—
6.00% Senior Notes due 2026		350,000		283,691		—		283,691		—
6.50% Exchangeable Senior Notes due 2026		230,000		248,211		—		248,211
Non-recourse debt		310,108		310,108		—		310,108		—

Debt (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Line Of Credit Facility [Line Items]

Long-term debt

$ 2,046,006

Finance Lease Obligations

1,977

$ 3,843

$ 1,977

Other debt, net of unamortized debt issuance costs

41,363

40,323

Total debt

2,944,360

1,979,147

Current portion of finance lease obligations, long-term debt and non-recourse debt

(44,722)

(18,568)

(44,722)

Finance Lease Obligations, long-term portion

(1,280)

(1,977)

(1,280)

Non-Recourse Debt, long-term portion

(297,856)

Long-Term Debt

1,933,145

2,625,959

$ 1,933,145

Exchange Credit Agreement

Line Of Credit Facility [Line Items]

Revolver

^[1]

30,000

Long-term debt

^[1]

1,106,777

6.00% Senior Notes

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs on term loan

(23,400)

Long-term debt

110,900

5.875% Senior Notes

Line Of Credit Facility [Line Items]

Long-term debt

23,300

5.125% Senior Notes

Line Of Credit Facility [Line Items]

Long-term debt

125,700

Tranche 1 loans | Exchange Credit Agreement

Line Of Credit Facility [Line Items]

Term loan

^[1]

846,445

Unamortized premium

^[1]

25,345

Unamortized debt issuance costs

^[1]

(22,575)

Tranche 2 loans | Exchange Credit Agreement

Line Of Credit Facility [Line Items]

Term loan

^[1]

236,794

Unamortized debt issuance costs on term loan

^[1]

(2,922)

Unamortized debt issuance costs

^[1]

(6,310)

Line of Credit

Line Of Credit Facility [Line Items]

Term loan

762,000

Unamortized debt issuance costs on term loan

(2,733)

Unamortized debt issuance costs

(1,152)

Revolver

784,895

Long-term debt

930,682

Total Senior Credit Facility

1,543,010

Senior Notes | 10.500% Public Second Lien Notes due 2028

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs on term loan

(15,457)

Unamortized debt issuance costs

(7,811)

Long-term debt

263,253

Long-term debt, gross

286,521

Senior Notes | 9.500% Private Second Lien Notes due 2028

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs on term loan

(22,524)

Unamortized debt issuance costs

(6,551)

Long-term debt

210,067

Long-term debt, gross

239,142

Senior Notes | 6.50% Exchangeable Senior Notes

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs

(6,489)

(8,246)

Long-term debt

223,511

221,754

Long-term debt, gross

230,000

Senior Notes | 6.00% Senior Notes

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs

(776)

(3,099)

Long-term debt

110,082

346,901

Long-term debt, gross

110,858

350,000

Senior Notes | 5.875% Senior Notes

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs

(96)

(1,410)

Long-term debt

23,157

223,883

Long-term debt, gross

$ 23,253

225,293

Senior Notes | 5.125% Senior Notes

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs

(1,221)

Long-term debt

258,054

Long-term debt, gross

259,275

Non Recourse Debt

Line Of Credit Facility [Line Items]

Unamortized debt issuance costs

(4,556)

Long-term debt

305,552

Non-Recourse Debt

$ 310,108

[1]	As further discussed below, the exchange credit agreement included Tranche 3 Loans which were redeemed prior to December 31, 2022.

Debt (Parenthetical) (Details)	12 Months Ended
Debt (Parenthetical) (Details)	Dec. 31, 2022	Dec. 31, 2021	Aug. 19, 2022	Feb. 24, 2021
9.500% Private Second Lien Notes due 2028
Line Of Credit Facility [Line Items]
Stated interest rate	9.50%
6.50% Exchangeable Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	6.50%	6.50%
6.00% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	6.00%	6.00%	6.00%
Debt instrument maturity year	2026
5.875% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	5.875%	5.875%	5.875%
Debt instrument maturity year	2024
5.125% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	5.125%	5.125%	5.125%
Debt instrument maturity year	2023
5.875% Senior Notes due 2022
Line Of Credit Facility [Line Items]
Stated interest rate			5.875%
Convertible Notes \| 6.50% Exchangeable Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	6.50%	6.50%		6.50%
Debt instrument maturity year	2026	2026
Senior Notes \| 10.500% Public Second Lien Notes due 2028
Line Of Credit Facility [Line Items]
Stated interest rate	10.50%	10.50%
Debt instrument maturity year	2028	2028
Senior Notes \| 9.500% Private Second Lien Notes due 2028
Line Of Credit Facility [Line Items]
Stated interest rate	9.50%	9.50%
Debt instrument maturity year	2028	2028
Senior Notes \| 6.00% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	6.00%	6.00%
Debt instrument maturity year	2026	2026
Senior Notes \| 5.875% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	5.875%	5.875%
Debt instrument maturity year	2024	2024
Senior Notes \| 5.125% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	5.125%	5.125%
Debt instrument maturity year	2023	2023
Senior Notes \| 5.875% Senior Notes due 2022
Line Of Credit Facility [Line Items]
Stated interest rate	5.875%

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

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents


	December 31, 2022			December 31, 2021			December 31, 2020
Cash and Cash Equivalents	$	95,073		$	506,491		$	283,524
Restricted cash and cash equivalents - current		—			20,161			26,740
Restricted cash and investments - non-current		111,691			76,158			37,338
Less Restricted investments - non-current		(62,921	)		(54,488	)		(35,749	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	143,843		$	548,322		$	311,853

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


						Secure Services		Reentry Services		Total
		Secure Services		Reentry Services		Net Carrying Value		Net Carrying Value		Net Carrying Value
Facility	Year Idled	Design Capacity		Design Capacity		December 31, 2022		December 31, 2022		December 31, 2022
Great Plains Correctional Facility	2021		1,940		—	$	69,367	$	—	$	69,367
D. Ray James Correctional Facility	2021		1,900		—		50,829		—		50,829
Northlake Correctional Facility	2022		1,800		—		68,524		—		68,524
Rivers Correctional Facility	2021		1,450		—		37,911		—		37,911
Big Spring Correctional Facility	2021		1,732		—		32,959		—		32,959
Flightline Correctional Facility	2021		1,800		—		35,094		—		35,094
McFarland Female Community Reentry Facility	2020		300		—		10,900		—		10,900
Cheyenne Mountain Recovery Center	2020		—		750		—		16,659		16,659
Albert Bo Robinson Assessment & Treatment Center	2022		—		900		—		14,011		14,011
Coleman Hall	2017		—		350		—		7,759		7,759
Hector Garza Center	2020		—		139		—		4,794		4,794
Total			10,922		2,139	$	305,584	$	43,223	$	348,807

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)
2023	$	4,675
2024		4,080
2025		4,094
2026		4,162
2027		4,175
Thereafter		62,407
Total	$	83,593

Disaggregation of Revenue


	Year Ended December 31, 2022 (in thousands)
	U.S. Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		Total
Owned and Leased: Secure Services	$	1,109,923	$	—	$	—	$	—	$	1,109,923
Owned and Leased: Community-based		—		—		155,932		—		155,932
Managed Only		327,908		—		6,913		187,200		522,021
Electronic Monitoring Services and Other Reentry		—		496,268		92,583		—		588,851
Total Revenues	$	1,437,831	$	496,268	$	255,428	$	187,200	$	2,376,727


	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
Electronic Monitoring Services and Other Reentry		—		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
Electronic Monitoring Services and Other Reentry		—		241,944		82,602		—		324,546
Total Revenues	$	1,571,216	$	241,944	$	309,398	$	227,540	$	2,350,098

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 attributable to The GEO Group, Inc.			Unrealized (loss) gain on derivatives, net of tax			Change Marketable Securities, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2022	$	(12,461	)	$	(2,524	)	$	7		$	(5,238	)	$	(20,216	)
Current-period other comprehensive income (loss)		(7,554	)		6,169			(960	)		5,642			3,297
Balance, December 31, 2022	$	(20,015	)	$	3,645		$	(953	)	$	404		$	(16,919	)


	Foreign currency translation adjustments 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	)

Fair value of stock-based awards


	2022			2021			2020
Risk free interest rates		1.56	%		0.24	%		1.79	%
Expected term	4-5 years			4-5 years			4-5 years
Expected volatility		48	%		43	%		41	%
Expected dividend rate [1]		—			13.30	%		13.11	%

Fair value assumptions of restricted stock

The fair value of restricted stock awards granted in 2022, 2021 and 2020 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:


	2022			2021			2020
Expected volatility		57.5	%		48.2	%		30.3	%
Beta		0.93			0.79			1.12
Risk free interest rate		1.45	%		0.22	%		0.85	%

Debt (6.00% Senior Notes due 2026) (Details) - USD ($)	12 Months Ended
Debt (6.00% Senior Notes due 2026) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 19, 2022
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ (37,895,000)	$ 4,693,000	$ 5,319,000
Long-term debt	2,046,006,000
6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 239,100,000
Debt instrument maturity year	2026
Debt instrument, fair value	$ 215,700,000
Debt instrument, discount	23,400,000
Gain (loss) on extinguishment of debt	$ 21,600,000
Stated interest rate	6.00%	6.00%		6.00%
Long-term debt	$ 110,900,000
9.500% Private Second Lien Notes due 2028
Debt Instrument [Line Items]
Debt instrument, face amount	$ 239,100,000
Debt instrument, maturity date	Dec. 31, 2028
Stated interest rate	9.50%

Equity Incentive Plans - Options by Exercise Price (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Options outstanding, number outstanding (in shares) \| shares	1,885,000
Options outstanding, Wtd. Avg. remaining contractual life	5 years 11 months 4 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 18.03
Options exercisable, Number exercisable (in shares) \| shares	1,200
Options exercisable Wtd. Avg. Remaining Contractual Life	4 years 7 months 17 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 22.94
0-18.23
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Lower range limit, Exercise price (in dollars per share)	0
Upper range limit, Exercise price (in dollars per share)	$ 18.23
Options outstanding, number outstanding (in shares) \| shares	849,000
Options outstanding, Wtd. Avg. remaining contractual life	8 years 1 month 9 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 9.46
Options exercisable, Number exercisable (in shares) \| shares	214
Options exercisable Wtd. Avg. Remaining Contractual Life	7 years 3 months 29 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 12.58
18.24-22.26
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Lower range limit, Exercise price (in dollars per share)	18.24
Upper range limit, Exercise price (in dollars per share)	$ 22.26
Options outstanding, number outstanding (in shares) \| shares	439,000
Options outstanding, Wtd. Avg. remaining contractual life	4 years 7 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 20.95
Options exercisable, Number exercisable (in shares) \| shares	439
Options exercisable Wtd. Avg. Remaining Contractual Life	4 years 7 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 20.95
22.27-29.39
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Lower range limit, Exercise price (in dollars per share)	22.27
Upper range limit, Exercise price (in dollars per share)	$ 29.39
Options outstanding, number outstanding (in shares) \| shares	359,000
Options outstanding, Wtd. Avg. remaining contractual life	4 years 4 months 24 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 25.31
Options exercisable, Number exercisable (in shares) \| shares	309
Options exercisable Wtd. Avg. Remaining Contractual Life	4 years 25 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 25.74
29.40-45.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Lower range limit, Exercise price (in dollars per share)	29.40
Upper range limit, Exercise price (in dollars per share)	$ 45.00
Options outstanding, number outstanding (in shares) \| shares	238,000
Options outstanding, Wtd. Avg. remaining contractual life	4 years 21 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 32.27
Options exercisable, Number exercisable (in shares) \| shares	238
Options exercisable Wtd. Avg. Remaining Contractual Life	4 years 21 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 32.27

Equity Incentive Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

The Board has adopted The GEO Group, Inc. Amended and Restated 2018 Stock Incentive Plan (the "2018 Amended and Restated Plan"), which was approved by the Company's shareholders on April 28, 2021. The 2018 Amended and Restated Plan supersedes the previous 2018 Stock Incentive Plan. As of the date the 2018 Amended and Restated Plan was approved by the Company’s shareholders, it provided for a reserve of an additional 16,800,000 shares of common stock that may be issued pursuant to awards granted under the 2018 Amended and Restated Plan. The Company filed a Form S-8 registration statement related to the 2018 Amended and Restated Plan on June 15, 2021.

Under the terms of the 2018 Amended and Restated Plan, the vesting period and, in the case of stock options, the exercise price per share, are determined by the terms of each grant agreement. All stock options that have been granted under the Company plans are exercisable at the fair market value of the common stock at the date of the grant. Generally, the stock options vest and become exercisable ratably over a four-year period. All stock options awarded under the 2018 Amended and Restated Plan expire no later than ten years after the date of the grant. When options are exercised, the Company issues shares of common stock related to the exercised options.

The Company recognized compensation expense related to the Company plans for the years ended December 31, 2022, 2021 and 2020 as follows (in thousands):


	2022		2021		2020
Stock option plan expense	$	552	$	760	$	1,141
Restricted stock expense	$	15,652	$	18,439	$	22,755

Stock Options

A summary of the activity of the Company’s stock options plans is presented below:


	Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(In thousands)							(In thousands)
Options outstanding at January 1, 2022		1,847		$	19.92		6.23	$	73
Granted		342			5.76
Exercised		(10	)		7.52
Forfeited/Canceled		(294	)		16.07
Options outstanding at December 31, 2022		1,885		$	18.03		5.93	$	2,374
Options vested and expected to vest at December 31, 2022		1,826		$	18.37		5.85	$	2,141
Options exercisable at December 31, 2022		1,200		$	22.94		4.63	$	212

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price on the last trading day of 2022 and the exercise price, times the number of shares that are “in the money”) that would have been received by the option holders had all option holders exercised their options on December 31, 2022. This amount changes based on the fair value of the Company’s stock.

The following table summarizes information relative to stock option activity during the years ended December 31, 2022, 2021 and 2020 (in thousands):


	2022		2021		2020
Intrinsic value of options exercised	$	24	$	-	$	-
Fair value of shares vested	$	600	$	925	$	1,061

The following table summarizes information about the exercise prices and related information of stock options outstanding under the Company plans at December 31, 2022:


	Options Outstanding						Options Exercisable
Exercise Prices ($)	Number Outstanding		Wtd. Avg. Remaining Contractual Life		Wtd. Avg. Exercise Price		Number Exercisable		Wtd. Avg. Remaining Contractual Life		Wtd. Avg. Exercise Price
	(In thousands)
0-18.23		849		8.11	$	9.46		214		7.33	$	12.58
18.24-22.26		439		4.02	$	20.95		439		4.02	$	20.95
22.27-29.39		359		4.40	$	25.31		309		4.07	$	25.74
29.40-45.00		238		4.06	$	32.27		238		4.06	$	32.27
Total		1,885		5.93	$	18.03		1,200		4.63	$	22.94

The weighted average grant date fair value of options granted during the year ended December 31, 2022, 2021 and 2020 was $2.49, $0.79 and $1.59 per share, respectively. There were 0.3 million, 0.5 million and 0.5 million options granted during the year ended December 31, 2022, 2021 and 2020, respectively.

The following table summarizes the status of non-vested stock options as of December 31, 2022 and changes during the year ended December 31, 2022:


	Number of Shares			Wtd. Avg. Grant Date Fair Value
	(In thousands)
Options non-vested at January 1, 2022		682		$	1.79
Granted		342			2.49
Vested		(258	)		2.32
Forfeited		(294	)		2.70
Options non-vested at December 31, 2022		472		$	1.89

As of December 31, 2022, the Company had $0.8 million of unrecognized compensation costs related to non-vested stock option awards that are expected to be recognized over a weighted average period of 2.7 years.

Restricted Stock

During the year ended December 31, 2022, the Company granted approximately 1,835,592 shares of restricted stock to certain employees and executive officers. Of these awards, 1,025,000 are market and performance-based awards that will be forfeited if the Company does not achieve certain annual metrics during 2022, 2023 and 2024. The fair value of restricted stock awards, which do not contain a market-based condition, is determined using the closing price of the Company’s common stock on the date of the grant and compensation expense is recognized over the vesting period. Generally, the restricted stock awards vest in equal increments over either a three or four-year period.

The vesting of market and performance-based restricted stock grants awarded in 2022 are subject to the achievement by GEO of two annual performance metrics as follows: (i) up to 50% of the shares of restricted stock ("TSR Target Award") can vest at the end of a three-year performance period if GEO meets certain total shareholder return ("TSR") performance targets, as compared to the total shareholder return of a peer group of companies, over a three year period from January 1, 2022 to December 31, 2024 and (ii) up to 50% of the shares of restricted stock ("ROCE Target Award") can vest at the end of a three-year period if GEO meets certain return on capital employed ("ROCE") performance targets over a three year period from January 1, 2022 to December 31, 2024. These market and performance awards can vest at between 0% and 200% of the target awards for both metrics. The number of shares shown for the market and performance-based awards is based on the target awards for both metrics.

During the year ended December 31, 2021, the Company granted approximately 1,551,000 shares of restricted stock to certain employees and executive officers. Of these awards, 919,000 are market and performance-based awards that will be forfeited if the Company does not achieve certain annual metrics over a three-year period from January 1, 2021 to December 31, 2023.

The vesting of the market and performance-based restricted stock grants awarded in 2021 are subject to the achievement by GEO of two annual performance metrics as follows: (i) up to 50% of the TSR Target Award can vest at the end of a three-year performance period if GEO meets certain TSR performance targets, as compared to the total shareholder return of a peer group of companies, over a three year period from January 1, 2021 to December 31, 2023; and (ii) up to 50% of the ROCE Target Award can vest at the end of a three-year performance period if GEO meets certain ROCE performance targets over a three year period from January 1, 2021 to December 31, 2023. Certain of these performance-based restricted stock grants can vest over a one-year period if GEO meets certain performance targets, as mentioned above, over a three-year period from January 1, 2021 to December 31, 2023. These market and performance-based awards can vest at between 0% and 200% of the target awards for both metrics. The number of shares shown for the market and performance-based awards is based on the target awards for both metrics.

During the year ended December 31, 2020, the Company granted 900,000 shares of restricted stock to its executive officers and to certain senior employees. Of these awards, 360,000 are market and performance-based awards that will be forfeited if the Company does not achieve certain annual metrics over a three-year period from January 1, 2020 to December 31, 2022.

The vesting of the market and performance-based restricted stock grants awarded in 2020 are subject to the achievement by GEO of two annual performance metrics as follows: (i) up to 50% of the TSR Target Award can vest at the end of a three-year performance period if GEO meets certain TSR performance targets, as compared to the total shareholder return of a peer group of companies, over a three year period from January 1, 2020 to December 31, 2022; and (ii) up to 50% of the ROCE Target Award can vest at the end of a three-year period if GEO meets certain ROCE performance targets over a three year period from January 1, 2020 to December 31, 2022. These performance awards can vest at the end of the three-year performance period at between 0% and 200% of the target awards for both metrics. The number of shares shown for the performance-based awards is based on the target awards for both metrics.

The metric related to TSR is considered to be a market condition. For share-based awards that contain a market condition, the probability of satisfying the market condition must be considered in the estimate of grant-date fair value. Compensation expense is recognized over the vesting period and previously recorded compensation expense is not reversed if the market condition is never met. Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies-Stock-Based Compensation Expense, for the assumptions and method used to value these awards.

The metric related to ROCE is considered to be a performance condition. For share-based awards that contain a performance condition, the achievement of the targets must be probable before any share-based compensation expense is recorded. The Company reviews the likelihood of which target in the range will be achieved and if deemed probable, compensation expense is recorded at that time. If subsequent to the initial measurement there is a change in the estimate of the probability of meeting the performance condition, the effect of the change in the estimated quantity of awards expected to vest is recognized by cumulatively adjusting compensation expense. If ultimately the performance targets are not met, for any awards where vesting was previously deemed probable, previously recognized compensation expense will be reversed in the period in which vesting is no longer deemed probable. During 2022, 2021 and 2020, the Company deemed the achievement of the target award to be probable and there were no changes in the estimated quantity of awards expected to vest. The fair value of these awards was determined based on the closing price of the Company's common stock on the date of grant.

The following table summarizes the status of restricted stock awards as of December 31, 2022 and changes during the year ended December 31, 2022:


	Shares			Wtd. Avg. Grant Date Fair value
	(In thousands)
Restricted stock outstanding at January 1, 2022		2,619		$	12.53
Granted		1,836			6.15
Vested		(807	)		16.27
Forfeited/Canceled		(53	)		9.51
Restricted stock outstanding at December 31, 2022		3,595		$	8.28

As of December 31, 2022, the Company had $14.0 million of unrecognized compensation cost that is expected to be recognized over a weighted average period of 2.1 years.

Employee Stock Purchase Plan

The Company previously adopted The GEO Group, Inc. 2011 Employee Stock Purchase Plan (the “Plan" or "ESPP”) effective July 9, 2011. The Company has since amended and restated the Plan (the “Amended ESPP”) which was approved by the Company’s shareholders on April 28, 2021, and became effective on July 9, 2021. The purpose of the Amended ESPP, which is qualified under Section 423 of the Code, is to encourage stock ownership through payroll deductions by the employees of GEO and designated subsidiaries of GEO in order to increase their identification with the Company’s goals and secure a proprietary interest in the Company’s success. These deductions are used to purchase shares of the Company’s Common Stock at a 5% discount from the then current market price. The maximum number of shares of common stock reserved for issuance over the term of the Amended ESPP on the amended effective date shall not exceed 506,023 shares.

The Amended ESPP is considered to be non-compensatory. As such, there is no compensation expense required to be recognized. Share purchases under the Amended ESPP are made on the last day of each month. During the years ended December 31, 2022, 2021 and 2020, 25,573, 42,627 and 49,896 shares of common stock, respectively, were issued in connection with the Plan.

Commitments, Contingencies and Other Matters - Additional Information (Details)					1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Jan. 09, 2023	Oct. 31, 2021 USD ($)	Jul. 01, 2021 USD ($) Facility	Dec. 31, 2022 USD ($) Bed Installment	Oct. 31, 2022 Bed	Dec. 31, 2022 USD ($) Bed Contract Installment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Installment	Dec. 31, 2021 USD ($) Installment	Dec. 31, 2020 USD ($)	Aug. 31, 2022 USD ($)
Commitments and Contingencies [Line Items]
Equity incentive award vesting period									3 years
Estimated construction existing active capital projects cost									$ 42,200,000
Contracts With BOP					$ 0		$ 0		0
Contract commencement date		Jul. 01, 2023
Cost already spent on existing active capital projects									19,500,000
Remaining capital required for existing active capital projects									22,700,000
Loss contingency, judgement value			$ 23,200,000
Attorneys fees costs and interest amount			$ 12,700,000
Estimate of possible loss									$ 20,000,000.0
Number of deferred payment installment related to payroll taxes \| Installment					2		2		2	2
Remaining balance of deferred payroll taxes paid												$ 20,000,000.0
Loss on asset divestiture									$ (32,332,000)	$ (5,499,000)	$ 6,831,000
Florence West Correctional and Rehabilitation Facility
Commitments and Contingencies [Line Items]
Life term of contract						5 years
Design Capacity \| Bed						780
Kingman Correctional and Rehabilitation Facility
Commitments and Contingencies [Line Items]
Life term of contract					2 years
Design Capacity \| Bed					3,400
Robet Deyton Facility
Commitments and Contingencies [Line Items]
Life term of contract							5 years
Design Capacity \| Bed							768
Residential Reentry
Commitments and Contingencies [Line Items]
Number of contract renewed \| Contract							5
BOP
Commitments and Contingencies [Line Items]
Number of contract renewed \| Contract							4
Youth Division
Commitments and Contingencies [Line Items]
Number of company -owned youth facilities entered into lease agreements \| Facility				6
Loss on asset divestiture										4,500,000
Youth Division \| Term Note
Commitments and Contingencies [Line Items]
Proceeds from divestiture of businesses				$ 10,000,000
Debt instrument, maturity date				Jul. 01, 2026
Stated interest rate				5.00%
Principal payments due annually				$ 250,000
Youth Division \| Term Note \| Abraxas
Commitments and Contingencies [Line Items]
Proceeds from related party debt										$ 8,000,000
Youth Division \| Grid Note
Commitments and Contingencies [Line Items]
Debt instrument, maturity date				Dec. 31, 2022
Working capital line of credit				$ 4,000,000
Debt instrument basis spread on variable rate				1.00%
Basis spread rate, description									Additionally, the Company had provided a $4 million working capital line of credit (“Grid Note”) which was to mature on December 31, 2022 and bore daily interest at prime minus 1%. Each loan under the Grid Note was payable upon the earlier of (i) on demand, (ii) thirty days from the funding date, or (iii) the maturity date.
Amount drawn from working capital lines of credit									$ 0
Scenario Forecast \| Youth Division \| Term Note
Commitments and Contingencies [Line Items]
Percentage of additional payment due on excess cash flow	50.00%
Scenario Forecast \| Youth Division \| Term Note \| Minimum
Commitments and Contingencies [Line Items]
Additional payment due equal to 50% of excess cash flow	$ 1,000,000
Ravenhall
Commitments and Contingencies [Line Items]
Gross proceeds from sale of equity investment								$ 84,000,000
Gain on sale of equity investment, pre-tax								$ 29,300,000
Workforce Subject to Collective Bargaining Arrangements \| Labor Force Concentration Risk \| United States and International
Commitments and Contingencies [Line Items]
Concentration risk, percentage									47.00%
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year \| Labor Force Concentration Risk \| United States and International
Commitments and Contingencies [Line Items]
Concentration risk, percentage									9.00%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 809	$ 1,155
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	187,500,000	187,500,000
Common stock, shares issued (in shares)	128,912,410	127,323,762
Common stock, shares outstanding (in shares)	124,060,038	122,471,390
Treasury stock, shares (in shares)	4,852,372	4,852,372

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Instrument [Line Items]

Summary of Debt

Debt consisted of the following (in thousands):


	December 31, 2022			December 31, 2021
Senior Credit Facility:
Term loan	$	—		$	762,000
Unamortized debt issuance costs on term loan		—			(2,733	)
Unamortized discount on term loan		—			(1,152	)
Revolver		—			784,895
Total Senior Credit Facility		-			1,543,010
Exchange Credit Agreement [*]
Tranche 1 Loans		846,445			-
Unamortized premium on tranche 1 loans		25,345			-
Unamortized debt issuance costs on tranche 1 loans		(22,575	)		-
Tranche 2 Loans		236,794			-
Unamortized discount on tranche 2 loans		(2,922	)		-
Unamortized debt issuance costs on tranche 2 loans		(6,310	)		-
Revolver		30,000			-
Total Exchange Credit Agreement		1,106,777			-
10.500% Public Second Lien Notes due 2028
Notes Due in 2028		286,521			-
Unamortized discount		(15,457	)		-
Unamortized debt issuance costs		(7,811	)		-
Total 10.500% Public Second Lien Notes due 2028		263,253			-
9.500% Private Second Lien Notes due 2028
Notes Due in 2028		239,142			-
Unamortized discount		(22,524	)		-
Unamortized debt issuance costs		(6,551	)		-
Total 9.500% Private Second Lien Notes due 2028		210,067			-
6.50% Exchangeable Senior Notes:
Notes Due in 2026		230,000			230,000
Unamortized debt issuance costs		(6,489	)		(8,246	)
Total 6.50% Exchangeable Senior Notes Due in 2026		223,511			221,754
6.00% Senior Notes:
Notes Due in 2026		110,858			350,000
Unamortized debt issuance costs		(776	)		(3,099	)
Total 6.00% Senior Notes Due in 2026		110,082			346,901
5.875% Senior Notes:
Notes Due in 2024		23,253			225,293
Unamortized debt issuance costs		(96	)		(1,410	)
Total 5.875% Senior Notes Due in 2024		23,157			223,883
5.125% Senior Notes:
Notes Due in 2023		-			259,275
Unamortized debt issuance costs		-			(1,221	)
Total 5.125% Senior Notes Due in 2023		-			258,054
Non-Recourse Debt:
Non-Recourse Debt		-			310,108
Unamortized debt issuance costs on non-recourse debt		-			(4,556	)
Total Non-Recourse Debt		-			305,552
Finance Lease Obligations		1,977			3,843
Other debt		40,323			41,363
Total debt		1,979,147			2,944,360
Current portion of finance lease obligations, long-term debt and non-recourse debt		(44,722	)		(18,568	)
Finance Lease Obligations, long-term portion		(1,280	)		(1,977	)
Non-Recourse Debt, long-term portion		-			(297,856	)
Long-Term Debt	$	1,933,145		$	2,625,959

Debt Repayment Schedules Under Capital Lease Obligations, Long-Term Debt and Non-Recourse Debt

Debt repayment schedules under Finance Lease Obligations, Long-Term Debt, Term Loans and the Exchange Credit Agreement are as follows:


Fiscal Year	Finance Leases			Long-Term Debt			Revolver		Term Loans			Total Repayment
	(In thousands)
2023	$	759		$	1,166		$	—	$	42,860		$	44,785
2024		759			24,461			30,000		42,860			98,080
2025		536			1,274			—		42,860			44,670
2026		29			342,183			—		42,860			385,072
2027		—			1,383			—		911,801			913,184
Thereafter		—			560,215			—		—			560,215
		2,083			930,682			30,000		1,083,241			2,046,006
Interest imputed on finance leases		(106	)		—			—		—			(106	)
Original issue (discount) premium		—			(37,981	)		—		22,423			(15,558	)
Current portion		(697	)		(1,166	)		—		(42,860	)		(44,723	)
Non-current portion	$	1,280		$	891,535		$	30,000	$	1,062,804		$	1,985,619

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Income tax provision on equity in earnings of affiliates	$ 740	$ 1,035	$ 1,784

Business Segments and Geographic Information - Schedule of Operating and Reporting Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 2,376,727	$ 2,256,612	$ 2,350,098
Depreciation and amortization:
Depreciation and Amortization	132,925	135,177	134,680
Operating Income:
Operating income from segments	580,074	492,389	422,777
General and Administrative Expenses	(196,972)	(204,306)	(193,372)
Operating Income	383,102	288,083	229,405
Electronic Monitoring and Supervision Services
Revenues:
Revenues	496,268	278,934
Reentry Services
Revenues:
Revenues	255,428	274,893
Operating Segments
Revenues:
Revenues	2,376,727	2,256,612	2,350,098
Capital Expenditures:
Capital Expenditures	90,026	69,394	108,800
Operating Income:
Operating income from segments	580,074	492,389	422,777
Operating Segments \| U.S. Secure Services
Revenues:
Revenues	1,437,831	1,488,936	1,571,216
Capital Expenditures:
Capital Expenditures	52,613	23,780	58,410
Operating Income:
Operating income from segments	279,975	292,925	298,952
Operating Segments \| Electronic Monitoring and Supervision Services
Revenues:
Revenues	496,268	278,934	241,944
Capital Expenditures:
Capital Expenditures	31,354	29,504	32,972
Operating Income:
Operating income from segments	238,194	127,070	97,421
Operating Segments \| Reentry Services
Revenues:
Revenues	255,428	274,893	309,398
Capital Expenditures:
Capital Expenditures	3,181	14,675	16,276
Operating Income:
Operating income from segments	42,923	50,128	6,740
Operating Segments \| International
Revenues:
Revenues	187,200	213,849	227,540
Capital Expenditures:
Capital Expenditures	2,878	1,435	1,142
Operating Income:
Operating income from segments	18,982	22,266	19,664
Segment Reconciling Items
Depreciation and amortization:
Depreciation and Amortization	132,925	135,177	134,680
Operating Income:
General and Administrative Expenses	(196,972)	(204,306)	(193,372)
Segment Reconciling Items \| U.S. Secure Services
Depreciation and amortization:
Depreciation and Amortization	80,600	83,721	80,702
Segment Reconciling Items \| Electronic Monitoring and Supervision Services
Depreciation and amortization:
Depreciation and Amortization	31,838	30,422	31,678
Segment Reconciling Items \| Reentry Services
Depreciation and amortization:
Depreciation and Amortization	18,416	18,773	20,154
Segment Reconciling Items \| International
Depreciation and amortization:
Depreciation and Amortization	$ 2,071	$ 2,261	$ 2,146

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Balance at Beginning of Period	$ 1,105	$ 5,623	$ 5,469
Additions based on tax positions related to the current year	581	133	44
Additions for tax positions of prior years	57	57	166
Reductions as a result of a lapse of applicable statutes of limitations	(223)	(4,708)	(56)
Balance at End of Period	$ 1,520	$ 1,105	$ 5,623

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

13.

Leases

The Company has operating and finance leases for facilities, ground leases, office space, computers, copier equipment and transportation vehicles that have remaining lease terms of one year to seventy-seven years, some of which include options to extend the lease for up to ten years. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the term of the lease. Many of GEO's leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. Only renewal or termination options that are reasonably certain to be exercised by the Company are included in the lease term which is used in the calculation of lease liabilities and right-of-use assets. GEO does not typically enter into lease agreements that contain a residual guarantee or that provide for variable lease payments.

When available, GEO uses the rate implicit in the lease to discount lease payments to present value, however, most of GEO's lease agreements do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands):


	Classification on the Balance Sheet	December 31, 2022		December 31, 2021
Assets
Operating lease assets	Operating Lease Right-of-Use Assets, Net	$	90,950	$	112,187
Finance lease assets	Property and Equipment, Net		1,895		3,420
Total lease assets		$	92,845	$	115,607

Liabilities
Current
Operating	Operating lease liabilities, current portion	$	22,584	$	28,279
Finance [1]	Current portion of finance liabilities, long-term debt and non-recourse debt		697		1,866
Noncurrent
Operating	Operating Lease Liabilities		73,801		89,917
Finance [1]	Finance Lease Liabilities		1,280		1,977
Total lease liabilities		$	98,362	$	122,039

[1] Also refer to Note 12 - Debt.

Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands):


	Year Ended December 31, 2022			Year Ended December 31, 2021
Operating lease cost	$	37,362		$	40,020
Finance lease cost:
Amortization of right-of-use assets		1,525			1,687
Interest on lease liabilities		119			287
Total finance lease cost		1,644			1,974
Short-term lease cost		4,869			350
Total lease cost	$	43,875		$	42,344
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	37,836		$	38,874
Operating cash flows for finance leases	$	1,262		$	1,255
Financing activities for finance leases	$	726		$	1,289
Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,697		$	10,786
Right-of-use assets obtained in exchange for new finance lease liabilities	$	—		$	1,198
Weighted average remaining lease term:
Operating leases	6.3 years			6.2 years
Finance leases	2.8 years			3.8 years
Weighted average discount rate:
Operating leases		3.90	%		4.56	%
Finance leases		4.00	%		5.26	%

Undiscounted Cash Flows


	Operating Leases			Finance Leases
2023	$	28,447		$	759
2024		23,527			759
2025		17,844			536
2026		11,593			29
2027		9,069			—
Thereafter		21,849			—
Total minimum lease payments		112,329			2,083
Less: amount of lease payment representing interest		(15,944	)		(106	)
Present value of future minimum lease payments		96,385			1,977
Less: current obligations under leases		(22,584	)		(697	)
Long-term lease obligations	$	73,801		$	1,280

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income (loss) Before Income Taxes and Equity Income

The United States and foreign components of income before income taxes and equity in earnings in affiliates are as follows:


	2022		2021		2020
	(In thousands)
Income before income taxes and equity in earnings in affiliates
United States	$	205,360	$	161,856	$	96,428
Foreign		24,460		30,966		27,700
Income before income taxes and equity in earnings in affiliates	$	229,820	$	192,822	$	124,128

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following components:


	2022			2021			2020
	(In thousands)
Federal income taxes:
Current	$	25,699		$	20,006		$	8,259
Deferred		17,328			71,202			(255	)
		43,027			91,208			8,004
State income taxes:
Current		10,422			8,564			4,146
Deferred		3,960			18,587			47
		14,382			27,151			4,193
Foreign income taxes (benefit):
Current		39,904			7,780			(3,163	)
Deferred		(34,414	)		(3,409	)		11,429
		5,490			4,371			8,266
Total U.S. and foreign provision for income taxes	$	62,899		$	122,730		$	20,463

Reconciliation of the Statutory U.S. Federal Tax Rate (21%) and the Effective Income Tax Rate

A reconciliation of the statutory U.S. federal tax rate of 21% and the effective income tax rate is as follows:


	2022			2021			2020
	(In thousands)
Provisions using statutory federal income tax rate	$	48,262		$	40,492		$	26,067
State income taxes, net of federal tax benefit		12,738			7,921			3,099
REIT benefit		—			—			(12,271	)
Change in valuation allowance		(242	)		389			(1,775	)
Federal tax credits		(1,742	)		(1,414	)		(2,015	)
Foreign income taxes		1,932			3,802			1,373
Tax impact of vested equity compensation		2,100			3,621			3,628
Impact of REIT termination		—			70,813			—
Change in contingent tax liability		452			(4,339	)		143
Asset divestiture		(5,596	)		—			—
Other, net		4,995			1,445			2,214
Total provision for income taxes	$	62,899		$	122,730		$	20,463

Schedule of Deferred Tax Assets and Liabilities

The following table presents the breakdown between non-current net deferred tax assets as classified on the balance sheets as of December 31, 2022 and 2021:


	2022			2021
	(In thousands)
Deferred tax assets - non-current	$	8,005		$	—
Deferred tax liabilities - non-current		(75,849	)		(80,768	)
Total net deferred tax assets	$	(67,844	)	$	(80,768	)

The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2022 and 2021:


	2022			2021
Deferred tax assets:	(In thousands)
Net operating losses	$	17,457		$	18,022
Accrued liabilities		34,333			29,473
Deferred compensation		14,437			19,052
Accrued compensation		6,928			6,694
Deferred revenue		1,654			21,134
Tax credits		4,423			3,065
Equity awards		3,322			3,694
Operating lease liability		23,556			28,756
Other, net		910			1,212
Valuation allowance		(21,016	)		(19,322	)
Total deferred tax assets	$	86,004		$	111,780
Deferred tax liabilities:
Depreciation	$	(85,402	)	$	(59,057	)
Intangible assets		(46,228	)		(48,935	)
Capitalized transaction costs		—			(15,229	)
Accounting method change		—			(2,334	)
Prepaid expenses and other		(16	)		(39,739	)
Lease right-of-use assets		(22,202	)		(27,254	)
Total deferred tax liabilities	$	(153,848	)	$	(192,548	)

Total net deferred tax assets (liabilities)	$	(67,844	)	$	(80,768	)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2022			2021			2020
	(In thousands)
Balance at Beginning of Period	$	1,105		$	5,623		$	5,469
Additions based on tax positions related to the current year		581			133			44
Additions for tax positions of prior years		57			57			166
Reductions as a result of a lapse of applicable statutes of limitations		(223	)		(4,708	)		(56	)
Balance at End of Period	$	1,520		$	1,105		$	5,623

Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

(Distributions in Excess of Earnings/Earnings in Excess of Distributions

Accumulated Other Comprehensive Income (Loss)

Treasury Stock

Noncontrolling Interest

Beginning Balance at Dec. 31, 2019

$ 996,048

$ 1,254

$ 1,230,865

$ (119,779)

$ (20,335)

$ (95,175)

$ (782)

Beginning Balance (in shares) at Dec. 31, 2019

121,225,000

4,210,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Proceeds from stock options exercised (in shares)

Stock based compensation expense

23,896

Shares withheld for net settlements of share-based awards

^[1]

(2,789)

$ (1)

(2,788)

Shares withheld for net settlements of share-based awards (in shares)

^[1]

(174,000)

Restricted stock granted

$ 9

(9)

Restricted stock granted (in shares)

900,000

Restricted stock canceled (in shares)

(58,000)

Dividends - paid

(216,145)

Other adjustments to Additional Paid-In-Capital

^[2]

9,687

Purchase of treasury shares

(9,771)

$ (9,771)

Purchase of treasury shares (in shares)

(625,000)

625,000

Issuance of common stock (ESPP)

616

Issuance of common stock (ESPP) (in shares)

50,000

Net income (loss)

112,831

113,032

(201)

Other comprehensive income (loss)

(2,291)

(2,254)

(37)

Ending Balance at Dec. 31, 2020

912,082

$ 1,262

1,262,267

(222,892)

(22,589)

$ (104,946)

(1,020)

Ending Balance (in shares) at Dec. 31, 2020

121,318,000

4,835,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Proceeds from stock options exercised

Proceeds from stock options exercised (in shares)

2,000

Stock based compensation expense

19,199

Shares withheld for net settlements of share-based awards

^[1]

(2,090)

$ (3)

(2,087)

Shares withheld for net settlements of share-based awards (in shares)

^[1]

(268,000)

Restricted stock granted

$ 16

(16)

Restricted stock granted (in shares)

1,551,000

Restricted stock canceled

(2)

$ (2)

Restricted stock canceled (in shares)

(157,000)

Dividends - paid

(30,486)

Other adjustments to Additional Paid-In-Capital

^[2]

(3,447)

Purchase of treasury shares

(153)

$ (153)

Purchase of treasury shares (in shares)

(17,000)

17,000

Issuance of common stock (ESPP)

282

Issuance of common stock (ESPP) (in shares)

43,000

Net income (loss)

77,233

77,418

(185)

Other comprehensive income (loss)

2,383

2,373

Ending Balance at Dec. 31, 2021

975,016

$ 1,273

1,276,213

(175,960)

(20,216)

$ (105,099)

(1,195)

Ending Balance (in shares) at Dec. 31, 2021

122,472,000

4,852,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Proceeds from stock options exercised

$ 66

Proceeds from stock options exercised (in shares)

10,000

9,000

Stock based compensation expense

$ 16,204

16,204

Shares withheld for net settlements of share-based awards

^[1]

(1,302)

$ (2)

(1,300)

Shares withheld for net settlements of share-based awards (in shares)

^[1]

(229,000)

Restricted stock granted

$ 18

(18)

Restricted stock granted (in shares)

1,836,000

Restricted stock canceled (in shares)

(53,000)

Other adjustment to (distributions in excess of earnings)/earnings in excess of distributions

(89)

Issuance of common stock (ESPP)

198

Issuance of common stock (ESPP) (in shares)

26,000

Net income (loss)

171,692

171,813

(121)

Other comprehensive income (loss)

3,303

3,297

Ending Balance at Dec. 31, 2022

$ 1,165,088

$ 1,289

$ 1,291,363

$ (4,236)

$ (16,919)

$ (105,099)

$ (1,310)

Ending Balance (in shares) at Dec. 31, 2022

124,061,000

4,852,000

[1]	During the years ended December 31, 2022, 2021 and 2020, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.
[2]	Represents reclassifications between equity and other non-current liabilities in connection with an Amended and Restated Executive Retirement Agreement with the Company's former CEO. The former CEO's retirement payment will no longer be settled with a fixed number of shares but will instead be paid in cash. Refer to Note 14 – Benefit Plans for further information.

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Metric $ / shares shares	Dec. 31, 2021 Metric $ / shares shares	Dec. 31, 2020 Metric $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted, Wtd. Avg. grant date fair value \| $ / shares	$ 2.49	$ 0.79	$ 1.59
Options granted (in shares)	342,000	500,000	500,000
Vesting period (in years)	3 years
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs related to awards \| $	$ 0.8
Expected weighted average period to recognize expense	2 years 8 months 12 days
Restricted Stock Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs related to awards \| $	$ 14.0
Expected weighted average period to recognize expense	2 years 1 month 6 days
Granted (in shares)	1,836,000
Performance measurement \| Metric	2	2	2
Restricted Stock Award \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)	0.00%	0.00%
Restricted Stock Award \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)	200.00%	200.00%
Restricted Stock Award \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)	50.00%	50.00%	50.00%
Performance period	3 years	3 years	3 years
Restricted Stock Award \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)	50.00%	50.00%	50.00%
Performance period	3 years	3 years	3 years
Restricted Stock Award \| Share-based Payment Arrangement, Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	3 years
Restricted Stock Award \| Certain Employees and Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	1,835,592	1,551,000	900,000
Market and Performance Shares \| Certain Employees and Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	1,025,000	919,000	360,000
Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount on purchase of Common Stock for employee from the current market price	5.00%
Capital shares reserved for future issuance	506,023
Issuance of common stock (ESPP) (in shares)	25,573	42,627	49,896
2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares authorized	16,800,000

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 22, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity File Number	1-14260
Entity Registrant Name	The GEO Group, Inc.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0043078
Entity Address, Address Line One	4955 Technology Way
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	561
Local Phone Number	893-0101
Title of 12(b) Security	Common Stock, $0.01 Par Value
Security Exchange Name	NYSE
Trading Symbol	GEO
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		124,113,704
Entity Public Float			$ 0.8
Entity Central Index Key	0000923796
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Auditor Firm ID	248
Auditor Name	Grant Thornton LLP
Auditor Location	Miami, Florida, United States of America
Documents Incorporated by Reference	Certain portions of the registrant’s definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 for its 2023 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the year covered by this report, are incorporated by reference into Part III of this report.

Equity Incentive Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock Award shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Summary of the activity of restricted stock
Restricted stock outstanding shares, Beginning Balance (in shares) \| shares	2,619
Granted (in shares) \| shares	1,836
Vested (in shares) \| shares	(807)
Forfeited/canceled (in shares) \| shares	(53)
Restricted stock outstanding shares, Ending Balance (in shares) \| shares	3,595
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Beginning Balance (in dollars per share) \| $ / shares	$ 12.53
Granted Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	6.15
Vested Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	16.27
Forfeited/Canceled Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	9.51
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 8.28

Business Segments and Geographic Information - Schedule of Operating and Reporting Segments (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Goodwill impairment charge	$ 0	$ 0	$ 21,146
Reentry Services
Schedule Of Equity Method Investments [Line Items]
Goodwill impairment charge			$ 21,100

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Tax provision on marketable securities	$ (255)	$ 2	$ 0
Tax provision (benefit) on pension liability adjustment	1,500	902	(554)
Tax provision (benefit) on loss on derivative instrument classified as a cash flow hedge	$ 1,640	$ 592	$ 871

Summary of Business Organization, Operations and Significant Accounting Policies - Summary of Idled Facilities and Their Carrying Values, Excluding Equipment and Other Assets (Details) - Property and Equipment, Net $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Bed
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 348,807
Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	10,922
Net Carrying Value	$ 305,584
Reentry Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	2,139
Net Carrying Value	$ 43,223
Great Plains Correctional Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 69,367
Great Plains Correctional Facility \| Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	1,940
Year Idled	2021
Net Carrying Value	$ 69,367
D. Ray James Correctional Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 50,829
D. Ray James Correctional Facility \| Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	1,900
Year Idled	2021
Net Carrying Value	$ 50,829
North Lake Correctional Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 68,524
North Lake Correctional Facility \| Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	1,800
Year Idled	2022
Net Carrying Value	$ 68,524
Rivers Correctional Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 37,911
Rivers Correctional Facility \| Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	1,450
Year Idled	2021
Net Carrying Value	$ 37,911
Big Spring Correctional Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 32,959
Big Spring Correctional Facility \| Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	1,732
Year Idled	2021
Net Carrying Value	$ 32,959
Flightline Correctional Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 35,094
Flightline Correctional Facility \| Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	1,800
Year Idled	2021
Net Carrying Value	$ 35,094
McFarland Female Community Reentry Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 10,900
McFarland Female Community Reentry Facility \| Secure Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	300
Year Idled	2020
Net Carrying Value	$ 10,900
Cheyenne Mountain Recovery Center
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 16,659
Cheyenne Mountain Recovery Center \| Reentry Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	750
Year Idled	2020
Net Carrying Value	$ 16,659
Albert Bo Robinson Assessment & Treatment Center
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 14,011
Albert Bo Robinson Assessment & Treatment Center \| Reentry Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	900
Year Idled	2022
Net Carrying Value	$ 14,011
Coleman Hall
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 7,759
Coleman Hall \| Reentry Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	350
Year Idled	2017
Net Carrying Value	$ 7,759
Hector Garza Center
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Net Carrying Value	$ 4,794
Hector Garza Center \| Reentry Services
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Design Capacity \| Bed	139
Year Idled	2020
Net Carrying Value	$ 4,794

Business Segments and Geographic Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segments and Geographic Information

15.

Business Segments and Geographic Information

Operating and Reporting Segments

The Company conducts its business through four reportable business segments: the U.S. Secure Services segment; the Electronic Monitoring and Supervision Services segment; the Reentry Services segment; and the International Services segment. The Company has identified these four reportable segments to reflect the current view that the Company operates four distinct business lines, each of which constitutes a material part of its overall business. The Company determined that its previously reportable business segment, Facility Construction and Design, no longer qualifies as a reportable segment as it no longer meets certain quantitative thresholds and has been aggregated with the Company’s International Services reportable business segment below. In addition, the Company appointed a new Chief Executive Officer, the chief operating decision maker, during fiscal 2021. Based on changes to the way the Company’s chief operating decision maker views the business and financial results used to allocate resources to its electronic monitoring and supervision services operations, along with the growth of the business, the Company will report the electronic monitoring and supervision services operation as a separate reportable segment. This new segment will be presented as Electronic Monitoring and Supervision Services. Previously, the electronic monitoring and supervision services operations were included in the GEO Care reportable segment. In addition, the GEO Care reportable segment was renamed Reentry Services and will include services provided to adults for residential and non-residential treatment, educational and community-based programs, pre-release and half-way house programs. Reentry Services also includes activities for our former youth division for half of 2021 and all historical periods. The youth division was divested on July 1, 2021.

The U.S. Secure Services segment primarily encompasses U.S.-based secure services business. The Electronic Monitoring and Supervision Services segment, which conducts its services in the United States, represents services provided to adults for monitoring services and evidence-based supervision and treatment programs for community-based parolees, probationers, and pretrial defendants. The Reentry Services segment, which conducts its services in the United States represents services provided to adults for residential and non-residential treatment, educational and community-based programs, pre-release and half-way house programs. The International Services segment

primarily consists of secure services operations in South Africa and Australia. Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated.


Fiscal Year	2022			2021			2020
Revenues:
U.S. Secure Services	$	1,437,831		$	1,488,936		$	1,571,216
Electronic Monitoring and Supervision Services		496,268			278,934			241,944
Reentry Services		255,428			274,893			309,398
International Services		187,200			213,849			227,540
Total revenues	$	2,376,727		$	2,256,612		$	2,350,098
Capital Expenditures:
U.S. Secure Services	$	52,613		$	23,780		$	58,410
Electronic Monitoring and Supervision Services		31,354			29,504			32,972
Reentry Services		3,181			14,675			16,276
International Services		2,878			1,435			1,142
Total capital expenditures	$	90,026		$	69,394		$	108,800
Depreciation and amortization:
U.S. Secure Services	$	80,600		$	83,721		$	80,702
Electronic Monitoring and Supervision Services		31,838			30,422			31,678
Reentry Services		18,416			18,773			20,154
International Services		2,071			2,261			2,146
Total depreciation and amortization	$	132,925		$	135,177		$	134,680
Operating Income:
U.S. Secure Services	$	279,975		$	292,925		$	298,952
Electronic Monitoring and Supervision Services		238,194			127,070			97,421
Reentry Services [1]		42,923			50,128			6,740
International Services		18,982			22,266			19,664
Operating income from segments	$	580,074		$	492,389		$	422,777
General and Administrative Expenses		(196,972	)		(204,306	)		(193,372	)
Total operating income	$	383,102		$	288,083		$	229,405

[1] Operating income for Reentry Services for the year ended December 31, 2020 includes a goodwill impairment charge of $21.1 million.

Pre-Tax Income Reconciliation of Segments

The following is a reconciliation of the Company’s total operating income from its reportable segments to the Company’s income before income taxes and equity in earnings of affiliates, in each case, during the years ended December 31, 2022, 2021 and 2020, respectively.


Fiscal Year Ended	2022			2021			2020
	(In thousands)
Operating income from segments	$	580,074		$	492,389		$	422,777
Unallocated amounts:
General and administrative expense		(196,972	)		(204,306	)		(193,372	)
Net interest expense		(147,719	)		(105,453	)		(103,765	)
Gain (loss) on extinguishment of debt		(37,895	)		4,693			5,319
Net gain (loss) on disposition of assets		32,332			5,499			(6,831	)
Income before income taxes and equity in earnings of affiliates	$	229,820		$	192,822		$	124,128


	2022		2021
	(In thousands)
Segment assets:
U.S. Secure Services	$	2,371,146	$	2,433,023
Reentry Services		572,154		566,916
Electronic Monitoring and Supervision Services		536,291		483,112
International Services		66,023		451,547
Total segment assets	$	3,545,614	$	3,934,598

Asset Reconciliation

The following is a reconciliation of the Company’s reportable segment assets to the Company’s total assets as of December 31, 2022 and 2021, respectively.


	2022		2021
	(In thousands)
Reportable segment assets	$	3,545,614	$	3,934,598
Cash		95,073		506,491
Deferred income tax assets		8,005		—
Restricted cash and investments, current and non-current		111,691		96,319
Total assets	$	3,760,383	$	4,537,408

Geographic Information

During each of the years ended December 31, 2022, 2021 and 2020, the Company’s international operations were conducted through (i) the Company’s wholly owned Australian subsidiary, The GEO Group Australia Pty. Ltd., through which the Company has management contracts for four correctional facilities, (ii) the Company's wholly owned subsidiaries, GEO Ravenhall Finance Holdings Pty. Ltd. and GEO Ravenhall Holdings Pty. Ltd. which, together, had a design and construction contract for a facility in Ravenhall, Australia which was completed in November 2017, (iii) the Company’s wholly-owned subsidiary in South Africa, SACM, through which the Company manages one correctional facility, and (iv) the Company’s wholly-owned subsidiary in the United Kingdom, The GEO Group UK Ltd., through which the Company managed the Dungavel House Immigration Removal Centre (GEO transitioned the management contract for Dungavel to the government effective September 30, 2021).


Fiscal Year	2022		2021		2020
	(In thousands)
Revenues:
U.S. operations	$	2,189,527	$	2,043,157	$	2,123,045
Australia operations		168,225		186,980		201,932
South African operations		18,975		19,527		17,044
United Kingdom operations		—		6,948		8,077
Total revenues	$	2,376,727	$	2,256,612	$	2,350,098
Property and Equipment, net:
U.S. operations	$	1,991,968	$	2,026,252	$	2,109,070
Australia operations		9,961		11,491		12,908
South African operations		92		102		127
United Kingdom operations		-		-		90
Total Property and Equipment, net	$	2,002,021	$	2,037,845	$	2,122,195

Sources of Revenue

The Company derives most of its revenue from the management of secure facilities through public-private partnerships. The Company also derives revenue from the provision of reentry services and electronic monitoring and evidence-based supervision and treatment programs in the United States, and expansion of new and existing secure facilities, processing centers and reentry centers.


Fiscal Year	2022		2021
	(In thousands)
Revenues:
Secure Services [1]	$	1,625,031	$	1,702,785
Electronic Monitoring and Supervision Services		496,268		278,934
Reentry Services		255,428		274,893
Total revenues	$	2,376,727	$	2,256,612

[1] Includes international secured services

Equity in Earnings of Affiliates

Equity in earnings of affiliates for 2022, 2021 and 2020 includes the operating results of the Company’s joint ventures in SACS and GEOAmey. These joint ventures are accounted for under the equity method and the Company’s investments in SACS and GEOAmey are presented as a component of other non-current assets in the accompanying Consolidated Balance Sheets.

The Company has recorded $2.5 million, $3.6 million and $3.7 million in earnings, net of tax impact, for SACS operations during the years ended December 31, 2022, 2021 and 2020, respectively, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying Consolidated Statements of Operations. As of December 31, 2022 and 2021, the Company’s investment in SACS was $10.2 million and $10.3 million, respectively. The investment is included in other non-current assets in the accompanying Consolidated Balance Sheets. The Company received dividend distributions of $1.9 million and $3.1 million, in 2022 and 2021, respectively, from this unconsolidated joint venture.

The Company has recorded $2.2 million, $3.6 million and $5.5 million in earnings, net of tax impact, for GEOAmey’s operations during the years ended December 31, 2022, 2021 and 2020, respectively, which are included in equity in earnings of affiliates, net of income tax provision, in the accompanying Consolidated Statements of Operations. As of December 31, 2022 and 2021, the Company’s investment in GEOAmey was $8.7 million and $10.1 million, respectively, and represents its share of cumulative reported earnings. The Company received dividend distributions of $2.6 million and $5.2 million in 2022 and 2021, respectively, from this unconsolidated joint venture. There were no dividend distributions in 2020.

Business Concentration

Except for the major customer noted in the following table, no other single customer made up greater than 10% of the Company’s consolidated revenues for the following fiscal years:


Customer	2022			2021			2020
Various agencies of the U.S Federal Government:		64	%		58	%		56	%

The concentrations above relate to the Company's U.S. Secure Services and its Electronic Monitoring and Supervision segments.

Credit risk related to accounts receivable is reflective of the related revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Equity Incentive Plans - Summary of Non-vested Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of the activity of stock option awards, shares
Options non-vested, beginning balance (in shares)	682,000
Options granted (in shares)	342,000
Vested (in shares)	(258,000)
Forfeited (in shares)	(294,000)
Options non-vested, ending balance (in shares)	472,000	682,000
Options non vested, Wtd. avg. grant date fair value beginning balance (in dollars per share)	$ 1.79
Granted, Wtd. Avg. grant date fair value (in dollars per share)	2.49	$ 0.79	$ 1.59
Vested, Wtd. Avg. grant date fair value (in dollars per share)	2.32
Forfeited, Wtd. Avg. grant date fair value (in dollars per share)	2.70
Options non vested, Wtd. avg. grant date fair value ending balance (in dollars per share)	$ 1.89	$ 1.79

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Parenthetical) (Details)	Dec. 31, 2022	Aug. 19, 2022	Dec. 31, 2021
5.125% Senior Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.125%	5.125%	5.125%
10.500% Public Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	10.50%
9.500% Private Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	9.50%
5.875% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.875%	5.875%	5.875%
6.00% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.00%	6.00%	6.00%
6.50% Exchangeable Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.50%		6.50%

Benefit Plans - Benefit Payments Representing the Company's Obligations to Employees (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
2023	$ 996
2024	987
2025	1,060
2026	1,424
2027	1,580
Thereafter	20,160
Total benefit payments	$ 26,207	$ 31,830	$ 33,530

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,023,861	$ 2,986,908
Less accumulated depreciation and amortization	(1,021,840)	(949,063)
Property and equipment, net	2,002,021	2,037,845	$ 2,122,195
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	120,970	120,837
Buildings and improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,291,710	2,277,575
Buildings and improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life	2 years
Buildings and improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life	50 years
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 273,233	278,299
Leasehold improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful life	1 year
Leasehold improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful life	29 years
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 239,188	220,965
Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful life	3 years
Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful life	10 years
Furniture, fixtures and computer software
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 72,154	68,474
Furniture, fixtures and computer software \| Minimum
Property Plant And Equipment [Line Items]
Useful life	1 year
Furniture, fixtures and computer software \| Maximum
Property Plant And Equipment [Line Items]
Useful life	7 years
Facility construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 26,606	$ 20,758

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 37,362	$ 40,020
Amortization of right-of-use assets	1,525	1,687	$ 1,200
Interest on lease liabilities	119	287
Total finance lease cost	1,644	1,974
Short-term lease cost	4,869	350
Total lease cost	43,875	42,344
Operating cash flows for operating leases	37,836	38,874
Operating cash flows for finance leases	1,262	1,255
Financing activities for finance leases	726	1,289
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 11,697	10,786	23,940
Right-of-use assets obtained in exchange for new finance lease liabilities		$ 1,198	$ 2,260
Operating leases	6 years 3 months 18 days	6 years 2 months 12 days
Finance leases	2 years 9 months 18 days	3 years 9 months 18 days
Operating leases	3.90%	4.56%
Finance leases	4.00%	5.26%

Debt (Issuance of 9.500% Senior Second Lien Secured Notes due 2028) (Details) - Issuance of 9.500% Senior Second Lien Secured Notes due 2028 - New Private Notes - USD ($)		12 Months Ended
	Aug. 19, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument, face amount	$ 239,100,000
Stated interest rate	9.50%
Debt instrument, frequency of payment		semiannually
Debt instrument, payment terms		Interest on the New Private Notes is payable semiannually in arrears on June 30 and December 31 of each year, beginning on December 31, 2022.
Debt instrument, maturity date		Dec. 31, 2028
Debt instrument redemption description		The Company may redeem some or all of the New Private Notes at any time upon not less than 10 nor more than 60 days’ notice, at a price equal to (a) 103% of the principal amount of the New Private Notes redeemed, if redeemed prior to August 19, 2023, (b) 102% of the principal amount of the New Private Notes redeemed, if redeemed on or after August 19, 2023, but prior to August 19, 2024, (c) 101% of the principal amount of the New Private Notes redeemed, if redeemed on or after August 19, 2024, but prior to August 19, 2025 or (d) 100% of the principal amount of the New Private Notes redeemed, if redeemed on or after August 19, 2025, in each case plus accrued and unpaid interest, if any, to, but not including, the redemption date and a make-whole premium set forth in the Private Notes Indenture. If the Company experiences certain change of control events, the Company must offer to repurchase the New Private Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.
Debt instrument, commencement date of first required payment		Dec. 31, 2022
Percentage of principal amount redeemed	101.00%
If Redeemed Prior to August 19, 2023
Debt Instrument [Line Items]
Percentage of principal amount redeemed	103.00%
If Redeemed On Or After August 19, 2023, But Prior to August 19, 2024
Debt Instrument [Line Items]
Percentage of principal amount redeemed	102.00%
If Redeemed On Or After August 19, 2024, But Prior to August 19, 2025
Debt Instrument [Line Items]
Percentage of principal amount redeemed	101.00%
If Redeemed On Or After August 19, 2025
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100.00%

Derivative Financial Instruments - Additional Information (Details) - Interest Rate Swap $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Instrument
Derivative [Line Items]
Derivative, number of instruments held \| Instrument	2
Notional amount	$ 44.3
Derivative, fixed interest rate	4.22%
Change in fair value of derivative instrument classified as cash flow hedge	$ 6.2
Fair value of swap assets	$ 4.6

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 171,692	$ 77,233	$ 112,831
Loss Attributable to Noncontrolling Interests	121	185	201
Less: Undistributed income allocable to participating securities	(29,346)	(6,982)
Net income attributable to The GEO Group, Inc. available to common stockholders	$ 142,467	$ 70,436	$ 113,032
Basic:
Weighted average shares outstanding	121,040	120,384	119,719
Net income per share — basic	$ 1.18	$ 0.59	$ 0.94
Diluted:
Weighted average shares outstanding	121,040	120,384	119,719
Dilutive effect of equity incentive plans	1,241	348	272
Weighted average shares assuming dilution	122,281	120,732	119,991
Per share amount - diluted	$ 1.17	$ 0.58	$ 0.94

Summary of Business Organization, Operations and Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and Cash Equivalents	$ 95,073	$ 506,491	$ 283,524
Restricted cash and cash equivalents - current		20,161	26,740
Restricted cash and investments - non-current	111,691	76,158	37,338
Less Restricted investments - non-current	(62,921)	(54,488)	(35,749)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$ 143,843	$ 548,322	$ 311,853	$ 67,472

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Fair Value Assets and Liabilities Measured on Recurring Basis

The following table provides a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis (in thousands):


	Fair Value Measurements at December 31, 2022
	Carrying Value at December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	36,982	$	—	$	36,982	$	—
Marketable equity and fixed income securities		25,939		—		25,939	$	—
Interest rate swap derivatives	$	4,613	$	—	$	4,613	$	—


	Fair Value Measurements at December 31, 2021
	Carrying Value at December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	42,937	$	—	$	42,937	$	—
Marketable equity and fixed income securities	$	11,551	$	—	$	11,551	$	—
Fixed income securities		1,927		—		1,927		—
Liabilities:
Interest rate swap derivatives	$	3,195	$	—	$	3,195	$	—

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following at fiscal year-end:


	Useful Life		2022			2021
	(Years)		(In thousands)
Land		—	$	120,970		$	120,837
Buildings and improvements	2 to 50			2,291,710			2,277,575
Leasehold improvements	1 to 29			273,233			278,299
Equipment	3 to 10			239,188			220,965
Furniture, fixtures and computer software	1 to 7			72,154			68,474
Facility construction in progress		—		26,606			20,758
Total			$	3,023,861		$	2,986,908
Less accumulated depreciation and amortization				(1,021,840	)		(949,063	)
Property and equipment, net			$	2,002,021		$	2,037,845

The Company amortizes its leasehold improvements over the shorter of their estimated useful lives or the terms of the leases including renewal periods that are reasonably assured. The Company’s construction in progress primarily consists of new construction and renovations to facilities that are owned by the Company. There was no Interest capitalized in property and equipment for the years ended December 31, 2022 and 2021.

Depreciation expense was $111.6 million, $109.6 million and $112.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

At December 31, 2022 and 2021, the Company had $20.5 million of assets recorded under finance leases related to land, buildings and improvements. Finance leases are recorded net of accumulated amortization of $18.7 million and $17.1 million, at December 31, 2022 and 2021, respectively. Depreciation expense related to assets recorded under finance leases for each of the years ended December 31, 2022, 2021 and 2020 was $1.5 million, $1.7 million and $1.2 million, respectively and are included in Depreciation and Amortization in the accompanying consolidated statements of operations.

Contract Receivable (Details) $ in Thousands	12 Months Ended
Contract Receivable (Details) $ in Thousands	Dec. 31, 2022 USD ($) Bed	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivable \| $	$ 0	$ 367,071
Ravenhall
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan issued, interest rate	8.97%
Department of Justice, State of Victoria \| Facility Constructions and Design
Accounts, Notes, Loans and Financing Receivable [Line Items]
Design Capacity \| Bed	1,300
Facility operation contract term	25 years

Debt (6.50% Exchangeable Senior Notes) (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 19, 2022	Feb. 24, 2021
Debt Instrument [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Write off of deferred loan costs to loss on extinguishment of debt		$ 2,300,000
6.50% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	6.50%	6.50%	6.50%
5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument, face amount	$ 178,300,000	$ 178,300,000
Stated interest rate	5.875%	5.875%	5.875%	5.875%
5.875% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate				5.875%
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument, face amount					$ 230,000,000
Stated interest rate	6.50%	6.50%	6.50%		6.50%
Debt instrument, maturity date		Feb. 23, 2026
Debt instrument, payment terms		Interest on the notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021.
Interest expense related to debt		$ 14,800,000	$ 12,900,000
Debt instrument, commencement date of first required payment		Sep. 01, 2021
Debt instrument, frequency of payment		semi-annually
Debt exchange, description		Subject to certain restrictions on share ownership and transfer, holders may exchange the Convertible Notes at their option prior to the close of business on the business day immediately preceding November 25, 2025, but only under the following circumstances: (1) during the five consecutive business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the exchange rate for the Convertible Notes on each such trading day; or (2) upon the occurrence of certain specified corporate events. On or after November 25, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Convertible Notes, holders may exchange their Convertible Notes at any time, regardless of the foregoing circumstances. Upon exchange of a Convertible Note, GEO will pay or deliver, as the case may be, cash or a combination of cash and shares of the Company’s common stock. As of December 31, 2022, conditions had not been met to exchange the Convertible Notes.
Debt instrument, initial conversion rate per $1,000 principal amount		108.4011
Debt instrument, initial conversion price	$ 9.225	$ 9.225
Percentage of principal amount of notes to be purchased		100.00%
Costs incurred in issuance, including initial purchasers discount	$ 9,600,000	$ 9,600,000
Dilutive Impact	1.3
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026 \| Maximum
Debt Instrument [Line Items]
Percentage of trading price per $1,000 principal amount against last reported sale price and exchange rate of notes		98.00%
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026 \| Over-Allotment Option
Debt Instrument [Line Items]
Debt instrument, face amount					$ 30,000,000
Senior Notes \| 5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%	5.875%
Redemption of outstanding amount		$ 194,000,000.0
Write off of deferred loan costs to loss on extinguishment of debt			$ 700,000
Senior Notes \| 5.875% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%

Benefit Plans - Components of Company Plan Benefit Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Accumulated Benefit Obligation, End of Year	$ 21,612	$ 25,417
Change in Projected Benefit Obligation
Projected Benefit Obligation, Beginning of Year	31,830	33,530
Service Cost	$ 1,118	$ 1,404
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Interest Cost	$ 962	$ 1,274
Actuarial Gain	(6,710)	(3,505)
Benefits Paid	(993)	(873)
Projected Benefit Obligation, End of Year	26,207	31,830
Change in Plan Assets
Company Contributions	993	873
Benefits Paid	(993)	(873)
Unfunded Status of the Plan	(26,207)	(31,830)
Amounts Recognized in Accumulated Other Comprehensive Income
Net Loss	(511)	6,631
Total Pension Cost	$ (511)	$ 6,631

Income Taxes - Income (loss) Before Income Taxes and Equity Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income before income taxes and equity in earnings in affiliates
United States	$ 205,360	$ 161,856	$ 96,428
Foreign	24,460	30,966	27,700
Income Before Income Taxes and Equity in Earnings of Affiliates	$ 229,820	$ 192,822	$ 124,128

Accrued Expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued interest	$ 27,447	$ 17,080
Accrued other compensation	33,475	24,403
Accrued insurance	81,704	76,171
Accrued property and other taxes	46,169	43,720
Accrued legal and professional fees	12,301	4,012
Construction retainage	865	223
Other	35,408	35,103
Total	$ 237,369	$ 200,712

Business Segments and Geographic Information - Sources of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 2,376,727	$ 2,256,612	$ 2,350,098
Secure Services
Revenues:
Revenues	1,625,031	1,702,785
Electronic Monitoring and Supervision Services
Revenues:
Revenues	496,268	278,934
Reentry Services
Revenues:
Revenues	$ 255,428	$ 274,893

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Debt - Debt Repayment Schedules Under Capital Lease Obligations, Long-Term Debt and Non-Recourse Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
2023, finance lease	$ 759
2024, finance lease	759
2025, finance lease	536
2026, finance lease	29
2027, finance lease	0
Thereafter, finance lease	0
Total minimum lease payments	2,083
Interest imputed on finance leases	(106)
Current portion	$ (697)	$ (1,866)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of finance lease liabilities, long-term debt and non-recourse debt	Current portion of finance lease liabilities, long-term debt and non-recourse debt
Finance Lease Obligations	$ 1,280	$ 1,977	$ 1,280
2023	44,785
2024	98,080
2025	44,670
2026	385,072
2027	913,184
Thereafter	560,215
Long-term debt	2,046,006
Original issue (discount) premium	(15,558)
Current portion	(44,723)
Non-current portion	1,985,619
Line of Credit
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
2023	1,166
2024	24,461
2025	1,274
2026	342,183
2027	1,383
Thereafter	560,215
Long-term debt	930,682
Original issue (discount) premium	(37,981)
Current portion	(1,166)
Non-current portion	891,535
Revolver
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
2023	0
2024	30,000
2025	0
2026	0
2027	0
Thereafter	0
Long-term debt	30,000
Original issue (discount) premium	0
Current portion	0
Non-current portion	30,000
Term Loan
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
2023	42,860
2024	42,860
2025	42,860
2026	42,860
2027	911,801
Thereafter	0
Long-term debt	1,083,241
Original issue (discount) premium	22,423
Current portion	(42,860)
Non-current portion	$ 1,062,804

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

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Risks and Uncertainties

Risks and uncertainties

Executive Order

COVID-19

Consolidation

Use of Estimates

Dividends

Cash and Cash Equivalents

Concentration of Credit Risk

Accounts Receivable

Contracts Receivable

Contract Receivable

Restricted Cash and Cash Equivalents


	December 31, 2022			December 31, 2021			December 31, 2020
Cash and Cash Equivalents	$	95,073		$	506,491		$	283,524
Restricted cash and cash equivalents - current		—			20,161			26,740
Restricted cash and investments - non-current		111,691			76,158			37,338
Less Restricted investments - non-current		(62,921	)		(54,488	)		(35,749	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	143,843		$	548,322		$	311,853

Amounts included in restricted cash and cash equivalents are attributable to certain contractual cash restriction requirements at the

Prepaid Expenses and Other Current Assets

Prepaid expenses and Other Current Assets

Inventory

Property and Equipment

Assets Held for Sale

Asset Impairments


						Secure Services		Reentry Services		Total
		Secure Services		Reentry Services		Net Carrying Value		Net Carrying Value		Net Carrying Value
Facility	Year Idled	Design Capacity		Design Capacity		December 31, 2022		December 31, 2022		December 31, 2022
Great Plains Correctional Facility	2021		1,940		—	$	69,367	$	—	$	69,367
D. Ray James Correctional Facility	2021		1,900		—		50,829		—		50,829
Northlake Correctional Facility	2022		1,800		—		68,524		—		68,524
Rivers Correctional Facility	2021		1,450		—		37,911		—		37,911
Big Spring Correctional Facility	2021		1,732		—		32,959		—		32,959
Flightline Correctional Facility	2021		1,800		—		35,094		—		35,094
McFarland Female Community Reentry Facility	2020		300		—		10,900		—		10,900
Cheyenne Mountain Recovery Center	2020		—		750		—		16,659		16,659
Albert Bo Robinson Assessment & Treatment Center	2022		—		900		—		14,011		14,011
Coleman Hall	2017		—		350		—		7,759		7,759
Hector Garza Center	2020		—		139		—		4,794		4,794
Total			10,922		2,139	$	305,584	$	43,223	$	348,807

Leases

The Company adopted ASU 2016-02 and ASU 2018-11, cumulatively ("ASC 842"), on January 1, 2019, using the modified retrospective

For leases where the Company is the lessor, upon adoption of ASC 842, the Company elected to also apply the practical expedient to not

Assets Held under Finance Leases

Goodwill and Other Intangible Assets, Net

Goodwill

Other Intangible Assets, Net

Internal-Use Software

Debt Issuance Costs

Lease Revenue


	Annual Rental
Year	(in thousands)
2023	$	4,675
2024		4,080
2025		4,094
2026		4,162
2027		4,175
Thereafter		62,407
Total	$	83,593

Variable Interest Entities

Fair Value Measurements

Revenue Recognition


	Year Ended December 31, 2022 (in thousands)
	U.S. Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		Total
Owned and Leased: Secure Services	$	1,109,923	$	—	$	—	$	—	$	1,109,923
Owned and Leased: Community-based		—		—		155,932		—		155,932
Managed Only		327,908		—		6,913		187,200		522,021
Electronic Monitoring Services and Other Reentry		—		496,268		92,583		—		588,851
Total Revenues	$	1,437,831	$	496,268	$	255,428	$	187,200	$	2,376,727


	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
Electronic Monitoring Services and Other Reentry		—		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
Electronic Monitoring Services and Other Reentry		—		241,944		82,602		—		324,546
Total Revenues	$	1,571,216	$	241,944	$	309,398	$	227,540	$	2,350,098

Owned and Leased - Secure Services

Owned and Leased - Community-based

Owned and Leased - Youth Services

Managed Only

Electronic Monitoring and Supervision Services and Other Reentry

Services provided for GEO's day reporting centers are similar to its Owned and Leased Community-based services discussed above with the exception of temporary housing.

Income Taxes

Reserves for Insurance Losses

Comprehensive Income (Loss)

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 attributable to The GEO Group, Inc.			Unrealized (loss) gain on derivatives, net of tax			Change Marketable Securities, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2022	$	(12,461	)	$	(2,524	)	$	7		$	(5,238	)	$	(20,216	)
Current-period other comprehensive income (loss)		(7,554	)		6,169			(960	)		5,642			3,297
Balance, December 31, 2022	$	(20,015	)	$	3,645		$	(953	)	$	404		$	(16,919	)


	Foreign currency translation adjustments 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	)

There were no reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2022 or 2021.

The foreign currency translation adjustment, net of tax, related to noncontrolling interests was not significant for the years ended December 31, 2022 or 2021.

Foreign Currency Translation

Derivatives

Stock-Based Compensation Expense


	2022			2021			2020
Risk free interest rates		1.56	%		0.24	%		1.79	%
Expected term	4-5 years			4-5 years			4-5 years
Expected volatility		48	%		43	%		41	%
Expected dividend rate [1]		—			13.30	%		13.11	%


	2022			2021			2020
Expected volatility		57.5	%		48.2	%		30.3	%
Beta		0.93			0.79			1.12
Risk free interest rate		1.45	%		0.22	%		0.85	%

Earnings Per Share

Recent Accounting Pronouncements

The following accounting standard will be adopted in future periods:

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]

Components of Company Plan Benefit Expense


	December 31, 2022			December 31, 2021
Accumulated Benefit Obligation, End of Year	$	21,612		$	25,417

Change in Projected Benefit Obligation
Projected Benefit Obligation, Beginning of Year	$	31,830		$	33,530
Service Cost		1,118			1,404
Interest Cost		962			1,274
Actuarial Gain		(6,710	)		(3,505	)
Benefits Paid		(993	)		(873	)
Projected Benefit Obligation, End of Year	$	26,207		$	31,830
Change in Plan Assets
Plan Assets at Fair Value, Beginning of Year	$	—		$	—
Company Contributions		993			873
Benefits Paid		(993	)		(873	)
Plan Assets at Fair Value, End of Year	$	—		$	—
Unfunded Status of the Plan	$	(26,207	)	$	(31,830	)
Amounts Recognized in Accumulated Other Comprehensive Income
Net Loss		(511	)		6,631
Total Pension Cost	$	(511	)	$	6,631

Components of Net Periodic Benefit Cost


	2022			2021
Components of Net Periodic Benefit Cost
Service Cost	$	1,118		$	1,404
Interest Cost		962			1,274
Amortization of:
Net Loss		431			788
Net Periodic Pension Cost	$	2,511		$	3,466
Weighted Average Assumptions for Expense
Discount Rate		5.20	%		3.05	%
Expected Return on Plan Assets	N/A			N/A
Rate of Compensation Increase		4.40	%		4.40	%

Benefit Payments Representing the Company's Obligations to Fomer CEO and Employees


Fiscal Year	Pension Benefits
	(In thousands)
2023	$	996
2024		987
2025		1,060
2026		1,424
2027		1,580
Thereafter		20,160
	$	26,207

George C. Zoley

Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]

Benefit Payments Representing the Company's Obligations to Fomer CEO and Employees

The following table presents the balance due to the Executive Chairman at the end of each the next five years under the Amended and Restated Executive Retirement Agreement provided that the Executive Chairman is still providing services to the Company under his Executive Chairman Employment Agreement:


Fiscal Year	Retirement Obligation
	(In thousands)
12/31/2023	$	9,557
12/31/2024	$	12,617
12/31/2025	$	16,336
12/31/2026	$	20,856
12/31/2027	$	26,351

Equity Incentive Plans - Summary of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of the activity of stock option awards, shares
Options outstanding, Beginning Balance (in Shares)	1,847,000
Options granted (in shares)	342,000	500,000	500,000
Options exercised (in Shares)	(10,000)
Options forfeited/canceled (in shares)	(294,000)
Options outstanding, Ending Balance (in Shares)	1,885,000	1,847,000
Options vested and expected to vest (in Shares)	1,826,000
Options exercisable (in Shares)	1,200,000
Summary of the activity of stock option awards, weighted average exercise price
Options outstanding, Beginning Balance, Wtd. Avg. Exercise Price (in dollars per share)	$ 19.92
Options granted, Wtd. Avg. Exercise Price (in dollars per share)	5.76
Options exercised, Wtd. Avg. Exercise Price (in dollars per share)	7.52
Options forfeited/canceled, Wtd. Avg. Exercise Price (in dollars per share)	16.07
Options outstanding, Ending Balance, Wtd. Avg. Exercise Price (in dollars per share)	18.03	$ 19.92
Options vested and expected to vest, Wtd. Average Exercise Price (in dollars per share)	18.37
Options exercisable, Wtd. Avg. Exercise Price (in dollars per share)	$ 22.94
Options outstanding, Ending Balance, Wtd. Avg. Remaining Contractual Term	5 years 11 months 4 days	6 years 2 months 23 days
Options vested and expected to vest, Wtd. Avg Remaining Contractual Term	5 years 10 months 6 days
Options exercisable, Wtd. Avg. Remaining Contractual Term	4 years 7 months 17 days
Options outstanding, Beginning Balance, Average Intrinsic Value	$ 73
Options outstanding, Ending Balance, Average Intrinsic Value	2,374	$ 73
Options vested and expected to vest at December 31, 2022	2,141
Options exercisable at December 31, 2022	212
Intrinsic value of options exercised	24
Fair value of shares vested	$ 600	$ 925	$ 1,061

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flow from Operating Activities:
Net income	$ 171,692	$ 77,233	$ 112,831
Net loss attributable to noncontrolling interests	121	185	201
Net income attributable to The GEO Group, Inc.	171,813	77,418	113,032
Adjustments to reconcile net income attributable to The GEO Group, Inc. to net cash provided by operating activities:
Depreciation and amortization expense	132,925	135,177	134,680
Deferred tax provision (benefit)	(13,126)	86,380	11,221
Amortization of debt issuance costs, discount and/or premium and other non-cash interest	9,004	7,498	6,892
Goodwill impairment charge	0	0	21,146
Stock-based compensation	16,204	19,199	23,896
(Gain) loss on extinguishment of debt	37,895	(4,693)	(5,319)
Provision for doubtful accounts	258		263
Equity in earnings of affiliates, net of tax	(4,771)	(7,141)	(9,166)
(Gain) loss on sale/disposal of property and equipment	(114)	8,447	1,720
Net (gain) loss on disposition of assets	(32,332)	(5,499)	6,831
Dividends received from unconsolidated joint ventures	4,486	8,263	5,934
Changes in assets and liabilities, net of acquisition:
Changes in accounts receivable, prepaid expenses and other assets	(52,980)	9,466	68,181
Changes in contract receivable	5,305	6,231	5,156
Changes in accounts payable, accrued expenses and other liabilities	21,845	(58,111)	57,266
Net cash provided by operating activities	296,412	282,635	441,733
Cash Flow from Investing Activities:
Proceeds from sale of property and equipment		4,130	140
Insurance proceeds - damaged property		1,027	9,497
Proceeds from sale of real estate and other assets	101,419	21,239	2,406
Payment received on note receivable		8,000
Change in restricted investments	(8,433)	(18,739)	(7,417)
Capital expenditures	(90,026)	(69,394)	(108,800)
Net cash provided by (used in) investing activities	2,960	(53,737)	(104,174)
Cash Flow from Financing Activities:
Payments on long-term debt	(680,850)	(360,296)	(816,191)
Proceeds from long term debt	30,000	435,000	960,579
Payments on non-recourse debt	(5,676)	(21,575)	(13,805)
Taxes paid related to net share settlements of equity awards	(1,302)	(2,090)	(2,789)
Debt issuance costs	(41,536)	(9,587)
Payments for purchase of treasury shares			(9,009)
Proceeds from stock options exercised	66	15
Proceeds from issuance of common stock in connection with ESPP	198	282	616
Dividends paid		(30,486)	(216,145)
Net cash provided by (used in) financing activities	(699,100)	11,263	(96,744)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	(4,751)	(3,692)	3,566
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	(404,479)	236,469	244,381
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period	548,322	311,853	67,472
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period	143,843	548,322	311,853
Cash paid during the year for:
Income taxes	44,612	49,483	5,358
Interest	103,752	122,162	113,304
Non-cash investing and financing activities:
Assets obtained from finance lease liabilities		1,198	2,260
Principal Exchanges of Debt	1,620,318
Debt Issuance Costs in Accrued Expenses	11,245
Conversion of pension liability to shares of common stock			8,925
Conversion of shares of common stock to pension liability		3,600
Right-of-use assets obtained from operating lease liabilities (subsequent to initial adoption)	11,697	10,786	23,940
Capital expenditures in accounts payable and accrued expenses	$ 6,127	$ 7,340	$ 1,445

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2022
Minimum
Lessee Lease Description [Line Items]
Finance lease, remaining term	1 year
Maximum
Lessee Lease Description [Line Items]
Finance lease, remaining term	77 years
Operating lease, renewal term	10 years

Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Components of Net Periodic Benefit Cost
Service Cost	$ 1,118	$ 1,404
Interest Cost	$ 962	$ 1,274
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Net Loss	$ 431	$ 788
Net Periodic Pension Cost	$ 2,511	$ 3,466
Weighted Average Assumptions for Expense
Discount Rate	5.20%	3.05%
Rate of Compensation Increase	4.40%	4.40%

Fair Value of Assets and Liabilities - Additional Information (Details)	Aug. 19, 2022	Dec. 31, 2022	Dec. 31, 2021
Secured Overnight Financing Rate Data (SOFR) Forward Rates \| Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	2.30%
Secured Overnight Financing Rate Data (SOFR) Forward Rates \| Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	3.61%
U.S. Treasury Rates \| Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	2.23%
U.S. Treasury Rates \| Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	3.44%
Yield Volatility \| Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	20.00%
Yield Volatility \| Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	27.00%
Credit Spreads \| Minimum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	4.78%
Credit Spreads \| Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Variable interest rate	8.49%
5.875% Senior Notes due 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.875%
5.875% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.875%	5.875%	5.875%
5.875% Senior Notes due 2024 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		5.875%	5.875%
6.00% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.00%	6.00%	6.00%
6.00% Senior Notes due 2026 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		6.00%	6.00%
5.125% Senior Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.125%	5.125%	5.125%
5.125% Senior Notes due 2023 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		5.125%	5.125%
6.50% Exchangeable Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		6.50%	6.50%
6.50% Exchangeable Senior Notes due 2026 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		6.50%	6.50%
10.500% Public Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		10.50%
10.500% Public Second Lien Notes due 2028 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		10.50%
9.500% Private Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		9.50%
9.500% Private Second Lien Notes due 2028 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		9.50%

Business Segments and Geographic Information - Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Geographical Information
Revenues	$ 2,376,727	$ 2,256,612	$ 2,350,098
Property and Equipment, Net	2,002,021	2,037,845	2,122,195
U.S. operations
Geographical Information
Revenues	2,189,527	2,043,157	2,123,045
Property and Equipment, Net	1,991,968	2,026,252	2,109,070
Australia operations
Geographical Information
Revenues	168,225	186,980	201,932
Property and Equipment, Net	9,961	11,491	12,908
South African operations
Geographical Information
Revenues	18,975	19,527	17,044
Property and Equipment, Net	$ 92	102	127
United Kingdom operations
Geographical Information
Revenues		$ 6,948	8,077
Property and Equipment, Net			$ 90

- Definition

+ References

+ Details

Business Segments and Geographic Information - Schedule of Pre-Tax Income Reconciliation of Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pre-Tax Income Reconciliation of Segments
Operating income from segments	$ 580,074	$ 492,389	$ 422,777
Unallocated amounts:
General and Administrative Expenses	(196,972)	(204,306)	(193,372)
Net interest expense	(147,719)	(105,453)	(103,765)
Gain (loss) on extinguishment of debt	(37,895)	4,693	5,319
Net gain (loss) on dispositions of assets	32,332	5,499	(6,831)
Income Before Income Taxes and Equity in Earnings of Affiliates	229,820	192,822	124,128
Assets	3,760,383	4,537,408
Operating Segments
Pre-Tax Income Reconciliation of Segments
Operating income from segments	580,074	492,389	422,777
Unallocated amounts:
Assets	3,545,614	3,934,598
U.S. Secure Services \| Operating Segments
Pre-Tax Income Reconciliation of Segments
Operating income from segments	279,975	292,925	298,952
Unallocated amounts:
Assets	2,371,146	2,433,023
Reentry Services \| Operating Segments
Pre-Tax Income Reconciliation of Segments
Operating income from segments	42,923	50,128	6,740
Unallocated amounts:
Assets	572,154	566,916
Electronic Monitoring and Supervision Services \| Operating Segments
Pre-Tax Income Reconciliation of Segments
Operating income from segments	238,194	127,070	97,421
Unallocated amounts:
Assets	536,291	483,112
International \| Operating Segments
Pre-Tax Income Reconciliation of Segments
Operating income from segments	18,982	22,266	$ 19,664
Unallocated amounts:
Assets	$ 66,023	$ 451,547

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

THE GEO GROUP, INC.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2022, 2021 and 2020


Description	Balance at Beginning of Period		Charged to Cost and Expenses		Charged to Other Accounts			Deductions, Actual Charge-Offs			Balance at End of Period
	(In thousands)
YEAR ENDED DECEMBER 31, 2022:
Allowance for doubtful accounts	$	1,155	$	189	$	14		$	(549	)	$	809
YEAR ENDED DECEMBER 31, 2021:
Allowance for doubtful accounts	$	2,674	$	63	$	(1,454	)	$	(128	)	$	1,155
YEAR ENDED DECEMBER 31, 2020:
Allowance for doubtful accounts	$	3,195	$	621	$	76		$	(1,218	)	$	2,674

Debt (5.125% Senior Notes 2023 and 5.875% Senior Notes due 2024) (Details) - USD ($)		12 Months Ended
	Oct. 06, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 19, 2022
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ (37,895,000)	$ 4,693,000	$ 5,319,000
Long-term debt		2,046,006,000
5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument, face amount		$ 178,300,000
Debt instrument maturity year		2024
Stated interest rate		5.875%	5.875%		5.875%
Percentage of debt issued cash on new notes at par		100.00%
Percentage of debt issued on new notes at par		103.00%
Long-term debt		$ 23,300,000
5.125% Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 100,600,000
Debt instrument maturity year		2023
Stated interest rate		5.125%	5.125%		5.125%
Percentage of debt issued cash on new notes at par		100.00%
Percentage of debt issued on new notes at par		105.00%
Gain (loss) on extinguishment of debt		$ 7,200,000
Long-term debt		125,700,000
Repayment of debt	$ 125,700,000
10.500% Senior Second Linen Secured Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 286,500,000
Stated interest rate		10.50%
Debt instrument, maturity date		Jun. 30, 2028
5.125% Senior Notes due 2023 and 5.875% Senior Notes due 2024 and New Registered Notes
Debt Instrument [Line Items]
Debt instrument, discount		$ 16,200,000
Debt instrument, fair value		$ 270,400,000

Summary of Business Organization, Operations and Significant Accounting Policies - Stock Based Compensation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free interest rates	1.56%	0.24%	1.79%
Expected volatility	48.00%	43.00%	41.00%
Expected dividend rate		13.30%	13.11%
Stock Options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	4 years	4 years	4 years
Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	5 years	5 years	5 years
Restricted Stock Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free interest rates	1.45%	0.22%	0.85%
Expected volatility	57.50%	48.20%	30.30%
Beta	0.93	0.79	1.12

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated for the years ended December 31, 2022, 2021 and 2020 as follows (in thousands, except per share data):


Fiscal Year	2022			2021			2020
	(In thousands, except per share data)
Net Income	$	171,692		$	77,233		$	112,831
Loss attributable to noncontrolling interests		121			185			201
Less: Undistributed income allocable to participating securities		(29,346	)		(6,982	)		—
Net income attributable to The GEO Group, Inc. available to common stockholders	$	142,467		$	70,436		$	113,032
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		121,040			120,384			119,719
Per share amount - basic	$	1.18		$	0.59		$	0.94
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		121,040			120,384			119,719
Dilutive effect of equity incentive plans		1,241			348			272
Weighted average shares assuming dilution		122,281			120,732			119,991
Per share amount - diluted	$	1.17		$	0.58		$	0.94

Financial Instruments - Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Recurring
Restricted investments:
Rabbi Trust	$ 36,982	$ 42,937
Marketable equity and fixed income securities	25,939	11,551
Fixed income securities		1,927
Recurring \| Significant Other Observable Inputs (Level 2)
Restricted investments:
Rabbi Trust	36,982	42,937
Marketable equity and fixed income securities	25,939	11,551
Fixed income securities		1,927
Interest Rate Swap
Restricted investments:
Interest rate swap derivatives	4,600
Interest Rate Swap \| Recurring
Restricted investments:
Interest rate swap derivatives	4,613
Liabilities:
Interest rate swap derivatives		3,195
Interest Rate Swap \| Recurring \| Significant Other Observable Inputs (Level 2)
Restricted investments:
Interest rate swap derivatives	$ 4,613
Liabilities:
Interest rate swap derivatives		$ 3,195

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

10.

Fair Value of Assets and Liabilities


	Estimated Fair Value Measurements at December 31, 2022
	Carrying Value as of December 31, 2022		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	95,073	$	95,073	$	95,073	$	—	$	—
Restricted cash and investments		48,770		48,770		48,770		—		—
Liabilities:
Borrowings under exchange credit facility	$	1,113,239	$	1,112,183	$	—	$	1,112,183	$	—
10.500% Public Second Lien Notes due 2028		286,521		291,610		—		291,610		—
9.500% Private Second Lien Notes due 2028		239,142		232,627		—		232,627		—
5.875% Senior Notes due 2024		23,253		22,997		—		22,997		—
6.00% Senior Notes due 2026		110,858		99,132		—		99,132		—
6.50% Exchangeable Senior Notes due 2026		230,000		327,872		—		327,872		—


	Estimated Fair Value Measurements at December 31, 2021
	Carrying Value as of December 31, 2021		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	506,491	$	506,491	$	506,491	$	—	$	—
Restricted cash and investments		41,831		41,831		41,831		—		—
Liabilities:
Borrowings under Senior Credit Facility	$	1,546,895	$	1,448,280	$	—	$	1,448,280	$	—
5.125% Senior Notes due 2023		259,275		248,479		—		248,479		—
5.875% Senior Notes due 2024		225,293		199,522		—		199,522		—
6.00% Senior Notes due 2026		350,000		283,691		—		283,691		—
6.50% Exchangeable Senior Notes due 2026		230,000		248,211		—		248,211
Non-recourse debt		310,108		310,108		—		310,108		—

The fair values of the Company’s cash and cash equivalents, and restricted cash and investments approximates the carrying values of these assets at December 31, 2022 and December 31, 2021. Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for asset replacement funds and other funds contractually required to be maintained at the Company's Australian subsidiary. The fair value of the money market funds and bank deposits is based on quoted market prices (Level 1).

As further discussed in Note 12 - Debt, on August 19, 2022, the Company completed an exchange offer to exchange certain of its outstanding 5.125% Senior Notes due 2023, 5.875% Senior Notes due 2024, 6.000% Senior Notes due 2026 and certain revolving credit loans and term loans under its senior secured credit facility into newly issued Senior Second Lien Secured Notes and a new credit facility. The Company utilized a third-party valuation firm to assist with the estimation of the fair values on the date of issuance for the new debt instruments. The fair value of each new debt instrument on the date of issuance was estimated using a Black-Derman-Toy ("BDT") lattice model. The BDT model is a single factor, stochastic, no arbitrage model that incorporates the issuer's option to prepay a debt instrument if optimal, which occurs when interest rates decline such that the holding value of the instrument exceeds the prepayment price. The significant assumptions used in the BDT model for the new debt instruments were the Secured Overnight Financing Rate Data ("SOFR") forward rates (ranging from 2.30% to 3.61%), the risk-free rate curve based on U.S. Treasury rates (ranging from 2.23% to 3.44%), the yield volatility (ranging from 20% to 27%) and the

credit spreads of the new debt instruments (ranging from 4.78% to 8.49%). On August 19, 2022, the date of the closing of the exchange offer, the new debt instruments were valued using Level 3 instruments as they were based on unobservable inputs. As of December 31, 2022, the new debt instruments were valued based on observable inputs through corroboration with observable market data and are therefore classified as Level 2. Refer to Note 12 - Debt for the estimated fair values of the new debt instruments at time of issuance and related premiums/discounts.

As of December 31, 2022, the recurring fair values of the Company's 10.500% Public Second Lien Notes due 2028 and the 9.500% Private Second Lien Notes due 2028 are based on level 2 inputs using quotations by major market news services, such as Bloomberg. The fair value of the Company's exchange credit facility was also based on quotations by major market new services and also estimates of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments.

As of December 31, 2022 and December 31, 2021, the fair values of the Company's "5.875% Senior Notes due 2024", 6.00% Senior Notes, the 5.125% Senior Notes and the 6.50% Exchangeable Notes due 2026 are based on level 2 inputs by major market news services. The 5.125% Senior Notes were paid off in full prior to September 30, 2022. The fair values of the Company's non-recourse debt related to the Company’s Australian subsidiaries was estimated based on market prices of similar instruments. Due to the sale of the Company's equity investment interest in the government-owned Ravenhall Correctional Centre, this non-recourse debt is no longer outstanding to the Company as of December 31, 2022. Refer to Note 17 - Commitments, Contingencies and Other Matters. The fair value of borrowings under the senior credit facility is based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 2,376,727	$ 2,256,612	$ 2,350,098
Operating Expenses (excluding depreciation and amortization)	1,663,728	1,629,046	1,771,495
Depreciation and Amortization	132,925	135,177	134,680
General and Administrative Expenses	196,972	204,306	193,372
Goodwill Impairment Charge			21,146
Operating Income	383,102	288,083	229,405
Interest Income	16,831	24,007	23,072
Interest Expense	(164,550)	(129,460)	(126,837)
(Loss) gain on Extinguishment of Debt	(37,895)	4,693	5,319
Net gain (loss) on dispositions of assets	32,332	5,499	(6,831)
Income Before Income Taxes and Equity in Earnings of Affiliates	229,820	192,822	124,128
Provision for Income Taxes	62,899	122,730	20,463
Equity in Earnings of Affiliates, net of income tax provision of $740, $1,035 and $1,784	4,771	7,141	9,166
Net Income	171,692	77,233	112,831
Loss Attributable to Noncontrolling Interests	121	185	201
Net Income Attributable to The GEO Group, Inc.	$ 171,813	$ 77,418	$ 113,032
Weighted Average Common Shares Outstanding:
Basic	121,040	120,384	119,719
Diluted	122,281	120,732	119,991
Basic:
Net income per share — basic	$ 1.18	$ 0.59	$ 0.94
Diluted:
Net income per share — diluted	1.17	0.58	0.94
Dividends declared per share	$ 0	$ 0.25	$ 1.78

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 18.4	$ 21.6	$ 22.3
Facility management contracts
Finite Lived Intangible Assets [Line Items]
Weighted average period before renewal or extension	3 years 1 month 6 days

Debt (Exchange Offer) (Details)	Dec. 31, 2022	Aug. 19, 2022	Dec. 31, 2021
5.125% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.125%	5.125%	5.125%
5.875% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%	5.875%
6.00% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.00%	6.00%	6.00%

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Recognized Compensation Expenses

The Company recognized compensation expense related to the Company plans for the years ended December 31, 2022, 2021 and 2020 as follows (in thousands):


	2022		2021		2020
Stock option plan expense	$	552	$	760	$	1,141
Restricted stock expense	$	15,652	$	18,439	$	22,755

Summary of Options Activity

A summary of the activity of the Company’s stock options plans is presented below:


	Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(In thousands)							(In thousands)
Options outstanding at January 1, 2022		1,847		$	19.92		6.23	$	73
Granted		342			5.76
Exercised		(10	)		7.52
Forfeited/Canceled		(294	)		16.07
Options outstanding at December 31, 2022		1,885		$	18.03		5.93	$	2,374
Options vested and expected to vest at December 31, 2022		1,826		$	18.37		5.85	$	2,141
Options exercisable at December 31, 2022		1,200		$	22.94		4.63	$	212

The following table summarizes information relative to stock option activity during the years ended December 31, 2022, 2021 and 2020 (in thousands):


	2022		2021		2020
Intrinsic value of options exercised	$	24	$	-	$	-
Fair value of shares vested	$	600	$	925	$	1,061

Exercise Prices and Related Information of Stock Option Outstanding

The following table summarizes information about the exercise prices and related information of stock options outstanding under the Company plans at December 31, 2022:


	Options Outstanding						Options Exercisable
Exercise Prices ($)	Number Outstanding		Wtd. Avg. Remaining Contractual Life		Wtd. Avg. Exercise Price		Number Exercisable		Wtd. Avg. Remaining Contractual Life		Wtd. Avg. Exercise Price
	(In thousands)
0-18.23		849		8.11	$	9.46		214		7.33	$	12.58
18.24-22.26		439		4.02	$	20.95		439		4.02	$	20.95
22.27-29.39		359		4.40	$	25.31		309		4.07	$	25.74
29.40-45.00		238		4.06	$	32.27		238		4.06	$	32.27
Total		1,885		5.93	$	18.03		1,200		4.63	$	22.94

Summary of Non-vested Stock Option Activity

The following table summarizes the status of non-vested stock options as of December 31, 2022 and changes during the year ended December 31, 2022:


	Number of Shares			Wtd. Avg. Grant Date Fair Value
	(In thousands)
Options non-vested at January 1, 2022		682		$	1.79
Granted		342			2.49
Vested		(258	)		2.32
Forfeited		(294	)		2.70
Options non-vested at December 31, 2022		472		$	1.89

Summary of Restricted Stock Activity

The following table summarizes the status of restricted stock awards as of December 31, 2022 and changes during the year ended December 31, 2022:


	Shares			Wtd. Avg. Grant Date Fair value
	(In thousands)
Restricted stock outstanding at January 1, 2022		2,619		$	12.53
Granted		1,836			6.15
Vested		(807	)		16.27
Forfeited/Canceled		(53	)		9.51
Restricted stock outstanding at December 31, 2022		3,595		$	8.28

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in the Company's goodwill balances
Beginning balance	$ 755,225	$ 755,250
Impairment charges	0	0	$ (21,146)
Foreign currency translation	(26)	(25)
Ending balance	755,199	755,225	755,250
U.S. Secure Services
Changes in the Company's goodwill balances
Beginning balance	316,366	316,366
Ending balance	316,366	316,366	316,366
Electronic Monitoring and Supervision Services
Changes in the Company's goodwill balances
Beginning balance	289,570	289,570
Ending balance	289,570	289,570	289,570
Reentry Services
Changes in the Company's goodwill balances
Beginning balance	148,873	148,873
Impairment charges			(21,100)
Ending balance	148,873	148,873	148,873
International Services
Changes in the Company's goodwill balances
Beginning balance	416	441
Foreign currency translation	(26)	(25)
Ending balance	$ 390	$ 416	$ 441

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Summary of Business Organization, Operations and Significant Accounting Policies - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Components of Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 976,211
Current-period other comprehensive income (loss)	3,297	$ 2,373
Ending balance	1,166,398	976,211
Foreign currency translation adjustments attributable to The GEO Group, Inc.
Components of Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(12,461)	(9,207)
Current-period other comprehensive income (loss)	(7,554)	(3,254)
Ending balance	(20,015)	(12,461)
Unrealized (loss) gain on derivatives, net of tax
Components of Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(2,524)	(4,752)
Current-period other comprehensive income (loss)	6,169	2,228
Ending balance	3,645	(2,524)
Change Marketable Securities, net of tax
Components of Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	7
Current-period other comprehensive income (loss)	(960)	7
Ending balance	(953)	7
Pension adjustments, net of tax
Components of Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(5,238)	(8,630)
Current-period other comprehensive income (loss)	5,642	3,392
Ending balance	404	(5,238)
Accumulated Other Comprehensive Income (Loss)
Components of Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(20,216)	(22,589)
Ending balance	$ (16,919)	$ (20,216)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Accrued Expenses and other current liabilities

12 Months Ended

Dec. 31, 2022

Accrued Liabilities, Current [Abstract]

Accrued Expenses and other current liabilities

11.

Accrued Expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	2022		2021
Accrued interest	$	27,447	$	17,080
Accrued other compensation		33,475		24,403
Accrued insurance		81,704		76,171
Accrued property and other taxes		46,169		43,720
Accrued legal and professional fees		12,301		4,012
Construction retainage		865		223
Other		35,408		35,103
Total	$	237,369	$	200,712

Summary of Business Organization, Operations and Significant Accounting Policies - Additional Information (Details)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2011 GBP (£) Director £ / shares shares	Dec. 31, 2021 USD ($) Property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Bed Facility Detainee Property Person	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($)	Jan. 01, 2013
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Number of beds \| Bed				82,000
Correctional, detention and residential treatment facilities including projects under development \| Facility				102
Provision of monitoring services tracking offenders, number of individuals (more than) \| Person				500,000
Taxable income to its stockholders equity				90.00%
Deferred income taxes and tax credits		$ 70,800,000
Deferred tax provision (benefit)		29,300,000	$ 16,800,000	$ (13,126,000)	$ 86,380,000	$ 11,221,000
Cash and cash equivalents		506,491,000		$ 95,073,000	506,491,000	283,524,000
Minimum period for payment receivable in arrears for services				30 days
Maximum period for payment receivable in arrears for services				60 days
Federal and state income tax overpayments		10,800,000		$ 11,300,000	10,800,000
Inventory, net		9,000,000.0		20,700,000	9,000,000.0
Assets Held for Sale		7,877,000		480,000	7,877,000
Impairment charge				0	0	$ 5,700,000
Discount rate utilized to adjust cash flow						10.00%
Goodwill impairment charge				0	0	$ 21,146,000
Impairment of indefinite lived intangible assets				0
Capitalized computer software, net		10,900,000		9,900,000	10,900,000
Deferred debt issuance cost, accumulated amortization		18,600,000		44,100,000	18,600,000
Debt issuance costs included in other non-current assets		$ 26,700,000		$ 32,500,000	26,700,000
Number of lease facilities \| Facility				8
Rental income				$ 5,600,000
Partnership interest share amount \| £	£ 100
Units of partnership interest, amount \| shares	100
Value per partnership interest shares \| £ / shares	£ 1
Directors appointed to board by each party \| Director	3
Taxable income to shareholders							90.00%
General liability insurance maximum recoverage per occurrence				75,000,000.0
General liability insurance maximum coverage in annual aggregate				95,000,000.0
GEO care insurance maximum recoverable per occurrence				40,000,000.0
Deductible amount for general insurance liability				4,000,000.0
Deductible amount for hospital professional insurance liability				5,000,000.0
Deductible amount for worker's compensation insurance liability				2,000,000.0
Deductible amount for directors and officers insurance liability				2,500,000
Deductible amount for automobile insurance liability				1,000,000.0
Reclassifications out of accumulated other comprehensive income (loss)				$ 0	$ 0
6.50% Exchangeable Senior Notes due 2026
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Stated interest rate		6.50%		6.50%	6.50%
Accrued Expenses
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Undiscounted reserves for workers compensation and general liability claims		$ 74,200,000		$ 79,000,000.0	$ 74,200,000
Kensani Corrections
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Variable interest entity ownership percentage in joint venture				50.00%
GEO Amey
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Ownership percentage				50.00%
Investment in joint venture				$ 8,700,000
Units of partnership interest, amount \| shares	50
GEO UK
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Variable interest entity ownership percentage in joint venture				50.00%
Units of partnership interest, amount \| shares	50
SACS
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Life term of contract				25 years
Reduction of government guarantee in case of default				80.00%
Investment in joint venture		$ 10,300,000		$ 10,200,000	$ 10,300,000
Two Years Term of Contract
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Number of lease facilities \| Facility				6
Lessor, operating lease, term of contract				2 years
Lessor operating lease expiration period				2023-06
Lessor, operating lease, option to extend				one additional one-year term
Carrying value of leased facilities				$ 48,400,000
Leased facilities accumulated depreciation				$ 22,300,000
Term of Contract
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Number of lease facilities \| Facility				1
Lessor operating lease expiration period				2023-02
Carrying value of leased facilities				$ 2,000,000.0
Leased facilities accumulated depreciation				$ 600,000
Twenty Years Term of Contract
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Lessor, operating lease, term of contract				20 years
Lessor operating lease expiration period				2041-10
Carrying value of leased facilities				$ 18,200,000
Leased facilities accumulated depreciation				$ 15,900,000
Facility management contracts
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Amortization period				16 years 3 months 18 days
GEO Care
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Assets held for sale, number of properties \| Property				1
Idle Reentry Facility
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Assets held for sale, number of properties \| Property		2			2
Cornell Companies, Inc.
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Accounts receivable one year past due and still accruing				1 year
Foreign Subsidiaries
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 33,000,000.0		$ 19,700,000	$ 33,000,000.0
Ravenhall \| The GEO Group Australia
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Facility, number of beds \| Bed				1,300
Minimum
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Provision of monitoring services tracking offenders using technology products (in detainees) \| Detainee				195,000
Minimum \| Facility management contracts
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Amortization period				3 years
Minimum \| Technology
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Amortization period				7 years
Minimum \| Building and Building Improvements
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Useful life				2 years
Minimum \| Equipment and Furniture and Fixtures
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Useful life				3 years
Minimum \| U.S. Marshals Service
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Expiration date				Feb. 28, 2023
Maximum \| Facility management contracts
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Amortization period				21 years
Maximum \| Technology
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Amortization period				8 years
Maximum \| Building and Building Improvements
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Useful life				50 years
Maximum \| Equipment and Furniture and Fixtures
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Useful life				10 years
Maximum \| U.S. Marshals Service
Summary Of Business Organization Operations And Significant Accounting Policies [Line Items]
Expiration date				Sep. 30, 2023

Debt (Issuance of 10.500% Senior Second Lien Secured Notes due 2028) (Details) - Issuance of 10.500% Senior Second Lien Secured Notes due 2028 - USD ($)		12 Months Ended
	Aug. 19, 2022	Dec. 31, 2022
New Registered Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 286,500,000
Stated interest rate	10.50%
Debt instrument, frequency of payment		semiannually
Debt instrument, payment terms		Interest on the New Registered Notes is payable semiannually in arrears on June 30 and December 31 of each year, beginning on December 31, 2022.
Debt instrument, commencement date of first required payment		Dec. 31, 2022
Debt instrument, maturity date		Jun. 30, 2028
Debt instrument redemption description		The Company may redeem some or all of the New Registered Notes at any time upon not less than 10 nor more than 60 days’ notice, at a price equal to (a) 103% of the principal amount of the New Registered Notes redeemed, if redeemed prior to August 19, 2023, (b) 102% of the principal amount of the New Registered Notes redeemed, if redeemed on or after August 19, 2023, but prior to August 19, 2024, (c) 101% of the principal amount of the New Registered Notes redeemed, if redeemed on or after August 19, 2024, but prior to August 19, 2025 or (d) 100% of the principal amount of the New Registered Notes redeemed, if redeemed on or after August 19, 2025, in each case plus accrued and unpaid interest, if any, to, but not including, the redemption date and a make-whole premium set forth in the Registered Notes Indenture. If the Company experiences certain change of control events, the Company must offer to repurchase the New Registered Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.
Percentage of principal amount redeemed	101.00%
New Registered Notes \| If Redeemed Prior to August 19, 2023
Debt Instrument [Line Items]
Percentage of principal amount redeemed	103.00%
New Registered Notes \| If Redeemed On Or After August 19, 2023, But Prior to August 19, 2024
Debt Instrument [Line Items]
Percentage of principal amount redeemed	102.00%
New Registered Notes \| If Redeemed On Or After August 19, 2024, But Prior to August 19, 2025
Debt Instrument [Line Items]
Percentage of principal amount redeemed	101.00%
New Registered Notes \| If Redeemed On Or After August 19, 2025
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100.00%
The New Registered Notes and the Registered Notes Guarantees
Debt Instrument [Line Items]
Debt instrument collateral description		The New Registered Notes and the Registered Notes Guarantees are secured on a second-priority basis by the same collateral (the “Collateral”) that secures the obligations under the Exchange Credit Agreement in accordance with the terms of the Registered Notes Indenture and the Second Lien Collateral Trust Agreement, dated as of August 19, 2022 (as amended, supplemented or otherwise modified, the “Second Lien Collateral Trust Agreement”), among the Company, the Guarantors, the Second Lien Collateral Trustee and the Trustee.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

18.

Subsequent Events

Options and Restricted Stock Awards

On February 9, 2023, the Compensation Committee of the Board resolved to grant approximately 362,000 options and 1,151,000 shares of restricted stock to certain employees and directors of the Company which will be effective March 1, 2023. Of the total shares of restricted stock granted, 339,000 are performance-based awards which vest subject to the achievement of certain total shareholder return and return on capital employed metrics over a three-year period.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 171,692	$ 77,233	$ 112,831
Other comprehensive income (loss):
Change in marketable securities, net of income tax provision (benefit) of $(255), $2 and $0	(960)	7
Foreign currency translation adjustments	(7,548)	(3,244)	3,070
Pension liability adjustment, net of income tax provision (benefit) of $1,500, $902 and $(554), respectively	5,642	3,392	(2,085)
Change in fair value of derivative instrument classified as cash flow hedge, net of income tax provision (benefit) of $1,640, $592 and $(871), respectively	6,169	2,228	(3,276)
Total other comprehensive income (loss), net of tax	3,303	2,383	(2,291)
Total comprehensive income	174,995	79,616	110,540
Comprehensive loss attributable to noncontrolling interests	115	175	238
Comprehensive income attributable to The GEO Group, Inc.	$ 175,110	$ 79,791	$ 110,778

Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 11,766
2024	9,314
2025	9,263
2026	7,170
2027	6,628
Thereafter	58,347
Net Carrying Amount	$ 102,488

Shareholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 14, 2018
Class Of Stock [Line Items]
Common stock, voting rights	one vote per share
Taxable income to its stockholders equity	90.00%
Purchase of treasury shares		$ 153,000	$ 9,771,000
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares outstanding (in shares)	0	0
SACS
Class Of Stock [Line Items]
Life term of contract	25 years
Percentage of Profit Share of Parent in Joint Venture	88.75%
Percentage of Profit Share of Noncontrolling in Joint Venture	11.25%
Amended Credit Agreement
Class Of Stock [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Amended Credit Agreement \| Revolving Credit Facility \| Line of Credit
Class Of Stock [Line Items]
Maximum borrowing capacity				$ 900,000,000
Common Stock \| February2018 Stock Buy Back Program
Class Of Stock [Line Items]
Stock repurchase program, authorized amount				$ 200,000,000
Purchase of treasury share			553,665
Purchase of treasury shares			$ 9,000,000.0

Business Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Operating and Reporting Segments

Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated.


Fiscal Year	2022			2021			2020
Revenues:
U.S. Secure Services	$	1,437,831		$	1,488,936		$	1,571,216
Electronic Monitoring and Supervision Services		496,268			278,934			241,944
Reentry Services		255,428			274,893			309,398
International Services		187,200			213,849			227,540
Total revenues	$	2,376,727		$	2,256,612		$	2,350,098
Capital Expenditures:
U.S. Secure Services	$	52,613		$	23,780		$	58,410
Electronic Monitoring and Supervision Services		31,354			29,504			32,972
Reentry Services		3,181			14,675			16,276
International Services		2,878			1,435			1,142
Total capital expenditures	$	90,026		$	69,394		$	108,800
Depreciation and amortization:
U.S. Secure Services	$	80,600		$	83,721		$	80,702
Electronic Monitoring and Supervision Services		31,838			30,422			31,678
Reentry Services		18,416			18,773			20,154
International Services		2,071			2,261			2,146
Total depreciation and amortization	$	132,925		$	135,177		$	134,680
Operating Income:
U.S. Secure Services	$	279,975		$	292,925		$	298,952
Electronic Monitoring and Supervision Services		238,194			127,070			97,421
Reentry Services [1]		42,923			50,128			6,740
International Services		18,982			22,266			19,664
Operating income from segments	$	580,074		$	492,389		$	422,777
General and Administrative Expenses		(196,972	)		(204,306	)		(193,372	)
Total operating income	$	383,102		$	288,083		$	229,405

[1] Operating income for Reentry Services for the year ended December 31, 2020 includes a goodwill impairment charge of $21.1 million.

Schedule of Pre-Tax Income Reconciliation of Segments


Fiscal Year Ended	2022			2021			2020
	(In thousands)
Operating income from segments	$	580,074		$	492,389		$	422,777
Unallocated amounts:
General and administrative expense		(196,972	)		(204,306	)		(193,372	)
Net interest expense		(147,719	)		(105,453	)		(103,765	)
Gain (loss) on extinguishment of debt		(37,895	)		4,693			5,319
Net gain (loss) on disposition of assets		32,332			5,499			(6,831	)
Income before income taxes and equity in earnings of affiliates	$	229,820		$	192,822		$	124,128

Geographical Information


	2022		2021
	(In thousands)
Segment assets:
U.S. Secure Services	$	2,371,146	$	2,433,023
Reentry Services		572,154		566,916
Electronic Monitoring and Supervision Services		536,291		483,112
International Services		66,023		451,547
Total segment assets	$	3,545,614	$	3,934,598


Fiscal Year	2022		2021		2020
	(In thousands)
Revenues:
U.S. operations	$	2,189,527	$	2,043,157	$	2,123,045
Australia operations		168,225		186,980		201,932
South African operations		18,975		19,527		17,044
United Kingdom operations		—		6,948		8,077
Total revenues	$	2,376,727	$	2,256,612	$	2,350,098
Property and Equipment, net:
U.S. operations	$	1,991,968	$	2,026,252	$	2,109,070
Australia operations		9,961		11,491		12,908
South African operations		92		102		127
United Kingdom operations		-		-		90
Total Property and Equipment, net	$	2,002,021	$	2,037,845	$	2,122,195

Asset Reconciliation of Segments

The following is a reconciliation of the Company’s reportable segment assets to the Company’s total assets as of December 31, 2022 and 2021, respectively.


	2022		2021
	(In thousands)
Reportable segment assets	$	3,545,614	$	3,934,598
Cash		95,073		506,491
Deferred income tax assets		8,005		—
Restricted cash and investments, current and non-current		111,691		96,319
Total assets	$	3,760,383	$	4,537,408

Sources of Revenue


Fiscal Year	2022		2021
	(In thousands)
Revenues:
Secure Services [1]	$	1,625,031	$	1,702,785
Electronic Monitoring and Supervision Services		496,268		278,934
Reentry Services		255,428		274,893
Total revenues	$	2,376,727	$	2,256,612

[1] Includes international secured services

Business Concentration

Except for the major customer noted in the following table, no other single customer made up greater than 10% of the Company’s consolidated revenues for the following fiscal years:


Customer	2022			2021			2020
Various agencies of the U.S Federal Government:		64	%		58	%		56	%

Equity Incentive Plans - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Stock option plan expense	$ 552	$ 760	$ 1,141
Restricted stock expense	$ 15,652	$ 18,439	$ 22,755